def14a
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
Filed by the Registrant þ
Filed by a Party other than the Registrant o
Check the appropriate box:
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Preliminary Proxy Statement. |
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Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2)). |
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Definitive Proxy Statement. |
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Definitive Additional Materials. |
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Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-12 |
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO)
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (check the appropriate box):
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No fee required. |
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Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. |
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
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Proposed maximum aggregate value of transaction: |
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Fee paid previously with preliminary materials. |
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2)
and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its
filing. |
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Amount Previously Paid: |
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Form, Schedule or Registration Statement No.: |
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Filing Party: |
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Date Filed: |
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Important Notice
to Fund Shareholders
June 21,
2010
Although we recommend that you read the complete Proxy
Statement, for your convenience, we have provided a brief
overview of the issues to be voted on.
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Why am I receiving this Proxy Statement? |
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You are receiving this Proxy Statement as a Fund shareholder in
connection with the annual shareholders meeting for the Nuveen
municipal closed-end funds listed at the top of the Notice of
Annual Meeting of Shareholders. |
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You are being asked to vote on a number of important matters: |
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(i) Updated Investment Policies (Affected
Municipal Funds (as defined in the Proxy Statement)).
Nuveens municipal closed-end funds are seeking to adopt a
uniform, up to date set of investment policies (the
New Investment Policies). In general, these funds
currently have a somewhat diverse set of policies, reflecting
when the funds were launched over the past 20 years as well
as developments over time in the municipal market, including new
types of securities as well as investment strategies.
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(ii) Approval of Fund Board Nominees (All
Funds). Each year, you and other Fund shareholders must
approve the election of Board members to serve on your
Funds Board. This is a requirement for all funds that list
their common shares on a stock exchange. The Funds described in
this Proxy Statement are holding their annual shareholders
meetings at which Board members will be elected. The list of
specific nominees is contained in the enclosed Proxy Statement.
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Your Funds Board of Trustees/Directors, including your
Boards independent members, unanimously recommends that
you vote FOR each proposal. |
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Your vote is very important. We encourage you as a
shareholder to participate in your Funds governance by
returning your vote as soon as possible. If enough shareholders
dont cast their votes, your Fund may not be able to hold
its meeting or the vote on each issue, and will be required to
incur additional solicitation costs in order to obtain
sufficient shareholder participation. |
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What are the potential benefits of the New Investment
Policies for common shareholders of the Affected Municipal
Funds? |
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The potential benefits to common shareholders are: |
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Enhanced ability of the Affected
Municipal Funds to generate attractive tax-free income while
retaining their orientation on investment grade quality
municipal securities;
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Increased flexibility in diversifying
portfolio risks and managing duration (the sensitivity of bond
prices to interest rate changes) to pursue the preservation of
and possible growth of capital, which, if successful, will help
to sustain and build net asset value; and
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Improved secondary market
competitiveness that may lead to a higher relative market price
and/or stronger premium/discount performance.
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What are the potential benefits of the New Investment
Policies for preferred shareholders of the Affected Municipal
Funds? |
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The potential benefits to preferred shareholders are increased
flexibility in diversifying portfolio risks and managing
duration (the sensitivity of bond prices to interest rate
changes) to pursue the preservation of and possible growth of
capital, which, if successful, will help to sustain and build
net asset value and therefore asset coverage levels for
preferred shares. |
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What actions are required in order to implement the New
Investment Policies? |
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In order to implement the New Investment Policies and obtain the
potential benefits described above, each Affected Municipal Fund
must make certain changes to its existing policies, including
certain fundamental policies that require approval of
shareholders. In some cases, this may require shareholder
approval of the elimination of an existing fundamental policy as
well as the implementation of a new replacement fundamental
policy. Because each Affected Municipal Fund is situated
somewhat differently, the specific changes required to implement
the New Investment Policies may vary from fund to fund. |
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What happens if shareholders dont approve the
elimination of the fundamental investment policies and/or
dont approve the New Investment Policy or Policies? |
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An Affected Municipal Fund will not be able to implement the New
Investment Policies as discussed above. The Affected Municipal
Fund would likely incur further expenses to solicit additional
shareholder participation, and may experience potential
disruptions to its investment operations. The Boards of the
Affected Municipal Funds urge you to vote without delay in order
to avoid the potential for higher costs and/or disruptions to
portfolio operations. |
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Who do I call if I have questions? |
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If you need any assistance, or have any questions regarding the
proposals or how to vote your shares, please call Computershare
Fund Services, your Funds proxy solicitor, at
(866) 434-7510.
Please have your proxy materials available when you call. |
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How do I vote my shares? |
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You can vote your shares by completing and signing the enclosed
proxy card, and mailing it in the enclosed postage-paid
envelope. Alternatively, you may vote by telephone by calling
the toll-free number on the proxy card or by computer by going
to the Internet address provided on the proxy card and following
the instructions, using your proxy card as a guide. |
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Will anyone contact me? |
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You may receive a call from Computershare Fund Services,
the proxy solicitor hired by your Fund, to verify that you
received your proxy materials, to answer any questions you may
have about the proposals and to encourage you to vote your proxy. |
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We recognize the inconvenience of the proxy solicitation process
and would not impose on you if we did not believe that the
matters being proposed were important and in the best interests
of the Funds shareholders. Once your vote has been
registered with the proxy solicitor, your name will be removed
from the solicitors
follow-up
contact list. |
333 West Wacker
Drive
Chicago, Illinois 60606
(800) 257-8787
Notice
of Annual Meeting
of Shareholders
July 27, 2010
June 21,
2010
Nuveen
Municipal Value Fund, Inc. (NUV)
Nuveen
Municipal Value Fund 2 (NUW)
Nuveen
Municipal Income Fund, Inc. (NMI)
Nuveen
Enhanced Municipal Value Fund (NEV)
Nuveen
Premium Income Municipal Fund, Inc. (NPI)
Nuveen
Performance Plus Municipal Fund, Inc. (NPP)
Nuveen
Municipal Advantage Fund, Inc. (NMA)
Nuveen
Municipal Market Opportunity Fund, Inc. (NMO)
Nuveen
Investment Quality Municipal Fund, Inc. (NQM)
Nuveen
Select Quality Municipal Fund, Inc. (NQS)
Nuveen
Quality Income Municipal Fund, Inc. (NQU)
Nuveen
Premier Municipal Income Fund, Inc. (NPF)
Nuveen
Premier Insured Municipal Income Fund, Inc. (NIF)
Nuveen
Premium Income Municipal Fund 2, Inc. (NPM)
Nuveen
Premium Income Municipal Fund 4, Inc. (NPT)
Nuveen
Dividend Advantage Municipal Fund (NAD)
Nuveen
Dividend Advantage Municipal Fund 2 (NXZ)
Nuveen
Dividend Advantage Municipal Fund 3 (NZF)
Nuveen
Municipal High Income Opportunity Fund (NMZ)
Nuveen
Municipal High Income Opportunity Fund 2 (NMD)
Nuveen
Insured Dividend Advantage Municipal Fund (NVG)
Nuveen
Insured Municipal Opportunity Fund, Inc. (NIO)
Nuveen
Insured Premium Income Municipal Fund 2 (NPX)
Nuveen
Insured Quality Municipal Fund, Inc. (NQI)
Nuveen
Insured Tax-Free Advantage Municipal Fund (NEA)
Nuveen
Select Maturities Municipal Fund (NIM)
Nuveen
Select Tax-Free Income Portfolio (NXP)
Nuveen
Select Tax-Free Income Portfolio 2 (NXQ)
Nuveen
Select Tax-Free Income Portfolio 3 (NXR)
Nuveen
California Select Tax-Free Income Portfolio (NXC)
Nuveen
New York Select Tax-Free Income Portfolio (NXN)
To the
Shareholders of the Above Funds:
Notice is hereby given that the Annual Meeting of Shareholders
(the Annual Meeting) of Nuveen Municipal Value Fund,
Inc. (Municipal Value), Nuveen Municipal Income
Fund, Inc. (Municipal Income), Nuveen Premium Income
Municipal Fund, Inc. (Premium Income), Nuveen
Performance Plus Municipal Fund, Inc. (Performance
Plus), Nuveen Municipal Advantage Fund, Inc.
(Municipal Advantage), Nuveen Municipal Market
Opportunity Fund, Inc. (Municipal Market
Opportunity), Nuveen Investment Quality Municipal Fund,
Inc. (Investment Quality), Nuveen Select Quality
Municipal Fund, Inc. (Select Quality), Nuveen
Quality Income Municipal Fund, Inc. (Quality
Income), Nuveen Insured Municipal Opportunity Fund, Inc.
(Insured Municipal Opportunity), Nuveen Insured
Quality Municipal Fund, Inc. (Insured Quality),
Nuveen Premier Municipal Income Fund, Inc. (Premier
Municipal), Nuveen Premier Insured Municipal Income Fund,
Inc. (Premier Insured), Nuveen Premium Income
Municipal Fund 2, Inc. (Premium Income 2),
Nuveen Premium Income Municipal Fund 4, Inc. (Premium
Income 4), each a Minnesota Corporation (each a
Minnesota Fund and collectively, the Minnesota
Funds), and Nuveen Enhanced Municipal Value Fund
(Enhanced Value), Nuveen Dividend Advantage
Municipal Fund (Dividend Advantage), Nuveen Insured
Dividend Advantage Municipal Fund (Insured Dividend
Advantage), Nuveen Insured Premium Income Municipal
Fund 2 (Insured Premium Income 2), Nuveen
Insured Tax-Free Advantage Municipal Fund (Insured
Tax-Free Advantage), Nuveen Dividend Advantage Municipal
Fund 2 (Dividend Advantage 2), Nuveen Dividend
Advantage Municipal Fund 3 (Dividend Advantage
3), Nuveen Municipal High Income Opportunity Fund
(Municipal High Income), Nuveen Municipal High
Income Opportunity Fund 2 (Municipal High Income
2), Nuveen Municipal Value Fund 2 (Municipal
Value 2), Nuveen Select Maturities Municipal Fund
(Select Maturities), Nuveen Select Tax-Free Income
Portfolio (Select Portfolio), Nuveen Select Tax-Free
Income Portfolio 2 (Select Portfolio 2), Nuveen
Select Tax-Free Income Portfolio 3 (Select Portfolio
3), Nuveen California Select Tax-Free Income Portfolio
(California Portfolio) and Nuveen New York Select
Tax-Free Income Portfolio (New York Portfolio), each
a Massachusetts Business Trust (individually, a
Fund and collectively, the Funds), will
be held in the Lobby Conference Room, Nuveen Investments,
333 West Wacker Drive, Chicago, Illinois, on Tuesday,
July 27, 2010, at 10:00 a.m., Central time, for the
following purposes and to transact such other business, if any,
as may properly come before the Annual Meeting:
Matters
to Be Voted on by Shareholders:
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To elect Members to the Board of Directors/Trustees (each a
Board and each Director or Trustee a Board
Member) of each Fund as outlined below:
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a.
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For each Minnesota Fund, except Municipal Value and Municipal
Income, to elect nine (9) Board Members:
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(i)
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seven (7) Board Members to be elected by the holders of
Common Shares and Municipal Auction Rate Cumulative Preferred
Shares (Preferred Shares), voting together as a
single class; and
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(ii)
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two (2) Board Members to be elected by the holders of
Preferred Shares only, voting separately as a single class.
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For Municipal Value and Municipal Income, to elect three
(3) Board Members.
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c.
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For each Massachusetts Business Trust, except Enhanced Value,
Municipal Value 2, Select Maturities, Select Portfolio, Select
Portfolio 2, Select Portfolio 3, California
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Portfolio, New York Portfolio and Municipal High Income 2, to
elect four (4) Board Members:
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(i)
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two (2) Board Members to be elected by the holders of
Common Shares and Preferred Shares, voting together as a single
class; and
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(ii)
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two (2) Board Members to be elected by the holders of
Preferred Shares only, voting separately as a single class.
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d.
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For Enhanced Value, Municipal Value 2, Select Maturities, Select
Portfolio, Select Portfolio 2, Select Portfolio 3, California
Portfolio, New York Portfolio and Municipal High Income 2, to
elect three (3) Board Members.
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2.
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To approve the elimination of fundamental investment policies
and/or to
approve the new fundamental investment policies for Premium
Income, Performance Plus, Municipal Market Opportunity and
Premium Income 4.
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3.
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To transact such other business as may properly come before the
Annual Meeting.
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Shareholders of record at the close of business on May 28,
2010 are entitled to notice of and to vote at the Annual Meeting.
All shareholders are cordially invited to attend the Annual
Meeting. In order to avoid delay and additional expense and to
assure that your shares are represented, please vote as promptly
as possible, regardless of whether or not you plan to attend the
Annual Meeting. You may vote by mail, telephone or over the
Internet. To vote by mail, please mark, sign, date and mail the
enclosed proxy card. No postage is required if mailed in the
United States. To vote by telephone, please call the toll-free
number located on your proxy card and follow the recorded
instructions, using your proxy card as a guide. To vote over the
Internet, go to the Internet address provided on your proxy card
and follow the instructions, using your proxy card as a
guide.
Kevin J. McCarthy
Vice President and Secretary
333 West Wacker
Drive
Chicago, Illinois 60606
(800) 257-8787
Joint
Proxy Statement
June 21,
2010
This Joint Proxy Statement is first being mailed to shareholders
on or about June 21, 2010.
Nuveen
Municipal Value Fund, Inc. (NUV)
Nuveen
Municipal Value Fund 2 (NUW)
Nuveen
Municipal Income Fund, Inc. (NMI)
Nuveen
Enhanced Municipal Value Fund (NEV)
Nuveen
Premium Income Municipal Fund, Inc. (NPI)
Nuveen
Performance Plus Municipal Fund, Inc. (NPP)
Nuveen
Municipal Advantage Fund, Inc. (NMA)
Nuveen
Municipal Market Opportunity Fund, Inc. (NMO)
Nuveen
Investment Quality Municipal Fund, Inc. (NQM)
Nuveen
Select Quality Municipal Fund, Inc. (NQS)
Nuveen
Quality Income Municipal Fund, Inc. (NQU)
Nuveen
Premier Municipal Income Fund, Inc. (NPF)
Nuveen
Premier Insured Municipal Income Fund, Inc. (NIF)
Nuveen
Premium Income Municipal Fund 2, Inc. (NPM)
Nuveen
Premium Income Municipal Fund 4, Inc. (NPT)
Nuveen
Dividend Advantage Municipal Fund (NAD)
Nuveen
Dividend Advantage Municipal Fund 2 (NXZ)
Nuveen
Dividend Advantage Municipal Fund 3 (NZF)
Nuveen
Municipal High Income Opportunity Fund (NMZ)
Nuveen
Municipal High Income Opportunity Fund 2 (NMD)
Nuveen
Insured Dividend Advantage Municipal Fund (NVG)
Nuveen
Insured Municipal Opportunity Fund, Inc. (NIO)
Nuveen
Insured Premium Income Municipal Fund 2 (NPX)
Nuveen
Insured Quality Municipal Fund, Inc. (NQI)
Nuveen
Insured Tax-Free Advantage Municipal Fund (NEA)
Nuveen
Select Maturities Municipal Fund (NIM)
Nuveen
Select Tax-Free Income Portfolio (NXP)
Nuveen
Select Tax-Free Income Portfolio 2 (NXQ)
Nuveen
Select Tax-Free Income Portfolio 3 (NXR)
Nuveen
California Select Tax-Free Income Portfolio (NXC)
Nuveen
New York Select Tax-Free Income Portfolio (NXN)
1
General
Information
This Joint Proxy Statement is furnished in connection with the
solicitation by the Board of Directors or Trustees (each a
Board and collectively, the Boards, and
each Director or Trustee, a Board Member and
collectively, the Board Members) of Nuveen Municipal
Value Fund, Inc. (Municipal Value), Nuveen Municipal
Income Fund, Inc. (Municipal Income), Nuveen Premium
Income Municipal Fund, Inc. (Premium Income), Nuveen
Performance Plus Municipal Fund, Inc. (Performance
Plus), Nuveen Municipal Advantage Fund, Inc.
(Municipal Advantage), Nuveen Municipal Market
Opportunity Fund, Inc. (Municipal Market
Opportunity), Nuveen Investment Quality Municipal Fund,
Inc. (Investment Quality), Nuveen Select Quality
Municipal Fund, Inc. (Select Quality), Nuveen
Quality Income Municipal Fund, Inc. (Quality
Income), Nuveen Insured Municipal Opportunity Fund, Inc.
(Insured Municipal Opportunity), Nuveen Insured
Quality Municipal Fund, Inc. (Insured Quality),
Nuveen Premier Municipal Income Fund, Inc. (Premier
Municipal), Nuveen Premier Insured Municipal Income Fund,
Inc. (Premier Insured), Nuveen Premium Income
Municipal Fund 2, Inc. (Premium Income 2),
Nuveen Premium Income Municipal Fund 4, Inc. (Premium
Income 4), each a Minnesota Corporation (each
referred to herein as a Minnesota Fund and
collectively, the Minnesota Funds), and Nuveen
Enhanced Municipal Value Fund (Enhanced Value),
Nuveen Dividend Advantage Municipal Fund (Dividend
Advantage), Nuveen Insured Dividend Advantage Municipal
Fund (Insured Dividend Advantage), Nuveen Insured
Premium Income Municipal Fund 2 (Insured Premium
Income 2), Nuveen Insured Tax-Free Advantage Municipal
Fund (Insured Tax-Free Advantage), Nuveen Dividend
Advantage Municipal Fund 2 (Dividend Advantage
2), Nuveen Dividend Advantage Municipal Fund 3
(Dividend Advantage 3), Nuveen Municipal High Income
Opportunity Fund (Municipal High Income), Nuveen
Municipal High Income Opportunity Fund 2 (Municipal
High Income 2), Nuveen Municipal Value Fund 2
(Municipal Value 2), Nuveen Select Maturities
Municipal Fund (Select Maturities), Nuveen Select
Tax-Free Income Portfolio (Select Portfolio), Nuveen
Select Tax-Free Income Portfolio 2 (Select Portfolio
2), Nuveen Select Tax-Free Income Portfolio 3
(Select Portfolio 3), Nuveen California Select
Tax-Free Income Portfolio (California Portfolio) and
Nuveen New York Select Tax-Free Income Portfolio (New York
Portfolio), each a Massachusetts Business Trust
(each referred to herein as a Massachusetts Fund
and collectively, the Massachusetts Funds) (the
Massachusetts Funds and Minnesota Funds are each, a
Fund and collectively, the Funds), of
proxies to be voted at the Annual Meeting of Shareholders to be
held in the Lobby Conference Room, Nuveen Investments,
333 West Wacker Drive, Chicago, Illinois, on Tuesday,
July 27, 2010, at 10:00 a.m., Central time (for each
Fund, an Annual Meeting and collectively, the
Annual Meetings), and at any and all adjournments
thereof.
On the matters coming before each Annual Meeting as to which a
choice has been specified by shareholders on the proxy, the
shares will be voted accordingly. If a proxy is returned and no
choice is specified, the shares will be voted FOR the election
of the nominees as listed in this Joint Proxy Statement and FOR
the elimination of the fundamental investment policies and the
adoption of new fundamental investment policies for the Affected
Municipal Funds (as defined below). Shareholders who execute
proxies may revoke them at any time before they are voted by
filing with that Fund a written notice of revocation, by
delivering a duly executed proxy bearing a later date, or by
attending the Annual Meeting and voting in person.
The Board of each Fund has determined that the use of this Joint
Proxy Statement for each Annual Meeting is in the best interest
of each Fund and its shareholders in light of the similar
matters being considered and voted on by the shareholders.
2
The following table indicates which shareholders are solicited
with respect to each matter:
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Matter
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Common Shares
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Preferred
Shares(1)
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1(a)(i)
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For each Minnesota Fund (except Municipal Value and Municipal
Income), election of seven (7) Board Members by all shareholders.
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X
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X
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1(a)(ii)
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For each Minnesota Fund (except Municipal Value and Municipal
Income), election of two (2) Board Members by Preferred Shares
only.
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X
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X
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1(b)
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For Municipal Value and Municipal Income, election of three (3)
Board Members by all shareholders.
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X
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N/A
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1(c)(i)
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For each Massachusetts Fund (except Enhanced Value, Municipal
Value 2, Select Maturities, Select Portfolio, Select Portfolio
2, Select Portfolio 3, California Portfolio, New York Portfolio
and Municipal High Income 2), election of two (2) Board
Members by all shareholders.
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X
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X
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1(c)(ii)
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For each Massachusetts Fund (except Enhanced Value, Municipal
Value 2, Select Maturities, Select Portfolio, Select Portfolio
2, Select Portfolio 3, California Portfolio, New York Portfolio
and Municipal High Income 2), election of two (2) Board Members
by Preferred Shares only.
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X
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X
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1(d)
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For Enhanced Value, Municipal Value 2, Select Maturities, Select
Portfolio, Select Portfolio 2, Select Portfolio 3, California
Portfolio, New York Portfolio and Municipal High Income 2,
election of three (3) Board Members by all shareholders.
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X
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N/A
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2.
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For Premium Income, Performance Plus, Municipal Market
Opportunity and Premium Income 4 (the Affected Municipal
Funds), to approve the elimination of fundamental
investment policies and/or to approve the new fundamental
investment policies.
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X
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X
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2(a)
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For each Affected Municipal Fund, to approve the elimination of
the Funds fundamental investment policies relating to
investments in municipal securities and below investment grade
securities.
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X
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X
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2(b)
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For each Affected Municipal Fund to approve the new fundamental
investment policy relating to investments in municipal
securities.
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X
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X
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2(c)
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For each Affected Municipal Fund to approve the elimination of
the fundamental investment policy relating to investing in other
investment companies.
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X
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X
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3
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Matter
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Common Shares
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Preferred
Shares(1)
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2(d)
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For each Affected Municipal Fund to approve the elimination of
fundamental investment policies relating to commodities.
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X
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X
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2(e)
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For each Affected Municipal Fund to approve the new fundamental
investment policy relating to commodities.
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X
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X
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2(f)
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For each Affected Municipal Fund to approve the elimination of
fundamental investment policies relating to derivatives and
short sales.
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X
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X
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(1) |
Variable Rate Demand Preferred Shares for Municipal Advantage,
Municipal Market Opportunity, Premium Income 4, Dividend
Advantage 2 and Insured Premium Income 2; MuniTerm Preferred for
Dividend Advantage, Insured Dividend Advantage and Insured
Tax-Free Advantage; and Municipal Auction Rate Cumulative
Preferred Shares (MuniPreferred) for each other
Fund, as well as MuniPreferred for Dividend Advantage, Insured
Dividend Advantage and Insured Tax-Free Advantage, are referred
to as Preferred Shares. Municipal High Income 2,
Municipal Value, Municipal Value 2, Municipal Income, Enhanced
Value, Select Maturities, Select Portfolio, Select Portfolio 2,
Select Portfolio 3, California Portfolio and New York Portfolio
have not issued Preferred Shares.
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A quorum of shareholders is required to take action at each
Annual Meeting. A majority of the shares entitled to vote at
each Annual Meeting, represented in person or by proxy, will
constitute a quorum of shareholders at that Annual Meeting,
except that for the election of the two Board Member nominees to
be elected by holders of Preferred Shares of each Fund (except
Municipal Value, Municipal Value 2, Municipal Income, Enhanced
Value, Select Maturities, Select Portfolio, Select Portfolio 2,
Select Portfolio 3, California Portfolio, New York Portfolio and
Municipal High Income 2),
331/3%
of the Preferred Shares entitled to vote and represented in
person or by proxy will constitute a quorum. Votes cast by proxy
or in person at each Annual Meeting will be tabulated by the
inspectors of election appointed for that Annual Meeting. The
inspectors of election will determine whether or not a quorum is
present at the Annual Meeting. The inspectors of election will
treat abstentions and broker non-votes (i.e., shares
held by brokers or nominees, typically in street
name, as to which (i) instructions have not been
received from the beneficial owners or persons entitled to vote
and (ii) the broker or nominee does not have discretionary
voting power on a particular matter) as present for purposes of
determining a quorum.
For each Fund, the affirmative vote of a plurality of the shares
present and entitled to vote at the Annual Meeting will be
required to elect the Board Members of that Fund. For purposes
of determining the approval of the proposal to elect nominees
for each Fund, abstentions and broker non-votes will have no
effect on the election of Board Members. For purposes of
determining the approval of the elimination of the fundamental
investment policies and the approval of the new fundamental
investment policies for the Affected Municipal Funds, a change
will only be consummated if approved by the affirmative vote of
the holders of a majority of the outstanding shares of a
Funds Common Shares and Preferred Shares, voting together
as a single class, and of the Preferred Shares, voting as a
separate class, as defined in the Investment Company Act of
1940, as amended (the 1940 Act), as (a) 67% or
more of the voting securities present at the Annual Meeting, if
the holders of more than 50% of the outstanding voting
securities are present or represented by proxy; or (b) more
than 50% of the outstanding voting securities, whichever is
less. For purposes of determining the approval of the
elimination of the fundamental investment policies and the
approval of the new
4
fundamental investment policies, abstentions and broker
non-votes will have the same effect as shares voted against the
proposal.
Preferred Shares held in street name as to which
voting instructions have not been received from the beneficial
owners or persons entitled to vote as of one business day before
the Annual Meeting, or, if adjourned, one business day before
the day to which the Annual Meeting is adjourned, and that would
otherwise be treated as broker non-votes may,
pursuant to Rule 452 of the New York Stock Exchange, be
voted by the broker on the proposal in the same proportion as
the votes cast by all holders of Preferred Shares as a class who
have voted on the proposal or in the same proportion as the
votes cast by all holders of Preferred Shares of the Fund who
have voted on that item. Rule 452 permits proportionate
voting of Preferred Shares with respect to a particular item if,
among other things, (i) a minimum of 30% of the Preferred
Shares or shares of a series of Preferred Shares outstanding has
been voted by the holders of such shares with respect to such
item and (ii) less than 10% of the Preferred Shares or
shares of a series of Preferred Shares outstanding has been
voted by the holders of such shares against such item. For the
purpose of meeting the 30% test, abstentions will be treated as
shares voted and, for the purpose of meeting the 10%
test, abstentions will not be treated as shares
voted against the item.
Those persons who were shareholders of record at the close of
business on May 28, 2010 will be entitled to one vote for
each share held and a proportionate fractional vote for each
fractional share held. As of May 28, 2010, the shares of
the Funds were issued and outstanding as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Ticker Symbol*
|
|
Common Shares
|
|
|
Preferred Shares
|
|
|
|
|
|
|
Municipal Value
|
|
NUV
|
|
|
197,463,086
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Municipal Value 2
|
|
NUW
|
|
|
12,759,555
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Municipal Income
|
|
NMI
|
|
|
8,198,477
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Enhanced Value
|
|
NEV
|
|
|
19,230,716
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Premium Income
|
|
NPI
|
|
|
63,785,430
|
|
|
Series M
|
|
|
2,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series M2
|
|
|
1,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
2,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
2,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
2,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
2,899
|
|
|
|
|
|
|
|
Performance Plus
|
|
NPP
|
|
|
59,914,073
|
|
|
Series M
|
|
|
3,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
3,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
3,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
2,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
3,508
|
|
|
|
|
|
|
|
Municipal Advantage
|
|
NMA
|
|
|
43,336,100
|
|
|
VRDP
Series 1
|
|
|
2,968
|
|
|
|
|
|
|
|
Municipal Market Opportunity
|
|
NMO
|
|
|
45,634,013
|
|
|
VRDP
Series 1
|
|
|
3,509
|
|
|
|
|
|
|
|
Investment Quality
|
|
NQM
|
|
|
35,820,767
|
|
|
Series M
|
|
|
1,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
1,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
1,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
1,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
1,750
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Ticker Symbol*
|
|
Common Shares
|
|
|
Preferred Shares
|
|
|
|
|
|
|
Select Quality
|
|
NQS
|
|
|
34,105,588
|
|
|
Series M
|
|
|
1,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
1,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
2,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
1,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
2,522
|
|
|
|
|
|
|
|
Quality Income
|
|
NQU
|
|
|
54,219,374
|
|
|
Series M
|
|
|
2,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
2,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
2,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W2
|
|
|
1,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
3,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
2,568
|
|
|
|
|
|
|
|
Premier Municipal
|
|
NPF
|
|
|
19,888,518
|
|
|
Series M
|
|
|
769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
2,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
2,152
|
|
|
|
|
|
|
|
Premier Insured
|
|
NIF
|
|
|
19,425,849
|
|
|
Series W
|
|
|
678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
2,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
2,264
|
|
|
|
|
|
|
|
Premium Income 2
|
|
NPM
|
|
|
70,692,851
|
|
|
Series M
|
|
|
1,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series M2
|
|
|
1,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
2,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T2
|
|
|
2,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
1,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
2,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH2
|
|
|
1,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
1,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F2
|
|
|
1,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F3
|
|
|
1,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F4
|
|
|
1,038
|
|
|
|
|
|
|
|
Premium Income 4
|
|
NPT
|
|
|
43,236,703
|
|
|
VRDP
Series 1
|
|
|
2,622
|
|
|
|
|
|
|
|
Dividend Advantage
|
|
NAD
|
|
|
39,287,298
|
|
|
Series M
|
|
|
1,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
1,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
1,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MuniTerm
Preferred
|
|
|
14,430,000
|
|
|
|
|
|
|
|
Dividend Advantage 2
|
|
NXZ
|
|
|
29,440,679
|
|
|
VRDP
Series 1
|
|
|
1,960
|
|
|
|
|
|
|
|
Dividend Advantage 3
|
|
NZF
|
|
|
40,378,174
|
|
|
Series W
|
|
|
3,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
3,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
3,160
|
|
|
|
|
|
|
|
Municipal High Income
|
|
NMZ
|
|
|
26,001,680
|
|
|
Series M
|
|
|
1,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
987
|
|
|
|
|
|
|
|
Municipal High Income 2
|
|
NMD
|
|
|
16,734,337
|
|
|
N/A
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Ticker Symbol*
|
|
Common Shares
|
|
|
Preferred Shares
|
|
|
|
|
|
|
Insured Dividend Advantage
|
|
NVG
|
|
|
29,802,900
|
|
|
Series M
|
|
|
1,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
1,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
1,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MuniTerm
Preferred
|
|
|
10,800,000
|
|
|
|
|
|
|
|
Insured Municipal Opportunity
|
|
NIO
|
|
|
95,586,903
|
|
|
Series M
|
|
|
3,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
3,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
3,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W2
|
|
|
2,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W3
|
|
|
1,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH1
|
|
|
3,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH2
|
|
|
3,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH3
|
|
|
2,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
3,318
|
|
|
|
|
|
|
|
Insured Premium Income 2
|
|
NPX
|
|
|
37,353,512
|
|
|
VRDP
Series 1
|
|
|
2,190
|
|
|
|
|
|
|
|
Insured Quality
|
|
NQI
|
|
|
38,353,947
|
|
|
Series M
|
|
|
1,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series T
|
|
|
1,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
1,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series TH
|
|
|
1,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F
|
|
|
1,956
|
|
|
|
|
|
|
|
Insured Tax-Free Advantage
|
|
NEA
|
|
|
22,235,722
|
|
|
Series T
|
|
|
1,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W
|
|
|
1,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series W2
|
|
|
486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MuniTerm
Preferred
|
|
|
8,300,000
|
|
|
|
|
|
|
|
Select Maturities
|
|
NIM
|
|
|
12,417,888
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Select Portfolio
|
|
NXP
|
|
|
16,486,472
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Select Portfolio 2
|
|
NXQ
|
|
|
17,677,291
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Select Portfolio 3
|
|
NXR
|
|
|
13,005,549
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
California Portfolio
|
|
NXC
|
|
|
6,267,289
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
New York Portfolio
|
|
NXN
|
|
|
3,913,616
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
* |
The Common Shares of all of the Funds are listed on the New York
Stock Exchange, except NEA, NVG, NXZ, NZF and NMZ, which are
listed on the NYSE Amex. The MuniTerm Preferred Shares of NVG,
NEA and NAD are listed on the New York Stock Exchange.
|
1. Election
of Board Members
Minnesota
Corporations
At the Annual Meeting of each Minnesota Corporation, Board
Members are to be elected to serve until the next annual meeting
or until their successors shall have been duly elected and
qualified. Under the terms of each Minnesota Corporations
organizational documents (except Municipal Value and Municipal
Income), under normal circumstances, holders of Preferred Shares
are entitled to elect two (2) Board Members, and the remaining
Board Members are to be elected by holders of Common Shares and
Preferred Shares, voting together as a single class. Pursuant to
the organizational documents of Municipal Value and Municipal
Income,
7
each Board is divided into three classes, with each class being
elected to serve until the third succeeding annual meeting
subsequent to their election or thereafter in each case when
their respective successors are duly elected and qualified. For
Municipal Value and Municipal Income, three (3) Board
Members are nominated to be elected at this Annual Meeting.
|
|
|
|
a.
|
For each Minnesota Corporation, except Municipal Value and
Municipal Income:
|
|
|
|
|
(i)
|
seven (7) Board Members are to be elected by holders of
Common Shares and Preferred Shares, voting together as a single
class. Board Members Amboian, Bremner, Evans, Kundert,
Stockdale, Stone and Toth are nominees for election by all
shareholders.
|
|
|
(ii)
|
two (2) Board Members are to be elected by holders of
Preferred Shares, each series voting together as a single class.
Board Members Hunter and Schneider are nominees for election by
holders of Preferred Shares.
|
|
|
|
|
b.
|
For Municipal Value and Municipal Income: three
(3) Board Members are to be elected by all shareholders.
|
With respect to Municipal Value, Board Members Hunter, Stockdale
and Stone have been designated as Class I Board Members and
as nominees for Board Members for a term expiring at the annual
meeting of shareholders in 2013 or until their successors have
been duly elected and qualified. Board Members Amboian, Bremner,
Evans, Kundert, Schneider and Toth are current and continuing
Board Members. Board Members Amboian, Kundert and Toth have been
designated as Class II Board Members for a term expiring at
the annual meeting of shareholders in 2011 or until their
successors have been duly elected and qualified. Board Members
Bremner, Evans and Schneider have been designated as
Class III Board Members for a term expiring at the annual
meeting of shareholders in 2012 or until their successors have
been duly elected and qualified.
With respect to Municipal Income, Board Members Hunter,
Stockdale and Stone have been designated as Class III Board
Members and as nominees for Board Members for a term expiring at
the annual meeting of shareholders in 2013 or until their
successors have been duly elected and qualified. Board Members
Amboian, Bremner, Evans, Kundert, Schneider and Toth are current
and continuing Board Members. Board Members Amboian, Kundert and
Toth have been designated as Class I Board Members for a
term expiring at the annual meeting of shareholders in 2011 or
until their successors have been duly elected and qualified.
Board Members Bremner, Evans and Schneider have been designated
as Class II Board Members for a term expiring at the annual
meeting of shareholders in 2012 or until their successors have
been duly elected and qualified.
Massachusetts
Business Trusts
Pursuant to the organizational documents of each Massachusetts
Business Trust, each Board is divided into three classes,
Class I, Class II and Class III, to be elected by
the holders of the outstanding Common Shares and any outstanding
Preferred Shares, voting together as a single class to serve
until the third succeeding annual meeting subsequent to their
election or thereafter, in each case until their successors have
been duly elected and qualified. For each
8
Massachusetts Business Trust, except Enhanced Value, Municipal
Value 2, Select Maturities, Select Portfolio, Select Portfolio
2, Select Portfolio 3, California Portfolio, New York Portfolio
and Municipal High Income 2, under normal circumstances, holders
of Preferred Shares are entitled to elect two (2) Board
Members. The Board Members elected by holders of Preferred
Shares will be elected to serve until the next annual meeting or
until their successors shall have been duly elected and
qualified.
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c.
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For each Massachusetts Business Trust, except Enhanced Value,
Municipal Value 2, Select Maturities, Select Portfolio, Select
Portfolio 2, Select Portfolio 3, California Portfolio, New York
Portfolio and Municipal High Income 2:
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(i)
|
two (2) Board Members are to be elected by holders of
Common Shares and Preferred Shares, voting together as a single
class. Board Members Stockdale and Stone have been designated as
Class I Board Members and as nominees for Board Members for
a term expiring at the annual meeting of shareholders in 2013 or
until their successors have been duly elected and qualified.
Board Members Amboian, Bremner, Evans, Kundert and Toth are
current and continuing Board Members. Board Members Amboian,
Kundert and Toth have been designated as Class II Board
Members for a term expiring at the annual meeting of
shareholders in 2011 or until their successors have been duly
elected and qualified. Board Members Bremner and Evans have been
designated as Class III Board Members for a term expiring
at the annual meeting of shareholders in 2012 or until their
successors have been duly elected and qualified.
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(ii)
|
two (2) Board Members are to be elected by holders of
Preferred Shares, voting separately as a single class. Board
Members Hunter and Schneider are nominees for election by
holders of Preferred Shares for a term expiring at the next
annual meeting or until their successors have been duly elected
and qualified.
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d.
|
For Enhanced Value, Municipal Value 2, Select Maturities,
Select Portfolio, Select Portfolio 2, Select Portfolio 3,
California Portfolio, New York Portfolio and Municipal High
Income 2:
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Three (3) Board Members are to be elected by all
shareholders. Board Members Hunter, Stockdale and Stone have
been designated as Class I Board Members and nominees for
Board Members for a term expiring at the annual meeting of
shareholders in 2013 or until their successors have been duly
elected and qualified. Board Members Amboian, Bremner, Evans,
Kundert Schneider and Toth are current and continuing Board
Members. Board Members Amboian, Kundert and Toth have been
designated as Class II Board Members for a term expiring at
the annual meeting of shareholders in 2011 or until their
successors have been duly elected and qualified. Board Members
Bremner, Evans and Schneider have been designated as
Class III Board Members for a term expiring at the annual
meeting of shareholders in 2012 or until their successors have
been duly elected and qualified.
|
It is the intention of the persons named in the enclosed proxy
to vote the shares represented thereby for the election of the
nominees listed in the table below unless the proxy is marked
otherwise. Each of the nominees has agreed to serve as a Board
Member of each Fund if elected. However, should any nominee
become unable or unwilling to accept nomination for election,
the proxies will be voted for substitute nominees, if any,
designated by that Funds present Board.
9
For each Minnesota Corporation, except for Municipal Value and
Municipal Income all Board Member nominees were last elected to
each Funds Board at the annual meeting of shareholders
held on July 28, 2009 and adjourned to September 1,
2009.
For Municipal Value, Board Members Bremner, Evans and Schneider
were last elected as Class III Board Members at the annual
meeting of shareholders held on July 28, 2009. Board
Members Amboian, Kundert and Toth were last elected as
Class II Board Members at the annual meeting of
shareholders held on July 29, 2008 and adjourned to
August 29, 2008.
For Municipal Income, Board Members Bremner, Evans and Schneider
were last elected as Class II Board Members at the annual
meeting of shareholders held on July 28, 2009. Board
Members Amboian, Kundert and Toth were last elected as
Class I Board Members at the annual meeting of shareholders
held on July 29, 2008 and adjourned to August 29, 2008.
For each Massachusetts Business Trust, except Enhanced Value,
Insured Dividend Advantage, Insured Premium Income 2, Insured
Tax-Free Advantage, Municipal Value 2, Select Maturities, Select
Portfolio, Select Portfolio 2, Select Portfolio 3, California
Portfolio, New York Portfolio and Municipal High Income 2, Board
Members Bremner and Evans were last elected to each Funds
Board as Class III Board Members and Board Members Hunter
and Schneider were last elected to each Funds Board at the
annual meeting of shareholders held on July 28, 2009 and
adjourned to September 1, 2009. Board Members Amboian,
Kundert and Toth were last elected to each Funds Board as
Class II Board Members at the annual meeting of
shareholders held on July 29, 2008 and adjourned to
August 29, 2008, September 30, 2008 and
October 28, 2008.
For Insured Tax-Free Advantage, Insured Dividend Advantage and
Insured Premium Income 2 Board Members Bremner and Evans were
last elected to each Funds Board as Class III Board
Members and Board Members Hunter and Schneider were last elected
to each Funds Board at the annual meeting of shareholders
held on July 28, 2009 and for Insured Dividend Advantage
and Insured Premium Income 2, adjourned to September 1,
2009. Board Members Amboian, Kundert and Toth were last elected
to each Funds Board as Class II Board Members at the
annual meeting of shareholders held on June 30, 2008 and
adjourned to July 28, 2008 and August 29, 2008, and
for Insured Premium Income 2, adjourned to September 30,
2008 and for Insured Dividend Advantage, adjourned to
September 30, 2008 and October 28, 2008.
For Select Maturities, Select Portfolio, Select Portfolio 2,
Select Portfolio 3, California Portfolio New York Portfolio and
Municipal High Income 2, Board Members Bremner, Evans and
Schneider were last elected as Class III Board Members at
the annual meeting of shareholders held on July 28, 2009.
Board Members Amboian, Kundert and Toth were last elected to
each Funds Board as Class II Board Members at the
annual meeting of shareholders held on July 29, 2008 and
adjourned to August 29, 2008. Board Member Hunter was last
elected to each Funds Board as a Class I Board Member
at the annual meeting of shareholders held on July 29, 2008
and adjourned to August 29, 2008.
For Enhanced Value and Municipal Value 2, all of the Board
Members were elected by the initial shareholder of the Fund,
Nuveen Asset Management (the Adviser or
NAM), on July 28, 2009 and February 23,
2009, respectively.
Other than Mr. Amboian (for all Funds), all Board Member
nominees are not interested persons as defined in
the 1940 Act, of the Funds or of the Adviser and have never been
an employee or director of Nuveen Investments, Inc.
(Nuveen), the Advisers parent company, or any
affiliate. Accordingly, such Board Members are deemed
Independent Board Members.
10
The Board unanimously recommends that shareholders vote FOR
the election of the nominees named below.
Board
Nominees/Board Members
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Number of
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Portfolios
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in Fund
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Other
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Complex
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Directorships Held
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Position(s)
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Term of Office
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Overseen
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by Board
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Name, Address
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Held with
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and Length
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Principal Occupation(s)
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by Board
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Member During the
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and Birth Date
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Fund
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of Time
Served(1)
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During Past 5 Years
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Member
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Past Five Years
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Nominees/Board Members who are not interested persons of the
Funds
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Robert P. Bremner*
c/o Nuveen
Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(8/22/40)
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Chairman of the Board, Board Member Nominee
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Term: Annual or Class III Board Member until
2012(2)
Length of Service: Since 1996; Chairman of the Board since
2008; Lead Independent Director (2005-2008)
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Private Investor and Management Consultant; Treasurer and
Director, Humanities Council of Washington D.C.
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200
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N/A
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Jack B. Evans
c/o Nuveen
Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(10/22/48)
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Board Member Nominee
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Term: Annual or Class III Board Member until
2012(2)
Length of Service: Since 1999
|
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President, The Hall-Perrine Foundation, a private philanthropic
corporation (since 1996); Director and Vice Chairman, United
Fire Group, a publicly held company; Member of the Board of
Regents for the State of Iowa University System; Director,
Gazette Companies; Life Trustee of Coe College and Iowa College
Foundation; formerly, Director, Alliant Energy; formerly,
Director, Federal Reserve Bank of Chicago; formerly, President
and Chief Operating Officer, SCI Financial Group, Inc., a
regional financial services firm.
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200
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See Principal Occupation Description
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William C. Hunter
c/o Nuveen
Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(3/6/48)
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Board Member Nominee
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Term: Annual or Class II Board Member until
2010(2)
Length of Service: Since 2004
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Dean, Tippie College of Business, University of Iowa (since
2006); Director (since 2004) of Xerox Corporation, a publicly
held company; Director (since 2005) of Beta Gamma Sigma
International Society; formerly
(2003-2006),
Dean and Distinguished Professor of Finance, School of Business
at the University of Connecticut (2003-2006); formerly, Senior
Vice President and Director of Research at the Federal Reserve
Bank of Chicago (1995-2003); formerly, Director, SS&C
Technologies, Inc. (May 2005-October 2005); formerly, Director,
Credit Research Center at Georgetown University
(1997-2007).
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200
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See Principal Occupation Description
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11
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Number of
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Portfolios
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in Fund
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Other
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Complex
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|
Directorships Held
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Position(s)
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Term of Office
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Overseen
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by Board
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Name, Address
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Held with
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and Length
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Principal Occupation(s)
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by Board
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Member During the
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and Birth Date
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Fund
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of Time
Served(1)
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During Past 5 Years
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Member
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Past Five Years
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David J. Kundert*
c/o Nuveen
Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(10/28/42)
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Board Member Nominee
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Term: Annual or Class II Board Member until
2011(2)
Length of Service: Since 2005
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Director, Northwestern Mutual Wealth Management Company; retired
(2004) as Chairman, JPMorgan Fleming Asset Management, President
and CEO, Banc One Investment Advisors Corporation, and
President, One Group Mutual Funds; prior thereto, Executive Vice
President, Bank One Corporation and Chairman and CEO, Banc One
Investment Management Group; Board of Regents, Luther College;
member of the Wisconsin Bar Association; member of Board of
Directors, Friends of Boerner Botanical Gardens; member of Board
of Directors and member of Investment Committee, Greater
Milwaukee Foundation.
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200
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|
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See Principal Occupation Description
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William J. Schneider*
c/o Nuveen
Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(9/24/44)
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Board Member Nominee
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Term: Annual or Class III Board Member until
2012(2)
Length of Service: Since 1996
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Chairman, of Miller-Valentine Partners Ltd., a real estate
investment company; formerly, Senior Partner and Chief Operating
Officer (retired, 2004) of Miller-Valentine Group; Member,
University of Dayton Business School Advisory Council; formerly,
Member and Chair, Dayton Philharmonic Orchestra Board; formerly,
Member, Business Advisory Council, Cleveland Federal Reserve
Bank; formerly, Director, Dayton Development Coalition.
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200
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|
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See Principal Occupation Description
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Judith M. Stockdale
c/o Nuveen
Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(12/29/47)
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Board Member Nominee
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Term: Annual or Class I Board Member until
2010(2)
Length of Service: Since 1997
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Executive Director, Gaylord and Dorothy Donnelley Foundation
(since 1994); prior thereto, Executive Director, Great Lakes
Protection Fund (from 1990 to 1994).
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200
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N/A
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Carole E. Stone*
c/o Nuveen
Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(6/28/47)
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Board Member Nominee
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Term: Annual or Class I Board Member until
2010(2)
Length of Service: Since 2007
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Director, C2 Options Exchange, Incorporated (since 2009);
Director, Chicago Board Options Exchange (since 2006);
Commissioner, NYSE Commission on Public Authority Reform (since
2005); formerly, Chair, New York Racing Association Oversight
Board (2005-2007).
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200
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See Principal Occupation Description
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12
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Number of
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Portfolios
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in Fund
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Other
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Complex
|
|
Directorships Held
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Position(s)
|
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Term of Office
|
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Overseen
|
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by Board
|
Name, Address
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Held with
|
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and Length
|
|
Principal Occupation(s)
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by Board
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Member During the
|
and Birth Date
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Fund
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of Time
Served(1)
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During Past 5 Years
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Member
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Past Five Years
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Terence J. Toth*
c/o Nuveen
Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(9/29/59)
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Board Member Nominee
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Term: Annual or Class II Board Member until
2011(2)
Length of Service: Since 2008:
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Director, Legal & General Investment Management America,
Inc. (since 2008); Managing Partner, Promus Capital Management
(since 2008); formerly CEO and President, Northern Trust Global
Investments (2004-2007); Executive Vice President, Quantitative
Management & Securities Lending (2000-2004); prior thereto,
various positions with Northern Trust Company (since 1994);
Member: Goodman Theatre Board (since 2004), Chicago Fellowship
Board (since 2005), University of Illinois Leadership Council
Board (since 2007) and Catalyst Schools of Chicago Board (since
2008); formerly Member: Northern Trust Mutual Funds Board
(2005-2007), Northern Trust Global Investments Board
(2004-2007), Northern Trust Japan Board (2004-2007), Northern
Trust Securities Inc. Board (2003-2007) and Northern Trust Hong
Kong Board (1997-2004).
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200
|
|
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See Principal Occupation Description
|
Nominee/Board Member who is an interested person of the
Funds
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John P.
Amboian(3)
333 West Wacker Drive
Chicago, IL 60606
(6/14/61)
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Board Member Nominee
|
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Term: Annual or Class II Board Member until
2011(2)
Length of Service: Since 2008
|
|
Chief Executive Officer (since July 2007), Director (since 1999)
of Nuveen Investments, Inc. and Chairman (since 2007); Chief
Executive Officer (since 2007) of Nuveen Asset Management,
Nuveen Investments Advisers, Inc.; President (since 2005) of
Nuveen Commodities Asset Management, LLC.
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200
|
|
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See Principal Occupation Description
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*
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Also serves as a trustee of the
Nuveen Diversified Commodity Fund, a Nuveen-sponsored commodity
pool that has filed a registration statement on
Form S-1
with the SEC for a proposed initial public offering. The
S-1 has not
been declared effective and the commodity pool has not commenced
operations.
|
(1)
|
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Length of Time Served indicates the
year in which the individual became a Board Member of a fund in
the Nuveen fund complex.
|
(2)
|
|
For Municipal Value, Municipal
Value 2, Enhanced Value, Select Maturities, Select Portfolio,
Select Portfolio 2, Select Portfolio 3, California Portfolio,
New York Portfolio and Municipal High Income 2, Board Member
Hunter serves as a Class I Board Member and Board Member
Schneider serves as a Class III Board Member. For Municipal
Income, Board Members Amboian, Kundert and Toth serve as
Class I Board Members; Board Members Hunter, Stockdale and
Stone are Class III Board Members; and Board Members
Bremner, Evans and Schneider are Class II Board Members.
|
(3)
|
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Interested person as
defined in the 1940 Act, by reason of being an officer and
director of each Funds adviser.
|
The dollar range of equity securities beneficially owned by each
Board Member in each Fund and all Nuveen funds overseen by the
Board Member as of December 31, 2009 is set forth in
Appendix A. The number of shares of each Fund beneficially
owned by each Board Member and by the Board Members and officers
of the Funds as a group as of December 31, 2009 is set
forth in Appendix A. On December 31, 2009, Board
Members and executive officers as a group beneficially owned
approximately 800,000 shares of all funds managed by NAM
(including shares held by the Board Members through the
Deferred Compensation Plan for Independent Board Members and by
executive officers in Nuveens 401(k)/profit sharing plan).
As of May 28, 2010, each Board Members individual
beneficial shareholdings of each Fund constituted less than 1%
of the outstanding shares of each Fund. As of May 28, 2010,
the Board Members and executive officers as a group beneficially
owned less than 1% of the outstanding shares of each Fund. As of
May 28, 2010, no shareholder beneficially owned more than
5% of any class of shares of any Fund, except as provided in
Appendix B.
13
Compensation
Each Independent Board Member receives a $100,000 annual
retainer plus (a) a fee of $3,250 per day for attendance in
person or by telephone at a regularly scheduled meeting of the
Board; (b) a fee of $2,500 per meeting for attendance in
person where such in-person attendance is required and $1,500
per meeting for attendance by telephone or in person where
in-person attendance is not required at a special, non-regularly
scheduled board meeting; (c) a fee of $2,000 per meeting
for attendance in person or $1,500 per meeting for attendance by
telephone at an audit committee meeting; (d) a fee of
$2,000 per meeting for attendance at a regularly scheduled
compliance, risk management and regulatory oversight committee
meeting for regular quarterly meetings and $1,000 per meeting
for attendance of other, non-quarterly meetings; (e) a fee
of $1,000 per meeting for attendance in person or by telephone
for a meeting of the dividend committee; and (f) a fee of
$500 per meeting for attendance in person at all other committee
meetings, $1,000 for attendance at shareholder meetings on a day
on which no regularly scheduled board meeting is held in which
in-person attendance is required, $250 per meeting for
attendance by telephone at committee meetings (excluding
shareholder meetings) where in-person attendance is not required
and $100 per meeting when the executive committee acts as
pricing committee for IPOs, plus, in each case, expenses
incurred in attending such meetings. In addition to the payments
described above, the Independent Chairman receives $50,000
annually and the Lead Independent Director, if any, receives
$35,000, the chairpersons of the audit committee, the dividend
committee and the compliance, risk management and regulatory
oversight committee receive $7,500 and the chairperson of the
nominating and governance committee receives $5,000 as
additional retainers to the annual retainer paid to such
individuals. Independent Board Members also receive a fee of
$2,500 per day for site visits to entities that provide services
to the Nuveen funds on days on which no regularly scheduled
board meeting is held. When ad hoc committees are organized, the
nominating and governance committee will at the time of
formation determine compensation to be paid to the members of
such committees, however, in general such fees will be $1,000
per meeting for attendance in person at any ad hoc committee
meeting where in-person attendance is required and $500 per
meeting for attendance by telephone or in person at such
meetings where in-person attendance is not required. The annual
retainer, fees and expenses are allocated among the funds
managed by the Adviser, on the basis of relative net asset sizes
although fund management may, in its discretion, establish a
minimum amount to be allocated to each fund. The Board Member
affiliated with Nuveen and the Adviser serves without any
compensation from the Funds.
The boards of certain Nuveen funds (the Participating
Funds) established a Deferred Compensation Plan for
Independent Board Members (Deferred Compensation
Plan). Under the Deferred Compensation Plan, Independent
Board Members of the Participating Funds may defer receipt of
all, or a portion, of the compensation they earn for their
services to the Participating Funds, in lieu of receiving
current payments of such compensation. Any deferred amount is
treated as though an equivalent dollar amount had been invested
in shares of one or more eligible Nuveen funds.
14
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Aggregate Compensation from the
Funds(2)
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Robert P.
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Jack B.
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William C.
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David J.
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William J.
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Judith M.
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Carole E.
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Terence J.
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Fund
|
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Bremner
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Evans
|
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Hunter
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Kundert
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Schneider
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Stockdale
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Stone
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Toth
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Municipal Value
|
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|
$7,938
|
|
|
$
|
7,005
|
|
|
$
|
5,751
|
|
|
$
|
7,274
|
|
|
$
|
7,561
|
|
|
$
|
6,433
|
|
|
$
|
5,631
|
|
|
$
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7,118
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Municipal Value 2
|
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|
659
|
|
|
|
599
|
|
|
|
410
|
|
|
|
457
|
|
|
|
474
|
|
|
|
556
|
|
|
|
410
|
|
|
|
573
|
|
Municipal Income
|
|
|
351
|
|
|
|
304
|
|
|
|
246
|
|
|
|
287
|
|
|
|
299
|
|
|
|
269
|
|
|
|
254
|
|
|
|
291
|
|
Enhanced Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Income
|
|
|
5,600
|
|
|
|
4,948
|
|
|
|
4,077
|
|
|
|
5,148
|
|
|
|
5,347
|
|
|
|
4,564
|
|
|
|
3,951
|
|
|
|
5,034
|
|
Performance Plus
|
|
|
5,722
|
|
|
|
5,054
|
|
|
|
4,166
|
|
|
|
5,260
|
|
|
|
5,463
|
|
|
|
4,662
|
|
|
|
4,035
|
|
|
|
5,145
|
|
Municipal Advantage
|
|
|
4,029
|
|
|
|
3,559
|
|
|
|
2,934
|
|
|
|
3,705
|
|
|
|
3,847
|
|
|
|
3,282
|
|
|
|
2,840
|
|
|
|
3,627
|
|
Municipal Market Opportunity
|
|
|
4,309
|
|
|
|
3,805
|
|
|
|
3,138
|
|
|
|
3,962
|
|
|
|
4,113
|
|
|
|
3,510
|
|
|
|
3,037
|
|
|
|
3,877
|
|
Investment Quality
|
|
|
3,195
|
|
|
|
2,821
|
|
|
|
2,326
|
|
|
|
2,937
|
|
|
|
3,050
|
|
|
|
2,602
|
|
|
|
2,253
|
|
|
|
2,872
|
|
Select Quality
|
|
|
3,217
|
|
|
|
2,841
|
|
|
|
2,343
|
|
|
|
2,957
|
|
|
|
3,071
|
|
|
|
2,621
|
|
|
|
2,269
|
|
|
|
2,892
|
|
Quality Income
|
|
|
5,220
|
|
|
|
4,611
|
|
|
|
3,802
|
|
|
|
4,800
|
|
|
|
4,985
|
|
|
|
4,254
|
|
|
|
3,681
|
|
|
|
4,696
|
|
Premier Municipal
|
|
|
1,755
|
|
|
|
1,550
|
|
|
|
1,278
|
|
|
|
1,613
|
|
|
|
1,675
|
|
|
|
1,430
|
|
|
|
1,238
|
|
|
|
1,576
|
|
Premier Insured
|
|
|
1,879
|
|
|
|
1,661
|
|
|
|
1,369
|
|
|
|
1,730
|
|
|
|
1,796
|
|
|
|
1,532
|
|
|
|
1,325
|
|
|
|
1,692
|
|
Premium Income 2
|
|
|
4,996
|
|
|
|
4,560
|
|
|
|
3,985
|
|
|
|
4,704
|
|
|
|
4,825
|
|
|
|
3,985
|
|
|
|
3,902
|
|
|
|
4,616
|
|
Premium Income 4
|
|
|
3,575
|
|
|
|
3,158
|
|
|
|
2,603
|
|
|
|
3,287
|
|
|
|
3,413
|
|
|
|
2,912
|
|
|
|
2,520
|
|
|
|
3,217
|
|
Dividend Advantage
|
|
|
3,502
|
|
|
|
3,093
|
|
|
|
2,550
|
|
|
|
3,217
|
|
|
|
3,342
|
|
|
|
2,853
|
|
|
|
2,471
|
|
|
|
3,146
|
|
Dividend Advantage 2
|
|
|
2,690
|
|
|
|
2,378
|
|
|
|
1,955
|
|
|
|
2,471
|
|
|
|
2,569
|
|
|
|
2,188
|
|
|
|
1,914
|
|
|
|
2,417
|
|
Dividend Advantage 3
|
|
|
3,602
|
|
|
|
3,181
|
|
|
|
2,622
|
|
|
|
3,312
|
|
|
|
3,440
|
|
|
|
2,934
|
|
|
|
2,539
|
|
|
|
3,239
|
|
Municipal High Income
|
|
|
1,547
|
|
|
|
1,368
|
|
|
|
1,129
|
|
|
|
1,418
|
|
|
|
1,473
|
|
|
|
1,262
|
|
|
|
1,094
|
|
|
|
1,397
|
|
Municipal High Income 2
|
|
|
807
|
|
|
|
701
|
|
|
|
568
|
|
|
|
660
|
|
|
|
690
|
|
|
|
622
|
|
|
|
588
|
|
|
|
673
|
|
Insured Dividend Advantage
|
|
|
2,910
|
|
|
|
2,571
|
|
|
|
2,119
|
|
|
|
2,678
|
|
|
|
2,781
|
|
|
|
2,372
|
|
|
|
2,052
|
|
|
|
2,619
|
|
Insured Municipal Opportunity
|
|
|
10,287
|
|
|
|
9,389
|
|
|
|
8,196
|
|
|
|
9,689
|
|
|
|
9,939
|
|
|
|
8,210
|
|
|
|
8,019
|
|
|
|
9,515
|
|
Insured Premium Income 2
|
|
|
3,061
|
|
|
|
2,708
|
|
|
|
2,224
|
|
|
|
2,814
|
|
|
|
2,926
|
|
|
|
2,491
|
|
|
|
2,178
|
|
|
|
2,752
|
|
Insured Quality
|
|
|
3,436
|
|
|
|
3,037
|
|
|
|
2,503
|
|
|
|
3,161
|
|
|
|
3,282
|
|
|
|
2,800
|
|
|
|
2,423
|
|
|
|
3,096
|
|
Insured Tax-Free Advantage
|
|
|
2,318
|
|
|
|
2,116
|
|
|
|
1,847
|
|
|
|
2,183
|
|
|
|
2,240
|
|
|
|
1,851
|
|
|
|
1,807
|
|
|
|
2,143
|
|
Select Maturities
|
|
|
505
|
|
|
|
432
|
|
|
|
361
|
|
|
|
417
|
|
|
|
430
|
|
|
|
382
|
|
|
|
361
|
|
|
|
412
|
|
Select Portfolio
|
|
|
953
|
|
|
|
850
|
|
|
|
666
|
|
|
|
902
|
|
|
|
951
|
|
|
|
792
|
|
|
|
666
|
|
|
|
835
|
|
Select Portfolio 2
|
|
|
964
|
|
|
|
849
|
|
|
|
674
|
|
|
|
912
|
|
|
|
961
|
|
|
|
801
|
|
|
|
674
|
|
|
|
834
|
|
Select Portfolio 3
|
|
|
746
|
|
|
|
665
|
|
|
|
521
|
|
|
|
706
|
|
|
|
744
|
|
|
|
620
|
|
|
|
521
|
|
|
|
653
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate Compensation from the
Funds(2)
|
|
|
|
|
|
Robert P.
|
|
|
Jack B.
|
|
|
William C.
|
|
|
David J.
|
|
|
William J.
|
|
|
Judith M.
|
|
|
Carole E.
|
|
|
Terence J.
|
|
Fund
|
|
Bremner
|
|
|
Evans
|
|
|
Hunter
|
|
|
Kundert
|
|
|
Schneider
|
|
|
Stockdale
|
|
|
Stone
|
|
|
Toth
|
|
|
|
|
California Portfolio
|
|
|
358
|
|
|
|
316
|
|
|
|
250
|
|
|
|
339
|
|
|
|
357
|
|
|
|
298
|
|
|
|
250
|
|
|
|
310
|
|
New York Portfolio
|
|
|
224
|
|
|
|
198
|
|
|
|
157
|
|
|
|
212
|
|
|
|
224
|
|
|
|
187
|
|
|
|
157
|
|
|
|
194
|
|
Total Compensation from Nuveen Funds Paid to Board
Members/Nominees(1)
|
|
$
|
265,996
|
|
|
$
|
239,830
|
|
|
$
|
194,333
|
|
|
$
|
252,913
|
|
|
$
|
258,133
|
|
|
$
|
219,480
|
|
|
$
|
186,750
|
|
|
$
|
247,289
|
|
|
|
|
|
(1)
|
Based on the total compensation paid, including deferred fees
(including the return from the assumed investment in the
eligible Nuveen funds), to the Board Members for the calendar
year ended December 31, 2009 for services to the Nuveen
open-end and closed-end funds advised by NAM.
|
|
(2)
|
Includes deferred fees. Pursuant to a deferred compensation
agreement with certain of the Funds, deferred amounts are
treated as though an equivalent dollar amount has been invested
in shares of one or more eligible Nuveen funds. Total deferred
fees for the Funds (including the return from the assumed
investment in the eligible Nuveen funds) payable are:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Robert P.
|
|
|
Jack B.
|
|
|
William C.
|
|
|
David J.
|
|
|
William J.
|
|
|
Judith M.
|
|
|
Carole E.
|
|
|
Terence J.
|
|
Fund
|
|
Bremner
|
|
|
Evans
|
|
|
Hunter
|
|
|
Kundert
|
|
|
Schneider
|
|
|
Stockdale
|
|
|
Stone
|
|
|
Toth
|
|
|
|
|
Municipal Value
|
|
$
|
1,334
|
|
|
$
|
1,961
|
|
|
$
|
1,711
|
|
|
$
|
7,274
|
|
|
$
|
7,561
|
|
|
$
|
3,541
|
|
|
|
|
|
|
$
|
4,809
|
|
Municipal Value 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enhanced Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Income
|
|
|
943
|
|
|
|
1,387
|
|
|
|
1,233
|
|
|
|
5,148
|
|
|
|
5,347
|
|
|
|
2,508
|
|
|
|
|
|
|
|
3,411
|
|
Performance Plus
|
|
|
964
|
|
|
|
1,417
|
|
|
|
1,273
|
|
|
|
5,260
|
|
|
|
5,463
|
|
|
|
2,559
|
|
|
|
|
|
|
|
3,493
|
|
Municipal Advantage
|
|
|
679
|
|
|
|
998
|
|
|
|
913
|
|
|
|
3,705
|
|
|
|
3,847
|
|
|
|
1,796
|
|
|
|
|
|
|
|
2,472
|
|
Municipal Market Opportunity
|
|
|
726
|
|
|
|
1,067
|
|
|
|
977
|
|
|
|
3,962
|
|
|
|
4,113
|
|
|
|
1,921
|
|
|
|
|
|
|
|
2,643
|
|
Investment Quality
|
|
|
538
|
|
|
|
791
|
|
|
|
709
|
|
|
|
2,937
|
|
|
|
3,050
|
|
|
|
1,429
|
|
|
|
|
|
|
|
1,948
|
|
Select Quality
|
|
|
542
|
|
|
|
797
|
|
|
|
715
|
|
|
|
2,957
|
|
|
|
3,071
|
|
|
|
1,438
|
|
|
|
|
|
|
|
1,963
|
|
Quality Income
|
|
|
880
|
|
|
|
1,293
|
|
|
|
1,172
|
|
|
|
4,800
|
|
|
|
4,985
|
|
|
|
2,332
|
|
|
|
|
|
|
|
3,195
|
|
Premier Municipal
|
|
|
295
|
|
|
|
434
|
|
|
|
382
|
|
|
|
1,613
|
|
|
|
1,675
|
|
|
|
787
|
|
|
|
|
|
|
|
1,065
|
|
Premier Insured
|
|
|
317
|
|
|
|
466
|
|
|
|
424
|
|
|
|
1,730
|
|
|
|
1,796
|
|
|
|
839
|
|
|
|
|
|
|
|
1,153
|
|
Premium Income 2
|
|
|
817
|
|
|
|
1,238
|
|
|
|
807
|
|
|
|
4,704
|
|
|
|
4,825
|
|
|
|
2,240
|
|
|
|
|
|
|
|
2,893
|
|
Premium Income 4
|
|
|
602
|
|
|
|
885
|
|
|
|
807
|
|
|
|
3,287
|
|
|
|
3,413
|
|
|
|
1,594
|
|
|
|
|
|
|
|
2,190
|
|
Dividend Advantage
|
|
|
589
|
|
|
|
867
|
|
|
|
768
|
|
|
|
3,217
|
|
|
|
3,342
|
|
|
|
1,569
|
|
|
|
|
|
|
|
2,130
|
|
Dividend Advantage 2
|
|
|
453
|
|
|
|
666
|
|
|
|
580
|
|
|
|
2,471
|
|
|
|
2,569
|
|
|
|
1,206
|
|
|
|
|
|
|
|
1,633
|
|
Dividend Advantage 3
|
|
|
607
|
|
|
|
892
|
|
|
|
804
|
|
|
|
3,312
|
|
|
|
3,440
|
|
|
|
1,610
|
|
|
|
|
|
|
|
2,201
|
|
Municipal High Income
|
|
|
260
|
|
|
|
383
|
|
|
|
370
|
|
|
|
1,418
|
|
|
|
1,473
|
|
|
|
682
|
|
|
|
|
|
|
|
965
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Robert P.
|
|
|
Jack B.
|
|
|
William C.
|
|
|
David J.
|
|
|
William J.
|
|
|
Judith M.
|
|
|
Carole E.
|
|
|
Terence J.
|
|
Fund
|
|
Bremner
|
|
|
Evans
|
|
|
Hunter
|
|
|
Kundert
|
|
|
Schneider
|
|
|
Stockdale
|
|
|
Stone
|
|
|
Toth
|
|
|
|
|
Municipal High Income 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insured Dividend Advantage
|
|
|
491
|
|
|
|
721
|
|
|
|
652
|
|
|
|
2,678
|
|
|
|
2,781
|
|
|
|
1,301
|
|
|
|
|
|
|
|
1,781
|
|
Insured Municipal Opportunity
|
|
|
1,685
|
|
|
|
2,552
|
|
|
|
1,724
|
|
|
|
9,689
|
|
|
|
9,939
|
|
|
|
4,599
|
|
|
|
|
|
|
|
6,002
|
|
Insured Premium Income 2
|
|
|
515
|
|
|
|
759
|
|
|
|
654
|
|
|
|
2,814
|
|
|
|
2,926
|
|
|
|
1,375
|
|
|
|
|
|
|
|
1,855
|
|
Insured Quality
|
|
|
579
|
|
|
|
852
|
|
|
|
783
|
|
|
|
3,161
|
|
|
|
3,282
|
|
|
|
1,531
|
|
|
|
|
|
|
|
2,113
|
|
Insured Tax-Free Advantage
|
|
|
379
|
|
|
|
575
|
|
|
|
381
|
|
|
|
2,183
|
|
|
|
2,240
|
|
|
|
1,039
|
|
|
|
|
|
|
|
1,348
|
|
Select Maturities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Portfolio
|
|
|
160
|
|
|
|
244
|
|
|
|
|
|
|
|
902
|
|
|
|
951
|
|
|
|
510
|
|
|
|
|
|
|
|
449
|
|
Select Portfolio 2
|
|
|
162
|
|
|
|
244
|
|
|
|
|
|
|
|
912
|
|
|
|
961
|
|
|
|
515
|
|
|
|
|
|
|
|
449
|
|
Select Portfolio 3
|
|
|
125
|
|
|
|
191
|
|
|
|
|
|
|
|
706
|
|
|
|
744
|
|
|
|
399
|
|
|
|
|
|
|
|
352
|
|
California Portfolio
|
|
|
60
|
|
|
|
91
|
|
|
|
|
|
|
|
339
|
|
|
|
357
|
|
|
|
191
|
|
|
|
|
|
|
|
167
|
|
New York Portfolio
|
|
|
38
|
|
|
|
57
|
|
|
|
|
|
|
|
212
|
|
|
|
224
|
|
|
|
120
|
|
|
|
|
|
|
|
105
|
|
|
|
17
Board
Leadership Structure and Risk Oversight
The Board of each Fund (collectively, the Board)
oversees the operations and management of the Fund, including
the duties performed for the Funds by the Adviser. The Board has
adopted a unitary board structure. A unitary board consists of
one group of directors who serve on the board of every fund in
the complex. In adopting a unitary board structure, the Board
Members seek to provide effective governance through
establishing a board, the overall composition of which, will, as
a body, possess the appropriate skills, independence and
experience to oversee the Funds business. With this
overall framework in mind, when the Board, through its
Nominating and Governance Committee discussed below, seeks
nominees for the Board, the Board Members consider, not only the
candidates particular background, skills and experience,
among other things, but also whether such background, skills and
experience enhance the Boards diversity and at the same
time complement the Board given its current composition and the
mix of skills and experiences of the incumbent Board Members.
The Nominating and Governance Committee believes that the Board
generally benefits from diversity of background, experience and
views among its members, and considers this a factor in
evaluating the composition of the Board, but has not adopted any
specific policy on diversity or any particular definition of
diversity.
The Board believes the unitary board structure enhances good and
effective governance, particularly given the nature of the
structure of the investment company complex. Funds in the same
complex generally are served by the same service providers and
personnel and are governed by the same regulatory scheme which
raises common issues that must be addressed by the directors
across the fund complex (such as compliance, valuation,
liquidity, brokerage, trade allocation or risk management). The
Board believes it is more efficient to have a single board
review and oversee common policies and procedures which
increases the Boards knowledge and expertise with respect
to the many aspects of fund operations that are complex-wide in
nature. The unitary structure also enhances the Boards
influence and oversight over the Adviser and other service
providers.
In an effort to enhance the independence of the Board, the Board
also has a Chairman that is an independent Board Member. The
Board recognizes that a chairman can perform an important role
in setting the agenda for the Board, establishing the boardroom
culture, establishing a point person on behalf of the Board for
fund management, and reinforcing the Boards focus on the
long-term interests of shareholders. The Board recognizes that a
chairman may be able to better perform these functions without
any conflicts of interests arising from a position with fund
management. Accordingly, the Board Members have elected Robert
P. Bremner as the independent Chairman of the Board. Specific
responsibilities of the Chairman include: (i) presiding at
all meetings of the Board and of the shareholders;
(ii) seeing that all orders and resolutions of the Board
Members are carried into effect; and (iii) maintaining
records of and, whenever necessary, certifying all proceedings
of the Board Members and the shareholders.
Although the Board has direct responsibility over various
matters (such as advisory contracts, underwriting contracts and
Fund performance), the Board also exercises certain of its
oversight responsibilities through several committees that it
has established and which report back to the full Board. The
Board believes that a committee structure is an effective means
to permit Board Members to focus on particular operations or
issues affecting the Funds, including risk oversight. More
specifically, with respect to risk oversight, the Board has
delegated matters relating to valuation and compliance to
certain committees (as summarized below) as well as certain
aspects of investment risk. In addition, the Board believes that
the periodic rotation of Board Members among the different
committees allows the Board Members to gain additional
18
and different perspectives of a Funds operations. The
Board has established five standing committees: the Executive
Committee, the Dividend Committee, the Audit Committee, the
Compliance, Risk Management and Regulatory Oversight Committee
and the Nominating and Governance Committee. The Board may also
from time to time create ad hoc committees to focus on
particular issues as the need arises. The membership and
functions of the standing committees are summarized below.
The Executive Committee, which meets between regular meetings of
the Board, is authorized to exercise all of the powers of the
Board. Robert P. Bremner, Chair, Judith M. Stockdale and John P.
Amboian serve as the current members of the Executive Committee
of the Board. The number of Executive Committee meetings of each
Fund held during its last fiscal year is shown in
Appendix C.
The Dividend Committee is authorized to declare distributions on
each Funds shares including, but not limited to, regular
and special dividends, capital gains and ordinary income
distributions. The members of the Dividend Committee are Jack B.
Evans, Chair, Judith M. Stockdale and Terence J. Toth. The
number of Dividend Committee meetings of each Fund held during
its last fiscal year is shown in Appendix C.
The Board has an Audit Committee, in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934,
as amended (the 1934 Act), that is composed of
Independent Board Members who are also independent
as that term is defined in the listing standards pertaining to
closed-end funds of the New York Stock Exchange or the NYSE
Amex, as applicable. The Audit Committee assists the Board in
the oversight and monitoring of the accounting and reporting
policies, processes and practices of the Funds, and the audits
of the financial statements of the Funds; the quality and
integrity of the financial statements of the Funds; the
Funds compliance with legal and regulatory requirements
relating to the Funds financial statements; the
independent auditors qualifications, performance and
independence; and the pricing procedures of the Funds and the
internal valuation group of Nuveen. It is the responsibility of
the Audit Committee to select, evaluate and replace any
independent auditors (subject only to Board and, if applicable,
shareholder ratification) and to determine their compensation.
The Audit Committee is also responsible for, among other things,
overseeing the valuation of securities comprising the
Funds portfolios. Subject to the Boards general
supervision of such actions, the Audit Committee addresses any
valuation issues, oversees the Funds pricing procedures
and actions taken by Nuveens internal valuation group
which provides regular reports to the committee, reviews any
issues relating to the valuation of the Funds securities
brought to its attention and considers the risks to the Funds in
assessing the possible resolutions to these matters. The Audit
Committee may also consider any financial risk exposures for the
Funds in conjunction with performing its functions.
To fulfill its oversight duties, the Audit Committee receives
annual and semi-annual reports and has regular meetings with the
external auditors for the Funds and the internal audit group at
Nuveen. The Audit Committee also may review in a general manner
the processes the Board or other Board committees have in place
with respect to risk assessment and risk management as well as
compliance with legal and regulatory matters relating to the
Funds financial statements. The Audit Committee operates
under a written Audit Committee Charter adopted and approved by
the Board, which Charter conforms to the listing standards of
the New York Stock Exchange or the NYSE Amex, as applicable.
Members of the Audit Committee shall be independent (as set
forth in the Charter) and free of any relationship that, in the
opinion of the Board Members, would interfere with their
exercise of independent judgment as an Audit Committee member.
The members of the Audit Committee are Robert P. Bremner,
Jack B. Evans, David J. Kundert, Chair, William J.
Schneider and Terence J. Toth, each of whom is an
19
independent Board Member of the Funds. A copy of the Audit
Committee Charter is attached as Appendix D. The number of
Audit Committee Meetings of each Fund held during its last
fiscal year is shown in Appendix C.
The Compliance, Risk Management and Regulatory Oversight
Committee (the Compliance Committee) is responsible
for the oversight of compliance issues, risk management and
other regulatory matters affecting the Funds that are not
otherwise the jurisdiction of the other committees. The Board
has adopted and periodically reviews policies and procedures
designed to address the Funds compliance and risk matters.
As part of its duties, the Compliance Committee reviews the
policies and procedures relating to compliance matters and
recommends modifications thereto as necessary or appropriate to
the full Board; develops new policies and procedures as new
regulatory matters affecting the Funds arise from time to time;
evaluates or considers any comments or reports from examinations
from regulatory authorities and responses thereto; and performs
any special reviews, investigations or other oversight
responsibilities relating to risk management, compliance
and/or
regulatory matters as requested by the Board.
In addition, the Compliance Committee is responsible for risk
oversight, including, but not limited to, the oversight of risks
related to investments and operations. Such risks include, among
other things, exposures to particular issuers, market sectors,
or types of securities; risks related to product structure
elements, such as leverage; and techniques that may be used to
address those risks, such as hedging and swaps. In assessing
issues brought to the Compliance Committees attention or
in reviewing a particular policy, procedure, investment
technique or strategy, the Compliance Committee evaluates the
risks to the Funds in adopting a particular approach or
resolution compared to the anticipated benefits to the Funds and
their shareholders. In fulfilling its obligations, the
Compliance Committee meets on a quarterly basis, and at least
once a year in person. The Compliance Committee receives written
and oral reports from the Funds Chief Compliance Officer
(CCO) and meets privately with the CCO at each of
its quarterly meetings. The CCO also provides an annual report
to the full Board regarding the operations of the Funds
and other service providers compliance programs as well as
any recommendations for modifications thereto. The Compliance
Committee also receives reports from the investment services
group of Nuveen regarding various investment risks.
Notwithstanding the foregoing, the full Board also participates
in discussions with management regarding certain matters
relating to investment risk, such as the use of leverage and
hedging. The investment services group therefore also reports to
the full Board at its quarterly meetings regarding, among other
things, Fund performance and the various drivers of such
performance. Accordingly, the Board directly
and/or in
conjunction with the Compliance Committee oversees matters
relating to investment risks. Matters not addressed at the
committee level are addressed directly by the full Board. The
Compliance Committee operates under a written charter adopted
and approved by the Board. The members of the Compliance
Committee are William C. Hunter, William J. Schneider, Chair,
Judith M. Stockdale and Carole E. Stone. The number of
Compliance Committee meetings of each Fund held during its last
fiscal year is shown in Appendix C.
The Nominating and Governance Committee is responsible for
seeking, identifying and recommending to the Board qualified
candidates for election or appointment to the Board. In
addition, the Nominating and Governance Committee oversees
matters of corporate governance, including the evaluation of
Board performance and processes, the assignment and rotation of
committee members, and the establishment of corporate governance
guidelines
20
and procedures, to the extent necessary or desirable, and
matters related thereto. Although the unitary and committee
structure has been developed over the years and the Nominating
and Governance Committee believes the structure has provided
efficient and effective governance, the committee recognizes
that as demands on the Board evolve over time (such as through
an increase in the number of funds overseen or an increase in
the complexity of the issues raised), the committee must
continue to evaluate the Board and committee structures and
their processes and modify the foregoing as may be necessary or
appropriate to continue to provide effective governance.
Accordingly, the Nominating and Governance Committee has a
separate meeting each year to, among other things, review the
Board and committee structures, their performance and functions,
and recommend any modifications thereto or alternative
structures or processes that would enhance the Boards
governance over the Funds business.
In addition, the Nominating and Governance Committee, among
other things, makes recommendations concerning the continuing
education of Board Members; monitors performance of legal
counsel and other service providers; establishes and monitors a
process by which security holders are be able to communicate in
writing with Board Members; and periodically reviews and makes
recommendations about any appropriate changes to Board Member
compensation. In the event of a vacancy on the Board, the
Nominating and Governance Committee receives suggestions from
various sources as to suitable candidates. Suggestions should be
sent in writing to Lorna Ferguson, Manager of Fund Board
Relations, Nuveen Investments, 333 West Wacker Drive,
Chicago, IL 60606. The Nominating and Governance Committee sets
appropriate standards and requirements for nominations for new
Board Members and reserves the right to interview any and all
candidates and to make the final selection of any new Board
Members. In considering a candidates qualifications, each
candidate must meet certain basic requirements, including
relevant skills and experience, time availability (including the
time requirements for due diligence site visits to internal and
external
sub-advisers
and service providers) and, if qualifying as an Independent
Board Member candidate, independence from the Adviser,
sub-advisers,
underwriters or other service providers, including any
affiliates of these entities. These skill and experience
requirements may vary depending on the current composition of
the Board, since the goal is to ensure an appropriate range of
skills, diversity and experience, in the aggregate. Accordingly,
the particular factors considered and weight given to these
factors will depend on the composition of the Board and the
skills and backgrounds of the incumbent Board Member at the time
of consideration of the nominees. All candidates, however, must
meet high expectations of personal integrity, independence,
governance experience and professional competence. All
candidates must be willing to be critical within the Board and
with management and yet maintain a collegial and collaborative
manner toward other Board Members. The Nominating and Governance
Committee operates under a written charter adopted and approved
by the Board, a copy of which is available on the Funds
website at www.nuveen.com/CEF/Info/Shareholder/, and is composed
entirely of Independent Board Members who are also
independent as defined by New York Stock Exchange or
NYSE Amex listing standards, as applicable. Accordingly, the
members of the Nominating and Governance Committee are Robert P.
Bremner, Chair, Jack B. Evans, William C. Hunter, David J.
Kundert, William J. Schneider, Judith M. Stockdale, Carole E.
Stone and Terence J. Toth. The number of Nominating and
Governance Committee meetings of each Fund held during its last
fiscal year is shown in Appendix C.
The number of regular quarterly meetings and special meetings
held by the Board of each Fund during the Funds last
fiscal year is shown in Appendix C. During the last fiscal
year, each Board Member attended 75% or more of each Funds
Board meetings and the committee meetings (if
21
a member thereof) held during the period for which such Board
Member was a Board Member. The policy of the Board relating to
attendance by Board Members at annual meetings of the Funds and
the number of Board Members who attended the last annual meeting
of shareholders of each Fund is posted on the Funds
website at www.nuveen.com/CEF/Info/Shareholder/.
Board Diversification and Board Member Qualifications. In
determining that a particular Board Member was qualified to
serve as a Board Member, the Board has considered each Board
Members background, skills, experience and other
attributes in light of the composition of the Board with no
particular factor controlling. The Board believes that Board
Members need to have the ability to critically review, evaluate,
question and discuss information provided to them, and to
interact effectively with Fund management, service providers and
counsel, in order to exercise effective business judgment in the
performance of their duties and the Board believes each Board
Member satisfies this standard. An effective Board Member may
achieve this ability through his or her educational background;
business, professional training or practice; public service or
academic positions; experience from service as a board member
(including the Boards of the Funds), or as an executive of
investment funds, public companies or significant private or
not-for-profit
entities or other organizations; and or/other life experiences.
Accordingly, set forth below is a summary of the experiences,
qualifications, attributes, and skills that led to the
conclusion, as of the date of this document, that each Board
Member should continue to serve in that capacity. References to
the experiences, qualifications, attributes and skills of Board
Members are pursuant to requirements of the Securities and
Exchange Commission, do not constitute holding out of the Board
or any Board Member as having any special expertise or
experience and shall not impose any greater responsibility or
liability on any such person or on the Board by reason thereof.
John P.
Amboian
Mr. Amboian, an interested Board Member of the Funds,
joined Nuveen Investments, Inc. in June 1995 and became Chief
Executive Officer in July 2007 and Chairman in November 2007.
Prior to this, since 1999, he served as President with
responsibility for the firms product, marketing, sales,
operations and administrative activities. Mr. Amboian
initially served Nuveen as Executive Vice President and Chief
Financial Officer. Prior to joining Nuveen, Mr. Amboian
held key management positions with two consumer product firms
affiliated with the Phillip Morris Companies. He served as
Senior Vice President of Finance, Strategy and Systems at Miller
Brewing Company. Mr. Amboian began his career in corporate
and international finance at Kraft Foods, Inc., where he
eventually served as Treasurer. He received a Bachelors
degree in economics and a Masters of Business Administration
(MBA) from the University of Chicago.
Mr. Amboian serves on the Board of Directors of Nuveen and
is a Board Member of the Investment Company Institute Board of
Governors, Boys and Girls Clubs of Chicago, Childrens
Memorial Hospital and Foundation, the Council on the Graduate
School of Business (University of Chicago), and the North Shore
Country Day School Foundation. He is also a member of the Civic
Committee of the Commercial Club of Chicago and the Economic
Club of Chicago.
Robert P.
Bremner
Mr. Bremner, the Boards Independent Chairman, is a
private investor and management consultant in
Washington, D.C. His biography of William McChesney
Martin, Jr., a former
22
chairman of the Federal Reserve Board, was published by Yale
University Press in November 2004. From 1994 to 1997, he was a
Senior Vice President at Samuels International Associates, an
international consulting firm specializing in governmental
policies, where he served in a part-time capacity. Previously,
Mr. Bremner was a partner in the LBK Investors Partnership
and was chairman and majority stockholder with ITC Investors
Inc., both private investment firms. He currently serves on the
Board and as Treasurer of the Humanities Council of Washington
D.C. From 1984 to 1996, Mr. Bremner was an independent
Trustee of the Flagship Funds, a group of municipal open-end
funds. He began his career at the World Bank in Washington D.C.
He graduated with a Bachelor of Science degree from Yale
University and received his MBA from Harvard University.
Jack B.
Evans
President of the Hall-Perrine Foundation, a private
philanthropic corporation, since 1996, Mr. Evans was
formerly President and Chief Operating Officer of the SCI
Financial Group, Inc., a regional financial services firm
headquartered in Cedar Rapids, Iowa. Formerly, he was a member
of the Board of the Federal Reserve Bank of Chicago as well as a
Director of Alliant Energy. Mr. Evans is Chairman of the
Board of United Fire Group, sits on the Board of the Gazette
Companies, is President Pro Tem of the Board of Regents for the
State of Iowa University System, is a Life Trustee of Coe
College and is a member of the Advisory Council of the
Department of Finance in the Tippie College of Business,
University of Iowa. He has a Bachelor of Arts degree from Coe
College and an MBA from the University of Iowa.
William
C. Hunter
Mr. Hunter was appointed Dean of the Henry B. Tippie
College of Business at the University of Iowa effective
July 1, 2006. He had been Dean and Distinguished Professor
of Finance at the University of Connecticut School of Business
since June 2003. From 1995 to 2003, he was the Senior Vice
President and Director of Research at the Federal Reserve Bank
of Chicago. While there he served as the Banks Chief
Economist and was an Associate Economist on the Federal Reserve
Systems Federal Open Market Committee (FOMC). In addition
to serving as a Vice President in charge of financial markets
and basic research at the Federal Reserve Bank in Atlanta, he
held faculty positions at Emory University, Atlanta University,
the University of Georgia and Northwestern University. A past
Director of the Credit Research Center at Georgetown University
and past President of the Financial Management Association
International, he has consulted with numerous foreign central
banks and official agencies in Western Europe, Central and
Eastern Europe, Asia, Central America and South America. From
1990 to 1995, he was a U.S. Treasury Advisor to Central and
Eastern Europe. He has been a Director of the Xerox Corporation
since 2004. He is President-Elect of Beta Gamma Sigma, Inc., the
International Business Honor Society.
David J.
Kundert
Mr. Kundert retired in 2004 as Chairman of JPMorgan Fleming
Asset Management, and as President and CEO of Banc One
Investment Advisors Corporation, and as President of One Group
Mutual Funds. Prior to the merger between Bank One Corporation
and JPMorgan Chase and Co., he was Executive Vice President,
Bank One Corporation and, since 1995, the Chairman and CEO, Banc
One Investment Management Group. From 1988 to 1992, he was
President and CEO of Bank One Wisconsin Trust Company.
Currently, Mr. Kundert is a Director of the
23
Northwestern Mutual Wealth Management Company. He started his
career as an attorney for Northwestern Mutual Life Insurance
Company. Mr. Kundert has served on the Board of Governors
of the Investment Company Institute and he is currently a member
of the Wisconsin Bar Association. He is on the Board of the
Greater Milwaukee Foundation and chairs its Investment
Committee. He received his Bachelor of Arts degree from Luther
College, and his Juris Doctor from Valparaiso University.
William
J. Schneider
Mr. Schneider is currently Chairman, formerly Senior
Partner and Chief Operating Officer (retired, December
2004) of Miller-Valentine Partners Ltd., a real estate
investment company. He is a Director and Past Chair of the
Dayton Development Coalition. He was formerly a member of the
Community Advisory Board of the National City Bank in Dayton as
well as a former member of the Business Advisory Council of the
Cleveland Federal Reserve Bank. Mr. Schneider is a member
of the Business Advisory Council for the University of Dayton
College of Business. Mr. Schneider was an independent
Trustee of the Flagship Funds, a group of municipal open-end
funds. He also served as Chair of the Miami Valley Hospital and
as Chair of the Finance Committee of its parent holding company.
Mr. Schneider has a Bachelor of Science in Community
Planning from the University of Cincinnati and a Masters of
Public Administration from the University of Dayton.
Judith M.
Stockdale
Ms. Stockdale is currently Executive Director of the
Gaylord and Dorothy Donnelley Foundation, a private foundation
working in land conservation and artistic vitality in the
Chicago region and the Lowcountry of South Carolina. Her
previous positions include Executive Director of the Great Lakes
Protection Fund, Executive Director of Openlands, and Senior
Staff Associate at the Chicago Community Trust. She has served
on the Boards of the Land Trust Alliance, the National
Zoological Park, the Governors Science Advisory Council
(Illinois), the Nancy Ryerson Ranney Leadership Grants Program,
Friends of Ryerson Woods and the Donors Forum.
Ms. Stockdale, a native of the United Kingdom, has a
Bachelor of Science degree in geography from the University of
Durham (UK) and a Master of Forest Science degree from Yale
University.
Carole E.
Stone
Ms. Stone retired from the New York State Division of the
Budget in 2004, having served as its Director for nearly five
years and as Deputy Director from 1995 through 1999.
Ms. Stone is currently on the Board of Directors of the
Chicago Board Options Exchange, CBOE Holdings, Inc. and C2
Options Exchange, Incorporated and is a Commissioner on the New
York State Commission on Public Authority Reform. She has also
served as the Chair of the New York Racing Association Oversight
Board, as Chair of the Public Authorities Control Board and as a
member of the Boards of Directors of several New York State
public authorities. Ms. Stone has a Bachelor of Arts from
Skidmore College in Business Administration.
Terence
J. Toth
Mr. Toth is a Director, Legal & General
Investment Management America, Inc. (since 2008) and a
Managing Partner, Promus Capital (since 2008). From 2004 to
2007, he was Chief Executive Officer and President of Northern
Trust Global Investments, and Executive Vice President of
24
Quantitative Management & Securities Lending from 2000
to 2004. He also formerly served on the Board of the Northern
Trust Mutual Funds. He joined Northern Trust in 1994 after
serving as Managing Director and Head of Global Securities
Lending at Bankers Trust (1986 to 1994) and Head of
Government Trading and Cash Collateral Investment at Northern
Trust from 1982 to 1986. He currently serves on the Boards of
the Goodman Theatre, Chicago Fellowship, and University of
Illinois Leadership Council, and is Chairman of the Board of
Catalyst Schools of Chicago. Mr. Toth graduated with a
Bachelor of Science degree from the University of Illinois, and
received his MBA from New York University. In 2005, he graduated
from the CEO Perspectives Program at Northwestern University.
Independent
Chairman
The Board Members have elected Robert P. Bremner as the
independent Chairman of the Board. Specific responsibilities of
the Chairman include (a) presiding over all meetings of the
Board and of the shareholders; (b) seeing that all orders
and resolutions of the Board Members are carried into effect;
and (c) maintaining records of and, whenever necessary,
certifying all proceedings of the Board Members and the
shareholders. For each Minnesota Fund except Municipal Value and
Municipal Income, all Board Members are elected annually. For
each Massachusetts Fund, and Municipal Value and Municipal
Income, shareholders will be asked to elect Board Members as
each Board Members term expires, and with respect to Board
Members elected by holders of Common Shares such Board Member
shall be elected for a term expiring at the time of the third
succeeding annual meeting subsequent to their election or
thereafter in each case when their respective successors are
duly elected and qualified. These provisions could delay for up
to two years the replacement of a majority of the Board.
25
The
Officers
The following table sets forth information with respect to each
officer of the Funds. Officers receive no compensation from the
Funds. The officers are elected by the Board on an annual basis
to serve until successors are elected and qualified.
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Number of
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Term of
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Portfolios
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Office and
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in Fund
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Position(s)
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Length of
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Complex
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Name, Address
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Held
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Time
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Principal Occupation(s)
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Served by
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and Birth date
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with Fund
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Served(1)
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During Past 5 Years
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Officer
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Gifford R. Zimmerman
333 West Wacker Drive
Chicago, IL 60606
(9/9/56)
|
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Chief
Administrative
Officer
|
|
Term: Annual
Length of
Service:
Since 1988
|
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Managing Director (since 2002), Assistant Secretary and
Associate General Counsel of Nuveen Investments, LLC; Managing
Director (since 2002), Assistant Secretary and Associate General
Counsel of Nuveen Asset Management; Managing Director (since
2004) and Assistant Secretary (since 1994) of Nuveen
Investments, Inc.; Vice President and Assistant Secretary of NWQ
Investment Management Company, LLC (since 2002) and Nuveen
Investments Advisers Inc. (since 2002); Managing Director,
Associate General Counsel and Assistant Secretary of Symphony
Asset Management LLC (since 2003); Vice President and Assistant
Secretary of Tradewinds Global Investors, LLC and
Santa Barbara Asset Management LLC (since 2006), Nuveen
HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since
2007); Managing Director (since 2005) of Nuveen Commodities
Asset Management, LLC; Chartered Financial Analyst.
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200
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Williams Adams IV
333 West Wacker Drive
Chicago, IL 60606
(6/9/55)
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Vice President
|
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Term: Annual
Length of
Service:
Since 2007
|
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Executive Vice President, U.S. Structured Products of Nuveen
Investments, LLC (since 1999); Executive Vice President (since
2005) of Nuveen Commodities Asset Management, LLC.
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125
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Cedric H. Antosiewicz
333 West Wacker Drive
Chicago, IL 60606
(1/11/62)
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Vice President
|
|
Term: Annual
Length of
Service:
Since 2007
|
|
Managing Director (since 2004), previously, Vice President
(1993-2004)
of Nuveen Investments LLC.
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125
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26
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|
Number of
|
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|
|
|
Term of
|
|
|
|
Portfolios
|
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|
|
Office and
|
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in Fund
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|
Position(s)
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Length of
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Complex
|
|
Name, Address
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Held
|
|
Time
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|
Principal Occupation(s)
|
|
Served by
|
|
and Birth date
|
|
with Fund
|
|
Served(1)
|
|
During Past 5 Years
|
|
Officer
|
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Nizida Arriaga
333 West Wacker Drive
Chicago, IL 60606
(6/1/68)
|
|
Vice President
|
|
Term: Annual
Length of
Service:
Since 2009
|
|
Senior Vice President (since 2010), formerly, Vice
President
(2007-2010)
of Nuveen Investments, LLC; previously, portfolio Manager,
Allstate Investments, LLC
(1996-2006);
Chartered Financial Analyst.
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael T. Atkinson
333 West Wacker Drive
Chicago, IL 60606
(2/3/66)
|
|
Vice President and Assistant Secretary
|
|
Term: Annual
Length of
Service:
Since 2002
|
|
Vice President (since 2002) of Nuveen Investments, LLC;
Vice President of Nuveen Asset Management (since 2005).
|
|
|
200
|
|
|
|
|
|
|
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|
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|
|
Margo L. Cook
333 West Wacker Drive
Chicago, IL 60606
(4/11/64)
|
|
Vice President
|
|
Term: Annual
Length of
Service:
Since 2009
|
|
Executive Vice President (since 2008) of Nuveen
Investments, Inc.; previously, Head of Institutional Asset
Management
(2007-2008)
of Bear Stearns Asset Management; Head of Institutional Asset
Mgt.
(1986-2007)
of Bank of NY Mellon; Chartered Financial Analyst.
|
|
|
200
|
|
|
|
|
|
|
|
|
|
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|
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Lorna C. Ferguson
333 West Wacker Drive
Chicago, IL 60606
(10/24/45)
|
|
Vice President
|
|
Term: Annual
Length of
Service:
Since 1998
|
|
Managing Director (since 0204) of Nuveen Investments LLC;
Managing Director (since 2005) of Nuveen Asset Management.
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stephen D. Foy
333 West Wacker Drive
Chicago, IL 60606
(5/31/54)
|
|
Vice President
and Controller
|
|
Term: Annual
Length of
Service:
Since 1993
|
|
Vice President (since 1993) and Funds Controller (since
1998) of Nuveen Investments, LLC; Vice President (since
2005) of Nuveen Asset Management; Certified Public
Accountant.
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scott S. Grace
333 West Wacker Drive
Chicago, IL 60606
(8/20/70)
|
|
Vice President and Treasurer
|
|
Term: Annual
Length of
Service:
Since 2009
|
|
Managing Director, Corporate Finance & Development,
Treasurer (since 2009) of Nuveen Investments, LLC; Managing
Director and Treasurer of Nuveen Asset Management (since 2009);
formerly, Treasurer
(2006-2009),
Senior Vice President
(2008-2009),
previously, Vice President
(2006-2008)
of Janus Capital Group, Inc.; formerly, Senior Associate in
Morgan Stanleys Global Financial Services Group
(2000-2003);
Chartered Accountant.
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
27
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
|
Term of
|
|
|
|
Portfolios
|
|
|
|
|
|
Office and
|
|
|
|
in Fund
|
|
|
|
Position(s)
|
|
Length of
|
|
|
|
Complex
|
|
Name, Address
|
|
Held
|
|
Time
|
|
Principal Occupation(s)
|
|
Served by
|
|
and Birth date
|
|
with Fund
|
|
Served(1)
|
|
During Past 5 Years
|
|
Officer
|
|
|
|
|
William T. Huffman
333 West Wacker Drive
Chicago, IL 60606
(5/7/69)
|
|
Vice President
|
|
Term: Annual
Length of
Service:
Since 2009
|
|
Chief Operating Officer, Municipal Fixed Income (since
2008) of Nuveen Asset Management; previously, Chairman,
President and Chief Executive Officer
(2002-2007)
of Northern Trust Global Advisors, Inc. and Chief Executive
Officer (2007) of Northern Trust Global Investments
Limited; Certified Public Accountant.
|
|
|
136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walter M. Kelly
333 West Wacker Drive
Chicago, IL 60606
(2/24/70)
|
|
Chief
Compliance
Officer and
Vice President
|
|
Term: Annual
Length of
Service:
Since 2003
|
|
Senior Vice President (since 2008) formerly, Vice President
(2006-2008),
formerly, Assistant Vice President and Assistant General Counsel
of Nuveen Investments, LLC; Senior Vice President (since 2008),
formerly, Vice President
(2006-2008),
and Assistant Secretary (since 2003) of Nuveen Asset
Management; formerly, Assistant Vice President and Assistant
Secretary of the Nuveen Funds
(2003-2006).
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David J. Lamb
333 West Wacker Drive
Chicago, IL 60606
(3/22/63)
|
|
Vice President
|
|
Term: Annual
Length of
Service:
Since 2000
|
|
Senior Vice President (since 2009), formerly, Vice President
(2000-2009)
of Nuveen Investments, LLC; Vice President of Nuveen Asset
Management (since 2005); Certified Public Accountant.
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tina M. Lazar
333 West Wacker Drive
Chicago, IL 60606
(8/27/61)
|
|
Vice President
|
|
Term: Annual
Length of
Service:
Since 2002
|
|
Senior Vice President (since 2009), formerly, Vice President
(1999-2009)
of Nuveen Investments, LLC; Vice President of Nuveen Asset
Management (since 2005).
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
|
Term of
|
|
|
|
Portfolios
|
|
|
|
|
|
Office and
|
|
|
|
in Fund
|
|
|
|
Position(s)
|
|
Length of
|
|
|
|
Complex
|
|
Name, Address
|
|
Held
|
|
Time
|
|
Principal Occupation(s)
|
|
Served by
|
|
and Birth date
|
|
with Fund
|
|
Served(1)
|
|
During Past 5 Years
|
|
Officer
|
|
|
|
|
Larry W. Martin
333 West Wacker Drive
Chicago, IL 60606
(7/27/51)
|
|
Vice President
and Assistant
Secretary
|
|
Term: Annual
Length of
Service:
Since 1988
|
|
Senior Vice President (since 2010), formerly, Vice
President
(1993-2010),
Assistant Secretary and Assistant General Counsel of Nuveen
Investments, LLC; Vice President, Assistant General Counsel and
Assistant Secretary of Nuveen Investments, Inc.; Vice President
(since 2005) and Assistant Secretary (since 1997) of
Nuveen Asset Management; Vice President and Assistant Secretary
of Nuveen Investments Advisers Inc. (since 2002); NWQ Investment
Management Company, LLC (since 2002), Symphony Asset Management
LLC (since 2003), Tradewinds Global Investors, LLC and
Santa Barbara Asset Management LLC (since 2006), Nuveen
Hyde Park Group, LLC and Nuveen Investment Solutions, Inc.
(since 2007).
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kevin J. McCarthy
333 West Wacker Drive
Chicago, IL 60606
(3/26/66)
|
|
Vice President
and Secretary
|
|
Term: Annual
Length of
Service:
Since 2007
|
|
Managing Director (since 2008), formerly, Vice President
(2007-2008),
Nuveen Investments, LLC; Managing Director (since 2008),
formerly, Vice President
(2007-2008)
and Assistant Secretary (since 2007), Nuveen Asset Management,
Nuveen Investments Advisers Inc., NWQ Investment Management
Company, LLC, Tradewinds Global Investors, LLC, NWQ Holdings,
LLC, Symphony Asset Management LLC, Santa Barbara Asset
Management, LLC, Nuveen HydePark Group, LLC and Nuveen
Investment Solutions, Inc.; prior thereto, Partner, Bell,
Boyd & Lloyd LLP
(1997-2007).
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
|
Term of
|
|
|
|
Portfolios
|
|
|
|
|
|
Office and
|
|
|
|
in Fund
|
|
|
|
Position(s)
|
|
Length of
|
|
|
|
Complex
|
|
Name, Address
|
|
Held
|
|
Time
|
|
Principal Occupation(s)
|
|
Served by
|
|
and Birth date
|
|
with Fund
|
|
Served(1)
|
|
During Past 5 Years
|
|
Officer
|
|
|
|
|
John V. Miller
333 West Wacker Drive
Chicago, IL 60606
(4/10/67)
|
|
Vice President
|
|
Term: Annual
Length of
Service:
Since 2007
|
|
Chief Investment Officer and Managing Director (since 2007),
formerly, Vice President
(2002-2007)
of Nuveen Asset Management; Managing Director (since 2007),
formerly, Vice President
(2002-2007)
of Nuveen Investments, LLC; Chartered Financial Analyst.
|
|
|
136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gregory Mino
333 West Wacker Drive
Chicago, IL 60606
(1/4/71)
|
|
Vice President
|
|
Term: Annual
Length of
Service:
Since 2009
|
|
Senior Vice President (since 2010), formerly, Vice President
(2008-2010)
of Nuveen Investments, LLC; previously, Director
(2004-2007)
and Executive Director
(2007-2008)
of UBS Global Asset Management; previously, Vice President
(2000-2003)
and Director
(2003-2004)
of Merrill Lynch Investment Managers; Chartered Financial
Analyst.
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Christopher M.
Rohrbacher 333 West
Wacker Drive
Chicago, IL 60606 (8/1/71)
|
|
Vice President
and Assistant
Secretary
|
|
Term: Annual
Length of
Service:
Since 2008
|
|
Vice President and Assistant Secretary of Nuveen Investments,
LLC (since 2008); Vice President and Assistant Secretary of
Nuveen Asset Management (since 2008); prior thereto, Associate,
Skadden, Arps, Slate Meagher & Flom LLP
(2002-2008).
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
James F. Ruane
333 West Wacker Drive
Chicago, IL 60606
(7/3/62)
|
|
Vice President
and Assistant
Secretary
|
|
Term: Annual
Length of
Service:
Since 2007
|
|
Vice President, Nuveen Investments (since 2007); prior thereto,
Partner, Deloitte & Touche USA LLP
(2005-2007),
formerly, senior tax manager
(2002-2005);
Certified Public Accountant.
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark L. Winget
333 West Wacker Drive
Chicago, IL 60606
(12/21/68)
|
|
Vice President
and Assistant
Secretary
|
|
Term: Annual
Length of
Service:
Since 2008
|
|
Vice President, Nuveen Investments, LLC (since 2008); Vice
President and Assistant Secretary, Nuveen Asset Management
(since 2008); prior thereto, Counsel, Vedder Price P.C.
(1997-2007).
|
|
|
200
|
|
|
|
|
|
|
(1) |
|
Length of Time Served indicates the
year the individual became an officer of a fund in the Nuveen
fund complex.
|
30
2. Approval
of the Elimination of Fundamental Investment Policies and
Approval of New Fundamental Policies for Premium Income,
Performance Plus, Municipal Market Opportunity and Premium
Income 4 (Affected Municipal Funds)
The Affected Municipal Funds have adopted certain fundamental
investment policies relating to (i) investments in
municipal securities and below investment grade securities,
(ii) investments in other investment companies
and/or
(iii) investments in derivatives, short sales and
commodities as described below (together, the Current
Fundamental Policies, and each, a Current
Fundamental Policy), that can only be changed by
shareholder vote. The Current Fundamental Policies adopted by
the Affected Municipal Funds reflected industry and other market
conditions present at the time of the inception of each Fund.
Nuveens municipal closed-end funds are seeking to adopt a
uniform, up to date set of investment policies (the
New Investment Policies). In general, the funds
currently have a somewhat diverse set of policies, reflecting
when the funds were launched over the past 20 years as well
as developments over time in the municipal market, including new
types of securities as well as investment strategies. The
potential benefits of the New Investment Policies to you as a
Fund shareholder are:
|
|
|
enhanced ability of the Affected Municipal Funds to generate
attractive levels of tax-exempt income, while retaining the
Affected Municipal Funds orientation on investment grade
quality municipal securities;
|
|
|
increased flexibility in diversifying portfolio risks and
managing duration (the sensitivity of bond prices to interest
rate changes) to pursue the preservation and possible growth of
capital, which, if successful, will help to sustain and build
common shareholder net asset value and asset coverage levels for
preferred shares; and
|
|
|
improved secondary market competitiveness which may benefit
common shareholders through higher relative market price
and/or
stronger premium/discount performance.
|
In order to implement the New Investment Policies, each Affected
Municipal Fund must make certain changes to its existing
policies, including certain fundamental policies that require
your vote of approval. In some cases, this may require your
separate votes to approve the elimination of a Current
Fundamental Policy as well as the implementation of a new,
replacement fundamental policy (together, the New
Fundamental Policies and each, a New Fundamental
Policy). Because each Affected Municipal Fund tends to be
situated somewhat differently, the specific changes required to
implement the New Investment Policies often vary from fund to
fund.
The primary purposes of these changes are to provide the
Affected Municipal Funds with increased investment flexibility
and to create consistent investment policies for all Nuveen
municipal bond funds to promote operational efficiencies.
Implementation of the New Fundamental Policies is contingent on
shareholder approval of the elimination of the Current
Fundamental Policies.
The Board has unanimously approved, and unanimously recommends
the approval by shareholders of each Affected Municipal Fund,
the elimination of the Current Fundamental Policies of the
Affected Municipal Funds. In connection with eliminating the
Current Fundamental Policies, the Board unanimously approved,
and unanimously recommends the approval by
31
shareholders of each Affected Municipal Fund of, the New
Fundamental Policies, described below. In addition, the Board
has approved certain new non-fundamental policies, described
below (the New Non-Fundamental Policies).
|
|
(a)
|
Approval of the
Elimination of Fundamental Policies Relating to Investments in
Municipal Securities and Below Investment Grade Securities (All
Affected Municipal Funds)
|
The Current Fundamental Policies with respect to each Affected
Municipal Funds investments in municipal securities and
the ability to invest in below investment grade securities that
are proposed to be eliminated are as follows:
Premium Income,
Performance Plus, Municipal Market Opportunity and Premium
Income 4
Except to the extent that the Fund buys temporary investments,
the Fund will, as a fundamental policy, invest substantially all
of its assets (more than 80%) in tax-exempt municipal bonds that
are rated at the time of purchase within the four highest grades
(Baa or BBB or better) by Moodys or Standard &
Poors, except that the Fund may invest up to 20% of its
assets in unrated municipal bonds which, in Nuveen
Advisorys opinion, have credit characteristics equivalent
to, and are of comparable quality to, municipal bonds so rated.
The Fund will not invest in any rated municipal bonds that are
rated lower than Baa by Moodys or BBB by
Standard & Poors at the time of purchase.
|
|
(b)
|
Approval of New
Fundamental Policy Relating to Investments in Municipal
Securities (All Affected Municipal Funds)
|
The following New Fundamental Policy will replace each Affected
Municipal Funds Current Fundamental Policy referenced in
2(a) above. Implementation of the following New Fundamental
Policy by each Affected Municipal Fund is contingent on
shareholder approval of the elimination of each Affected
Municipal Funds Current Fundamental Policy. The proposed
New Fundamental Policy with respect to each Funds
investments in municipal securities is as follows:
Under normal circumstances, the Fund will invest at least 80% of
its net assets, including assets attributable to any principal
amount of any borrowings (including the issuance of commercial
paper or notes) or any preferred shares outstanding
(Managed Assets) in municipal securities and other
related investments, the income from which is exempt from
regular federal income tax.
In addition, the Board has adopted New Non-Fundamental Policies
with respect to investing in investment grade securities for
each Affected Municipal Fund, which will be implemented upon the
elimination of the Current Fundamental Policy described in 2(a)
above. The New Non-Fundamental Policies relating to investing in
investment grade securities are as follows:
(i) Under normal circumstances, the Fund will invest at
least 80% of its Managed Assets in investment grade securities
that, at the time of investment, are rated within the four
highest grades (Baa or BBB or better) by at least one nationally
recognized statistical rating organization or are unrated but
judged to be of comparable quality by the Funds investment
adviser (NAM).
32
(ii) The Fund may invest up to 20% of its Managed Assets in
municipal securities that at the time of investment are rated
below investment grade or are unrated but judged to be of
comparable quality by NAM.
(iii) No more than 10% of the Funds Managed Assets
may be invested in municipal securities rated below B3/B- or
that are unrated but judged to be of comparable quality by NAM.
Related to these changes, the Board of each Affected Municipal
Fund has also amended and standardized the description of
municipal securities or municipal
obligations in which an Affected Municipal Fund may invest
to include various types of municipal securities. The new
description, generally provides:
The Fund may invest in various municipal securities, including
municipal bonds and notes, other securities issued to finance
and refinance public projects, and other related securities and
derivative instruments creating exposure to municipal bonds,
notes and securities that provide for the payment of interest
income that is exempt from federal income tax (Municipal
Obligations). Municipal Obligations are generally debt
obligations issued by state and local governmental entities and
may be issued by U.S. territories to finance or refinance
public projects such as roads, schools, and water supply
systems. Municipal Obligations may also be issued for private
activities, such as housing, medical and educational facility
construction, or for privately owned transportation, electric
utility and pollution control projects. Municipal Obligations
may be issued on a long term basis to provide permanent
financing. The repayment of such debt may be secured generally
by a pledge of the full faith and credit taxing power of the
issuer, a limited or special tax, or any other revenue source
including project revenues, which may include tolls, fees and
other user charges, lease payments, and mortgage payments.
Municipal Obligations may also be issued to finance projects on
a short term interim basis, anticipating repayment with the
proceeds on long term debt. Municipal Obligations may be issued
and purchased in the form of bonds, notes, leases or
certificates of participation; structured as callable or
noncallable; with payment forms including fixed coupon, variable
rate, zero coupon, capital appreciation bonds, tender option
bonds, and residual interest bonds or inverse floating rate
securities; or acquired through investments in pooled vehicles,
partnerships or other investment companies. Inverse floating
rate securities are securities that pay interest at rates that
vary inversely with changes in prevailing short-term tax-exempt
interest rates and represent a leveraged investment in an
underlying municipal security, which may increase the effective
leverage of the Fund.
|
|
(c)
|
Elimination of
the Fundamental Policy Relating to Investing in Other Investment
Companies (All Affected Municipal Funds)
|
The Affected Municipal Funds do not have specific restrictions
as to investments in other investment companies. However, each
such Affected Municipal Fund has an investment policy which only
permits investment in municipal obligations and temporary
investments and thereby
33
prohibits investment in other investment companies. The general
restriction that only permits investment in municipal
obligations and temporary investments is as follows:
The Fund may not invest in securities other than Municipal
Obligations and temporary investments as described under
Investment Objectives and Policies Portfolio
Investments.*
In addition, with respect to each Funds ability to invest
in other investment companies, the Board has adopted a New
Non-Fundamental Policy to be implemented upon the elimination of
that Affected Municipal Funds Current Fundamental Policy
relating to investments in other investment companies. The
proposed New Non-Fundamental Policy relating to investments in
other investment companies is as follows:
The Fund may invest up to 10% of its Managed Assets in
securities of other open- or closed-end investment companies
(including exchange-traded funds (often referred to as
ETFs)) that invest primarily in municipal securities
of the types in which the Fund may invest directly.
|
|
(d)
|
Elimination of
Fundamental Policy Relating to Commodities (All Affected
Municipal Funds)
|
The Current Fundamental Policy with respect to investment in
commodities for each Affected Municipal Fund named above that is
proposed to be eliminated is as follows:
The Fund, as a fundamental policy, may not purchase or sell
commodities or commodities contracts, except for transactions
involving futures contracts within the limits described under
Certain Trading Strategies of the Fund
Financial Futures and Options Transactions.*
|
|
(e)
|
Approval of New
Fundamental Policy Relating to Commodities (All Affected
Municipal Funds)
|
It is proposed that each Affected Municipal Fund adopt a New
Fundamental Policy with respect to commodities. The adoption of
the following New Fundamental Policy for each Affected Municipal
Funds is contingent on shareholder approval of the elimination
of that Affected Municipal Funds Current Fundamental
Policy with respect to commodities, as reflected in 2(d) above.
The proposed New Fundamental Policy is as follows:
The Fund may not purchase or sell physical commodities unless
acquired as a result of ownership of securities or other
instruments (but this shall not prevent the Fund from purchasing
or selling options, futures contracts or derivative instruments
or from investing in securities or other instruments backed by
physical commodities).
* References are to a
Funds registration statement.
34
|
|
(f)
|
Elimination of
Fundamental Policies Relating to Derivatives and Short Sales
(All Affected Municipal Funds)
|
The Current Fundamental Policies relating to derivatives and
short sales that are proposed to be eliminated are as follows:
Premium
Income
(i) The Fund may not make short sales of securities or
purchase any securities on margin (except for such short-term
credits as are necessary for the clearance of transactions), or
write or purchase put or call options, except for transactions
involving options within the limits described under
Certain Trading Strategies of the Fund
Financial Futures and Options Transactions.*
(ii) The Fund may not purchase financial futures and
options except within the limits described in Certain
Trading Strategies of the Fund Financial Futures and
Options Transactions.*
Performance Plus,
Municipal Market Opportunity and Premium Income 4
(i) The Fund may not make short sales of securities or
purchase any securities on margin (except for such short-term
credits as are necessary for the clearance of transactions), or
write or purchase put or call options, except to the extent that
the purchase of a standby commitment may be considered the
purchase of a put, and except for transactions involving options
within the limits described under Certain Trading
Strategies of the Fund Financial Futures and Options
Transactions.*
(ii) The Fund may not purchase financial futures and
options except within the limits described in Certain
Trading Strategies of the Fund Financial Futures and
Options Transactions.*
In connection with the elimination of the Current Fundamental
Policies relating to derivatives and short sales, as reflected
above, the Board has adopted the following New Non-Fundamental
Policies for each Affected Municipal Fund. The New
Non-Fundamental Policies are contingent on shareholder approval
of the elimination of that Affected Municipal Funds
Current Fundamental Policies with respect to derivatives and
short sales. The New Non-Fundamental Polices are as follows:
(i) The Fund may invest in derivative instruments in
pursuit of its investment objectives. Such instruments include
financial futures contracts, swap contracts (including interest
rate and credit default swaps), options on financial futures,
options on swap contracts, or other derivative instruments. NAM
uses derivatives to seek to enhance return, to hedge some of the
risks of its investments in fixed income securities or as a
substitute for a position in the underlying asset.
(ii) The Fund may not sell securities short, unless the
Fund owns or has the right to obtain securities equivalent in
kind and amount to the securities sold at no added cost, and
provided that transactions in options, futures contracts,
options on futures contracts, or other derivative instruments
are not deemed to constitute selling securities short.
* References are to a
Funds registration statement.
35
(iii) The Fund may not enter into futures contracts or
related options or forward contracts, if more than 30% of the
Funds net assets would be represented by futures contracts
or more than 5% of the Funds net assets would be committed
to initial margin deposits and premiums on futures contracts and
related options.
Board
Recommendation
The Board believes that eliminating the Current Fundamental
Policies and adopting the New Investment Policies gives the
Adviser flexibility to rapidly respond to continuing
developments in the municipal market and would enhance the
portfolio managers ability to meet each Affected Municipal
Funds investment objective. In addition, the Board
believes that the proposed changes will create consistent
investment policies for all Nuveen municipal bond funds and will
help to promote operational efficiencies.
The Board recommends that shareholders of each Affected
Municipal Fund vote to approve the elimination of each Current
Fundamental Policy and vote to approve each New Fundamental
Policy.
Audit
Committee Report
The Audit Committee of each Board is responsible for the
oversight and monitoring of (1) the accounting and
reporting policies, processes and practices, and the audit of
the financial statements, of each Fund, (2) the quality and
integrity of the Funds financial statements and
(3) the independent registered public accounting
firms qualifications, performance and independence. In its
oversight capacity, the committee reviews each Funds
annual financial statements with both management and the
independent registered public accounting firm and the committee
meets periodically with the independent registered public
accounting firm and internal auditors to consider their
evaluation of each Funds financial and internal controls.
The committee also selects, retains, evaluates and may replace
each Funds independent registered public accounting firm.
The committee is currently composed of five Independent Board
Members and operates under a written charter adopted and
approved by each Board. Each committee member meets the
independence and experience requirements, as applicable, of the
New York Stock Exchange, NYSE Amex, Section 10A of the
1934 Act and the rules and regulations of the SEC.
The committee, in discharging its duties, has met with and held
discussions with management and each Funds independent
registered public accounting firm. The committee has also
reviewed and discussed the audited financial statements with
management. Management has represented to the independent
registered public accounting firm that each Funds
financial statements were prepared in accordance with generally
accepted accounting principles. The committee has also discussed
with the independent registered public accounting firm the
matters required to be discussed by Statement on Auditing
Standards (SAS) No. 114, (The Auditors
Communication With Those Charged With Governance), which
supersedes SAS No. 61 (Communication with Audit
Committees). Each Funds independent registered public
accounting firm provided to the committee the written disclosure
required by Public Company Accounting Oversight Board
Rule 3526 (Communications with Audit Committees Concerning
Independence), and the committee discussed with representatives
of the independent registered public accounting firm their
firms independence. As provided in the Audit Committee
Charter, it is not the committees responsibility to
determine, and the considerations and discussions referenced
above do not ensure, that each Funds financial statements
are
36
complete and accurate and presented in accordance with generally
accepted accounting principles.
Based on the committees review and discussions with
management and the independent registered public accounting
firm, the representations of management and the report of the
independent registered public accounting firm to the committee,
the committee has recommended that the audited financial
statements be included in each Funds Annual Report.
The current members of the committee are:
Robert P. Bremner
Jack B. Evans
David J. Kundert
William J. Schneider
Terence J. Toth
37
Audit and Related
Fees. The following
tables provide the aggregate fees billed during each Funds
last two fiscal years by each Funds independent registered
public accounting firm for engagements directly related to the
operations and financial reporting of each Fund including those
relating (i) to each Fund for services provided to the Fund
and (ii) to the Adviser and certain entities controlling,
controlled by, or under common control with the Adviser that
provide ongoing services to each Fund (Adviser
Entities).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audit Related Fees
|
|
Tax Fees
|
|
All Other Fees
|
|
|
Audit Fees
|
|
|
|
Adviser and
|
|
|
|
|
|
Adviser and
|
|
|
|
|
|
Adviser and
|
|
|
Fund(1)
|
|
Fund(2)
|
|
Adviser Entities
|
|
Fund(3)
|
|
Adviser Entities
|
|
Fund(4)
|
|
Adviser Entities
|
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
|
Municipal Value
|
|
$
|
66,542
|
|
|
$
|
67,037
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Municipal Value
2(5)
|
|
|
N/A
|
|
|
|
12,962
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
Municipal Income
|
|
|
9,826
|
|
|
|
9,902
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Enhanced
Value(6)
|
|
|
N/A
|
|
|
|
9,000
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
Premium Income
|
|
|
51,660
|
|
|
|
49,354
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Performance Plus
|
|
|
49,362
|
|
|
|
50,364
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Municipal Advantage
|
|
|
37,760
|
|
|
|
37,769
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Municipal Market Opportunity
|
|
|
39,058
|
|
|
|
39,670
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Investment Quality
|
|
|
32,696
|
|
|
|
31,342
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Select Quality
|
|
|
31,050
|
|
|
|
31,269
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Quality Income
|
|
|
45,477
|
|
|
|
46,530
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Premier Municipal
|
|
|
21,103
|
|
|
|
20,430
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Premier Insured
|
|
|
20,909
|
|
|
|
21,656
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
(1)
|
Audit Fees are the aggregate fees billed for
professional services for the audit of the Funds annual
financial statements and services provided in connection with
statutory and regulatory filings or engagements.
|
|
(2)
|
Audit Related Fees are the aggregate fees billed for
assurance and related services reasonably related to the
performance of audit or review of financial statements and are
not reported under Audit Fees.
|
|
(3)
|
Tax Fees are the aggregate fees billed for
professional services for tax advice, tax compliance and tax
planning.
|
|
(4)
|
All Other Fees are the aggregate fees billed for
products and services for
agreed-upon
procedures engagements for the leveraged Funds.
|
|
(5)
|
The Fund commenced operations on February 24, 2009.
|
|
(6)
|
The Fund commenced operations on September 24, 2009.
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audit Related Fees
|
|
Tax Fees
|
|
All Other Fees
|
|
|
Audit Fees
|
|
|
|
Adviser and
|
|
|
|
|
|
Adviser and
|
|
|
|
|
|
Adviser and
|
|
|
Fund(1)
|
|
Fund(2)
|
|
Adviser Entities
|
|
Fund(3)
|
|
Adviser Entities
|
|
Fund(4)
|
|
Adviser Entities
|
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
2008
|
|
2009
|
|
|
Premium Income 2
|
|
$
|
36,045
|
|
|
$
|
35,434
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
3,350
|
|
|
$
|
3,400
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Premium Income 4
|
|
|
34,818
|
|
|
|
34,379
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Dividend Advantage
|
|
|
33,791
|
|
|
|
33,287
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
Dividend Advantage 2
|
|
|
27,704
|
|
|
|
27,300
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Dividend Advantage 3
|
|
|
35,039
|
|
|
|
34,599
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
Insured Dividend Advantage
|
|
|
27,987
|
|
|
|
29,469
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
Insured Municipal Opportunity
|
|
|
65,037
|
|
|
|
65,974
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Insured Premium Income 2
|
|
|
31,007
|
|
|
|
30,446
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Insured Quality
|
|
|
34,177
|
|
|
|
33,607
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
Insured Tax-Free Advantage
|
|
|
19,883
|
|
|
|
20,669
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
Municipal High Income
|
|
|
22,537
|
|
|
|
17,763
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
800
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
Municipal High Income 2
|
|
|
14,110
|
|
|
|
13,147
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
(1)
|
Audit Fees are the aggregate fees billed for
professional services for the audit of the Funds annual
financial statements and services provided in connection with
statutory and regulatory filings or engagements.
|
|
(2)
|
Audit Related Fees are the aggregate fees billed for
assurance and related services reasonably related to the
performance of audit or review of financial statements and are
not reported under Audit Fees.
|
|
(3)
|
Tax Fees are the aggregate fees billed for
professional services for tax advice, tax compliance and tax
planning.
|
|
(4)
|
All Other Fees are the aggregate fees billed for
products and services for
agreed-upon
procedures engagements for the leveraged Funds.
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audit Fees
|
|
Audit Related Fees
|
|
Tax Fees
|
|
All Other Fees
|
|
|
Fund(1)
|
|
Fund(2)
|
|
Adviser and Adviser Entities
|
|
Fund(3)
|
|
Adviser and Adviser Entities
|
|
Fund(4)
|
|
Adviser and Adviser Entities
|
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
Fiscal
|
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
Year
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
2010
|
|
|
Select Maturities
|
|
$
|
11,418
|
|
|
$
|
11,513
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Select Portfolio
|
|
|
15,019
|
|
|
|
15,092
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Select Portfolio 2
|
|
|
15,079
|
|
|
|
15,268
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Select Portfolio 3
|
|
|
13,336
|
|
|
|
13,387
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
California Portfolio
|
|
|
10,127
|
|
|
|
10,198
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
New York Portfolio
|
|
|
9,027
|
|
|
|
9,111
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
(1)
|
Audit Fees are the aggregate fees billed for
professional services for the audit of the Funds annual
financial statements and services provided in connection with
statutory and regulatory filings or engagements.
|
|
(2)
|
Audit Related Fees are the aggregate fees billed for
assurance and related services reasonably related to the
performance of audit or review of financial statements and are
not reported under Audit Fees.
|
|
(3)
|
Tax Fees are the aggregate fees billed for
professional services for tax advice, tax compliance and tax
planning.
|
|
(4)
|
All Other Fees are the aggregate fees billed for
products and services for
agreed-upon
procedures engagements for the leveraged Funds.
|
40
Non-Audit
Fees. The following
tables provide the aggregate non-audit fees billed by each
Funds independent registered accounting firm for services
rendered to each Fund, the Adviser and the Adviser Entities
during each Funds last two fiscal years.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Audit Fees Billed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adviser and Adviser Entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Engagements Related
|
|
Total Non-Audit Fees Billed
|
|
|
|
|
|
|
|
|
Directly to the Operations
|
|
to
|
|
|
|
|
Total Non-Audit
|
|
and
|
|
Adviser and Adviser Entities
|
|
|
|
|
Fees Billed to Fund
|
|
Financial Reporting of Fund)
|
|
(All Other Engagements)
|
|
Total
|
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
|
Ended 2008
|
|
Ended 2009
|
|
Ended 2008
|
|
Ended 2009
|
|
Ended 2008
|
|
Ended 2009
|
|
Ended 2008
|
|
Ended 2009
|
|
|
Municipal Value
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Municipal Value
2(1)
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
Municipal Income
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Enhanced
Value(2)
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
|
|
N/A
|
|
|
|
0
|
|
Premium Income
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Performance Plus
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Municipal Advantage
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Municipal Market Opportunity
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Investment Quality
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Select Quality
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Quality Income
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Premier Municipal
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Premier Insured
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Premium Income 2
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Premium Income 4
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Dividend Advantage
|
|
|
850
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
850
|
|
Dividend Advantage 2
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
0
|
|
Dividend Advantage 3
|
|
|
850
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
850
|
|
Municipal High Income
|
|
|
800
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
800
|
|
|
|
850
|
|
Insured Dividend Advantage
|
|
|
850
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
850
|
|
Insured Municipal Opportunity
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Insured Premium Income 2
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
0
|
|
Insured Quality
|
|
|
3,350
|
|
|
|
3,400
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,350
|
|
|
|
3,400
|
|
Insured Tax-Free Advantage
|
|
|
850
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
850
|
|
|
|
850
|
|
Municipal High Income
|
|
|
800
|
|
|
|
850
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
800
|
|
|
|
850
|
|
Municipal High Income 2
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
(1)
|
The Fund commenced operations on February 24, 2009.
|
|
(2)
|
The Fund commenced operations on September 24, 2009.
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Audit Fees Billed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adviser and Adviser Entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Engagements Related
|
|
Total Non-Audit Fees Billed
|
|
|
|
|
|
|
|
|
Directly to the Operations
|
|
to
|
|
|
|
|
Total Non-Audit
|
|
and
|
|
Adviser and Adviser Entities
|
|
|
|
|
Fees Billed to Fund
|
|
Financial Reporting of Fund)
|
|
(All Other Engagements)
|
|
Total
|
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
Fiscal Year
|
|
|
Ended 2009
|
|
Ended 2010
|
|
Ended 2009
|
|
Ended 2010
|
|
Ended 2009
|
|
Ended 2010
|
|
Ended 2009
|
|
Ended 2010
|
|
|
Select Maturities
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Select Portfolio
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Select Portfolio 2
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Select Portfolio 3
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
California Select Portfolio
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
New York Select Portfolio
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
42
Audit Committee Pre-Approval Policies and
Procedures. Generally, the audit committee must approve
each Funds independent registered public accounting
firms engagements (i) with the Fund for audit or
non-audit services and (ii) with the Adviser and Adviser
Entities for non-audit services if the engagement relates
directly to the operations and financial reporting of the Fund.
Regarding tax and research projects conducted by the independent
registered public accounting firm for each Fund and the Adviser
and Adviser Entities (with respect to the operations and
financial reporting of each Fund), such engagements will be
(i) pre-approved by the audit committee if they are
expected to be for amounts greater than $10,000;
(ii) reported to the audit committee chairman for his
verbal approval prior to engagement if they are expected to be
for amounts under $10,000 but greater than $5,000; and
(iii) reported to the audit committee at the next audit
committee meeting if they are expected to be for an amount under
$5,000.
The audit committee has approved in advance all audit services
and non-audit services that the independent registered public
accounting firm provided to each Fund and to the Adviser and
Adviser Entities (with respect to the operations and financial
reporting of each Fund). None of the services rendered by the
independent registered public accounting firm to each Fund or
the Adviser or Adviser Entities were pre-approved by the audit
committee pursuant to the pre-approval exception under
Rule 2.01(c)(7)(i)(C) or Rule 2.01(c)(7)(ii) of
Regulation S-X.
Additional
Information
Appointment of
the Independent Registered Public Accounting Firm
Each Board has appointed Ernst & Young LLP as
independent registered public accounting firm to audit the books
and records of each Fund for its current fiscal year. A
representative of Ernst & Young LLP will be present at
the Annual Meetings to make a statement, if such representative
so desires, and to respond to shareholders questions.
Ernst & Young LLP has informed each Fund that it has
no direct or indirect material financial interest in the Funds,
Nuveen, the Adviser or any other investment company sponsored by
Nuveen.
Section 16(a)
Beneficial Interest Reporting Compliance
Section 30(h) of the 1940 Act and Section 16(a) of the
1934 Act require Board Members and officers, the Adviser,
affiliated persons of the Adviser and persons who own more than
10% of a registered class of a Funds equity securities to
file forms reporting their affiliation with that Fund and
reports of ownership and changes in ownership of that
Funds shares with the SEC and the New York Stock Exchange
or NYSE Amex, as applicable. These persons and entities are
required by SEC regulation to furnish the Funds with copies of
all Section 16(a) forms they file. Based on a review of
these forms furnished to each Fund, each Fund believes that its
Board Members and officers, investment adviser and affiliated
persons of the investment adviser have complied with all
applicable Section 16(a) filing requirements during its
last fiscal year, except as follows: Mr. David J. Lamb, an
officer of the Funds and the Adviser, made a late filing on
Form 4 with respect to Municipal Advantage; Mr. Thomas
C. Spalding, Jr., a portfolio manager and officer of the
Adviser, made a late filing on Form 4 with respect to
Municipal Market Opportunity, Quality Income and Performance
Plus; Mr. Paul L. Brennan, a portfolio manager and officer
of the Adviser, made a late filing on Form 4 with respect
to Premium Income, Dividend Advantage 3 and Insured Dividend
Advantage; Mr. James Ruane, an officer of the Funds and the
Adviser, made a late filing in Form 3 with respect to
Insured Municipal Opportunity, Dividend Advantage, Dividend
Advantage 2, Select Income 2 and Insured Dividend Advantage; and
Mr. Scott R. Romans, a portfolio manager and officer of the
Adviser, made a
43
late filing on Form 4 with respect to Dividend Advantage.
To the knowledge of management of the Funds, no shareholder of a
Fund owns more than 10% of a registered class of a Funds
equity securities, except as provided in Appendix B.
Information About
the Adviser
The Adviser, located at 333 West Wacker Drive, Chicago,
Illinois 60606, serves as investment adviser and manager for
each Fund. The Adviser is a wholly-owned subsidiary of Nuveen.
Nuveen is a wholly-owned subsidiary of Windy City, a corporation
formed by investors led by Madison Dearborn Partners, LLC
(MDP), a private equity investment firm based in
Chicago, Illinois. Windy City is controlled by MDP on behalf of
the Madison Dearborn Capital Partner V funds.
Shareholder
Proposals
To be considered for presentation at the annual meeting of
shareholders of the Funds to be held in 2011, a shareholder
proposal submitted pursuant to
Rule 14a-8
of the 1934 Act must be received at the offices of that
Fund, 333 West Wacker Drive, Chicago, Illinois 60606, not
later than March 3, 2011 A shareholder wishing to provide
notice in the manner prescribed by
Rule 14a-4(c)(1)
of a proposal submitted outside of the process of
Rule 14a-8
must, pursuant to each Funds By-Laws, submit such written
notice to the Fund not later than May 17, 2011 or prior to
April 27, 2011 Timely submission of a proposal does not
mean that such proposal will be included in a proxy statement.
Shareholder
Communications
Fund shareholders who want to communicate with the Board or any
individual Board Member should write to the attention of Lorna
Ferguson, Manager of Fund Board Relations, Nuveen
Investments, 333 West Wacker Drive, Chicago, Illinois
60606. The letter should indicate that you are a Fund
shareholder and note the fund or funds that you own. If the
communication is intended for a specific Board Member and so
indicates it will be sent only to that Board Member. If a
communication does not indicate a specific Board Member and it
will be sent to the Independent Chairman and the outside counsel
to the Independent Board Members for further distribution as
deemed appropriate by such persons.
Expenses of Proxy
Solicitation
With respect to routine items, such as the election of Board
Members, the cost of preparing, printing and mailing the
enclosed proxy, accompanying notice and proxy statement and all
other costs in connection with the solicitation of proxies will
be paid by the Funds pro rata based on the number of shareholder
accounts. For non-routine items, such as updating investment
policies, the costs in connection with the solicitation of
proxies will be paid by the Funds subject to such non-routine
items based on the number of shareholder accounts. Additional
solicitation may be made by letter or telephone by officers or
employees of Nuveen or the Adviser, or by dealers and their
representatives. Any additional costs of solicitation will be
paid by the Fund that requires additional solicitation.
Fiscal
Year
The fiscal year end for each Fund (except Select Maturities,
Select Portfolio, Select Portfolio 2, Select Portfolio 3,
California Portfolio and New York Portfolio) is October 31.
The fiscal year end for Select Maturities, Select Portfolio,
Select Portfolio 2, Select Portfolio 3, California Portfolio and
New York Portfolio is March 31.
44
Annual Report
Delivery
Annual reports will be sent to shareholders of record of each
Fund following each Funds fiscal year end. Each Fund will
furnish, without charge, a copy of its annual report
and/or
semi-annual report as available upon request. Such written or
oral requests should be directed to such Fund at 333 West
Wacker Drive, Chicago, Illinois 60606 or by calling
1-800-257-8787.
Important Notice Regarding the Availability of Proxy
Materials for the Shareholder Meeting To Be Held on
July 27, 2010
Each Funds Proxy Statement is available at
www.nuveen.com/CEF/Info/Shareholder/Proxy-statements.aspx. For
more information, shareholders may also contact the applicable
Fund at the address and phone number set forth above.
Please note that only one annual report or proxy statement may
be delivered to two or more shareholders of a Fund who share an
address, unless the Fund has received instructions to the
contrary. To request a separate copy of an annual report or
proxy statement, or for instructions as to how to request a
separate copy of such documents or as to how to request a single
copy if multiple copies of such documents are received,
shareholders should contact the applicable Fund at the address
and phone number set forth above.
General
Management does not intend to present and does not have reason
to believe that any other items of business will be presented at
the Annual Meetings. However, if other matters are properly
presented to the Annual Meetings for a vote, the proxies will be
voted by the persons acting under the proxies upon such matters
in accordance with their judgment of the best interests of the
Fund.
A list of shareholders entitled to be present and to vote at
each Annual Meeting will be available at the offices of the
Funds, 333 West Wacker Drive, Chicago, Illinois, for
inspection by any shareholder during regular business hours
beginning ten days prior to the date of the Annual Meeting.
Failure of a quorum to be present at any Annual Meeting will
necessitate adjournment and will subject that Fund to additional
expense. The persons named in the enclosed proxy may also move
for an adjournment of any Annual Meeting to permit further
solicitation of proxies with respect to the proposal if they
determine that adjournment and further solicitation is
reasonable and in the best interests of the shareholders. Under
each Funds By-Laws, an adjournment of a meeting with
respect to a matter requires the affirmative vote of a majority
of the shares entitled to vote on the matter present in person
or represented by proxy at the meeting.
IF YOU CANNOT BE PRESENT AT THE MEETING, YOU ARE REQUESTED TO
FILL IN, SIGN AND RETURN THE ENCLOSED PROXY PROMPTLY. NO POSTAGE
IS REQUIRED IF MAILED IN THE UNITED STATES.
Kevin J. McCarthy
Vice President and Secretary
June 21, 2010
45
APPENDIX A
Beneficial
Ownership
The following table lists the dollar range of equity securities
beneficially owned by each Board Member nominee in each Fund and
in all Nuveen funds overseen by the Board Member nominee as of
December 31, 2009.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
|
Municipal
|
|
|
Enhanced
|
|
|
Municipal
|
|
|
Premium
|
|
Performance
|
|
|
Municipal
|
|
Market
|
|
Investment
|
|
|
Select
|
|
|
Quality
|
|
|
Premier
|
|
Premier
|
|
|
Premium
|
|
Premium
|
|
|
Dividend
|
Board Member Nominees
|
|
Value
|
|
|
Value 2
|
|
|
Value
|
|
|
Income
|
|
|
Income
|
|
Plus
|
|
|
Advantage
|
|
Opportunity
|
|
Quality
|
|
|
Quality
|
|
|
Income
|
|
|
Municipal
|
|
Insured
|
|
|
Income 2
|
|
Income 4
|
|
|
Advantage
|
|
|
Board Members/ Nominees who are not interested persons of the
Funds
|
Robert P. Bremner
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
Jack B. Evans
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
William C. Hunter
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
David J. Kundert
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
William J. Schneider
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
Judith M. Stockdale
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
$1-
$10,000
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$1-
10,000
|
|
|
$0
|
|
|
$10,001-
$50,000
|
|
|
$0
|
|
|
$10,001-
$50,000
|
Carole E. Stone
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
Terence J. Toth
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$10,001-
$50,000
|
|
|
$0
|
|
|
$0
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$10,001-
$50,000
|
|
|
$50,001-
$100,000
|
Board Member/ Nominee who is an interested person of the
Funds
|
John P. Amboian
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$50,000-
$100,000
|
|
|
$0
|
|
|
$10,001-
$50,000
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$10,001-
$50,000
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
A-1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar Range of Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Range of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Registered
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overseen by
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Board Member
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nominees in
|
|
|
|
|
|
|
|
Municipal
|
|
|
Municipal
|
|
|
Insured
|
|
|
Insured
|
|
|
Insured
|
|
|
|
|
Insured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Family of
|
|
|
Dividend
|
|
|
Dividend
|
|
High
|
|
|
High
|
|
|
Dividend
|
|
|
Municipal
|
|
|
Premium
|
|
Insured
|
|
|
Tax-Free
|
|
|
Select
|
|
|
Select
|
|
|
Select
|
|
|
Select
|
|
|
California
|
|
|
New York
|
|
|
Investment
|
Board Member Nominees
|
|
Advantage 2
|
|
|
Advantage 3
|
|
Income
|
|
|
Income 2
|
|
|
Advantage
|
|
|
Opportunity
|
|
|
Income 2
|
|
Quality
|
|
|
Advantage
|
|
|
Maturities
|
|
|
Portfolio
|
|
|
Portfolio 2
|
|
|
Portfolio 3
|
|
|
Portfolio
|
|
|
Portfolio
|
|
|
Companies(1)
|
|
|
Board Member/ Nominees who are not interested persons of the
Funds
|
Robert P. Bremner
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
Over
$100,000
|
Jack B. Evans
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
Over
$100,000
|
William C. Hunter
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
Over
$100,000
|
David J. Kundert
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
Over
$100,000
|
William J. Schneider
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
Over
$100,000
|
Judith M. Stockdale
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
Over
$100,000
|
Carole E. Stone
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$50,001-
$100,000
|
Terence J. Toth
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$0
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
Over
$100,000
|
Board Member/ Nominee who is an interested person of the
Funds
|
John P. Amboian
|
|
|
$0
|
|
|
$50,001-
$100,000
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
$50,001-
$100,000
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
|
$0
|
|
|
Over
$100,000
|
|
|
|
(1) |
The amounts reflect the aggregate dollar range of equity
securities and the number of shares beneficially owned by the
Board Member in the Funds and in all Nuveen funds overseen by
the Board Member.
|
A-2
The following table sets forth, for each Board Member and Board
Member Nominee and for the Board Members and Board Member
Nominees and officers as a group, the amount of shares
beneficially owned in each Fund as of December 31, 2009.
The information as to beneficial ownership is based on
statements furnished by each Board Member and officer.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Shares Owned By Board Members And
Officers(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
|
Municipal
|
|
|
Municipal
|
|
|
Enhanced
|
|
|
Premium
|
|
|
Performance
|
|
|
Municipal
|
|
|
Market
|
|
|
Investment
|
|
|
Select
|
|
|
Quality
|
|
|
Premier
|
|
|
Premier
|
|
|
Premium
|
|
|
Premium
|
|
Board Member Nominees
|
|
Value
|
|
|
Value 2
|
|
|
Income
|
|
|
Value
|
|
|
Income
|
|
|
Plus
|
|
|
Advantage
|
|
|
Opportunity
|
|
|
Quality
|
|
|
Quality
|
|
|
Income
|
|
|
Municipal
|
|
|
Insured
|
|
|
Income 2
|
|
|
Income 4
|
|
|
|
|
Board Members/ Nominees who are not interested persons of the
Funds
|
Robert P. Bremner
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Jack B. Evans
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
William C. Hunter
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
David J. Kundert
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
William J. Schneider
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Judith M. Stockdale
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
992
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
4
|
|
|
|
0
|
|
|
|
969
|
|
|
|
0
|
|
Carole E. Stone
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Terence J. Toth
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
2,029
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,055
|
|
Board Member/ Nominee who is an interested person of the
Funds
|
John P. Amboian
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
5,000
|
|
|
|
0
|
|
|
|
4,000
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
2,500
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
All Board Members and Officers as a Group
|
|
|
0
|
|
|
|
25,002
|
|
|
|
0
|
|
|
|
0
|
|
|
|
17,000
|
|
|
|
3,529
|
|
|
|
11,176
|
|
|
|
2,125
|
|
|
|
1,000
|
|
|
|
0
|
|
|
|
0
|
|
|
|
2,504
|
|
|
|
0
|
|
|
|
969
|
|
|
|
0
|
|
|
|
|
(1) |
The numbers include share equivalents of certain Nuveen funds in
which the Board Member is deemed to be invested pursuant to the
Deferred Compensation Plan.
|
A-3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Shares Owned By Board Members and
Officers(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
|
|
|
Municipal
|
|
|
Insured
|
|
|
Insured
|
|
|
Insured
|
|
|
|
|
|
Insured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend
|
|
|
Dividend
|
|
|
Dividend
|
|
|
High
|
|
|
High
|
|
|
Dividend
|
|
|
Municipal
|
|
|
Premium
|
|
|
Insured
|
|
|
Tax-Free
|
|
|
Select
|
|
|
Select
|
|
|
Select
|
|
|
Select
|
|
|
California
|
|
|
New York
|
|
Board Member Nominees
|
|
Advantage
|
|
|
Advantage 2
|
|
|
Advantage 3
|
|
|
Income
|
|
|
Income 2
|
|
|
Advantage
|
|
|
Opportunity
|
|
|
Income 2
|
|
|
Quality
|
|
|
Advantage
|
|
|
Maturities
|
|
|
Portfolio
|
|
|
Portfolio 2
|
|
|
Portfolio 3
|
|
|
Portfolio
|
|
|
Portfolio
|
|
|
|
|
Board Member/ Nominees who are not interested persons of the
Funds
|
Robert P. Bremner
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Jack B. Evans
|
|
|
2
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
William C. Hunter
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
David J. Kundert
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
William J. Schneider
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Judith M. Stockdale
|
|
|
1,043
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Carole E. Stone
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Terence J. Toth
|
|
|
3,921
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Board Member/ Nominee who is an interested person of the
Funds
|
John P. Amboian
|
|
|
0
|
|
|
|
0
|
|
|
|
5,000
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
5,000
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
All Board Members and Officers as a Group
|
|
|
55,163
|
|
|
|
1,000
|
|
|
|
6,211
|
|
|
|
4,916
|
|
|
|
0
|
|
|
|
0
|
|
|
|
6,806
|
|
|
|
5,000
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
(1) |
The numbers include share equivalents of certain Nuveen funds in
which the Board Member is deemed to be invested pursuant to the
Deferred Compensation Plan.
|
A-4
APPENDIX B
List of Beneficial Owners Who Own More Than 5% of Any Class
of Shares in Any Fund
The following chart lists each shareholder or group of
shareholders who beneficially own more than 5% of any class of
shares of any Fund*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
Percentage
|
|
Fund and Class
|
|
Shareholder Name and Address
|
|
Shares Owned
|
|
|
Owned
|
|
|
|
|
Premium Income (NPI)
Auction Rate Preferred Shares
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
2,877
|
|
|
|
17.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
873
|
|
|
|
5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Plus (NPP)
Auction Rate Preferred Shares
|
|
UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland
|
|
|
945
|
|
|
|
5.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
2377
|
|
|
|
14.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
931
|
|
|
|
5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch, Pierce, Fenner & Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080
|
|
|
981
|
|
|
|
5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Karpus Management, Inc.
d/b/a Karpus Investment Management
183 Sullys Trail
Pittsford, NY 14534
|
|
|
860
|
|
|
|
5.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
881
|
|
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B-1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
Percentage
|
|
Fund and Class
|
|
Shareholder Name and Address
|
|
Shares Owned
|
|
|
Owned
|
|
|
|
|
Municipal Advantage (NMA)
Auction Rate Preferred Shares
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
905
|
|
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
2,390
|
|
|
|
17.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Market Opportunity (NMO)
Auction Rate Preferred Shares
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
1,415
|
|
|
|
10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
1,059
|
|
|
|
7.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Quality (NQM)
Auction Rate Preferred Shares
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
1,091
|
|
|
|
12.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge Investments, LLC
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
778
|
|
|
|
9.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
803
|
|
|
|
9.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B-2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
Percentage
|
|
Fund and Class
|
|
Shareholder Name and Address
|
|
Shares Owned
|
|
|
Owned
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select Quality (NQS)
Auction Rate Preferred Shares
|
|
UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland
|
|
|
659
|
|
|
|
6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
809
|
|
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge Investments, LLC
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
498
|
|
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
818
|
|
|
|
7.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royal Bank of
Canada(b)
200 Bay Street
Toronto, Ontario M5J2J5 Canada
|
|
|
703
|
|
|
|
7.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RBC Capital
Markets(b)
One Liberty Plaza 165 Broadway
New York, NY 10006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quality Income (NQU)
Auction Rate Preferred Shares
|
|
UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland
|
|
|
895
|
|
|
|
5.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
1,965
|
|
|
|
12.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
B-3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
Percentage
|
|
Fund and Class
|
|
Shareholder Name and Address
|
|
Shares Owned
|
|
|
Owned
|
|
|
|
|
|
|
Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
781
|
|
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge Investments, LLC
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
1,176
|
|
|
|
7.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
822
|
|
|
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Municipal (NPF)
Auction Rate Preferred Shares
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
477
|
|
|
|
9.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge Investments, LLC
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
305
|
|
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
343
|
|
|
|
6.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Insured (NIF)
Auction Rate Preferred Shares
|
|
UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland
|
|
|
280
|
|
|
|
5.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
B-4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
Percentage
|
|
Fund and Class
|
|
Shareholder Name and Address
|
|
Shares Owned
|
|
|
Owned
|
|
|
|
|
|
|
Bank of America
Corporation(c)
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
291
|
|
|
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America,
N.A.(c)
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
847
|
|
|
|
15.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Income 2 (NPM)
Auction Rate Preferred Shares
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
2,149
|
|
|
|
11.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
1,153
|
|
|
|
10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge Investments, LLC
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
2,702
|
|
|
|
13.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium Income 4 (NPT)
Auction Rate Preferred Shares
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
844
|
|
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B-5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
Percentage
|
|
Fund and Class
|
|
Shareholder Name and Address
|
|
Shares Owned
|
|
|
Owned
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
1,263
|
|
|
|
12.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ridge Investments, LLC
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
822
|
|
|
|
7.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Advantage (NAD)
Auction Rate Preferred Shares
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
1,258
|
|
|
|
11.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Financial Products
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup Global Markets Holdings
Inc.(a)
88 Greenwich Street
New York, NY 10013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
Inc.(a)
399 Park Avenue
New York, NY 10043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
1,873
|
|
|
|
17.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center Charlotte, NC 28255
|
|
|
932
|
|
|
|
8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch, Pierce, Fenner & Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080
|
|
|
598
|
|
|
|
5.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland
|
|
|
532
|
|
|
|
5.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Advantage 3 (NZF)
Auction Rate Preferred Shares
|
|
Citigroup Global Markets
Inc.(a)
388 Greenwich Street
New York, NY 10013
|
|
|
1,190
|
|
|
|
12.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
B-6