-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NkYJJpoxBQdPcxYYt4SnmMwI7VYVaPkgwTA8l7G6gyMsFjNMD585ctyC43v06oNU 326a+apk9AV7DYF87oOEEQ== 0000891804-10-000559.txt : 20100202 0000891804-10-000559.hdr.sgml : 20100202 20100202125352 ACCESSION NUMBER: 0000891804-10-000559 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091130 FILED AS OF DATE: 20100202 DATE AS OF CHANGE: 20100202 EFFECTIVENESS DATE: 20100202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN VIRGINIA DIVIDEND ADVANTAGE MUNICIPAL FUND CENTRAL INDEX KEY: 0001090122 IRS NUMBER: 364327210 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09469 FILM NUMBER: 10565960 BUSINESS ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129177794 MAIL ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 N-CSRS 1 ngb.txt NGB 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 811-09469 --------------------- Nuveen Virginia Dividend Advantage Municipal Fund - ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: May 31 ------------------ Date of reporting period: November 30, 2009 ------------------ 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. [LOGO: Nuveen Investments] Closed-End Funds NUVEEN INVESTMENTS MUNICIPAL CLOSED-END FUNDS IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Semi-Annual Report November 30, 2009 - --------------- ----------------- ----------------- ------------------ Nuveen Maryland Nuveen Maryland Nuveen Maryland Nuveen Maryland Premium Income Dividend Advantage Dividend Advantage Dividend Advantage Municipal Fund Municipal Fund Municipal Fund 2 Municipal Fund 3 NMY NFM NZR NWI - --------------- ------------------ ------------------ Nuveen Virginia Nuveen Virginia Nuveen Virginia Premium Income Dividend Advantage Dividend Advantage Municipal Fund Municipal Fund Municipal Fund 2 NPV NGB NNB November 09 LIFE IS COMPLEX. Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! WWW.INVESTORDELIVERY.COM If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS If you receive your Nuveen Fund dividends and statements directly from Nuveen. [LOGO: NUVEEN INVESTMENTS] CHAIRMAN'S LETTER TO SHAREHOLDERS [Photo: Robert P Bremner] DEAR SHAREHOLDER, The financial markets in which your Fund operates continue to reflect the larger economic crosscurrents. The illiquidity that infected global credit markets over the last year continues to recede but there is concern about the impact of a reduction in official liquidity support programs. The major institutions that are the linchpin of the international financial system have strengthened their capital structures, but many still struggle with losses in their various portfolios. Global trends include increasing trade and concern about the ability of the U.S. government to address its substantial budgetary deficits. While the fixed-income and equity markets have recovered from the lows recorded in the first quarter of 2009, identifying those developments that will define the future is never easy, and rarely is it more difficult than at present. A fundamental component of a successful investment program is a commitment to remain focused on long-term investment goals even during periods of heightened market uncertainty. Another component is to re-evaluate investment disciplines and tactics and to confirm their validity following periods of extreme volatility and market dislocation, such as we have recently experienced. Your Board carried out an intensive review of investment performance with these objectives in mind during April and May of 2009 as part of the annual management contract renewal process. Confirming the appropriateness of a long term investment strategy is as important for our shareholders as it is for our professional investment managers. For that reason, I again encourage you to remain in communication with your financial consultant on this subject. In September 2009, Nuveen completed the refinancing, at par, of all the auction rate preferred shares issued by its taxable closed-end funds. On October 15, 2009, Nuveen announced the first successful offering of an issue of MuniFund Term Preferred Shares. This new form of preferred securities joins the Variable Rate Demand Preferred Shares as vehicles for refinancing existing municipal fund auction rate preferred shares (ARPS). By the beginning of December 2009, six of the leveraged municipal closed-end funds had redeemed all of their outstanding ARPS. Nuveen remains committed to resolving the issues connected with outstanding ARPS. Please consult the Nuveen web site for the most recent information on this issue and all recent developments on your Nuveen Funds at: www.nuveen.com. On behalf of the other members of your Fund's Board, we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/Robert P. Bremner - -------------------------- Robert P. Bremner Chairman of the Board January 20, 2010 Nuveen Investments 1 Portfolio Manager's Comments NUVEEN MARYLAND PREMIUM INCOME MUNICIPAL FUND (NMY) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND (NFM) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NZR) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NWI) NUVEEN VIRGINIA PREMIUM INCOME MUNICIPAL FUND (NPV) NUVEEN VIRGINIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NGB) NUVEEN VIRGINIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NNB) Portfolio manager Cathryn Steeves discusses key investment strategies and the six-month performance of the Nuveen Maryland and Virginia Funds. Cathryn, who joined Nuveen in 1996, has managed these seven Funds since 2006. WHAT KEY STRATEGIES WERE USED TO MANAGE THE MARYLAND AND VIRGINIA FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED NOVEMBER 30, 2009? During this reporting period, municipal bond prices generally rose, as strong cash flows into municipal bond funds combined with tighter supply of new tax-exempt issuance to create favorable supply and demand conditions. One reason for the decline in new tax-exempt supply was the introduction of the Build America Bond program. Build America Bonds are a new class of taxable municipal debt created as part of the February 2009 economic stimulus package. These bonds offer municipal issuers a federal subsidy equal to 35% of a security's interest payments, and therefore offer issuers with an attractive alternative to traditional tax-exempt debt. During the six-month period ended November 30, 2009, taxable Build America Bonds issuance totaled $44.9 billion, accounting for almost 21% of new bonds in the municipal market. Since interest payments from these bonds represent taxable income, we do not see them as a good investment opportunity for these Funds. Due in part to the decline in tax-exempt supply, investment activity in the Maryland and Virginia Funds was more limited than usual. The already tight supply situation was further compounded by the lack of tax-exempt bonds offering the longer maturities that we specifically sought to purchase for these Funds because the majority of issuers offering longer maturity bonds found it more cost-effective to issue taxable Build America Bonds. Trading activity also was dampened during much of the period by a market environment in which most of the bonds available for investment offered lower yields. In our opinion, it did not make sense to generate trading costs in such an environment. 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 MANAGER 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. 2 Nuveen Investments Overall, our objective was to improve the Funds' liquidity profiles and have the capital we needed to reinvest at more opportune times. Cash for new purchases was generated by maturing or called bonds. Although the supply of new tax-exempt municipal bonds was tight, we continued to monitor the market for attractive value opportunities. When the municipal bond market backed up slightly in October 2009, we took advantage of an opportunity to add a new AA rated housing issue to NMY. As of November 30, 2009, all seven of these Funds continued to use inverse floating rate securities.(1) We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement. HOW DID THE FUNDS PERFORM? Individual results for the Nuveen Maryland and Virginia Funds, as well as relevant index and peer group information, are presented in the accompanying table. AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE* FOR PERIODS ENDED 11/30/09
SIX-MONTH 1-YEAR 5-YEAR 10-YEAR - ------------------------------------------------------------------------------------------------ MARYLAND FUNDS NMY 8.92% 26.04% 4.66% 6.60% NFM 11.40% 31.19% 4.53% N/A NZR 10.97% 29.59% 4.34% N/A NWI 10.63% 29.68% 4.80% N/A Standard & Poor's (S&P) Maryland Municipal Bond Index(2) 5.30% 14.87% 4.46% 5.51% VIRGINIA FUNDS NPV 7.76% 25.14% 4.19% 6.39% NGB 9.75% 28.73% 4.13% N/A NNB 9.87% 27.42% 4.27% N/A Standard & Poor's (S&P) Virginia Municipal Bond Index(2) 5.08% 14.92% 4.42% 5.50% Standard & Poor's (S&P) National Municipal Bond Index(3) 5.15% 14.83% 4.34% 5.58% Lipper Other States Municipal Debt Funds Average(4) 8.64% 25.98% 4.20% 6.20% - ------------------------------------------------------------------------------------------------
For the six months ended November 30, 2009, the cumulative returns on common share net asset value (NAV) for all the Funds exceeded the return for their respective Standard & Poor's (S&P) Maryland or Virginia Municipal Bond Index as well as exceeded the return for the S&P National Municipal Bond Index. NMY, NFM, NZR, NWI, NGB and NNB outperformed the average return for the Lipper Other States Municipal Debt Funds Average, while NPV lagged this average. Key management factors that influenced the Funds' returns during this period included yield curve and duration positioning, credit exposure and sector allocation. In addition, leverage was an important factor affecting each Fund's performance over this period. The impact of leverage is discussed in more detail on page five. * Six-month returns are cumulative; returns for one-year, five-year, and ten-year are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. (1) An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report. (2) The Standard & Poor's (S&P) Maryland and Virginia Municipal Bond Indexes are unleveraged, market value-weighted indexes designed to measure the performance of the investment-grade municipal bond markets in Maryland and Virginia, respectively. These indexes do not reflect any initial or ongoing expenses and are not available for direct investment. (3) The Standard & Poor's (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. (4) The Lipper Other States Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: Six-month, 43 funds; 1-year, 43 funds; 5-year, 43 funds; and 10-year, 20 funds. The returns account for the effects of management fees and assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in a Lipper Average. Nuveen Investments 3 During this period, yields on tax-exempt bonds generally declined and bond prices rose, especially at the longer end of the municipal yield curve. As a result, longer-term bonds generally outperformed credits with shorter maturities. In general, all of these Funds were relatively underweighted in bonds at the shorter end of the yield curve, overweighted in the intermediate part and slightly underweighted at the longer end. Among the Virginia Funds, where durations were generally slightly longer than our benchmark, these weightings resulted in a net positive for performance, while the net impact in the Maryland Funds, where overall duration was in line with the benchmark, was neutral. While yield curve positioning and duration played important roles in performance, credit exposure also had a significant impact. The demand for municipal bonds increased among both institutional and individual investors. This was driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for additional risk. At the same time, the supply of new tax-exempt municipal securities declined. As investors bid up municipal bond prices, bonds rated BBB or below and non-rated bonds generally outperformed those rated AAA. Overall, the performances of these Funds benefited from their credit sector allocations. Among the Maryland Funds, NFM, NZR and NWI received larger positive contributions from their credit allocations than did NMY, which had the smallest allocation of BBB and non-rated credits and the heaviest weighting of AAA rated bonds. The story was similar in the Virginia Funds, where NPV's overall higher credit quality (as measured by allocations of AAA and AA bonds) and lower exposure to BBB and non-rated bonds constrained its performance relative to those of NGB and NNB. Holdings that generally contributed to the Funds' performances included industrial development revenue (IDR) and health care bonds, while zero coupon bonds were also among the strongest performers. In addition, transportation, housing and special tax bonds also outperformed the general municipal market during this period. The Maryland Funds, especially NFM, received positive contributions from their IDR, health care, and housing holdings across the board, while the Virginia Funds were relatively overweighted in health care and housing, which benefited their performances during this period. On the other hand, pre-refunded bonds, which are often backed by U.S. Treasury securities and which had been one of the top performing segments of the municipal bond market over the past two years, performed especially poorly during this period. This underperformance can be attributed primarily to these bonds' shorter effective maturities and higher credit quality. General obligation and other tax-supported bonds also failed to keep pace with the over-all municipal market during this period. Other sectors that lagged the municipal market included water and sewer and leasing, while education, resource recovery and electric bonds underperformed by a slight margin. The Virginia Funds generally were underexposed to tax-supported and education bonds relative to the municipal market as a whole, which lessened the negative impact from these sectors. Among the Maryland Funds, NMY and NWI were slightly overweighted in tax-supported bonds and all four Funds were overexposed to higher education credits, which detracted from performance. 4 Nuveen Investments IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE One important factor impacting the returns of these Funds relative to the comparative indexes was the Funds' use of financial leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total returns for common shareholders. However, use of leverage also can expose common shareholders to additional risk--especially when market conditions are unfavorable. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when bond prices generally are rising. In general, leverage made a significant positive contribution to those Funds over this reporting period. RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE As noted in the last several shareholder reports, the auction rate preferred shares issued by many closed-end funds, including these Nuveen Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more auction rate preferred shares have been submitted for sale in their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely non-existent since late February 2008. This means that these auctions have "failed to clear," and that many, or all, of the auction rate preferred shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in auction rate preferred shares did not lower the credit quality of these shares, and auction rate preferred shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions, as calculated in accordance with the pre-established terms of the auction rate preferred shares. In the recent market, with short-term rates at multi-generational lows, those maximum rates also have been low. One continuing implication for common shareholders from the auction failures is that each Fund's cost of leverage likely has been incrementally higher at times than it other-wise might have been had the auctions continued to be successful. As a result, each Fund's common share earnings likely have been incrementally lower at times than they otherwise might have been. As noted in past shareholder reports, the Funds' Board of Trustees authorized a plan to use tender option bonds (TOBs), also known as floating rate securities, to refinance a portion of the outstanding auction rate preferred shares issued by these and other Nuveen Funds. The amount of TOBs that a Fund may use varies according to the composition of each Fund's portfolio. Some Funds have a greater ability to use TOBs than others. As of November 30, 2009, some Nuveen Funds also have issued Variable Rate Demand Preferred Shares (VRDP), but these issuances have been limited since it Nuveen Investments 5 has been difficult to find liquidity facilities on economically viable terms given the constrained credit environment. Additionally some Nuveen Funds have issued MuniFund Term Preferred Shares (MTP), a fixed-rate form of preferred stock with a mandatory redemption period of five years. However, the Funds cannot provide any assurance on when the remaining outstanding auction rate preferred shares might be redeemed. As of November 30, 2009, the amount of auction rate preferred securities redeemed by these Funds are as shown in the accompanying table.
AUCTION RATE PREFERRED SHARES REDEEMED AND/OR % OF ORIGINAL NOTICED AUCTION RATE FUND FOR REDEMPTION PREFERRED SHARES - ------------------------------------------------------------------ NMY $ 8,225,000 10.4% NFM $ 6,175,000 19.3% NZR $ 5,375,000 16.8% NWI $ 4,000,000 10.3% NPV $ 6,800,000 10.7% NGB $24,000,000 100.0% NNB $42,000,000 100.0% - ------------------------------------------------------------------
During October 2009 and November 2009, NGB and NNB successfully completed the issuance of $20.1 million and $37.8 million, respectively, of 2.80%, Series 2014 MTP. Also subsequent to the reporting period, NPV entered into an agreement to issue $29.2 million of 2.65%, Series 2015 MTP, which issuance is expected to occur on January 26, 2010. MTP is a new form of closed-end fund preferred shares designed to refinance, partially or completely, and replace the auction rate preferred shares previously issued by the Funds as leverage. The net proceeds from this offering were used to refinance a portion of NGB's and NNB's outstanding auction rate preferred shares. The newly-issued MTP shares trade on the New York Stock Exchange (NYSE) under the symbol "NGB Pr C" and "NNB Pr C" for NGB and NNB, respectively. MTP is a fixed-rate form of preferred stock with a mandatory redemption period, in this case, of five years. By issuing MTP, the Funds seek to take advantage of the current historically low interest rate environment to lock in an attractive federally tax-exempt cost of leverage for a period as long as the term of the MTP. The Funds' managers believe that issuing MTP may help the Funds mitigate the risk of a significant increase in their cost of leverage should short-term interest rates rise sharply in the coming years. Subsequent to the reporting period, NMY, NFM, NZR and NWI filed with the SEC a registration statement seeking to register MTP. These registrations statements, declared effective by the SEC, are subject to the terms and conditions as noted in the preceding paragraph. 6 Nuveen Investments As of November 30, 2009, 75 out of the 84 Nuveen closed-end municipal funds that had issued auction rate preferred shares have redeemed, at par, all or a portion of these shares. These redemptions bring the total amount of Nuveen's municipal closed-end funds' auction rate preferred share redemptions to approximately $2.5 billion of the original $11 billion outstanding. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx. Nuveen Investments 7 Common share dividend and Share Price Information During the six-month period ended November 30, 2009, each of the seven Funds in this report had one monthly dividend increase. 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, 2009, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial statement purposes. COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION Since the inception of the Funds' repurchase program, the Funds have not repurchased any of their outstanding common shares. As of November 30, 2009, the Funds' common share prices were trading at (+) premiums or (-) discounts to their common share NAVs as shown in the accompanying table.
11/30/09 SIX-MONTH AVERAGE FUND (+)PREMIUM/(-)DISCOUNT (+)PREMIUM/(-)DISCOUNT - ------------------------------------------------------------------- NMY -3.95% -1.85% NFM -4.18% -0.18% NZR -5.91% -2.06% NWI -4.46% -5.04% NPV +1.18% +4.06% NGB +6.97% +5.76% NNB +4.90% +3.03% - -------------------------------------------------------------------
8 Nuveen Investments NMY | Nuveen Maryland Performance | Premium Income OVERVIEW | Municipal Fund | as of November 30, 2009 CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 43% AA 19% A 19% BBB 14% BB or Lower 2% N/R 3% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Dec $ 0.0515 Jan 0.0515 Feb 0.0515 Mar 0.056 Apr 0.056 May 0.058 Jun 0.058 Jul 0.058 Aug 0.058 Sep 0.062 Oct 0.062 Nov 0.062 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 12/01/08 $ 9.75 9.3 8.55 9.1 9.49 10 11.04 11.541 10.9 11.36 11.55 11.7 10.68 11.14 10.976 11.3 11.5 11.5 11.85 12.1 12.2 12.25 12.55 12.48 12.98 12.48 12.68 12.56 12.7624 12.93 13.01 13.4 13.39 13.51 13.52 13.51 13.688 13.72 14.1 14.25 14.4 14.55 14.58 14.58 14.78 14.5599 13.83 13.81 13.67 13.74 13.59 13.59 13.7 11/30/09 13.85 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders capital gains and net ordinary income distributions in December 2008 of $0.0268 per share. FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $13.85 - -------------------------------------------------------------------------------- Common Share Net Asset Value $14.42 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -3.95% - -------------------------------------------------------------------------------- Market Yield 5.37% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.85% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $153,463 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.40 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.95 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/18/93) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 12.10% 8.92% - -------------------------------------------------------------------------------- 1-Year 55.49% 26.04% - -------------------------------------------------------------------------------- 5-Year 2.30% 4.66% - -------------------------------------------------------------------------------- 10-Year 6.29% 6.60% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- Tax Obligation/General 20.6% - -------------------------------------------------------------------------------- Health Care 15.5% - -------------------------------------------------------------------------------- U.S. Guaranteed 12.0% - -------------------------------------------------------------------------------- Education and Civic Organizations 11.8% - -------------------------------------------------------------------------------- Tax Obligation/Limited 10.2% - -------------------------------------------------------------------------------- Housing/Multifamily 8.1% - -------------------------------------------------------------------------------- Housing/Single Family 7.8% - -------------------------------------------------------------------------------- Other 14.0% - -------------------------------------------------------------------------------- Nuveen Investments 9 NFM | Nuveen Maryland Performance | Dividend Advantage OVERVIEW | Municipal Fund | as of November 30, 2009 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $13.52 - -------------------------------------------------------------------------------- Common Share Net Asset Value $14.11 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.18% - -------------------------------------------------------------------------------- Market Yield 5.59% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.17% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $59,164 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 17.62 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.49 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 1/23/01) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 6.46% 11.40% - -------------------------------------------------------------------------------- 1-Year 43.85% 31.19% - -------------------------------------------------------------------------------- 5-Year 3.23% 4.53% - -------------------------------------------------------------------------------- Since Inception 4.32% 5.58% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- Health Care 22.4% - -------------------------------------------------------------------------------- U.S. Guaranteed 13.7% - -------------------------------------------------------------------------------- Tax Obligation/General 12.7% - -------------------------------------------------------------------------------- Housing/Multifamily 11.7% - -------------------------------------------------------------------------------- Tax Obligation/Limited 10.8% - -------------------------------------------------------------------------------- Education and Civic Organizations 8.3% - -------------------------------------------------------------------------------- Housing/Single Family 6.6% - -------------------------------------------------------------------------------- Other 13.8% - -------------------------------------------------------------------------------- CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 40% AA 16% A 16% BBB 18% BB or Lower 1% N/R 9% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] Dec $ 0.0585 Jan 0.0585 Feb 0.0585 Mar 0.0585 Apr 0.0585 May 0.06 Jun 0.06 Jul 0.06 Aug 0.06 Sep 0.063 Oct 0.063 Nov 0.063 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 12/01/08 $ 11.98 10 8.73 9.02 9.08 9.6 10.99 11.29 11.6 12.3 11.9 12.27 12.53 12.26 10.7101 11.3 11.64 12.17 11.95 12.12 12.335 12.044 12.5912 12.25 12.42 12.66 13.05 13.3 12.85 12.85 12.551 12.9799 13.3 12.91 13.4162 13.2 13.79 13.7 14 14.15 13.8899 14.55 13.7815 14.15 14.316 14.3 13.8 13.63 13.4865 13.83 13.6 13.7 13.55 11/30/09 13.5193 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 10 Nuveen Investments NZR | Nuveen Maryland Performance | Dividend Advantage OVERVIEW | Municipal Fund 2 | as of November 30, 2009 CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 38% AA 23% A 13% BBB 16% BB or Lower 2% N/R 8% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Dec $ 0.0585 Jan 0.0585 Feb 0.0585 Mar 0.0585 Apr 0.0585 May 0.06 Jun 0.06 Jul 0.06 Aug 0.06 Sep 0.063 Oct 0.063 Nov 0.063 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 12/01/08 $ 9.95 9.63 8.4699 10.9056 9.75 10.24 11.04 11.75 11.04 12.06 13 12.3 11.5984 11.02 11.0801 11.86 11.926 12.46 11.95 12.68 12.3 12.074 12.46 12.49 12.37 12.6587 12.6935 12.82 13.08 12.83 12.76 12.84 13.5 12.74 13.0405 13.0995 13.27 13.2 13.41 13.25 13.59 13.92 14 14.18 14.27 14.78 14.06 13.61 13.31 13.7 13.53 13.58 13.331 11/30/09 13.37 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders capital gains and net ordinary income distributions in December 2008 of $0.0348 per share. FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $13.37 - -------------------------------------------------------------------------------- Common Share Net Asset Value $14.21 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -5.91% - -------------------------------------------------------------------------------- Market Yield 5.65% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.26% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $59,638 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.48 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.85 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 9/25/01) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 8.28% 10.97% - -------------------------------------------------------------------------------- 1-Year 43.97% 29.59% - -------------------------------------------------------------------------------- 5-Year 3.10% 4.34% - -------------------------------------------------------------------------------- Since Inception 4.19% 5.56% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- Health Care 18.3% - -------------------------------------------------------------------------------- U.S. Guaranteed 15.3% - -------------------------------------------------------------------------------- Tax Obligation/General 14.6% - -------------------------------------------------------------------------------- Tax Obligation/Limited 11.9% - -------------------------------------------------------------------------------- Education and Civic Organizations 10.8% - -------------------------------------------------------------------------------- Housing/Single Family 7.1% - -------------------------------------------------------------------------------- Housing/Multifamily 6.3% - -------------------------------------------------------------------------------- Transportation 3.9% - -------------------------------------------------------------------------------- Other 11.8% - -------------------------------------------------------------------------------- Nuveen Investments 11 NWI | Nuveen Maryland Performance | Dividend Advantage OVERVIEW | Municipal Fund 3 | as of November 30, 2009 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $13.70 - -------------------------------------------------------------------------------- Common Share Net Asset Value $14.34 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.46% - -------------------------------------------------------------------------------- Market Yield 5.43% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.94% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $76,940 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.09 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 9.31 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 9/25/02) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 12.05% 10.63% - -------------------------------------------------------------------------------- 1-Year 41.55% 29.68% - -------------------------------------------------------------------------------- 5-Year 5.44% 4.80% - -------------------------------------------------------------------------------- Since Inception 4.01% 5.12% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- Tax Obligation/Limited 21.1% - -------------------------------------------------------------------------------- Health Care 17.9% - -------------------------------------------------------------------------------- U.S. Guaranteed 15.3% - -------------------------------------------------------------------------------- Tax Obligation/General 11.7% - -------------------------------------------------------------------------------- Education and Civic Organizations 8.8% - -------------------------------------------------------------------------------- Housing/Single Family 5.2% - -------------------------------------------------------------------------------- Housing/Multifamily 5.2% - -------------------------------------------------------------------------------- Other 14.8% - -------------------------------------------------------------------------------- CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 36% AA 26% A 13% BBB 18% BB or Lower 2% N/R 5% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Dec $ 0.0535 Jan 0.0535 Feb 0.0535 Mar 0.0535 Apr 0.0535 May 0.058 Jun 0.058 Jul 0.058 Aug 0.058 Sep 0.062 Oct 0.062 Nov 0.062 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 12/01/08 $ 9.945 9.0899 8.58 9.045 9.2325 9.88 10.98 11.15 10.75 11.4 11.4 11.6 10.82 11.3261 11.08 11.3505 11.19 11.25 11.52 12.2329 11.95 11.756 12.26 11.92 12.22 12.42 12.56 12.5 12.0466 12.53 12.63 12.7176 12.94 12.9878 13 13.3 12.79 12.8 13 12.936 13.28 13.23 13.59 13.88 14.11 14.12 13.6 13.4 13.12 13.35 13.4313 13.39 13.58 11/30/09 13.7 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a capital gains distribution in December 2008 of $0.0169 per share. 12 Nuveen Investments NPV | Nuveen Virginia Performance | Premium Income OVERVIEW | Municipal Fund | as of November 30, 2009 CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 34% AA 27% A 24% BBB 10% BB or Lower 1% N/R 4% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Dec $ 0.054 Jan 0.054 Feb 0.054 Mar 0.0555 Apr 0.0555 May 0.0605 Jun 0.0605 Jul 0.0605 Aug 0.0605 Sep 0.065 Oct 0.065 Nov 0.065 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 12/01/08 $ 11.7 11.62 10.78 11 11.15 11.58 13.14 12.64 12.51 13.15 13.814 13.75 13.09 13.4 12.83 13.47 13.25 13.82 13.39 13.6 13.57 13.7589 14.08 14.47 14.3 14.2111 14.3599 14.28 13.64 13.79 14 14.47 14 14.12 14.568 14.5 14.48 14.45 14.47 14.4 14.39 14.93 15.1 15.14 15.7 15.14 15.25 15.35 15.98 15.58 14.9 15.07 14.54 11/30/09 14.61 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.1%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders capital gains and net ordinary income distributions in December 2008 of $0.0479 per share. FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $14.61 - -------------------------------------------------------------------------------- Common Share Net Asset Value $14.44 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 1.18% - -------------------------------------------------------------------------------- Market Yield 5.34% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.86% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $129,469 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.98 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.90 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL (Inception 3/18/93) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 4.44% 7.76% - -------------------------------------------------------------------------------- 1-Year 34.51% 25.14% - -------------------------------------------------------------------------------- 5-Year 1.64% 4.19% - -------------------------------------------------------------------------------- 10-Year 5.89% 6.39% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- Health Care 19.1% - -------------------------------------------------------------------------------- Tax Obligation/Limited 18.6% - -------------------------------------------------------------------------------- Tax Obligation/General 13.0% - -------------------------------------------------------------------------------- U.S. Guaranteed 12.7% - -------------------------------------------------------------------------------- Transportation 7.1% - -------------------------------------------------------------------------------- Water and Sewer 5.8% - -------------------------------------------------------------------------------- Housing/Single Family 5.5% - -------------------------------------------------------------------------------- Education and Civic Organizations 4.9% - -------------------------------------------------------------------------------- Other 13.3% - -------------------------------------------------------------------------------- Nuveen Investments 13 NGB | Nuveen Virginia Performance | Dividend Advantage OVERVIEW | Municipal Fund | as of November 30, 2009 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $14.89 - -------------------------------------------------------------------------------- Common Share Net Asset Value $13.92 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 6.97% - -------------------------------------------------------------------------------- Market Yield 5.16% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.60% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $43,695 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.21 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 12.18 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 1/26/01) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 9.26% 9.75% - -------------------------------------------------------------------------------- 1-Year 33.43% 28.73% - -------------------------------------------------------------------------------- 5-Year 2.22% 4.13% - -------------------------------------------------------------------------------- Since Inception 5.39% 5.53% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 18.9% - -------------------------------------------------------------------------------- Transportation 17.3% - -------------------------------------------------------------------------------- Tax Obligation/Limited 13.7% - -------------------------------------------------------------------------------- Health Care 13.6% - -------------------------------------------------------------------------------- Tax Obligation/General 8.1% - -------------------------------------------------------------------------------- Long-Term Care 7.8% - -------------------------------------------------------------------------------- Housing/Single Family 6.8% - -------------------------------------------------------------------------------- Other 13.8% - -------------------------------------------------------------------------------- CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 39% AA 19% A 16% BBB 14% N/R 12% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Dec $ 0.0575 Jan 0.0575 Feb 0.0575 Mar 0.0575 Apr 0.0575 May 0.062 Jun 0.062 Jul 0.062 Aug 0.062 Sep 0.064 Oct 0.064 Nov 0.064 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 12/01/08 $ 11.47 10.76 9.1 10.219 10.69 10.56 12.19 11.74 11.78 12.45 12.9 13.55 12.36 12.5899 12.6 13.21 14.03 12.94 13.4 13.51 13.09 13.4753 13.67 14.28 13.83 13.8001 14 13.9 13.6 13.15 14.4 14.16 14.1899 13.48 14.7 14.73 14.23 14.08 14 14.18 14 14.25 14.71 14.65 15.37 14.6192 14.42 14.3 14.95 14.4 14.4 14.75 14.25 11/30/09 14.885 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.1%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a capital gains distribution in December 2008 of $0.0133 per share. 14 Nuveen Investments NNB | Nuveen Virginia Performance | Dividend Advantage OVERVIEW | Municipal Fund 2 | as of November 30, 2009 CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 36% AA 23% A 18% BBB 13% N/R 10% 2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] Dec $ 0.0595 Jan 0.0595 Feb 0.0595 Mar 0.0595 Apr 0.0595 May 0.062 Jun 0.062 Jul 0.062 Aug 0.062 Sep 0.066 Oct 0.066 Nov 0.066 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 12/01/08 $ 12.27 10.7501 9.4 10.2 10.16 10.984 12.97 12.25 12.598 12.82 13 13.6 13 12.98 12.9688 13.79 13.855 13.8 13.79 13.66 13.99 13.99 13.938 13.98 13.964 14.28 13.98 14.06 13.16 13.0999 13.09 13.39 13.73 13.85 13.8901 13.91 14.03 14.0299 14.12 14.08 14.11 14.37 14.9 14.78 15.28 15.43 14.612 14.86 14.85 14.98 14.77 14.85 14.88 11/30/09 14.98 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.1%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders capital gains and net ordinary income distributions in December 2008 of $0.0097 per share. FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $14.98 - -------------------------------------------------------------------------------- Common Share Net Asset Value $14.28 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 4.90% - -------------------------------------------------------------------------------- Market Yield 5.29% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 7.79% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $82,046 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.21 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.69 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/15/01) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 10.11% 9.87% - -------------------------------------------------------------------------------- 1-Year 26.66% 27.42% - -------------------------------------------------------------------------------- 5-Year 4.62% 4.27% - -------------------------------------------------------------------------------- Since Inception 5.64% 5.82% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- Health Care 18.7% - -------------------------------------------------------------------------------- Tax Obligation/General 15.0% - -------------------------------------------------------------------------------- Tax Obligation/Limited 14.1% - -------------------------------------------------------------------------------- U.S. Guaranteed 11.8% - -------------------------------------------------------------------------------- Water and Sewer 11.7% - -------------------------------------------------------------------------------- Housing/Single Family 9.5% - -------------------------------------------------------------------------------- Long-Term Care 7.4% - -------------------------------------------------------------------------------- Other 11.8% - -------------------------------------------------------------------------------- Nuveen Investments 15 NMY | Nuveen Maryland Premium Income Municipal Fund | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY - 2.7% (1.8% OF TOTAL INVESTMENTS) $ 4,825 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 $ 4,057,052 Revenue Bonds, Series 2006A, 5.250%, 9/01/39 - SYNCORA GTY Insured - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 1.7% (1.2% OF TOTAL INVESTMENTS) 2,685 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 2,556,147 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 - ----------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 16.9% (11.8% OF TOTAL INVESTMENTS) 1,250 Frederick County, Maryland, Educational Facilities Revenue Bonds, 9/16 at 100.00 BBB- 1,120,225 Mount Saint Mary's College, Series 2006, 5.625%, 9/01/38 1,000 Hartford County, Maryland, Economic Development Revenue Bonds, 4/14 at 100.00 A+ 986,400 Battelle Memorial Institute, Series 2004, 5.250%, 4/01/34 Maryland Economic Development Corporation, Utility Infrastructure Revenue Bonds, University of Maryland - College Park, Series 2001: 980 5.375%, 7/01/15 - AMBAC Insured 7/11 at 100.00 N/R 1,037,379 980 5.375%, 7/01/16 - AMBAC Insured 7/11 at 100.00 N/R 1,037,379 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Bullis School, Series 2000: 750 5.250%, 7/01/25 - FSA Insured 1/11 at 101.00 AAA 764,693 500 5.250%, 7/01/30 - FSA Insured 1/11 at 101.00 AAA 507,770 1,250 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 A- 1,228,500 Revenue Bonds, Goucher College, Series 2004, 5.125%, 7/01/34 1,430 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 AA 1,567,151 Revenue Bonds, Johns Hopkins Hospital, Series 2004, Inverse 1003, 13.207%, 7/01/33 (IF) 1,825 Maryland Health and Higher Educational Facilities Authority, 6/16 at 100.00 Baa1 1,726,505 Revenue Bonds, Maryland Institute College of Art, Series 2006, 5.000%, 6/01/30 1,365 Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, 5/15 at 100.00 A1 1,463,635 Montgomery College Arts Center Project, Series 2005A, 5.000%, 5/01/19 9,445 Morgan State University, Maryland, Student Tuition and Fee Revenue No Opt. Call A+ 11,016,552 Refunding Bonds, Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 - NPFG Insured 1,685 University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 5.000%, 10/01/22 10/16 at 100.00 AA+ 1,862,211 Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006: 910 5.000%, 11/01/31 11/16 at 100.00 BBB+ 863,517 850 4.500%, 11/01/36 11/16 at 100.00 BBB+ 705,356 - ----------------------------------------------------------------------------------------------------------------------------- 24,220 Total Education and Civic Organizations 25,887,273 - ----------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 22.2% (15.5% OF TOTAL INVESTMENTS) 1,525 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 A2 1,551,459 Revenue Bonds, Calvert Memorial Hospital, Series 2004, 5.500%, 7/01/36 3,250 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 A3 3,298,003 Revenue Bonds, Carroll County General Hospital, Series 2002, 5.800%, 7/01/32 400 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A3 380,172 Revenue Bonds, Carroll Hospital Center, Series 2006, 5.000%, 7/01/40 1,665 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 N/R 1,351,913 Revenue Bonds, Civista Medical Center, Series 2005, 5.000%, 7/01/37 - RAAI Insured 1,740 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 Baa3 1,485,664 Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%, 7/01/29 1,400 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 Baa1 1,317,316 Revenue Bonds, Frederick Memorial Hospital, Series 2002, 5.125%, 7/01/35 1,500 Maryland Health and Higher Educational Facilities Authority, 7/11 at 100.00 A+ 1,446,480 Revenue Bonds, Greater Baltimore Medical Center, Series 2001, 5.000%, 7/01/34 1,000 Maryland Health and Higher Educational Facilities Authority, 1/10 at 100.00 A 1,000,420 Revenue Bonds, Johns Hopkins Hospital, Howard County General Hospital Acquisition, Series 1998, 5.000%, 7/01/19 - NPFG Insured
16 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE (continued) $ 2,000 Maryland Health and Higher Educational Facilities Authority, 12/09 at 101.00 A+ $ 2,022,800 Revenue Bonds, Kaiser Permanente System, Series 1998A, 5.375%, 7/01/15 3,800 Maryland Health and Higher Educational Facilities Authority, 7/13 at 100.00 Baa3 3,476,772 Revenue Bonds, Kennedy Krieger Institute, Series 2003, 5.500%, 7/01/33 1,175 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 AAA 1,210,838 Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 - AGC Insured 1,750 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A2 1,804,460 Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 3,310 Maryland Health and Higher Educational Facilities Authority, 5/16 at 100.00 AAA 3,318,341 Revenue Bonds, MedStar Health, Series 2007, 5.250%, 5/15/46 - BHAC Insured Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project, Series 2007A: 1,010 5.000%, 7/01/37 7/17 at 100.00 BBB 900,678 670 5.500%, 7/01/42 7/17 at 100.00 BBB 640,688 1,700 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A 1,699,932 Revenue Bonds, Peninsula Regional Medical Center, Series 2006, 5.000%, 7/01/36 3,250 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 A3 3,277,398 Revenue Bonds, Union Hospital of Cecil County, Series 2002, 5.625%, 7/01/32 1,000 Maryland Health and Higher Educational Facilities Authority, 7/13 at 100.00 A 1,013,050 Revenue Bonds, University of Maryland Medical System, Series 2004B, 5.000%, 7/01/24 - AMBAC Insured 2,395 Maryland Health and Higher Educational Facilities Authority, 1/18 at 100.00 BBB- 2,349,088 Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/38 Prince George's County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994: 360 5.375%, 7/01/14 1/10 at 100.00 B3 325,588 295 5.300%, 7/01/24 1/10 at 100.00 B3 196,665 - ----------------------------------------------------------------------------------------------------------------------------- 35,195 Total Health Care 34,067,725 - ----------------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 11.6% (8.1% OF TOTAL INVESTMENTS) 1,450 Maryland Community Development Administration, FNMA Multifamily 2/11 at 101.00 Aaa 1,484,438 Development Revenue Bonds, Edgewater Village Apartments, Series 2000B, 5.800%, 8/01/20 (Alternative Minimum Tax) 2,500 Maryland Community Development Administration, Housing Revenue Bonds, 1/10 at 100.50 Aa2 2,484,775 Series 1999A, 5.350%, 7/01/41 (Alternative Minimum Tax) 880 Maryland Community Development Administration, Housing Revenue Bonds, 1/10 at 100.00 Aa2 880,686 Series 1999B, 6.250%, 7/01/32 (Alternative Minimum Tax) 1,000 Maryland Economic Development Corporation, Senior Lien 10/13 at 100.00 B2 749,970 Student Housing Revenue Bonds, University of Maryland - Baltimore, Series 2003A, 5.625%, 10/01/23 1,000 Maryland Economic Development Corporation, Student Housing Revenue 12/09 at 102.00 Baa3 991,450 Bonds, Collegiate Housing Foundation - Salisbury State University, Series 1999A, 6.000%, 6/01/19 1,145 Maryland Economic Development Corporation, Student Housing Revenue 6/16 at 100.00 Baa2 1,018,867 Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 - CIFG Insured 3,830 Montgomery County Housing Opportunities Commission, Maryland, 1/10 at 100.50 Aaa 3,840,110 FNMA/FHA-Insured Multifamily Housing Development Bonds, Series 1998A, 5.200%, 7/01/30 360 Montgomery County Housing Opportunities Commission, Maryland, 1/10 at 100.00 Aa2 360,752 GNMA/FHA-Insured Multifamily Housing Revenue Bonds, Series 1995A, 5.900%, 7/01/15 2,000 Montgomery County Housing Opportunities Commission, Maryland, 7/10 at 100.00 Aaa 2,013,360 Multifamily Housing Development Bonds, Series 2000A, 6.100%, 7/01/30 540 Prince George's County Housing Authority, Maryland, 3/10 at 102.00 AAA 549,434 GNMA Collateralized Mortgage Revenue Bonds, University Landing Apartments, Series 1999, 6.100%, 3/20/41 (Alternative Minimum Tax) Prince George's County Housing Authority, Maryland, GNMA Collateralized Mortgage Revenue Refunding Bonds, Overlook Apartments, Series 1995A: 1,770 5.700%, 12/20/15 12/09 at 100.00 AAA 1,773,735 1,670 5.750%, 12/20/19 12/09 at 100.00 AAA 1,672,438 - ----------------------------------------------------------------------------------------------------------------------------- 18,145 Total Housing/Multifamily 17,820,015 - -----------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 17 NMY | Nuveen Maryland Premium Income Municipal Fund (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 11.2% (7.8% OF TOTAL INVESTMENTS) $ 2,510 Maryland Community Development Administration Department 9/18 at 100.00 Aa2 $ 2,608,869 of Housing and Community Development, Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39 3,000 Maryland Community Development Administration Department 9/18 at 100.00 Aa2 2,954,190 of Housing and Community Development, Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39 Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006: 600 4.750%, 9/01/25 (Alternative Minimum Tax) (UB) 9/15 at 100.00 Aa2 587,580 1,195 4.900%, 9/01/26 (Alternative Minimum Tax) (UB) 9/15 at 100.00 Aa2 1,178,390 4,100 4.875%, 9/01/26 (Alternative Minimum Tax) (UB) 3/16 at 100.00 Aa2 4,037,434 1,630 4.900%, 9/01/31 (Alternative Minimum Tax) (UB) 9/16 at 100.00 Aa2 1,606,284 Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007: 650 5.000%, 9/01/27 (Alternative Minimum Tax) (UB) 3/17 at 100.00 Aa2 652,698 1,200 4.850%, 9/01/37 (Alternative Minimum Tax) (UB) 3/17 at 100.00 Aa2 1,112,688 2,330 Maryland Community Development Administration, Department of 9/14 at 100.00 Aa2 2,181,556 Housing and Community Development, Residential Revenue Bonds, Series 2005, 4.900%, 9/01/36 (Alternative Minimum Tax) (UB) 5 Prince George's County Housing Authority, Maryland, 8/10 at 100.00 AAA 5,048 FHLMC/FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 2000A, 6.150%, 8/01/19 (Alternative Minimum Tax) 305 Puerto Rico Housing Finance Authority, Mortgage-Backed 6/13 at 100.00 AAA 288,930 Securities Program Home Mortgage Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------ 17,525 Total Housing/Single Family 17,213,667 - ------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 1.3% (0.9% OF TOTAL INVESTMENTS) 2,010 Maryland Economic Development Corporation, Solid Waste 4/12 at 101.00 BBB 1,976,292 Disposal Revenue Bonds, Waste Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.6% (1.8% OF TOTAL INVESTMENTS) 2,455 Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, 1/17 at 100.00 BBB+ 2,238,052 Series 2007A, 5.000%, 1/01/37 1,000 Carroll County, Maryland, Revenue Refunding Bonds, 1/10 at 100.50 BB- 886,010 EMA Obligated Group, Series 1999A, 5.625%, 1/01/25 - RAAI Insured 1,065 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 A- 928,222 Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 - ------------------------------------------------------------------------------------------------------------------------------ 4,520 Total Long-Term Care 4,052,284 - ------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 29.4% (20.6% OF TOTAL INVESTMENTS) 2,030 Anne Arundel County, Maryland, General Obligation Bonds, 4/14 at 100.00 AAA 2,284,826 Series 2004, 5.000%, 4/01/16 1,000 Anne Arundel County, Maryland, General Obligation Bonds, 3/16 at 100.00 AAA 1,111,640 Series 2006, 5.000%, 3/01/21 685 Anne Arundel County, Maryland, Water and Sewer Revenue Bonds, 3/16 at 100.00 AAA 795,538 Series 2006, 5.000%, 3/01/17 Baltimore County, Maryland, Metropolitan District Special Assessment Bonds, 67th Issue: 2,500 5.000%, 6/01/25 6/11 at 101.00 AAA 2,583,250 3,500 5.000%, 6/01/26 6/11 at 101.00 AAA 3,612,280 1,540 Baltimore, Maryland, General Obligation Consolidated Public 10/14 at 100.00 AA- 1,644,643 Improvement Bonds, Series 2004A, 5.000%, 10/15/22 - AMBAC Insured 700 Carroll County, Maryland, Consolidated Public Improvement 12/15 at 100.00 AA+ 815,689 Bonds, Series 2005A, 5.000%, 12/01/16 Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006: 2,185 5.000%, 3/01/14 No Opt. Call AA 2,527,215 820 5.000%, 3/01/16 No Opt. Call AA 963,467 Howard County, Maryland, Consolidated Public Improvement Bonds, Series 2004B: 1,625 5.000%, 8/15/17 2/14 at 100.00 AAA 1,846,894 1,180 5.000%, 8/15/19 2/14 at 100.00 AAA 1,287,085
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL (continued) $ 1,725 Howard County, Maryland, Metropolitan District Refunding Bonds, 2/12 at 100.00 AAA $ 1,825,619 Series 2002A, 5.250%, 8/15/18 1,190 Maryland National Capital Park Planning Commission, Prince 1/14 at 100.00 AAA 1,342,939 George's County, General Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17 3,000 Montgomery County, Maryland, Consolidated General Obligation No Opt. Call AAA 3,531,540 Public Improvement Bonds, Series 2005A, 5.000%, 7/01/15 Montgomery County, Maryland, Consolidated General Obligation Public Improvement Refunding Bonds, Series 2001: 1,750 5.250%, 10/01/13 10/11 at 101.00 AAA 1,911,928 2,000 5.250%, 10/01/18 10/11 at 101.00 AAA 2,115,960 2,000 Prince George's County, Maryland, General Obligation Consolidated 9/12 at 101.00 AAA 2,085,260 Public Improvement Bonds, Series 2002, 4.100%, 9/15/19 5,770 Prince George's County, Maryland, General Obligation Consolidated 10/13 at 100.00 AAA 6,263,507 Public Improvement Bonds, Series 2003A, 5.000%, 10/01/18 Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, Sewerage Disposal Bonds, Series 2005: 2,000 5.000%, 6/01/16 6/15 at 100.00 AAA 2,347,380 1,235 5.000%, 6/01/23 6/15 at 100.00 AAA 1,449,507 1,235 5.000%, 6/01/24 6/15 at 100.00 AAA 1,449,507 1,235 5.000%, 6/01/25 6/15 at 100.00 AAA 1,449,507 - ------------------------------------------------------------------------------------------------------------------------------- 40,905 Total Tax Obligation/General 45,245,181 - ------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 14.7% (10.2% OF TOTAL INVESTMENTS) 300 Baltimore, Maryland, Special Obligation Bonds, North Locust 9/15 at 101.00 N/R 263,955 Point Project, Series 2005, 5.500%, 9/01/34 340 Frederick County, Maryland, Lake Linganore Village Community 7/10 at 102.00 N/R 312,552 Development Special Obligation Bonds, Series 2001A, 5.700%, 7/01/29 - RAAI Insured 900 Hyattsville, Maryland, Special Obligation Bonds, University Town 7/14 at 102.00 N/R 725,994 Center Project, Series 2004, 5.750%, 7/01/34 Maryland Department of Transportation, Certificates of Participation, Mass Transit Administration Project, Series 2000: 875 5.500%, 10/15/19 (Alternative Minimum Tax) 10/10 at 101.00 AA+ 886,821 925 5.500%, 10/15/20 (Alternative Minimum Tax) 10/10 at 101.00 AA+ 940,253 4,250 Maryland Department of Transportation, Consolidated Transportation No Opt. Call AAA 5,093,624 Revenue Bonds, Series 2002, 5.500%, 2/01/16 1,875 Maryland Economic Development Corporation, Lease Revenue Bonds, 6/12 at 100.50 AA+ 2,043,900 Department of Transportation Headquarters Building, Series 2002, 5.375%, 6/01/19 1,700 Maryland Stadium Authority, Lease Revenue Bonds, Montgomery County 6/13 at 100.00 AA+ 1,829,404 Conference Center Facilities, Series 2003, 5.000%, 6/15/24 1,000 Montgomery County, Maryland, Lease Revenue Bonds, Metrorail Garage, 6/12 at 100.00 AA 1,076,180 Series 2002, 5.000%, 6/01/21 675 Montgomery County, Maryland, Special Obligation Bonds, West 7/12 at 101.00 A3 637,200 Germantown Development District, Senior Series 2002A, 5.500%, 7/01/27 - RAAI Insured 635 New Baltimore City Board of School Commissioners, Maryland, School 11/10 at 100.00 AA+ 661,016 System Revenue Bonds, Series 2000, 5.125%, 11/01/15 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N: 1,000 5.500%, 7/01/29 - AMBAC Insured No Opt. Call Baa3 983,470 2,500 5.250%, 7/01/31 - AMBAC Insured No Opt. Call BBB 2,379,025 1,000 5.250%, 7/01/33 - NPFG Insured No Opt. Call A 929,740 2,100 Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/12 at 100.00 AAA 2,152,080 8/01/21 - FSA Insured 1,500 Puerto Rico, Highway Revenue Bonds, Highway and Transportation No Opt. Call A 1,581,030 Authority, Series 2003AA, 5.500%, 7/01/19 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------- 21,575 Total Tax Obligation/Limited 22,496,244 - -------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 19 NMY | Nuveen Maryland Premium Income Municipal Fund (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 4.6% (3.2% OF TOTAL INVESTMENTS) $ 1,060 Baltimore, Maryland, Revenue Refunding Bonds, Parking System No Opt. Call A $ 1,170,728 Facilities, Series 1998A, 5.250%, 7/01/17 - FGIC Insured 4,335 Maryland Transportation Authority, Revenue Bonds, Transportation 7/17 at 100.00 AAA 4,617,555 Facilities Projects, Series 2007, 5.000%, 7/01/30 - FSA Insured (UB) 2,075 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 12/09 at 100.00 CCC+ 1,316,380 American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------- 7,470 Total Transportation 7,104,663 - ------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 17.2% (12.0% OF TOTAL INVESTMENTS) (4) 2,000 Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, No Opt. Call AA(4) 2,272,040 Series 1998A, 5.000%, 7/01/28 - FGIC Insured (ETM) 2,000 Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, No Opt. Call AA(4) 2,359,220 Series 1994A, 5.000%, 7/01/24 - FGIC Insured (ETM) 1,245 Baltimore, Maryland, Wastewater Project Revenue Bonds, 7/16 at 100.00 AA(4) 1,465,552 Series 2006C, 5.000%, 7/01/31 (Pre-refunded 7/01/16) - AMBAC Insured Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount St. Mary's College, Series 2001A: 200 5.750%, 9/01/25 (Pre-refunded 3/01/10) 3/10 at 101.00 BBB-(4) 204,734 200 5.800%, 9/01/30 (Pre-refunded 3/01/10) 3/10 at 101.00 BBB-(4) 204,760 275 Frederick County, Maryland, Lake Linganore Village Community 7/10 at 102.00 N/R(4) 289,220 Development Special Obligation Bonds, Series 2001A, 5.700%, 7/01/29 (Pre-refunded 7/01/10) - RAAI Insured 1,440 Gaithersburg, Maryland, Hospital Facilities Revenue Refunding No Opt. Call AAA 1,579,651 and Improvement Bonds, Shady Grove Adventist Hospital, Series 1995, 6.500%, 9/01/12 - FSA Insured (ETM) 575 Howard County, Maryland, Consolidated Public Improvement 2/12 at 100.00 AAA 632,897 Refunding Bonds, Series 2002A, 5.250%, 8/15/18 (Pre-refunded 2/15/12) Maryland Economic Development Corporation, Health and Mental Hygiene Providers Revenue Bonds, Series 1996A: 840 7.625%, 4/01/21 (Pre-refunded 4/01/11) 4/11 at 102.00 N/R(4) 929,158 625 7.625%, 4/01/21 (Pre-refunded 4/01/11) 4/11 at 102.00 N/R(4) 691,338 3,200 Maryland Health and Higher Educational Facilities Authority, No Opt. Call N/R(4) 3,673,152 Revenue Bonds, Helix Health, Series 1997, 5.000%, 7/01/27 - AMBAC Insured (ETM) 3,125 Maryland Health and Higher Educational Facilities Authority, Revenue 1/10 at 100.00 Aaa 3,213,781 Bonds, Howard County General Hospital, Series 1993, 5.500%, 7/01/25 (ETM) 2,040 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 A2(4) 2,358,199 Revenue Bonds, LifeBridge Health System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14) 1,500 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 A(4) 1,694,070 Revenue Bonds, University of Maryland Medical System, Series 2002, 6.000%, 7/01/22 (Pre-refunded 7/01/12) 175 Maryland Transportation Authority, Revenue Refunding Bonds, No Opt. Call AAA 207,379 Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 (ETM) 1,000 Puerto Rico Infrastructure Financing Authority, 10/10 at 101.00 AAA 1,054,020 Special Obligation Bonds, Series 2000A, 5.500%, 10/01/20 (Pre-refunded 10/01/10) 1,000 Puerto Rico, Highway Revenue Bonds, Highway and Transportation 7/16 at 100.00 Aaa 1,213,230 Authority, Series 1996Y, 5.500%, 7/01/36 (Pre-refunded 7/01/16) 235 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 242,473 Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded 7/01/10) 2,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+(4) 2,123,840 Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10) - ------------------------------------------------------------------------------------------------------------------------------- 23,675 Total U.S. Guaranteed 26,408,714 - ------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 3.9% (2.7% OF TOTAL INVESTMENTS) 2,500 Maryland Energy Financing Administration, Revenue Bonds, 2/10 at 100.00 N/R 2,500,550 AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax) 3,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/14 at 100.00 A 3,524,080 Series 2004PP, 5.000%, 7/01/22 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------- 6,000 Total Utilities 6,024,630 - -------------------------------------------------------------------------------------------------------------------------------
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.4% (2.4% OF TOTAL INVESTMENTS) $ 1,045 Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, No Opt. Call AA $ 1,173,159 Series 1994A, 5.000%, 7/01/24 - FGIC Insured 1,655 Baltimore, Maryland, Wastewater Project Revenue Bonds, 7/16 at 100.00 AA 1,740,646 Series 2006C, 5.000%, 7/01/31 - AMBAC Insured 1,260 Baltimore, Maryland, Wastewater Project Revenue Bonds, 7/17 at 100.00 AA 1,289,484 Series 2007D, 5.000%, 7/01/32 - AMBAC Insured 860 Maryland Water Quality Financing Administration, Revolving No Opt. Call AAA 1,013,906 Loan Fund Revenue Bonds, Series 2005A, 5.000%, 9/01/15 - ------------------------------------------------------------------------------------------------------------------------------ 4,820 Total Water and Sewer 5,217,195 - ------------------------------------------------------------------------------------------------------------------------------ $ 213,570 Total Investments (cost $214,553,846) - 143.4% 220,127,082 ============------------------------------------------------------------------------------------------------------------------ Floating Rate Obligations - (6.5)% (9,962,000) --------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 9.3% 14,172,946 --------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (46.2)% (5) (70,875,000) --------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $153,463,028 ===============================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. (5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.2%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 21 NFM | Nuveen Maryland Dividend Advantage Municipal Fund | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY - 4.1% (2.8% OF TOTAL INVESTMENTS) $ 2,115 Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue 9/16 at 100.00 Baa3 $ 1,778,377 Bonds, Series 2006A, 5.250%, 9/01/39 - SYNCORA GTY Insured 310 Baltimore, Maryland, Subordinate Lien Convention Center Hotel 9/16 at 100.00 Ba1 247,851 Revenue Bonds, Series 2006B, 5.875%, 9/01/39 650 Maryland Economic Development Corporation, Revenue Bonds, 12/16 at 100.00 N/R 392,022 Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 - ----------------------------------------------------------------------------------------------------------------------------- 3,075 Total Consumer Discretionary 2,418,250 - ----------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 2.2% (1.5% OF TOTAL INVESTMENTS) 1,340 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset- 5/12 at 100.00 BBB 1,275,693 Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 - ----------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 12.1% (8.3% OF TOTAL INVESTMENTS) 645 Hartford County, Maryland, Economic Development Revenue Bonds, 4/14 at 100.00 A+ 636,228 Battelle Memorial Institute, Series 2004, 5.250%, 4/01/34 980 Maryland Economic Development Corporation, Utility Infrastructure 7/11 at 100.00 N/R 1,000,257 Revenue Bonds, University of Maryland - College Park, Series 2001, 5.000%, 7/01/19 - AMBAC Insured 1,500 Maryland Health and Higher Educational Facilities Authority, 7/10 at 100.00 BBB- 1,450,620 Educational Facilities Leasehold Mortgage Revenue Bonds, McLean School, Series 2001, 6.000%, 7/01/31 500 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 A- 491,400 Revenue Bonds, Goucher College, Series 2004, 5.125%, 7/01/34 585 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 AA 641,107 Revenue Bonds, Johns Hopkins Hospital, Series 2004, Inverse 1003, 13.207%, 7/01/33 (IF) 565 Maryland Health and Higher Educational Facilities Authority, 6/17 at 100.00 Baa1 514,127 Revenue Bonds, Maryland Institute College of Art, Series 2007, 5.000%, 6/01/36 475 Maryland Industrial Development Financing Authority, Revenue Bonds, 5/15 at 100.00 N/R 417,392 Our Lady of Good Counsel High School, Series 2005A, 6.000%, 5/01/35 615 Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, 5/15 at 100.00 A1 655,160 Montgomery College Arts Center Project, Series 2005A, 5.000%, 5/01/20 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999: 215 5.375%, 2/01/19 2/10 at 100.50 BBB- 211,248 410 5.375%, 2/01/29 2/10 at 100.50 BBB- 372,760 900 Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel 11/16 at 100.00 BBB+ 746,847 College, Series 2006, 4.500%, 11/01/36 - ----------------------------------------------------------------------------------------------------------------------------- 7,390 Total Education and Civic Organizations 7,137,146 - ----------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 32.7% (22.4% OF TOTAL INVESTMENTS) 1,325 Maryland Health and Higher Education Facilities Authority, 7/16 at 100.00 A 1,288,854 Revenue Bonds, University of Maryland Medical System, Series 2006, 5.000%, 7/01/36 1,000 Maryland Health and Higher Educational Facilities Authority, 1/10 at 100.50 AAA 1,001,870 Revenue Bonds, Anne Arundel Medical Center, Series 1998, 5.125%, 7/01/28 - FSA Insured 1,000 Maryland Health and Higher Educational Facilities Authority, 1/10 at 101.00 A2 1,001,100 Revenue Bonds, Calvert Memorial Hospital, Series 1998, 5.000%, 7/01/28 1,000 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 A3 1,029,050 Revenue Bonds, Carroll County General Hospital, Series 2002, 6.000%, 7/01/26 400 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A3 380,172 Revenue Bonds, Carroll Hospital Center, Series 2006, 5.000%, 7/01/40 750 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 N/R 608,970 Revenue Bonds, Civista Medical Center, Series 2005, 5.000%, 7/01/37 - RAAI Insured 710 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 Baa3 606,219 Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%, 7/01/29
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ----------------------------------------------------------------------------------------------------------------------------- HEALTH CARE (continued) $ 500 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 Baa1 $ 470,470 Revenue Bonds, Frederick Memorial Hospital, Series 2002, 5.125%, 7/01/35 650 Maryland Health and Higher Educational Facilities Authority, 7/11 at 100.00 A+ 626,808 Revenue Bonds, Greater Baltimore Medical Center, Series 2001, 5.000%, 7/01/34 1,250 Maryland Health and Higher Educational Facilities Authority, 5/11 at 100.00 A+ 1,265,038 Revenue Bonds, Johns Hopkins Hospital, Series 2001, 5.000%, 5/15/21 2,225 Maryland Health and Higher Educational Facilities Authority, 12/09 at 101.00 A+ 2,250,364 Revenue Bonds, Kaiser Permanente System, Series 1998A, 5.375%, 7/01/15 1,000 Maryland Health and Higher Educational Facilities Authority, 7/13 at 100.00 Baa3 914,940 Revenue Bonds, Kennedy Krieger Institute, Series 2003, 5.500%, 7/01/33 485 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 AAA 499,793 Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 - AGC Insured 700 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A2 721,784 Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 1,360 Maryland Health and Higher Educational Facilities Authority, 5/16 at 100.00 AAA 1,363,427 Revenue Bonds, MedStar Health, Series 2007, 5.250%, 5/15/46 - BHAC Insured Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project, Series 2007A: 415 5.000%, 7/01/37 7/17 at 100.00 BBB 370,080 270 5.500%, 7/01/42 7/17 at 100.00 BBB 258,188 1,000 Maryland Health and Higher Educational Facilities Authority, 7/11 at 100.00 BBB 998,090 Revenue Bonds, Mercy Medical Center, Series 2001, 5.625%, 7/01/31 700 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A 699,972 Revenue Bonds, Peninsula Regional Medical Center, Series 2006, 5.000%, 7/01/36 1,000 Maryland Health and Higher Educational Facilities Authority, 7/15 at 100.00 A3 963,620 Revenue Bonds, Union Hospital of Cecil County, Series 2005, 5.000%, 7/01/35 980 Maryland Health and Higher Educational Facilities Authority, 1/18 at 100.00 BBB- 961,213 Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/38 570 Maryland Health and Higher Educational Facilities Authority, 1/10 at 100.00 A3 570,222 Revenue Refunding Bonds, Union Hospital of Cecil County, Series 1998, 5.100%, 7/01/22 700 Prince George's County, Maryland, Revenue Bonds, Dimensions 1/10 at 100.00 B3 466,662 Health Corporation, Series 1994, 5.300%, 7/01/24 - ----------------------------------------------------------------------------------------------------------------------------- 19,990 Total Health Care 19,316,906 - ----------------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 17.0% (11.7% OF TOTAL INVESTMENTS) 2,000 Maryland Community Development Administration, Housing Revenue 1/10 at 100.50 Aa2 2,002,680 Bonds, Series 1998A, 5.625%, 1/01/40 (Alternative Minimum Tax) 1,000 Maryland Community Development Administration, Multifamily 12/11 at 100.00 Aaa 1,003,030 Housing Revenue Bonds, Princess Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax) Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, University of Maryland - Baltimore, Series 2003A: 215 4.250%, 10/01/10 No Opt. Call B2 210,193 50 5.000%, 10/01/15 10/13 at 100.00 B2 43,066 210 5.625%, 10/01/23 10/13 at 100.00 B2 157,494 1,800 Maryland Economic Development Corporation, Student Housing 7/11 at 101.00 N/R 1,482,768 Revenue Bonds, Sheppard Pratt University Village, Series 2001, 6.000%, 7/01/33 - ACA Insured 475 Maryland Economic Development Corporation, Student Housing 6/16 at 100.00 Baa2 422,674 Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 - CIFG Insured 750 Montgomery County Housing Opportunities Commission, Maryland, 1/10 at 100.50 Aaa 750,653 FNMA/FHA-Insured Multifamily Housing Development Bonds, Series 1998A, 5.250%, 7/01/29 (Alternative Minimum Tax) 2,000 Montgomery County Housing Opportunities Commission, Maryland, 7/10 at 100.00 Aaa 2,012,199 Multifamily Housing Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax) 2,000 Montgomery County Housing Opportunities Commission, Maryland, 7/11 at 100.00 Aaa 2,005,600 Multifamily Housing Development Bonds, Series 2001A, 5.600%, 7/01/42 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------- 10,500 Total Housing/Multifamily 10,090,357 - -----------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 23 NFM | Nuveen Maryland Dividend Advantage Municipal Fund (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ----------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 9.7% (6.6% OF TOTAL INVESTMENTS) $ 985 Maryland Community Development Administration Department of 9/18 at 100.00 Aa2 $ 1,023,799 Housing and Community Development, Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39 Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006: 600 4.750%, 9/01/25 (Alternative Minimum Tax) (UB) 9/15 at 100.00 Aa2 587,580 300 4.900%, 9/01/26 (Alternative Minimum Tax) (UB) 9/15 at 100.00 Aa2 295,830 1,200 4.875%, 9/01/26 (Alternative Minimum Tax) (UB) 3/16 at 100.00 Aa2 1,181,688 815 4.900%, 9/01/31 (Alternative Minimum Tax) (UB) 9/16 at 100.00 Aa2 803,142 Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007: 250 5.000%, 9/01/27 (Alternative Minimum Tax) (UB) 3/17 at 100.00 Aa2 251,038 500 4.850%, 9/01/37 (Alternative Minimum Tax) (UB) 3/17 at 100.00 Aa2 463,620 970 Maryland Community Development Administration, Department of 9/14 at 100.00 Aa2 908,202 Housing and Community Development, Residential Revenue Bonds, Series 2005, 4.900%, 9/01/36 (Alternative Minimum Tax) (UB) 200 Maryland Community Development Administration, Residential Revenue 9/10 at 100.00 Aa2 200,332 Bonds, Series 2001B, 5.450%, 9/01/32 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------- 5,820 Total Housing/Single Family 5,715,231 - ----------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS - 2.4% (1.6% OF TOTAL INVESTMENTS) 410 Maryland Economic Development Corporation, Solid Waste Disposal 4/12 at 101.00 BBB 403,124 Revenue Bonds, Waste Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax) 1,000 Northeast Maryland Waste Disposal Authority, Baltimore, 1/10 at 100.00 BBB 1,000,800 Resource Recovery Revenue Bonds, RESCO Retrofit Project, Series 1998, 4.750%, 1/01/12 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------- 1,410 Total Industrials 1,403,924 - ----------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 3.4% (2.3% OF TOTAL INVESTMENTS) 850 Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, 1/17 at 100.00 BBB+ 774,886 Series 2007A, 5.000%, 1/01/37 300 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 N/R 269,358 Revenue Bonds, Edenwald, Series 2006A, 5.400%, 1/01/31 720 Maryland Health and Higher Educational Facilities Authority, 1/17 at 100.00 N/R 581,364 Revenue Bonds, King Farm Presbyterian Community, Series 2007A, 5.250%, 1/01/27 440 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 A- 383,491 Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 - ----------------------------------------------------------------------------------------------------------------------------- 2,310 Total Long-Term Care 2,009,099 - ----------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 18.5% (12.7% OF TOTAL INVESTMENTS) 565 Anne Arundel County, Maryland, General Obligation Bonds, 3/16 at 100.00 AAA 628,077 Series 2006, 5.000%, 3/01/21 3,500 Baltimore County, Maryland, Metropolitan District Special 6/11 at 101.00 AAA 3,608,113 Assessment Bonds, 67th Issue, 5.000%, 6/01/27 300 Carroll County, Maryland, Consolidated Public Improvement Bonds, 12/15 at 100.00 AA+ 349,581 Series 2005A, 5.000%, 12/01/16 600 Frederick, Maryland, General Obligation Bonds, 8/15 at 100.00 AA 692,874 Series 2005, 5.000%, 8/01/16 - NPFG Insured 1,360 Howard County, Maryland, Consolidated Public Improvement 2/10 at 100.00 AAA 1,364,855 Bonds, Series 2001A, 4.750%, 2/15/21 1,000 Maryland National Capital Park Planning Commission, 1/14 at 100.00 AAA 1,128,520 Prince George's County, General Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17 1,360 Montgomery County, Maryland, Consolidated General Obligation No Opt. Call AAA 1,609,941 Public Improvement Bonds, Series 2006, 5.000%, 5/01/16 740 Ocean City, Maryland, General Obligation Bonds, 3/11 at 101.00 AA- 761,460 Series 2001, 4.875%, 3/01/19 - FGIC Insured 700 Washington Suburban Sanitary District, Montgomery and Prince 6/15 at 100.00 AAA 821,583 George's Counties, Maryland, Sewerage Disposal Bonds, Series 2005, 5.000%, 6/01/16 - ----------------------------------------------------------------------------------------------------------------------------- 10,125 Total Tax Obligation/General 10,965,004 - -----------------------------------------------------------------------------------------------------------------------------
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ----------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 15.7% (10.8% OF TOTAL INVESTMENTS) $ 360 Anne Arundel County, Maryland, Tax Increment Financing Revenue Bonds, No Opt. Call N/R $ 363,895 Parole Town Center Project, Series 2002, 5.000%, 7/01/12 350 Hyattsville, Maryland, Special Obligation Bonds, University Town 7/14 at 102.00 N/R 282,331 Center Project, Series 2004, 5.750%, 7/01/34 1,500 Maryland Department of Transportation, Consolidated Transportation No Opt. Call AAA 1,797,750 Revenue Bonds, Series 2002, 5.500%, 2/01/16 1,405 Maryland Economic Development Corporation, Lease Revenue Bonds, 6/12 at 100.50 AA+ 1,531,562 Department of Transportation Headquarters Building, Series 2002, 5.375%, 6/01/19 370 Maryland Economic Development Corporation, Lease Revenue Bonds, 9/12 at 100.00 AA+ 409,657 Montgomery County Town Square Parking Garage, Series 2002A, 5.000%, 9/15/13 740 Prince George's County, Maryland, Lease Revenue Bonds, Upper Marlboro 6/13 at 100.00 AA+ 824,834 Justice Center, Series 2003A, 5.000%, 6/30/14 - NPFG Insured 895 Prince George's County, Maryland, Special Obligation Bonds, National 7/15 at 100.00 N/R 745,267 Harbor Project, Series 2005, 5.200%, 7/01/34 450 Prince George's County, Maryland, Special Tax District Bonds, Victoria 7/13 at 100.00 N/R 343,994 Falls Project, Series 2005, 5.250%, 7/01/35 1,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, No Opt. Call BBB 951,610 Series 2007N, 5.250%, 7/01/31 - AMBAC Insured 700 Puerto Rico, Highway Revenue Bonds, Highway and Transportation No Opt. Call A 737,814 Authority, Series 2003AA, 5.500%, 7/01/19 - NPFG Insured 1,290 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ 1,320,870 Loan Note, Series 1999A, 6.375%, 10/01/19 - ----------------------------------------------------------------------------------------------------------------------------- 9,060 Total Tax Obligation/Limited 9,309,584 - ----------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 4.2% (2.9% OF TOTAL INVESTMENTS) 650 Maryland Health and Higher Educational Facilities Authority, 7/11 at 100.00 N/R 614,335 Parking Facilities Revenue Bonds, Johns Hopkins Hospital, Series 2001, 5.000%, 7/01/27 - AMBAC Insured 1,785 Maryland Transportation Authority, Revenue Bonds, Transportation 7/17 at 100.00 AAA 1,901,346 Facilities Projects, Series 2007, 5.000%, 7/01/30 - FSA Insured (UB) - ----------------------------------------------------------------------------------------------------------------------------- 2,435 Total Transportation 2,515,681 - ----------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 19.9% (13.7% OF TOTAL INVESTMENTS) (4) 1,015 Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, No Opt. Call AA(4) 1,153,060 Series 1998A, 5.000%, 7/01/28 - FGIC Insured (ETM) Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount St. Mary's College, Series 2001A: 465 5.700%, 9/01/20 (Pre-refunded 3/01/10) 3/10 at 101.00 BBB-(4) 475,951 500 5.750%, 9/01/25 (Pre-refunded 3/01/10) 3/10 at 101.00 BBB-(4) 511,835 500 Maryland Health and Higher Educational Facilities Authority, 4/11 at 101.00 N/R(4) 546,065 Revenue Bonds, Collington Episcopal Life Care Community Inc., Series 2001A, 6.750%, 4/01/23 (Pre-refunded 4/01/11) 585 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 A2(4) 676,248 Revenue Bonds, LifeBridge Health System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14) 625 Maryland Health and Higher Educational Facilities Authority, 6/11 at 100.00 Baa1(4) 670,631 Revenue Bonds, Maryland Institute College of Art, Series 2001, 5.500%, 6/01/32 (Pre-refunded 6/01/11) 2,000 Maryland Health and Higher Educational Facilities Authority, 7/11 at 100.00 A(4) 2,146,739 Revenue Bonds, University of Maryland Medical System, Series 2001, 5.250%, 7/01/28 (Pre-refunded 7/01/11) 640 Maryland Transportation Authority, Revenue Refunding Bonds, No Opt. Call AAA 758,413 Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 (ETM) Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: 2,300 5.500%, 10/01/32 (Pre-refunded 10/01/10) 10/10 at 101.00 AAA 2,424,245 1,700 5.500%, 10/01/40 (Pre-refunded 10/01/10) 10/10 at 101.00 AAA 1,791,834 590 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset- 7/10 at 100.00 AAA 608,762 Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded 7/01/10) - ----------------------------------------------------------------------------------------------------------------------------- 10,920 Total U.S. Guaranteed 11,763,783 - -----------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 25 NFM | Nuveen Maryland Dividend Advantage Municipal Fund (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 1.7% (1.2% OF TOTAL INVESTMENTS) $ 1,000 Maryland Energy Financing Administration, Revenue Bonds, AES 2/10 at 100.00 N/R $ 1,000,220 Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 2.1% (1.5% OF TOTAL INVESTMENTS) 285 Baltimore, Maryland, Wastewater Project Revenue Bonds, 7/16 at 100.00 AA 299,749 Series 2006C, 5.000%, 7/01/31 - AMBAC Insured 540 Baltimore, Maryland, Wastewater Project Revenue Bonds, 7/17 at 100.00 AA 552,636 Series 2007D, 5.000%, 7/01/32 - AMBAC Insured 355 Maryland Water Quality Financing Administration, Revolving No Opt. Call AAA 418,532 Loan Fund Revenue Bonds, Series 2005A, 5.000%, 9/01/15 - ------------------------------------------------------------------------------------------------------------------------------ 1,180 Total Water and Sewer 1,270,917 - ------------------------------------------------------------------------------------------------------------------------------ $ 86,555 Total Investments (cost $86,214,950) - 145.7% 86,191,795 ============------------------------------------------------------------------------------------------------------------------ Floating Rate Obligations - (6.7)% (3,973,000) --------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 4.6% 2,770,214 --------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (43.6)% (5) (25,825,000) --------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 59,164,009 ===============================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. (5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.0%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 26 Nuveen Investments NZR | Nuveen Maryland Dividend Advantage Municipal Fund 2 | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY - 4.3% (3.0% OF TOTAL INVESTMENTS) $ 2,320 Baltimore, Maryland, Senior Lien Convention Center 9/16 at 100.00 Baa3 $ 1,950,749 Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/39 - SYNCORA GTY Insured 310 Baltimore, Maryland, Subordinate Lien Convention Center 9/16 at 100.00 Ba1 247,851 Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39 650 Maryland Economic Development Corporation, Revenue 12/16 at 100.00 N/R 392,022 Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 - ---------------------------------------------------------------------------------------------------------------------------------- 3,280 Total Consumer Discretionary 2,590,622 - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 2.2% (1.5% OF TOTAL INVESTMENTS) 675 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 642,607 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 800 Tobacco Settlement Financing Corporation, Virgin Islands, 5/11 at 100.00 Baa3 650,240 Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 - ---------------------------------------------------------------------------------------------------------------------------------- 1,475 Total Consumer Staples 1,292,847 - ---------------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 15.9% (10.8% OF TOTAL INVESTMENTS) 1,100 Anne Arundel County, Maryland, Economic Development Revenue 9/12 at 102.00 A3 1,129,524 Bonds, Community College Project, Series 2002, 5.125%, 9/01/22 500 Frederick County, Maryland, Educational Facilities 9/16 at 100.00 BBB- 448,090 Revenue Bonds, Mount Saint Mary's College, Series 2006, 5.625%, 9/01/38 645 Hartford County, Maryland, Economic Development Revenue 4/14 at 100.00 A+ 636,228 Bonds, Battelle Memorial Institute, Series 2004, 5.250%, 4/01/34 250 Maryland Health and Higher Educational Facilities 7/10 at 100.00 BBB- 241,770 Authority, Educational Facilities Leasehold Mortgage Revenue Bonds, McLean School, Series 2001, 6.000%, 7/01/31 415 Maryland Health and Higher Educational Facilities 1/11 at 101.00 AAA 421,449 Authority, Revenue Bonds, Bullis School, Series 2000, 5.250%, 7/01/30 - FSA Insured 500 Maryland Health and Higher Educational Facilities 7/14 at 100.00 A- 491,400 Authority, Revenue Bonds, Goucher College, Series 2004, 5.125%, 7/01/34 585 Maryland Health and Higher Educational Facilities 7/14 at 100.00 AA 641,107 Authority, Revenue Bonds, Johns Hopkins Hospital, Series 2004, Inverse 1003, 13.207%, 7/01/33 (IF) 750 Maryland Health and Higher Educational Facilities 6/16 at 100.00 Baa1 709,523 Authority, Revenue Bonds, Maryland Institute College of Art, Series 2006, 5.000%, 6/01/30 565 Maryland Health and Higher Educational Facilities 6/17 at 100.00 Baa1 514,127 Authority, Revenue Bonds, Maryland Institute College of Art, Series 2007, 5.000%, 6/01/36 500 Maryland Industrial Development Financing Authority, 5/15 at 100.00 N/R 439,360 Revenue Bonds, Our Lady of Good Counsel High School, Series 2005A, 6.000%, 5/01/35 590 Montgomery County Revenue Authority, Maryland, Lease 5/15 at 100.00 A1 636,864 Revenue Bonds, Montgomery College Arts Center Project, Series 2005A, 5.000%, 5/01/18 500 Morgan State University, Maryland, Student Tuition and Fee 7/12 at 100.00 A+ 509,615 Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2001, 4.900%, 7/01/21 - FGIC Insured 500 Morgan State University, Maryland, Student Tuition and Fee 7/13 at 100.00 A+ 527,405 Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2003A, 5.000%, 7/01/20 - FGIC Insured 1,140 University of Maryland, Auxiliary Facility and Tuition 4/11 at 100.00 AA+ 1,202,290 Revenue Bonds, Series 2001B, 4.500%, 4/01/19 650 University of Maryland, Auxiliary Facility and Tuition 10/16 at 100.00 AA+ 718,361 Revenue Bonds, Series 2006A, 5.000%, 10/01/22 200 Westminster, Maryland, Educational Facilities Revenue 11/16 at 100.00 BBB+ 189,784 Bonds, McDaniel College, Series 2006, 5.000%, 11/01/31 - ---------------------------------------------------------------------------------------------------------------------------------- 9,390 Total Education and Civic Organizations 9,456,897 - ---------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 26.7% (18.3% OF TOTAL INVESTMENTS) 1,000 Maryland Health and Higher Educational Facilities Authority, 1/10 at 100.50 AAA 995,210 Revenue Bonds, Anne Arundel Medical Center, Series 1998, 5.125%, 7/01/33 - FSA Insured
Nuveen Investments 27 NZR | Nuveen Maryland Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE (continued) $ 775 Maryland Health and Higher Educational Facilities 7/14 at 100.00 A2 $ 788,446 Authority, Revenue Bonds, Calvert Memorial Hospital, Series 2004, 5.500%, 7/01/36 1,000 Maryland Health and Higher Educational Facilities 7/12 at 100.00 A3 1,029,050 Authority, Revenue Bonds, Carroll County General Hospital, Series 2002, 6.000%, 7/01/26 750 Maryland Health and Higher Educational Facilities 7/14 at 100.00 N/R 608,970 Authority, Revenue Bonds, Civista Medical Center, Series 2005, 5.000%, 7/01/37 - RAAI Insured 715 Maryland Health and Higher Educational Facilities 7/17 at 100.00 Baa3 610,488 Authority, Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%, 7/01/29 500 Maryland Health and Higher Educational Facilities 7/12 at 100.00 Baa1 470,470 Authority, Revenue Bonds, Frederick Memorial Hospital, Series 2002, 5.125%, 7/01/35 650 Maryland Health and Higher Educational Facilities 7/11 at 100.00 A+ 626,808 Authority, Revenue Bonds, Greater Baltimore Medical Center, Series 2001, 5.000%, 7/01/34 1,000 Maryland Health and Higher Educational Facilities 7/13 at 100.00 Baa3 914,940 Authority, Revenue Bonds, Kennedy Krieger Institute, Series 2003, 5.500%, 7/01/33 480 Maryland Health and Higher Educational Facilities 7/17 at 100.00 AAA 494,640 Authority, Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 - AGC Insured 700 Maryland Health and Higher Educational Facilities 8/14 at 100.00 A2 721,784 Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 1,360 Maryland Health and Higher Educational Facilities 5/16 at 100.00 AAA 1,363,427 Authority, Revenue Bonds, MedStar Health, Series 2007, 5.250%, 5/15/46 - BHAC Insured Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project, Series 2007A: 415 5.000%, 7/01/37 7/17 at 100.00 BBB 370,080 280 5.500%, 7/01/42 7/17 at 100.00 BBB 267,750 1,500 Maryland Health and Higher Educational Facilities 7/11 at 100.00 BBB 1,497,135 Authority, Revenue Bonds, Mercy Medical Center, Series 2001, 5.625%, 7/01/31 700 Maryland Health and Higher Educational Facilities 7/16 at 100.00 A 699,972 Authority, Revenue Bonds, Peninsula Regional Medical Center, Series 2006, 5.000%, 7/01/36 1,500 Maryland Health and Higher Educational Facilities 7/15 at 100.00 A3 1,432,170 Authority, Revenue Bonds, Union Hospital of Cecil County, Series 2005, 5.000%, 7/01/40 980 Maryland Health and Higher Educational Facilities 1/18 at 100.00 BBB- 961,213 Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/38 1,610 Montgomery County, Maryland, Economic Development 12/11 at 100.00 AA 1,629,980 Revenue Bonds, Trinity Healthcare Group, Series 2001, 5.125%, 12/01/22 700 Prince George's County, Maryland, Revenue Bonds, 1/10 at 100.00 B3 466,662 Dimensions Health Corporation, Series 1994, 5.300%, 7/01/24 - ---------------------------------------------------------------------------------------------------------------------------------- 16,615 Total Health Care 15,949,195 - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 9.2% (6.3% OF TOTAL INVESTMENTS) 10 Maryland Community Development Administration, Insured 5/11 at 100.00 N/R 10,052 Multifamily Housing Mortgage Loan Revenue Bonds, Series 2001A, 5.100%, 5/15/28 3,145 Maryland Community Development Administration, 12/11 at 100.00 Aaa 3,154,529 Multifamily Development Revenue Bonds, Waters Towers Senior Apartments, Series 2001F, 5.450%, 12/15/33 (Alternative Minimum Tax) 1,110 Maryland Community Development Administration, 12/11 at 100.00 Aaa 1,113,363 Multifamily Housing Revenue Bonds, Princess Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax) 1,000 Maryland Economic Development Corporation, Senior Lien 10/13 at 100.00 B2 749,970 Student Housing Revenue Bonds, University of Maryland - Baltimore, Series 2003A, 5.625%, 10/01/23 520 Maryland Economic Development Corporation, Student 6/16 at 100.00 Baa2 462,717 Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 - CIFG Insured - ---------------------------------------------------------------------------------------------------------------------------------- 5,785 Total Housing/Multifamily 5,490,631 - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 10.4% (7.1% OF TOTAL INVESTMENTS) 1,030 Maryland Community Development Administration 9/18 at 100.00 Aa2 1,070,572 Department of Housing and Community Development, Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY (continued) Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006: $ 600 4.750%, 9/01/25 (Alternative Minimum Tax) (UB) 9/15 at 100.00 Aa2 $ 587,580 300 4.900%, 9/01/26 (Alternative Minimum Tax) (UB) 9/15 at 100.00 Aa2 295,830 1,000 4.875%, 9/01/26 (Alternative Minimum Tax) (UB) 3/16 at 100.00 Aa2 984,740 815 4.900%, 9/01/31 (Alternative Minimum Tax) (UB) 9/16 at 100.00 Aa2 803,142 Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007: 250 5.000%, 9/01/27 (Alternative Minimum Tax) (UB) 3/17 at 100.00 Aa2 251,038 500 4.850%, 9/01/37 (Alternative Minimum Tax) (UB) 3/17 at 100.00 Aa2 463,620 970 Maryland Community Development Administration, Department 9/14 at 100.00 Aa2 908,202 of Housing and Community Development, Residential Revenue Bonds, Series 2005, 4.900%, 9/01/36 (Alternative Minimum Tax) (UB) 810 Maryland Community Development Administration, 9/10 at 100.00 Aa2 810,753 Residential Revenue Bonds, Series 2001H, 5.350%, 9/01/32 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 6,275 Total Housing/Single Family 6,175,477 - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS - 2.6% (1.8% OF TOTAL INVESTMENTS) 410 Maryland Economic Development Corporation, Solid Waste 4/12 at 101.00 BBB 403,124 Disposal Revenue Bonds, Waste Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax) 1,150 Northeast Maryland Waste Disposal Authority, Baltimore, 1/10 at 100.00 BBB 1,150,920 Resource Recovery Revenue Bonds, RESCO Retrofit Project, Series 1998, 4.750%, 1/01/12 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 1,560 Total Industrials 1,554,044 - ---------------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 3.5% (2.3% OF TOTAL INVESTMENTS) 860 Baltimore County, Maryland, Revenue Bonds, Oak Crest 1/17 at 100.00 BBB+ 784,002 Village, Series 2007A, 5.000%, 1/01/37 300 Maryland Health and Higher Educational Facilities 7/16 at 100.00 N/R 269,358 Authority, Revenue Bonds, Edenwald, Series 2006A, 5.400%, 1/01/31 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm Presbyterian Community, Series 2007A: 500 5.000%, 1/01/17 No Opt. Call N/R 455,530 220 5.250%, 1/01/27 1/17 at 100.00 N/R 177,639 435 Maryland Health and Higher Educational Facilities 7/17 at 100.00 A- 379,133 Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 - ---------------------------------------------------------------------------------------------------------------------------------- 2,315 Total Long-Term Care 2,065,662 - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 21.4% (14.6% OF TOTAL INVESTMENTS) 300 Carroll County, Maryland, Consolidated Public Improvement 12/15 at 100.00 AA+ 349,581 Bonds, Series 2005A, 5.000%, 12/01/16 Cecil County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2001B: 975 4.600%, 8/01/18 8/11 at 101.00 AA 1,038,999 1,020 4.600%, 8/01/19 8/11 at 101.00 AA 1,086,953 600 Frederick, Maryland, General Obligation Bonds, Series 2005, 8/15 at 100.00 AA 692,874 5.000%, 8/01/16 - NPFG Insured 510 Frederick, Maryland, General Obligation Refunding and 12/11 at 101.00 AA 544,741 Improvement Bonds, Series 2001, 4.750%, 12/01/19 1,000 Montgomery County, Maryland, Consolidated General No Opt. Call AAA 1,177,180 Obligation Public Improvement Bonds, Series 2005A, 5.000%, 7/01/15 4,730 Montgomery County, Maryland, Consolidated General 10/11 at 101.00 AAA 5,004,244 Obligation Public Improvement Refunding Bonds, Series 2001, 5.250%, 10/01/18 770 Puerto Rico, General Obligation and Public Improvement 7/11 at 100.00 AAA 776,329 Bonds, Series 2001, 5.000%, 7/01/24 - FSA Insured 800 Washington Suburban Sanitary District, Montgomery and 6/15 at 100.00 AAA 938,952 Prince George's Counties, Maryland, Sewerage Disposal Bonds, Series 2005, 5.000%, 6/01/16
Nuveen Investments 29 NZR | Nuveen Maryland Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL (continued) $ 1,000 Washington Suburban Sanitary District, Montgomery and 6/15 at 100.00 AAA $ 1,173,690 Prince George's Counties, Maryland, Water Supply Bonds, Series 2005, 5.000%, 6/01/16 - ---------------------------------------------------------------------------------------------------------------------------------- 11,705 Total Tax Obligation/General 12,783,543 - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 17.5% (11.9% OF TOTAL INVESTMENTS) 355 Anne Arundel County, Maryland, Tax Increment Financing No Opt. Call N/R 358,841 Revenue Bonds, Parole Town Center Revenue Bonds, Parole Town Center Project, Series 2002, 5.000%, 7/01/12 530 Baltimore Board of School Commissioners, Maryland, Revenue 5/13 at 100.00 AA+ 593,881 Bonds, City Public School System, Series 2003A, 5.000%, 5/01/15 Baltimore County, Maryland, Certificates of Participation, Health and Social Services Building Project, Series 2001: 1,580 5.000%, 8/01/20 8/11 at 101.00 AA+ 1,636,659 1,660 5.000%, 8/01/21 8/11 at 101.00 AA+ 1,715,328 110 Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation 7/10 at 102.00 N/R 101,120 Bonds, Series 2001A, 5.700%, 7/01/29 - RAAI Insured 350 Hyattsville, Maryland, Special Obligation Bonds, University 7/14 at 102.00 N/R 282,331 Town Center Project, Series 2004, 5.750%, 7/01/34 1,000 Maryland Department of Transportation, Consolidated No Opt. Call AAA 1,198,500 Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16 1,405 Maryland Economic Development Corporation, Lease Revenue 6/12 at 100.50 AA+ 1,531,562 Bonds, Department of Transportation Headquarters Building, Series 2002, 5.375%, 6/01/19 1,000 Montgomery County, Maryland, Special Obligation Bonds, West 7/12 at 101.00 A3 944,000 Germantown Development District, Senior Series 2002A, 5.500%, 7/01/27 - RAAI Insured 895 Prince George's County, Maryland, Special Obligation Bonds, 7/15 at 100.00 N/R 745,267 National Harbor Project, Series 2005, 5.200%, 7/01/34 475 Prince George's County, Maryland, Special Tax District 7/13 at 100.00 N/R 363,104 Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35 1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call BBB 951,610 Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- 10,360 Total Tax Obligation/Limited 10,422,203 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 5.7% (3.9% OF TOTAL INVESTMENTS) Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Hospital, Series 2001: 650 5.000%, 7/01/27 - AMBAC Insured 7/11 at 100.00 N/R 614,335 1,000 5.000%, 7/01/34 - AMBAC Insured 7/11 at 100.00 N/R 878,050 1,780 Maryland Transportation Authority, Revenue Bonds, 7/17 at 100.00 AAA 1,896,020 Transportation Facilities Projects, Series 2007, 5.000%, 7/01/30 - FSA Insured (UB) - ---------------------------------------------------------------------------------------------------------------------------------- 3,430 Total Transportation 3,388,405 - ---------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 22.3% (15.3% OF TOTAL INVESTMENTS) (4) 1,000 Baltimore County, Maryland, Consolidated General Obligation 8/12 at 100.00 AAA 1,110,280 Public Improvement Bonds, Series 2002, 5.000%, 8/01/18 (Pre-refunded 8/01/12) Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount St. Mary's College, Series 2001A: 100 5.750%, 9/01/25 (Pre-refunded 3/01/10) 3/10 at 101.00 BBB- (4) 102,367 100 5.800%, 9/01/30 (Pre-refunded 3/01/10) 3/10 at 101.00 BBB- (4) 102,380 90 Frederick County, Maryland, Lake Linganore Village 7/10 at 102.00 N/R (4) 94,654 Community Development Special Obligation Bonds, Series 2001A, 5.700%, 7/01/29 (Pre-refunded 7/01/10) - RAAI Insured 25 Maryland Health and Higher Educational Facilities 4/11 at 101.00 N/R (4) 27,303 Authority, Revenue Bonds, Collington Episcopal Life Care Community Inc., Series 2001A, 6.750%, 4/01/23 (Pre-refunded 4/01/11) 1,260 Maryland Health and Higher Educational Facilities No Opt. Call N/R (4) 1,432,834 Authority, Revenue Bonds, Helix Health, Series 1997, 5.000%, 7/01/17 - AMBAC Insured (ETM) 525 Maryland Health and Higher Educational Facilities 7/14 at 100.00 A2 (4) 606,890 Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14) 1,250 Maryland Health and Higher Educational Facilities 6/11 at 100.00 Baa1 (4) 1,341,263 Authority, Revenue Bonds, Maryland Institute College of Art, Series 2001, 5.500%, 6/01/32 (Pre-refunded 6/01/11)
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT(000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED (4) (continued) $ 2,000 Maryland Health and Higher Educational Facilities Authority, 7/11 at 100.00 A (4) $ 2,146,740 Revenue Bonds, University of Maryland Medical System, Series 2001, 5.250%, 7/01/28 (Pre-refunded 7/01/11) 900 Maryland Transportation Authority, Revenue Refunding Bonds, No Opt. Call AAA 1,066,518 Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 (ETM) 1,000 Prince George's County, Maryland, General Obligation Consolidated 12/11 at 101.00 AAA 1,103,480 Public Improvement Bonds, Series 2001, 5.250%, 12/01/20 (Pre-refunded 12/01/11) - FGIC Insured 3,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 3,162,060 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 (Pre-refunded 10/01/10) 1,000 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 1,033,260 Asset-Backed Bonds, Series 2000, 6.000%, 7/01/26 (Pre-refunded 7/01/10) - ---------------------------------------------------------------------------------------------------------------------------------- 12,250 Total U.S. Guaranteed 13,330,029 - ---------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 3.2% (2.2% OF TOTAL INVESTMENTS) 1,000 Guam Power Authority, Revenue Bonds, Series 1999A, 5.250%, 10/01/34 - 4/10 at 101.00 A 923,810 NPFG Insured 1,000 Maryland Energy Financing Administration, Revenue Bonds, AES Warrior 2/10 at 100.00 N/R 1,000,220 Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 2,000 Total Utilities 1,924,030 - ---------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 1.4% (1.0% OF TOTAL INVESTMENTS) 285 Baltimore, Maryland, Wastewater Project Revenue Bonds, 7/16 at 100.00 AA 299,749 Series 2006C, 5.000%, 7/01/31 - AMBAC Insured 540 Baltimore, Maryland, Wastewater Project Revenue Bonds, 7/17 at 100.00 AA 552,637 Series 2007D, 5.000%, 7/01/32 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- 825 Total Water and Sewer 852,386 - ---------------------------------------------------------------------------------------------------------------------------------- $ 87,265 Total Investments (cost $86,942,589) - 146.3% 87,275,971 =============--------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (6.4)% (3,840,000) ------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 4.7% 2,827,340 ------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (44.6)% (5) (26,625,000) ------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 59,638,311 ===================================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. (5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.5%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 31 NWI | Nuveen Maryland Dividend Advantage Municipal Fund 3 | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - --------------------------------------------------------------------------------------------------------------------------------- CONSUMER DISCRETIONARY - 3.6% (2.4% OF TOTAL INVESTMENTS) $ 2,385 Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue 9/16 at 100.00 Baa3 $ 2,005,403 Bonds, Series 2006A, 5.250%, 9/01/39 - SYNCORA GTY Insureds 380 Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue 9/16 at 100.00 Ba1 303,818 Bonds, Series 2006B, 5.875%, 9/01/39 700 Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay 12/16 at 100.00 N/R 422,177 Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 - --------------------------------------------------------------------------------------------------------------------------------- 3,465 Total Consumer Discretionary 2,731,398 - --------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 2.9% (2.0% OF TOTAL INVESTMENTS) 2,340 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed 5/12 at 100.00 BBB 2,227,703 Refunding Bonds, Series 2002, 5.375%, 5/15/33 - --------------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 12.8% (8.8% OF TOTAL INVESTMENTS) 225 Anne Arundel County, Maryland, Economic Development Revenue Bonds, 9/12 at 102.00 A3 231,039 Community College Project, Series 2002, 5.125%, 9/01/22 625 Frederick County, Maryland, Educational Facilities Revenue Bonds, 9/16 at 100.00 BBB- 560,113 Mount Saint Mary's College, Series 2006, 5.625%, 9/01/38 690 Hartford County, Maryland, Economic Development Revenue Bonds, 4/14 at 100.00 A+ 680,616 Battelle Memorial Institute, Series 2004, 5.250%, 4/01/34 625 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 A- 614,250 Revenue Bonds, Goucher College, Series 2004, 5.125%, 7/01/34 735 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 AA 805,494 Revenue Bonds, Johns Hopkins Hospital, Series 2004, Inverse 1003, 13.207%, 7/01/33 (IF) 1,000 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 AA 1,011,070 Revenue Bonds, Johns Hopkins University, Series 2002A, 5.000%, 7/01/32 925 Maryland Health and Higher Educational Facilities Authority, 6/16 at 100.00 Baa1 875,078 Revenue Bonds, Maryland Institute College of Art, Series 2006, 5.000%, 6/01/30 625 Maryland Industrial Development Financing Authority, 5/15 at 100.00 N/R 549,200 Revenue Bonds, Our Lady of Good Counsel High School, Series 2005A, 6.000%, 5/01/35 710 Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, 5/15 at 100.00 A1 766,395 Montgomery College Arts Center Project, Series 2005A, 5.000%, 5/01/18 1,000 Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, 7/13 at 100.00 A+ 1,007,790 Academic Fees and Auxiliary Facilities, Series 2003A, 5.000%, 7/01/32 - FGIC Insured 985 University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, 4/11 at 100.00 AA+ 1,040,465 Series 2001B, 4.625%, 4/01/21 800 University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, 10/16 at 100.00 AA+ 884,136 Series 2006A, 5.000%, 10/01/22 890 Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel 11/16 at 100.00 BBB+ 844,539 College, Series 2006, 5.000%, 11/01/31 - --------------------------------------------------------------------------------------------------------------------------------- 9,835 Total Education and Civic Organizations 9,870,185 - --------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 26.2% (17.9% OF TOTAL INVESTMENTS) 700 Maryland Health and Higher Education Facilities Authority, 7/16 at 100.00 A 693,581 Revenue Bonds, University of Maryland Medical System, Series 2006, 5.000%, 7/01/31 1,000 Maryland Health and Higher Educational Facilities Authority, 1/10 at 100.50 AAA 995,210 Revenue Bonds, Anne Arundel Medical Center, Series 1998, 5.125%, 7/01/33 - FSA Insured 775 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 A2 788,446 Revenue Bonds, Calvert Memorial Hospital, Series 2004, 5.500%, 7/01/36 1,250 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 A3 1,268,463 Revenue Bonds, Carroll County General Hospital, Series 2002, 5.800%, 7/01/32 1,750 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A3 1,663,253 Revenue Bonds, Carroll Hospital Center, Series 2006, 5.000%, 7/01/40 870 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 N/R 706,405 Revenue Bonds, Civista Medical Center, Series 2005, 5.000%, 7/01/37 - RAAI Insured
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE (continued) $ 885 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 Baa3 $ 755,640 Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%, 7/01/29 700 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 Baa1 658,658 Revenue Bonds, Frederick Memorial Hospital, Series 2002, 5.125%, 7/01/35 800 Maryland Health and Higher Educational Facilities Authority, 7/11 at 100.00 A+ 771,456 Revenue Bonds, Greater Baltimore Medical Center, Series 2001, 5.000%, 7/01/34 1,000 Maryland Health and Higher Educational Facilities Authority, 5/11 at 100.00 A+ 1,012,030 Revenue Bonds, Johns Hopkins Hospital, Series 2001, 5.000%, 5/15/21 1,000 Maryland Health and Higher Educational Facilities Authority, 7/13 at 100.00 Baa3 914,940 Revenue Bonds, Kennedy Krieger Institute, Series 2003, 5.500%, 7/01/33 595 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 AAA 613,148 Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 - AGC Insured 900 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A2 928,008 Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 1,690 Maryland Health and Higher Educational Facilities Authority, 5/16 at 100.00 AAA 1,694,259 Revenue Bonds, MedStar Health, Series 2007, 5.250%, 5/15/46 - BHAC Insured Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project, Series 2007A: 525 5.000%, 7/01/37 7/17 at 100.00 BBB 468,174 340 5.500%, 7/01/42 7/17 at 100.00 BBB 325,125 650 Maryland Health and Higher Educational Facilities Authority, 7/11 at 100.00 BBB 648,759 Revenue Bonds, Mercy Medical Center, Series 2001, 5.625%, 7/01/31 850 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A 849,966 Revenue Bonds, Peninsula Regional Medical Center, Series 2006, 5.000%, 7/01/36 1,845 Maryland Health and Higher Educational Facilities Authority, 7/12 at 100.00 A3 1,860,553 Revenue Bonds, Union Hospital of Cecil County, Series 2002, 5.625%, 7/01/32 1,220 Maryland Health and Higher Educational Facilities Authority, 1/18 at 100.00 BBB- 1,196,613 Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/38 775 Maryland Health and Higher Educational Facilities Authority, 1/13 at 101.00 Baa2 774,179 Revenue Refunding Bonds, Adventist Healthcare, Series 2003A, 5.750%, 1/01/25 900 Prince George's County, Maryland, Revenue Bonds, Dimensions 1/10 at 100.00 B3 599,994 Health Corporation, Series 1994, 5.300%, 7/01/24 - ---------------------------------------------------------------------------------------------------------------------------------- 21,020 Total Health Care 20,186,860 - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 7.6% (5.2% OF TOTAL INVESTMENTS) 980 Maryland Community Development Administration, Housing 7/12 at 100.00 Aa2 946,984 Revenue Bonds, Series 2002B, 4.950%, 7/01/32 (Alternative Minimum Tax) 1,250 Maryland Economic Development Corporation, Senior Lien 10/13 at 100.00 B2 937,463 Student Housing Revenue Bonds, University of Maryland - Baltimore, Series 2003A, 5.625%, 10/01/23 Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2001: 20 5.875%, 7/01/21 - ACA Insured 7/11 at 101.00 N/R 17,925 150 6.000%, 7/01/33 - ACA Insured 7/11 at 101.00 N/R 123,564 475 Maryland Economic Development Corporation, Student Housing 6/16 at 100.00 Baa2 422,674 Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 - CIFG Insured Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2002B: 515 5.100%, 7/01/33 (Alternative Minimum Tax) 7/12 at 100.00 Aaa 501,878 3,000 5.200%, 7/01/44 (Alternative Minimum Tax) 7/12 at 100.00 Aaa 2,888,190 - ---------------------------------------------------------------------------------------------------------------------------------- 6,390 Total Housing/Multifamily 5,838,678 - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 7.7% (5.2% OF TOTAL INVESTMENTS) 1,280 Maryland Community Development Administration Department 9/18 at 100.00 Aa2 1,330,419 of Housing and Community Development, Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39
Nuveen Investments 33
NWI | Nuveen Maryland Dividend Advantage Municipal Fund 3 (continued) | Portfolio of Investments November 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) ROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY (CONTINUED) Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006: $ 595 4.900%, 9/01/26 (Alternative Minimum Tax) (UB) 9/15 at 100.00 Aa2 $ 586,730 1,200 4.875%, 9/01/26 (Alternative Minimum Tax) (UB) 3/16 at 100.00 Aa2 1,181,688 815 4.900%, 9/01/31 (Alternative Minimum Tax) (UB) 9/16 at 100.00 Aa2 803,142 Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007: 350 5.000%, 9/01/27 (Alternative Minimum Tax) (UB) 3/17 at 100.00 Aa2 351,452 620 4.850%, 9/01/37 (Alternative Minimum Tax) (UB) 3/17 at 100.00 Aa2 574,888 1,160 Maryland Community Development Administration, Department 9/14 at 100.00 Aa2 1,086,096 of Housing and Community Development, Residential Revenue Bonds, Series 2005, 4.900%, 9/01/36 (Alternative Minimum Tax) (UB) - ---------------------------------------------------------------------------------------------------------------------------------- 6,020 Total Housing/Single Family 5,914,415 - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIALS - 2.0% (1.3% OF TOTAL INVESTMENTS) 510 Maryland Economic Development Corporation, Solid Waste 4/12 at 101.00 BBB 501,447 Disposal Revenue Bonds, Waste Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax) 1,000 Northeast Maryland Waste Disposal Authority, Baltimore, 1/10 at 100.00 BBB 1,000,800 Resource Recovery Revenue Bonds, RESCO Retrofit Project, Series 1998, 4.750%, 1/01/12 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 1,510 Total Industrials 1,502,247 - ---------------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 3.2% (2.2% OF TOTAL INVESTMENTS) 1,050 Baltimore County, Maryland, Revenue Bonds, Oak Crest 1/17 at 100.00 BBB+ 957,212 Village, Series 2007A, 5.000%, 1/01/37 400 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 N/R 359,144 Revenue Bonds, Edenwald, Series 2006A, 5.400%, 1/01/31 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm Presbyterian Community, Series 2007A: 280 5.000%, 1/01/17 No Opt. Call N/R 255,097 520 5.250%, 1/01/27 1/17 at 100.00 N/R 419,874 540 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 A- 470,648 Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 - ---------------------------------------------------------------------------------------------------------------------------------- 2,790 Total Long-Term Care 2,461,975 - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 17.2% (11.7% OF TOTAL INVESTMENTS) 1,000 Annapolis, Maryland, General Obligation Public Improvement 4/12 at 101.00 AA 1,057,210 Refunding Bonds, Series 2002, 4.375%, 4/01/17 380 Carroll County, Maryland, Consolidated Public Improvement 12/15 at 100.00 AA+ 442,803 Bonds, Series 2005A, 5.000%, 12/01/16 1,260 Charles County, Maryland, Consolidated General Obligation 1/12 at 101.00 AA 1,335,335 Public Improvement Bonds, Series 2002, 4.400%, 1/15/16 710 Frederick, Maryland, General Obligation Bonds, Series 8/15 at 100.00 AA 819,901 2005, 5.000%, 8/01/16 - NPFG Insured 1,000 Maryland National Capital Park Planning Commission, Prince 1/14 at 100.00 AAA 1,128,520 George's County, General Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17 1,850 Montgomery County, Maryland, Consolidated General Obligation No Opt. Call AAA 2,177,783 Public Improvement Bonds, Series 2005A, 5.000%, 7/01/15 1,440 Montgomery County, Maryland, Consolidated General Obligation No Opt. Call AAA 1,704,643 Public Improvement Bonds, Series 2006, 5.000%, 5/01/16 1,000 Prince George's County, Maryland, General Obligation No Opt. Call AAA 1,088,350 Consolidated Public Improvement Bonds, Series 2004C, 5.000%, 12/01/11 1,000 St. Mary's County, Maryland, General Obligation Hospital Bonds, No Opt. Call AA 1,118,130 Series 2002, 5.000%, 10/01/12 1,000 Washington Suburban Sanitary District, Montgomery and Prince 6/15 at 100.00 AAA 1,173,690 George's Counties, Maryland, Sewerage Disposal Bonds, Series 2005, 5.000%, 6/01/16
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL (continued) $ 1,000 Washington Suburban Sanitary District, Montgomery and 6/15 at 100.00 AAA $ 1,173,690 Prince George's Counties, Maryland, Water Supply Bonds, Series 2005, 5.000%, 6/01/16 - ---------------------------------------------------------------------------------------------------------------------------------- 11,640 Total Tax Obligation/General 13,220,055 - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 30.9% (21.1% OF TOTAL INVESTMENTS) 1,000 Baltimore Board of School Commissioners, Maryland, Revenue 5/13 at 100.00 AA+ 1,120,530 Bonds, City Public School System, Series 2003A, 5.000%, 5/01/15 135 Frederick County, Maryland, Lake Linganore Village Community 7/10 at 102.00 N/R 131,941 Development Special Obligation Bonds, Series 2001A, 5.600%, 7/01/20 - RAAI Insured 450 Hyattsville, Maryland, Special Obligation Bonds, 7/14 at 102.00 N/R 362,997 University Town Center Project, Series 2004, 5.750%, 7/01/34 5,000 Maryland Department of Transportation, Consolidated No Opt. Call AAA 5,992,496 Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16 2,200 Maryland Economic Development Corporation, Lease Revenue 6/12 at 100.50 AA+ 2,266,638 Bonds, Department of Transportation Headquarters Building, Series 2002, 4.750%, 6/01/22 450 Maryland Economic Development Corporation, Lease Revenue 9/12 at 100.00 AA+ 498,231 Bonds, Montgomery County Town Square Parking Garage, Series 2002A, 5.000%, 9/15/13 2,935 Maryland Economic Development Corporation, Lease Revenue 9/12 at 100.00 AA+ 3,245,200 Bonds, Montgomery County Wayne Avenue Parking Project, Series 2002A, 5.250%, 9/15/16 Maryland Stadium Authority, Lease Revenue Bonds, Montgomery County Conference Center Facilities, Series 2003: 1,465 5.000%, 6/15/21 6/13 at 100.00 AA+ 1,589,628 1,620 5.000%, 6/15/23 6/13 at 100.00 AA+ 1,745,874 1,210 Prince George's County, Maryland, Special Obligation Bonds, 7/15 at 100.00 N/R 1,007,567 National Harbor Project, Series 2005, 5.200%, 7/01/34 575 Prince George's County, Maryland, Special Tax District Bonds, 7/13 at 100.00 N/R 439,547 Victoria Falls Project, Series 2005, 5.250%, 7/01/35 1,200 Puerto Rico Highway and Transportation Authority, No Opt. Call BBB 1,141,932 Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC Insured Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2002G: 1,000 5.250%, 7/01/17 7/12 at 100.00 BBB- 1,016,490 1,205 5.250%, 7/01/20 7/12 at 100.00 BBB- 1,213,327 1,275 5.250%, 7/01/21 7/12 at 100.00 BBB- 1,280,585 700 Puerto Rico, Highway Revenue Bonds, Highway and Transportation No Opt. Call A 737,814 Authority, Series 2003AA, 5.500%, 7/01/19 - NPFG Insured - ---------------------------------------------------------------------------------------------------------------------------------- 22,420 Total Tax Obligation/Limited 23,790,797 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 3.1% (2.1% OF TOTAL INVESTMENTS) 2,210 Maryland Transportation Authority, Revenue Bonds, 7/17 at 100.00 AAA 2,354,048 Transportation Facilities Projects, Series 2007, 5.000%, 7/01/30 - FSA Insured (UB) - ---------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 22.4% (15.3% OF TOTAL INVESTMENTS) (4) 255 Baltimore, Maryland, Wastewater Project Revenue Bonds, 7/16 at 100.00 AA (4) 300,173 Series 2006C, 5.000%, 7/01/31 (Pre-refunded 7/01/16) - AMBAC Insured Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount St. Mary's College, Series 2001A: 100 5.750%, 9/01/25 (Pre-refunded 3/01/10) 3/10 at 101.00 BBB- (4) 102,367 100 5.800%, 9/01/30 (Pre-refunded 3/01/10) 3/10 at 101.00 BBB- (4) 102,380 110 Frederick County, Maryland, Lake Linganore Village 7/10 at 102.00 N/R (4) 115,624 Community Development Special Obligation Bonds, Series 2001A, 5.600%, 7/01/20 (Pre-refunded 7/01/10) - RAAI Insured 280 Maryland Health and Higher Educational Facilities 4/11 at 101.00 N/R (4) 305,796 Authority, Revenue Bonds, Collington Episcopal Life Care Community Inc., Series 2001A, 6.750%, 4/01/23 (Pre-refunded 4/01/11) 285 Maryland Health and Higher Educational Facilities Authority, No Opt. Call N/R (4) 324,093 Revenue Bonds, Helix Health, Series 1997, 5.000%, 7/01/17 - AMBAC Insured (ETM) 725 Maryland Health and Higher Educational Facilities Authority, 7/14 at 100.00 A2 (4) 838,086 Revenue Bonds, LifeBridge Health System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14)
Nuveen Investments 35
NWI | Nuveen Maryland Dividend Advantage Municipal Fund 3 (continued) | Portfolio of Investments November 30, 2009 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED (4) (continued) $ 770 Maryland Transportation Authority, Revenue No Opt. Call AAA $ 912,465 Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 (ETM) 4,860 Prince George's County Housing Authority, 11/12 at 100.00 AAA 5,349,791 Maryland, GNMA Collateralized Mortgage Revenue Bonds, Fairview and Hillside Projects, Series 2002A, 4.700%, 11/20/22 (Pre-refunded 11/20/12) 1,525 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 1,583,880 Bonds, Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) - FSA Insured 3,500 Puerto Rico Infrastructure Financing Authority, 10/10 at 101.00 AAA 3,689,070 Special Obligation Bonds, Series 2000A, 5.500%, 10/01/40 (Pre-refunded 10/01/10) 1,000 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,149,470 Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC Insured (ETM) 235 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 AAA 258,068 Appropriation Bonds, Series 2002E, 5.500%, 8/01/29 (Pre-refunded 2/01/12) 2,000 University of Maryland, Auxiliary Facility and Tuition 4/12 at 100.00 AA+ (4) 2,205,420 Revenue Bonds, Series 2002A, 5.125%, 4/01/22 (Pre-refunded 4/01/12) 25 Washington Suburban Sanitary District, Montgomery and 6/11 at 101.00 AAA 26,953 Prince George's Counties, Maryland, General Obligation Construction Bonds, Second Series 2001, 5.000%, 6/01/17 (Pre-refunded 6/01/11) - ---------------------------------------------------------------------------------------------------------------------------------- 15,770 Total U.S. Guaranteed 17,263,636 - ---------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 1.6% (1.1% OF TOTAL INVESTMENTS) 1,250 Maryland Energy Financing Administration, Revenue 2/10 at 100.00 N/R 1,250,275 Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 5.3% (3.7% OF TOTAL INVESTMENTS) 2,570 Baltimore, Maryland, Revenue Refunding Bonds, 7/12 at 100.00 AA 2,584,392 Wastewater Projects, Series 2002A, 5.125%, 7/01/42 - FGIC Insured 345 Baltimore, Maryland, Wastewater Project Revenue 7/16 at 100.00 AA 362,854 Bonds, Series 2006C, 5.000%, 7/01/31 - AMBAC Insured 660 Baltimore, Maryland, Wastewater Project 7/17 at 100.00 AA 675,444 Revenue Bonds, Series 2007D, 5.000%, 7/01/32 - AMBAC Insured 430 Maryland Water Quality Financing Administration, No Opt. Call AAA 506,953 Revolving Loan Fund Revenue Bonds, Series 2005A, 5.000%, 9/01/15 - ---------------------------------------------------------------------------------------------------------------------------------- 4,005 Total Water and Sewer 4,129,643 - ---------------------------------------------------------------------------------------------------------------------------------- $ 110,665 Total Investments (cost $111,330,537) - 146.5% 112,741,915 ==============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (5.5)% (4,255,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 4.5% 3,452,881 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (45.5)% (5) (35,000,000) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 76,939,796 =================================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (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. Such investments are normally considered to be equivalent to AAA rated securities. (5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.0%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 36 Nuveen Investments NPV | Nuveen Virginia Premium Income Municipal Fund | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 3.5% (2.4% OF TOTAL INVESTMENTS) $ 6,640 Tobacco Settlement Financing Corporation of Virginia, 6/17 at 100.00 BBB $ 4,471,774 Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 - ---------------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 7.0% (4.9% OF TOTAL INVESTMENTS) 1,000 Prince William County Industrial Development Authority, 10/13 at 101.00 A3 1,002,860 Virginia, Educational Facilities Revenue Bonds, Catholic Diocese of Arlington, Series 2003, 5.500%, 10/01/33 500 Prince William County Park Authority, Virginia, Park 4/10 at 101.00 A3 505,270 Facilities Revenue Refunding and Improvement Bonds, Series 1999, 6.000%, 10/15/28 700 Puerto Rico Industrial, Tourist, Educational, Medical 12/12 at 101.00 BBB- 675,115 and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.375%, 12/01/21 2,815 The Rector and Visitors of the University of Virginia, 6/15 at 100.00 AAA 2,914,144 General Revenue Bonds, Series 2005, 5.000%, 6/01/37 2,120 Virginia College Building Authority, Educational 9/11 at 100.00 AA+ 2,166,428 Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2001A, 5.000%, 9/01/26 1,635 Virginia Commonwealth University, Revenue Bonds, Series 5/14 at 101.00 AA- 1,846,553 2004A, 5.000%, 5/01/17 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- 8,770 Total Education and Civic Organizations 9,110,370 - ---------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 27.6% (19.1% OF TOTAL INVESTMENTS) 2,000 Albemarle County Industrial Development Authority, 10/12 at 100.00 A3 1,931,320 Virginia, Hospital Revenue Bonds, Martha Jefferson Hospital, Series 2002, 5.250%, 10/01/35 650 Charlotte County Industrial Development Authority, 9/17 at 100.00 A- 642,415 Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series 2007, 5.000%, 9/01/27 1,705 Fairfax County Industrial Development Authority, 5/19 at 100.00 AA+ 1,903,598 Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2009, Trust 11733, 14.869%, 5/15/35 (IF) 4,850 Fairfax County Industrial Development Authority, No Opt. Call AA+ 5,205,357 Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23 1,000 Fredericksburg Economic Development Authority, No Opt. Call A3 1,058,740 Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23 1,250 Fredericksburg Industrial Development Authority, 6/12 at 100.00 A3 1,219,100 Virginia, Revenue Bonds, MediCorp Health System, Series 2002B, 5.125%, 6/15/33 1,000 Hanover County Industrial Development Authority, Virginia, No Opt. Call A 1,113,350 Hospital Revenue Bonds, Memorial Regional Medical Center, Series 1995, 6.375%, 8/15/18 - NPFG Insured 2,300 Harrisonburg Industrial Development Authority, Virginia, 8/16 at 100.00 Baa1 2,157,883 Hospital Facilities Revenue Bonds, Rockingham Memorial Hospital, Series 2006, 5.000%, 8/15/31 - AMBAC Insured 1,440 Henrico County Economic Development Authority, Virginia, 11/12 at 100.00 A- 1,448,914 Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30 1,500 Henrico County Industrial Development Authority, No Opt. Call A 1,671,405 Virginia, Healthcare Revenue Bonds, Bon Secours Health System, Series 1996, 6.250%, 8/15/20 - NPFG Insured 1,500 Manassas Industrial Development Authority, Virginia, 4/13 at 100.00 A3 1,454,760 Hospital Revenue Bonds, Prince William Hospital, Series 2002, 5.250%, 4/01/33 4,750 Medical College of Virginia Hospital Authority, General 1/10 at 101.00 A+ 4,754,798 Revenue Bonds, Series 1998, 5.125%, 7/01/23 - NPFG Insured 3,000 Roanoke Industrial Development Authority, Virginia, 7/12 at 100.00 A+ 3,116,880 Hospital Revenue Bonds, Carilion Health System, Series 2002A, 5.500%, 7/01/19 - NPFG Insured Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006: 2,000 5.250%, 6/15/26 6/16 at 100.00 A3 2,034,260 1,010 5.250%, 6/15/31 6/16 at 100.00 A3 1,006,101 1,695 5.250%, 6/15/37 6/16 at 100.00 A3 1,665,880 2,210 Virginia Small Business Financing Authority, Wellmont 9/17 at 100.00 BBB+ 1,861,748 Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37
Nuveen Investments 37 NPV | Nuveen Virginia Premium Income Municipal Fund (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE (CONTINUED) $ 1,425 Winchester Industrial Development Authority, 1/17 at 100.00 A+ $ 1,454,198 Virginia, Hospital Revenue Bonds, Winchester Medical Center, Series 2007, 5.125%, 1/01/31 - ---------------------------------------------------------------------------------------------------------------------------------- 35,285 Total Health Care 35,700,707 - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 3.3% (2.3% OF TOTAL INVESTMENTS) 1,355 Arlington County Industrial Development Authority, 5/10 at 100.00 Aaa 1,367,439 Virginia, Multifamily Housing Revenue Bonds, Patrick Henry Apartments, Series 2000, 6.050%, 11/01/32 (Mandatory put 11/01/20) (Alternative Minimum Tax) Danville Industrial Development Authority, Virginia, Student Housing Revenue Bonds, Collegiate Housing Foundation, Averett College, Series 1999A: 500 6.875%, 6/01/20 12/09 at 102.00 N/R 500,085 1,500 7.000%, 6/01/30 12/09 at 102.00 N/R 1,419,105 1,000 Lynchburg Redevelopment and Housing Authority, 4/10 at 102.00 AAA 1,022,130 Virginia, Vistas GNMA Mortgage-Backed Revenue Bonds, Series 2000A, 6.200%, 1/20/40 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 4,355 Total Housing/Multifamily 4,308,759 - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 8.0% (5.5% OF TOTAL INVESTMENTS) 315 Puerto Rico Housing Finance Authority, Mortgage 6/13 at 100.00 AAA 298,403 -Backed Securities Program Home Mortgage Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax) 1,000 Virginia Housing Development Authority, 7/11 at 100.00 AAA 1,009,930 Commonwealth Mortgage Bonds, Series 2001H-1, 5.350%, 7/01/31 - NPFG Insured 1,500 Virginia Housing Development Authority, 1/15 at 100.00 AAA 1,412,205 Commonwealth Mortgage Bonds, Series 2005C-2, 4.750%, 10/01/32 (Alternative Minimum Tax) 2,740 Virginia Housing Development Authority, 7/15 at 100.00 AAA 2,669,664 Commonwealth Mortgage Bonds, Series 2006 D1, 4.900%, 1/01/33 (Alternative Minimum Tax) 1,340 Virginia Housing Development Authority, 7/15 at 100.00 AAA 1,292,122 Commonwealth Mortgage Bonds, Series 2006, 4.800%, 7/01/29 (Alternative Minimum Tax) 3,900 Virginia Housing Development Authority, 7/16 at 100.00 AAA 3,673,137 Commonwealth Mortgage Bonds, Series 2007B, 4.750%, 7/01/32 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 10,795 Total Housing/Single Family 10,355,461 - ---------------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 4.5% (3.1% OF TOTAL INVESTMENTS) 2,765 Fairfax County Economic Development Authority, 10/17 at 100.00 N/R 2,456,343 Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/37 800 Fairfax County Economic Development Authority, 10/16 at 100.00 BBB+ 654,120 Virginia, Retirement Center Revenue Bonds, Greenspring Village, Series 2006A, 4.875%, 10/01/36 1,495 Henrico County Economic Development Authority, 1/10 at 102.00 AAA 1,520,146 Virginia, GNMA Mortgage-Backed Securities Program Assisted Living Revenue Bonds, Beth Sholom, Series 1999A, 5.900%, 7/20/29 Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Series 2006: 100 5.000%, 10/01/27 10/11 at 103.00 BBB- 88,035 1,345 5.000%, 10/01/35 No Opt. Call BBB- 1,092,517 - ---------------------------------------------------------------------------------------------------------------------------------- 6,505 Total Long-Term Care 5,811,161 - ---------------------------------------------------------------------------------------------------------------------------------- MATERIALS - 1.0% (0.7% OF TOTAL INVESTMENTS) 500 Bedford County Industrial Development Authority, 2/10 at 100.00 B2 442,025 Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1998, 5.600%, 12/01/25 (Alternative Minimum Tax) (4) 1,000 Goochland County Industrial Development Authority, 12/09 at 100.50 B2 888,880 Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation Project, Series 1998, 5.650%, 12/01/25 (Alternative Minimum Tax) (4) - ---------------------------------------------------------------------------------------------------------------------------------- 1,500 Total Materials 1,330,905 - ----------------------------------------------------------------------------------------------------------------------------------
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 18.8% (13.0% OF TOTAL INVESTMENTS) Chesapeake, Virginia, General Obligation Bonds, Water and Sewerage Series 2003B: $ 1,880 5.000%, 6/01/21 6/13 at 100.00 AA+ $ 1,990,657 2,060 5.000%, 6/01/23 6/13 at 100.00 AA+ 2,166,790 1,355 Harrisonburg, Virginia, General Obligation Bonds, 7/12 at 101.00 Aa3 1,434,484 Public Safety and Steam Plant, Series 2002, 5.000%, 7/15/19 - FGIC Insured 105 Loudoun County, Virginia, General Obligation Public 5/12 at 100.00 AAA 110,308 Improvement Bonds, Series 2002A, 5.250%, 5/01/22 1,185 Lynchburg, Virginia, General Obligation Bonds, Series 6/14 at 100.00 AA 1,307,659 2004, 5.000%, 6/01/21 1,300 Newport News, Virginia, General Obligation Bonds, 5/14 at 101.00 AA 1,468,324 Series 2004C, 5.000%, 5/01/16 1,280 Portsmouth, Virginia, General Obligation Bonds, Series No Opt. Call AA- 1,472,704 2005A, 5.000%, 4/01/15 - NPFG Insured 1,480 Richmond, Virginia, General Obligation Bonds, Series 7/14 at 100.00 AAA 1,634,408 2004A, 5.000%, 7/15/21 - FSA Insured 1,430 Roanoke, Virginia, General Obligation Public Improvement 10/12 at 101.00 AA 1,594,536 Bonds, Series 2002A, 5.000%, 10/01/17 1,135 Suffolk, Virginia, General Obligation Bonds, Series No Opt. Call AA 1,328,518 2005, 5.000%, 12/01/15 2,000 Virginia Beach, Virginia, General Obligation Bonds, 5/13 at 100.00 AAA 2,223,180 Series 2003B, 5.000%, 5/01/15 1,100 Virginia Beach, Virginia, General Obligation Bonds, 1/16 at 100.00 AAA 1,231,494 Series 2005, 5.000%, 1/15/20 4,500 Virginia Beach, Virginia, General Obligation Bonds, 10/17 at 100.00 AAA 4,892,985 5.000%, 10/01/27 (UB) 1,425 Virginia Beach, Virginia, General Obligation Public 6/11 at 101.00 AAA 1,513,407 Improvement Bonds, Series 2001, 5.000%, 6/01/20 - ---------------------------------------------------------------------------------------------------------------------------------- 22,235 Total Tax Obligation/General 24,369,454 - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 27.0% (18.6% OF TOTAL INVESTMENTS) Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A: 335 5.250%, 7/15/25 - ACA Insured 7/15 at 100.00 N/R 216,752 260 5.500%, 7/15/35 - ACA Insured 7/15 at 100.00 N/R 142,007 1,340 Culpeper Industrial Development Authority, Virginia, 1/15 at 100.00 A 1,423,241 Lease Revenue Bonds, School Facilities Project, Series 2005, 5.000%, 1/01/20 - NPFG Insured Cumberland County, Virginia, Certificates of Participation, Series 1997: 685 6.200%, 7/15/12 No Opt. Call N/R 711,886 1,375 6.375%, 7/15/17 No Opt. Call N/R 1,412,826 1,000 Dinwiddie County Industrial Development Authority, 2/14 at 100.00 A 1,082,350 Virginia, Lease Revenue Bonds, Series 2004B, 5.125%, 2/15/16 - NPFG Insured 1,000 Fairfax County Economic Development Authority, Virginia, 5/16 at 100.00 AA+ 1,117,180 Lease Revenue Bonds, Joint Public Uses Community Project, Series 2006, 5.000%, 5/15/18 Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Laurel Hill Public Facilities Projects, Series 2003: 2,210 5.000%, 6/01/14 6/13 at 101.00 AA+ 2,499,886 1,165 5.000%, 6/01/22 6/13 at 101.00 AA+ 1,236,811 1,660 Front Royal and Warren County Industrial Development 4/14 at 100.00 AAA 1,789,497 Authority, Virginia, Lease Revenue Bonds, Series 2004B, 5.000%, 4/01/18 - FSA Insured 1,270 James City County Economic Development Authority, 7/15 at 100.00 AA 1,386,916 Virginia, Revenue Bonds, County Government Projects, Series 2005, 5.000%, 7/15/19 445 Montgomery County Industrial Development Authority, 2/18 at 100.00 AA- 464,371 Virginia, Public Facility Lease Revenue Bonds, Public Projects Series 2008, 5.000%, 2/01/29 1,185 Puerto Rico Highway and Transportation Authority, 7/12 at 100.00 AAA 1,185,379 Highway Revenue Bonds, Series 2002D, 5.000%, 7/01/32 - FSA Insured 2,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call BBB 1,903,220 Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC Insured 5,000 Puerto Rico Infrastructure Financing Authority, Special No Opt. Call BBB+ 425,950 Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/43 - AMBAC Insured 5,875 Puerto Rico Infrastructure Financing Authority, Special No Opt. Call BBB+ 1,699,873 Tax Revenue Bonds, Series 2005C, 0.000%, 7/01/28 - AMBAC Insured
Nuveen Investments 39 NPV | Nuveen Virginia Premium Income Municipal Fund (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED (continued) Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D: $ 265 5.250%, 7/01/27 7/12 at 100.00 BBB- $ 258,746 320 5.250%, 7/01/36 7/12 at 100.00 BBB- 294,246 1,110 Spotsylvania County Industrial Development Authority, 8/13 at 100.00 N/R 1,127,127 Virginia, Lease Revenue Bonds, School Facilities, Series 2003B, 4.375%, 8/01/20 - AMBAC Insured 1,600 Stafford County and Staunton Industrial Development Authority, 8/16 at 100.00 A+ 1,680,336 Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 - NPFG Insured 2,500 Stafford County Economic Development Authority, Virginia, 4/18 at 100.00 AAA 2,558,000 Public Project Lease Revenue Bonds, 5.000%, 4/01/33 - AGC Insured (UB) 1,400 Virginia Beach Development Authority, Public Facilities 5/15 at 100.00 AA+ 1,529,542 Revenue Bonds, Series 2005A, 5.000%, 5/01/22 850 Virginia College Building Authority, Educational Facilities 2/19 at 100.00 AA+ 1,098,387 Revenue Bonds, 21st Century College Program, Series 2009, Trust 09-3B, 12.927%, 2/01/27 (IF) 850 Virginia College Building Authority, Educational Facilities 2/19 at 100.00 AA+ 1,075,667 Revenue Bonds, 21st Century College Program, Series 2009, Trust 09-4B, 13.008%, 2/01/28 (IF) 1,625 Virginia Public School Authority, School Financing Bonds, 8/15 at 100.00 AA+ 1,844,326 1997 Resolution, Series 2005C, 5.000%, 8/01/17 Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Series 2000B: 95 5.500%, 5/01/20 - FSA Insured 5/10 at 101.00 AAA 97,641 550 5.500%, 5/01/30 - FSA Insured 5/10 at 101.00 AAA 560,560 1,740 Virginia Resources Authority, Infrastructure Revenue Bonds, 5/11 at 101.00 AA 1,835,735 Pooled Loan Bond Program, Series 2002A, 5.000%, 5/01/19 2,000 Virginia Transportation Board, Transportation Revenue Bonds, 5/14 at 100.00 AA+ 2,277,780 U.S. Route 58 Corridor Development Program, Series 2004B, 5.000%, 5/15/15 - ---------------------------------------------------------------------------------------------------------------------------------- 41,710 Total Tax Obligation/Limited 34,936,238 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 10.3% (7.1% OF TOTAL INVESTMENTS) 2,500 Metropolitan Washington D.C. Airports Authority, System 10/17 at 100.00 AA- 2,411,975 Revenue Bonds, Series 2007B, 5.000%, 10/01/35 - AMBAC Insured (Alternative Minimum Tax) 4,000 Norfolk Airport Authority, Virginia, Airport Revenue Bonds, 7/11 at 100.00 A 4,016,440 Series 2001A, 5.125%, 7/01/31 - FGIC Insured 1,000 Norfolk, Virginia, Parking System Revenue Bonds, Series 2/15 at 100.00 A 987,590 2005A, 5.000%, 2/01/23 - NPFG Insured 2,500 Richmond Metropolitan Authority, Virginia, Revenue Refunding No Opt. Call A 2,673,975 Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 - FGIC Insured 1,260 Virginia Port Authority, Revenue Bonds, Port Authority 7/13 at 100.00 Aa3 1,164,202 Facilities, Series 2006, 5.000%, 7/01/36 - FGIC Insured (Alternative Minimum Tax) 2,000 Virginia Resources Authority, Airports Revolving Fund 2/11 at 100.00 Aa2 2,080,400 Revenue Bonds, Series 2001A, 5.250%, 8/01/23 - ---------------------------------------------------------------------------------------------------------------------------------- 13,260 Total Transportation 13,334,582 - ---------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 18.3% (12.7% OF TOTAL INVESTMENTS) (5) 3,500 Alexandria Industrial Development Authority, Virginia, Fixed 10/10 at 101.00 N/R (5) 3,700,445 Rate Revenue Bonds, Institute for Defense Analyses, Series 2000A, 5.900%, 10/01/30 (Pre-refunded 10/01/10) - AMBAC Insured 750 Bristol, Virginia, General Obligation Utility System Revenue No Opt. Call AAA 862,298 Bonds, Series 2002, 5.000%, 11/01/24 - FSA Insured (ETM) 925 Fairfax County Water Authority, Virginia, Water Revenue 4/12 at 100.00 AAA 1,024,447 Refunding Bonds, Series 2002, 5.375%, 4/01/19 (Pre-refunded 4/01/12)
40 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - --------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED (5) (continued) $ 600 Greater Richmond Convention Center Authority, 6/10 at 101.00 AAA $ 625,104 Virginia, Hotel Tax Revenue Bonds, Convention Center Expansion Project, Series 2000, 6.125%, 6/15/25 (Pre-refunded 6/15/10) 60 Henrico County Economic Development Authority, 11/12 at 100.00 A3 (5) 68,157 Virginia, Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30 (Pre-refunded 11/15/12) Loudoun County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Loudoun Hospital Center, Series 2002A: 375 6.000%, 6/01/22 (Pre-refunded 6/01/12) 6/12 at 101.00 N/R (5) 426,776 800 6.100%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 101.00 N/R (5) 912,440 815 Puerto Rico Highway and Transportation Authority, 7/12 at 100.00 AAA 903,876 Highway Revenue Bonds, Series 2002D, 5.000%, 7/01/32 (Pre-refunded 7/01/12) - FSA Insured 2,500 Puerto Rico Infrastructure Financing Authority, 10/10 at 101.00 AAA 2,635,050 Special Obligation Bonds, Series 2000A, 5.500%, 10/01/40 (Pre-refunded 10/01/10) Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D: 735 5.250%, 7/01/27 (Pre-refunded 7/01/12) 7/12 at 100.00 BBB- (5) 813,851 880 5.250%, 7/01/36 (Pre-refunded 7/01/12) 7/12 at 100.00 BBB- (5) 974,406 385 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded 7/10 at 100.00 AAA 397,243 7/01/10) 440 Rockbridge County Industrial Development Authority, 7/11 at 105.00 B2 (5) 483,762 Virginia, Horse Center Revenue Refunding Bonds, Series 2001C, 6.850%, 7/15/21 (Pre-refunded 7/15/11) Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2005: 1,290 5.250%, 6/01/19 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,352,552 3,850 5.500%, 6/01/26 (Pre-refunded 6/01/15) 6/15 at 100.00 AAA 4,337,179 2,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10) 10/10 at 101.00 BBB+ (5) 2,123,840 2,000 Virginia Public School Authority, School Financing 8/10 at 101.00 AA+ (5) 2,083,680 Bonds,1997 Resolution, Series 2000B 5.000%, 8/01/18 (Pre-refunded 8/01/10) - --------------------------------------------------------------------------------------------------------------------------------- 21,905 Total U.S. Guaranteed 23,725,106 - --------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 6.9% (4.8% OF TOTAL INVESTMENTS) Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2003: 1,705 5.250%, 7/15/14 - NPFG Insured 7/13 at 100.00 A 1,806,993 1,800 5.250%, 7/15/15 - NPFG Insured 7/13 at 100.00 A 1,890,954 2,775 5.250%, 7/15/23 - NPFG Insured 7/13 at 100.00 A 2,764,150 2,500 Mecklenburg County Industrial Development Authority, 10/12 at 100.00 Baa1 2,442,725 Virginia, Revenue Bonds, UAE Mecklenburg Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax) - --------------------------------------------------------------------------------------------------------------------------------- 8,780 Total Utilities 8,904,822 - --------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 8.4% (5.8% OF TOTAL INVESTMENTS) Fairfax County Water Authority, Virginia, Water Revenue Bonds, Bonds, Series 2002: 105 5.375%, 4/01/19 4/12 at 100.00 AAA 111,020 800 5.000%, 4/01/27 4/12 at 100.00 AAA 830,664 1,000 Loudoun County Sanitation Authority, Virginia, Water 1/15 at 100.00 AAA 1,064,270 and Sewerage System Revenue Bonds, Series 2004, 5.000%, 1/01/26 Norfolk, Virginia, Water Revenue Refunding Bonds, Series 2001: 1,310 5.000%, 11/01/21 - FGIC Insured 11/11 at 100.00 AA+ 1,379,260 1,380 5.000%, 11/01/22 - FGIC Insured 11/11 at 100.00 AA+ 1,457,294 2,250 Virginia Beach, Virginia, Storm Water Utility Revenue 9/10 at 101.00 Aa3 2,351,588 Bonds, Series 2000, 6.000%, 9/01/24 1,800 Virginia Beach, Virginia, Water and Sewer System 10/15 at 100.00 AAA 1,858,698 Revenue Bonds, Series 2005, 5.000%, 10/01/30
Nuveen Investments 41 NPV | Nuveen Virginia Premium Income Municipal Fund (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - -------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER (continued) $ 1,515 Virginia State Resources Authority, Clean Water Revenue 10/17 at 100.00 Aaa $ 1,746,068 Bonds, Series 2007, Trust 3036, 13.190%, 10/01/29 (IF) - -------------------------------------------------------------------------------------------------------------------------------- 10,160 Total Water and Sewer 10,798,862 - -------------------------------------------------------------------------------------------------------------------------------- $ 191,900 Total Investments (cost $185,636,969) - 144.6% 187,158,201 ================---------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (3.6)% (4,630,000) ------------------------------------------------------------------------------------------------------------ Other Assets Less Liabilities - 3.0% 3,940,709 ------------------------------------------------------------------------------------------------------------ Auction Rate Preferred Shares, at Liquidation Value - (44.0)% (6) (57,000,000) ------------------------------------------------------------------------------------------------------------ Net Assets Applicable to Common Shares - 100% $ 129,468,910 ============================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratio below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) The issuer has received a formal adverse determination from the Internal Revenue Service (the "IRS") regarding the tax-exempt status of t he bonds' coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable. (5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.5%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 42 Nuveen Investments NGB | Nuveen Virginia Dividend Advantage Municipal Fund | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ----------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 3.5% (2.4% OF TOTAL INVESTMENTS) $ 1,660 Tobacco Settlement Financing Corporation of Virginia, 6/17 at 100.00 BBB $ 1,117,944 Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 715 Tobacco Settlement Financing Corporation of Virginia, 6/17 at 100.00 BBB 423,630 Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 0.000%, 6/01/46 - ----------------------------------------------------------------------------------------------------------------------------------- 2,375 Total Consumer Staples 1,541,574 - ----------------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 6.3% (4.4% OF TOTAL INVESTMENTS) 500 Danville Industrial Development Authority, Virginia, 3/11 at 102.00 N/R 449,275 Educational Facilities Revenue Bonds, Averett University, Series 2001, 6.000%, 3/15/22 500 Prince William County Industrial Development Authority, 10/13 at 101.00 A3 501,430 Virginia, Educational Facilities Revenue Bonds, Catholic Diocese of Arlington, Series 2003, 5.500%, 10/01/33 850 Prince William County Park Authority, Virginia, Park 4/10 at 101.00 A3 858,959 Facilities Revenue Refunding and Improvement Bonds, Series 1999, 6.000%, 10/15/28 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999: 160 5.375%, 2/01/19 2/10 at 100.50 BBB- 157,208 320 5.375%, 2/01/29 2/10 at 100.50 BBB- 290,934 500 Virginia College Building Authority, Educational 1/10 at 100.50 N/R 501,235 Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.100%, 7/01/18 - RAAI Insured - ---------------------------------------------------------------------------------------------------------------------------------- 2,830 Total Education and Civic Organizations 2,759,041 - ---------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 19.7% (13.6% OF TOTAL INVESTMENTS) 250 Charlotte County Industrial Development Authority, 9/17 at 100.00 A- 230,625 Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series 2007, 5.000%, 9/01/37 565 Fairfax County Industrial Development Authority, 5/19 at 100.00 AA+ 630,811 Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2009, Trust 11733, 14.869%, 5/15/35 (IF) 100 Fairfax County Industrial Development Authority, No Opt. Call AA+ 107,327 Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23 1,000 Fauquier County Industrial Development Authority, 10/12 at 102.00 BBB+ 1,000,350 Virginia, Hospital Revenue Bonds, Fauquier Hospital, Series 2002, 5.250%, 10/01/25 - RAAI Insured 500 Fredericksburg Economic Development Authority, No Opt. Call A3 529,370 Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23 500 Fredericksburg Industrial Development Authority, 6/12 at 100.00 A3 487,640 Virginia, Revenue Bonds, MediCorp Health System, Series 2002B, 5.125%, 6/15/33 820 Harrisonburg Industrial Development Authority, 8/16 at 100.00 Baa1 769,332 Virginia, Hospital Facilities Revenue Bonds, Rockingham Memorial Hospital, Series 2006, 5.000%, 8/15/31 - AMBAC Insured 480 Henrico County Economic Development Authority, Virginia, 11/12 at 100.00 A- 482,971 Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30 525 Manassas Industrial Development Authority, 4/13 at 100.00 A3 509,166 Virginia, Hospital Revenue Bonds, Prince William Hospital, Series 2002, 5.250%, 4/01/33 800 Norton Industrial Development Authority, Virginia, 12/11 at 101.00 N/R 751,496 Hospital Revenue Refunding and Improvement Bonds, Norton Community Hospital, Series 2001, 6.000%, 12/01/22 - ACA Insured Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006: 750 5.250%, 6/15/25 6/16 at 100.00 A3 766,628 360 5.250%, 6/15/31 6/16 at 100.00 A3 358,610 605 5.250%, 6/15/37 6/16 at 100.00 A3 594,606 785 Virginia Small Business Financing Authority, Wellmont 9/17 at 100.00 BBB+ 661,300 Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37 715 Winchester Industrial Development Authority, Virginia, 1/17 at 100.00 A+ 729,650 Hospital Revenue Bonds, Winchester Medical Center, Series 2007, 5.125%, 1/01/31 - ----------------------------------------------------------------------------------------------------------------------------------- 8,755 Total Health Care 8,609,882 - -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 43 NGB | Nuveen Virginia Dividend Advantage Municipal Fund (continued) | Portfolio of Investments November 30, 2009 (unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ----------------------------------------------------------------------------------------------------------------------------------- HOUSING/MULTIFAMILY - 4.7% (3.2% OF TOTAL INVESTMENTS) $ 1,000 Arlington County Industrial Development Authority, 11/11 at 102.00 AAA $ 1,042,860 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) 1,000 Virginia Housing Development Authority, Rental 10/10 at 100.00 AA+ 1,007,960 Housing Bonds, Series 2000G, 5.625%, 10/01/20 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- 2,000 Total Housing/Multifamily 2,050,820 - ----------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 9.8% (6.8% OF TOTAL INVESTMENTS) 1,000 Virginia Housing Development Authority, Commonwealth 7/11 at 100.00 AAA 1,009,930 Mortgage Bonds, Series 2001H-1, 5.350%, 7/01/31 - NPFG Insured 600 Virginia Housing Development Authority, Commonwealth 1/15 at 100.00 AAA 564,882 Mortgage Bonds, Series 2005C-2, 4.750%, 10/01/32 (Alternative Minimum Tax) 960 Virginia Housing Development Authority, Commonwealth 7/15 at 100.00 AAA 935,357 Mortgage Bonds, Series 2006 D1, 4.900%, 1/01/33 (Alternative Minimum Tax) 480 Virginia Housing Development Authority, Commonwealth 7/15 at 100.00 AAA 462,850 Mortgage Bonds, Series 2006, 4.800%, 7/01/29 (Alternative Minimum Tax) 1,400 Virginia Housing Development Authority, Commonwealth 7/16 at 100.00 AAA 1,318,562 Mortgage Bonds, Series 2007B, 4.750%, 7/01/32 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- 4,440 Total Housing/Single Family 4,291,581 - ----------------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 11.4% (7.8% OF TOTAL INVESTMENTS) 700 Albemarle County Industrial Development Authority, 1/17 at 100.00 N/R 616,077 Virginia, Residential Care Facilities Mortgage Revenue Bonds, Westminster-Cantebury of the Blue Ridge, Series 2007, 5.000%, 1/01/31 350 Chesterfield County Health Center Commission, 12/15 at 100.00 N/R 283,875 Virginia, Mortgage Revenue Bonds, Lucy Corr Village, Series 2005, 5.625%, 12/01/39 1,005 Fairfax County Economic Development Authority, 10/17 at 100.00 N/R 892,812 Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/37 500 Fairfax County Economic Development Authority, 10/16 at 100.00 BBB+ 442,540 Virginia, Retirement Center Revenue Bonds, Greenspring Village, Series 2006A, 4.750%, 10/01/26 540 Henrico County Economic Development Authority, No Opt. Call BBB- 438,631 Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Series 2006, 5.000%, 10/01/35 700 Industrial Development Authority of the County 1/17 at 100.00 N/R 518,595 of Prince William, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake, First Mortgage, Series 2006, 5.125%, 1/01/26 650 James City County Industrial Development Authority, 3/12 at 101.00 N/R 657,183 Virginia, Residential Care Facility First Mortgage Revenue Refunding Bonds, Williamsburg Landing Inc., Series 2003A, 6.000%, 3/01/23 530 Roanoke Industrial Development Authority, Virginia, 12/16 at 100.00 N/R 361,147 Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39 350 Suffolk Industrial Development Authority, Virginia, 9/16 at 100.00 N/R 266,154 Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Series 2006, 5.300%, 9/01/31 350 Virginia Beach Development Authority, Virginia, 11/15 at 100.00 N/R 326,582 Residential Care Facility Mortgage Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2005, 5.000%, 11/01/22 175 Winchester Industrial Development Authority, 1/15 at 100.00 N/R 161,208 Virginia, Residential Care Facility Revenue Bonds, Westminster-Canterbury of Winchester Inc., Series 2005A, 5.200%, 1/01/27 - ----------------------------------------------------------------------------------------------------------------------------------- 5,850 Total Long-Term Care 4,964,804 - ----------------------------------------------------------------------------------------------------------------------------------- MATERIALS - 0.7% (0.5% OF TOTAL INVESTMENTS) 100 Bedford County Industrial Development Authority, 2/10 at 100.00 B2 88,405 Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1998, 5.600%, 12/01/25 (Alternative Minimum Tax) (4) 20 Bedford County Industrial Development Authority, 12/09 at 101.00 B2 19,612 Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1999A, 6.550%, 12/01/25 (Alternative Minimum Tax) (4) 220 Goochland County Industrial Development Authority, 12/09 at 100.50 B2 195,554 Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation Project, Series 1998, 5.650%, 12/01/25 (Alternative Minimum Tax) (4) - ----------------------------------------------------------------------------------------------------------------------------------- 340 Total Materials 303,571 - -----------------------------------------------------------------------------------------------------------------------------------
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 11.7% (8.1% OF TOTAL INVESTMENTS) $ 700 Loudoun County, Virginia, General Obligation Bonds, 12/16 at 100.00 AAA $ 770,966 Series 2006, 5.000%, 12/01/25 845 Newport News, Virginia, General Obligation Bonds, Series 5/14 at 101.00 AA 954,411 2004C, 5.000%, 5/01/16 620 Richmond, Virginia, General Obligation Bonds, Series 7/15 at 100.00 AAA 711,363 2005A, 5.000%, 7/15/17 - FSA Insured 400 Suffolk, Virginia, General Obligation Bonds, Series 2005, No Opt. Call AA 468,200 5.000%, 12/01/15 400 Virginia Beach, Virginia, General Obligation Bonds, Series 1/16 at 100.00 AAA 447,816 2005, 5.000%, 1/15/20 1,600 Virginia Beach, Virginia, General Obligation Bonds, 10/17 at 100.00 AAA 1,747,696 5.000%, 10/01/26 (UB) - ---------------------------------------------------------------------------------------------------------------------------------- 4,565 Total Tax Obligation/General 5,100,452 - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 19.8% (13.7% OF TOTAL INVESTMENTS) 100 Bell Creek Community Development Authority, Virginia, 3/13 at 101.00 N/R 90,334 Special Assessment Bonds, Series 2003A, 6.750%, 3/01/22 500 Broad Street Community Development Authority, Virginia, 6/13 at 102.00 N/R 430,205 Revenue Bonds, Series 2003, 7.500%, 6/01/33 Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A: 120 5.250%, 7/15/25 - ACA Insured 7/15 at 100.00 N/R 77,642 95 5.500%, 7/15/35 - ACA Insured 7/15 at 100.00 N/R 51,887 500 Fairfax County Economic Development Authority, Virginia, 5/16 at 100.00 AA+ 558,590 Lease Revenue Bonds, Joint Public Uses Community Project, Series 2006, 5.000%, 5/15/18 160 Montgomery County Industrial Development Authority, 2/18 at 100.00 AA- 166,965 Virginia, Public Facility Lease Revenue Bonds, Public Projects Series 2008, 5.000%, 2/01/29 580 Prince William County, Virginia, Certificates of 6/15 at 100.00 Aa2 621,644 Participation, County Facilities, Series 2005, 5.000%, 6/01/20 - AMBAC Insured 700 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call BBB 666,127 Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC Insured 3,000 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call BBB+ 795,090 Revenue Bonds, Series 2005A, 0.000%, 7/01/29 - AMBAC Insured 1,000 Spotsylvania County Industrial Development Authority, 8/13 at 100.00 N/R 1,013,100 Virginia, Lease Revenue Bonds, School Facilities, Series 2003B, 5.125%, 8/01/23 - AMBAC Insured 600 Stafford County and Staunton Industrial Development 8/16 at 100.00 A+ 630,126 Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 - NPFG Insured 890 Stafford County Economic Development Authority, Virginia, 4/18 at 100.00 AAA 910,648 Public Project Lease Revenue Bonds, 5.000%, 4/01/33 - AGC Insured (UB) 960 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB+ 982,973 Taxes Loan Note, Series 1999A, 6.375%, 10/01/19 195 Virginia Beach Development Authority, Public Facilities 5/15 at 100.00 AA+ 213,043 Revenue Bonds, Series 2005A, 5.000%, 5/01/22 280 Virginia College Building Authority, Educational Facilities 2/19 at 100.00 AA+ 361,822 Revenue Bonds, 21st Century College Program, Series 2009, Trust 09-3B, 12.927%, 2/01/27 (IF) 280 Virginia College Building Authority, Educational Facilities 2/19 at 100.00 AA+ 354,337 Revenue Bonds, 21st Century College Program, Series 2009, Trust 09-4B, 13.008%, 2/01/28 (IF) 345 Virginia Gateway Community Development Authority, Prince 3/13 at 102.00 N/R 322,147 William County, Special Assessment Bonds, Series 2003, 6.375%, 3/01/30 345 Virginia Public School Authority, School Financing Bonds, 8/15 at 100.00 AA+ 391,565 1997 Resolution, Series 2005C, 5.000%, 8/01/17 - ---------------------------------------------------------------------------------------------------------------------------------- 10,650 Total Tax Obligation/Limited 8,638,245 - ---------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 25.0% (17.3% OF TOTAL INVESTMENTS) 1,000 Capital Region Airport Authority, Richmond, Virginia, Revenue 7/15 at 100.00 AAA 1,095,720 Bonds, Richmond International Airport, Series 2005A, 5.000%, 7/01/18 - FSA Insured 1,000 Chesapeake Bay Bridge and Tunnel Commission, Virginia, No Opt. Call A 1,083,040 General Resolution Revenue Refunding Bonds, Series 1998, 5.500%, 7/01/25 - NPFG Insured 3,000 Metropolitan Washington D.C. Airports Authority, Airport 10/11 at 101.00 AA- 3,046,108 System Revenue Bonds, Series 2001A, 5.500%, 10/01/27 - NPFG Insured (Alternative Minimum Tax)
Nuveen Investments 45 NGB | NUVEEN VIRGINIA DIVIDEND ADVANTAGE MUNICIPAL FUND (continued) | PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION (continued) $ 250 Metropolitan Washington D.C. Airports Authority, Airport 10/11 at 101.00 AA- $ 257,773 System Revenue Bonds, Series 2001B, 5.000%, 10/01/21 - NPFG Insured 1,500 Norfolk Airport Authority, Virginia, Airport Revenue Bonds, 7/11 at 100.00 A 1,506,165 Series 2001A, 5.125%, 7/01/31 - FGIC Insured 500 Norfolk, Virginia, Parking System Revenue Bonds, Series 2005A, 2/15 at 100.00 A 493,795 5.000%, 2/01/23 - NPFG Insured 500 Richmond Metropolitan Authority, Virginia, Revenue Refunding No Opt. Call A 534,795 Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 - FGIC Insured 455 Virginia Port Authority, Revenue Bonds, Port Authority 7/13 at 100.00 Aa3 420,406 Facilities, Series 2006, 5.000%, 7/01/36 - FGIC Insured (Alternative Minimum Tax) 1,225 Virginia Resources Authority, Airports Revolving Fund Revenue 2/11 at 100.00 Aa2 1,274,245 Bonds, Series 2001A, 5.250%, 8/01/23 1,250 Virginia Resources Authority, Airports Revolving Fund Revenue 2/11 at 100.00 Aa2 1,226,413 Bonds, Series 2001B, 5.125%, 8/01/27 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 10,680 Total Transportation 10,938,460 - ---------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 27.4% (18.9% OF TOTAL INVESTMENTS) (5) 500 Albemarle County Industrial Development Authority, Virginia, 1/12 at 100.00 N/R (5) 555,800 Residential Care Facility Revenue Bonds, Westminster Canterbury of the Blue Ridge First Mortgage, Series 2001, 6.200%, 1/01/31 (Pre-refunded 1/01/12) 1,000 Bristol, Virginia, Utility System Revenue Refunding Bonds, No Opt. Call AAA 1,139,540 Series 2001, 5.000%, 7/15/21 - FSA Insured (ETM) Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001A: 30 5.000%, 5/15/22 (Pre-refunded 5/15/11) 5/11 at 100.00 N/R (5) 31,887 850 5.400%, 5/15/31 (Pre-refunded 5/15/11) 5/11 at 100.00 N/R (5) 903,890 20 Henrico County Economic Development Authority, Virginia, 11/12 at 100.00 A3 (5) 22,719 Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30 (Pre-refunded 11/15/12) 2,310 Leesburg, Virginia, General Obligation Public Improvement 1/11 at 101.00 AA+ (5) 2,457,401 Bonds, Series 2000, 5.125%, 1/15/21 (Pre-refunded 1/15/11) - FGIC Insured 425 Loudoun County Industrial Development Authority, Virginia, 6/12 at 101.00 N/R (5) 483,680 Hospital Revenue Bonds, Loudoun Hospital Center, Series 2002A, 6.000%, 6/01/22 (Pre-refunded 6/01/12) 500 Loudoun County, Virginia, General Obligation Public 6/15 at 100.00 AAA 588,285 Improvement Bonds, Series 2005B, 5.000%, 6/01/18 (Pre-refunded 6/01/15) Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: 1,500 5.500%, 10/01/32 (Pre-refunded 10/01/10) 10/10 at 101.00 AAA 1,581,030 1,500 5.500%, 10/01/40 (Pre-refunded 10/01/10) 10/10 at 101.00 AAA 1,581,030 155 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 159,929 Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded 7/01/10) 120 Rockbridge County Industrial Development Authority, Virginia, No Opt. Call B2 (5) 127,106 Horse Center Revenue Refunding Bonds, Series 2001B, 6.125%, 7/15/11 (ETM) 880 Rockbridge County Industrial Development Authority, Virginia, 7/11 at 105.00 B2 (5) 967,525 Horse Center Revenue Refunding Bonds, Series 2001C, 6.850%, 7/15/21 (Pre-refunded 7/15/11) 725 Tobacco Settlement Financing Corporation of Virginia, 6/15 at 100.00 AAA 816,742 Tobacco Settlement Asset-Backed Bonds, Series 2005, 5.500%, 6/01/26 (Pre-refunded 6/01/15) 500 Virginia College Building Authority, Educational Facilities 2/12 at 100.00 AA+ (5) 546,785 Revenue Bonds, 21st Century College Program, Series 2002A, 5.000%, 2/01/22 (Pre-refunded 2/01/12) - ---------------------------------------------------------------------------------------------------------------------------------- 11,015 Total U.S. Guaranteed 11,963,349 - ----------------------------------------------------------------------------------------------------------------------------------
46 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 2.2% (1.5% OF TOTAL INVESTMENTS) $ 1,000 Mecklenburg County Industrial Development Authority, Virginia, 10/12 at 100.00 Baa1 $ 977,090 Revenue Bonds, UAE Mecklenburg Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 2.6% (1.8% OF TOTAL INVESTMENTS) 500 Virginia Beach, Virginia, Water and Sewer System Revenue 10/15 at 100.00 AAA 516,305 Bonds, Series 2005, 5.000%, 10/01/30 545 Virginia State Resources Authority, Clean Water Revenue Bonds, 10/17 at 100.00 Aaa 628,123 Series 2007, Trust 3036, 13.190%, 10/01/29 (IF) - ---------------------------------------------------------------------------------------------------------------------------------- 1,045 Total Water and Sewer 1,144,428 - ---------------------------------------------------------------------------------------------------------------------------------- $ 65,545 Total Investments (cost $64,132,303) - 144.8% 63,283,297 ==============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (3.8)% (1,640,000) ---------------------------------------------------------------------------------------------------------------- MuniFund Term Preferred Shares, at Liquidation Value - (52.2)% (6) (22,800,000) ---------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 11.2% 4,851,650 ---------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 43,694,947 ================================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) The issuer has received a formal adverse determination from the Internal Revenue Service (the "IRS") regarding the tax-exempt status of the bonds' coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable. (5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (6) MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 36.0%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 47 NNB | Nuveen Virginia Dividend Advantage Municipal Fund 2 | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- CONSUMER STAPLES - 3.6% (2.4% OF TOTAL INVESTMENTS) $ 3,100 Tobacco Settlement Financing Corporation of Virginia, 6/17 at 100.00 BBB $ 2,087,726 Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 1,430 Tobacco Settlement Financing Corporation of Virginia, 6/17 at 100.00 BBB 847,261 Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 0.000%, 6/01/46 - ---------------------------------------------------------------------------------------------------------------------------------- 4,530 Total Consumer Staples 2,934,987 - ---------------------------------------------------------------------------------------------------------------------------------- EDUCATION AND CIVIC ORGANIZATIONS - 6.7% (4.6% OF TOTAL INVESTMENTS) 1,000 Fairfax County Economic Development Authority, 3/10 at 101.00 A3 1,011,740 Virginia, Revenue Bonds, National Wildlife Federation, Series 1999, 5.375%, 9/01/29 - NPFG Insured 1,000 Prince William County Industrial Development 10/13 at 101.00 A3 1,002,860 Authority, Virginia, Educational Facilities Revenue Bonds, Catholic Diocese of Arlington, Series 2003, 5.500%, 10/01/33 1,500 Puerto Rico Industrial, Tourist, Educational, 12/12 at 101.00 BBB- 1,446,675 Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.375%, 12/01/21 2,000 Winchester Industrial Development Authority, Virginia, 10/10 at 100.00 A 2,005,040 Educational Facilities First Mortgage Revenue Bonds, Shenandoah University, Series 1998, 5.250%, 10/01/28 - NPFG Insured - ---------------------------------------------------------------------------------------------------------------------------------- 5,500 Total Education and Civic Organizations 5,466,315 - ---------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE - 27.3% (18.7% OF TOTAL INVESTMENTS) 1,500 Albemarle County Industrial Development Authority, 10/12 at 100.00 A3 1,448,490 Virginia, Hospital Revenue Bonds, Martha Jefferson Hospital, Series 2002, 5.250%, 10/01/35 450 Charlotte County Industrial Development Authority, 9/17 at 100.00 A- 444,749 Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series 2007, 5.000%, 9/01/27 1,070 Fairfax County Industrial Development Authority, 5/19 at 100.00 AA+ 1,194,634 Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2009, Trust 11733, 14.869%, 5/15/35 (IF) 3,000 Fauquier County Industrial Development Authority, 10/12 at 102.00 BBB+ 3,001,049 Virginia, Hospital Revenue Bonds, Fauquier Hospital, Series 2002, 5.250%, 10/01/25 - RAAI Insured 1,000 Fredericksburg Economic Development Authority, No Opt. Call A3 1,058,740 Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23 675 Fredericksburg Industrial Development Authority, 6/12 at 100.00 A3 658,314 Virginia, Revenue Bonds, MediCorp Health System, Series 2002B, 5.125%, 6/15/33 1,500 Harrisonburg Industrial Development Authority, 8/16 at 100.00 Baa1 1,407,315 Virginia, Hospital Facilities Revenue Bonds, Rockingham Memorial Hospital, Series 2006, 5.000%, 8/15/31 - AMBAC Insured 960 Henrico County Economic Development Authority, 11/12 at 100.00 A- 965,942 Virginia, Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30 1,155 Manassas Industrial Development Authority, Virginia, 4/13 at 100.00 A3 1,120,165 Hospital Revenue Bonds, Prince William Hospital, Series 2002, 5.250%, 4/01/33 1,200 Norton Industrial Development Authority, Virginia, 12/11 at 101.00 N/R 1,127,244 Hospital Revenue Refunding and Improvement Bonds, Norton Community Hospital, Series 2001, 6.000%, 12/01/22 - ACA Insured 1,000 Prince William County Industrial Development 4/10 at 101.00 Aa3 1,009,280 Authority, Virginia, Hospital Facility Revenue Refunding Bonds, Potomac Hospital Corporation of Prince William, Series 1998, 5.000%, 10/01/18 - FSA Insured 3,915 Roanoke Industrial Development Authority, Virginia, 7/12 at 100.00 A+ 4,053,864 Hospital Revenue Bonds, Carilion Health System, Series 2002A, 5.500%, 7/01/20 - NPFG Insured Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006: 1,250 5.250%, 6/15/25 6/16 at 100.00 A3 1,277,713 655 5.250%, 6/15/31 6/16 at 100.00 A3 652,472 1,095 5.250%, 6/15/37 6/16 at 100.00 A3 1,076,188 1,430 Virginia Small Business Financing Authority, Wellmont 9/17 at 100.00 BBB+ 1,204,661 Health System Project Revenue Bonds, Series 2007A, 5.250%, 9/01/37 715 Winchester Industrial Development Authority, Virginia, 1/17 at 100.00 A+ 729,650 Hospital Revenue Bonds, Winchester Medical Center, Series 2007, 5.125%, 1/01/31 - ---------------------------------------------------------------------------------------------------------------------------------- 22,570 Total Health Care 22,430,470 - ----------------------------------------------------------------------------------------------------------------------------------
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- HOUSING/SINGLE FAMILY - 13.8% (9.5% OF TOTAL INVESTMENTS) $ 7,485 Virginia Housing Development Authority, Commonwealth 7/11 at 100.00 AAA $7,559,324 Mortgage Bonds, Series 2001H-1, 5.350%, 7/01/31 - NPFG Insured 500 Virginia Housing Development Authority, Commonwealth 1/15 at 100.00 AAA 470,735 Mortgage Bonds, Series 2005C-2, 4.750%, 10/01/32 (Alternative Minimum Tax) 870 Virginia Housing Development Authority, Commonwealth 7/15 at 100.00 AAA 838,915 Mortgage Bonds, Series 2006, 4.800%, 7/01/29 (Alternative Minimum Tax) 2,600 Virginia Housing Development Authority, Commonwealth 7/16 at 100.00 AAA 2,448,758 Mortgage Bonds, Series 2007B, 4.750%, 7/01/32 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 11,455 Total Housing/Single Family 11,317,732 - ---------------------------------------------------------------------------------------------------------------------------------- LONG-TERM CARE - 10.7% (7.4% OF TOTAL INVESTMENTS) 1,300 Albemarle County Industrial Development Authority, 1/17 at 100.00 N/R 1,144,143 Virginia, Residential Care Facilities Mortgage Revenue Bonds, Westminster-Cantebury of the Blue Ridge, Series 2007, 5.000%, 1/01/31 650 Chesterfield County Health Center Commission, Virginia, 12/15 at 100.00 N/R 527,196 Mortgage Revenue Bonds, Lucy Corr Village, Series 2005, 5.625%, 12/01/39 1,815 Fairfax County Economic Development Authority, Virginia, 10/17 at 100.00 N/R 1,612,392 Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/37 500 Fairfax County Economic Development Authority, Virginia, 10/16 at 100.00 BBB+ 442,540 Retirement Center Revenue Bonds, Greenspring Village, Series 2006A, 4.750%, 10/01/26 855 Henrico County Economic Development Authority, Virginia, No Opt. Call BBB- 694,499 Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Series 2006, 5.000%, 10/01/35 1,300 Industrial Development Authority of the County of 1/17 at 100.00 N/R 963,105 Prince William, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake, First Mortgage, Series 2006, 5.125%, 1/01/26 1,350 James City County Industrial Development Authority, 3/12 at 101.00 N/R 1,364,918 Virginia, Residential Care Facility First Mortgage Revenue Refunding Bonds, Williamsburg Landing Inc., Series 2003A, 6.000%, 3/01/23 970 Roanoke Industrial Development Authority, Virginia, 12/16 at 100.00 N/R 660,968 Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39 650 Suffolk Industrial Development Authority, Virginia, 9/16 at 100.00 N/R 494,286 Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Series 2006, 5.300%, 9/01/31 650 Virginia Beach Development Authority, Virginia, 11/15 at 100.00 N/R 606,509 Residential Care Facility Mortgage Revenue Bonds, Westminster Canterbury on Chesapeake Bay, Series 2005, 5.000%, 11/01/22 325 Winchester Industrial Development Authority, 1/15 at 100.00 N/R 299,387 Virginia, Residential Care Facility Revenue Bonds, Westminster-Canterbury of Winchester Inc., Series 2005A, 5.200%, 1/01/27 - ---------------------------------------------------------------------------------------------------------------------------------- 10,365 Total Long-Term Care 8,809,943 - ---------------------------------------------------------------------------------------------------------------------------------- MATERIALS - 0.7% (0.5% OF TOTAL INVESTMENTS) 165 Bedford County Industrial Development Authority, 2/10 at 100.00 B2 145,868 Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1998, 5.600%, 12/01/25 (Alternative Minimum Tax) (4) 460 Goochland County Industrial Development Authority, 12/09 at 100.50 B2 408,885 Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation Project, Series 1998, 5.650%, 12/01/25 (Alternative Minimum Tax) (4) - ---------------------------------------------------------------------------------------------------------------------------------- 625 Total Materials 554,753 - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL - 21.9% (15.0% of TOTAL INVESTMENTS) 1,750 Chesapeake, Virginia, General Obligation Bonds, 12/11 at 100.00 AA+ 1,916,775 Series 2001, 5.500%, 12/01/16 1,000 Loudoun County, Virginia, General Obligation Bonds, Series 2006, 5.000%, 12/01/25 12/16 at 100.00 AAA 1,101,380 95 Loudoun County, Virginia, General Obligation Public 5/12 at 100.00 AAA 99,802 Improvement Bonds, Series 2002A, 5.250%, 5/01/22 Powhatan County, Virginia, General Obligation Bonds, Series 2001: 660 5.000%, 1/15/23 - AMBAC Insured 1/11 at 101.00 A+ 687,674 1,000 5.000%, 1/15/27 - AMBAC Insured 1/11 at 101.00 A+ 1,014,220 Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 2002A: 1,950 5.000%, 10/01/18 10/12 at 101.00 AA 2,145,975 2,435 5.000%, 10/01/19 10/12 at 101.00 AA 2,679,718 - ----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 49 NNB | Nuveen Virginia Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/GENERAL (Continued) $ 1,280 Roanoke, Virginia, General Obligation Public 10/12 at 101.00 AA $ 1,344,013 Improvement Bonds, Series 2002B, 5.000%, 10/01/15 - FGIC Insured (Alternative Minimum Tax) 600 Virginia Beach, Virginia, General Obligation Bonds, 1/16 at 100.00 AAA 671,724 Series 2005, 5.000%, 1/15/20 2,900 Virginia Beach, Virginia, General Obligation Bonds, 10/17 at 100.00 AAA 3,167,699 5.000%, 10/01/26 (UB) 1,500 Virginia Beach, Virginia, General Obligation Public 6/11 at 101.00 AAA 1,593,060 Improvement Bonds, Series 2001, 5.000%, 6/01/19 1,420 Virginia Beach, Virginia, General Obligation Refunding 3/12 at 100.00 AAA 1,524,413 and Public Improvement Bonds, Series 2002, 5.000%, 3/01/21 - ---------------------------------------------------------------------------------------------------------------------------------- 16,590 Total Tax Obligation/General 17,946,453 - ---------------------------------------------------------------------------------------------------------------------------------- TAX OBLIGATION/LIMITED - 20.6% (14.1% of Total Investments) 121 Bell Creek Community Development Authority, Virginia, 3/13 at 101.00 N/R 109,304 Special Assessment Bonds, Series 2003A, 6.750%, 3/01/22 1,000 Broad Street Community Development Authority, Virginia, 6/13 at 102.00 N/R 860,410 Revenue Bonds, Series 2003, 7.500%, 6/01/33 Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A: 210 5.250%, 7/15/25 - ACA Insured 7/15 at 100.00 N/R 135,874 165 5.500%, 7/15/35 - ACA Insured 7/15 at 100.00 N/R 90,120 800 Fairfax County Economic Development Authority, Virginia, 5/16 at 100.00 AA+ 893,744 Lease Revenue Bonds, Joint Public Uses Community Project, Series 2006, 5.000%, 5/15/18 1,800 Loudoun County Industrial Development Authority, 3/13 at 100.00 AA+ 1,947,294 Virginia, Lease Revenue Refunding Bonds, Public Facility Project, Series 2003, 5.000%, 3/01/19 285 Montgomery County Industrial Development Authority, 2/18 at 100.00 AA- 297,406 Virginia, Public Facility Lease Revenue Bonds, Public Projects Series 2008, 5.000%, 2/01/29 1,300 Puerto Rico Highway and Transportation Authority, No Opt. Call BBB 1,237,093 Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC Insured 2,000 Puerto Rico Infrastructure Financing Authority, No Opt. Call BBB+ 530,060 Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/29 - AMBAC Insured 400 Puerto Rico Public Buildings Authority, Guaranteed 7/12 at 100.00 BBB- 390,560 Government Facilities Revenue Refunding Bonds, Series 2002D, 5.250%, 7/01/27 1,000 Spotsylvania County Industrial Development Authority, 8/13 at 100.00 N/R 1,013,100 Virginia, Lease Revenue Bonds, School Facilities, Series 2003B, 5.125%, 8/01/23 - AMBAC Insured 1,000 Stafford County and Staunton Industrial Development 8/16 at 100.00 A+ 1,050,210 Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 - NPFG Insured 1,610 Stafford County Economic Development Authority, Virginia, 4/18 at 100.00 AAA 1,647,352 Public Project Lease Revenue Bonds, 5.000%, 4/01/33 - AGC Insured (UB) 700 Virginia Beach Development Authority, Public Facilities 5/15 at 100.00 AA+ 764,771 Revenue Bonds, Series 2005A, 5.000%, 5/01/22 535 Virginia College Building Authority, Educational 2/19 at 100.00 AA+ 691,338 Facilities Revenue Bonds, 21st Century College Program, Series 2009, Trust 09-3B, 12.927%, 2/01/27 (IF) 535 Virginia College Building Authority, Educational 2/19 at 100.00 AA+ 677,037 Facilities Revenue Bonds, 21st Century College Program, Series 2009, Trust 09-4B, 13.008%, 2/01/28 (IF) 673 Virginia Gateway Community Development Authority, 3/13 at 102.00 N/R 628,420 Prince William County, Special Assessment Bonds, Series 2003, 6.375%, 3/01/30 2,540 Virginia Public School Authority, School Financing 8/11 at 101.00 AA+ 2,754,732 Bonds, 1997 Resolution, Series 2001B, 5.000%, 8/01/19 570 Virginia Public School Authority, School Financing 8/15 at 100.00 AA+ 646,933 Bonds, 1997 Resolution, Series 2005C, 5.000%, 8/01/17 540 Virginia Resources Authority, Infrastructure Revenue No Opt. Call AA 548,197 Bonds, Prerefunded-Pooled Loan Bond Program, Series 2001D, 5.000%, 5/01/26 - ---------------------------------------------------------------------------------------------------------------------------------- 17,784 Total Tax Obligation/Limited 16,913,955 - ----------------------------------------------------------------------------------------------------------------------------------
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- TRANSPORTATION - 3.9% (2.7% OF TOTAL INVESTMENTS) $ 1,000 Metropolitan Washington D.C. Airports Authority, 10/12 at 100.00 AA- $ 1,003,200 Airport System Revenue Bonds, Series 2002A, 5.125%, 10/01/26 - FGIC Insured (Alternative Minimum Tax) 1,500 Norfolk, Virginia, Parking System Revenue Bonds, 2/15 at 100.00 A 1,481,385 Series 2005A, 5.000%, 2/01/23 - NPFG Insured 825 Virginia Port Authority, Revenue Bonds, Port 7/13 at 100.00 Aa3 762,275 Authority Facilities, Series 2006, 5.000%, 7/01/36 - FGIC Insured (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- 3,325 Total Transportation 3,246,860 - ---------------------------------------------------------------------------------------------------------------------------------- U.S. GUARANTEED - 17.2% (11.8% OF TOTAL INVESTMENTS)(5) 165 Albemarle County Industrial Development Authority, 1/12 at 100.00 N/R(5) 183,414 Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of the Blue Ridge First Mortgage, Series 2001, 6.200%, 1/01/31 (Pre-refunded 1/01/12) 1,000 Bristol, Virginia, General Obligation Utility System No Opt. Call AAA 1,149,730 Revenue Bonds, Series 2002, 5.000%, 11/01/24 - FSA Insured (ETM) 40 Henrico County Economic Development Authority, Virginia, 11/12 at 100.00 A3(5) 45,438 Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30 (Pre-refunded 11/15/12) Loudoun County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Loudoun Hospital Center, Series 2002A: 250 6.000%, 6/01/22 (Pre-refunded 6/01/12) 6/12 at 101.00 N/R (5) 284,518 600 6.100%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 101.00 N/R (5) 684,330 1,000 Newport News, Virginia, General Obligation Bonds, 11/13 at 100.00 AA(5) 1,148,830 Series 2003B, 5.000%, 11/01/22 (Pre-refunded 11/01/13) 2,750 Puerto Rico Infrastructure Financing Authority, 10/10 at 101.00 AAA 2,898,555 Special Obligation Bonds, Series 2000A, 5.500%, 10/01/40 (Pre-refunded 10/01/10) 1,100 Puerto Rico Public Buildings Authority, Guaranteed 7/12 at 100.00 BBB-(5) 1,218,008 Government Facilities Revenue Refunding Bonds, Series 2002D, 5.250%, 7/01/27 (Pre-refunded 7/01/12) 455 Puerto Rico Public Finance Corporation, 2/12 at 100.00 AAA 499,663 Commonwealth Appropriation Bonds, Series 2002E, 5.500%, 8/01/29 (Pre-refunded 2/01/12) 445 Rockbridge County Industrial Development Authority, 7/11 at 105.00 B2(5) 489,260 Virginia, Horse Center Revenue Refunding Bonds, Series 2001C, 6.850%, 7/15/21 (Pre-refunded 7/15/11) 1,000 Staunton, Virginia, General Obligation Bonds, 2/14 at 101.00 Aa3(5) 1,213,490 Series 2004, 6.250%, 2/01/25 (Pre-refunded 2/01/14) - AMBAC Insured Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2005: 490 5.250%, 6/01/19 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 513,760 2,700 5.500%, 6/01/26 (Pre-refunded 6/01/15) 6/15 at 100.00 AAA 3,041,657 725 Virginia Resources Authority, Infrastructure Revenue Bonds, 5/10 at 101.00 AA(5) 746,598 Prerefunded-Pooled Loan Bond Program, Series 2001D, 5.000%, 5/01/26 (Pre-refunded 5/01/10) - ---------------------------------------------------------------------------------------------------------------------------------- 12,720 Total U.S. Guaranteed 14,117,251 - ---------------------------------------------------------------------------------------------------------------------------------- UTILITIES - 2.4% (1.6% OF TOTAL INVESTMENTS) 2,000 Mecklenburg County Industrial Development Authority, 10/12 at 100.00 Baa1 1,954,180 Virginia, Revenue Bonds, UAE Mecklenburg Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER - 17.0% (11.7% OF TOTAL INVESTMENTS) 805 Fairfax County Water Authority, Virginia, Water 4/12 at 100.00 AAA 835,856 Revenue Refunding Bonds, Series 2002, 5.000%, 4/01/27 Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001: 1,000 5.500%, 11/15/17 - FSA Insured No Opt. Call AAA 1,163,500 3,000 5.500%, 11/15/19 - FSA Insured No Opt. Call AAA 3,499,679 Norfolk, Virginia, Water Revenue Refunding Bonds, Series 2001: 1,080 5.000%, 11/01/18 - FGIC Insured 11/11 at 100.00 AA+ 1,137,100 1,190 5.000%, 11/01/19 - FGIC Insured 11/11 at 100.00 AA+ 1,252,915 1,525 5.000%, 11/01/24 - FGIC Insured 11/11 at 100.00 AA+ 1,608,036 1,000 Virginia Beach, Virginia, Water and Sewer System 10/15 at 100.00 AAA 1,032,610 Revenue Bonds, Series 2005, 5.000%, 10/01/30 2,250 Virginia Resources Authority, Water and Sewerage 5/11 at 101.00 AA 2,293,650 System Revenue Bonds, Caroline County Public Improvements Project, Series 2001, 5.000%, 5/01/32
Nuveen Investments 51 NNB | Nuveen Virginia Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ---------------------------------------------------------------------------------------------------------------------------------- WATER AND SEWER (Continued) $ 990 Virginia State Resources Authority, Clean Water 10/17 at 100.00 Aaa $ 1,140,995 Revenue Bonds, Series 2007, Trust 3036, 13.190%, 10/01/29 (IF) - ---------------------------------------------------------------------------------------------------------------------------------- 12,840 Total Water and Sewer 13,964,341 - ---------------------------------------------------------------------------------------------------------------------------------- $ 120,304 Total Investments (cost $119,381,219) - 145.8% 119,657,240 ==============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (3.6)% (2,980,000) ----------------------------------------------------------------------------------------------------------------- MuniFund Term Preferred Shares, at Liquidation Value - (52.7)% (6) (43,200,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 10.5% 8,569,008 ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $82,046,248 =================================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) The issuer has received a formal adverse determination from the Internal Revenue Service (the "IRS") regarding the tax-exempt status of the bonds' coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable. (5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (6) MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 36.1%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 52 Nuveen Investments | Statement of | ASSETS & LIABILITIES November 30, 2009 (Unaudited)
MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ---------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at value (cost $214,553,846, $86,214,950, $86,942,589 and $111,330,537, respectively) $ 220,127,082 $ 86,191,795 $ 87,275,971 $ 112,741,915 Cash 10,914,017 1,492,491 1,573,558 2,008,882 Cash equivalents -- -- -- -- Receivables: Interest 3,920,538 1,593,513 1,574,302 1,849,745 Investments sold 130,000 -- -- -- Deferred offering costs -- -- -- -- Other assets 38,562 13,330 10,881 13,288 - ---------------------------------------------------------------------------------------------------------------------------------- Total assets 235,130,199 89,291,129 90,434,712 116,613,830 - ---------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Floating rate obligations 9,962,000 3,973,000 3,840,000 4,255,000 Payables: Auction Rate Preferred shares noticed for redemption, at liquidation value -- -- -- -- Auction Rate Preferred share dividends 4,269 2,692 322 2,628 Common share dividends 611,163 246,467 250,271 312,125 Interest -- -- -- -- Offering costs -- -- -- -- MuniFund Term Preferred shares, at liquidation value -- -- -- -- Accrued expenses: Management fees 120,652 39,023 39,530 52,830 Other 94,087 40,938 41,278 51,451 - ---------------------------------------------------------------------------------------------------------------------------------- Total liabilities 10,792,171 4,302,120 4,171,401 4,674,034 - ---------------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares, at liquidation value 70,875,000 25,825,000 26,625,000 35,000,000 ================================================================================================================================== Net assets applicable to Common shares $ 153,463,028 $ 59,164,009 $ 59,638,311 $ 76,939,796 ================================================================================================================================== Common shares outstanding 10,641,816 4,193,517 4,196,367 5,363,909 ================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.42 $ 14.11 $ 14.21 $ 14.34 ================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ---------------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 106,418 $ 41,935 $ 41,964 $ 53,639 Paid-in surplus 147,818,663 59,506,700 59,542,517 75,721,708 Undistributed (Over-distribution of) net investment income 1,766,351 618,691 611,937 814,852 Accumulated net realized gain (loss) from investments (1,801,640) (980,162) (891,489) (1,061,781) Net unrealized appreciation (depreciation) of investments 5,573,236 (23,155) 333,382 1,411,378 - ---------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 153,463,028 $ 59,164,009 $ 59,638,311 $ 76,939,796 ================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Auction Rate Preferred Unlimited Unlimited Unlimited Unlimited MuniFund Term Preferred -- -- -- -- ==================================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 53 | Statement of | Assets & Liabilities (continued) November 30, 2009 (unaudited)
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ---------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at value (cost $185,636,969, $64,132,303 and $119,381,219, respectively) $ 187,158,201 $ 63,283,297 $ 119,657,240 Cash 1,528,441 3,756,776 6,697,941 Cash equivalents (1) -- 19,507,715 -- Receivables: Interest 3,056,967 1,017,792 1,823,432 Investments sold 15,025 -- -- Deferred offering costs -- 582,977 813,001 Other assets 35,454 10,714 21,114 - ---------------------------------------------------------------------------------------------------------------------------------- Total assets 191,794,088 88,159,271 129,012,728 - ---------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Floating rate obligations 4,630,000 1,640,000 2,980,000 Payables: Auction Rate Preferred shares noticed for redemption, at liquidation value -- 19,500,000 -- Auction Rate Preferred share dividends 3,257 1,463 3,348 Common share dividends 515,514 192,697 363,484 Interest -- 23,053 43,680 Offering costs -- 245,000 265,000 MuniFund Term Preferred shares, at liquidation value -- 22,800,000 43,200,000 Accrued expenses: Management fees 100,676 32,695 62,440 Other 75,731 29,416 48,528 - ---------------------------------------------------------------------------------------------------------------------------------- Total liabilities 5,325,178 44,464,324 46,966,480 - ---------------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares, at liquidation value 57,000,000 -- -- ================================================================================================================================== Net assets applicable to Common shares $ 129,468,910 $ 43,694,947 $ 82,046,248 ================================================================================================================================== Common shares outstanding 8,964,019 3,138,015 5,746,034 ================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.44 $ 13.92 $ 14.28 ================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ---------------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 89,640 $ 31,380 $ 57,460 Paid-in surplus 126,207,820 44,506,788 81,554,898 Undistributed (Over-distribution of) net investment income 1,736,160 533,003 832,662 Accumulated net realized gain (loss) from investments (85,942) (527,218) (674,793) Net unrealized appreciation (depreciation) of investments 1,521,232 (849,006) 276,021 - ---------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 129,468,910 $ 43,694,947 $ 82,046,248 ================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Auction Rate Preferred Unlimited Unlimited Unlimited MuniFund Term Preferred -- Unlimited Unlimited ==================================================================================================================================
(1) Segregated for the payment of Auction Rate Preferred shares noticed for redemption. See accompanying notes to financial statements. 54 Nuveen Investments | Statement of | Operations Six Months Ended November 30, 2009 (Unaudited)
MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ---------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $5,461,157 $2,250,950 $2,245,237 $2,726,632 - ---------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 727,963 277,057 281,187 362,709 Auction fees 53,302 19,422 20,024 26,323 Dividend disbursing agent fees 10,023 5,011 5,011 5,011 Shareholders' servicing agent fees and expenses 8,265 690 455 554 Interest expense and amortization of offering costs 46,041 18,309 17,655 19,370 Custodian's fees and expenses 22,899 11,638 11,833 13,830 Trustees' fees and expenses 2,471 940 978 1,233 Professional fees 9,818 6,285 6,300 6,890 Shareholders' reports - printing and mailing expenses 27,517 11,361 12,257 14,712 Stock exchange listing fees 4,622 296 296 380 Investor relations expense 9,801 3,770 3,907 4,882 Other expenses 11,158 9,085 9,123 9,526 - ---------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 933,880 363,864 369,026 465,420 Custodian fee credit (542) (58) (48) (83) Expense reimbursement -- (43,061) (58,080) (74,789) - ---------------------------------------------------------------------------------------------------------------------------------- Net expenses 933,338 320,745 310,898 390,548 - ---------------------------------------------------------------------------------------------------------------------------------- Net investment income 4,527,819 1,930,205 1,934,339 2,336,084 - ---------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 77,515 (6,780) 16,793 (11,282) Change in net unrealized appreciation (depreciation) of investments 8,325,385 4,299,194 4,099,732 5,297,143 - ---------------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) 8,402,900 4,292,414 4,116,525 5,285,861 - ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS From net investment income (165,799) (60,324) (61,975) (83,078) - ---------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders (165,799) (60,324) (61,975) (83,078) - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $12,764,920 $6,162,295 $5,988,889 $7,538,867 ==================================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 55 | Statement of | Operations (continued) Six Months Ended November 30, 2009 (Unaudited)
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - -------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $4,863,001 $1,764,831 $3,176,357 - -------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 608,423 211,107 405,837 Auction fees 43,548 14,693 27,547 Dividend disbursing agent fees 10,023 5,011 5,011 Shareholders' servicing agent fees and expenses 6,997 456 564 Interest expense and amortization of offering costs 13,966 30,557 51,452 Custodian's fees and expenses 19,766 9,606 13,902 Trustees' fees and expenses 2,107 717 1,353 Professional fees 8,652 5,685 7,189 Shareholders' reports - printing and mailing expenses 23,782 9,193 14,381 Stock exchange listing fees 4,627 221 406 Investor relations expense 8,409 2,776 4,932 Other expenses 10,630 8,823 9,678 - -------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 760,930 298,845 542,252 Custodian fee credit (128) (47) (70) Expense reimbursement -- (32,814) (94,708) - -------------------------------------------------------------------------------------------------------------------------------- Net expenses 760,802 265,984 447,474 - -------------------------------------------------------------------------------------------------------------------------------- Net investment income 4,102,199 1,498,847 2,728,883 - -------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 337 128 32 Change in net unrealized appreciation (depreciation) of investments 5,513,719 2,519,500 4,813,020 - -------------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) 5,514,056 2,519,628 4,813,052 - -------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS From net investment income (135,313) (46,282) (87,498) - -------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders (135,313) (46,282) (87,498) - -------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $9,480,942 $3,972,193 $7,454,437 ================================================================================================================================
See accompanying notes to financial statements. 56 Nuveen Investments | Statement of | Changes in Net Assets (Unaudited)
MARYLAND PREMIUM MARYLAND DIVIDEND MARYLAND DIVIDEND INCOME (NMY) ADVANTAGE (NFM) ADVANTAGE 2 (NZR) --------------------------- --------------------------- ------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 11/30/09 5/31/09 11/30/09 5/31/09 11/30/09 5/31/09 - ---------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 4,527,819 $ 9,449,559 $ 1,930,205 $ 3,990,112 $ 1,934,339 $ 3,972,583 Net realized gain (loss) from investments 77,515 (1,683,796) (6,780) (792,574) 16,793 (904,510) Change in net unrealized appreciation (depreciation) of investments 8,325,385 (5,452,149) 4,299,194 (4,198,728) 4,099,732 (4,008,113) Distributions to Auction Rate Preferred Shareholders: From net investment income (165,799) (1,728,826) (60,324) (710,514) (61,975) (687,710) From accumulated net realized gains -- (112,500) -- -- -- (49,933) - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 12,764,920 472,288 6,162,295 (1,711,704) 5,988,889 (1,677,683) - ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (3,830,751) (6,676,649) (1,547,098) (2,946,556) (1,548,348) (2,950,782) From accumulated net realized gains -- (285,154) -- -- -- (145,966) - ---------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (3,830,751) (6,961,803) (1,547,098) (2,946,556) (1,548,348) (3,096,748) - ---------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 24,415 -- 41,978 65,451 12,356 39,025 - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions 24,415 -- 41,978 65,451 12,356 39,025 - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares 8,958,584 (6,489,515) 4,657,175 (4,592,809) 4,452,897 (4,735,406) Net assets applicable to Common shares at the beginning of period 144,504,444 150,993,959 54,506,834 59,099,643 55,185,414 59,920,820 - ---------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $153,463,028 $144,504,444 $59,164,009 $54,506,834 $59,638,311 $55,185,414 ================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,766,351 $ 1,235,082 $ 618,691 $ 295,908 $ 611,937 $ 287,921 ==================================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 57 | Statement of | Changes in Net Assets (Unaudited) (continued)
MARYLAND DIVIDEND VIRGINIA PREMIUM VIRGINIA DIVIDEND ADVANTAGE 3 (NWI) INCOME (NPV) ADVANTAGE (NGB) -------------------------- --------------------------- -------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 11/30/09 5/31/09 11/30/09 5/31/09 11/30/09 5/31/09 - ---------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 2,336,084 $ 4,774,513 $ 4,102,199 $ 8,077,037 $ 1,498,847 $ 2,929,798 Net realized gain (loss) from investments (11,282) (1,006,050) 337 (88,740) 128 (527,444) Change in net unrealized appreciation (depreciation) of investments 5,297,143 (3,207,766) 5,513,719 (5,786,157) 2,519,500 (3,315,707) Distributions to Auction Rate Preferred Shareholders: From net investment income (83,078) (858,983) (135,313) (1,346,825) (46,282) (533,312) From accumulated net realized gains -- (32,339) -- (146,513) -- (12,768) - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 7,538,867 (330,625) 9,480,942 708,802 3,972,193 (1,459,433) - ---------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (1,931,007) (3,451,676) (3,372,372) (5,849,607) (1,185,860) (2,167,450) From accumulated net realized gains -- (90,650) -- (428,050) -- (41,689) - ---------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (1,931,007) (3,542,326) (3,372,372) (6,277,657) (1,185,860) (2,209,139) - ---------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- 241,166 175,724 27,960 37,122 - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- 241,166 175,724 27,960 37,122 - ---------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares 5,607,860 (3,872,951) 6,349,736 (5,393,131) 2,814,293 (3,631,450) Net assets applicable to Common shares at the beginning of period 71,331,936 75,204,887 123,119,174 128,512,305 40,880,654 44,512,104 - ---------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $76,939,796 $71,331,936 $129,468,910 $123,119,174 $43,694,947 $40,880,654 ================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 814,852 $ 492,853 $ 1,736,160 $ 1,141,646 $ 533,003 $ 266,298 ==================================================================================================================================
58 Nuveen Investments | Statement of | Changes in Net Assets (Unaudited) (continued)
VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) ------------------------------- SIX MONTHS YEAR ENDED ENDED 11/30/09 5/31/09 - ---------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 2,728,883 $ 5,570,292 Net realized gain (loss) from investments 32 (661,202) Change in net unrealized appreciation (depreciation) of investments 4,813,020 (5,657,242) Distributions to Auction Rate Preferred Shareholders: From net investment income (87,498) (940,842) From accumulated net realized gains -- (13,944) - ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 7,454,437 (1,702,938) - ---------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (2,205,667) (4,123,820) From accumulated net realized gains -- (41,880) - ---------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (2,205,667) (4,165,700) - ---------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 71,146 123,400 - ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions 71,146 123,400 - ---------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares 5,319,916 (5,745,238) Net assets applicable to Common shares at the beginning of period 76,726,332 82,471,570 - ---------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $82,046,248 $76,726,332 ================================================================================================================ Undistributed (Over-distribution of) net investment income at the end of period $ 832,662 $ 396,944 ================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 59 | Notes to | FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Maryland Premium Income Municipal Fund (NMY), Nuveen Maryland Dividend Advantage Municipal Fund (NFM), Nuveen Maryland Dividend Advantage Municipal Fund 2 (NZR), Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI), Nuveen Virginia Premium Income Municipal Fund (NPV), Nuveen Virginia Dividend Advantage Municipal Fund (NGB) and Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB) (collectively, the "Funds"). Common shares of Maryland Premium Income (NMY) and Virginia Premium Income (NPV) are traded on the New York Stock Exchange (NYSE) while Common shares of Maryland Dividend Advantage (NFM), Maryland Dividend Advantage 2 (NZR), Maryland Dividend Advantage 3 (NWI), Virginia Dividend Advantage (NGB) and Virginia Dividend Advantage 2 (NNB) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies. 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. In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification(TM) (the "Codification") as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The Codification supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification did not have a material effect on the Funds' financial statements. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with US generally accepted accounting principles. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Trustees. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including 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. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. 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 segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At November 30, 2009, there were no such outstanding purchase commitments in any of the Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also includes paydown gains and losses, if any. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. 60 Nuveen Investments 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. Dividends and Distributions to Common Shareholders Dividends from tax-exempt 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 tax-exempt 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 US generally accepted accounting principles. Auction Rate Preferred Shares The following Funds have issued and outstanding Auction Rate Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Auction Rate Preferred shares are issued in one or more Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of November 30, 2009, the number of Auction Rate Preferred shares outstanding, by Series and in total, for each Fund is as follows:
MARYLAND MARYLAND MARYLAND MARYLAND VIRGINIA PREMIUM DIVIDEND DIVIDEND DIVIDEND PREMIUM INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 INCOME (NMY) (NFM) (NZR) (NWI) (NPV) - ---------------------------------------------------------------------------------------- Number of shares: Series M -- 1,033 -- -- -- Series T -- -- -- 1,400 743 Series W 1,258 -- -- -- -- Series TH 1,577 -- -- -- 1,537 Series F -- -- 1,065 -- -- - ---------------------------------------------------------------------------------------- Total 2,835 1,033 1,065 1,400 2,280 ========================================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the Auction Rate Preferred shares issued by the Funds than there were offers to buy. This meant that these auctions "failed to clear,'' and that many Auction Rate Preferred shareholders who wanted to sell their shares in these auctions were unable to do so. Auction Rate Preferred shareholders unable to sell their shares received distributions at the "maximum rate'' applicable to failed auctions as calculated in accordance with the pre-established terms of the Auction Rate Preferred shares. These developments have generally not affected the portfolio management or investment policies of these Funds. However, one continuing implication of these auction failures for Common shareholders is that the Funds' cost of leverage will likely be higher at times than it otherwise would have been had the auctions continued to be successful. As a result, the Funds' future Common share earnings may likely have been incrementally lower than they otherwise would have been. As of November 30, 2009, the aggregate amount of outstanding Auction Rate Preferred shares redeemed and/or noticed for redemption by each Fund is as follows:
MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ----------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed and/or noticed for redemption, at liquidation value $8,225,000 $6,175,000 $5,375,000 $4,000,000 =============================================================================================================================
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - --------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed and/or noticed for redemption, at liquidation value $6,800,000 $24,000,000 $42,000,000 ===============================================================================================================
Nuveen Investments 61 | Notes to | Financial Statements (Unaudited) (continued) MuniFund Term Preferred Shares During the six months ended November 30, 2009, Virginia Dividend Advantage (NGB) and Virginia Dividend Advantage 2 (NNB) issued $22,800,000 and $43,200,000, respectively, of 2.80%, Series 2014 MuniFund Term Preferred shares, with a $10 liquidation value per share. Dividends, which are recognized as interest expense for financial reporting purposes, will be paid monthly at a fixed annual rate of 2.80%, subject to adjustment in certain circumstances. Proceeds from the issuance of MuniFund Term Preferred shares, net of offering expenses, were used to redeem a portion of Virginia Dividend Advantage's (NGB) and Virginia Dividend Advantage 2's (NNB) outstanding Auction Rate Preferred shares totaling $19,500,000 and $36,925,000. The Funds are obligated to redeem the MuniFund Term Preferred shares on December 1, 2014, unless earlier redeemed or repurchased by the Funds. MuniFund Term Preferred shares are subject to optional and mandatory redemption in certain circumstances. As of December 1, 2010, the MuniFund Term Preferred shares will be subject to redemption at the option of the Funds, subject to payment of a premium until November 30, 2011, and at par thereafter. The MuniFund Term Preferred shares also will be subject to redemption, at the option of the Funds, at par in the event of certain changes in the credit rating of the MuniFund Term Preferred shares. The Funds may be obligated to redeem certain of the MuniFund Term Preferred shares if the Funds fail to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The MuniFund Term Preferred shares trade on the NYSE under the symbol "NGB Pr C" and "NNB Pr C" for Virginia Dividend Advantage (NGB) and Virginia Dividend Advantage 2 (NNB), respectively. During the periods from November 4, 2009 and from November 18, 2009 through November 30, 2009, Virginia Dividend Advantage 2 (NNB) and Virginia Dividend Advantage (NGB) had average balances of $40,000,000 and $21,346,154 MuniFund Term Preferred shares outstanding, respectively. For financial reporting purposes only, the liquidation value of MuniFund Term Preferred shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on the MuniFund Term Preferred shares are recognized as "Interest payable" on the Statement of Assets and Liabilities. Dividends paid on the MuniFund Term Preferred shares are included as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Inverse Floating Rate Securities Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond's par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an "inverse floater") that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond. A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an "externally-deposited inverse floater"), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a "self-deposited inverse floater"). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as "(IF) - Inverse floating rate investment." An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as "(UB) - Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund accounting for the short-term floating rate certificates issued by the trust as "Floating rate obligations" on the Statement of Assets and Liabilities. In addition, the Fund reflects in Investment Income the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. During the six months ended November 30, 2009, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters. Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse trust" or "credit recovery swap") (such agreements referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund's inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is included as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities. 62 Nuveen Investments At November 30, 2009, the Funds were not invested in externally-deposited Recourse Trusts.
MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ----------------------------------------------------------------------------------------------- Maximum exposure to Recourse Trusts $-- $-- $-- $-- ===============================================================================================
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ------------------------------------------------------------------------------- Maximum exposure to Recourse Trusts $-- $-- $-- ===============================================================================
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended November 30, 2009, were as follows:
MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ----------------------------------------------------------------------------------------------------------- Average floating rate obligations outstanding $9,962,000 $3,973,000 $3,840,000 $4,255,000 Average annual interest rate and fees .92% .92% .92% .91% ===========================================================================================================
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ------------------------------------------------------------------------------------------ Average floating rate obligations outstanding $4,630,000 $1,640,000 $2,980,000 Average annual interest rate and fees .60% .60% .60% ==========================================================================================
Derivative Financial Instruments Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although each Fund is authorized to invest in such derivative instruments, and may do so in the future, they did make any such investments during the six months ended November 30, 2009. 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. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees futures contracts against default. Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), 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 predetermined threshold amount. Zero Coupon Securities Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt 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. Such securities are included in the Portfolios of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically. Nuveen Investments 63 | NOTES TO | Financial Statements (unaudited) (continued) Offering Costs Costs incurred by Virginia Dividend Advantage (NGB) and Virginia Dividend Advantage 2 (NNB) in connection with their offering of MuniFund Term Preferred shares ($587,000 and $818,500, respectively) were recorded as a deferred charge which will be amortized over the 5-year life of the shares. Each Fund's amortized deferred charges are included as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank. Indemnifications Under the Funds' organizational documents, their Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 2. FAIR VALUE MEASUREMENTS In determining the value of each Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below: Level 1 - Quoted prices in active markets for identical securities. Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of November 30, 2009:
MARYLAND PREMIUM INCOME (NMY) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ------------------------------------------------------------------------------------------------ Investments: Municipal Bonds $-- $220,127,082 $-- $220,127,082 ================================================================================================ MARYLAND DIVIDEND ADVANTAGE (NFM) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ------------------------------------------------------------------------------------------------ Investments: Municipal Bonds $-- $86,191,795 $-- $86,191,795 ================================================================================================ MARYLAND DIVIDEND ADVANTAGE 2 (NZR) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ------------------------------------------------------------------------------------------------ Investments: Municipal Bonds $-- $87,275,971 $-- $87,275,971 ================================================================================================ MARYLAND DIVIDEND ADVANTAGE 3 (NWI) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ------------------------------------------------------------------------------------------------ Investments: Municipal Bonds $-- $112,741,915 $-- $112,741,915 ================================================================================================ VIRGINIA PREMIUM INCOME (NPV) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ------------------------------------------------------------------------------------------------ Investments: Municipal Bonds $-- $187,158,201 $-- $187,158,201 ================================================================================================ VIRGINIA DIVIDEND ADVANTAGE (NGB) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ------------------------------------------------------------------------------------------------ Investments: Municipal Bonds $-- $63,283,297 $-- $63,283,297 ================================================================================================
64 Nuveen Investments
VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $-- $119,657,240 $-- $119,657,240 =================================================================================================
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended November 30, 2009. 4. FUND SHARES Common Shares Since the inception of the Funds' repurchase program, the Funds have not repurchased any of their outstanding Common Shares. Transactions in Common shares were as follows:
MARYLAND PREMIUM MARYLAND DIVIDEND MARYLAND DIVIDEND INCOME (NMY) ADVANTAGE (NFM) ADVANTAGE 2 (NZR) ------------------------ ------------------------- ------------------------ SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 11/30/09 5/31/09 11/30/09 5/31/09 11/30/09 5/31/09 - ------------------------------------------------------------------------------------------------------------------------ Common shares issued to shareholders due to reinvestment of distributions 1,740 -- 3,167 5,006 924 2,892 ========================================================================================================================
MARYLAND DIVIDEND VIRGINIA PREMIUM VIRGINIA DIVIDEND ADVANTAGE 3 (NWI) INCOME (NPV) ADVANTAGE (NGB) --------------------- ---------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 11/30/09 5/31/09 11/30/09 5/31/09 11/30/09 5/31/09 - ------------------------------------------------------------------------------------------------------------------ Common shares issued to shareholders due to reinvestment of distributions -- -- 17,007 13,477 2,029 2,924 ==================================================================================================================
VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) ------------------------- SIX MONTHS YEAR ENDED ENDED 11/30/09 5/31/09 - ------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 5,155 9,369 =================================================================== Auction Rate Preferred Shares Transactions in Auction Rate Preferred shares were as follows:
MARYLAND MARYLAND PREMIUM INCOME (NMY) DIVIDEND ADVANTAGE (NFM) ------------------------------------------ ------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 11/30/09 5/31/09 11/30/09 5/31/09 --------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - --------------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed and/or noticed for redemption: Series M -- $-- -- $ -- -- $-- 247 $6,175,000 Series W -- -- 146 3,650,000 -- -- -- -- Series TH -- -- 183 4,575,000 -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Total -- $-- 329 $8,225,000 -- $-- 247 $6,175,000 =================================================================================================================================
Nuveen Investments 65 | Notes to | Financial statements (Unaudited) (continued)
MARYLAND MARYLAND DIVIDEND ADVANTAGE 2 (NZR) DIVIDEND ADVANTAGE 3 (NWI) ------------------------------------------ ------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 11/30/09 5/31/09 11/30/09 5/31/09 --------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - --------------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed and/or noticed for redemption: Series T -- $-- -- $ -- -- $-- 160 $4,000,000 Series F -- -- 215 5,375,000 -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Total -- $-- 215 $5,375,000 -- $-- 160 $4,000,000 =================================================================================================================================
VIRGINIA VIRGINIA PREMIUM INCOME (NPV) DIVIDEND ADVANTAGE (NGB) ------------------------------------------ ------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 11/30/09 5/31/09 11/30/09 5/31/09 --------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - --------------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed and/or noticed for redemption: Series T 89 $2,225,000 -- $-- -- $ -- -- $ -- Series W -- -- -- -- 780 19,500,000 180 4,500,000 Series TH 183 4,575,000 -- -- -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Total 272 $6,800,000 -- $-- 780 $19,500,000 180 $4,500,000 =================================================================================================================================
CAPTION> VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) --------------------------------------------- SIX MONTHS YEAR ENDED ENDED 11/30/09 5/31/09 --------------------------------------------- SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------ Auction Rate Preferred shares redeemed and/or noticed for redemption: Series M 1,647 $41,175,000 33 $825,000 ======================================================================================================
Transactions in MuniFund Term Preferred shares were as follows:
VIRGINIA VIRGINIA PREMIUM INCOME (NPV) DIVIDEND ADVANTAGE (NGB) ----------------------------------------- ------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 11/30/09 5/31/09 11/30/09 5/31/09 ------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------- MuniFund Term Preferred shares issued: Series 2014 2,280,000 $22,800,000 N/A N/A 4,320,000 $43,200,000 N/A N/A ===================================================================================================================
N/A - The Fund was not authorized to issue MuniFund Term Preferred shares prior to November 4, 2009. 66 Nuveen Investments 5. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments) during the six months ended November 30, 2009, were as follows: MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - -------------------------------------------------------------------------------- Purchases $3,000,000 $ -- $ -- $ -- Sales and maturities 3,680,000 210,000 972,500 206,000 ================================================================================ VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ---------------------------------------------------------------- Purchases $ -- $ -- $ -- Sales and maturities 255,000 90,000 18,000 ================================================================ 6. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At November 30, 2009, the cost of investments was as follows: MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ------------------------------------------------------------------------------- Cost of investments $205,577,529 $82,535,011 $83,370,161 $107,415,245 =============================================================================== VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ------------------------------------------------------------------------------- Cost of investments $180,932,357 $62,471,429 $116,367,287 =============================================================================== Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2009, were as follows:
MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ----------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $11,156,321 $ 2,833,007 $ 3,278,109 $ 4,614,387 Depreciation (6,568,684) (3,149,709) (3,211,835) (3,542,751) - ----------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 4,587,637 $ (316,702) $ 66,274 $ 1,071,636 =============================================================================================================================
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ----------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $ 7,699,267 $ 2,071,702 $ 4,928,856 Depreciation (6,103,643) (2,899,605) (4,618,909) - ----------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 1,595,624 $ (827,903) $ 309,947 =============================================================================================================================
Nuveen Investments 67 | Notes to | Financial Statements (Unaudited) (continued) The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at May 31, 2009, the Funds' last tax year end, were as follows:
MARYLAND MARYLAND MARYLAND MARYLAND DIVIDEND PREMIUM DIVIDEND DIVIDEND ADVANTAGE INCOME ADVANTAGE 2 ADVANTAGE 3 (NFM) (NMY) (NZR) (NWI) - ----------------------------------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income * $1,696,207 $483,436 $ 470,204 $ 749,367 Undistributed net ordinary income ** 1,855 1,079 1,893 942 Undistributed net long-term capital gains -- -- -- -- ==================================================================================================================================
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ----------------------------------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income * $1,327,566 $443,872 $ 697,366 Undistributed net ordinary income ** 293,982 -- 22,698 Undistributed net long-term capital gains -- -- -- ===================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2009, paid on June 1, 2009. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the Funds' last tax year ended May 31, 2009, was designated for purposes of the dividends paid deduction as follows:
MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ----------------------------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $8,324,864 $3,659,376 $ 3,640,847 $ 4,289,441 Distributions from net ordinary income ** 77,563 -- 70,350 237 Distributions from net long-term capital gains 320,091 -- 125,548 122,752 ===================================================================================================================================
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ----------------------------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $7,136,962 $2,687,055 $ 5,042,415 Distributions from net ordinary income ** 109,247 -- 18,305 Distributions from net long-term capital gains 465,316 54,457 55,824 ===================================================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At May 31, 2009, the Funds' last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
Maryland Maryland Maryland Maryland Premium Dividend Dividend Dividend Income Advantage Advantage 2 Advantage 3 (NMY) (NFM) (NZR) (NWI) - ----------------------------------------------------------------------------------------------------------------------------------- Expiration: May 31, 2012 $ -- $106,052 $ -- $ -- May 31, 2013 -- 15,613 -- -- May 31, 2014 -- 62,054 -- -- May 31, 2017 718,691 419,436 559,268 641,931 - ----------------------------------------------------------------------------------------------------------------------------------- Total $718,691 $603,155 $559,268 $641,931 ===================================================================================================================================
68 Nuveen Investments
Virginia Virginia Virginia Premium Dividend Dividend Income Advantage Advantage 2 (NPV) (NGB) (NNB) - ----------------------------------------------------------------------------------------------------------------------------------- Expiration: May 31, 2012 $ -- $ -- $ -- May 31, 2013 -- -- -- May 31, 2014 -- -- -- May 31, 2017 86,279 167,151 118,100 - ----------------------------------------------------------------------------------------------------------------------------------- Total $86,279 $ 167,151 $ 118,100 ===================================================================================================================================
The following Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through May 31, 2009, the Funds' last tax year end, ("post-October losses") in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year:
VIRGINIA VIRGINIA DIVIDEND DIVIDEND ADVANTAGE ADVANTAGE 2 (NGB) (NNB) - ---------------------------------------------------------------------------------------------------------------------------------- Post-October capital losses $360,192 $547,756 ==================================================================================================================================
7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets of each Fund as follows:
MARYLAND PREMIUM INCOME (NMY) VIRGINIA PREMIUM INCOME (NPV) AVERAGE DAILY NET ASSETS (1) 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 net assets over $5 billion .3750 ==========================================================================================================
MARYLAND DIVIDEND ADVANTAGE (NFM) MARYLAND DIVIDEND ADVANTAGE 2 (NZR) MARYLAND DIVIDEND ADVANTAGE 3 (NWI) VIRGINIA DIVIDEND ADVANTAGE (NGB) VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) AVERAGE DAILY NET ASSETS (1) 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 net assets over $2 billion .3750 ==========================================================================================================
The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of November 30, 2009, the complex-level fee rate was .1896%. Nuveen Investments 69 | Notes to | Financial Statements (Unaudited) (continued) The complex-level fee schedule is as follows:
COMPLEX-LEVEL NET ASSET BREAKPOINT LEVEL (1) 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 ========================================================================================================
(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fee components, daily managed net assets includes assets managed by the Adviser that are attributable to each Fund's use of financial leverage. For these purposes, financial leverage includes the funds' 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 the TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed net assets in certain circumstances. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. 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. For the first ten years of Maryland Dividend Advantage's (NFM) and Virginia Dividend Advantage's (NGB) operations, the Adviser has agreed to reimburse the Funds, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING JANUARY 31, JANUARY 31, - ---------------------------------------------------------------------------------------------------------------------- 2001* .30% 2007 .25% 2002 .30 2008 .20 2003 .30 2009 .15 2004 .30 2010 .10 2005 .30 2011 .05 2006 .30 ======================================================================================================================
* From the commencement of operations. The Adviser has not agreed to reimburse Maryland Dividend Advantage (NFM) and Virginia Dividend Advantage (NGB) for any portion of their fees and expenses beyond January 31, 2011. 70 Nuveen Investments For the first ten years of Maryland Dividend Advantage 2's (NZR) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING SEPTEMBER 30, SEPTEMBER 30, - --------------------------------------------------------------------------------------------------------------------- 2001* .30% 2007 .25% 2002 .30 2008 .20 2003 .30 2009 .15 2004 .30 2010 .10 2005 .30 2011 .05 2006 .30 =====================================================================================================================
* From the commencement of operations. The Adviser has not agreed to reimburse Maryland Dividend Advantage 2 (NZR) for any portion of its fees and expenses beyond September 30, 2011. For the first eight years of Maryland Dividend Advantage 3's (NWI) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below:
Year Ending Year Ending September 30, September 30, - --------------------------------------------------------------------------------------------------------------------- 2002* .32% 2007 .32% 2003 .32 2008 .24 2004 .32 2009 .16 2005 .32 2010 .08 2006 .32 =====================================================================================================================
* From the commencement of operations. The Adviser has not agreed to reimburse Maryland Dividend Advantage 3 (NWI) for any portion of its fees and expenses beyond September 30, 2010. For the first ten years of Virginia Dividend Advantage 2's (NNB) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, - --------------------------------------------------------------------------------------------------------------------- 2001* .30% 2007 .25% 2002 .30 2008 .20 2003 .30 2009 .15 2004 .30 2010 .10 2005 .30 2011 .05 2006 .30 =====================================================================================================================
* From the commencement of operations. The Adviser has not agreed to reimburse Virginia Dividend Advantage 2 (NNB) for any portion of its fees and expenses beyond November 30, 2011. 8. NEW ACCOUNTING STANDARDS Accounting for Transfers of Financial Assets During June 2009, the FASB issued changes to the authoritative guidance under GAAP on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and transferor's continuing involvement, if any, in transferred financial assets. This guidance is effective as of the beginning of each reporting entity's first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any. Nuveen Investments 71 | Notes to | Financial Statements (Unaudited) (continued) 9. Subsequent Events Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on December 31, 2009, to shareholders of record on December 15, 2009, as follows:
MARYLAND MARYLAND MARYLAND MARYLAND PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NMY) (NFM) (NZR) (NWI) - ----------------------------------------------------------------------------------------------------------- Dividend per share $ .0620 $ .0650 $ .0650 $ .0630 ===========================================================================================================
VIRGINIA VIRGINIA VIRGINIA PREMIUM DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 (NPV) (NGB) (NNB) - ----------------------------------------------------------------------------------------------------------- Dividend per share $ .0670 $ .0640 $.0660 ===========================================================================================================
At the same time, Virginia Premium Income (NPV) and Virginia Dividend Advantage 2 (NNB) declared ordinary income distributions of $.0267 and $.0037, respectively. Distributions to MuniFund Term Preferred Shareholders Virginia Dividend Advantage (NGB) and Virginia Dividend Advantage 2 (NNB) declared their initial dividend distributions of $0.033444 and $0.044333, respectively, which were paid on December 31, 2009, to shareholders of record on December 15, 2009. MuniFund Term Preferred Shares As discussed in the Portfolio Manager's Comments section, subsequent to the reporting period, Virginia Premium Income (NPV) entered into an agreement to issue $29.2 million of 2.65%, Series 2015 MuniFund Term Preferred, which issuance is expected to occur on January 26, 2010. Subsequent to the reporting period, Maryland Premium Income (NMY), Maryland Dividend Advantage (NFM), Maryland Dividend Advantage 2 (NZR) and Maryland Dividend Advantage 3 (NWI) filed with the SEC a registration statement seeking to register MuniFund Term Preferred shares. These registration statements, declared effective by the SEC, enables the Funds to issue the public shares of MuniFund Term Preferred to refinance all or a portion of each Fund's auction rate preferred shares. The issuance of MuniFund Term Preferred shares by these Funds is subject to market conditions. There is no assurance that these MuniFund Term Preferred shares will be issued. Evaluation Date In May 2009, the FASB issued changes to authoritative guidance under GAAP for subsequent events. This guidance requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. This guidance is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date - that is, whether that date represents the date the financial statements were issued or were available to be issued. This guidance is effective for interim and annual periods ending after June 15, 2009. The Funds have performed an evaluation of subsequent events through January 25, 2009, which is the date the financial statements were issued. 72 Nuveen Investments | Financial | Highlights (Unaudited) Nuveen Investments 73 | Financial | Highlights (Unaudited) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS --------------------------------------------------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM INVESTMENT CAPITAL BEGINNING INCOME TO GAINS TO COMMON NET AUCTION RATE AUCTION RATE SHARE NET REALIZED/ PREFERRED PREFERRED NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL - ------------------------------------------------------------------------------------------------------- MARYLAND PREMIUM INCOME (NMY) - ------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ 13.58 $ .43 $ .79 $ (.02) $ -- $ 1.20 2009 14.19 .89 (.67) (.16) (.01) .05 2008 14.57 .88 (.41) (.24) -- .23 2007 14.47 .88 .12 (.23) -- .77 2006 15.12 .89 (.56) (.18) -- .15 2005 14.28 .92 .92 (.10) -- 1.74 MARYLAND DIVIDEND ADVANTAGE (NFM) - ------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 13.01 .46 1.02 (.01) -- 1.47 2009 14.12 .95 (1.19) (.17) -- (.41) 2008 14.65 .95 (.54) (.24) -- .17 2007 14.57 .95 .12 (.24) -- .83 2006 15.13 .95 (.47) (.19) -- .29 2005 14.43 .98 .75 (.10) -- 1.63 =======================================================================================================
Less Distributions ------------------------------------ Net Investment Capital Ending Income to Gains to Common Common Common Share Ending Share- Share- Net Asset Market holders holders Total Value Value - --------------------------------------------------------------------------------------- Maryland Premium Income (NMY) - --------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ (.36) $ -- $ (.36) $ 14.42 $ 13.85 2009 (.63) (.03) (.66) 13.58 12.68 2008 (.61) -- (.61) 14.19 13.10 2007 (.67) -- (.67) 14.57 14.84 2006 (.78) (.02) (.80) 14.47 14.52 2005 (.90) -- (.90) 15.12 15.78 Maryland Dividend Advantage (NFM) - --------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) (.37) -- (.37) 14.11 13.52 2009 (.70) -- (.70) 13.01 13.05 2008 (.70) -- (.70) 14.12 14.19 2007 (.75) -- (.75) 14.65 15.28 2006 (.85) -- (.85) 14.57 15.19 2005 (.93) -- (.93) 15.13 15.63 =======================================================================================
Auction Rate Preferred Shares at End of Period ---------------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share - ----------------------------------------------------------------- Maryland Premium Income (NMY) - ----------------------------------------------------------------- Year Ended 5/31: 2010(b) $ 70,875 $ 25,000 $ 79,132 2009 70,875 25,000 75,972 2008 79,100 25,000 72,722 2007 79,100 25,000 73,990 2006 79,100 25,000 73,620 2005 79,100 25,000 75,726 Maryland Dividend Advantage (NFM) - ----------------------------------------------------------------- Year Ended 5/31: 2010(b) 25,825 25,000 82,274 2009 25,825 25,000 77,766 2008 32,000 25,000 71,172 2007 32,000 25,000 72,860 2006 32,000 25,000 72,470 2005 32,000 25,000 74,259 =================================================================
74 Nuveen Investments
Ratios/Supplemental Data --------------------------------------------------------------- Ratios to Average Net Assets Applicable to Common Shares Total Returns Before Reimbursement ---------------------- --------------------------------------------- Based Ending on Net Based Common Assets on Share Net Applicable Expenses Expenses Net Market Asset to Common Including Excluding Investment Value* Value* Shares (000) Interest++(a) Interest++ Income++ - ------------------------------------------------------------------------------------------------------------------------ Maryland Premium Income (NMY) - ------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2010(b) 12.10% 8.92% $ 153,463 1.25%*** 1.19%*** 6.05%*** 2009 2.57 .66 144,504 1.35 1.30 6.80 2008 (7.55) 1.63 150,994 1.25 1.24 6.13 2007 6.96 5.35 155,004 1.27 1.23 5.95 2006 (2.94) 1.08 153,834 1.23 1.23 6.05 2005 15.64 12.52 160,496 1.24 1.24 6.22 Maryland Dividend Advantage (NFM) - ------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2010(b) 6.46 11.40 59,164 1.27*** 1.21*** 6.59*** 2009 (2.48) (2.52) 54,507 1.42 1.36 7.37 2008 (2.31) 1.25 59,100 1.30 1.28 6.39 2007 5.51 5.74 61,261 1.30 1.26 6.06 2006 2.51 1.95 60,762 1.26 1.26 5.99 2005 6.22 11.60 63,051 1.26 1.26 6.11 ========================================================================================================================
Ratios/Supplemental Data ----------------------------------------------------------------- Ratios to Average Net Assets Applicable to Common Shares After Reimbursement** -------------------------------------------------- Expenses Expenses Net Portfolio Including Excluding Investment Turnover Interest++(a) Interest Income Rate - ------------------------------------------------------------------------------------------------ Maryland Premium Income (NMY) - ------------------------------------------------------------------------------------------------ Year Ended 5/31: 2010(b) 1.25%*** 1.19%*** 6.05%*** 1% 2009 1.35 1.30 6.80 5 2008 1.25 1.24 6.13 14 2007 1.27 1.23 5.95 13 2006 1.23 1.23 6.05 13 2005 1.24 1.24 6.22 10 Maryland Dividend Advantage (NFM) - ----------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 1.12*** 1.06*** 6.74*** 0 2009 1.20 1.15 7.59 5 2008 1.01 1.00 6.67 12 2007 .95 .91 6.41 12 2006 .83 .83 6.42 14 2005 .80 .80 6.56 11 ===============================================================================================
* 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. ** After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. *** Annualized. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares. (a) The expense ratios in the above table reflect, among other things, 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, as described in Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended November 30, 2009. See accompanying notes to financial statements. Nuveen Investments 75 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS -------------------------------------------------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM INVESTMENT CAPITAL BEGINNING INCOME TO GAINS TO COMMON NET AUCTION RATE AUCTION RATE SHARE NET REALIZED/ PREFERRED PREFERRED NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL - -------------------------------------------------------------------------------------------------------------------------------- MARYLAND DIVIDEND ADVANTAGE 2 (NZR) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ 13.15 $ .46 $ .98 $ (.01) $ -- $ 1.43 2009 14.29 .95 (1.19) (.16) (.01) (.41) 2008 14.81 .94 (.48) (.24) (.01) .21 2007 14.76 .94 .10 (.23) -- .81 2006 15.45 .94 (.59) (.18) -- .17 2005 14.64 .94 .90 (.09) -- 1.75 MARYLAND DIVIDEND ADVANTAGE 3 (NWI) - -------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 13.30 .44 .98 (.02) -- 1.40 2009 14.02 .89 (.78) (.16) (.01) (.06) 2008 14.48 .89 (.49) (.23) -- .17 2007 14.33 .88 .16 (.22) -- .82 2006 14.82 .86 (.46) (.18) -- .22 2005 13.88 .86 .97 (.10) -- 1.73 ================================================================================================================================
LESS DISTRIBUTIONS ------------------------ NET INVESTMENT CAPITAL ENDING INCOME TO GAINS TO COMMON COMMON COMMON SHARE ENDING SHARE- SHARE- NET ASSET MARKET HOLDERS HOLDERS TOTAL VALUE VALUE - ----------------------------------------------------------------------------------------------------------------- MARYLAND DIVIDEND ADVANTAGE 2 (NZR) - ----------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ (.37) $ -- $ (.37) $ 14.21 $ 13.37 2009 (.70) (.03) (.73) 13.15 12.69 2008 (.70) (.03) (.73) 14.29 14.25 2007 (.76) -- (.76) 14.81 15.38 2006 (.83) (.03) (.86) 14.76 14.76 2005 (.88) (.06) (.94) 15.45 15.41 MARYLAND DIVIDEND ADVANTAGE 3 (NWI) - ----------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) (.36) -- (.36) 14.34 13.70 2009 (.64) (.02) (.66) 13.30 12.56 2008 (.63) -- (.63) 14.02 13.01 2007 (.67) -- (.67) 14.48 14.74 2006 (.71) -- (.71) 14.33 13.85 2005 (.78) (.01) (.79) 14.82 14.40 =================================================================================================================
AUCTION RATE PREFERRED SHARES AT END OF PERIOD -------------------------------------------- AGGREGATE LIQUIDATION AMOUNT AND MARKET ASSET OUTSTANDING VALUE COVERAGE (000) PER SHARE PER SHARE - ----------------------------------------------------------------- MARYLAND DIVIDEND ADVANTAGE 2 (NZR) - ----------------------------------------------------------------- Year Ended 5/31: 2010(b) $ 26,625 $ 25,000 $ 80,998 2009 26,625 25,000 76,817 2008 32,000 25,000 71,813 2007 32,000 25,000 73,488 2006 32,000 25,000 73,224 2005 32,000 25,000 75,390 MARYLAND DIVIDEND ADVANTAGE 3 (NWI) - ----------------------------------------------------------------- Year Ended 5/31: 2010(b) 35,000 25,000 79,957 2009 35,000 25,000 75,951 2008 39,000 25,000 73,208 2007 39,000 25,000 74,769 2006 39,000 25,000 74,237 2005 39,000 25,000 75,925 ================================================================= 76 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT --------------------- ------------------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++ - --------------------------------------------------------------------------------------------------------------------------------- MARYLAND DIVIDEND ADVANTAGE 2 (NZR) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 8.28% 10.97% $ 59,638 1.28%*** 1.21%*** 6.49%*** 2009 (5.21) (2.43) 55,185 1.41 1.36 7.16 2008 (2.30) 1.54 59,921 1.29 1.28 6.18 2007 9.32 5.56 62,064 1.32 1.28 5.86 2006 1.13 1.14 61,726 1.25 1.25 5.76 2005 14.71 12.22 64,500 1.23 1.23 5.74 MARYLAND DIVIDEND ADVANTAGE 3 (NWI) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 12.05 10.63 76,940 1.25*** 1.20*** 6.06*** 2009 2.35 (.05) 71,332 1.38 1.33 6.70 2008 (7.38) 1.24 75,205 1.26 1.25 5.86 2007 11.47 5.75 77,640 1.28 1.24 5.52 2006 1.09 1.55 76,809 1.23 1.23 5.41 2005 14.98 12.67 79,443 1.23 1.23 5.40 =================================================================================================================================
RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES AFTER REIMBURSEMENT** --------------------------------------------- EXPENSES EXPENSES NET PORTFOLIO INCLUDING EXCLUDING INVESTMENT TURNOVER INTEREST++(a) INTEREST++ INCOME++ RATE - ---------------------------------------------------------------------------------------------------- MARYLAND DIVIDEND ADVANTAGE 2 (NZR) - ---------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 1.07%*** 1.01%*** 6.69%*** 0% 2009 1.15 1.10 7.42 6 2008 .96 .94 6.51 13 2007 .91 .87 6.27 10 2006 .79 .79 6.21 15 2005 .78 .78 6.19 10 MARYLAND DIVIDEND ADVANTAGE 3 (NWI) - ---------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 1.05*** 1.00*** 6.26*** 0 2009 1.08 1.03 7.00 5 2008 .86 .85 6.27 13 2007 .80 .76 6.00 11 2006 .75 .75 5.89 14 2005 .75 .75 5.88 12 ====================================================================================================
* 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. ** After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. *** Annualized. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares. (a) The expense ratios in the above table reflect, among other things, 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, as described in Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended November 30, 2009. See accompanying notes to financial statements. Nuveen Investments 77 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS ------------------------------------------------------------------ DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM INVESTMENT CAPITAL BEGINNING INCOME TO GAINS TO COMMON NET AUCTION RATE AUCTIOON RATE SHARE NET REALIZED/ PREFERRED PREFERRED NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL - -------------------------------------------------------------------------------------------------------- VIRGINIA PREMIUM INCOME (NPV) - -------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ 13.76 $ .46 $ .62 $ (.02) $ -- $ 1.06 2009 14.39 .90 (.66) (.15) (.02) .07 2008 14.89 .88 (.40) (.22) (.03) .23 2007 14.89 .88 .07 (.23) --* .72 2006 15.82 .88 (.59) (.15) (.03) .11 2005 14.95 .93 .93 (.09) -- 1.77 VIRGINIA DIVIDEND ADVANTAGE (NGB) - -------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 13.04 .48 .79 (.01) -- 1.26 2009 14.21 .93 (1.23) (.17) --* (.47) 2008 14.98 .95 (.67) (.22) (.03) .03 2007 14.91 .96 .14 (.24) -- .86 2006 15.52 .97 (.54) (.17) -- .26 2005 14.42 .99 1.13 (.09) -- 2.03 ========================================================================================================
LESS DISTRIBUTIONS ----------------------------------- NET INVESTMENT CAPITAL ENDING INCOME TO GAINS TO COMMON COMMON COMMON SHARE ENDING SHARE- SHARE- NET ASSET MARKET HOLDERS HOLDERS TOTAL VALUE VALUE - ------------------------------------------------------------------------------------------- VIRGINIA PREMIUM INCOME (NPV) - ------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ (.38) $ -- $ (.38) $ 14.44 $ 14.61 2009 (.65) (.05) (.70) 13.76 14.36 2008 (.64) (.09) (.73) 14.39 14.04 2007 (.70) (.02) (.72) 14.89 15.24 2006 (.80) (.24) (1.04) 14.89 14.91 2005 (.90) -- (.90) 15.82 17.65 VIRGINIA DIVIDEND ADVANTAGE (NGB) - -------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) (.38) -- (.38) 13.92 14.89 2009 (.69) (.01) (.70) 13.04 14.00 2008 (.70) (.10) (.80) 14.21 14.81 2007 (.79) -- (.79) 14.98 17.51 2006 (.87) -- (.87) 14.91 17.10 2005 (.93) -- (.93) 15.52 16.99 ============================================================================================
AUCTION RATE PREFERRED SHARES MUNIFUND TERM PREFERRED SHARES AT END OF PERIOD AT END OF PERIOD ------------------------------ ------------------------------- AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AMOUNT AND MARKET AMOUNT AND MARKET ASSET OUTSTANDING VALUE OUTSTANDING VALUE COVERAGE (000) PER SHARE (000) PER SHARE PER SHARE - --------------------------------------------------------------------------------------------------------------------------------- VIRGINIA PREMIUM INCOME (NPV) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ 57,000 $ 25,000 $ -- $ -- $ 81,785 2009 63,800 25,000 -- -- 73,244 2008 63,800 25,000 -- -- 75,357 2007 63,800 25,000 -- -- 77,077 2006 63,800 25,000 -- -- 76,970 2005 63,800 25,000 -- -- 79,992 VIRGINIA DIVIDEND ADVANTAGE (NGB) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 19,500 25,000 22,800 10***** --****** 2009 21,750 25,000 -- -- 71,989 2008 24,000 25,000 -- -- 71,367 2007 24,000 25,000 -- -- 73,862 2006 24,000 25,000 -- -- 73,568 2005 24,000 25,000 -- -- 75,493 =================================================================================================================================
78 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT -------------------- --------------------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT VALUE** VALUE** SHARES (000) INTEREST++(a) INTEREST++ INCOME++ - --------------------------------------------------------------------------------------------------------------------------------- VIRGINIA PREMIUM INCOME (NPV) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 4.44% 7.76% $129,469 1.20%**** 1.18%**** 6.48%**** 2009 8.05 .88 123,119 1.36 1.28 6.82 2008 (2.94) 1.56 128,512 1.25 1.23 6.02 2007 7.18 4.89 132,900 1.20 1.20 5.80 2006 (9.98) 0.71 132,626 1.19 1.19 5.75 2005 24.54 12.13 140,340 1.20 1.20 5.98 VIRGINIA DIVIDEND ADVANTAGE (NGB) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 9.26 9.75 43,695 1.41**** 1.26**** 6.90**** 2009 (.01) (2.92) 40,881 1.47 1.38 7.17 2008 (10.58) .23 44,512 1.30 1.28 6.28 2007 7.24 5.82 46,908 1.27 1.27 5.99 2006 5.86 1.74 46,626 1.26 1.26 5.93 2005 19.11 14.46 48,474 1.28 1.28 6.13 =================================================================================================================================
RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES AFTER REIMBURSEMENT*** ------------------------------------------------- EXPENSES EXPENSES NET PORTFOLIO INCLUDING EXCLUDING INVESTMENT TURNOVER INTEREST++(a) INTEREST++ INCOME++ RATE - --------------------------------------------------------------------------------------------------------- VIRGINIA PREMIUM INCOME (NPV) - --------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 1.20%**** 1.18%**** 6.48%**** 0% 2009 1.36 1.28 6.82 6 2008 1.25 1.23 6.02 14 2007 1.20 1.20 5.80 16 2006 1.19 1.19 5.75 16 2005 1.20 1.20 5.98 17 VIRGINIA DIVIDEND ADVANTAGE (NGB) - --------------------------------------------------------------------------------------------------------- 2010(b) 1.25**** 1.11**** 7.06**** 0 2009 1.26 1.18 7.38 4 2008 1.03 1.01 6.56 10 2007 .92 .92 6.34 23 2006 .84 .84 6.36 16 2005 .82 .82 6.58 15 ========================================================================================================
* Rounds to less than $.01 per share. ** 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. *** After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. **** Annualized. ***** For the period November 18, 2009 through November 30, 2009, the average market value was $10.04. ****** Asset coverage per $1 of liquidation preference for Auction Rate Preferred shares and MuniFund Term Preferred shares equal $2.03. On a per share basis, asset coverage is $50,824 and $20 for Auction Rate Preferred shares and MuniFund Term Preferred shares, respectively. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or MuniFund Term Preferred shares, where applicable. (a) The expense ratios in the above table reflect, among other things, payments to MuniFund Term Preferred shareholders, where applicable, and 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, as described in Footnote 1 - MuniFund Term Preferred Shares and Inverse Floating Rate Securities. (b) For the six months ended November 30, 2009. See accompanying notes to financial statements. Nuveen Investments 79 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS ------------------------------------------------------------------------------------ DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM INVESTMENT CAPITAL BEGINNING INCOME TO GAINS TO COMMON NET AUCTION RATE AUCTION RATE SHARE NET REALIZED/ PREFERRED PREFERRED NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL - --------------------------------------------------------------------------------------------------------------------------- VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) - --------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ 13.36 $ .48 $ .84 $ (.02) $ -- $ 1.30 2009 14.39 .97 (1.11) (.16) --* (.30) 2008 15.08 .96 (.61) (.24) (.02) .09 2007 15.02 .96 .11 (.24) -- .83 2006 15.70 .95 (.52) (.18) (.01) .24 2005 14.79 .96 1.13 (.09) (.01) 1.99 ===========================================================================================================================
LESS DISTRIBUTIONS ------------------------------------- NET INVESTMENT CAPITAL ENDING INCOME TO GAINS TO COMMON COMMON COMMON SHARE ENDING SHARE- SHARE- NET ASSET MARKET HOLDERS HOLDERS TOTAL VALUE VALUE - ------------------------------------------------------------------------------------------------------- VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) - ------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ (.38) $ -- $ (.38) $ 14.28 $ 14.98 2009 (.72) (.01) (.73) 13.36 13.98 2008 (.72) (.06) (.78) 14.39 14.65 2007 (.77) -- (.77) 15.08 16.73 2006 (.85) (.07) (.92) 15.02 16.40 2005 (.89) (.19) (1.08) 15.70 16.74 =======================================================================================================
AUCTION RATE PREFERRED SHARES MUNIFUND TERM PREFERRED SHARES AT END OF PERIOD AT END OF PERIOD ------------------------------ ------------------------------- AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AMOUNT AND MARKET AMOUNT AND MARKET ASSET OUTSTANDING VALUE OUTSTANDING VALUE COVERAGE (000) PER SHARE (000) PER SHARE PER SHARE - ---------------------------------------------------------------------------------------------------------------------------------- VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) - ---------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) $ -- $ -- $ 43,200 10***** --****** 2009 41,175 25,000 -- -- 71,586 2008 42,000 25,000 -- -- 74,090 2007 42,000 25,000 -- -- 76,418 2006 42,000 25,000 -- -- 76,123 2005 42,000 25,000 -- -- 78,349 ==================================================================================================================================
80 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT ---------------------- ------------------------------------------ BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT VALUE** VALUE** SHARES (000) INTEREST++(a) INTEREST++ INCOME - -------------------------------------------------------------------------------------------------------------------------------- VIRGINIA DIVIDEND ADVANTAGE 2 (NNB) - -------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 10.11% 9.87% $ 82,046 1.36%**** 1.23%**** 6.61%**** 2009 .96 (1.78) 76,726 1.39 1.31 7.21 2008 (7.58) .63 82,472 1.24 1.22 6.21 2007 6.96 5.60 86,382 1.21 1.21 5.89 2006 3.45 1.53 85,887 1.19 1.19 5.75 2005 21.96 13.75 89,626 1.19 1.19 5.74 ================================================================================================================================
RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------ RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES AFTER REIMBURSEMENT*** ------------------------------------------------ EXPENSES EXPENSES NET PORTFOLIO INCLUDING EXCLUDING INVESTMENT TURNOVER INTEREST++(a) INTEREST++ INCOME++ RATE - --------------------------------------------------------------------------------------------------------------- VIRGINIA DIVIDEND ADVANTAGE 2 (N) - --------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2010(b) 1.12%**** .99%**** 6.85%**** 0% 2009 1.11 1.03 7.49 4 2008 .91 .89 6.55 10 2007 .80 .80 6.29 19 2006 .75 .75 6.19 10 2005 .75 .75 6.18 13 ===============================================================================================================
* Rounds to less than $.01 per share. ** 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. *** After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. **** Annualized. ***** During the period November 4, 2009 through November 30, 2009, the average market value was $10.00. ****** Asset coverage per $1 of liquidation for Auction Rate Preferred shares and MuniFund Term Preferred shares equal $2.90. On a per share basis, asset coverage is $72,480 and $29 for Auction Rate Preferred shares and MuniFund Term Preferred shares, respectively. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or MuniFund Term Preferred shares, where applicable. (a) The expense ratios in the above table reflect, among other things, payments to MuniFund Term Preferred shareholders, where applicable, and 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, as described in Footnote 1 - MuniFund Term Preferred Shares and Inverse Floating Rate Securities. (b) For the six months ended November 30, 2009. See accompanying notes to financial statements. Nuveen Investments 81 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 DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains 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 tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or 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 dividends and 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. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price 82 Nuveen Investments per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You 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 DIVIDENDS AND/OR 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 o 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. o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of the bonds in a Fund's portfolio, computed by weighting each bond's time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio's residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse floaters, 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. 84 Nuveen Investments o LEVERAGE-ADJUSTED 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. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund's portfolio of bonds. o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. o NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day. o 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. o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. o 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 pay interest periodically. Nuveen Investments 85 NOTES 86 Nuveen Investments NOTES Nuveen Investments 87 NOTES 88 Nuveen Investments OTHER USEFUL INFORMATION BOARD OF TRUSTEES John P. Amboian Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Judith M. Stockdale Carole E. Stone Terence J. Toth FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 100 F Street NE, Washington, D.C. 20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. COMMON AND PREFERRED SHARE INFORMATION Each Fund intends to repurchase and/or redeem shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed/noticed for redemption shares of their common and/or preferred stock as shown in the accompanying table.
PREFERRED SHARES COMMON SHARES REDEEMED/NOTICED FUND REPURCHASED FOR REDEMPTION NMY -- -- NFM -- -- NZR -- -- NWI -- -- NPV -- 272 NGB -- 780 NNB -- 1,647
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report. Nuveen Investments 89 NUVEEN INVESTMENTS: SERVING INVESTORS FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $141 billion of assets on September 30, 2009. FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For 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 o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com It's not what you earn, it's what you keep. (R) ESA-A-1109D 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 of Directors or Trustees 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 Virginia Dividend Advantage Municipal Fund ----------------------------------------------------------- By (Signature and Title) /s/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy (Vice President and Secretary) Date: February 2, 2010 ------------------------------------------------------------------- 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 2, 2010 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: February 2, 2010 ------------------------------------------------------------------- EX-99.CERT 2 ex99cert.txt CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Virginia Dividend Advantage Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 2, 2010 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Virginia Dividend Advantage Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 2, 2010 /s/ Stephen D. Foy ------------------------- -------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) EX-99.906 CERT 3 ex99cert906.txt CERTIFICATION Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief. The undersigned officers of Nuveen Virginia Dividend Advantage Municipal Fund (the "Fund"), certify that, to the best of each such officer's knowledge and belief: 1. The Form N-CSR of the Fund for the period ended November 30, 2009 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: February 2, 2010 ----------------------- /s/ Gifford R. Zimmerman --------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) /s/ Stephen D. Foy --------------------------------- Stephen D. Foy Vice President, Controller (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----