Fitch Rates Preferred Shares Issued by Nuveen Closed End Fund

Fitch Ratings assigns an 'AAA' Long-term rating to $18,000,000 of Series 2018 Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by Nuveen Missouri Premium Income Municipal Fund (NOM) in connection with the refinancing described below. The Term Redemption date for the VMTP Shares is March 1, 2018. NOM is managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM).

KEY RATING DRIVERS

The 'AAA' long-term ratings of the VMTP Shares primarily reflect:

--Sufficient asset coverage provided to the VMTP Shares as calculated per the NOM overcollateralization (OC) tests.

--The structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines.

--The legal and regulatory parameters that govern NOM operations.

--The capabilities of NFA as investment advisor and NAM as subadvisor.

THE RE-FINANCING

NOM will use the proceeds of the VMTP Share issuance to fully redeem outstanding MuniFund Term Preferred Shares (MTP Shares). The proceeds of the newly issued VMTP Shares and additional cash on hand will be deposited irrevocably in an escrow account with the MTP Shares redemption agent pending the required 10-day notification period to MTP shareholders. Accordingly the issuance of new VMTP Shares will not adversely affect the ratings of the existing MTP Shares while they remain outstanding. The amount deposited with NOM's redemption agent will equal the liquidation preference of the MTP Shares and any accrued and unpaid dividends. When the notification requirement has passed, Fitch expects the outstanding MTP Shares to be redeemed using the escrowed VMTP Share proceeds and additional cash on hand. The MTP Shares will then be marked paid in full by Fitch.

FUND PROFILE

NOM is a closed-end management investment company regulated by the Investment Company Act of 1940. NOM invests in municipal securities that are exempt from regular federal and Missouri income taxes. NOM may invest up to 20% of assets in below investment grade and/or unrated securities.

FUND LEVERAGE

As of Dec. 31, 2014, NOM had approximately $52.9 million in assets. Total leverage on a pro forma basis, consists of $18 million of the newly issued Series 2018 VMTP Shares and $2.2 million of tender option bond (TOB) obligations.

ASSET COVERAGE

As of Dec. 31, 2014, NOM's total pro forma asset coverage ratio for the above noted VMTP Shares, as calculated in accordance with the Investment Company Act of 1940, were in excess of the minimum asset coverage threshold of 225% currently set by the terms of the preferred shares.

As of Dec. 31, 2014, the pro forma effective leverage ratio for NOM, including the impact of the VMTP issuance, was 38%. This effective leverage ratio is below the 45% maximum effective leverage ratio allowed by the governing documents of the VMTP Shares.

STRUCTURAL PROTECTIONS

Compliance with the minimum asset coverage and effective leverage thresholds is tested daily. A breach of the minimum asset coverage threshold requires the fund to redeem sufficient VMTP Shares to restore compliance. A breach of the effective leverage threshold requires the fund to redeem a sufficient number of VMTP Shares or reduce the amount of TOBs in order to restore compliance.

For the minimum asset coverage and effective leverage ratio tests, the total market value exposure periods (i.e. the pre-specified time period allotted for valuation, cure and redemption in the event of a breach) are within the 60 business day guidelines provided in Fitch's criteria.

STRESS TESTS

Fitch performed various stress tests on NOM to assess the strength of the structural protections available to the VMTP Shares compared to the stresses outlined in Fitch's closed-end fund rating criteria. These tests included determining various 'worst case' scenarios where NOM's leverage and portfolio composition migrated to the outer limits of its operating and investment guidelines.

Only under remote circumstances, such as increasing NOM's issuer concentration, while simultaneously migrating the portfolios to a mix of 80% long-term 'BBB' 10+ years to maturity bonds and 20% high yield bonds, did the asset coverage available to the VMTP Shares fall below the 'AAA' threshold, and instead passed at a 'AA' rating level.

Given the highly unlikely nature of the stress scenarios, and the minimal rating impact, Fitch views NOM's permitted investments, municipal issuer diversification framework and mandatory deleveraging mechanisms as consistent with an 'AAA' rating.

THE ADVISOR

The investment advisor for NOM is NFA, a subsidiary of Nuveen Investments. NFA is responsible for the fund's overall investment strategies and their implementation. The sub-advisor, NAM, is a subsidiary of NFA that oversees the day-to-day operations of NOM. Nuveen Investments and its affiliates had approximately $229 billion of assets under management as of Sept. 30, 2014.

RATINGS SENSITIVITIES

The ratings assigned to the VMTP Shares may be sensitive to material changes in the leverage composition, portfolio credit quality or market risk of NOM, as described above. A material adverse deviation from Fitch guidelines for any key rating driver could cause ratings to be lowered by Fitch.

NOM has the ability to assume economic leverage through derivative transactions which may not be captured by the minimum asset coverage test or effective leverage ratio. NOM does not currently engage in derivative activity and does not envision engaging in material amounts of such activity in the future. In fact, such activity is limited by the investment guidelines of NOM and could run counter to its investment objectives of achieving tax-exempt income. Material derivative exposures in the future could have potential negative rating implications if it adversely affects asset coverage available to rated preferred shares.

For additional information about Fitch rating guidelines applicable to debt and preferred stock issued by closed-end funds, please review the criteria referenced below, which can be found on Fitch's web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

The sources of information used to assess this rating were the public domain and Nuveen Fund Advisors.

Opt-in to receive Fitch's forthcoming research on closed-end fund:

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Applicable Criteria and Related Research:

--'Rating Closed-End Fund Debt and Preferred Stock' (Sept. 4, 2014);

--'Global Rating Criteria for Asset-Backed Commercial Paper' (Oct. 30, 2014);

--'Leveraged Closed-End Funds Weather U.S. Rate Shock Scenarios' (Oct. 7, 2014);

--'Municipal CEFs Refinance Pre-Crisis ARPS' (May 3, 2012).

Applicable Criteria and Related Research:

Municipal CEFs Refinance Pre-Crisis ARPS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=677576

Leveraged Closed-End Funds Weather U.S. Rate Shock Scenarios (Impact on Asset Coverage and Ratings Limited Due to Structural Protections)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=784190

Global Rating Criteria for Asset-Backed Commercial Paper

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=797648

Rating Closed-End Fund Debt and Preferred Stock

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=765528

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=978912

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