Notes to Financial Statements
1. General Information and Significant Accounting Policies At May 31, 1997, the state Funds (the "Funds")
covered in this report and their corresponding stock exchange symbols are Nuveen Georgia Premium Income
Municipal Fund (NPG), Nuveen Maryland Premium Income Municipal Fund (NMY), Nuveen North Carolina
Premium Income Municipal Fund (NNC) and Nuveen Virginia Premium Income Municipal Fund (NPV). NMY,
NNC and NPV are traded on the New York Stock Exchange while NPG is traded on the American Stock
Each Fund invests primarily in a diversified portfolio of municipal obligations issued by state and local government
authorities within a single state. The Funds are registered under the Investment Company Act of 1940 as closed-
end, diversified management investment companies.
The following is a summary of significant accounting policies followed by the Funds in the preparation of their
financial statements in accordance with generally accepted accounting principles.
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 price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of
comparable quality, type of issue, coupon maturity and rating, indications of value from securities dealers and
general market conditions. Temporary investments in securities that have variable rate and demand features
qualifying them as short-term securities are valued at amortized cost, which approximates market value.
Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are
determined on the specific identification method. Securities purchased or sold on a when-issued or delayed
delivery basis may have extended settlement periods. The securities so purchased