UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-7614
 
Nuveen Georgia Premium Income Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             5/31          
 
Date of reporting period:          2/28/10         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

 
 
 
 
Item 1. Schedule of Investments
 

  Portfolio of Investments (Unaudited)        
      Nuveen Georgia Premium Income Municipal Fund (NPG)        
  February 28, 2010        
Principal     Optional Call      
Amount (000)   Description (1)   Provisions (2)   Ratings (3)   Value  
  Consumer Staples – 1.6% (1.1% of Total Investments)        
$    1,000  Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,  5/12 at 100.00  BBB  $   862,810 
  Series 2002, 5.500%, 5/15/39       
  Education and Civic Organizations – 22.5% (15.2% of Total Investments)        
750  Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus  6/19 at 100.00  Aa2  788,828 
  Housing LLC Project, Series 2009, 5.250%, 6/15/35       
1,000  Athens-Clarke County Unified Government Development Authority, Georgia, Educational Facilities  12/12 at 100.00  N/R  1,038,500 
  Revenue Bonds, UGAREF CCRC Building LLC Project, Series 2002, 5.000%, 12/15/16 – AMBAC Insured       
2,800  Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC  7/17 at 100.00  A1  2,810,052 
  Project, Series 2007, 5.000%, 7/01/39       
1,550  Bulloch County Development Authority, Georgia, Student Housing and Athletic Facility Lease  8/14 at 100.00  A1  1,634,351 
  Revenue Bonds, Georgia Southern University, Series 2004, 5.250%, 8/01/21 – SYNCORA GTY Insured       
700  Carrollton Payroll Development Authority, Georgia, Student Housing Revenue Bonds, University  9/14 at 100.00  A1  729,820 
  of West Georgia, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured       
1,535  Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science  5/14 at 100.00  Aa3  1,739,815 
  Building, Series 2004, 5.250%, 5/01/15 – NPFG Insured       
  Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series       
  2009, Trust 3404:       
270  17.319%, 9/01/32 (IF)  9/19 at 100.00  AA  337,624 
430  17.348%, 9/01/35 (IF)  9/19 at 100.00  AA  519,758 
1,180  Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Atlantic State  7/15 at 100.00  A2  1,224,734 
  University, Compass Point LLC Project, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured       
1,490  Savannah Economic Development Authority, Georgia, Revenue Bonds, Armstrong Center LLC, Series  12/15 at 100.00  A3  1,501,756 
  2005A, 5.000%, 12/01/34 – SYNCORA GTY Insured       
11,705  Total Education and Civic Organizations      12,325,238 
  Health Care – 25.0% (16.9% of Total Investments)        
500  Clark County Hospital Authority, Georgia, Hospital Revenue Bonds, Athens Regional Medical  1/17 at 100.00  AA  517,245 
  Center, Series 2007, 5.000%, 1/01/27 – NPFG Insured       
2,000  Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional  1/12 at 101.00  AA  2,021,738 
  Medical Center, Series 2002, 5.125%, 1/01/32 – NPFG Insured       
900  Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical  12/14 at 100.00  BBB–  895,788 
  Center, Series 2004, 5.250%, 12/01/22       
3,000  Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical  7/12 at 101.00  Aa3  3,057,000 
  Center Project, Series 2002, 5.200%, 7/01/32 – NPFG Insured       
1,090  Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical  7/13 at 101.00  Aa3  1,143,116 
  Center, Series 2003, 5.000%, 7/01/19 – NPFG Insured       
1,000  Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,  2/41 at 100.00  A+  974,980 
  Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45       
1,060  Henry County Hospital Authority, Georgia, Revenue Certificates, Henry Medical Center, Series  7/14 at 101.00  Aa2  1,112,947 
  2004, 5.000%, 7/01/20 – NPFG Insured       
900  Houston County Hospital Authority, Georgia, Revenue Bonds, Houston Healthcare Project, Series  10/17 at 100.00  A2  878,904 
  2007, 5.250%, 10/01/35       
225  Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, The Medical  8/19 at 100.00  AA  226,168 
  Center of Central Georgia, Inc. Project, Series 2009, 5.000%, 8/01/35       
400  Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus  8/11 at 100.00  A  409,048 
  Regional Healthcare System, Inc. Project, Series 1999, 6.100%, 8/01/14 – NPFG Insured       
770  Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare  7/11 at 100.00  N/R  770,069 
  System Inc., Series 1999, 6.700%, 7/01/16 (WI/DD, Settling 3/03/10)       
1,000  Savannah Hospital Authority, Georgia, Revenue Bonds, St. Joseph’s/Candler Health System,  1/14 at 100.00  Baa1  988,600 
  Series 2003, 5.250%, 7/01/23 – RAAI Insured       
750  Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia  10/17 at 100.00  A+  716,948 
  Medical Center, Series 2007, 5.000%, 10/01/33       
13,595  Total Health Care      13,712,551 
  Housing/Multifamily – 1.6% (1.1% of Total Investments)        
1,000  Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real  7/17 at 100.00  Baa3  879,810 
  Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured       
  Housing/Single Family – 1.7% (1.1% of Total Investments)        
900  Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2002B-2, 5.350%,  12/11 at 100.00  AAA  911,241 
  12/01/22 (Alternative Minimum Tax)       
  Industrials – 0.9% (0.6% of Total Investments)        
500  Savannah Economic Development Authority, Georgia, Revenue Bonds, GTREP Project, Series 2002,  7/12 at 100.00  Aa3  513,270 
  5.000%, 7/01/22 – NPFG Insured       
  Materials – 1.8% (1.2% of Total Investments)        
1,000  Richmond County Development Authority, Georgia, Environmental Improvement Revenue Bonds,  2/11 at 101.00  BBB  1,003,380 
  International Paper Company, Series 2001A, 6.250%, 2/01/25 (Alternative Minimum Tax)       
  Tax Obligation/General – 18.8% (12.7% of Total Investments)        
540  Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue  7/17 at 100.00  AA+  524,297 
  Bonds, Ball Ground Recycling LLC Project, Series 2007A, 5.000%, 7/01/37 – AMBAC Insured       
  (Alternative Minimum Tax)       
2,215  Decatur, Georgia, General Obligation Bonds, Series 2007, 5.000%, 1/01/31 – AGM Insured  1/17 at 100.00  AAA  2,360,747 
905  Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose  5/19 at 100.00  AAA  945,254 
  Project, Series 2009, 5.375%, 5/01/32 – AGC Insured       
100  Georgia State, General Obligation Bonds, Series 2007, 5.000%, 8/01/24  8/17 at 100.00  AAA  111,559 
210  Georgia State, General Obligation Bonds, Series 2009B, 5.000%, 1/01/26  1/19 at 100.00  AAA  235,051 
1,000  Georgia, General Obligation Bonds, Series 2005B, 5.000%, 7/01/15  No Opt. Call  AAA  1,174,400 
1,800  Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%,  2/18 at 100.00  AAA  1,908,054 
  2/01/36 (UB)       
2,500  Paulding County School District, Georgia, General Obligation Bonds, Series 2007,  2/17 at 100.00  AA+  2,572,125 
  5.000%, 2/01/33       
500  Wayne County Hospital Authority, Georgia, Hospital Revenue Bonds, Series 2006, 5.000%,  3/16 at 100.00  N/R  478,770 
  3/01/23 – SYNCORA GTY Insured       
9,770  Total Tax Obligation/General      10,310,257 
  Tax Obligation/Limited – 20.5% (13.8% of Total Investments)        
  Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Series 2007:       
70  5.250%, 12/01/19  No Opt. Call  AAA  76,244 
420  5.000%, 12/01/23 – AGC Insured  12/17 at 100.00  AAA  437,262 
225  Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16  No Opt. Call  N/R  234,401 
  (Alternative Minimum Tax)       
2,000  Cobb-Marietta Coliseum and Exhibit Hall Authority, Cobb County, Georgia, Revenue Bonds,  1/14 at 100.00  AAA  2,180,720 
  Performing Arts Center, Series 2004, 5.000%, 1/01/22       
3,860  Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Refunding Bonds, Series  10/19 at 100.00  A  4,215,274 
  1993, 5.625%, 10/01/26 – NPFG Insured       
2,600  Macon-Bibb County Urban Development Authority, Georgia, Revenue Refunding Bonds, Public  8/12 at 101.00  AA  2,872,688 
  Facilities Projects, Series 2002A, 5.375%, 8/01/17       
1,000  Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds,  No Opt. Call  Aa3  1,207,170 
  Series 1992P, 6.250%, 7/01/20 – AMBAC Insured       
10,175  Total Tax Obligation/Limited      11,223,759 
  Transportation – 4.4% (2.9% of Total Investments)        
2,290  Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/26 – AGM Insured  1/15 at 100.00  AAA  2,383,730 
  U.S. Guaranteed – 18.3% (12.3% of Total Investments) (4)        
735  Coweta County Development Authority, Georgia, Revenue Bonds, Newnan Water and Sewer, and Light  1/13 at 100.00  N/R (4)  826,331 
  Commission Project, Series 2002, 5.250%, 1/01/18 (Pre-refunded 1/01/13) – FGIC Insured       
2,665  Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2001, 5.250%, 6/01/26  6/11 at 102.00  Aa3 (4)  2,879,559 
  (Pre-refunded 6/01/11)       
500  DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Series 2000, 5.125%, 10/01/31  10/10 at 101.00  AAA  519,730 
  (Pre-refunded 10/01/10)       
1,750  Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,  5/11 at 100.00  N/R (4)  1,854,038 
  Northeast Georgia Health Services Inc., Series 2001, 5.500%, 5/15/31 (Pre-refunded 5/15/11)       
25  Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993Z,  1/17 at 100.00  A+ (4)  28,660 
  5.500%, 1/01/20 (Pre-refunded 1/01/17) – FGIC Insured       
1,000  Georgia, General Obligation Bonds, Series 2002D, 5.000%, 8/01/16 (Pre-refunded 8/01/12)  8/12 at 100.00  AAA  1,103,320 
2,550  Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett  2/12 at 102.00  Aaa  2,833,611 
  Hospital System Inc. Project, Series 1997B, 5.300%, 9/01/27 (Pre-refunded 2/14/12) –       
  MBIA Insured       
9,225  Total U.S. Guaranteed      10,045,249 
  Utilities – 9.8% (6.6% of Total Investments)        
1,000  Georgia Municipal Electric Authority, General Power Revenue Bonds, Project 1, Series 2007A,  1/17 at 100.00  A  1,050,160 
  5.000%, 1/01/25 – NPFG Insured       
975  Georgia Municipal Electric Authority, Senior Lien General Power Revenue Bonds, Series 1993Z,  No Opt. Call  A+  1,129,157 
  5.500%, 1/01/20 – FGIC Insured       
1,000  Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A,  11/13 at 100.00  A1  1,047,350 
  5.000%, 11/01/20 – NPFG Insured       
1,000  Municipal Electric Authority of Georgia, Project One Subordinated Lien Revenue Bonds, Series  1/13 at 100.00  A  1,032,050 
  2003A, 5.000%, 1/01/22 – NPFG Insured       
1,200  Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B,  7/17 at 100.00  BBB–  1,113,708 
  5.000%, 7/01/31       
5,175  Total Utilities      5,372,425 
  Water and Sewer – 21.5% (14.5% of Total Investments)        
1,225  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/24 –  11/14 at 100.00  AAA  1,265,658 
  AGM Insured       
2,490  Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%,  8/18 at 100.00  AAA  2,580,014 
  8/01/35 – AGM Insured       
335  Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2001, 5.250%, 6/01/26  6/11 at 102.00  Aa3  352,008 
  Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2007:       
500  5.000%, 6/01/32  6/18 at 100.00  Aa3  518,460 
150  5.000%, 6/01/37  6/18 at 100.00  Aa3  154,284 
890  Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewer Revenue Bonds,  6/17 at 100.00  AA–  910,052 
  Series 2007, 5.000%, 6/01/37 – NPFG Insured       
750  Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2007, 5.000%,  4/17 at 100.00  AAA  768,870 
  4/01/37 – AGM Insured       
1,950  Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 1/01/22 –  1/14 at 100.00  AA–  2,044,458 
  FGIC Insured       
1,000  Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%,  No Opt. Call  AAA  1,207,490 
  12/01/21 – AGM Insured       
1,000  Unified Government of Athens-Clarke County, Georgia, Water and Sewerage Revenue Bonds, Series  1/19 at 100.00  AA-  1,074,520 
  2008, 5.500%, 1/01/38       
890  Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, The Oconee-Hard Creek  2/18 at 100.00  Aa3  910,434 
  Reservoir Project, Series 2008, 5.000%, 2/01/38 – AGM Insured       
11,180  Total Water and Sewer      11,786,248 
$      77,515  Total Investments (cost $78,213,835) – 148.4%      81,329,968 
  Floating Rate Obligations – (2.2)%      (1,190,000)
  MuniFund Term Preferred Shares, at Liquidation Value – (48.1)% (5)      (26,340,000) 
  Other Assets Less Liabilities – 48.8%      26,689,969 
  Auction Rate Preferred Shares, at Liquidation Value – (46.9)% (5)      (25,700,000)
  Net Assets Applicable to Common Shares – 100%      $ 54,789,937 

 
 

Fair Value Measurements

In determining the value of the 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 the Fund’s fair value measurements as of February 28, 2010:

  Level 1   Level 2   Level 3   Total  
Investments:         
Municipal Bonds  $ —  $81,329,968  $ —  $81,329,968 

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 value of the Fund.

At February 28, 2010, the cost of investments was $77,002,933.

Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2010, were as follows:

Gross unrealized:   
  Appreciation  $3,680,125 
  Depreciation  (542,741)
Net unrealized appreciation (depreciation) of investments  $3,137,384 

(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)  MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage 
  of Total Investments are 32.4% and 31.6%, respectively. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 

 
 
 
 
Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Georgia Premium Income Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          April 29, 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          April 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         April 29, 2010        
 
 

Nuveen Georgia Premium Income Municipal Fund Common Shares of Beneficial Interest (AMEX:NPG)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Nuveen Georgia Premium Income Municipal Fund Common Shares of Beneficial Interest Charts.
Nuveen Georgia Premium Income Municipal Fund Common Shares of Beneficial Interest (AMEX:NPG)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Nuveen Georgia Premium Income Municipal Fund Common Shares of Beneficial Interest Charts.