Fund Description: Nuveen Massachusetts Premium Income Municipal Fund is a diversified, closed-end management investment company. The Fund seeks current income exempt from regular Federal income taxes and Massachusetts personal income taxes, consistent with the Fund's investment objective. The secondary objective is the enhancement of portfolio value relative to the Massachusetts municipal bond market through investments in tax-exempt Massachusetts Municipal Obligations. The Fund will invest substantially all of its assets in tax-exempt Massachusetts Municipal Obligations rated at the time of purchase within the four highest grades. The Fund may invest up to 20% of the Fund's assets may be invested in unrated Massachusetts Municipal Obligations considered to be of comparable quality. The Fund may employ hedging strategies. The Fund may leverage its capital through the issuance of preferred stock. The Fund's investment advisor is Nuveen Advisory Corp.