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 Registrantþ
Filed by a Party other than the Registranto
Check the appropriate box:
þ Preliminary Proxy Statement.
o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)).
o Definitive Proxy Statement.
o Definitive Additional Materials.
o Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-12
 
Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ)
 
(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):
þ No fee required.
o Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
 1) Title of each class of securities to which transaction applies:
 
   
    
 
 2) Aggregate number of securities to which transaction applies:
 
   
    
 
 3) 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 determined):
 
   
    
 
 4) Proposed maximum aggregate value of transaction:
 
   
    
 
 5) Total fee paid:
 
   
    
o Fee paid previously with preliminary materials.
 
o 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.
 1) Amount Previously Paid:
 
   
    
 
 2) Form, Schedule or Registration Statement No.:
 
   
    
 
 3) Filing Party:
 
   
    
 
 4) Date Filed:
 
   
    

 

Important Notice to Fund Shareholders
 
OCTOBER 11, 201017, 2011
 
Although we recommend that you read the complete Joint Proxy Statement, for your convenience, we have provided a brief overview of the issues to be voted on.
 
Q.Why am I receiving this Joint Proxy Statement?
 
A.You are receiving this Joint Proxy Statement as a Fund shareholder in connection with the annual shareholders meeting forof the Nuveen closed-end funds listed at the top of the Notice of Annual Meeting of Shareholders.Shareholders (each a “Fund and collectively, the “Funds”). The following proposals will be considered:
You are being asked to vote on a number of important matters:
 
 (i) Updated Investment Policies (all Affected Municipal Funds (as defined in the Proxy Statement)). Nuveen’s 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.
(ii)  Approval of Fund Board Nominees (all Funds). Each year, you and other Fund shareholders must approve the election of Boardboard members to serve on your Fund’s 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. Theeach Fund (the list of specific nominees is contained in the enclosed Joint Proxy Statement.Statement);
(ii) the elimination of the current fundamental investment policy and adoption of a new fundamental investment policy regarding the ability to make loans by each Affected Municipal Fund (as defined in the Joint Proxy Statement) in order to update and conform such Funds’ policies with other Nuveen closed-end municipal funds.
(iii) the elimination of certain fundamental investment policies and adoption of new fundamental investment policies for Nuveen California Investment Quality Municipal Fund, Inc. and Nuveen California Performance Plus Municipal Fund, Inc. in order to update and conform such Funds’ policies with other Nuveen closed-end municipal funds relating to municipal securities and below investment grade securities, derivatives and short sales and other investment companies.
 
Your Fund’s Board of Trustees/Directors (“Board”), including your Board’s independent members, unanimously recommends that you voteFOReach proposal.
 
Your vote is very important. We encourage you as a shareholder to participate in your Fund’s governance by returning your vote as soon as possible. If enough shareholders don’t 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.
 
Proposals Regarding New Fundamental Investment Policies
Q.Why are the funds proposing a change to their fundamental investment policies?
A.The proposals are part of a multi-year effort to ensure that all of Nuveen’s municipal bond closed-end funds have a uniform and up-to-date set of investment policies that reflect the evolution and changes in the municipal bond market that have emerged over the past 20 years. The proposed changes are part of a more comprehensive “best practices” initiative on behalf of the funds that began more than three years ago.
Nuveen’s municipal bond closed-end funds have been brought to market at different intervals over the course of more than 20 years, and reflect various policies and investment capabilities prevalent at the time of their creation. The investment policies of older fund’s generally do not reflect subsequent developments in the municipal market, including new types of securities and investment strategies. Consequently, many of Nuveen’s more recently offered municipal bond closed-end funds feature investment capabilities not uniformly enjoyed by older municipal bond closed-end funds. The

proposals set forth in the Proxy Statement are designed to provide those funds with the same portfolio management tools currently available to Nuveen’s more recently offered funds.
Proposal Regarding Fundamental Policy Relating to Loans.
Q.What are the potential benefits of the New Investment Policiesnew fundamental investment policy relating to loans for common shareholders of the Affected Municipal Funds?
 
A.The potentialproposed new fundamental investment policy would permit each Fund to make loans to the extent permitted by the securities laws. Among other things, this change is intended to provide each Affected Municipal Fund the flexibility to make loans in circumstances where a municipal issuer is in distress, if Nuveen Fund Advisors, Inc. believes that doing so would both:
(i) facilitate a timely workout of the issuer’s situation in a manner which benefits that Fund; and
(ii) be the best choice for reducing the likelihood or severity of loss on the Fund’s investment.
Q.Was there a particular catalyst or portfolio concern prompting the loan policy proposal?
A.This proposal is part of a broader policy initiative undertaken by Nuveen for the past several years. There are currently no identified credit situations within the complex where the use of this greater loan flexibility is intended or targeted. As stated in the Joint Proxy Statement, this policy change proposal reflects the broader intent to provide Nuveen’s municipal closed-end funds, including the Affected Municipal Funds, the same portfolio management flexibility already available to other funds with similar investment objectives within the Nuveen complex.
Q.Does the loan policy proposal reflect a growing concern on Nuveen’s part over the state of municipal issuers?
A.Nuveen’s portfolio management and research team is actively engaged in monitoring both macro issues impacting the municipal bond market as well as individual credit holdings held by the various Nuveen funds. The team regularly comments on the strength of the municipal bond market as well as provides in-depth research articles. Providing an Affected Municipal Fund with the option of making loans to help facilitate a timely workout of a distressed issuer’s situation merely provides the Fund with an additional tool to help preserve shareholder value, and, importantly, should not be viewed as a commentary on the state of the municipal bond market.
Q.Have the Nuveen municipal closed-end funds participated in loans to municipal issuers in the past?
A.Though such a loan situation in the municipal market is rare, it represents a more common shareholders are:workout practice in the corporate bond market. The most recent situation where a Nuveen fund with the flexibility to do so made a loan to an issuer facing a credit workout situation occurred approximately eight years ago. Since that time, a limited number of funds having a policy permitting the making of loans have considered doing so in particular workout situations, but ultimately determined to take other actions in pursuit of maximizing shareholder value.
Q.Is this proposal in response to any past or current municipal credit litigation?
A.This proposal is not related to any past or pending litigation.

Q.If approved, do you know when/if you plan to employ this option?
A.As stated in the Proxy Statement, this policy is designed to provide each fund the flexibility to make loans in circumstances where a municipal issuer is in distress if the adviser believes that doing so would both:
 
• Enhancedfacilitate a timely workout of the issuer’s situation in a manner that benefits the fund; and,
• is the best choice for reducing the likelihood or severity of loss on the fund’s investment.
Again, there are currently no identified credit situations within the complex where this option is intended or targeted.
Q.Will this option impact how the underlying bonds should be valued?
A.The funds will value a loan based on several factors that draw upon policies and procedures adopted and approved by the funds’ Board of Trustees/Directors that are able to value instruments issued in these types of situations. As with any investment, risks exist, and if the adviser is wrong, the valuation of a particular loan could be impacted and effect the value of the underlying bond held in the fund. However, we would not expect that any loans would constitute a meaningful portion of a fund’s total assets.
Proposal Regarding Other Changes to Fundamental Policies.
Q.What are the potential benefits of the new investment policies to common shareholders of the Nuveen California Investment Quality Fund, Inc. and Nuveen California Performance Plus Fund, Inc.?
The potential benefits to common shareholders of Nuveen California Investment Quality Municipal Fund, Inc. and Nuveen California Performance Plus Municipal Fund, Inc. from changes to investment policies relating to investments in municipal securities, below investment grade securities, other investment companies and derivatives, short sales and commodities include:
(i) enhanced ability of the Affected Municipal Funds to generate attractive tax-free income while retaining their orientation on investment grade quality municipal securities;
 
(ii) •   Increasedincreased 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
 
(iii) 
•   Improvedimproved secondary market competitiveness that may lead to a higher relative market priceand/or stronger premium/discount performance.
In addition, all funds registered under the Investment Company Act of 1940 are required to have a policy regarding investments in commodities. This category includes several types of investments, including certain types of derivative investments that have developed over time, and which a fund may potentially use as a means 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. The commodity and derivative policy changes stated in this Joint Proxy Statement seek to increase Nuveen Fund Advisors, Inc.’s flexibility to use derivatives in these ways in pursuit of fund investment objectives, which have not changed.

Conforming and updating these investment policies is intended to benefit common shareholders by increasing portfolio manager efficiency and flexibility to take advantage of a wide range of appropriate opportunities in the municipal bond markets in pursuit of the Fund’s investment objectives.
Q.What are the potential benefits of the New Investment Policiesnew investment policies for preferred shareholders of the AffectedNuveen California Investment Quality Municipal Funds?Fund, Inc. and Nuveen California Performance Plus Municipal Fund, Inc.?
 
A.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)optimizing returns on current investments in order to pursue the preservation 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.
General
Q.What actions are required in order to implement the New Investment Policies?new investment policies?
A.In order to implement the New Investment Policiesnew investment policies and obtain the potential benefits described above, each Affected Municipal Fund must make certain changesshareholders are being asked to its existing policies, including certain fundamental policies that require approval of shareholders. In some cases, this may require shareholder approval ofapprove the elimination of an existing fundamental policy as well aspolicies and the implementation of a new replacement 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.policies.
 
Q.What happens if shareholders don’tdo not approve the elimination of the fundamental investment policies and/or don’tdo not approve the New Investment Policya new investment policy or Policies?policies?
 
A.An Affected MunicipalThe Fund will not be able to implement the New Investment Policiesa new investment policy or 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 urgeEach Fund’s Board urges you to vote without delay in order to avoid the potential for higher costs and/or disruptions to portfolio operations.
Q.Who do I call if I have questions?
A.If you need any assistance, or have any questions regarding the proposals or how to vote your shares, please call Computershare Fund Services, your Fund’s proxy solicitor, at(866) 612-5814.963-5818 weekdays during its business hours of 9:00 a.m. to 11:00 p.m. and Saturdays from 12:00 p.m. to 6:00 p.m. Eastern time. Please have your proxy materialmaterials available when you call.
 
Q.How do I vote my shares?
 
A.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.
 
Q.Will anyone contact me?
 
A.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.
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. Once your vote has been registered with the proxy solicitor, your name will be removed from the solicitor’sfollow-up contact list.
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. Once your vote has been registered with the proxy solicitor, your name will be removed from the solicitor’sfollow-up contact list.

 

 
333 West Wacker Drive
Chicago, Illinois 60606
(800) 257-8787
Notice of Annual Meeting
of Shareholders
November 16, 201015, 2011
 
October 11, 201017, 2011
 
Nuveen Floating Rate Income Fund (JFR)
Nuveen Floating Rate Income Opportunity Fund (JRO)
Nuveen Senior Income Fund (NSL)
Nuveen Tax-Advantaged Floating Rate Fund (JFP)
Nuveen Arizona Dividend Advantage Municipal Fund (NFZ)
Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)
Nuveen Arizona Dividend Advantage Municipal Fund 3 (NXE)
Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ)
Nuveen California Dividend Advantage Municipal Fund (NAC)
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
Nuveen California Dividend Advantage Municipal Fund 3 (NZH, NZH PrC)
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
Nuveen California Municipal Value Fund, Inc. (NCA)
Nuveen California Municipal Value 2 (NCB)
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
Nuveen California Premium Income Municipal Fund (NCU)
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
Nuveen Insured California Dividend Advantage Municipal Fund (NKL)
Nuveen Insured California Premium Income Municipal Fund, Inc. (NPC)
Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NCL)
Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX)
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC, NFC PrC)
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK, NGK PrC)
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO, NGO PrC)
Nuveen Connecticut Premium Income Municipal Fund (NTC, NTC PrC)
Nuveen Georgia Dividend Advantage Municipal Fund (NZX, NZX PrC)
Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG, NKG PrC)
Nuveen Georgia Premium Income Municipal Fund (NPG, NPG PrC)
Nuveen Maryland Dividend Advantage Municipal Fund (NFM, NFM PrC)
Nuveen Maryland Dividend Advantage Municipal Fund 2 (NZR, NZR PrC)
Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI, NWI PrC)
Nuveen Maryland Premium Income Municipal Fund (NMY, NMY PrC)
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB, NMB PrC)
Nuveen Massachusetts Premium Income Municipal Fund (NMT, NMT PrC)
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX, NGX PrC)
Nuveen Michigan Dividend Advantage Municipal Fund (NZW)
Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP)
Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM)
Nuveen Missouri Premium Income Municipal Fund (NOM)
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ)
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ)
Nuveen New Jersey Municipal Value Fund (NJV)

Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ)
Nuveen North Carolina Dividend Advantage Municipal Fund (NRB, NRB PrC)
Nuveen North Carolina Dividend Advantage Municipal Fund 2 (NNO, NNO PrC)
Nuveen North Carolina Dividend Advantage Municipal Fund 3 (NII, NII PrC)
Nuveen North Carolina Premium Income Municipal Fund (NNC, NNC PrC)
Nuveen Ohio Dividend Advantage Municipal Fund (NXI)
Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ)
Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ)
Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO)
Nuveen Pennsylvania Municipal Value Fund (NPN)
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY)
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY)
Nuveen Pennsylvania Municipal Value Fund (NPN)
Nuveen Texas Quality Income Municipal Fund (NTX)
Nuveen Virginia Dividend Advantage Municipal Fund (NGB, NGB PrC)

Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB, NNB PrC)
Nuveen Virginia Premium Income Municipal Fund (NPV, NPV PrC)
 
To the Shareholders of the Above Funds:
 
Notice is hereby given that the Annual Meeting of Shareholders (the “Annual Meeting”) of Nuveen Arizona Premium Income Municipal Fund, Inc. (“Arizona Premium Income”), Nuveen California Investment Quality Municipal Fund, Inc. (“California Investment Quality”), Nuveen California Municipal Market Opportunity Fund, Inc. (“California Market Opportunity”), Nuveen California Municipal Value Fund, Inc. (“California Value”), Nuveen California Performance Plus Municipal Fund, Inc. (“California Performance Plus”), Nuveen California Quality Income Municipal Fund, Inc. (“California Quality Income”), Nuveen California Select Quality Municipal Fund, Inc. (“California Select Quality”), Nuveen Insured California Premium Income Municipal Fund, Inc. (“Insured California Premium Income”), Nuveen Insured California Premium Income Municipal Fund 2, Inc. (“Insured California Premium Income 2”), Nuveen Michigan Premium Income Municipal Fund, Inc. (“Michigan Premium Income”), Nuveen Michigan Quality Income Municipal Fund, Inc. (“Michigan Quality Income”), Nuveen New Jersey Investment Quality Municipal Fund, Inc. (“New Jersey Investment Quality”), Nuveen New Jersey Premium Income Municipal Fund, Inc. (“New Jersey Premium Income”) and Nuveen Ohio Quality Income Municipal Fund, Inc. (“Ohio Quality Income”),each a Minnesota corporation(each a “Minnesota Fund” and collectively, the “Minnesota Funds”), and Nuveen Floating Rate Income Fund (“Floating Rate Income”), Nuveen Floating Rate Income Opportunity Fund (“Floating Rate Income Opportunity”), Nuveen Senior Income Fund (“Senior Income”), Nuveen Tax-Advantaged Floating Rate Fund (“Tax-Advantaged Floating Rate”), Nuveen Arizona Dividend Advantage Municipal Fund (“Arizona Dividend Advantage”), Nuveen Arizona Dividend Advantage Municipal Fund 2 (“Arizona Dividend Advantage 2”), Nuveen Arizona Dividend Advantage Municipal Fund 3 (“Arizona Dividend Advantage 3”), Nuveen California Dividend Advantage Municipal Fund (“California Dividend Advantage”), Nuveen California Dividend Advantage Municipal Fund 2 (“California Dividend Advantage 2”), Nuveen California Dividend Advantage Municipal Fund 3 (“California Dividend Advantage 3”), Nuveen California Municipal Value 2 (“California Value 2”), Nuveen California Premium Income Municipal Fund (“California Premium Income”), Nuveen Insured California Dividend Advantage Municipal Fund (“Insured California Dividend Advantage”), Nuveen Insured California Tax-Free Advantage Municipal Fund (“Insured California Tax-Free Advantage”), Nuveen Connecticut Dividend Advantage Municipal Fund (“Connecticut Dividend Advantage”), Nuveen Connecticut Dividend Advantage Municipal Fund 2 (“Connecticut Dividend Advantage 2”), Nuveen Connecticut Dividend Advantage Municipal

Fund 3 (“Connecticut Dividend Advantage 3”), Nuveen Connecticut Premium Income Municipal Fund (“Connecticut Premium Income”), Nuveen Georgia Dividend Advantage Municipal Fund (“Georgia Dividend Advantage”), Nuveen Georgia Dividend Advantage Municipal Fund 2 (“Georgia Dividend Advantage 2”), Nuveen Georgia Premium Income Municipal Fund (“Georgia Premium Income”), Nuveen Maryland Dividend Advantage Municipal Fund (“Maryland Dividend Advantage”), Nuveen Maryland Dividend Advantage Municipal Fund 2 (“Maryland Dividend Advantage 2”), Nuveen Maryland Dividend Advantage Municipal Fund 3 (“Maryland Dividend Advantage 3”), Nuveen Maryland Premium Income Municipal Fund (“Maryland Premium Income”), Nuveen Massachusetts Dividend Advantage Municipal Fund (“Massachusetts Dividend Advantage”), Nuveen Massachusetts Premium Income Municipal Fund (“Massachusetts Premium Income”), Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (“Insured Massachusetts Tax-Free Advantage”), Nuveen Michigan Dividend Advantage Municipal Fund (“Michigan Dividend Advantage”), Nuveen Missouri Premium Income Municipal Fund (“Missouri Premium Income”), Nuveen New Jersey Dividend Advantage Municipal Fund (“New Jersey Dividend Advantage”), Nuveen New Jersey Dividend Advantage Municipal Fund 2 (“New Jersey Dividend Advantage 2”), Nuveen New Jersey Municipal Value Fund (“New Jersey Value”), Nuveen North Carolina Dividend Advantage Municipal Fund (“North Carolina Dividend Advantage”), Nuveen North Carolina Dividend Advantage Municipal Fund 2 (“North Carolina Dividend Advantage 2”), Nuveen North Carolina Dividend Advantage Municipal Fund 3 (“North Carolina Dividend Advantage 3”), Nuveen North Carolina Premium Income Municipal Fund (“North Carolina Premium Income”), Nuveen Ohio Dividend Advantage Municipal Fund (“Ohio Dividend Advantage”), Nuveen Ohio Dividend Advantage Municipal Fund 2 (“Ohio Dividend Advantage 2”), Nuveen Ohio Dividend Advantage Municipal Fund 3 (“Ohio Dividend Advantage 3”), Nuveen Pennsylvania Municipal Value Fund (“Pennsylvania Value”), Nuveen Pennsylvania Dividend Advantage Municipal Fund (“Pennsylvania Dividend Advantage”), Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (“Pennsylvania Dividend Advantage 2”), Nuveen Pennsylvania Investment Quality Municipal Fund (“Pennsylvania Investment Quality”), Nuveen Pennsylvania Premium Income Municipal Fund 2 (“Pennsylvania Premium Income 2”), Nuveen Texas Quality Income Municipal Fund (“Texas Quality Income”), Nuveen Virginia Dividend Advantage Municipal Fund (“Virginia Dividend Advantage”), Nuveen Virginia Dividend Advantage Municipal Fund 2 (“Virginia Dividend Advantage 2”) and Nuveen Virginia Premium Income Municipal Fund (“Virginia Premium Income”),each a Massachusetts business trust(each a “Massachusetts Fund” and

collectively, the “Massachusetts Funds”) (the Minnesota Funds and Massachusetts Funds are each, a “Fund” and collectively, the “Funds”), will be held in the 32nd Floor Conference Roomoffices of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois 60606, on Tuesday, November 16, 2010,15, 2011, at 10:30 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:
 
1. 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:
 
 a. For each Minnesota Fund, except California Value, to elect nine (9)ten (10) Board Members:
 
 i)(i) seven (7)eight (8) 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
 
 ii)(ii) two (2) Board Members to be elected by the holders of Preferred Shares only, voting separately as a single class.
 
b. For California Value, to elect three (3) Board Members.
b. For California Value, to elect three (3) Board Members.
 c. For each Massachusetts Fund, except Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, California Value 2, New Jersey Value and Pennsylvania Value, to elect four (4)five (5) Board Members:
 
 i)(i) two (2)three (3) Board Members to be elected by the holders of Common Shares and Preferred Shares, voting together as a single class; and
 
 ii)(ii) two (2) Board Members to be elected by the holders of Preferred Shares only, voting separately as a single class.
 
 d. For Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, California Value 2, New Jersey Value and Pennsylvania Value to elect three (3) Board Members.
 
2. To approve the elimination of fundamental investment policiesand/or and to approve the new fundamental investment policies for Arizona Dividend Advantage 2, California Market Opportunity, California Quality Income, California Select Quality, Missouri Premium Income, North Carolina Dividend Advantage and North Carolina Dividend Advantage 2.each Affected Municipal Fund (as defined in the Joint Proxy Statement).
(a)(i) For shareholders of each Affected Municipal Fund, all shareholders voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to the Fund’s ability to make loans.
 
(a)(ii) For shareholders of each Affected Municipal Fund (except for California Value), the Preferred Shares voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to the Fund’s ability to make loans.
(b)(i) For shareholders of each Affected Municipal Fund, all shareholders voting as a single class, to approve a new fundamental investment policy related to the Fund’s ability to make loans.
(b)(ii) For shareholders of each Affected Municipal Fund (except for California Value), the Preferred Shares voting as a single class, to approve a new fundamental investment policy related to the Fund’s ability to make loans.
3.To approve the elimination of fundamental investment policies and to approve the new fundamental investment policies for California Investment Quality and California Performance Plus.
(a)(i) For shareholders of California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve the elimination of each Fund’s

existing fundamental investment policy related to investments in municipal securities and below investment grade securities.
(a)(ii) For shareholders of California Investment Quality and California Performance Plus, the Preferred Shares voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to investments in municipal securities and below investment grade securities.
(b)(i) For shareholders of California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve a new fundamental investment policy related to investments in municipal securities.
(b)(ii) For shareholders of California Investment Quality and California Performance Plus, the Preferred Shares voting as a single class, to approve a new fundamental investment policy related to investments in municipal securities.
(c)(i) For shareholders of California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to commodities.
(c)(ii) For shareholders of California Investment Quality and California Performance Plus, the Preferred Shares voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to commodities.
(d)(i) For shareholders of California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve a new fundamental investment policy related to commodities.
(d)(ii) For shareholders of California Investment Quality and California Performance Plus, the Preferred Shares voting as a single class, to approve a new fundamental investment policy related to commodities.
(e)(i) For shareholders of California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to derivatives and short sales.
(e)(ii) For shareholders of California Investment Quality and California Performance Plus, the Preferred Shares voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to derivatives and short sales.
(f)(i) For shareholders of California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy prohibiting investment in other investment companies.
(f)(ii) For shareholders of California Investment Quality and California Performance Plus, the Preferred Shares voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy prohibiting investment in other investment companies.
4. To transact such other business as may properly come before the Annual Meeting.
 
Shareholders of record at the close of business on September 17, 201019, 2011 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
 
October 11, 201017, 2011
 
This Joint Proxy Statement is first being mailed to shareholders on or about October 11, 2010.17, 2011.
 
Nuveen Floating Rate Income Fund (JFR)
Nuveen Floating Rate Income Opportunity Fund (JRO)
Nuveen Senior Income Fund (NSL)
Nuveen Tax-Advantaged Floating Rate Fund (JFP)
Nuveen Arizona Dividend Advantage Municipal Fund (NFZ)
Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)
Nuveen Arizona Dividend Advantage Municipal Fund 3 (NXE)
Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ)
Nuveen California Dividend Advantage Municipal Fund (NAC)
Nuveen California Dividend Advantage Municipal Fund 2 (NVX)
Nuveen California Dividend Advantage Municipal Fund 3 (NZH, NZH PrC)
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
Nuveen California Municipal Value Fund, Inc. (NCA)
Nuveen California Municipal Value 2 (NCB)
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
Nuveen California Premium Income Municipal Fund (NCU)
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
Nuveen Insured California Dividend Advantage Municipal Fund (NKL)
Nuveen Insured California Premium Income Municipal Fund, Inc. (NPC)
Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NCL)
Nuveen Insured California Tax-Free Advantage Municipal Fund (NKX)
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC, NFC PrC)
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK, NGK PrC)
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO, NGO PrC)
Nuveen Connecticut Premium Income Municipal Fund (NTC, NTC PrC)
Nuveen Georgia Dividend Advantage Municipal Fund (NZX, NZX PrC)
Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG, NKG PrC)
Nuveen Georgia Premium Income Municipal Fund (NPG, NPG PrC)
Nuveen Maryland Dividend Advantage Municipal Fund (NFM, NFM PrC)
Nuveen Maryland Dividend Advantage Municipal Fund 2 (NZR, NZR PrC)
Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI, NWI PrC)
Nuveen Maryland Premium Income Municipal Fund (NMY, NMY PrC)
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB, NMB PrC)
Nuveen Massachusetts Premium Income Municipal Fund (NMT, NMT PrC)
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX, NGX PrC)
Nuveen Michigan Dividend Advantage Municipal Fund (NZW)
Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP)
Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM)
Nuveen Missouri Premium Income Municipal Fund (NOM)
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ)
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ)
Nuveen New Jersey Investment Quality Municipal Fund, Inc. (NQJ)


1

Nuveen New Jersey Municipal Value Fund (NJV)
Nuveen New Jersey Premium Income Municipal Fund, Inc. (NNJ)
Nuveen North Carolina Dividend Advantage Municipal Fund (NRB, NRB PrC)
Nuveen North Carolina Dividend Advantage Municipal Fund 2 (NNO, NNO PrC)
Nuveen North Carolina Dividend Advantage Municipal Fund 3 (NII, NII PrC)
Nuveen North Carolina Premium Income Municipal Fund (NNC, NNC PrC)
Nuveen Ohio Dividend Advantage Municipal Fund (NXI)
Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ)
Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ)
Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO)
Nuveen Pennsylvania Municipal Value Fund (NPN)
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY)
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP)
Nuveen Pennsylvania Premium Income Municipal Fund 2 (NPY)
Nuveen Texas Quality Income Municipal Fund (NTX)
Nuveen Virginia Dividend Advantage Municipal Fund (NGB, NGB PrC)


1

Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB, NNB PrC)
Nuveen Virginia Premium Income Municipal Fund (NPV, NPV PrC)
 
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 Arizona Premium Income Municipal Fund, Inc. (“Arizona Premium Income”), Nuveen California Investment Quality Municipal Fund, Inc. (“California Investment Quality”), Nuveen California Municipal Market Opportunity Fund, Inc. (“California Market Opportunity”), Nuveen California Municipal Value Fund, Inc. (“California Value”), Nuveen California Performance Plus Municipal Fund, Inc. (“California Performance Plus”), Nuveen California Quality Income Municipal Fund, Inc. (“California Quality Income”), Nuveen California Select Quality Municipal Fund, Inc. (“California Select Quality”), Nuveen Insured California Premium Income Municipal Fund, Inc. (“Insured California Premium Income”), Nuveen Insured California Premium Income Municipal Fund 2, Inc. (“Insured California Premium Income 2”), Nuveen Michigan Premium Income Municipal Fund, Inc. (“Michigan Premium Income”), Nuveen Michigan Quality Income Municipal Fund, Inc. (“Michigan Quality Income”), Nuveen New Jersey Investment Quality Municipal Fund, Inc. (“New Jersey Investment Quality”), Nuveen New Jersey Premium Income Municipal Fund, Inc. (“New Jersey Premium Income”) and Nuveen Ohio Quality Income Municipal Fund, Inc. (“Ohio Quality Income”),each aMinnesota Corporation(each referred to herein as a “Minnesota Fund” and collectively, the “Minnesota Funds”), and Nuveen Floating Rate Income Fund (“Floating Rate Income”), Nuveen Floating Rate Income Opportunity Fund (“Floating Rate Income Opportunity”), Nuveen Senior Income Fund (“Senior Income”), Nuveen Tax-Advantaged Floating Rate Fund (“Tax-Advantaged Floating Rate”), Nuveen Arizona Dividend Advantage Municipal Fund (“Arizona Dividend Advantage”), Nuveen Arizona Dividend Advantage Municipal Fund 2 (“Arizona Dividend Advantage 2”), Nuveen Arizona Dividend Advantage Municipal Fund 3 (“Arizona Dividend Advantage 3”), Nuveen California Dividend Advantage Municipal Fund (“California Dividend Advantage”), Nuveen California Dividend Advantage Municipal Fund 2 (“California Dividend Advantage 2”), Nuveen California Dividend Advantage Municipal Fund 3 (“California Dividend Advantage 3”), Nuveen California Municipal Value 2 (“California Value 2”), Nuveen California Premium Income Municipal Fund (“California


2

Premium Income”), Nuveen Insured California Dividend Advantage Municipal Fund (“Insured California Dividend Advantage”), Nuveen Insured California Tax-Free Advantage Municipal Fund (“Insured California Tax-Free Advantage”), Nuveen Connecticut Dividend Advantage Municipal Fund (“Connecticut Dividend Advantage”), Nuveen Connecticut Dividend Advantage Municipal Fund 2 (“Connecticut Dividend Advantage 2”), Nuveen Connecticut Dividend Advantage Municipal Fund 3 (“Connecticut Dividend Advantage 3”), Nuveen Connecticut Premium Income Municipal Fund (“Connecticut Premium Income”), Nuveen Georgia Dividend Advantage Municipal Fund (“Georgia Dividend Advantage”), Nuveen Georgia Dividend Advantage Municipal Fund 2 (“Georgia Dividend Advantage 2”), Nuveen Georgia Premium Income Municipal Fund (“Georgia Premium Income”), Nuveen Maryland Dividend Advantage Municipal Fund (“Maryland Dividend Advantage”), Nuveen Maryland Dividend Advantage Municipal Fund 2 (“Maryland Dividend Advantage 2”), Nuveen Maryland Dividend Advantage Municipal Fund 3 (“Maryland Dividend Advantage 3”), Nuveen Maryland Premium Income Municipal Fund (“Maryland Premium Income”), Nuveen Massachusetts Dividend Advantage Municipal Fund (“Massachusetts Dividend Advantage”), Nuveen Massachusetts Premium Income Municipal Fund (“Massachusetts Premium Income”), Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (“Insured Massachusetts Tax-Free Advantage”), Nuveen Michigan Dividend Advantage Municipal Fund (“Michigan Dividend Advantage”), Nuveen Missouri Premium Income Municipal Fund (“Missouri Premium Income”), Nuveen New Jersey Dividend Advantage Municipal Fund (“New Jersey Dividend Advantage”), Nuveen New Jersey Dividend Advantage Municipal Fund 2 (“New Jersey Dividend Advantage 2”), Nuveen New Jersey Municipal Value Fund (“New Jersey Value”), Nuveen North Carolina Dividend Advantage Municipal Fund (“North Carolina Dividend Advantage”), Nuveen North Carolina Dividend Advantage Municipal Fund 2 (“North Carolina Dividend Advantage 2”), Nuveen North Carolina Dividend Advantage Municipal Fund 3 (“North Carolina Dividend Advantage 3”), Nuveen North Carolina Premium Income Municipal Fund (“North Carolina Premium Income”), Nuveen Ohio Dividend Advantage Municipal Fund (“Ohio Dividend Advantage”), Nuveen Ohio Dividend Advantage Municipal Fund 2 (“Ohio Dividend Advantage 2”), Nuveen Ohio Dividend Advantage Municipal Fund 3 (“Ohio Dividend Advantage 3”), Nuveen Pennsylvania Municipal Value Fund (“Pennsylvania Value”), Nuveen Pennsylvania Dividend Advantage Municipal Fund (“Pennsylvania Dividend Advantage”), Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (“Pennsylvania Dividend Advantage 2”), Nuveen Pennsylvania Investment Quality Municipal Fund (“Pennsylvania Investment Quality”), Nuveen Pennsylvania Premium Income Municipal Fund 2 (“Pennsylvania Premium Income 2”), Nuveen Texas Quality


2

Income Municipal Fund (“Texas Quality Income”), Nuveen Virginia Dividend Advantage Municipal Fund (“Virginia Dividend Advantage”), Nuveen Virginia Dividend Advantage Municipal Fund 2 (“Virginia Dividend Advantage 2”) and Nuveen Virginia Premium Income Municipal Fund (“Virginia Premium Income”),each aMassachusetts Business Trust(each referred to herein as (each 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 32nd Floor Conference Roomoffices of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois 60606, on Tuesday, November 16, 2010,15, 2011, at 10:30 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 votedFORthe election of the nominees as listed in this Joint Proxy Statement andFORthe elimination of the current fundamental investment policiespolicy and the


3

adoption of a new fundamental investment policiespolicy for Arizona Dividend Advantage, Arizona Dividend Advantage 2, Arizona Dividend Advantage 3, Arizona Premium Income, California Dividend Advantage, California Dividend Advantage 2, California Dividend Advantage 3, California Investment Quality, California Market Opportunity, California Value, California Performance Plus, California Premium Income, California Quality Income, California Select Quality, Maryland Dividend Advantage, Maryland Dividend Advantage 2, Maryland Dividend Advantage 3, Maryland Premium Income, Massachusetts Dividend Advantage, Massachusetts Premium Income, Michigan Dividend Advantage, Michigan Premium Income, Michigan Quality Income, Missouri Premium Income, New Jersey Dividend Advantage, New Jersey Dividend Advantage 2, New Jersey Investment Quality, New Jersey Premium Income, Ohio Dividend Advantage, Ohio Dividend Advantage 2, Ohio Dividend Advantage 3, Ohio Quality Income, Pennsylvania Dividend Advantage, Pennsylvania Dividend Advantage 2, Pennsylvania Investment Quality, Pennsylvania Premium Income, Texas Quality Income, Virginia Dividend Advantage, Virginia Dividend Advantage 2 and Virginia Premium Income (each an “Affected Municipal Fund” and collectively, the Affected“Affected Municipal Funds (as defined below)Funds”). Shareholders of a Fund 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.
 
The following table indicates which shareholders are solicited with respect to each matter:
 
         
 
Matter  Common Shares  Preferred Shares(1)
 
1(a)(i) For each Minnesota Fund, except California Value, election of seven(7)eight (8) Board Members by all shareholders.  X  X
 
 
1(a)(ii) For each Minnesota Fund, except California Value, election of two(2)two (2) Board Members by Preferred Shares only.     X
 
 
1(b) For California Value, election of three(3)three (3) Board Members by all shareholders.  X  N/A
 


3

MatterCommon SharesPreferred Shares(1)
 
1(c)(i) For each Massachusetts Fund, except Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, California Value 2, New Jersey Value and Pennsylvania Value, election of two(2)three (3) Board Members by all shareholders.  X  X
 
 
1(c)(ii) For each Massachusetts Business Trust,Fund, except Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, California Value 2, New Jersey Value and Pennsylvania Value, election of two(2)two (2) Board Members by Preferred Shares only.     X
 
 
1(d) For Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, California Value 2, New Jersey Value and Pennsylvania Value, election of three(3)three (3) Board Members by all shareholders.  X  N/A
 
 
2.2(a)(i) For Arizona Dividend Advantage 2, California Market Opportunity, California Quality Income, California Select Quality, Missouri Premium Income, North Carolina Dividend Advantage and North Carolina Dividend Advantage 2, (each an “Affectedeach Affected Municipal Fund”),Fund, all shareholders voting as a single class, to approve the elimination of the Fund’s fundamental investment policies and/orpolicy relating to the Fund’s ability to make loans.XX
2(a)(ii)For each Affected Municipal Fund (except California Value), the Preferred Shareholders voting separately as a single class, to approve the elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans.X
2(b)(i)For each Affected Municipal Fund, all shareholders voting as a single class, to approve a new fundamental investment policies.policy relating to the Fund’s ability to make loans.XX
2(b)(ii)For each Affected Municipal Fund (except California Value), the Preferred Shareholders voting separately as a single class, to approve a new fundamental investment policy relating to the Fund’s ability to make loans.X
3(a)(i)For California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to investments in municipal securities and below investment grade securities.  X  X
 
 


4

 

         
 
Matter  Common Shares  Preferred Shares(1)
 
2(a)3(a)(ii) For each Affected Municipal Fund,California Investment Quality and California Performance Plus, the Preferred Shareholders voting separately as a single class, to approve the elimination of theeach Fund’s existing fundamental investment policies relatingpolicy related to investments in municipal securities and below investment grade securities.  X  X
 
 
2(b)3(b)(i) For each Affected Municipal Fund,California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve thea new fundamental investment policy relatingrelated to investments in municipal securities.  X  X
 
 
2(c)3(b)(ii) For California Market Opportunity, California Quality Income, California SelectInvestment Quality and Missouri Premium Income (eachCalifornia Performance Plus, the Preferred Shares voting as a “Premium/single class, to approve a new fundamental investment policy related to investments in municipal securities.X
3(c)(i)For California Investment Quality Fund”),and California Performance Plus, all shareholders voting as a single class, to approve the elimination of theeach Fund’s existing fundamental investment policy relatingrelated to commodities.  X  X
 
 
2(d)3(c)(ii) For each Premium/California Investment Quality Fund,and California Performance Plus, the Preferred Shares voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to commodities.X
3(d)(i)For California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve a new fundamental investment policy relatingrelated to commodities.  X  X
 
 
2(e)3(d)(ii) For each Premium/California Investment Quality Fund,and California Performance Plus, the Preferred Shares voting as a single class, to approve a new fundamental investment policy related to commodities.X
3(e)(i)For California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve the elimination of theeach Fund’s existing fundamental policies relatinginvestment policy related to derivatives and short sales.  X  X
 
 

5

2(f)
MatterCommon SharesPreferred Shares(1)
3(e)(ii) For each Premium/California Investment Quality Fund,and California Performance Plus, the Preferred Shares voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy related to derivatives and short sales.X
3(f)(i)For California Investment Quality and California Performance Plus, all shareholders voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy prohibiting investment in other investment companies.  XX
3(f)(ii)For California Investment Quality and California Performance Plus, the Preferred Shares voting as a single class, to approve the elimination of each Fund’s existing fundamental investment policy prohibiting investment in other investment companies.  X
 
 
 
(1) Municipal Term Preferred Shares for Arizona Dividend Advantage, Arizona Dividend Advantage 2, Arizona Dividend Advantage 3, California Dividend Advantage 2, California Dividend Advantage 3, Connecticut Dividend Advantage, Connecticut Dividend Advantage 2, Connecticut Dividend Advantage 3, Connecticut Premium Income, Georgia Dividend Advantage, Georgia Dividend Advantage 2, GeorgiaCalifornia Premium Income, Maryland Dividend Advantage, Maryland Dividend Advantage 2, Maryland Dividend Advantage 3, Maryland Premium Income, Massachusetts Dividend Advantage, Massachusetts Premium Income, Insured Massachusetts Tax-Free Advantage, North CarolinaMichigan Dividend Advantage, North CarolinaMissouri Premium Income, New Jersey Dividend Advantage, New Jersey Dividend Advantage 2, North CarolinaOhio Dividend Advantage, Ohio Dividend Advantage 2, Ohio Dividend Advantage 3, North Carolina PremiumPennsylvania Dividend Advantage, Pennsylvania Dividend Advantage 2, Texas Quality Income, Virginia Dividend Advantage, Virginia Dividend Advantage 2 and Virginia Premium Income; Variable Rate Demand Preferred Shares for Arizona Premium Income, California Dividend Advantage, California Investment Quality, California Market Opportunity, California Performance Plus, California Select Quality, California Quality Income, Insured CaliforniaMichigan Premium Income, Insured California Tax-Free Advantage,Michigan Quality Income, New Jersey Investment Quality, New Jersey Premium Income, Ohio Quality Income, Pennsylvania Investment Quality, and Pennsylvania Premium Income 2; and Municipal Auction Rate Cumulative Preferred Shares for each other municipal fund, except California Value,2 are referred to as “Preferred Shares.” California Value, California Value 2, New Jersey Value, and Pennsylvania Value, have not issued Preferred Shares. Floating Rate Income, Floating Rate Income Opportunity, Senior Income andTax-Advantaged Floating Rate do not have any Preferred Shares outstanding.
 
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 California Value, California Value 2, New Jersey Value, Pennsylvania Value, Floating Rate Income, Floating Rate Income Opportunity, Senior Income and Tax-Advantaged Floating Rate), 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

5

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.

6

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 (except for California Value), a change will only be consummated if approved by the affirmative vote of the holders of a majority of the outstanding shares of a Fund’s Common Shares and Preferred Shares, voting together as a single class, and by the affirmative vote of a majority of the Fund’s outstanding Preferred Shares, voting as a separate class. For purposes of determining the approval of the elimination of the fundamental investment policies and the approval of the new fundamental investment policies for California Value, a change will only be consummated if approved by the affirmative vote of the holders of a majority of the Fund’s outstanding shares. For this purpose, a majority of the outstanding shares means, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), (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 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 September 17, 200919, 2011 will be entitled to one vote for each share held and a proportionate fractional vote for each fractional share held. As of September 17, 2010,19, 2011, the shares of the Funds were issued and outstanding as follows:
 
FundTicker Symbol*Common SharesPreferred Shares
Floating Rate IncomeJFR47,297,036N/A
Floating Rate Income OpportunityJRO28,413,818N/A
Senior IncomeNSL29,959,936N/A
                 
 
  Fund Ticker Symbol* Common Shares  Preferred Shares   
 
  Floating Rate Income JFR  48,140,015  N/A      
 
 
  Floating Rate Income Opportunity JRO  30,497,211  N/A      
 
 
  Senior Income NSL  32,055,307  N/A      
 
 
  Tax-Advantaged Floating Rate JFP  13,982,903  N/A      
 
 
  Arizona Dividend Advantage NFZ  1,548,311  NFZ PrC  1,110,000   
 
 
  Arizona Dividend Advantage 2 NKR  2,439,549  NKR PrC  1,872,500   
 
 


67

 

                 
 
  Fund Ticker Symbol* Common Shares  Preferred Shares   
 
  Tax-Advantaged Floating Rate JFP  13,957,637  N/A      
 
 
  Arizona Dividend Advantage NFZ  1,548,112  Series T  424   
 
 
  Arizona Dividend Advantage 2 NKR  2,439,549  Series W  665   
 
 
  Arizona Dividend Advantage 3 NXE  3,066,030  Series M  736   
 
 
  Arizona Premium Income NAZ  4,469,952  Series TH  1,115   
 
 
  California Dividend Advantage NAC  23,480,254  Series TH  2,710   
          Series F  2,711   
 
 
  California Dividend Advantage 2 NVX  14,746,722  Series M  1,875   
          Series F  1,876   
 
 
  California Dividend Advantage 3 NZH  24,127,919  Series M  1,389   
          Series TH  1,391   
          NZH PrC  8,625,000   
 
 
  California Investment Quality NQC  13,580,232  Series M  3,051   
          Series W  746   
 
 
  California Market Opportunity NCO  8,143,348  Series 1  498   
 
 
  California Value NCA  25,253,681  N/A      
 
 
  California Value 2 NCB  3,287,900  N/A      
 
 
  California Performance Plus NCP  12,937,442  Series T  1,357   
          Series W  500   
          Series F  1,357   
 
 
  California Premium Income NCU  5,733,088  Series M  1,357   
 
 
  California Quality Income NUC  22,002,860  Series 1  1,581   
 
 
  California Select Quality NVC  23,104,550  Series 1  1,589   
 
 
  Insured California Dividend Advantage NKL  15,256,178  Series T  2,075   
          Series F  2,075   
 
 
  Insured California Premium Income NPC  6,442,132  Series 1  427   
 
 
  Insured California Premium Income 2 NCL  12,665,422  Series T  1,467   
          Series TH  1,466   
 
 
  Insured California Tax-Free Advantage NKX  5,887,262  Series 1  355   
 
 
  Connecticut Dividend Advantage NFC  2,585,673  NFC PrC  2,047,000   
 
 
  Connecticut Dividend Advantage 2 NGK  2,319,813  NGK PrC  1,695,000   
 
 
  Connecticut Dividend Advantage 3 NGO  4,367,134  NGO PrC  3,200,000   
 
 
  Connecticut Premium Income NTC  5,365,029  Series TH  629   
          NTC PrC  1,830,000   
 
 
  Georgia Dividend Advantage NZX  1,971,388  NZX PrC  1,434,000   
 
 
  Georgia Dividend Advantage 2 NKG  4,555,299  NKG PrC  3,226,500   
 
 
  Georgia Premium Income NPG  3,806,285  NPG PrC  2,834,000   
 
 
  Maryland Dividend Advantage NFM  4,197,406  NFM PrC  2,648,500   
 
 
  Maryland Dividend Advantage 2 NZR  4,200,783  NZR PrC  2,730,000   
 
 
  Maryland Dividend Advantage 3 NWI  5,365,969  Series T  593   
          NWI PrC  2,070,000   
 
 
  Maryland Premium Income NMY  10,648,975  Series W  585   
          Series TH  734   
          NMY PrC  3,877,500   
 
 
  Massachusetts Dividend Advantage NMB  1,964,703  NMB PrC  1,472,500   
 
 
                 
 
  Fund Ticker Symbol* Common Shares  Preferred Shares   
 
  Arizona Dividend Advantage 3 NXE  3,066,030  NXE PrA  2,084,600   
 
 
  Arizona Premium Income NAZ  4,470,695  Series 1  280   
 
 
  California Dividend Advantage NAC  23,480,254  Series 1  1,362   
 
 
  California Dividend Advantage 2 NVX  14,746,722  NVX PrC  5,500,000   
          NVX PrA  4,284,630   
 
 
  California Dividend Advantage 3 NZH  24,127,919  NZH PrC  8,625,000   
          NZH PrA  2,700,000   
          NZH PrB  4,629,450   
 
 
  California Investment Quality NQC  13,580,232  Series 1  956   
 
 
  California Market Opportunity NCO  8,143,348  Series 1  498   
 
 
  California Value NCA  25,253,681  N/A  498   
 
 
  California Value 2 NCB  3,287,900  N/A      
 
 
  California Performance Plus NCP  12,937,442  Series 1  810   
 
 
  California Premium Income NCU  5,730,688  NCU PrC  3,525,000   
 
 
  California Quality Income NUC  22,010,834  Series 1  1,581   
 
 
  California Select Quality NVC  23,147,128  Series 1  1,589   
 
 
  Maryland Dividend Advantage NFM  4,197,406  NFM PrC  2,648,500   
 
 
  Maryland Dividend Advantage 2 NZR  4,203,492  NZR PrC  2,730,000   
 
 
  Maryland Dividend Advantage 3 NWI  5,365,969  NWI PrC  2,070,000   
          NWI PrD  2,070,000   
 
 
  Maryland Premium Income NMY  10,654,247  NMY PrC  3,877,500   
          NMY PrD  3,581,800   
 
 
  Massachusetts Dividend Advantage NMB  1,965,698  NMB PrC  1,472,500   
 
 
  Massachusetts Premium Income NMT  4,774,788  NMT PrC  2,021,000   
          NMT PrD  1,643,500   
 
 
  Michigan Dividend Advantage NZW  2,053,086  NZW PrC  1,631,300   
 
 
  Michigan Premium Income NMP  7,605,648  Series 1  539   
 
 
  Michigan Quality Income NUM  11,554,253  Series 1  879   
 
 
  Missouri Premium Income NOM  2,320,702  NOM PrC  1,788,000   
 
 
  New Jersey Dividend Advantage NXJ  6,569,912  NXJ PrA  4,486,100   
 
 
  New Jersey Dividend Advantage 2 NUJ  4,523,313  NUJ PrC  3,505,000   
 
 
  New Jersey Investment Quality NQJ  20,453,722  Series 1  1,443   
 
 
  New Jersey Value NJV  1,560,787  N/A      
 
 
  New Jersey Premium Income NNJ  12,036,596  Series 1  886   
 
 
  Ohio Dividend Advantage NXI  4,246,124  NXI PrC  1,945,000   
          NXI PrD  1,165,340   
 
 
  Ohio Dividend Advantage 2 NBJ  3,122,403  NBJ PrA  2,224,400   
 
 
  Ohio Dividend Advantage 3 NVJ  2,158,189  NVJ PrA  1,847,015   
 
 
  Ohio Quality Income NUO  9,753,457  Series 1  735   
 
 
  Pennsylvania Value NPN  1,219,352  N/A      
 
 
  Pennsylvania Dividend Advantage NXM  3,321,984  NXM PrC  2,319,000   
 
 
  Pennsylvania Dividend Advantage 2 NVY  3,726,116  NVY PrC  2,455,000   
 
 
  Pennsylvania Investment Quality NQP  16,080,898  Series 1  1,125   
 
 
  Pennsylvania Premium Income 2 NPY  15,595,551  Series 1  1,000   
 
 

78

 

                 
 
  Fund Ticker Symbol* Common Shares  Preferred Shares   
 
  Massachusetts Premium Income NMT  4,771,862  Series TH  576   
          NMT PrC  2,021,000   
 
 
  Insured Massachusetts Tax-Free Adv. NGX  2,726,564  NGX PrC  2,207,500   
 
 
  Michigan Dividend Advantage NZW  2,054,786  Series W  571   
 
 
  Michigan Premium Income NMP  7,609,748  Series M  805   
 
 
          Series TH  1,343   
 
 
  Michigan Quality Income NUM  11,561,053  Series TH  2,972   
 
 
          Series F  521   
 
 
  Missouri Premium Income NOM  2,315,620  Series TH  640   
 
 
  New Jersey Dividend Advantage NXJ  6,569,912  Series T  1,757   
 
 
  New Jersey Dividend Advantage 2 NUJ  4,522,452  Series W  1,249   
 
 
  New Jersey Investment Quality NQJ  20,453,722  Series 1  1,443   
 
 
  New Jersey Value NJV  1,560,787  N/A      
 
 
  New Jersey Premium Income NNJ  12,036,596  Series 1  886   
 
 
  North Carolina Dividend Advantage NRB  2,270,350  NRB PrC  1,660,000   
 
 
  North Carolina Dividend Advantage 2 NNO  3,752,126  NNO PrC  2,970,000   
 
 
  North Carolina Dividend Advantage 3 NII  3,936,278  NII PrC  2,872,500   
 
 
  North Carolina Premium Income NNC  6,360,839  Series TH  862   
          NNC PrC  2,430,000   
 
 
  Ohio Dividend Advantage NXI  4,245,259  Series W  1,160   
 
 
  Ohio Dividend Advantage 2 NBJ  3,121,953  Series F  864   
 
 
  Ohio Dividend Advantage 3 NVJ  2,157,833  Series T  620   
 
 
  Ohio Quality Income NUO  9,746,032  Series M  645   
          Series TH  1,327   
          Series TH2  948   
 
 
  Pennsylvania Value NPN  1,219,352  N/A      
 
 
  Pennsylvania Dividend Advantage NXM  3,321,984  Series T  900   
 
 
  Pennsylvania Dividend Advantage 2 NVY  3,726,116  Series M  920   
 
 
  Pennsylvania Investment Quality NQP  16,080,898  Series 1  1,125   
 
 
  Pennsylvania Premium Income 2 NPY  15,595,551  Series 1  1,000   
 
 
  Texas Quality Income NTX  9,535,540  Series M  716   
          Series TH  1,886   
 
 
  Virginia Dividend Advantage NGB  3,141,240  NGB PrC  2,280,000   
 
 
  Virginia Dividend Advantage 2 NNB  5,754,362  NNB PrC  4,320,000   
 
 
  Virginia Premium Income NPV  8,992,818  Series T  333   
          Series TH  689   
          NPV PrC  3,220,500   
 
 
                 
 
  Fund Ticker Symbol* Common Shares  Preferred Shares   
 
  Texas Quality Income NTX  9,572,025  NTX PrC  7,092,000   
 
 
  Virginia Dividend Advantage NGB  3,145,155  NGB PrC  2,280,000   
 
 
  Virginia Dividend Advantage 2 NNB  5,761,422  NNB PrC  4,320,000   
 
 
  Virginia Premium Income NPV  9,022,558  NPV PrC  3,220,500   
          NPV PrA  2,920,300   
 
 
 
*The Common Shares of all of the Funds are listed on the NYSE Amex, except JRO, NSL, JFP,JFR, NAZ, NAC, NQC, NCO, NCA, NCP, NUC, NVC, NPC, NCL, NTC, NMY, NMT, NMP, NUM, NQJ, NNJ, NNC, NUO, NQP, NPY, NTX and NPV, which are listed on the New York Stock Exchange (“NYSE”). The Preferred Shares of all of the Funds with Muni Term Preferred Shares are listed on the NYSE, except NZXfor NMB PrC and NMB PrCshares which are listed on the NYSE Amex.

8

 
1.  Election of Board Members
 
Minnesota Funds
 
At the Annual Meeting of each Minnesota Fund, except California Value, Board Members are to be elected to serve until the next annual meeting or until their successors have been duly elected and qualified. Under the terms of each Minnesota Fund’s organizational documents (except California Value), 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 California Value, its 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 California Value, three (3) Board Members are nominated to be elected at this Annual Meeting.
 
(a) For each Minnesota Fund, except California Value:
 
 (i) seven (7)Eight (8) 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, Stringer and Toth are nominees for election by all shareholders.
 
 (ii) twoTwo (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 California Value: threeThree (3) Board Members are to be elected by all shareholders.
 
With respect to California 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 and as nominees for Board Members for a term expiring at the annual meeting of shareholders in 20112014 or until their successors have been duly elected and qualified. Board Members Bremner, Evans, Hunter, Schneider, Stockdale, Stone and Stringer are current and continuing Board Members. 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. Board Members Hunter Stockdale, Stone and Stringer have been designated as Class I Board Members for a term expiring at the annual meeting of shareholders in 2013 or until their successors have been duly elected and qualified.

9

 
Massachusetts Funds
 
Pursuant to the organizational documents of each Massachusetts Fund, 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 Massachusetts Fund, 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


9

to serve until the next annual meeting or until their successors have been duly elected and qualified.
 
 (c)  For each Massachusetts Fund, except Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, California Value 2, New Jersey Value and Pennsylvania Value:
 
 (i) two (2)Three (3) Board Members are to be elected by holders of Common Shares and Preferred Shares, voting together as a single class. Board Members StockdaleAmboian, Kundert and StoneToth 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 20132014 or until their successors have been duly elected and qualified. Board Members Amboian, Bremner, Evans, KundertStockdale, Stone and TothStringer 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. Board Members Stockdale, Stone and Stringer have been designated as Class I Board Members for a term expiring at the annual meeting of shareholders in 2013 or until their successors have been duly elected and qualified.
 
 (ii) twoTwo (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.
 
 (d)  For Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, California Value 2, New Jersey Value and Pennsylvania Value:threeThree (3) Board Members are to be elected by all shareholders.
 
With respect to Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, California Value 2, New Jersey Value and Pennsylvania Value, Board Members Hunter, StockdaleAmboian, Kundert and StoneToth 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 20132014 or until their successors have been duly elected and qualified. Board Members Amboian, Bremner, Evans, Kundert,Hunter, Schneider, Stockdale, Stone and TothStringer 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. Board Members Hunter


10

Stockdale, Stone and Stringer have been designated as Class I Board Members for a term expiring at the annual meeting of shareholders in 2013 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 Fund’s present Board.


10

For each Minnesota Fund, except for California Value, alleach Board Member nominees, wereother than Board Member Stringer was last elected to each Fund’s Board at the annual meeting of shareholders held on November 30, 200916, 2010 and, for California Investment Quality, California Market Opportunity, California Quality Income and California Select Quality, adjourned to January 12, 2010 (for Michigan Quality,6, 2011.
For California Value, Board Member nomineesMembers Hunter, Stockdale and Stone were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on November 30, 2009).
For California Value,16, 2010. Board Members Bremner, Evans and Schneider were last elected as Class III Board Members at the annual meeting of shareholders held on November 30, 2009. Board Members Amboian, Kundert and Toth were last elected as Class II Board Members of the Board of California Value at the annual meeting of shareholders held on November 18, 2008 and adjourned to January 13, 2009. Board Member Hunter was last elected as a Class I Board Member of the Board of California Value at the annual meeting of shareholders held on November 18, 2008 and adjourned to January 13, 2009. Board Members Stockdale and Stone were last elected as Class I Board Members of the Board of California Value at the annual meeting of shareholders held on December 18, 2007.
 
For each Massachusetts Fund, except Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, GeorgiaCalifornia Value 2, New Jersey Value and Pennsylvania Value, Board Members Stockdale and Stone were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on November 16, 2010 and, for Arizona Dividend Advantage 2, California Premium Income, Missouri Premium Income and Texas Quality Income, adjourned to January 6, 2011.
For each Massachusetts Fund, except Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, Maryland Premium Income, North Carolina Dividend Advantage 3, Virginia Dividend Advantage, Virginia Dividend Advantage 2, California Value 2, New Jersey Value and Pennsylvania Value, Board Members Bremner and Evans were last elected to each Fund’s Board as Class III Board Members at the annual meeting of shareholders held on November 30, 2009 and adjourned to January 12, 2010. For Georgia Dividend Advantage, Maryland Premium Income, North Carolina Dividend Advantage 3, Virginia Dividend Advantage and Virginia Dividend Advantage 2, Board Members Bremner and Evans were last elected to each Fund’s Board at the annual meeting of shareholders held on November 30, 2009. For Floating Rate Income, Floating Rate Income Opportunity, Senior Income and Tax-Advantaged Floating Rate, Board Members Bremner and Evans were last elected to each Fund’s Board as Class III Board Members at the annual meeting of shareholders held on November 30, 2009.
 
For each Massachusetts Fund, except California Value 2, New Jersey Value and Pennsylvania Value, Board Members Amboian, Kundert and Toth were last elected to each Fund’s Board as Class II Board Members at the annual meeting of shareholders held on November 18, 2008 and adjourned to January 13, 2009 and for Insured California Tax-Free Advantage adjourned to March 17, 2009 and March 18, 2009.
For each Massachusetts Fund, except Floating Rate Income, Floating Rate Income Opportunity, Senior Income, Tax-Advantaged Floating Rate, Georgia Dividend Advantage, Maryland Premium Income, North Carolina Dividend Advantage 3, Virginia Dividend Advantage, Virginia Dividend Advantage 2, California Value 2, New Jersey Value and Pennsylvania Value, Board Members Hunter and Schneider were last elected to each Fund’s Board at the annual meeting of shareholders held on November 30, 2009 and adjourned to January 12, 2010. For Georgia Dividend Advantage, Maryland Premium Income, North Carolina Dividend Advantage 3, Virginia Dividend Advantage and Virginia Dividend Advantage 2, Board Members Hunter and Schneider were last elected to each Fund’s Board at the annual meeting of shareholders held on November 30, 2009. For Floating Rate Income, Floating Rate Income Opportunity, Senior Income and Tax-Advantaged Floating Rate, Board Members Hunter and Schneider were last elected to each Fund’s Board as Class I and Class III Board Members, respectively, at the annual meeting of shareholders held on November 30, 2009.


11

 

For each Massachusetts Fund, except Floating Rate Income, Floating Rate Income Opportunity, Tax-Advantaged Floating Rate, California Dividend Advantage, California Dividend Advantage 2, California Dividend Advantage 3, California Value 2, California Premium Income, Insured California Dividend Advantage, Insured California Tax-Free Advantage, Maryland Dividend Advantage 3, New Jersey Value, New Jersey Dividend Advantage and Pennsylvania Value, Board Members Stockdale and Stone were last elected to each Fund’s Board as Class I Board Members at the annual meeting of shareholders held on October 12, 2007. For Floating Rate Income, Floating Rate Income Opportunity and Maryland Dividend Advantage 3, Board Members Stockdale and Stone were last elected to each Fund’s Board as Class I Board Members at the annual meeting of shareholders held on October 12, 2007, which was adjourned to October 22, 2007. For New Jersey Dividend Advantage, Board Members Stockdale and Stone were last elected to each Fund’s Board as Class I Board Members at the annual meeting of shareholders held on October 12, 2007 and adjourned to October 22, 2007 and November 8, 2007. For Tax-Advantaged Floating Rate, Board Members Stockdale and Stone were last elected to the Fund’s Board as Class I Board Members at the annual meeting of shareholders held on October 12, 2007 and adjourned to October 22, 2007, November 12, 2007 and November 30, 2007.
For California Dividend Advantage, California Dividend Advantage 2, California Dividend Advantage 3, California Premium Income, Insured California Dividend Advantage and Insured California Tax-Free Advantage, Board Members Stockdale and Stone were last elected to each Fund’s Board as Class I Board Members at the annual meeting of shareholders held on December 18, 2007.
For California Value 2, New Jersey Value and Pennsylvania Value, all of the Board Members were elected by the initial shareholder of the Fund, Nuveen Fund Advisors, Inc. f/k/a Nuveen Asset Management (the “Adviser”), on February 26, 2009.2009 and Board Members Hunter, Stockdale and Stone were last elected to each fund’s Board as class I Board Members at the annual meeting of shareholders held on November 16, 2010.
On January 1, 2011, Ms. Stringer was appointed as a Board Member for each Fund, and designated as a Class I Board Member with respect to California Value and each Massachusetts Fund.
 
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 Adviser’s parent company, or any affiliate. Accordingly, such Board Members are deemed “Independent Board Members.”


12

The Board unanimously recommends that shareholders vote FOR the election of the nominees named below.


12

Board Nominees/Board Members
 
             
        Number of
  Other
        Portfolios
  Directorships
        in Fund
  OtherHeld
        Complex
  Director-by Board
  Position(s)
 Term of Office
   Overseen
  ships HeldMember During
Name, Address
 Held with
 and Length
 Principal Occupation(s)
 by Board
  by Boardthe Past
and Birth Date Fund of Time Served(1) During Past 5Five Years Member  MemberFive Years
 
 
Nominees/Board Members who are not interested persons of the Funds
             
Robert P. Bremner*
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(8/22/40)		 Chairman of the Board and Board Member Nominee Term: Annual or Class III Board Member until 2012

Length of Service: Since 1996; Chairman of the Board Since 2008; Lead Independent Director (2005-2008)1996		 Private Investor and Management Consultant; Treasurer and Director, Humanities Council, of Washington, D.C.  200245  N/A
             
Jack B. Evans
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(10/22/48)		 Board Member Nominee Term: Annual or Class III Board Member until 2012

Length of Service: Since 1999		 President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and the 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 (a regional financial services firm.firm).  200245  See Principal Occupation Description
             


13

 

             
        Number of
  Other
        Portfolios
  Directorships
        in Fund
  OtherHeld
        Complex
  Director-by Board
  Position(s)
 Term of Office
   Overseen
  ships HeldMember During
Name, Address
 Held with
 and Length
 Principal Occupation(s)
 by Board
  by Boardthe Past
and Birth Date Fund of Time Served(1) During Past 5Five Years Member  MemberFive Years
 
 
William C. Hunter
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(3/6/48)		 Board Member Nominee Term: Annual or Class I Board Member until 20102011

Length of Service: Since 2004		 Dean (since 2006), Tippie College of Business, University of Iowa (since 2006);Iowa; Director (since 2005) of, Beta Gamma Sigma International Honor Society; Director (since 2004) of Xerox Corporation, a publicly held company;Corporation; Director (since 2009) of Wellmark, Inc.; formerly, (2003-2006)Director (1997-2007), Credit Research Center at Georgetown University; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); formerly,previously, 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).  200245  See Principal Occupation Description
             
David J. Kundert*
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(10/28/42)		 Board Member Nominee Term: Annual or Class II Board Member until 2011

Length of Service: Since 2005		 Director, Northwestern Mutual Wealth Management Company; retired (2004)(since 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, BancBank One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; memberMember of the Wisconsin Bar Association; memberMember of Board of Directors, Friends of Boerner Botanical Gardens; memberMember of Board of Directors and memberChair of Investment Committee, Greater Milwaukee Foundation.  200245  See Principal Occupation Description
             

14

 

             
        Number of
  Other
        Portfolios
  Directorships
        in Fund
  OtherHeld
        Complex
  Director-by Board
  Position(s)
 Term of Office
   Overseen
  ships HeldMember During
Name, Address
 Held with
 and Length
 Principal Occupation(s)
 by Board
  by Boardthe Past
and Birth Date Fund of Time Served(1) During Past 5Five Years Member  MemberFive Years
 
 
William J. Schneider*
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(9/24/44)		 Board Member Nominee Term: Annual or Class III Board Member until 20122011

Length of Service: Since 1996		 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, Mid-America Health System Board; Member, University of Dayton Business School Advisory Council; Member, Mid-America Health System Board; formerly, Member, and Chair, Dayton Philharmonic Orchestra Board;Association; formerly, Director, Dayton Development Coalition; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank.  200245  See Principal Occupation Description
             
Judith M. Stockdale
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(12/29/47)		 Board Member Nominee Term: Annual or Class I Board Member until 20102013

Length of Service: Since 1997		 Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994)(1990-1994).  200245  N/ASee Principal Occupation Description
             
Carole E. Stone*
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(6/28/47)		 Board Member Nominee Term: Annual or Class I Board Member until 20102013

Length of Service: Since 2007		 Director, C2 Options Exchange, Incorporated (since 2009); Director, Chicago Board Options Exchange (since 2006); formerly, Commissioner, New York State Commission on Public Authority Reform (since 2005)(2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).  200245  See Principal Occupation Description
             

15

 

             
        Number of
  Other
        Portfolios
  Directorships
        in Fund
  OtherHeld
        Complex
  Director-by Board
  Position(s)
 Term of Office
   Overseen
  ships HeldMember During
Name, Address
 Held with
 and Length
 Principal Occupation(s)
 by Board
  by Boardthe Past
and Birth Date Fund of Time Served(1) During Past 5Five Years Member  MemberFive Years
 
Virginia L. Stringer(2)
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(8/16/44)		Board MemberTerm: Annual or Class I Board Member until 2013

Length of Service: Since 2011		Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company.245Previously, Independent Director (1987-2010) and Chair (1997-2010), First American Fund Complex.
 
Terence J. Toth*
c/o Nuveen Investments, Inc.
333 West Wacker Drive
Chicago, IL 60606
(9/29/59)		 Board Member Nominee Term: Annual or Class II Board Member until 2011

Length of Service: Since 2008		 Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (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: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: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).  200245  See Principal Occupation Description

16

Number of
Other
Portfolios
Directorships
in Fund
Held
Complex
by Board
Position(s)
Term of Office
Overseen
Member During
Name, Address
Held with
and Length
Principal Occupation(s)
by Board
the Past
and Birth DateFundof Time Served(1)During Past Five YearsMemberFive Years
Nominee/Board Member who is an interested person of the Funds
             
John P. Amboian(2)Amboian(3)
333 West Wacker Drive
Chicago, IL 60606
(6/14/61)		 Board Member Term: Annual or Class II Board Member until 2011

Length of Service: Since 2008		 Chief Executive Officer and Chairman (since July 2007), and Director (since 1999) and Chairman (since 2007)of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisers Inc.; PresidentDirector (since 2005)1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Commodities Asset Management, LLC.Fund Advisors, Inc.  200245  See Principal Occupation Description
 
 
 
*Also serves as a trustee of the Nuveen Diversified Commodity Fund, a Nuveen-sponsoredan exchange-traded commodity pool that has filed a registration statement onForm S-1 with the SEC for a proposed initial public offering. TheS-1 has not been declared effective and the commodity pool has not commenced operations.managed by Nuveen Commodities Asset Management, LLC, an affiliate of each Fund’s Adviser.

16

(1)Length of Time Served indicates the year in which the individual became a Board Member of a fund in the Nuveen fundFund complex.
 
(2)In December 2010 Nuveen Investments, Inc. purchased from U.S. Bancorp a portion of FAF Advisors, Inc.’s (“FAF”) asset management business (“Nuveen/FAF Transaction”). In connection with the Nuveen/FAF Transaction, and pursuant to the Nominating and Governance Committee’s recommendation and approval, Ms. Stringer resigned as a board member of various funds affiliated with FAF and was appointed Board Member of the Nuveen funds, with such appointment taking effect on January 1, 2011.
(3)“Interested person” as defined in the 1940 Act, by reason of being an officer and director of each Fund’s Adviser.
 
On July 28, 2010, Nuveen Investments, Inc. entered into an agreement with U.S. Bancorp, as indirect parent of FAF Advisors, Inc. (“FAF”), to purchase a portion of FAF’s asset management business (the “Nuveen/FAF Transaction”). In connection with the Nuveen/FAF Transaction, the Nominating and Governance Committee has preliminarily approved the appointment of Virginia Stringer as Board Member, pending the closing of the Nuveen/FAF Transaction, which is scheduled to close in December 2010, with such appointment taking effect upon Ms. Stringer’s consent after the closing of the Nuveen/FAF Transaction and Ms. Stringer’s resignation as board member of various funds affiliated with FAF. As of the date of this Proxy Statement, Ms. Stringer has not been officially nominated as Board Member nominee for election by shareholders.
[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, 20092010 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, 20092010 is set forth in Appendix A. On December 31, 2009,2010, Board Members and executive officers as a group beneficially owned approximately 800,0001,160,000 shares of all funds managed by Nuveen Asset Managementthe Adviser (including shares held by the Board Members through the Deferred Compensation Plan for Independent Board Members and by executive officers in Nuveen’s 401(k)/profit sharing plan).[As of September 17, 2010,19, 2011, each Board Member’s individual beneficial shareholdings of each Fund constituted less than 1% of the outstanding shares of each Fund. As of September 17, 2010,19, 2011, the Board Members and executive officers as a group beneficially owned less than 1% of the outstanding shares of each Fund. As of September 17, 2010,19, 2011, no shareholder beneficially owned more than 5% of any class of shares of any Fund, except as provided in Appendix B.]
 
Compensation
 
Each Independent Board Member receives a $100,000$120,000 annual retainer plus (a) a fee of $3,250$4,500 per day for attendance in person or by telephone at a regularly scheduled meetingmeetings of the Board; (b) a fee of $3,000 per meeting for attendance in person or by telephone at special, non-regularly scheduled Board meetings where in-person attendance is required and $2,000 per meeting for attendance by telephone or in person at such meetings where in-person

17

attendance is not required; (c) a fee of $2,500 per meeting for attendance in person or by telephone at Audit Committee meetings where such in-person attendance is required and $1,500$2,000 per meeting for attendance by telephone or in person at such meetings where in-person attendance is not required at a special, non-regularly scheduled board meeting; (c)required; (d) a fee of $2,000$2,500 per meeting for attendance in person or $1,500by telephone at Compliance, Risk Management and Regulatory Oversight Committee meetings where in-person attendance is required and $2,000 per meeting for attendance by telephone or in person at an audit committee meeting; (d) a fee of $2,000 per meeting forsuch meetings where in-person 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;is not required; (e) a fee of $1,000 per meeting for attendance in person or by telephone for a meeting of the dividend committee;at Dividend Committee meetings; and (f) a fee of $500 per meeting for attendance in person or by telephone at all other committee meetings $1,000($1,000 for attendance at shareholder meetings on a day on which no regularly scheduled board meeting is held in whichmeetings) where in-person attendance is required and $250 per meeting for attendance by telephone or in person at such committee meetings (excluding shareholder meetings) where in-person attendance is not required, and $100 per meeting when the executive committeeExecutive Committee acts as pricing committee for IPOs, plus, in each case, expenses incurred in attending such meetings.meetings, provided that no fees are received for meetings held on days on which regularly scheduled Board meetings are held. In addition to the payments described above, the Independent


17

Chairman of the Board receives $50,000 annually and the Lead Independent Director, if any, receives $35,000,$75,000, the chairpersons of the audit committee,Audit Committee, the dividend committeeDividend Committee and the compliance, risk managementCompliance, Risk Management and regulatory oversight committeeRegulatory Oversight Committee receive $7,500$10,000 each and the chairperson of the nominatingNominating and governance committeeGovernance Committee receives $5,000 as additional retainers to the annual retainer paid to such individuals.retainers. Independent Board Members also receive a fee of $2,500$3,000 per day for site visits to entities that provide services to the Nuveen funds on days on which no regularly scheduled boardBoard meeting is held. When ad hoc committees are organized, the nominatingNominating and governance committeeGovernance Committee will at the time of formation determine compensation to be paid to the members of such committees,committees; however, in general, such fees will be $1,000 per meeting for attendance in person or by telephone at any ad hoc committee meetingmeetings 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 Nuveen funds managed by the Adviser, on the basis of relative net asset sizesassets, 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.Fund.
 
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.


18

 

                                 
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 
  
 
Floating Rate Income $2,981  $2,576  $2,191  $2,571  $2,605  $2,375  $2,240  $2,516 
Floating Rate Income Opportunity  1,774   1,533   1,304   1,530   1,550   1,414   1,333   1,497 
Senior Income  1,115   964   820   962   975   889   838   941 
Tax-Advantaged Floating Rate  633   1,632   550   562   571   1,615   597   1,613 
Arizona Dividend Advantage  124   105   89   104   107   96   91   103 
Arizona Dividend Advantage 2  200   171   144   169   173   156   147   166 
Arizona Dividend Advantage 3  261   212   180   224   215   189   192   221 
Arizona Premium Income  348   296   249   294   301   270   255   289 
California Dividend Advantage  1,933   1,702   1,390   1,779   1,847   1,588   1,390   1,661 
California Dividend Advantage 2  1,340   1,181   962   1,236   1,284   1,102   962   1,153 
California Dividend Advantage 3  1,979   1,743   1,423   1,822   1,890   1,724   1,423   1,700 
California Investment Quality  1,211   1,067   870   1,115   1,158   995   870   1,041 
California Market Opportunity  711   614   518   594   610   547   518   588 
California Value  963   842   677   882   918   781   677   820 
California Value 2  177   121   101   115   119   145   101   115 
California Performance Plus  1,159   1,022   833   1,068   1,109   952   833   997 
California Premium Income  492   424   359   411   422   378   359   406 
California Quality Income  2,052   1,809   1,475   1,893   1,965   1,688   1,475   1,765 
California Select Quality  2,075   1,828   1,491   1,912   1,985   1,706   1,491   1,784 
Insured California Dividend Advantage  1,419   1,250   1,020   1,308   1,358   1,167   1,020   1,220 
Insured California Premium Income  595   514   434   497   511   458   434   492 
Insured California Premium Income 2  1,096   966   788   1,011   1,049   902   788   943 
Insured California Tax-Free Advantage  471   403   338   390   402   358   338   385 
Connecticut Dividend Advantage  218   189   157   183   187   171   161   181 
Connecticut Dividend Advantage 2  197   171   142   165   169   155   145   163 
Connecticut Dividend Advantage 3  360   311   258   301   309   332   265   298 
Connecticut Premium Income  449   380   312   364   373   455   320   364 
Georgia Dividend Advantage  220   147   122   142   146   184   125   141 
Georgia Dividend Advantage 2  386   321   267   311   319   306   273   308 
Georgia Premium Income  370   277   230   268   275   301   235   265 
Maryland Dividend Advantage  334   288   240   279   286   262   245   276 
Maryland Dividend Advantage 2  339   293   243   284   291   266   249   281 
Maryland Dividend Advantage 3  540   380   316   368   377   445   324   364 
Maryland Premium Income  950   765   636   741   759   759   651   733 
 
 
The table below shows, for each Independent Board Member, the aggregate compensation paid by each Fund to each Board Member nominee for its last fiscal year:
                                     
Aggregate Compensation from the Funds(1) 
  
  Robert P.
  Jack B.
  William C.
  David J.
  William J.
  Judith M.
  Carole E.
  Virgina L.
  Terence J.
 
Fund Bremner  Evans  Hunter  Kundert  Schneider  Stockdale  Stone  Stringer  Toth 
  
 
Floating Rate Income $2,757  $2,218  $1,978  $2,223  $2,276  $2,078  $2,051  $1,021  $2,217 
Floating Rate Income Opportunity  1,789   1,413   1,240   1,469   1,451   1,330   1,360   629   1,461 
Senior Income  1,052   846   754   848   868   793   783   394   846 
Tax-Advantaged Floating Rate  140   110   101   130   122   100   104   21   120 
Arizona Dividend Advantage  172   104   87   102   105   144   90   —   99 
Arizona Dividend Advantage 2  247   169   142   166   170   202   145   —   161 
Arizona Dividend Advantage 3  271   219   182   235   220   193   205   —   229 
Arizona Premium Income  337   290   243   284   292   261   249   —   276 
California Dividend Advantage  1,881   1,613   1,484   1,806   1,798   1,503   1,399   —   1,590 
California Dividend Advantage 2  1,170   1,025   958   1,113   1,144   1,053   851   —   975 
California Dividend Advantage 3  1,928   1,653   1,521   1,850   1,842   1,540   1,434   —   1,629 
California Investment Quality  1,120   959   896   1,041   1,070   915   796   —   912 
California Market Opportunity  643   532   445   520   534   503   456   —   506 
California Value  821   695   651   757   779   634   561   —   676 
California Value 2  174   145   121   141   145   128   121   —   141 
California Performance Plus  1,034   884   825   960   987   846   733   —   842 
California Premium Income  529   369   308   361   370   432   316   —   351 
California Quality Income  1,855   1,602   1,497   1,739   1,788   1,513   1,330   —   1,524 
California Select Quality  1,890   1,633   1,526   1,773   1,823   1,541   1,355   —   1,554 
Maryland Dividend Advantage  425   273   239   271   278   351   245   57   263 
Maryland Dividend Advantage 2  429   276   242   274   281   354   249   58   266 
Maryland Dividend Advantage 3  528   359   315   356   366   431   323   76   346 
Maryland Premium Income  960   722   633   716   735   764   650   152   696 
 
 


19

 

                                                                    
Aggregate Compensation from the Funds(2)(1)Aggregate Compensation from the Funds(2)(1) Aggregate Compensation from the Funds(2)(1) 
   
 Robert P.
 Jack B.
 William C.
 David J.
 William J.
 Judith M.
 Carole E.
 Terence J.
  Robert P.
 Jack B.
 William C.
 David J.
 William J.
 Judith M.
 Carole E.
 Virgina L.
 Terence J.
 
Fund Bremner Evans Hunter Kundert Schneider Stockdale Stone Toth  Bremner Evans Hunter Kundert Schneider Stockdale Stone Stringer Toth 
   
Massachusetts Dividend Advantage $267  $146  $120  $140  $143  $231  $123  $140  $160  $135  $118  $134  $137  $124  $121  $28  $130 
Massachusetts Premium Income  465   346   287   335   343   328   294   331   490   327   287   325   333   401   295   70   316 
Insured Massachusetts Tax-Free Advantage  238   206   171   199   204   237   175   197 
Michigan Dividend Advantage  183   158   134   153   157   141   134   151   265   142   119   139   143   228   122   —   135 
Michigan Premium Income  694   599   506   580   596   534   506   574   614   528   442   517   531   475   453   —   502 
Michigan Quality Income  1,113   981   799   1,027   1,066   915   799   957   986   863   807   937   963   801   716   —   821 
Missouri Premium Income  184   159   132   154   157   144   135   152   281   152   133   150   154   140   137   32   146 
New Jersey Dividend Advantage  543   475   390   454   465   426   399   455   705   476   413   519   484   528   465   82   507 
New Jersey Dividend Advantage 2  377   330   271   315   323   296   277   316   468   309   272   307   315   385   279   66   298 
New Jersey Investment Quality  1,732   1,523   1,235   1,558   1,632   1,436   1,261   1,475   1,692   1,424   1,378   1,557   1,592   1,376   1,243   288   1,371 
New Jersey Value  105   73   61   70   72   84   61   69   83   68   58   67   69   61   60   14   67 
New Jersey Premium Income  1,062   946   758   955   1,001   881   773   916   1,043   870   842   951   973   851   759   176   837 
North Carolina Dividend Advantage  200   173   144   167   171   157   147   165 
North Carolina Dividend Advantage 2  332   291   238   278   285   261   244   278 
North Carolina Dividend Advantage 3  388   292   243   283   290   315   249   280 
North Carolina Premium Income  607   469   389   454   465   440   399   449 
Ohio Dividend Advantage  399   348   291   333   343   307   291   334   351   302   253   295   303   272   259   —   287 
Ohio Dividend Advantage 2  287   248   209   240   247   221   209   237   253   218   182   213   219   196   187   —   207 
Ohio Dividend Advantage 3  208   179   152   174   178   160   152   172   181   156   130   153   157   140   134   —   148 
Ohio Quality Income  974   841   711   814   837   750   711   805   865   744   622   727   747   669   638   —   707 
Pennsylvania Value  80   56   47   54   55   64   47   53   64   52   45   52   53   47   46   11   51 
Pennsylvania Dividend Advantage  277   242   199   232   237   217   204   232   369   226   199   225   230   308   204   47   218 
Pennsylvania Dividend Advantage 2  304   266   218   254   260   238   223   254   395   248   218   246   253   328   223   52   239 
Pennsylvania Investment Quality  1,381   1,214   985   1,242   1,301   1,145   1,005   1,176   1,355   1,136   1,100   1,242   1,271   1,103   992   230   1,094 
Pennsylvania Premium Income 2  1,255   1,116   895   1,128   1,181   1,040   913   1,081   1,242   1,040   1,006   1,137   1,162   1,012   907   210   1,001 
Texas Quality Income  795   686   569   672   688   617   583   669   878   669   560   655   673   702   574   —   636 
Virginia Dividend Advantage  248   214   176   207   212   293   181   204   252   211   185   210   215   195   190   44   204 
Virginia Dividend Advantage 2  571   410   333   391   401   466   342   392   475   399   350   396   406   367   359   83   384 
Virginia Premium Income  859   651   534   623   638   698   547   624   943   665   579   724   676   699   650   127   707 
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 
Total Compensation from Nuveen Funds Paid to Board Members/ Nominees
 $265,748  $230,443  $199,401  $243,469  $243,212  $213,579  $188,000   —  $230,630 
(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 Nuveen Asset Management.

20

 

 
(2)(1) 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 Participating Funds. Total deferred fees for the Funds (including the return from the assumed investment in the Participating Funds) payable are:
 
                                                                  
   
 Robert P.
 Jack B.
 William C.
 David J.
 William J.
 Judith M.
 Carole E.
 Terence J.
  Robert P.
 Jack B.
 William C.
 David J.
 William J.
 Judith M.
 Carole E.
 Virginia L.
 Terence J.
 
Fund Bremner Evans Hunter Kundert Schneider Stockdale Stone Toth  Bremner Evans Hunter Kundert Schneider Stockdale Stone Stringer Toth 
   
Floating Rate Income $451  $650  $1,302  $2,571  $2,605  $1,290  $—  $807  $414  $559  $1,978  $2,223  $1,167  $1,097  $—  $—  $224 
Floating Rate Income Opportunity  268   387   775   1,530   1,550   768   —   480   269   356   1,240   1,469   768   701   —   —   158 
Senior Income  169   243   490   962   975   483   —   301   158   213   754   848   440   419   —   —   85 
Tax-Advantaged Floating Rate  91   402   469   562   571   912   —   640   22   29   101   130   97   53   —   —   22 
California Dividend Advantage  314   471   —   1,779   1,847   1,002   —   874   305   441   1,484   1,806   1,798   797   —   —   358 
California Dividend Advantage 2�� 219   327   —   1,236   1,284   696   —   607   190   281   958   1,113   1,144   556   —   —   220 
California Dividend Advantage 3  322   482   —   1,822   1,890   1,084   —   895   313   452   1,521   1,850   1,842   817   —   —   367 
California Investment Quality  197   295   —   1,115   1,158   628   —   548   182   263   896   1,041   1,070   485   —   —   206 
California Value  157   234   —   882   918   494   —   433   134   191   651   757   779   337   —   —   153 
California Performance Plus  189   283   —   1,068   1,109   601   —   525   168   242   825   960   987   448   —   —   190 
California Quality Income  334   501   —   1,893   1,965   1,066   —   930   301   439   1,497   1,739   1,788   803   —   —   345 
California Select Quality  338   506   —   1,912   1,985   1,077   —   939   307   447   1,526   1,773   1,823   818   —   —   351 
Insured California Dividend Advantage  231   346   —   1,308   1,358   736   —   643 
Insured California Premium Income 2  179   267   —   1,011   1,049   569   —   496 
Michigan Quality Income  181   272   —   1,027   1,066   578   —   504   160   236   807   937   963   425   —   —   186 
New Jersey Investment Quality  275   412   265   1,558   1,632   867   —   663   273   388   1,378   1,557   1,265   743   —   —   240 
New Jersey Premium Income  168   256   162   955   1,001   532   —   412   168   237   842   951   772   460   —   —   146 
Pennsylvania Investment Quality  219   328   211   1,242   1,301   691   —   528   219   310   1,100   1,242   1,009   596   —   —   191 
Pennsylvania Premium Income 2  199   302   192   1,128   1,181   628   —   486   200   284   1,006   1,137   923   546   —   —   175 
 


21

 

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 candidate’s particular background, skills and experience, among other things, but also whether such background, skills and experience enhance the Board’s 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 directorsBoard Members 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 Board’s knowledge and expertise with respect to the many aspects of fund operations that are complex-wide in nature. The unitary structure also enhances the Board’s 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 independentIndependent 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 fundFund management, and reinforcing the Board’s 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 fundFund 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


22

 

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 and different perspectives of a Fund’s 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. The members of the Executive Committee are Robert P. Bremner, Chair, Judith M. Stockdale and John P. Amboian serve as the current members of the Executive Committee of the Board.Amboian. 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 Fund’s 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 Exchange1934 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 ExchangeNYSE or the NYSE Amex, as applicable. The Audit Committee assists the Board inin: 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 Board’s general supervision of such actions, the Audit Committee addresses any valuation issues, oversees the Funds’ pricing procedures and actions taken by Nuveen’s 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 toof 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 (the “Charter”) adopted and approved by the Board, which Charter conforms to the listing standards of the New York Stock ExchangeNYSE or the NYSE Amex, as applicable. Members of the Audit Committee shall be


23

are 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


23

member. The members of the Audit Committee are Robert P. Bremner, Jack B. Evans, David J. Kundert, Chair, William J. Schneider, Carole E. Stone and Terence J. Toth, each of whom is an independentIndependent 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 under or within 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 CommitteeCommittee: 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, complianceand/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 toto: 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 Committee’s 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 directlyand/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 Jack B. Evans, William C. Hunter, William J. Schneider, Chair, Judith M. Stockdale, Chair, and Carole E. Stone.Virginia L. Stringer. The number of Compliance Committee meetings of each Fund held during its last fiscal year is shown in Appendix C.


24

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


24

and rotation of committee members, and the establishment of corporate governance guidelines 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 fundsFunds 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 Board’s governance over the Funds’ business.
 
In addition, the Nominating and Governance Committee, among other things,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 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, including shareholders, 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 each nominee is evaluated using the same standards. However, the Nominating and Governance Committee reserves the right to interview any and all candidates and to make the final selection of any new Board Members. In considering a candidate’s 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 externalsub-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 MemberMembers 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 ExchangeNYSE 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, Virginia L. Stringer and


25

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.


25

The number of regular quarterly meetings and special meetings held by the Board of each Fund during the Fund’s last fiscal year is shown in Appendix C. During the last fiscal year, each Board Member attended 75% or more of each Fund’s Board meetings and the committee meetings (if 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 Membermember was qualified to serve as a Board Member,on the Board, has consideredthe Board considers each Board Member’s 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 ornot-for-profit entities or other organizations; and or/and/orother 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,SEC, 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 firm’s product, marketing, sales, operations and administrative activities. Mr. Amboian initially served Nuveen Investments as Executive Vice President and Chief Financial Officer. Prior to joining Nuveen Investments, 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 Bachelor’s degree in economics and a Masters of Business Administration (“MBA”)an MBA from the University of Chicago. Mr. Amboian serves on the Board of Directors of Nuveen Investments and is a Board Member or Trustee of the Investment Company Institute Board of Governors, Boys and Girls Clubs of Chicago, Children’s 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.


26

 

Robert P. Bremner
 
Mr. Bremner, the Board’s Independent Chairman, is a private investor and management consultant in Washington, D.C. His biography of William McChesney Martin, Jr., a former 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. and is a Board Member of the Independent Directors Council affiliated with the Investment Company Institute. 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,Source Media Group, is PresidentPro Temof 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 Bank’s Chief Economist and was an Associate Economist on the Federal Reserve System’s 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 2004.2004 and Wellmark, Inc. since 2009. He is President-Elect of Beta Gamma Sigma, Inc., the International Business Honor Society.


27

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


27

Group Mutual Funds. Prior to the merger between BancBank One Corporation and JPMorgan Chase and Co., he was Executive Vice President, BancBank 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 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 iswas formerly 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 degree in Community Planning from the University of Cincinnati and a Masters of Public Administration degree 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 Governor’s 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.Incorporated. She has also served as the Chair of the New York Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member


28

of the Boards of Directors of several New York State public authorities. Ms. Stone has a Bachelor of Arts in Business Administration from Skidmore CollegeCollege.
Virginia L. Stringer
Ms. Stringer served as the independent chair of the Board of the First American Funds from 1997 to 2010, having joined that Board in 1987. Ms. Stringer serves on the Governing Board of the Investment Company Institute’s Independent Directors Council and on the Board of the Mutual Fund Directors Forum. She is a recipient of the Outstanding Corporate Director award from Twin Cities Business Administration.Monthly and the Minnesota Chapter of the National Association of Corporate Directors. Ms. Stringer is the immediate past board chair of the Oak Leaf Trust, is a director and immediate past board chair of the Saint Paul Riverfront Corporation and is immediate past president of the Minneapolis Club’s Governing Board. She is a director and former board chair of the Minnesota Opera and a Life Trustee and former board member of the Voyageur Outward Bound School. She also served as a trustee of Outward Bound USA. She was appointed by the Governor of Minnesota Board on Judicial Standards and recently served on a Minnesota Supreme Court Judicial Advisory Committee to reform the state’s judicial disciplinary process. She is a member of the International Women’s Forum and attended the London Business School as an International Business Fellow. Ms. Stringer also served as board chair of the Human Resource Planning Society, the Minnesota Women’s Campaign Fund and the Minnesota Women’s Economic Roundtable. Ms. Stringer is the retired founder of Strategic Management Resources, a consulting practice focused on corporate governance, strategy and leadership. She has twenty-five years of corporate experience, having held executive positions in general management, marketing and human resources with IBM and the Pillsbury Company.


28

Terence J. Toth
 
Mr. Toth ishas served as a Director of Legal & General Investment Management America, Inc. (since 2008)since 2008 and as a Managing Partner at Promus Capital (since 2008).since 2008. From 2004 to 2007, he was Chief Executive Officer and President of Northern Trust Global Investments, and Executive Vice President of 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.Member Terms.  For each Minnesota Fund except California Value, all Board Members are elected annually. For each Massachusetts Fund, and California Value, shareholders will be asked to elect Board Members as each Board Member’s 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.


29

 

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.
 
           
  
        Number of
 
        Portfolios
 
    Term of Office
   in Fund
 
  Position(s)
 and
   Complex
 
Name, Address
 Position(s) Held with
 Length of Time
 Principal Occupation(s)
 Served by
 
and Birth date Fund Served(1) During Past 5 Years Officer 
  
 
Gifford R. Zimmerman
333 West Wacker Drive
Chicago, IL 60606
(9/9/56)		 Chief
Administrative
Officer		 Term: Term/Annual

Length of
Service: Since
1988		 Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments,Securities, LLC; Managing Director (since 2002), Assistant Secretary (since 1997) and Associate GeneralCo-General Counsel (since 2011) of Nuveen Asset Management;Fund Advisors, Inc.; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); 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), and Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Managing DirectorChief Administrative Officer and Chief Compliance Officer (since 2005)2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.  200245 
       
Williams Adams IV
333 West Wacker Drive
Chicago, IL 60606
(6/9/55)		Vice PresidentTerm: Annual

Length of
Service: Since
2007		Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC (since 1999); Executive Vice President (since 2005) of Nuveen Commodities Asset Management, LLC.125
Cedric H. Antosiewicz
333 West Wacker Drive
Chicago, IL 60606
(1/11/62)		Vice PresidentTerm: Annual

Length of
Service: Since
2007		Managing Director (since 2004), previously, Vice President(1993-2004) of Nuveen Investments LLC.125
��   


30

 

           
  
        Number of
 
        Portfolios
 
    Term of Office
   in Fund
 
  Position(s)
 and
   Complex
 
Name, Address
 Position(s) Held with
 Length of Time
 Principal Occupation(s)
 Served by
 
and Birth date Fund Served(1) During Past 5 Years Officer 
  
 
Nizida ArriagaWilliam Adams IV
333 West Wacker Drive
Chicago, IL 60606
(6/1/68)9/55)		 Vice President Term: Term/Annual

Length of
Service: Since
2009 2007		 Senior Executive Vice President, (since 2010),Global Structured Products, formerly, Executive Vice President (2007-2010)(1999-2010) of Nuveen Investments,Securities, LLC; previously, portfolio Manager, Allstate Investments, LLC(1996-2006)Co-President of Nuveen Fund Advisors, Inc. (since 2011); Chartered Financial Analyst. Managing Director (since 2010) of Nuveen Commodities Asset Management, LLC.  200133 
           
Michael T. AtkinsonCedric H. Antosiewicz
333 West Wacker Drive
Chicago, IL 60606
(2/3/66)(1/11/62)		 Vice President
and Assistant
Secretary		 Term: Term/Annual

Length of
Service: Since
2002 2007		 Vice PresidentManaging Director (since 2002)2004) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).Securities LLC.  200133 
           
Margo L. Cook
333 West Wacker Drive
Chicago, IL 60606
(4/11/64)		 Vice President Term: Term/Annual

Length of
Service: Since
2009		 Executive Vice President (since 2008) of Nuveen Investments,Securities, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); 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.  200245 
           
Lorna C. Ferguson
333 West Wacker Drive
Chicago, IL 60606
(10/24/45)		 Vice President Term: Term/Annual

Length of
Service: Since
1998		 Managing Director (since 2004) of Nuveen InvestmentsSecurities, LLC; Managing Director (since 2005) of Nuveen Asset Management.Fund Advisors.  200245 
           
Stephen D. Foy
333 West Wacker Drive
Chicago, IL 60606
(5/31/54)		 Vice President
and Controller		 Term: Term/Annual

Length of
Service: Since
1993		 Senior Vice President (since 2010), formerly, Vice President (1993-2010) and Funds Controller (since 1998) of Nuveen Investments,Securities, LLC; Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Asset Management;Fund Advisors, Inc.; 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 Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant.200245 
           

31

 

           
  
        Number of
 
        Portfolios
 
    Term of Office
   in Fund
 
  Position(s)
 and
   Complex
 
Name, Address
 Position(s) Held with
 Length of Time
 Principal Occupation(s)
 Served by
 
and Birth date Fund Served(1) During Past 5 Years Officer 
  
 
William T. HuffmanScott S. Grace
333 West Wacker Drive
Chicago, IL 60606
(5/7/69)(8/20/70)		 Vice President and Treasurer Term: Term/Annual

Length of
Service: Since
2009		 Chief Operating Officer, Municipal Fixed IncomeManaging Director, Corporate Finance & Development, Treasurer (since 2008)September 2009) of Nuveen Securities, LLC; Managing Director and Treasurer of Nuveen Investment Solutions, Inc., Nuveen Investments Advisers Inc., Nuveen Investments Holdings, Inc., Nuveen Fund Advisors, Inc. and of Nuveen Asset Management; previously, Chairman,Management, LLC (since 2011); Vice President and Chief Executive Officer (2002-2007)Treasurer of Northern TrustNWQ Investment Management Company, LLC, Tradewinds Global Advisors,Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, Inc. and Chief Executive Officer (2007); Vice President of Northern TrustSanta Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Investments Limited; Certified Public Accountant.Financial Services Group (2000-2003); Chartered Accountant Designation.  136245 
           
Walter M. Kelly
333 West Wacker Drive
Chicago, IL 60606
(2/24/70)		 Chief
Compliance
Officer and
Vice President		 Term: 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),of Nuveen Securities, LLC; Senior Vice President (since 2008) and Assistant Secretary (since 2003), of Nuveen Asset Management; formerly, Assistant Vice President and Assistant Secretary of the Nuveen Funds (2003-2006).Fund Advisors, Inc.  200
David J. Lamb
333 West Wacker Drive
Chicago, IL 60606
(3/22/63)		Vice PresidentTerm: Annual

Length of
Service: Since
2000		Senior Vice President (since 2009), formerly, Vice President (2000-2009) of Nuveen Investments, LLC; Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Asset Management; Certified Public Accountant.200245 
           
Tina M. Lazar
333 West Wacker Drive
Chicago, IL 60606
(8/27/61)		 Vice President Term: Term/Annual

Length of
Service: Since
2002		 Senior Vice President (since 2009), formerly, Vice President (1999-2009) of Nuveen Investments, LLC;Securities, LLC (1999-2009); Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Asset Management.Fund Advisors, Inc.  200245 
           

32

 

           
  
        Number of
 
        Portfolios
 
    Term of Office
   in Fund
 
  Position(s)
 and
   Complex
 
Name, Address
 Position(s) Held with
 Length of Time
 Principal Occupation(s)
 Served by
 
and Birth date 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: 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,Securities, LLC; Senior Vice President Assistant General Counsel(since 2011) of Nuveen Asset Management, LLC; Senior Vice President (since 2010), formerly, Vice President (2005-2010), and Assistant Secretary of Nuveen Investments, Inc.; Senior Vice President (since 2005)2010), formerly, Vice President (2005-2010), and Assistant Secretary (since 1997) of Nuveen Asset Management;Fund Advisors, Inc.; 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 ParkHydePark Group, LLC, and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Vice President and Assistant Secretary of Nuveen Commodities Asset Management, LLC (since 2010).  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).200245 
           

33

 

           
  
        Number of
 
        Portfolios
 
    Term of Office
   in Fund
 
  Position(s)
 and
   Complex
 
Name, Address
 Position(s) Held with
 Length of Time
 Principal Occupation(s)
 Served by
 
and Birth date Fund Served(1) During Past 5 Years Officer 
  
 
John V. MillerKevin J. McCarthy
333 West Wacker Drive
Chicago, IL 60606
(4/10/67)(3/26/66)		 Vice President and Secretary Term: Term/Annual

Length of
Service: Since
2007		 Chief Investment Officer and Managing Director (since 2007)2008), formerly, Vice President (2002-2007)(2007-2008) of Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management; Managing Director (since 2007), formerly,Management, LLC; Vice President (2002-2007)and Assistant Secretary of Nuveen Investments LLC; Chartered Financial Analyst.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, Nuveen Investment Solutions, Inc. and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary of Nuveen Commodities Asset Management, LLC (since 2010); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).  136245 
           
Gregory MinoKathleen L. Prudhomme
333 West Wacker Drive800 Nicollet Mall
Chicago, IL 60606Minneapolis, MN 55402
(1/4/71)		Vice PresidentTerm: 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(3/30/53)		 Vice President and Assistant SecretaryTerm/Annual

Length of Service: Since 2011		Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Investments, LLCFund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2008); Vice President and Assistant Secretary2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008)2011) of Nuveen Securities, LLC; Deputy General Counsel, FAF Advisors, Inc. (2004-2010).  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, LLC (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.200245 
 
 
(1)Length of Time Served indicates the year the individual became an officer of a fund in the Nuveen fund complex.

34

 

 
2.  Approval of the Elimination of Fundamental Investment Policies and Approval of New Fundamental Policies for each Affected Municipal Fund
 
TheEach Affected Municipal Fund has adopted a fundamental investment policy relating to the Fund’s ability to make loans (together, the “Current Fundamental Policies,” and each, a “Current Fundamental Policy”), that can be changed only by shareholder vote. The Current Fundamental Policy adopted by each Affected Municipal Fund reflects industry and other market conditions present at the time of the inception of each such Fund.
As a general matter, Nuveen’s municipal closed-end funds are seeking to adopt a uniform set of investment policies (together, the “New Investment Policies,” and each, a “New Investment Policy”). Investment policies currently vary across otherwise-similar Nuveen municipal closed-end funds, reflecting evolving markets and guidelines as the different funds were launched over the past 20 years. As part of a continuing broader “best practices” initiative begun approximately three years ago, all Nuveen municipal closed-end funds, including the Affected Municipal Funds, are seeking to adopt a uniform set of investment policies that reflect municipal market and regulatory developments over time.
The proposed New Investment Policy with respect to loans would permit the Affected Municipal Funds to make loans to the extent permitted by securities laws. Among other things, this change is intended to provide each Affected Municipal Fund with the flexibility to make loans in circumstances where a municipal issuer is in distress, if the Adviser believes that doing so would both:
• facilitate a timely workout of the issuer’s situation in a manner that benefits the Fund; and
• be or represent the best choice for reducing the likelihood or severity of loss on the Fund’s investment.
Conforming and updating these investment policies is intended to benefit common shareholders by increasing portfolio manager efficiency and flexibility to take advantage of a wide range of appropriate opportunities in the municipal bond markets in pursuit of the Affected Municipal Funds’ investment objectives. Providing an Affected Municipal Fund with the option of making loans to help facilitate a timely workout of a distressed issuer’s situation merely provides the Fund with an additional tool to help preserve shareholder value and should not be viewed as a commentary on the state of the municipal bond market or as indicative of an immediate need or desire to make a loan to an issuer facing a credit workout situation.
In order to implement the New Investment Policy, each Affected Municipal Fund must change its Current Fundamental Policy, which change requires your approval. In particular, shareholders must first approve the elimination of their Affected Municipal Fund’s Current Fundamental Policy as well as the implementation of the New Investment Policy.
The primary purposes of these changes are to provide the Affected Municipal Funds with increased flexibility in diversifying portfolio risks and optimizing returns on current investments in order to pursue the preservation of and possible growth of capital which, if successful, will help to sustain and build net asset value, and to create consistent investment policies for all Nuveen municipal bond funds to promote operational efficiencies.
The Board has unanimously approved, and unanimously recommends, the approval by shareholders of each Affected Municipal Fund, the elimination of the Current Fundamental


35

Policy of each Affected Municipal Fund and the approval of the New Investment Policy, described below.
2.  For each Affected Municipal Fund:
(a)  Elimination of Fundamental Policy Relating to Making Loans:The Current Fundamental Policy with respect to making loans, and which is proposed to be eliminated, provides that the respective Affected Municipal Fund shall not:
Make loans, other than by entering into repurchase agreements and through the purchase of [Municipal Obligations/municipal bonds] or [temporary/short-term] investments in accordance with its investment objectives, policies and limitations.
(b)  Approval of New Investment Policy Relating to Making Loans: It is proposed that each Affected Municipal Fund adopt a New Investment Policy with respect to making loans. The adoption of the following New Investment Policy for each Affected Municipal Fund is contingent on shareholder approval of the elimination of that Fund’s Current Fundamental Policy with respect to making loans, as reflected in 2(a) above. The proposed New Investment Policy provides that each Affected Municipal Fund shall not:
Make loans, except as permitted by the Investment Company Act of 1940, as amended, and exemptive orders granted under the Investment Company Act of 1940, as amended.
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 Fund’s 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.
3.  Approval of the Elimination of Fundamental Investment Policies and Approval of New Fundamental Policies for California Investment Quality and California Performance Plus*
California Investment Quality and California Performance Plus (the “Affected California Funds”) have adopted certain fundamental investment policies relating to (i) investments in municipal securities and below investment grade securities, (ii) investments in other investment companiesand/or (iii) investments in derivatives, short sales and commodities as described below (together, the “Current“Existing Fundamental Policies,” and each, a “Currentan “Existing Fundamental Policy”), that can only be changed by shareholder vote. The CurrentExisting Fundamental Policies adopted by the Affected MunicipalCalifornia Funds reflected industry and other market conditions present at the time of the inception of each Fund.
 
* California Investment Quality and California Performance Plus are each Affected Municipal Funds, as discussed above.


36

As previously discussed, Nuveen’s municipal closed-end funds are seeking to adopt a uniform “up to date” set of investment policies (the “NewNew Investment Policies”). In general,Policies to conform to the funds currently have a somewhat diverse setevolution 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.and regulatory developments over time. The potential benefits of the New Investment Policies for the Affected California Funds to you as a Fund shareholder are:
 
• enhanced ability of the Affected MunicipalCalifornia 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 priceand/or stronger premium/discount performance.
 
In order to implement the New Investment Policies, each Affected MunicipalCalifornia Fund must makechange certain changes toof its existing policies, including certain fundamental policies that requireExisting Fundamental Policies, which change requires your vote of approval. In some cases, this may require your separate votes toparticular, shareholders must first approve the elimination of a Currenttheir Affected California Fund’s Existing Fundamental PolicyPolicies 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.Fundamental Policies.
 
The primary purposes of these changes are to provide the Affected MunicipalCalifornia 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 MunicipalCalifornia Fund, the elimination of the CurrentExisting Fundamental Policies of the Affected Municipal Funds. In connection with eliminatingCalifornia Fund and the Current Fundamental Policies, the Board unanimously approved, and unanimously recommends the approval by shareholders of each Affected Municipal Fund of the New FundamentalInvestment Policies, described


35

below. In addition, the Board has approved certain new non-fundamental policies, described below (the “New Non-Fundamental Policies”).
 
 (a)  Elimination of Fundamental Policies Relating to Investments in Municipal Securities and Below Investment Grade Securities (All Affected Municipal Funds)Securities:
 
The CurrentExisting Fundamental PoliciesPolicy with respect to each Affected MunicipalCalifornia Fund’s investments in municipal securities and the ability to invest in below investment grade securities, that arewhich is proposed to be eliminated, are as follows:provides that:
 
Arizona Dividend Advantage 2, North Carolina Dividend Advantage and North Carolina Dividend Advantage 2
(i) Under normal [circumstances/market conditions], the Fund will invest its net assets in a portfolio of municipal bonds that are exempt from regular federal and [State] income taxes. Under normal market conditions, the Fund expects to be fully invested (at least 95% of its assets) in such tax-exempt municipal bonds.
Missouri Premium Income
(i) [Except to the extent the Fund invests in temporary investments as described below and more fully in the Statement of Additional Information], the Fund [will, as a fundamental policy,] invest substantially all (in excess of 80%) of its assets in tax-exempt [State] Municipal Obligations rated at the time of purchase within the four highest grades (Baa or BBB or better) by Moody’s Investors Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (“S&P”), or in unrated [State] Municipal Obligations which, in the opinion of the Adviser, have credit characteristics equivalent to, and will be of comparable quality to, [State] Municipal Obligations rated within the four highest grades by Moody’s or S&P, provided that the Fund may not invest more than 20% of its assets in such unrated [State] Municipal Obligations.
(ii) The Fund will not invest in any rated [State] Municipal Obligations that are rated lower than Baa by Moody’s or BBB by S&P at the time of purchase.
California Market Opportunity
(i) Except to the extent that the Fund buys temporary investments as described in [the Fund’s Statement of Additional Information], the Fund will, as a fundamental policy, invest substantially all of its assets (more than 80%) in tax-exempt [State] municipal bonds that are rated at the time of purchase within the four highest grades (Baa or BBB or better) by Moody’s or Standard and Poor’s, except that the Fund may invest up to 20% of its assets in unrated [State] municipal bonds which, in Nuveen Advisory’s opinion, have credit characteristics equivalent to, and are of comparable quality to, municipal bonds so rated.
California Quality Income and California Select Quality
(i) Except to the extent that the Fund buys temporary investments as described in [the Fund’s Statement of Additional Information], the Fund will, as a fundamental policy, invest substantially all of its assets (more than 80%) in tax-exempt California municipal bonds that are rated at the time of purchase within the four highest


36

grades (Baa or BBB or better) by Moody’s or Standard and Poor’s, except that the Fund may invest up to 20% of its assets in unrated California municipal bonds which, in Nuveen Advisory’s opinion, have credit characteristics equivalent to, and are of comparable quality to, California municipal bonds so rated.
 
 (b)  Approval of New Fundamental Policy Relating to Investments in Municipal Securities (All Affected Municipal Funds)Securities:
 
The following New Fundamental Policy will replace each Affected MunicipalCalifornia Fund’s CurrentExisting Fundamental Policy or Policies referenced in 2(a)3(a) above. Implementation of the following New Fundamental Policy by each Affected MunicipalCalifornia Fund is contingent on shareholder


37

approval of the elimination of each Affected MunicipalCalifornia Fund’s CurrentExisting Fundamental Policy or Policies.Policy. The proposed New Fundamental Policy with respect to each Affected California Fund’s investments in municipal securities is as follows:
 
(i) 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 [and state]and California income taxes.
 
In addition, the Board has adopted New Non-Fundamental Policiesnew non-fundamental policies with respect to investing in investment grade securities for each Affected MunicipalCalifornia Fund, which will be implemented upon the elimination of the CurrentExisting Fundamental PoliciesPolicy described in 2(a)3(a) above. The New Non-Fundamental Policiesnew 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 Fund’s investment adviser Nuveen Asset Management.adviser.
 
(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 Nuveen Asset Management.the Fund’s investment adviser.
 
(iii) No more than 10% of the Fund’s Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by Nuveen Asset Management.the Fund’s investment adviser.
 
Related to these changes, the Board of each Affected MunicipalCalifornia Fund has also amended and standardized the description of “municipal securities” or “municipal obligations” in which an Affected MunicipalCalifornia Fund may invest to include various types of municipal securities. The new description, tailored as appropriate to each Affected MunicipalCalifornia Fund, 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


37

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


38

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 Fundamental Policies Relating to Commodities (AllPremium/Quality Funds)Commodities:
 
The CurrentExisting Fundamental PoliciesPolicy relating to commodities, that areand which is proposed to be eliminated, areis as follow:follows:
 
California Market Opportunity, California Quality Income and California Select Quality
(i) 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.”*
 
Missouri Premium Income
(i) The Fund, as a fundamental policy, may not purchase or sell commodities or commodities contracts, except for transactions involving futures contracts that represent no more than 10% of the Fund’s total assets and are otherwise within the limits described in “Certain Trading Strategies of The Fund — Financial Futures and Options Transactions.”*
* References are to a Fund’s registration statement.


38

 (d)  Approval of New Fundamental Policy Relating to Commodities (AllPremium/Quality Funds)Commodities:
 
It is proposed that each Premium/QualityAffected California Fund adopt a New Fundamental Policy with respect to commodities. The adoption of the following New Fundamental Policy for each Premium/QualityAffected California Fund is contingent on shareholder approval of the elimination of that Premium/Quality Fund’s CurrentExisting Fundamental Policy with respect to commodities, as reflected in 2(c)3(c) above. The proposed New Fundamental Policy is as follows:
 
(i) 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).
 
 (e)  Elimination of Fundamental Policies Relating to Derivatives and Short Sales (All Premium/Quality Funds)Sales:
 
The CurrentExisting Fundamental Policies relating to derivatives and short sales, thatand which are proposed to be eliminated, are as follows:
California Market Opportunity, California Quality Income and California Select Quality
 
(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 stand-by commitment may be considered the purchase of a put, and except for transactions involving options within the limits described [in/under]under “Certain Trading Strategies of The Fund — Financial Futures and Options Transactions.”*
* References are to a Fund’s registration statement.


39

 
(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.”*
 
Missouri 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 to the extent that the purchase of a stand-by commitment may be considered the purchase of a put, and except for transactions involving options that represent no more than 10% of the Fund’s total assets and are otherwise within the limits described in “Certain Trading Strategies of The Fund — Financial Futures and Options Transactions.”*
(ii) The Fund may not purchase financial futures and options except for futures and options that represent no more than 10% of the Fund’s total assets and are
* References are to a Fund’s registration statement.


39

otherwise within the limits described in “Certain Trading Strategies of The Fund — Financial Futures and Options Transactions.”*
In connection with the elimination of the CurrentExisting Fundamental Policies relating to derivatives and short sales, as reflected in 2(e)3(e) above, the Board has adopted the following New Non-Fundamental Policiesnew non-fundamental policies for each of the above Premium/Quality Funds.Affected California Fund. The New Non-Fundamental Policiesnew non-fundamental policies are contingent on shareholder approval of the elimination of that Premium/Quality Fund’s CurrentExisting Fundamental Policies with respect to derivatives and short sales. The New Non-Fundamental Policesnew 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. Nuveen Asset ManagementThe Fund’s investment adviser 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.
 
(iii) The Fund may not enter into futures contracts or related options or forward contracts, if more than 30% of the Fund’s net assets would be represented by futures contracts or more than 5% of the Fund’s net assets would be committed to initial margin deposits and premiums on futures contracts and related options.
 
 (f)  Elimination of the Fundamental Policy Prohibiting Investment in Other Investment Companies (All Premium/Quality Funds)Companies:
 
The Premium/QualityAffected California Funds do not have specific restrictions as to investments in other investment companies. However, each such Premium/QualityAffected California Fund has an investment policy whichthat only permits investment in municipal obligations and temporary investments and thereby prohibits investment in other investment companies. The general restrictionExisting Fundamental Policy for each Affected California Fund that only permits investment in municipal obligations and temporary investmentsis proposed to be eliminated is as follows:
 
(i) The Fund may not invest in securities other than [state]California Municipal Obligations and temporary investments[,]investments, as described [in/under]under “Investment Objective and Policies [of the Funds] — Portfolio Investments.”*
 
In addition, with respect to each Affected California Fund’s ability to invest in other investment companies, the Board has adopted a New Non-Fundamental Policynew non-fundamental policy to be implemented upon the elimination of that Premium/Quality Fund’s CurrentExisting Fundamental Policy prohibiting
 
 
* References are to a Fund’s registration statement.


40

 

investments in other investment companies. The proposed New Non-Fundamental Policynew non-fundamental policy relating to investments in other investment companies is as follows:
 
(i) 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.
 
Board Recommendation
 
The Board believes that eliminating the CurrentExisting 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 MunicipalCalifornia Fund’s 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 MunicipalCalifornia Fund vote to approve the elimination of each CurrentExisting 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 firm’s qualifications, performance and independence. In its oversight capacity, the committee reviews each Fund’s 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 Fund’s financial and internal controls. The committee also selects, retains, evaluates and may replace each Fund’s 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 Fund’s 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 Fund’s 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 Auditor’s Communication With Those Charged With Governance), which supersedes SAS No. 61 (Communication with Audit Committees). Each Fund’s 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 firm’s independence. As provided in the Audit Committee Charter, it is


41

 

Charter, it is not the committee’s responsibility to determine, and the considerations and discussions referenced above do not ensure, that each Fund’s financial statements are complete and accurate and presented in accordance with generally accepted accounting principles.
 
Based on the committee’s 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 Fund’s Annual Report.
 
The current members of the committee are:
 
Robert P. Bremner
Jack B. Evans
David J. Kundert
William J. Schneider
Carole E. Stone
Terence J. Toth


42

 

 
 
Audit and Related Fees. The following tables provide the aggregate fees billed during each Fund’s last two fiscal years by each Fund’s independent registered 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    
     Adviser and
   Adviser and
 All Other Fees   Audit Related Fees Tax Fees All Other Fees
 Audit Fees   Adviser
   Adviser
   Adviser and
 Audit Fees   Adviser and Adviser
   Adviser and
   Adviser and
 Fund(1) Fund(2) Entities Fund(3) Entities Fund(4) Adviser Entities Fund(1) Fund(2) Entities Fund(3) Adviser Entities Fund(4) Adviser Entities
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 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
 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
 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 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011
  
Floating Rate Income $68,028  $67,144  $0  $0  $0  $0  $0  $0  $0  $0  $10,000  $10,000  $0  $0  $67,144  $51,100  $0  $32,000  $0  $0  $0  $0  $0  $0  $10,000  $0  $0  $0 
Floating Rate Income Opportunity  49,347   48,211   0   0   0   0   0   0   0   0   10,000   10,000   0   0   48,211   51,100   0   32,000   0   0   0   0   0   0   10,000   0   0   0 
Senior Income  35,625   37,945   0   0   0   0   0   0   0   0   16,000   10,000   0   0   37,945   51,100   0   32,000   0   0   0   0   0   0   10,000   0   0   0 
Tax-Advantaged Floating Rate  24,000   24,100   0   0   0   0   0   0   0   0   2,000   0   0   0   24,100   24,100   0   0   0   0   0   0   0   0   0   0   0   0 
Arizona Dividend Advantage  8,264   8,343   0   6,250   0   0   0   0   0   0   850   850   0   0   8,343   18,200   6,250   0   0   0   0   0   0   0   850   850   0   0 
Arizona Dividend Advantage 2  8,906   9,002   0   6,250   0   0   0   0   0   0   850   850   0   0   9,002   18,200   6,250   0   0   0   0   0   0   0   850   850   0   0 
Arizona Dividend Advantage 3  9,229   9,300   0   6,250   0   0   0   0   0   0   850   850   0   0   9,300   18,200   6,250   0   0   0   0   0   0   0   850   850   0   0 
Arizona Premium Income  10,109   10,252   0   0   0   0   0   0   0   0   3,400   3,400   0   0   10,252   18,200   0   0   0   0   0   0   0   0   3,400   1,700   0   0 
California Dividend Advantage(5)
  21,843   22,589   0   0   0   0   0   0   0   0   850   850   0   0 
California Dividend Advantage 2(5)
  17,675   17,483   0   0   0   0   0   0   0   0   850   850   0   0 
California Dividend Advantage 3(5)
  22,326   22,997   0   20,000   0   0   0   0   0   0   850   850   0   0 
California Investment Quality(5)
  16,482   16,765   0   0   0   0   0   0   0   0   1,700   3,400   0   0 
California Market Opportunity(5)
  12,970   12,717   0   0   0   0   0   0   0   0   1,700   3,400   0   0 
California Value(5)
  14,994   15,264   0   0   0   0   0   0   0   0   0   0   0   0 
California Value 2(6)
  N/A   8,994   N/A   0   N/A   0   N/A   0   N/A   0   N/A   0   N/A   0 
California Dividend Advantage  22,589   18,200   0   6,250   0   0   0   0   0   0   850   850   0   0 
California Dividend Advantage 2  17,483   18,200   0   6,250   0   0   0   0   0   0   850   850   0   0 
California Dividend Advantage 3  22,997   18,200   20,000   0   0   0   0   0   0   0   850   850   0   0 
California Investment Quality  16,765   18,200   0   0   0   0   0   0   0   0   3,400   3,400   0   0 
California Market Opportunity  12,717   18,200   0   1,500   0   0   0   0   0   0   3,400   850   0   0 
California Value  15,264   18,200   0   0   0   0   0   0   0   0   0   0   0   0 
California Value 2  8,994   18,200   0   0   0   0   0   0   0   0   0   0   0   0 
California Performance Plus  16,334   16,347   0   0   0   0   0   0   0   0   1,700   3,400   0   0   16,347   18,200   0   0   0   0   0   0   0   0   3,400   3,400   0   0 
California Premium Income  11,182   11,028   0   0   0   0   0   0   0   0   850   850   0   0   11,028   18,200   0   18,750   0   0   0   0   0   0   850   850   0   0 
California Quality Income  23,119   23,135   0   0   0   0   0   0   0   0   1,700   3,400   0   0   23,135   18,200   0   1,500   0   0   0   0   0   0   3,400   2,550   0   0 
California Select Quality(5)
  23,133   23,460   0   0   0   0   0   0   0   0   1,700   3,400   0   0 
Insured California Dividend Advantage(5)
  18,156   18,316   0   0   0   0   0   0   0   0   850   850   0   0 
Insured California Premium Income(5)
  11,946   11,924   0   0   0   0   0   0   0   0   1,700   3,400   0   0 
Insured California Premium Income 2(5)
  15,647   15,808   0   0   0   0   0   0   0   0   1,700   3,400   0   0 
California Select Quality  23,460   18,200   0   1,500   0   0   0   0   0   0   3,400   2,550   0   0 
Maryland Dividend Advantage  10,123   18,200   12,500   0   0   0   0   0   0   0   850   0   0   0 
Maryland Dividend Advantage 2  10,163   18,200   12,500   0   0   0   0   0   0   0   850   0   0   0 
Maryland Dividend Advantage 3  11,036   18,200   15,000   12,500   0   0   0   0   0   0   850   850   0   0 
Maryland Premium Income  14,818   18,200   15,000   12,500   0   0   0   0   0   0   850   850   0   0 
Massachusetts Dividend Advantage  8,691   18,200   12,500   0   0   0   0   0   0   0   850   0   0   0 
Massachusetts Premium Income  10,697   18,200   15,000   12,500   0   0   0   0   0   0   850   850   0   0 


43

 

 
                                                         
 
    Audit Related Fees Tax Fees    
      Adviser and
   Adviser and
 All Other Fees
  Audit Fees   Adviser
   Adviser
   Adviser and
  Fund(1) Fund(2) Entities Fund(3) 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
  2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
   
 
Insured California Tax-Free Advantage(5)
 $11,059  $11,198  $0  $0  $0  $0  $0  $0  $0  $0  $850  $0  $0  $0 
Connecticut Dividend Advantage  9,100   9,120   0   12,500   0   0   0   0   0   0   850   850   0   0 
Connecticut Dividend Advantage 2  8,916   8,942   0   12,500   0   0   0   0   0   0   850   850   0   0 
Connecticut Dividend Advantage 3  10,292   10,412   0   15,000   0   0   0   0   0   0   850   850   0   0 
Connecticut Premium Income  10,967   10,967   0   15,000   0   0   0   0   0   0   850   850   0   0 
Georgia Dividend Advantage  8,643   8,719   0   15,000   0   0   0   0   0   0   850   850   0   0 
Georgia Dividend Advantage 2  10,345   10,486   0   15,000   0   0   0   0   0   0   850   850   0   0 
Georgia Premium Income  9,902   9,972   0   15,000   0   0   0   0   0   0   850   850   0   0 
Maryland Dividend Advantage  10,090   10,123   0   12,500   0   0   0   0   0   0   850   850   0   0 
Maryland Dividend Advantage 2  10,120   10,163   0   12,500   0   0   0   0   0   0   850   850   0   0 
Maryland Dividend Advantage 3  10,899   11,036   0   15,000   0   0   0   0   0   0   850   850   0   0 
Maryland Premium Income  14,742   14,818   0   15,000   0   0   0   0   0   0   850   850   0   0 
Massachusetts Dividend Advantage  8,597   8,691   0   12,500   0   0   0   0   0   0   850   850   0   0 
Massachusetts Premium Income  10,495   10,697   0   15,000   0   0   0   0   0   0   850   850   0   0 
Insured Massachusetts Tax-Free Advantage  9,197   9,336   0   15,000   0   0   0   0   0   0   850   850   0   0 
Michigan Dividend Advantage(7)
  8,641   8,720   0   0   0   0   0   0   0   0   850   850   0   0 
Michigan Premium Income(7)
  12,753   12,700   0   0   0   0   0   0   0   0   1,700   3,400   0   0 
Michigan Quality Income(7)
  15,986   15,852   0   0   0   0   0   0   0   0   1,700   3,400   0   0 
Missouri Premium Income  8,718   8,837   0   0   0   0   0   0   0   0   850   850   0   0 
New Jersey Dividend Advantage  11,738   11,876   0   0   0   0   0   0   0   0   850   850   0   0 
New Jersey Dividend Advantage 2  10,310   10,465   0   0   0   0   0   0   0   0   850   850   0   0 
New Jersey Investment Quality  21,756   21,785   0   0   0   0   0   0   0   0   3,400   3,400   0   0 
New Jersey Value(8)
  5,000   8,085   0   0   0   0   0   0   0   0   0   0   0   0 
New Jersey Premium Income  16,100   16,154   0   0   0   0   0   0   0   0   3,400   3,400   0   0 
North Carolina Dividend Advantage  8,908   8,958   0   12,500   0   0   0   0   0   0   850   850   0   0 
North Carolina Dividend Advantage 2  9,992   10,081   0   12,500   0   0   0   0   0   0   850   850   0   0 
North Carolina Dividend Advantage 3  10,041   10,151   0   15,000   0   0   0   0   0   0   850   850   0   0 

44

                                                                                    
   Audit Related Fees Tax Fees       Audit Related Fees Tax Fees All Other Fees
     Adviser and
   Adviser and
 All Other Fees Audit Fees   Adviser and Adviser
   Adviser and
   Adviser and
 Audit Fees   Adviser
   Adviser
   Adviser and
 Fund(1) Fund(2) Entities Fund(3) Adviser Entities Fund(4) Adviser Entities
 Fund(1) Fund(2) Entities Fund(3) Entities Fund(4) Adviser Entities Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 Fiscal
 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
 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
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 Ended
 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011
 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010
  
North Carolina Premium Income $11,772  $11,882  $0  $15,000  $0  $0  $0  $0  $0  $0  $850  $850  $0  $0 
Ohio Dividend Advantage(7)
  10,325   10,376   0   0   0   0   0   0   0   0   850   850   0   0 
Ohio Dividend Advantage 2(7)
  9,452   9,523   0   0   0   0   0   0   0   0   850   850   0   0 
Ohio Dividend Advantage 3(7)
  8,832   8,892   0   0   0   0   0   0   0   0   850   850   0   0 
Ohio Quality Income(7)
  14,823   14,927   0   0   0   0   0   0   0   0   1,700   3,400   0   0 
Michigan Dividend Advantage $8,720  $18,200  $0  $12,500  $0  $0  $0  $0  $0  $0  $850  $850  $0  $0 
Michigan Premium Income  12,700   18,200   0   0   0   0   0   0   0   0   3,400   3,400   0   0 
Michigan Quality Income  15,852   18,200   0   0   0   0   0   0   0   0   3,400   3,400   0   0 
Missouri Premium Income  8,837   18,200   0   12,500   0   0   0   0   0   0   850   850   0   0 
New Jersey Dividend Advantage  11,876   18,200   0   6,250   0   0   0   0   0   0   850   850   0   0 
New Jersey Dividend Advantage 2  10,465   18,200   0   12,500   0   0   0   0   0   0   850   850   0   0 
New Jersey Investment Quality  21,785   18,200   0   1,500   0   0   0   0   0   0   3,400   1,700   0   0 
New Jersey Value  8,085   18,200   0   0   0   0   0   0   0   0   0   0   0   0 
New Jersey Premium Income  16,154   18,200   0   1,500   0   0   0   0   0   0   3,400   1,700   0   0 
Ohio Dividend Advantage  10,376   18,200   0   12,500   0   0   0   0   0   0   850   850   0   0 
Ohio Dividend Advantage 2  9,523   18,200   0   6,250   0   0   0   0   0   0   850   850   0   0 
Ohio Dividend Advantage 3  8,892   18,200   0   6,250   0   0   0   0   0   0   850   850   0   0 
Ohio Quality Income  14,927   18,200   0   0   0   0   0   0   0   0   3,400   3,400   0   0 
Pennsylvania Value(8)
  5,000   7,897   0   0   0   0   0   0   0   0   0   0   0   0   7,897   18,200   0   0   0   0   0   0   0   0   0   0   0   0 
Pennsylvania Dividend Advantage  9,532   9,635   0   0   0   0   0   0   0   0   850   850   0   0   9,635   18,200   0   12,500   0   0   0   0   0   0   850   850   0   0 
Pennsylvania Dividend Advantage 2  9,886   9,866   0   0   0   0   0   0   0   0   850   850   0   0   9,866   18,200   0   12,500   0   0   0   0   0   0   850   850   0   0 
Pennsylvania Investment Quality  18,743   18,859   0   0   0   0   0   0   0   0   850   850   0   0   18,859   18,200   0   1,500   0   0   0   0   0   0   850   850   0   0 
Pennsylvania Premium Income 2  17,824   17,824   0   0   0   0   0   0   0   0   850   850   0   0   17,824   18,200   0   1,500   0   0   0   0   0   0   850   850   0   0 
Texas Quality Income  14,008   14,097   0   6,250   0   0   0   0   0   0   850   850   0   0   14,097   18,200   6,250   6,250   0   0   0   0   0   0   850   850   0   0 
Virginia Dividend Advantage  9,292   9,506   0   0   0   0   0   0   0   0   850   850   0   0   9,506   18,200   0   0   0   0   0   0   0   0   850   0   0   0 
Virginia Dividend Advantage 2  11,197   11,477   0   0   0   0   0   0   0   0   850   850   0   0   11,477   18,200   0   0   0   0   0   0   0   0   850   0   0   0 
Virginia Premium Income  13,515   13,551   0   4,000   0   0   0   0   0   0   850   850   0   0   13,551   18,200   4,000   12,500   0   0   0   0   0   0   850   850   0   0 
 
(1) “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s 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 foragreed-upon procedures engagements for the leveraged Funds.
(5) The Fund changed its fiscal year end from August 31 to February 28 beginning in 2009.
(6) The Fund commenced operations on April 28, 2009.
(7)The Fund changed its fiscal year end from July 31 to February 28 beginning in 2009.
(8)The Fund commenced operations on April 27, 2009.

4544

 

 
Non-Audit Fees. The following tables provide the aggregate non-audit fees billed by each Fund’s independent registered accounting firm for services rendered to each Fund, the Adviser and the Adviser Entities during each Fund’s last two fiscal years.
 
                                                                
   Total Non-Audit Fees
       Total Non-Audit Fees
    
   Billed to Adviser and
       Billed to Adviser and
    
   Adviser Entities
       Adviser Entities
    
   (Engagements Related
 Total Non-Audit Fees
     (Engagements Related
 Total Non-Audit Fees
  
   Directly to the Operations
 Billed to Adviser and
     Directly to the Operations
 Billed to Adviser and
  
 Total Non-Audit Fees
 and Financial Reporting
 Adviser Entities (All Other
   Total Non-Audit Fees
 and Financial Reporting
 Adviser Entities (All Other
  
 Billed to Fund of Fund) Engagements) Total Billed to Fund of Fund) Engagements) Total
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
Fund Ended 2009 Ended 2010 Ended 2009 Ended 2010 Ended 2009 Ended 2010 Ended 2009 Ended 2010 Ended 2010 Ended 2011 Ended 2010 Ended 2011 Ended 2010 Ended 2011 Ended 2010 Ended 2011
Floating Rate Income $10,000  $10,000  $0  $0  $0  $0  $10,000  $10,000  $10,000  $0  $  0  $  0  $  0  $  0  $10,000  $0 
Floating Rate Income Opportunity  10,000   10,000   0   0   0   0   10,000   10,000   10,000   0   0   0   0   0   10,000   0 
Senior Income  16,000   10,000   0   0   0   0   16,000   10,000   10,000   0   0   0   0   0   10,000   0 
Tax-Advantaged Floating Rate  2,000   0   0   0   0   0   2,000   0   0   0   0   0   0   0   0   0 
Arizona Dividend Advantage  850   850   0   0   0   0   850   850   850   850   0   0   0   0   850   850 
Arizona Dividend Advantage 2  850   850   0   0   0   0   850   850   850   850   0   0   0   0   850   850 
Arizona Dividend Advantage 3  850   850   0   0   0   0   850   850   850   850   0   0   0   0   850   850 
Arizona Premium Income  3,400   3,400   0   0   0   0   3,400   3,400   3,400   1,700   0   0   0   0   3,400   1,700 
California Dividend Advantage(1)
  850   850   0   0   0   0   850   850   850   850   0   0   0   0   850   850 
California Dividend Advantage 2(1)
  850   850   0   0   0   0   850   850   850   850   0   0   0   0   850   850 
California Dividend Advantage 3(1)
  850   850   0   0   0   0   850   850   850   850   0   0   0   0   850   850 
California Investment Quality(1)
  1,700   3,400   0   0   0   0   1,700   3,400   3,400   3,400   0   0   0   0   3,400   3,400 
California Market Opportunity(1)
  1,700   3,400   0   0   0   0   1,700   3,400   3,400   850   0   0   0   0   3,400   850 
California Value(1)
  0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0 
California Value 2(2)
  N/A   0   N/A   0   N/A   0   N/A   0   0   0   0   0   0   0   0   0 
California Performance Plus(1)
  1,700   3,400   0   0   0   0   1,700   3,400   3,400   3,400   0   0   0   0   3,400   3,400 
California Premium Income(1)
  850   850   0   0   0   0   850   850   850   850   0   0   0   0   850   850 
California Quality Income(1)
  1,700   3,400   0   0   0   0   1,700   3,400   3,400   2,550   0   0   0   0   3,400   2,550 
California Select Quality(1)
  1,700   3,400   0   0   0   0   1,700   3,400   3,400   2,550   0   0   0   0   3,400   2,550 
Insured California Dividend Advantage(1)
  850   850   0   0   0   0   850   850 
Insured California Premium Income(1)
  1,700   3,400   0   0   0   0   1,700   3,400 
Insured California Premium Income 2(1)
  1,700   3,400   0   0   0   0   1,700   3,400 
Insured California Tax-Free Advantage(1)
  850   0   0   0   0   0   850   0 
Maryland Dividend Advantage  850   0   0   0   0   0   850   0 
Maryland Dividend Advantage 2  850   0   0   0   0   0   850   0 
Maryland Dividend Advantage 3  850   850   0   0   0   0   850   850 
Maryland Premium Income  850   850   0   0   0   0   850   850 


4645

 

 
                                 
 
    Total Non-Audit Fees
    
    Billed to Adviser and
    
    Adviser Entities
    
    (Engagements Related
 Total Non-Audit Fees
  
    Directly to the Operations
 Billed to Adviser and
  
  Total Non-Audit Fees
 and Financial Reporting
 Adviser Entities (All Other
  
  Billed to Fund of Fund) Engagements) Total
  Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
Fund Ended 2009 Ended 2010 Ended 2009 Ended 2010 Ended 2009 Ended 2010 Ended 2009 Ended 2010
 
 
Connecticut Dividend Advantage $850  $850  $0  $0  $0  $0  $850  $850 
Connecticut Dividend Advantage 2  850   850   0   0   0   0   850   850 
Connecticut Dividend Advantage 3  850   850   0   0   0   0   850   850 
Connecticut Premium Income  850   850   0   0   0   0   850   850 
Georgia Dividend Advantage  850   850   0   0   0   0   850   850 
Georgia Dividend Advantage 2  850   850   0   0   0   0   850   850 
Georgia Premium Income  850   850   0   0   0   0   850   850 
Maryland Dividend Advantage  850   850   0   0   0   0   850   850 
Maryland Dividend Advantage 2  850   850   0   0   0   0   850   850 
Maryland Dividend Advantage 3  850   850   0   0   0   0   850   850 
Maryland Premium Income  850   850   0   0   0   0   850   850 
Massachusetts Dividend Advantage  850   850   0   0   0   0   850   850 
Massachusetts Premium Income  850   850   0   0   0   0   850   850 
Insured Massachusetts Tax-Free Advantage  850   850   0   0   0   0   850   850 
Michigan Dividend Advantage(3)
  850   850   0   0   0   0   850   850 
Michigan Premium Income(3)
  1,700   3,400   0   0   0   0   1,700   3,400 
Michigan Quality Income(3)
  1,700   3,400   0   0   0   0   1,700   3,400 
Missouri Premium Income  850   850   0   0   0   0   850   850 
New Jersey Dividend Advantage  850   850   0   0   0   0   850   850 
New Jersey Dividend Advantage 2  850   850   0   0   0   0   850   850 
New Jersey Investment Quality  3,400   3,400   0   0   0   0   3,400   3,400 
New Jersey Value(4)
  0   0   0   0   0   0   0   0 
New Jersey Premium Income  3,400   3,400   0   0   0   0   3,400   3,400 
North Carolina Dividend Advantage  850   850   0   0   0   0   850   850 
North Carolina Dividend Advantage 2  850   850   0   0   0   0   850   850 
                                 
 
    Total Non-Audit Fees
    
    Billed to Adviser and
    
    Adviser Entities
    
    (Engagements Related
 Total Non-Audit Fees
  
    Directly to the Operations
 Billed to Adviser and
  
  Total Non-Audit Fees
 and Financial Reporting
 Adviser Entities (All Other
  
  Billed to Fund of Fund) Engagements) Total
  Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
Fund Ended 2010 Ended 2011 Ended 2010 Ended 2011 Ended 2010 Ended 2011 Ended 2010 Ended 2011
 
 
Massachusetts Dividend Advantage $850  $0  $0  $0  $0  $0  $850  $0 
Massachusetts Premium Income  850   850   0   0   0   0   850   850 
Michigan Dividend Advantage  850   850   0   0   0   0   850   850 
Michigan Premium Income  3,400   3,400   0   0   0   0   3,400   3,400 
Michigan Quality Income  3,400   3,400   0   0   0   0   3,400   3,400 
Missouri Premium Income  850   850   0   0   0   0   850   850 
New Jersey Dividend Advantage  850   850   0   0   0   0   850   850 
New Jersey Dividend Advantage 2  850   850   0   0   0   0   850   850 
New Jersey Investment Quality  3,400   1,700   0   0   0   0   3,400   1,700 
New Jersey Value  0   0   0   0   0   0   0   0 
New Jersey Premium Income  3,400   1,700   0   0   0   0   3,400   1,700 
Ohio Dividend Advantage  850   850   0   0   0   0   850   850 
Ohio Dividend Advantage 2  850   850   0   0   0   0   850   850 
Ohio Dividend Advantage 3  850   850   0   0   0   0   850   850 
Ohio Quality Income  3,400   3,400   0   0   0   0   3,400   3,400 
Pennsylvania Value  0   0   0   0   0   0   0   0 
Pennsylvania Dividend Advantage  850   850   0   0   0   0   850   850 
Pennsylvania Dividend Advantage 2  850   850   0   0   0   0   850   850 
Pennsylvania Investment Quality  850   850   0   0   0   0   850   850 
Pennsylvania Premium Income 2  850   850   0   0   0   0   850   850 
Texas Quality Income  850   850   0   0   0   0   850   850 
Virginia Dividend Advantage  850   0   0   0   0   0   850   0 
Virginia Dividend Advantage 2  850   0   0   0   0   0   850   0 
Virginia Premium Income  850   850   0   0   0   0   850   850 
 
 

4746

 

 
                                 
 
    Total Non-Audit Fees
    
    Billed to Adviser and
    
    Adviser Entities
    
    (Engagements Related
 Total Non-Audit Fees
  
    Directly to the Operations
 Billed to Adviser and
  
  Total Non-Audit Fees
 and Financial Reporting
 Adviser Entities (All Other
  
  Billed to Fund of Fund) Engagements) Total
  Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
 Fiscal Year
Fund Ended 2009 Ended 2010 Ended 2009 Ended 2010 Ended 2009 Ended 2010 Ended 2009 Ended 2010
 
 
North Carolina Dividend Advantage 3 $850  $850  $0  $0  $0  $0  $850  $850 
North Carolina Premium Income  850   850   0   0   0   0   850   850 
Ohio Dividend Advantage(3)
  850   850   0   0   0   0   850   850 
Ohio Dividend Advantage 2(3)
  850   850   0   0   0   0   850   850 
Ohio Dividend Advantage 3(3)
  850   850   0   0   0   0   850   850 
Ohio Quality Income(3)
  1,700   3,400   0   0   0   0   1,700   3,400 
Pennsylvania Value(4)
  0   0   0   0   0   0   0   0 
Pennsylvania Dividend Advantage  850   850   0   0   0   0   850   850 
Pennsylvania Dividend Advantage 2  850   850   0   0   0   0   850   850 
Pennsylvania Investment Quality  850   850   0   0   0   0   850   850 
Pennsylvania Premium Income 2  850   850   0   0   0   0   850   850 
Texas Quality Income  850   850   0   0   0   0   850   850 
Virginia Dividend Advantage  850   850   0   0   0   0   850   850 
Virginia Dividend Advantage 2  850   850   0   0   0   0   850   850 
Virginia Premium Income  850   850   0   0   0   0   850   850 
 
 
(1) The Fund changed its fiscal year end from August 31 to February 28 beginning in 2009.
(2) The Fund commenced operations on April 28, 2009.
(3) The Fund changed its fiscal year end from July 31 to February 28 beginning in 2009.
(4) The Fund commenced operations on April 27, 2009.

48

Audit Committee Pre-Approval Policies and Procedures.  Generally, the audit committee must approve each Fund’s independent registered public accounting firm’s 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;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 $10,00010,000 but greater than $5,000;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 $5,000.5,000.
 
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 underRule 2.01(c)2-01(c)(7)(i)(C)(c) orRule 2.01(c)2-01(c)(7)(ii) ofRegulation 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 Fund’s equity securities to file forms reporting their affiliation with that Fund and reports of ownership and changes in ownership of that Fund’s 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, Adviser and affiliated persons of the Adviser have complied with all applicable Section 16(a) filing requirements during its last fiscal year. [NUVEEN, PLEASE ADVISE] To the knowledge of management of the Funds, no shareholder of a Fund owns more than 10% of a registered class of a Fund’s 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


4947

 

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 2011,2012, a shareholder proposal submitted pursuant toRule 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 June 7, 2011.2012. A shareholder wishing to provide notice in the manner prescribed byRule 14a-4(c)(1) of a proposal submitted outside of the process ofRule 14a-8 must, pursuant to each Fund’s By-Laws, submit such written notice to the Fund not later than August 22, 20112012 or prior to August 5, 2011.2012. 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 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 is: February 28 for Arizona Dividend Advantage, Arizona Dividend Advantage 2, Arizona Dividend Advantage 3, Arizona Premium Income, and Texas Quality Income. California Dividend Advantage, California Dividend Advantage 2, California Dividend Advantage 3, California Investment Quality, California Market Opportunity, California Value, California Value 2, California Performance Plus, California Premium Income, California Quality Income, California Select Quality, Insured California Dividend Advantage, Insured California Premium Income, Insured California Premium Income 2, Insured California Tax-Free Advantage, Michigan Dividend Advantage, Michigan Premium Income, Michigan Quality Income, Ohio Dividend Advantage, Ohio Dividend Advantage 2, Ohio Dividend Advantage 3, Ohio Quality Income, Texas Quality Income; April 30 for New Jersey Dividend Advantage, New Jersey Dividend Advantage 2, New Jersey Investment Quality, New Jersey Value, New Jersey Premium Income, Pennsylvania Value, Pennsylvania Dividend Advantage, Pennsylvania Dividend Advantage 2, Pennsylvania Investment Quality and Pennsylvania Premium Income 2;


5048

 

Premium Income 2; May 31 for Connecticut Dividend Advantage, Connecticut Dividend Advantage 2, Connecticut Dividend Advantage 3, Connecticut Premium Income, Georgia Dividend Advantage, Georgia Dividend Advantage 2, Georgia Premium Income, Maryland Dividend Advantage, Maryland Dividend Advantage 2, Maryland Dividend Advantage 3, Massachusetts Dividend Advantage, Massachusetts Premium Income, Insured Massachusetts Tax-Free Advantage, Missouri Premium Income, North Carolina Dividend Advantage, North Carolina Dividend Advantage 2, North Carolina Dividend Advantage 3, North Carolina Premium Income, Virginia Dividend Advantage, Virginia Dividend Advantage 2 and Virginia Premium Income; June 30 for Tax-Advantaged Floating Rate; and July 31 for Floating Rate Income, Floating Rate Income Opportunity Senior Income, Arizona Dividend Advantage, Arizona Dividend Advantage 2, Arizona Dividend Advantage 3, Arizona Premium Income, and Texas QualitySenior Income.
 
Annual Report Delivery
 
Annual reports will be sent to shareholders of record of each Fund following each Fund’s fiscal year end. Each Fund will furnish, without charge, a copy of its annual reportand/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 calling1-800-257-8787.
 
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting To Be Held on November 16, 2010:15, 2011:
 
Each Fund’s Proxy Statement is available at www.nuveen.com/proxyinfo/CEF/Info/Share-holder/ProxyStatements.aspx.Default.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, semi-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, semi-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.
 
A majority of the shares entitled to vote at each Annual Meeting, represented in person or by proxy, shall constitute a quorum, except that for the election of the two Board member nominees to be elected by holders of Preferred Shares for each applicable Fund, 331/3% of the shares present and entitled to vote, represented in person or by proxy, will constitute a quorum. In the absence of a quorum, business may proceed on any other matter or matters which may properly come before the Annual Meeting if there shall be present, in person or by proxy, a quorum of shareholders in respect of such other matters. Failure of a quorum of any Fund to be present at anythe Annual Meeting will necessitate adjournment and will subject thatthe applicable Fund to additional expense. Abstentions and broker non-votes will be treated as shares that are present for purposes of determining the presence of a quorum for transacting business at


49

the Annual Meeting. If a quorum is present and a Fund has not received enough votes by the time of the Annual Meeting to approve a proposal, the shareholders of the Fund present in person or by proxy and entitled to vote at the Annual Meeting may propose that such Annual Meeting be adjourned one or more times with respect to such Fund to permit further solicitation of proxies. The persons named in the enclosed proxy may also move for an adjournment of any Annual Meetingthe meeting to permit further solicitation of proxies with respect to any of the proposalproposals if they determine that adjournment and further solicitation is


51

reasonable and in the best interests of the shareholders.shareholders whether or not a quorum is present. Under each Fund’s 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 thesuch 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
The Nuveen Funds
 
October 11, 201017, 2011


5250

 

APPENDIX A
[NUVEEN TO UPDATE]
 
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, 2009.2010. The information as to beneficial ownership is based on statements furnished by each Board Member and officer.
 
                                                
   Floating
   Tax-
        Floating
   Tax-
     
 Floating
 Rate
   Advantaged
 Arizona
 Arizona
  Floating
 Rate
   Advantaged
 Arizona
 Arizona
 
Board Member
 Rate
 Income
 Senior
 Floating
 Dividend
 Dividend
  Rate
 Income
 Senior
 Floating
 Dividend
 Dividend
 
Nominees Income Opportunity Income Rate Advantage Advantage 2  Income Opportunity Income Rate Advantage Advantage 2 
   
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  $10,001-$50,000   $0   $50,001-$100,000   $0   $0   $0   $10,001-$50,000   $0   $50,001-$100,000   $0   $0   $0 
William C. Hunter  $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 
William J. Schneider  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
Judith M. Stockdale  $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 
Virginia L. Stringer  $0   $0   $0   $0   $0   $0 
Terence J. Toth  $0   $50,001-$100,000   Over $100,000   $0   $0   $0   $0   $50,001-$100,000   Over $100,000   $0   $0   $0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  $0   $0   $0   $10,001-$50,000   $0   $0   $0   $0   $0   $10,001-$50,000   $0   $0 
 
                                                
 Arizona
 Arizona
 California
 California
 California
 California
  Arizona
 Arizona
 California
 California
 California
 California
 
Board Member
 Dividend
 Premium
 Premium
 Dividend
 Dividend
 Investment
  Dividend
 Premium
 Premium
 Dividend
 Dividend
 Investment
 
Nominees Advantage 3 Income Advantage Advantage 2 Advantage 3 Quality  Advantage 3 Income Advantage Advantage 2 Advantage 3 Quality 
   
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  $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 
David J. Kundert  $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 
Judith M. Stockdale  $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 
Virginia L. Stringer  $0   $0   $0   $0   $0   $0 
Terence J. Toth  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
 


A-1

 

                                                        
Dollar Range of Equity SecuritiesDollar Range of Equity Securities Dollar Range of Equity Securities 
 California
     California
 California
 California
 California
  California
     California
 California
 California
 California
 
Board Member
 Market
 California
 California
 Performance
 Premium
 Quality
 Select
  Market
 California
 California
 Performance
 Premium
 Quality
 Select
 
Nominees Opportunity Value Value 2 Plus Income Income Quality  Opportunity Value Value 2 Plus Income Income Quality 
   
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  $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 
David J. Kundert  $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 
Judith M. Stockdale  $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 
Virginia L. Stringer  $0   $0   $0   $0   $0   $0   $0 
Terence J. Toth  $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
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
 
                        
 Insured
 Insured
 Insured
 Insured
                                 
 California
 California
 California
 California
 Connecticut
 Connecticut
  Maryland
 Maryland
 Maryland
 Maryland
 Massachusetts
 Massachusetts
 Michigan
 
Board Member
 Dividend
 Premium
 Premium
 Tax-Free
 Dividend
 Dividend
  Dividend
 Dividend
 Dividend
 Premium
 Dividend
 Premium
 Dividend
 
Nominees Advantage Income Income 2 Advantage Advantage Advantage 2  Advantage Advantage 2 Advantage 3 Income Advantage Income Advantage 
 
 
                            
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  $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 
David J. Kundert  $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 
Judith M. Stockdale  $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 
Virginia L. Stringer  $0   $0   $0   $0   $0   $0   $0 
Terence J. Toth  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
 

A-2

 

                                                    
Dollar Range of Equity SecuritiesDollar Range of Equity Securities Dollar Range of Equity Securities 
 Connecticut
 Connecticut
 Georgia
 Georgia
 Georgia
 Maryland
  Michigan
 Michigan
 Missouri
 New Jersey
 New Jersey
 New Jersey
   
Board Member
 Dividend
 Premium
 Dividend
 Dividend
 Premium
 Dividend
  Premium
 Quality
 Premium
 Dividend
 Dividend
 Investment
 New Jersey
 
Nominees Advantage 3 Income Advantage Advantage 2 Income Advantage  Income Income Income Advantage Advantage 2 Quality Value 
   
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  $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 
David J. Kundert  $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 
Judith M. Stockdale  $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 
Virginia L. Stringer  $0   $0   $0   $0   $0   $0   $0 
Terence J. Toth  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
 
                                                    
           Insured
  New
             
 Maryland
 Maryland
 Maryland
 Massachusetts
 Massachusetts
 Massachusetts
  Jersey
 Ohio
 Ohio
 Ohio
 Ohio
   Pennsylvania
 
Board Member
 Dividend
 Dividend
 Premium
 Dividend
 Premium
 Tax-Free
  Premium
 Dividend
 Dividend
 Dividend
 Quality
 Pennsylvania
 Dividend
 
Nominees Advantage 2 Advantage 3 Income Advantage Income Advantage  Income Advantage Advantage 2 Advantage 3 Income Value Advantage 
   
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  $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 
David J. Kundert  $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 
Judith M. Stockdale  $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 
Virginia L. Stringer  $0   $0   $0   $0   $0   $0   $0 
Terence J. Toth  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0   $0 
 

A-3

 

                                                    
Dollar Range of Equity SecuritiesDollar Range of Equity Securities Dollar Range of Equity Securities 
 Michigan
 Michigan
 Michigan
 Missouri
 New Jersey
 New Jersey
  Pennsylvania
 Pennsylvania
 Pennsylvania
 Texas
 Virginia
 Virginia
 Virginia
 
Board Member
 Dividend
 Premium
 Quality
 Premium
 Dividend
 Dividend
  Dividend
 Investment
 Premium
 Quality
 Dividend
 Dividend
 Premium
 
Nominees Advantage Income Income Income Advantage Advantage 2  Advantage 2 Quality Income 2 Income Advantage Advantage 2 Income 
   
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans $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 
David J. Kundert $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 
Judith M. Stockdale $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 
Virginia L. Stringer  $0   $0   $0   $0   $0   $0   $0 
Terence J. Toth $0  $0  $0  $0  $0  $0   $0   $0   $0   $0   $0   $0   $0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian $0  $0  $0  $0  $0  $0   $0   $0   $0   $0   $0   $0   $0 
 
                             
           North
  North
  North
  North
 
  New Jersey
     New Jersey
  Carolina
  Carolina
  Carolina
  Carolina
 
Board Member
 Investment
  New Jersey
  Premium
  Dividend
  Dividend
  Dividend
  Premium
 
Nominees Quality  Value  Income  Advantage  Advantage 2  Advantage 3  Income 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner $0  $0  $0  $0  $0  $0  $0 
Jack B. Evans $0  $0  $0  $0  $0  $0  $0 
William C. Hunter $0  $0  $0  $0  $0  $0  $0 
David J. Kundert $0  $0  $0  $0  $0  $0  $0 
William J. Schneider $0  $0  $0  $0  $0  $0  $0 
Judith M. Stockdale $0  $0  $0  $0  $0  $0  $0 
Carole E. Stone $0  $0  $0  $0  $0  $0  $0 
Terence J. Toth $0  $0  $0  $0  $0  $0  $0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian $0  $0  $0  $0  $0  $0  $0 
 
 

A-4

                             
Dollar Range of Equity Securities 
  Ohio
  Ohio
  Ohio
  Ohio
     Pennsylvania
  Pennsylvania
 
Board Member
 Dividend
  Dividend
  Dividend
  Quality
  Pennsylvania
  Dividend
  Dividend
 
Nominees Advantage  Advantage 2  Advantage 3  Income  Value  Advantage  Advantage 2 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner $0  $0  $0  $0  $0  $0  $0 
Jack B. Evans $0  $0  $0  $0  $0  $0  $0 
William C. Hunter $0  $0  $0  $0  $0  $0  $0 
David J. Kundert $0  $0  $0  $0  $0  $0  $0 
William J. Schneider $0  $0  $0  $0  $0  $0  $0 
Judith M. Stockdale $0  $0  $0  $0  $0  $0  $0 
Carole E. Stone $0  $0  $0  $0  $0  $0  $0 
Terence J. Toth $0  $0  $0  $0  $0  $0  $0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian $0  $0  $0  $0  $0  $0  $0 
 
 
                             
Dollar Range of Equity Securities 
                    Aggregate
 
                    Range of
 
                    Securities All
 
                    Registered
 
                    Investment
 
                    Companies
 
                    Overseen by
 
                    Board Member
 
                    Nominees in
 
  Pennsylvania
  Pennsylvania
  Texas
  Virginia
  Virginia
  Virginia
  Family of
 
Board Member
 Investment
  Premium
  Quality
  Dividend
  Dividend
  Premium
  Investment
 
Nominees Quality  Income 2  Income  Advantage  Advantage 2  Income  Companies(1) 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  $0   $0   $0   $0   $0   $0   Over $100,000 
Jack B. Evans  $0   $0   $0   $0   $0   $0   Over $100,000 
William C. Hunter  $0   $0   $0   $0   $0   $0   Over $100,000 
David J. Kundert  $0   $0   $0   $0   $0   $0   Over $100,000 
William J. Schneider  $0   $0   $0   $0   $0   $0   Over $100,000 
Judith M. Stockdale  $0   $0   $0   $0   $0   $0   Over $100,000 
Carole E. Stone  $0   $0   $0   $0   $0   $0   Over $100,000 
Terence J. Toth  $0   $0   $0   $0   $0   $0   Over $100,000 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  $0   $0   $0   $0   $0   $0   Over $100,000 
 
 
Dollar Range of Equity Securities
Aggregate
Range of
Securities All
Registered
Investment
Companies
Overseen by
Board Member
Nominees in
Family of
Board Member
Investment
NomineesCompanies(1)
Board Members/Nominees who are not interested persons of the Funds
Robert P. BremnerOver $100,000
Jack B. EvansOver $100,000
William C. HunterOver $100,000
David J. KundertOver $100,000
William J. SchneiderOver $100,000
Judith M. StockdaleOver $100,000
Carole E. StoneOver $100,000
Virginia L. StringerOver $100,000
Terence J. TothOver $100,000
Board Member/Nominee who is an interested person of the Funds
John P. AmboianOver $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-5A-4

 

 
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, 2009.2010. 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)Fund Shares Owned By Board Members And Officers(1) Fund Shares Owned By Board Members And Officers(1) 
       Tax-
            Tax-
       
 Floating
 Floating
   Advantaged
 Arizona
 Arizona
  Floating
 Floating
   Advantaged
 Arizona
 Arizona
 Arizona
��
Board Member
 Rate
 Rate Income
 Senior
 Floating
 Dividend
 Dividend
  Rate
 Rate Income
 Senior
 Floating
 Dividend
 Dividend
 Dividend
 
Nominees Income Opportunity Income Rate Advantage Advantage 2  Income Opportunity Income Rate Advantage Advantage 2 Advantage 3 
   
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  1,600   0   10,000   0   0   0   1,600   0   10,000   0   0   0   0 
William C. Hunter  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 
William J. Schneider  0   0   0   0   0   0   0   0   0   0   0   0   0 
Judith M. Stockdale  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 
Virginia L. Stringer  0   0   0   0   0   0   0 
Terence J. Toth  0   8,329   14,608   0   0   0   0   8,329   14,608   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   16,845   0   0   0   0   0   16,845   0   0   0 
All Board Members and Officers as a Group
  1,600   8,329   24,608   16,845   0   0   1,600   8,329   24,608   16,845   0   0   0 
 
                                                    
Fund Shares Owned By Board Members And Officers(1)Fund Shares Owned By Board Members And Officers(1) Fund Shares Owned By Board Members And Officers(1) 
 Arizona
 Arizona
 California
 California
 California
 California
  Arizona
 California
 California
 California
 California
 California
   
Board Member
 Dividend
 Premium
 Dividend
 Dividend
 Dividend
 Investment
  Premium
 Dividend
 Dividend
 Dividend
 Investment
 Market
 California
 
Nominees Advantage 3 Income Advantage Advantage 2 Advantage 3 Quality  Income Advantage Advantage 2 Advantage 3 Quality Opportunity Value 
   
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  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 
David J. Kundert  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 
Judith M. Stockdale  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 
Virginia L. Stringer  0   0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0   0   0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0   0   0   0   0   0   0   0 
All Board Members and Officers as a Group
  0   0   0   0   0   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-5

                                 
Fund Shares Owned By Board Members And Officers(1) 
     California
  California
  California
  California
  Maryland
  Maryland
    
Board Member
 California
  Performance
  Premium
  Quality
  Select
  Dividend
  Dividend
    
Nominees Value 2  Plus  Income  Income  Quality  Advantage  Advantage 2    
  
 
Robert P. Bremner  0   0   0   0   0   0   0     
Jack B. Evans  0   0   0   0   0   0   0     
William C. Hunter  0   0   0   0   0   0   0     
David J. Kundert  0   0   0   0   0   0   0     
William J. Schneider  0   0   0   0   0   0   0     
Judith M. Stockdale  0   0   0   0   0   0   0     
Carole E. Stone  0   0   0   0   0   0   0     
Virginia L. Stringer  0   0   0   0   0   0   0     
Terence J. Toth  0   0   0   0   0   0   0     
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0   0     
All Board Members and Officers as a Group
  0   0   0   0   0   0   0     
 
 
                             
  Maryland
  Maryland
  Massachusetts
  Massachusetts
  Michigan
  Michigan
  Michigan
 
Board Member
 Dividend
  Premium
  Dividend
  Premium
  Dividend
  Premium
  Quality
 
Nominees Advantage 3  Income  Advantage  Income  Advantage  Income  Income 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0   0   0 
Jack B. Evans  0   0   0   0   0   0   0 
William C. Hunter  0   0   0   0   0   0   0 
David J. Kundert  0   0   0   0   0   0   0 
William J. Schneider  0   0   0   0   0   0   0 
Judith M. Stockdale  0   0   0   0   0   0   0 
Carole E. Stone  0   0   0   0   0   0   0 
Virginia L. Stringer  0   0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0   0 
All Board Members and Officers as a Group
  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-6

                             
Fund Shares Owned By Board Members And Officers(1) 
  Missouri
  New Jersey
  New Jersey
  New Jersey
     New Jersey
  Ohio
 
Board Member
 Premium
  Dividend
  Dividend
  Investment
  New Jersey
  Premium
  Dividend
 
Nominees Income  Advantage  Advantage 2  Quality  Value  Income  Advantage 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0   0   0 
Jack B. Evans  0   0   0   0   0   0   0 
William C. Hunter  0   0   0   0   0   0   0 
David J. Kundert  0   0   0   0   0   0   0 
William J. Schneider  0   0   0   0   0   0   0 
Judith M. Stockdale  0   0   0   0   0   0   0 
Carole E. Stone  0   0   0   0   0   0   0 
Virginia L. Stringer  0   0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0   0 
All Board Members and Officers as a Group
  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-6

                             
Fund Shares Owned By Board Members And Officers(1) 
  California
        California
  California
  California
  California
 
Board Member
 Market
  California
  California
  Performance
  Premium
  Quality
  Select
 
Nominees Opportunity  Value  Value 2  Plus  Income  Income  Quality 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0       0   0   0   0 
Jack B. Evans  0   0       0   0   0   0 
William C. Hunter  0   0       0   0   0   0 
David J. Kundert  0   0       0   0   0   0 
William J. Schneider  0   0       0   0   0   0 
Judith M. Stockdale  0   0       0   0   0   0 
Carole E. Stone  0   0       0   0   0   0 
Terence J. Toth  0   0       0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0       0   0   0   0   0 
All Board Members and Officers as a Group
  0       0   0   0   0   0 
 
 
                         
Fund Shares Owned By Board Members And Officers(1) 
  Insured
  Insured
  Insured
  Insured
       
  California
  California
  California
  California
  Connecticut
  Connecticut
 
Board Member
 Dividend
  Premium
  Premium
  Tax-Free
  Dividend
  Dividend
 
Nominees Advantage  Income  Income 2  Advantage  Advantage  Advantage 2 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0   0 
Jack B. Evans  0   0   0   0   0   0 
William C. Hunter  0   0   0   0   0   0 
David J. Kundert  0   0   0   0   0   0 
William J. Schneider  0   0   0   0   0   0 
Judith M. Stockdale  0   0   0   0   0   0 
Carole E. Stone  0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0 
All Board Members and Officers as a Group
  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-7

                         
Fund Shares Owned By Board Members And Officers(1) 
  Connecticut
  Connecticut
  Georgia
  Georgia
  Georgia
  Maryland
 
Board Member
 Dividend
  Premium
  Dividend
  Dividend
  Premium
  Dividend
 
Nominees Advantage 3  Income  Advantage  Advantage 2  Income  Advantage 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0   0 
Jack B. Evans  0   0   0   0   0   0 
William C. Hunter  0   0   0   0   0   0 
David J. Kundert  0   0   0   0   0   0 
William J. Schneider  0   0   0   0   0   0 
Judith M. Stockdale  0   0   0   0   0   0 
Carole E. Stone  0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0 
All Board Members and Officers as a Group
  0   0   0   0   0   0 
 
 
                         
                 Insured
 
  Maryland
  Maryland
  Maryland
  Massachusetts
  Massachusetts
  Massachusetts
 
Board Member
 Dividend
  Dividend
  Premium
  Dividend
  Premium
  Tax-Free
 
Nominees Advantage 2  Advantage 3  Income  Advantage  Income  Advantage 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0   0 
Jack B. Evans  0   0   0   0   0   0 
William C. Hunter  0   0   0   0   0   0 
David J. Kundert  0   0   0   0   0   0 
William J. Schneider  0   0   0   0   0   0 
Judith M. Stockdale  0   0   0   0   0   0 
Carole E. Stone  0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0 
All Board Members and Officers as a Group
  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-8

                         
Fund Shares Owned By Board Members And Officers(1) 
  Michigan
  Michigan
  Michigan
  Missouri
  New Jersey
  New Jersey
 
Board Member
 Dividend
  Premium
  Quality
  Premium
  Dividend
  Dividend
 
Nominees Advantage  Income  Income  Income  Advantage  Advantage 2 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0   0 
Jack B. Evans  0   0   0   0   0   0 
William C. Hunter  0   0   0   0   0   0 
David J. Kundert  0   0   0   0   0   0 
William J. Schneider  0   0   0   0   0   0 
Judith M. Stockdale  0   0   0   0   0   0 
Carole E. Stone  0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0 
All Board Members and Officers as a Group
  0   0   0   0   0   0 
 
 
                             
           North
  North
  North
  North
 
  New Jersey
     New Jersey
  Carolina
  Carolina
  Carolina
  Carolina
 
Board Member
 Investment
  New Jersey
  Premium
  Dividend
  Dividend
  Dividend
  Premium
 
Nominees Quality  Value  Income  Advantage  Advantage 2  Advantage 3  Income 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0   0   0 
Jack B. Evans  0   0   0   0   0   0   0 
William C. Hunter  0   0   0   0   0   0   0 
David J. Kundert  0   0   0   0   0   0   0 
William J. Schneider  0   0   0   0   0   0   0 
Judith M. Stockdale  0   0   0   0   0   0   0 
Carole E. Stone  0   0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0   0 
All Board Members and Officers as a Group
  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-9

                             
Fund Shares Owned By Board Members And Officers(1) 
  Ohio
  Ohio
  Ohio
  Ohio
     Pennsylvania
  Pennsylvania
 
Board Member
 Dividend
  Dividend
  Dividend
  Quality
  Pennsylvania
  Dividend
  Dividend
 
Nominees Advantage  Advantage 2  Advantage 3  Income  Value  Advantage  Advantage 2 
  
 
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0   0   0 
Jack B. Evans  0   0   0   0   0   0   0 
William C. Hunter  0   0   0   0   0   0   0 
David J. Kundert  0   0   0   0   0   0   0 
William J. Schneider  0   0   0   57   0   0   0 
Judith M. Stockdale  0   0   0   0   0   0   0 
Carole E. Stone  0   0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0       0 
All Board Members and Officers as a Group
  0   0   0   57   0   0   0 
 
 
                                                    
Fund Shares Owned By Board Members And Officers(1) 
 Pennsylvania
 Pennsylvania
 Texas
 Virginia
 Virginia
 Virginia
  Ohio
 Ohio
 Ohio
   Pennsylvania
 Pennsylvania
 Pennsylvania
 
Board Member
 Investment
 Premium
 Quality
 Dividend
 Dividend
 Premium
  Dividend
 Dividend
 Quality
 Pennsylvania
 Dividend
 Dividend
 Investment
 
Nominees Quality Income 2 Income Advantage Advantage 2 Income  Advantage 2 Advantage 3 Income Value Advantage Advantage 2 Quality 
 
 
                            
Board Members/Nominees who are not interested persons of the Funds
Board Members/Nominees who are not interested persons of the Funds
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 
Jack B. Evans  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 
David J. Kundert  0   0   0   0   0   0   0   0   0   0   0   0   0 
William J. Schneider  0   0   0   0   0   0   0   0   57   0   0   0   0 
Judith M. Stockdale  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 
Virginia L. Stringer  0   0   0   0   0   0   0 
Terence J. Toth  0   0   0   0   0   0   0   0   0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0   0   0   0   0   0   0   0   0 
All Board Members and Officers as a Group
  0   0   0   0   0   0   0   0   57   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-10
A-7

                     
Fund Shares Owned By Board Members And Officers(1) 
  Pennsylvania
  Texas
  Virginia
  Virginia
  Virginia
 
Board Member
 Premium
  Quality
  Dividend
  Dividend
  Premium
 
Nominees Income 2  Income  Advantage  Advantage 2  Income 
  
 
                     
Board Members/Nominees who are not interested persons of the Funds
Robert P. Bremner  0   0   0   0   0 
Jack B. Evans  0   0   0   0   0 
William C. Hunter  0   0   0   0   0 
David J. Kundert  0   0   0   0   0 
William J. Schneider  0   0   0   0   0 
Judith M. Stockdale  0   0   0   0   0 
Carole E. Stone  0   0   0   0   0 
Virginia L. Stringer  0   0   0   0   0 
Terence J. Toth  0   0   0   0   0 
Board Member/Nominee who is an interested person of the Funds
John P. Amboian  0   0   0   0   0 
All Board Members and Officers as a Group
  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-8

 

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
    Amount of
 Percentage
 
Fund and Class Shareholder Name and Address Shares Owned Owned  Shareholder Name and Address Shares Owned Owned 
   
Floating Rate Income (JFR)
— Common Shares		 First Trust Portfolios L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		  8,540,896   18.00%  First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  10,307,575   21.80% 
                    
  
 First Trust Advisors L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		         First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
                    
  
 The Charger Corporation(a)
1001 Warrenville Road
Lisle, IL 60532		         The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
                    
  
Floating Rate Income Opportunity (JRO)
— Common Shares		 First Trust Portfolios L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		  4,550,991   16.00%  First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  6,392,308   21.40% 
                    
  
 First Trust Advisors L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		         First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
                    
  
 The Charger Corporation(a)
1001 Warrenville Road
Lisle, IL 60532		         The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
                    
  
Senior Income (NSL)
— Common Shares		 First Trust Portfolios L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		  5,335,312   17.90%  First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  5,918,390   19.8% 
                    
  
 First Trust Advisors L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		         First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
                    
  
 The Charger Corporation(a)
1001 Warrenville Road
Lisle, IL 60532		         The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
                    
  
Arizona Dividend Advantage (NFZ)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  131   30.90%  Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  68   16.00% 
                    
  
 Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		         Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  27   6.40% 
                    
  
 Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		         Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  41   9.70% 
                    
 
 Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		        
          


B-1

 

                    
   
   Amount of
 Percentage
    Amount of
 Percentage
 
Fund and Class Shareholder Name and Address Shares Owned Owned  Shareholder Name and Address Shares Owned Owned 
 
 UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  39   9.20% 
          
 
 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  68   16.00% 
          
 
 Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  27   6.40% 
          
 
 Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  41   9.70% 
            
 
 Merrill Lynch, Pierce, Fenner & Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080		  27   6.40%  Merrill Lynch, Pierce, Fenner &
Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080		  27   6.40% 
                    
  
Arizona Dividend Advantage 2 (NKR)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  120   16.70%  Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  139   20.90% 
                    
  
 Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		         Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  128   19.20% 
                    
  
 Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		         Merrill Lynch, Pierce, Fenner &
Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080		  128   15.10% 
                    
  
 Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		         Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  85   12.78% 
                    
  
Arizona Premium Income (NAZ)
— Auction Rate Preferred Shares		 UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  94   8.43% 
          
 
 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  74   6.64% 
          
 
California Dividend Advantage 2 (NVX)
— MuniFund Term Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  858,400   20.03% 
          
 
(NVX) — Common Shares First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  1,522,477   10.30% 
 UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  63   9.47%           
           
  First Trust Advisors L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		        
 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  139   20.90%           
           
  The Charger Corporation(a)
1001 Warrenville Road
Lisle, IL 60532		        
 Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  128   19.20%           
          

B-2

 

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Merrill Lynch, Pierce, Fenner & Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080		  128   15.10% 
           
           
  Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  85   12.78% 
           
           
Arizona Dividend Advantage 3 (NXE)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  350   42.20% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		        
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  76   10.33% 
           
           
Arizona Premium Income (NAZ)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  158   13.20% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		        
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  94   8.43% 
           
           
  Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  401   35.90% 
           
           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
California Dividend Advantage 3 (NZH)
— Auction Rate Preferred Shares		 UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  186   6.69% 
           
           
(NZH) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  1,172,000   26.58% 
           
           
(NZH) — Common Shares First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  2,033,040   8.40% 
           
           
  First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
  The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
California Investment Quality (NQC)
— Common Shares		 First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  870,793   6.40% 
           
           
  First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
  The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
California Market Opportunity (NCO)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  430   22.04% 
           
           
  Merrill Lynch, Pierce, Fenner & Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080		  140   7.20% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  201   10.30% 
           
           
California Performance Plus (NCP)
— Common Shares		 First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  842,490   6.50% 
           
           
  First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           

B-3

 

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  394   35.30% 
           
           
  Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  74   6.64% 
           
           
California Dividend Advantage (NAC)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  426   7.90% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  1,243   22.90% 
           
           
  Bank of America N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  815   15.00% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  428   7.90% 
           
           
California Dividend Advantage 2 (NVX)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  367   8.30% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		        
           
           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
California Premium Income (NCU)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  572   41.60% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  105   7.60% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  467   34.00% 
           
           
California Quality Income (NUC)
— Common Shares		 First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  1,507,908   6.90% 
           
           
  First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
  The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
(NUC) — Auction Rate Preferred Shares Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  912   14.50% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  441   7.01% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  471   7.49% 
           
           
California Select Quality (NVC)
— Common Shares		 First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  1,682,505   7.30% 
           
           
  First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
  The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           

B-4

 

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  563   14.70% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  279   7.30% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  282   7.30% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  224   5.83% 
           
           
(NVX) — Common Shares First Trust Portfolios L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		  940,462   6.40% 
           
           
  First Trust Advisors L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		        
           
           
  The Charger Corporation(a)
1001 Warrenville Road
Lisle, IL 60532		        
           
           
California Dividend Advantage 3 (NZH)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  335   12.10% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  408   14.70% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  408   14.70% 
           
           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
(NVC) — Auction Rate Preferred Shares Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  927   14.67% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  371   5.87% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  556   8.80% 
           
           
  Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  385   6.09% 
           
           
Maryland Dividend Advantage (NFM)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  71   6.90% 
           
           
(NFM) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  197,115   7.44% 
           
           
Maryland Dividend Advantage 2 (NZR)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  89   8.40% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  56   5.30% 
           
           
(NZR) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  408,583   14.97% 
           
           
Maryland Dividend Advantage 3 (NWI)
— MuniFund Term Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  193,394   9.34% 
           
           
Maryland Premium Income (NMY)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  160   5.60% 
           

B-5

 

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  395   6.41% 
           
           
(NZH) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  580,000   6.72% 
           
           
(NZH) — Common Shares First Trust Portfolios L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		  1,452,573   6.00% 
           
           
  First Trust Advisors L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		        
           
           
  The Charger Corporation(a)
1001 Warrenville Road
Lisle, IL 60532		        
           
           
California Investment Quality (NQC)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  941   24.80% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  396   10.40% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  545   14.40% 
           
           
California Market Opportunity (NCO)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  430   22.04% 
           
           
  Merrill Lynch, Pierce, Fenner & Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080		  140   7.20% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  201   10.30% 
           
           
California Performance Plus (NCP)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  187   5.30% 
           
           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  157   5.50% 
           
           
(NMY) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  253,873   6.55% 
           
           
Massachusetts Dividend Advantage (NMB)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  86   15.10% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  80   14.00% 
           
           
(NMB) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  152,600   10.36% 
           
           
Massachusetts Premium Income (NMT)
— MuniFund Term Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  194,600   9.63% 
           
           
Michigan Premium Income (NMP)
— Auction Rate Preferred Shares		 UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  282   13.13% 
           
           
Michigan Quality Income (NUM)
— Auction Rate Preferred Shares		 UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  471   13.48% 
           
           
Missouri Premium Income (NOM)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  255   39.80% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  96   15.00% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  159   24.80% 
           

B-6

 

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  481   14.70% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  246   7.50% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  211   6.50% 
           
           
California Premium Income (NCU)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  572   41.60% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  105   7.60% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  467   34.00% 
           
           
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  90   5.80% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
California Quality Income (NUC)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  413   6.30% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
New Jersey Dividend Advantage (NXJ)
— Common Shares		 First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  539,701   8.20% 
           
           
  First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
  The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
New Jersey Dividend Advantage 2 (NUJ)
— Auction Rate Preferred Shares		 First Trust Portfolios L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		  358,334   7.90% 
           
           
  First Trust Advisors L.P.(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
  The Charger Corporation(a)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187		        
           
           
  Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  283   22.70% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  203   16.30% 
           
           
Ohio Dividend Advantage (NXI)
— MuniFund Term Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  140,000   12.01% 
           
           
Ohio Dividend Advantage 3 (NVJ)
— Auction Rate Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  62   10.00% 
           
           
(NVJ) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  250,000   13.54% 
           
           
Ohio Quality Income (NUO)
— Auction Rate Preferred Shares		 UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  342   11.51% 
           
           
  Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  218   7.08% 
           

B-7

 

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  912   14.50% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  441   7.01% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  471   7.49% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  431   6.85% 
           
           
California Select Quality (NVC)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  430   6.50% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  927   14.67% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  371   5.87% 
           
           
  JP Morgan Chase & Co.
270 Park Ave.
New York, NY 10017		  465   6.9% 
           

B-8

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  556   8.80% 
           
           
  Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  385   6.09% 
           
           
Insured California Dividend Advantage (NKL)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  560   12.90% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  655   15.10% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  377   8.70% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  269   6.20% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  249   5.75% 
           
           
(NKL) — Common Shares First Trust Portfolios L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		  1,029,017   6.80% 
           
           
  First Trust Advisors L.P.(a)
1001 Warrenville Road
Lisle, IL 60532		        
           
           
  The Charger Corporation(a)
1001 Warrenville Road
Lisle, IL 60532		        
           

B-9

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
Insured California Premium Income (NPC)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  592   32.89% 
           
           
  Merrill Lynch, Pierce, Fenner & Smith, Inc.
4 World Financial Center
250 Vesey Street
New York, NY 10080		  146   8.10% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  133   7.40% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  313   17.40% 
           
           
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  104   5.80% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
Insured California Premium Income 2 (NCL)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  689   23.49% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  196   6.68% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  493   16.81% 
           
           
Connecticut Dividend Advantage (NFC)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  193   27.90% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  172   24.90% 
           
           
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  63   8.40% 
           

B-10

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
Connecticut Dividend Advantage 2 (NGK)
— Auction Rate Preferred Shares		 Bank of America Corporation(d)
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  111   18.00% 
           
           
  Blue Ridge Investments, L.L.C.(d)
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		        
           
           
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  54   8.70% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
Connecticut Dividend Advantage 3 (NGO)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  207   18.3.0% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  185   16.40% 
           
           
Connecticut Premium Income (NTC)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  248   18.50% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  113   17.97% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  97   15.42% 
           

B-11

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  184   13.8% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  70   5.23% 
           
           
Georgia Dividend Advantage (NZX)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  91   16.40% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  32   5.80% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  59   10.60% 
           
           
Georgia Dividend Advantage 2 (NKG)
— Auction Rate Preferred Shares		 Bank of America Corporation(e)
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  81   6.90% 
           
           
  Bank of America, N.A.(e)
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		        
           
           
Georgia Premium Income (NPG)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  280   27.30% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  227   22.10% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  53   5.20% 
           
           
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  54   5.30% 
           

B-12

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
Maryland Dividend Advantage (NFM)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  71   6.90% 
           
           
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  55   5.30% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
Maryland Dividend Advantage 2 (NZR)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  89   8.40% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  56   5.30% 
           
           
(NZR) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  306,500   11.23% 
           
           
Maryland Dividend Advantage 3 (NWI)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  594   42.40% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		        
           
           
Maryland Premium Income (NMY)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  479   36.20% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           

B-13

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Citigroup Inc.(b)
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		  160   5.60% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  157   5.50% 
           
           
Massachusetts Dividend Advantage (NMB)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  86   15.10% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  80   14.00% 
           
           
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  46   8.10% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
Massachusetts Premium Income (NMT)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  174   30.20% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  174   30.20% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021 Zurich, Switzerland		  210   15.44% 
           
           
Insured Massachusetts Tax-Free Advantage (NGX)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  45   5.40% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  43   5.20% 
           

B-14

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  58   7.10% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
Michigan Dividend Advantage (NZW)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  139   24.30% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		        
           
           
Michigan Premium Income (NMP)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  286   13.30% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  234   10.90% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  234   10.90% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  282   13.13% 
           
           
Michigan Quality Income (NUM)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  397   11.40% 
           

B-15

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  670   19.20% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  657   18.80% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  471   13.48% 
           
           
Missouri Premium Income (NOM)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  255   39.80% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  96   15.00% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  159   24.80% 
           
           
New Jersey Dividend Advantage (NXJ)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  179   9.70% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		        
           

B-16

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  168   9.60% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
  Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  375   21.30% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  375   21.30% 
           
           
New Jersey Dividend Advantage 2 (NUJ)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  219   16.80% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  283   22.70% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  203   16.30% 
           
           
North Carolina Dividend Advantage (NRB)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  37   5.70% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  37   5.70% 
           
           
North Carolina Premium Income (NNC)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  99   11.50% 
           

B-17

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  98   11.40% 
           
           
Ohio Dividend Advantage (NXI)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  186   15.00% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  142   11.50% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  129   10.40% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  209   18.02% 
           
           
Ohio Dividend Advantage 2 (NBJ)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  96   10.40% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  112   12.10% 
           

B-18

           
  
    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		  94   10.20% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  114   12.34% 
           
           
Ohio Dividend Advantage 3 (NVJ)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  69   10.50% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  33   5.40% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  32   5.20% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  114   18.39% 
           
           
  Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  65   10.48% 
           
           
Ohio Quality Income (NUO)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  222   7.20% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           

B-19

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Citigroup Inc.(b)
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		  740   25.30% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  690   23.60% 
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  342   11.51% 
           
           
  Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  218   7.08% 
           
           
Pennsylvania Dividend Advantage (NXM)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  238   26.40% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
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		  51   5.60% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  39   4.30% 
           
           
Pennsylvania Dividend Advantage 2 (NVY)
— Auction Rate Preferred Shares		 Citigroup Global Markets Inc.(b)
388 Greenwich Street
New York, NY 10013		  220   23.90% 
           
           
  Citigroup Financial Products Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           

B-20

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  Citigroup Global Markets Holdings Inc.(b)
388 Greenwich Street
New York, NY 10013		        
           
           
  Citigroup Inc.(b)
399 Park Avenue
New York, NY 10043		        
           
           
Texas Quality Income (NTX)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  1,274   49.00% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  1,159   44.50% 
           
           
  Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  162   6.20% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  174   6.69% 
           
           
Virginia Dividend Advantage (NGB)
— Auction Rate Preferred Shares		 Morgan Stanley(c)
1585 Broadway
New York, NY 10036		  83   8.70% 
           
           
  Morgan Stanley & Co. Inc.(c)
1585 Broadway
New York, NY 10036		        
           
           
Virginia Dividend Advantage 2 (NNB)
— MuniFund Term Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  506,800   13.41% 
           
           
Virginia Premium Income (NPV)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  176   17.20% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  85   8.30% 
           
           
  Bank of America, N.A.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  91   8.90% 
           

B-21

           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
  UBS AG
Bahnhoftstrasse 45
PO Box CH-8021
Zurich, Switzerland		  132   5.79% 
           
  
    Amount of
  Percentage
 
Fund and Class Shareholder Name and Address Shares Owned  Owned 
  
 
Pennsylvania Dividend Advantage (NXM)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  51   5.60% 
           
           
Texas Quality Income (NTX)
— Auction Rate Preferred Shares		 Bank of America Corporation
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255		  1,274   49.00% 
           
           
  Blue Ridge Investments, L.L.C.
214 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255		  1,159   44.50% 
           
           
(NTX) — MuniFund Term Preferred Shares Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  787,578   11.11% 
           
           
Virginia Dividend Advantage (NGB)
— MuniFund Term Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  444,600   19.50% 
           
           
Virginia Dividend Advantage 2 (NNB)
— MuniFund Term Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  506,800   13.41% 
           
           
Virginia Premium Income (NPV)
— MuniFund Term Preferred Shares		 Karpus Management, Inc., d/b/a
Karpus Investment Management
183 Sully’s Trail
Pittsford, New York 14534		  296,650   10.16% 
 
 
*The information contained in this table is based on Schedule 13G filings made on or after December 1, 2009.2010.
 
(a)First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(b)Citigroup Global Markets Inc., Citigroup Financial Products Inc., Citigroup Global Markets Holdings Inc. and Citigroup Inc. filed their Schedule 13G jointly and did not differentiate holdings as to each entity.
(c)Morgan Stanley and Morgan Stanley & Co., Inc. filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(d)Bank of America Corporation and Blue Ridge Investments, L.L.C. filed their schedule 13G jointly and did not differentiate holdings as to each entity.
(e)Bank of America Corporation and Bank of America, N.A. filed their schedule 13G jointly and did not differentiate holdings as to each entity.

B-22B-8

 

 
 
APPENDIX C
 
NUMBER OF BOARD AND COMMITTEE MEETINGS
HELD DURING EACH FUND’S LAST FISCAL YEAR
 
                             
              Compliance, Risk
       
              Management
     Nominating
 
              and Regulatory
     and
 
  Regular
  Special
  Executive
  Dividend
  Oversight
  Audit
  Governance
 
  Board
  Board
  Committee
  Committee
  Committee
  Committee
  Committee
 
Fund Meeting  Meeting  Meeting  Meeting  Meeting  Meeting  Meeting 
  
 
Floating Rate Income  5   4   0   4   5   4   4 
Floating Rate Income Opportunity  5   4   0   4   5   4   4 
Senior Income  5   4   0   4   5   4   4 
Tax Advantaged Floating Rate  5   10   0   4   5   4   4 
Arizona Dividend Advantage  5   9   0   4   5   4   4 
Arizona Dividend Advantage 2  5   9   0   4   5   4   4 
Arizona Dividend Advantage 3  5   9   0   4   5   4   4 
Arizona Premium Income  5   9   0   4   5   4   4 
California Dividend Advantage  5   10   0   5   5   4   4 
California Dividend Advantage 2  5   10   0   5   5   4   4 
California Dividend Advantage 3  5   10   1   5   5   4   4 
California Investment Quality  5   10   0   5   5   4   4 
California Market Opportunity  5   10   0   5   5   4   4 
California Value  5   6   0   5   5   4   4 
California Value 2  5   6   1   5   5   4   4 
California Performance Plus  5   10   0   5   5   4   4 
California Premium Income  5   10   0   5   5   4   4 
California Quality Income  5   10   0   5   5   4   4 
California Select Quality  5   10   0   5   5   4   4 
Insured California Dividend Advantage  5   10   0   5   5   4   4 
Insured California Premium Income  5   10   0   5   5   4   4 
Insured California Premium Income 2  5   10   0   5   5   4   4 
Insured California Tax-Free Advantage  5   10   0   5   5   4   4 
Connecticut Dividend Advantage  5   5   1   4   5   4   4 
Compliance, Risk
Management
Nominating
and Regulatory
and
Regular
Special
Executive
Dividend
Oversight
Audit
Governance
Board
Board
Committee
Committee
Committee
Committee
Committee
FundMeetingMeetingMeetingMeetingMeetingMeetingMeeting
Floating Rate Income
Floating Rate Income Opportunity
Senior Income
Tax Advantaged Floating Rate
Arizona Dividend Advantage
Arizona Dividend Advantage 2
Arizona Dividend Advantage 3
Arizona Premium Income
California Dividend Advantage
California Dividend Advantage 2
California Dividend Advantage 3
California Investment Quality
California Market Opportunity
California Value
California Value 2
California Performance Plus
California Premium Income
California Quality Income
California Select Quality
Maryland Dividend Advantage
Maryland Dividend Advantage 2
Maryland Dividend Advantage 3
Maryland Premium Income
Massachusetts Dividend Advantage


C-1

 

 
                             
              Compliance, Risk
       
              Management
     Nominating
 
              and Regulatory
     and
 
  Regular
  Special
  Executive
  Dividend
  Oversight
  Audit
  Governance
 
  Board
  Board
  Committee
  Committee
  Committee
  Committee
  Committee
 
Fund Meeting  Meeting  Meeting  Meeting  Meeting  Meeting  Meeting 
  
 
Connecticut Dividend Advantage 2  5   5   1   4   5   4   4 
Connecticut Dividend Advantage 3  5   5   1   4   5   4   4 
Connecticut Premium Income  5   5   1   4   5   4   4 
Georgia Dividend Advantage  5   5   1   4   5   4   4 
Georgia Dividend Advantage 2  5   5   1   4   5   4   4 
Georgia Premium Income  5   5   1   4   5   4   4 
Maryland Dividend Advantage  5   5   1   4   5   4   4 
Maryland Dividend Advantage 2  5   5   1   4   5   4   4 
Maryland Dividend Advantage 3  5   5   1   4   5   4   4 
Maryland Premium Income  5   5   1   4   5   4   4 
Massachusetts Dividend Advantage  5   5   1   4   5   4   4 
Massachusetts Premium Income  5   5   1   4   5   4   4 
Insured Massachusetts Tax-Free Advantage  5   5   1   4   5   4   4 
Michigan Dividend Advantage  5   10   0   5   5   4   2 
Michigan Premium Income  5   10   0   5   5   4   2 
Michigan Quality Income  5   10   0   5   5   4   2 
Missouri Premium Income  5   5   0   4   5   4   4 
New Jersey Dividend Advantage  5   5   0   4   5   4   4 
New Jersey Dividend Advantage 2  5   5   0   4   5   4   4 
New Jersey Investment Quality  5   5   0   4   5   4   4 
New Jersey Value  5   5   1   4   5   4     
New Jersey Premium Income  5   5   0   4   5   4   4 
North Carolina Dividend Advantage  5   5   1   4   5   4   4 
North Carolina Dividend Advantage 2  5   5   1   4   5   4   4 
North Carolina Dividend Advantage 3  5   5   1   4   5   4   4 
North Carolina Premium Income  5   5   1   4   5   4   4 
Ohio Dividend Advantage  5   10   0   5   5   4   2 
Ohio Dividend Advantage 2  5   10   0   5   5   4   2 
Ohio Dividend Advantage 3  5   10   0   5   5   4   2 
Ohio Quality Income  5   10   0   5   5   4   2 
Compliance, Risk
Management
Nominating
and Regulatory
and
Regular
Special
Executive
Dividend
Oversight
Audit
Governance
Board
Board
Committee
Committee
Committee
Committee
Committee
FundMeetingMeetingMeetingMeetingMeetingMeetingMeeting
Massachusetts Premium Income
Michigan Dividend Advantage
Michigan Premium Income
Michigan Quality Income
Missouri Premium Income
New Jersey Dividend Advantage
New Jersey Dividend Advantage 2
New Jersey Investment Quality
New Jersey Value
New Jersey Premium Income
Ohio Dividend Advantage 2
Ohio Dividend Advantage 3
Ohio Quality Income
Pennsylvania Value
Pennsylvania Dividend Advantage
Pennsylvania Dividend Advantage 2
Pennsylvania Investment Quality
Pennsylvania Premium Income 2
Texas Quality Income
Virginia Dividend Advantage
Virginia Dividend Advantage 2
Virginia Premium Income

C-2

 

                             
              Compliance, Risk
       
              Management
     Nominating
 
              and Regulatory
     and
 
  Regular
  Special
  Executive
  Dividend
  Oversight
  Audit
  Governance
 
  Board
  Board
  Committee
  Committee
  Committee
  Committee
  Committee
 
Fund Meeting  Meeting  Meeting  Meeting  Meeting  Meeting  Meeting 
  
 
Pennsylvania Value  5   5   1   4   5   4     
Pennsylvania Dividend Advantage  5   5   0   4   5   4   4 
Pennsylvania Dividend Advantage 2  5   5   0   4   5   4   4 
Pennsylvania Investment Quality  5   5   0   4   5   4   4 
Pennsylvania Premium Income 2  5   5   0   4   5   4   4 
Texas Quality Income  5   9   0   4   5   4   4 
Virginia Dividend Advantage  5   5   1   4   5   4   4 
Virginia Dividend Advantage 2  5   5   1   4   5   4   4 
Virginia Premium Income  5   5   1   4   5   4   4 
 
 

C-3

AppendixAPPENDIX D
 
NUVEEN FUND BOARD
AUDIT COMMITTEE CHARTER
 
I.  Organization and Membership
 
There shall be a committee of each Board of Directors/Trustees (the “Board”) of the Nuveen Management Investment Companies (the “Funds” or, individually, a “Fund”) to be known as the Audit Committee. The Audit Committee shall be comprised of at least three Directors/Trustees. Audit Committee members shall be independent of the Funds and free of any relationship that, in the opinion of the Directors/Trustees, would interfere with their exercise of independent judgment as an Audit Committee member. In particular, each member must meet the independence and experience requirements applicable to the Funds of the exchanges on which shares of the Funds are listed, Section 10A of the Securities Exchange Act of 1934 (the “Exchange Act”), and the rules and regulations of the Securities and Exchange Commission (the “Commission”). Each such member of the Audit Committee shall have a basic understanding of finance and accounting, be able to read and understand fundamental financial statements, and be financially literate, and at least one such member shall have accounting or related financial management expertise, in each case as determined by the Directors/Trustees, exercising their business judgment (this person may also serve as the Audit Committee’s “financial expert” as defined by the Commission). The Board shall appoint the members and the Chairman of the Audit Committee, on the recommendation of the Nominating and Governance Committee. The Audit Committee shall meet periodically but in any event no less frequently than on a semi-annual basis. Except for the Funds, Audit Committee members shall not serve simultaneously on the audit committees of more than two other public companies.
 
II.  Statement of Policy, Purpose and Processes
 
The Audit Committee shall assist the Board in oversight and monitoring of (1) the accounting and reporting policies, processes and practices, and the audits of the financial statements, of the Funds; (2) the quality and integrity of the financial statements of the Funds; (3) the Funds’ compliance with legal and regulatory requirements, (4) the independent auditors’ qualifications, performance and independence; and (5) oversight of the Pricing Procedures of the Funds and the Valuation Group. In exercising this oversight, the Audit Committee can request other committees of the Board to assume responsibility for some of the monitoring as long as the other committees are composed exclusively of independent directors.
 
In doing so, the Audit Committee shall seek to maintain free and open means of communication among the Directors/Trustees, the independent auditors, the internal auditors and the management of the Funds. The Audit Committee shall meet periodically with Fund management, the Funds’ internal auditor, and the Funds’ independent auditors, in separate executive sessions. The Audit Committee shall prepare reports of the Audit Committee as required by the Commission to be included in the Fund’s annual proxy statements or otherwise.
 
The Audit Committee shall have the authority and resources in its discretion to retain special legal, accounting or other consultants to advise the Audit Committee and to otherwise discharge its responsibilities, including appropriate funding as determined by the Audit Committee for compensation to independent auditors engaged for the purpose of preparing


D-1

 

or issuing an audit report or performing other audit, review or attest services for a Fund, compensation to advisers employed by the Audit Committee, and ordinary administrative expenses of the Audit Committee that are necessary or appropriate in carrying out its duties, as determined in its discretion. The Audit Committee may request any officer or employee of Nuveen Investments, Inc. (or its affiliates) (collectively, “Nuveen”) or the Funds’ independent auditors or outside counsel to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee. The Funds’ independent auditors and internal auditors shall have unrestricted accessibility at any time to Committee members.
 
Responsibilities
 
Fund management has the primary responsibility to establish and maintain systems for accounting, reporting, disclosure and internal control.
 
The independent auditors have the primary responsibility to plan and implement an audit, with proper consideration given to the accounting, reporting and internal controls. Each independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Funds shall report directly to the Audit Committee. The independent auditors are ultimately accountable to the Board and the Audit Committee. It is the ultimate responsibility of the Audit Committee to select, appoint, retain, evaluate, oversee and replace any independent auditors and to determine their compensation, subject to ratification of the Board, if required. These Audit Committee responsibilities may not be delegated to any other Committee or the Board.
 
The Audit Committee is responsible for the following:
 
With respect to Fund financial statements:
 
 1. Reviewing and discussing the annual audited financial statements and semi-annual financial statements with Fund management and the independent auditors including major issues regarding accounting and auditing principles and practices, and the Funds’ disclosures in its periodic reports under “Management’s Discussion and Analysis.”
 
 2. Requiring the independent auditors to deliver to the Chairman of the Audit Committee a timely report on any issues relating to the significant accounting policies, management judgments and accounting estimates or other matters that would need to be communicated under PCAOB AU 380, Communications with Audit Committees., that arise during the auditors’ review of the Funds’ financial statements, which information the Chairman shall further communicate to the other members of the Audit Committee, as deemed necessary or appropriate in the Chairman’s judgment.
 
 3. Discussing with management the Funds’ press releases regarding financial results and dividends, as well as financial information and earnings guidance provided to analysts and rating agencies. This discussion may be done generally, consisting of discussing the types of information to be disclosed and the types of presentations to be made. The Chairman of the Audit Committee shall be authorized to have these discussions with management on behalf of the Audit Committee.
 
 4. Discussing with management and the independent auditors (a) significant financial reporting issues and judgments made in connection with the preparation and


D-2

 

 presentation of the Funds’ financial statements, including any significant changes in the Funds’ selection or application of accounting principles and any major issues as to the adequacy of the Funds’ internal controls and any special audit steps adopted in light of material control deficiencies; and (b) analyses prepared by Fund managementand/or the independent auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements.
 
 5. Discussing with management and the independent auditors the effect of regulatory and accounting initiatives on the Funds’ financial statements.
 
 6. Reviewing and discussing reports, both written and oral, from the independent auditorsand/or Fund management regarding (a) all critical accounting policies and practices to be used; (b) all alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative treatments and disclosures, and the treatment preferred by the independent auditors; and (c) other material written communications between the independent auditors and management, such as any management letter or schedule of unadjusted differences.
 
 7.��Discussing with Fund management the Funds’ major financial risk exposures and the steps management has taken to monitor and control these exposures, including the Funds’ risk assessment and risk management policies and guidelines. In fulfilling its obligations under this paragraph, the Audit Committee may review in a general manner the processes other Board committees have in place with respect to risk assessment and risk management.
 
 8. Reviewing disclosures made to the Audit Committee by the Funds’ principal executive officer and principal financial officer during their certification process for the Funds’ periodic reports about any significant deficiencies in the design or operation of internal controls or material weaknesses therein and any fraud involving management or other employees who have a significant role in the Funds’ internal controls. In fulfilling its obligations under this paragraph, the Audit Committee may review in a general manner the processes other Board committees have in place with respect to deficiencies in internal controls, material weaknesses, or any fraud associated with internal controls.
 
With respect to the independent auditors:
 
 1. Selecting, appointing, retaining or replacing the independent auditors, subject, if applicable, only to Board and shareholder ratification; and compensating, evaluating and overseeing the work of the independent auditor (including the resolution of disagreements between Fund management and the independent auditor regarding financial reporting).
 
 2. Meeting with the independent auditors and Fund management to review the scope, fees, audit plans and staffing for the audit, for the current year. At the conclusion of the audit, reviewing such audit results, including the independent auditors’ evaluation of the Funds’ financial and internal controls, any comments or recommendations of the independent auditors, any audit problems or difficulties and


D-3

 

 management’s response, including any restrictions on the scope of the independent auditor’s activities or on access to requested information, any significant disagreements with management, any accounting adjustments noted or proposed by the auditor but not made by the Fund, any communications between the audit team and the audit firm’s national office regarding auditing or accounting issues presented by the engagement, any significant changes required from the originally planned audit programs and any adjustments to the financial statements recommended by the auditors.
 
 3. Pre-approving all audit services and permitted non-audit services, and the terms thereof, to be performed for the Funds by their independent auditors, subject to the de minimis exceptions for non-audit services described in Section 10a of the Exchange Act that the Audit Committee approves prior to the completion of the audit, in accordance with any policies or procedures relating thereto as adopted by the Board or the Audit Committee. The Chairman of the Audit Committee shall be authorized to give pre-approvals of such non-audit services on behalf of the Audit Committee.
 
 4. Obtaining and reviewing a report or reports from the independent auditors at least annually (including a formal written statement delineating all relationships between the auditors and the Funds consistent with PCAOB Ethics and Independence Rule 3526, as may be amended, restated, modified or replaced) regarding (a) the independent auditor’s internal quality-control procedures; (b) any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years, respecting one or more independent audits carried out by the firm; (c) any steps taken to deal with any such issues; and (d) all relationships between the independent auditor and the Funds and their affiliates, in order to assist the Audit committee in assessing the auditor’s independence. After reviewing the foregoing report[s] and the independent auditor’s work throughout the year, the Audit Committee shall be responsible for evaluating the qualifications, performance and independence of the independent auditor and their compliance with all applicable requirements for independence and peer review, and a review and evaluation of the lead partner, taking into account the opinions of Fund management and the internal auditors, and discussing such reports with the independent auditors. The Audit Committee shall present its conclusions with respect to the independent auditor to the Board.
 
 5. Reviewing any reports from the independent auditors mandated by Section 10a(b) of the Exchange Act regarding any illegal act detected by the independent auditor (whether or not perceived to have a material effect on the Funds’ financial statements) and obtaining from the independent auditors any information about illegal acts in accordance with Section 10a(b).
 
 6. Ensuring the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law, and further considering the rotation of the independent auditor firm itself.


D-4

 

 
 7. Establishing and recommending to the Board for ratification policies for the Funds’, Fund management or the Fund adviser’s hiring of employees or former employees of the independent auditor who participated in the audits of the Funds.
 
 8. Taking, or recommending that the Board take, appropriate action to oversee the independence of the outside auditor.
 
With respect to any internal auditor:
 
 9. Reviewing the proposed programs of the internal auditor for the coming year. It is not the obligation or responsibility of the Audit Committee to confirm the independence of any Nuveen internal auditors performing services relating to the Funds or to approve any termination or replacement of the Nuveen Manager of Internal Audit.
 
 10. Receiving a summary of findings from any completed internal audits pertaining to the Funds and a progress report on the proposed internal audit plan for the Funds, with explanations for significant deviations from the original plan.
 
With respect to pricing and valuation oversight:
 
 11. The Board has responsibilities regarding the pricing of a Fund’s securities under the 1940 Act. The Board has delegated this responsibility to the Committee to address valuation issues that arise between Board meetings, subject to the Board’s general supervision of such actions. The Committee is primarily responsible for the oversight of the Pricing Procedures and actions taken by the internal Valuation Group (“Valuation Matters”). The Valuation Group will report on Valuation Matters to the Committeeand/or the Board of Directors/Trustees, as appropriate.
 
 12. Performing all duties assigned to it under the Funds’ Pricing Procedures, as such may be amended from time to time.
 13. Periodically reviewing and making recommendations regarding modifications to the Pricing Procedures as well as consider recommendations by the Valuation Group regarding the Pricing Procedures.
 
 14. Reviewing any issues relating to the valuation of a Fund’s securities brought to the Committee’s attention, including suspensions in pricing, pricing irregularities, price overrides, self-pricing, NAV errors and corrections thereto, and other pricing matters. In this regard, the Committee should consider the risks to the Funds in assessing the possible resolutions of these Valuation Matters.
 
 15. Evaluating, as it deems necessary or appropriate, the performance of any pricing agent and recommend changes thereto to the full Board.
 
 16. Reviewing any reports or comments from examinations by regulatory authorities relating to Valuation Matters of the Funds and consider management’s responses to any such comments and, to the extent the Committee deems necessary or appropriate, propose to managementand/or the full Board the modification of the Fund’s policies and procedures relating to such matters. The Committee, if deemed necessary or desirable, may also meet with regulators.


D-5

 

 
 17. Meeting with members of management of the Funds, outside counsel, or others in fulfilling its duties hereunder, including assessing the continued appropriateness and adequacy of the Pricing Procedures, eliciting any recommendations for improvements of such procedures or other Valuation Matters, and assessing the possible resolutions of issues regarding Valuation Matters brought to its attention.
 
 18. Performing any special review, investigations or oversight responsibilities relating to Valuation as requested by the Board of Directors/Trustees.
 
 19. Investigating or initiating an investigation of reports of improprieties or suspected improprieties in connection with the Fund’s policies and procedures relating to Valuation Matters not otherwise assigned to another Board committee.
 
Other responsibilities:
 
 20. Reviewing with counsel to the Funds, counsel to Nuveen, the Fund adviser’s counsel and independent counsel to the Board legal matters that may have a material impact on the Fund’s financial statements or compliance policies.
 
 21. Receiving and reviewing periodic or special reports issued on exposure/controls, irregularities and control failures related to the Funds.
 
 22. Reviewing with the independent auditors, with any internal auditor and with Fund management, the adequacy and effectiveness of the accounting and financial controls of the Funds, and eliciting any recommendations for the improvement of internal control procedures or particular areas where new or more detailed controls or procedures are desirable. Particular emphasis should be given to the adequacy of such internal controls to expose payments, transactions or procedures that might be deemed illegal or otherwise improper.
 
 23. Reviewing the reports of examinations by regulatory authorities as they relate to financial statement matters.
 
 24. Discussing with management and the independent auditor any correspondence with regulators or governmental agencies that raises material issues regarding the Funds’ financial statements or accounting policies.
 
 25. Obtaining reports from management with respect to the Funds’ policies and procedures regarding compliance with applicable laws and regulations.
 
 26. Reporting regularly to the Board on the results of the activities of the Audit Committee, including any issues that arise with respect to the quality or integrity of the Funds’ financial statements, the Funds’ compliance with legal or regulatory requirements, the performance and independence of the Funds’ independent auditors, or the performance of the internal audit function.
 
 27. Performing any special reviews, investigations or oversight responsibilities requested by the Board.
 
 28. Reviewing and reassessing annually the adequacy of this charter and recommending to the Board approval of any proposed changes deemed necessary or advisable by the Audit Committee.


D-6

 

 
 29. Undertaking an annual review of the performance of the Audit Committee.
 
 30. Establishing procedures for the receipt, retention and treatment of complaints received by the Funds regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission of concerns regarding questionable accounting or auditing matters by employees of Fund management, the investment adviser, administrator, principal underwriter, or any other provider of accounting related services for the Funds, as well as employees of the Funds.
 
Although the Audit Committee shall have the authority and responsibilities set forth in this Charter, it is not the responsibility of the Audit Committee to plan or conduct audits or to determine that the Funds’ financial statements are complete and accurate and are in accordance with generally accepted accounting principles. That is the responsibility of management and the independent auditors. Nor is it the duty of the Audit Committee to conduct investigations, to resolve disagreements, if any, between management and the independent auditors or to ensure compliance with laws and regulations.


D-7

 

[NUVEEN INVESTMENTS LOGO]
 
Nuveen Investments
333 West Wacker Drive
Chicago, IL60606-1286
 
(800) 257-8787
 
www.nuveen.comJFR1110JFR1111

(NUVEEN INVESTMENTS LOGO)
Nuveen Investments • 333 West Wacker Dr. • Chicago IL 60606
www.nuveen.com
999 999 999 999 99
Your Proxy Vote is important!
And now you can Vote your Proxy on the PHONE or the INTERNET.
It saves Money! Telephone and Internet voting saves postage costs. Savings which can help minimize fund expenses.
It saves Time! Telephone and Internet voting is instantaneous – 24 hours a day.
It’s Easy! Just follow these simple steps:
1. Read your Combined Prospectus/Proxy Statement and have it at hand.
2. Call toll-free 1-800-254-4997 or go to website: www.proxy-direct.com
3. Follow the recorded or on-screen directions.
4. Do not mail your Proxy Card when you vote by phone or Internet.


FUND NAME PRINTS HERE
COMMON SHARES		THIS PROXY IS SOLICITED BY THE BOARD OF THE FUND
FOR AN ANNUAL MEETING OF SHAREHOLDERS, NOVEMBER 15, 2011
The Annual Meeting of shareholders will be held Tuesday, November 15, 2011 at 10:30 a.m. Central time, in the offices of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois, 60606. At this meeting, you will be asked to vote on the proposals described in the proxy statement attached. The undersigned hereby appoints Kevin J. McCarthy and Gifford R. Zimmerman, and each of them, with full power of substitution, proxies for the undersigned, to represent and vote the shares of the undersigned at the Annual Meeting of shareholders to be held on November 15, 2011, or any adjournment or adjournments thereof.
WHETHER OR NOT YOU PLAN TO JOIN US AT THE MEETING, PLEASE COMPLETE, DATE AND SIGN YOUR PROXY CARD AND RETURN IT IN THE ENCLOSED ENVELOPE SO THAT YOUR VOTE WILL BE COUNTED. AS AN ALTERNATIVE, PLEASE CONSIDER VOTING BY TELEPHONE AT (800)254-4997 OR OVER THE INTERNET (www.proxy-direct.com).
¯                 Date:
SIGN HERE EXACTLY AS NAME(S) APPEAR(S) ON LEFT.
(Please sign in Box)
NOTE: PLEASE SIGN YOUR NAME EXACTLY AS IT APPEARS ON THIS PROXY. IF SHARES ARE HELD JOINTLY, EACH HOLDER MUST SIGN THE PROXY. IF YOU ARE SIGNING ON BEHALF OF AN ESTATE, TRUST OR CORPORATION, PLEASE STATE YOUR TITLE OR CAPACITY.

¯¯NAZ-NCP-NUC-
NVC-NMP-NUM-NQJ-NNJ-
NUO

In their discretion, the proxies are authorized to vote upon such other business as may properly come before the Annual Meeting.
Properly executed proxies will be voted as specified. If no specification is made, such shares will be voted “FOR” each proposal.
¯Please fill in box(es) as shown using black or blue ink or number 2 pencil.x
PLEASE DO NOT USE FINE POINT PENS.¯
1a.Election of Board Members:FORWITHHOLD
NOMINEESAUTHORITY
(01) John P. Amboian(05) Judith M. Stockdalelisted at leftto vote for all
(02) Robert P. Bremner(06) Carole E. Stone(except asnominees
(03) Jack B. Evans(07) Virginia L. Stringermarked to thelisted at left
(04) David J. Kundert(08) Terence J. Toth contrary)
¨¨
(INSTRUCTION: To withhold authority to vote for any individual nominee(s), write the number(s) of the nominee(s) on the line provided above.)FORAGAINSTABSTAIN
2a.To approve the elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans.¨¨¨
2b.To approve a new fundamental investment policy relating to the Fund’s ability to make loans.¨¨¨
PLEASE SIGN ON REVERSE SIDE
¯¯

 

(NUVEEN INVESTMENTS LOGO)
Nuveen Investments • 333 West Wacker Dr. • Chicago IL 60606
www.nuveen.com
 
999 999 999 999 99
Your Proxy Vote is important!
And now you can Vote your Proxy on the PHONE or the INTERNET.
It saves Money! Telephone and Internet voting saves postage costs. Savings which can help minimize fund expenses.
It saves Time! Telephone and Internet voting is instantaneous – 24 hours a day.
It’s Easy! Just follow these simple steps:
1. Read your Combined Prospectus/Proxy Statement and have it at hand.
2. Call toll-free1-866-241-61921-800-254-4997 or go to website: www.proxy-direct.com
3. Follow the recorded or on-screen directions.
4. Donotmail your Proxy Card when you vote by phone or Internet.
4.Donotmail your Proxy Card when you vote by phone or Internet.


FUND NAME PRINTS HERE
COMMONPREFERRED SHARES		 THIS PROXY IS SOLICITED BY THE BOARD OF THE FUND
FOR AN ANNUAL MEETING OF SHAREHOLDERS, NOVEMBER 16, 201015, 2011
The Annual Meeting of shareholders will be held Tuesday, November 16, 201015, 2011 at 10:30 a.m. Central time, in the 32nd Floor Conference Room onoffices of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois, 60606. At this meeting, you will be asked to vote on the proposals described in the proxy statement attached. The undersigned hereby appoints Kevin J. McCarthy and GilfordGifford R. Zimmerman, and each of them, with full power of substitution, proxies for the undersigned, to represent and vote the shares of the undersigned at the Annual Meeting of shareholders to be held on November 16, 2010,15, 2011, or any adjournment or adjournments thereof.
WHETHER OR NOT YOU PLAN TO JOIN US AT THE MEETING, PLEASE COMPLETE, DATE AND SIGN YOUR PROXY CARD AND RETURN IT IN THE ENCLOSED ENVELOPE SO THAT YOUR VOTE WILL BE COUNTED. AS AN ALTERNATIVE, PLEASE CONSIDER VOTING BY TELEPHONE AT (866)241-6192(800)254-4997 OR OVER THE INTERNET (www.proxy-direct.com).
      
     ¯                  Date:                                            
SIGN HERE EXACTLY AS NAME(S) APPEAR(S) ON LEFT.
(Please sign in Box)
 
NOTE: PLEASE SIGN YOUR NAME EXACTLY AS IT APPEARS ON THIS PROXY. IF SHARES ARE HELD JOINTLY, EACH HOLDER MUST SIGN THE PROXY. IF YOU ARE SIGNING ON BEHALF OF AN ESTATE, TRUST OR CORPORATION, PLEASE STATE YOUR TITLE OR CAPACITY.

¯ ¯ NAZ-NQC-NCP-NPC-NCL-NAZ-NCP-NUC-
NMP-NUM-NQJ-NNJ-NUO

In their discretion, the proxies are authorized to vote upon such other business as may properly come before the Annual Meeting.
Properly executed proxies will be voted as specified. If no specification is made, such shares will be voted “FOR” each proposal.
¯
Please fill in box(es) as shown using black or blue ink or number 2 pencil.x
PLEASE DO NOT USE FINE POINT PENS.¯
1a.Election of Board Members:NVC-NMP-NUM-NQJ-NNJ-

(01) John P. Amboian
(02) Robert P. Bremner
(03) Jack B. Evans
(04) David J. Kundert

(05) Judith M. Stockdale
(06) Carole E. Stone
(07) Terence J. Toth		FOR
NOMINEES
listed at left
(except as
marked to the
contrary)		WITHHOLD
AUTHORITY
to vote for all
nominees
listed at left
oo
(INSTRUCTION: To withhold authority to vote for any individual nominee(s), write the number(s) of the nominee(s) on the line provided above.)
3.To transact such other business as may properly come before the Annual Meeting.
PLEASE SIGN ON REVERSE SIDE
¯¯

(NUVEEN INVESTMENTS LOGO)
Nuveen Investments • 333 West Wacker Dr. • Chicago IL 60606
www.nuveen.com
999 999 999 999 99
Your Proxy Vote is important!
And now you can Vote your Proxy on the PHONE or the INTERNET.
It saves Money! Telephone and Internet voting saves postage costs. Savings which can help minimize fund expenses.
It saves Time! Telephone and Internet voting is instantaneous – 24 hours a day.
It’s Easy! Just follow these simple steps:
1. Read your Combined Prospectus/Proxy Statement and have it at hand.
2. Call toll-free1-866-241-6192 or go to website: www.proxy-direct.com
3. Follow the recorded or on-screen directions.
4. Donotmail your Proxy Card when you vote by phone or Internet.


FUND NAME PRINTS HERE
PREFERRED SHARES		THIS PROXY IS SOLICITED BY THE BOARD OF THE FUND
FOR AN ANNUAL MEETING OF SHAREHOLDERS, NOVEMBER 16, 2010
The Annual Meeting of shareholders will be held Tuesday, November 16, 2010 at 10:30 a.m. Central time, in the 32nd Floor Conference Room on Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois, 60606. At this meeting, you will be asked to vote on the proposals described in the proxy statement attached. The undersigned hereby appoints Kevin J. McCarthy and Gilford R. Zimmerman, and each of them, with full power of substitution, proxies for the undersigned, to represent and vote the shares of the undersigned at the Annual Meeting of shareholders to be held on November 16, 2010, or any adjournment or adjournments thereof.
WHETHER OR NOT YOU PLAN TO JOIN US AT THE MEETING, PLEASE COMPLETE, DATE AND SIGN YOUR PROXY CARD AND RETURN IT IN THE ENCLOSED ENVELOPE SO THAT YOUR VOTE WILL BE COUNTED. AS AN ALTERNATIVE, PLEASE CONSIDER VOTING BY TELEPHONE AT (866)241-6192 OR OVER THE INTERNET (www.proxy-direct.com).
¯                  Date:
SIGN HERE EXACTLY AS NAME(S) APPEAR(S) ON LEFT.
(Please sign in Box)
NOTE: PLEASE SIGN YOUR NAME EXACTLY AS IT APPEARS ON THIS PROXY. IF SHARES ARE HELD JOINTLY, EACH HOLDER MUST SIGN THE PROXY. IF YOU ARE SIGNING ON BEHALF OF AN ESTATE, TRUST OR CORPORATION, PLEASE STATE YOUR TITLE OR CAPACITY.

¯¯NAZ-NQC-NCP-NPC-NCL-
NMP-NUM-NQJ-NNJ-NUONUO

 

 

In their discretion, the proxies are authorized to vote upon such other business as may properly come before the Annual Meeting.
Properly executed proxies will be voted as specified. If no specification is made, such shares will be voted “FOR” each proposal.
     
¯
 Please fill in box(es) as shown using black or blue ink or number 2 pencil.x  
  PLEASE DO NOT USE FINE POINT PENS. ¯
           
1a. Election of Board
Members:
(01) John P. Amboian
(02) Robert P. Bremner
(03) Jack B. Evans
(04) David J. Kundert

(05) Judith M. Stockdale
(06) Carole E. Stone
(07) Virginia L. Stringer
(08) Terence J. Toth
Preferred Shares Only:

(08)(09) William C. Hunter
(09)(10) William J.
Schneider		 FOR
NOMINEES
listed at left
(except as
marked to
the
contrary)		 WITHHOLD
AUTHORITY
to vote for all
nominees
listed at left		  
           
      o o  
       
  (INSTRUCTION: To withhold authority to vote for any individual nominee(s),
write the number(s) of the nominee(s) on the line provided above.)		 FOR AGAINST ABSTAIN
           
3.2a. To transact such other business as may properly come beforeapprove the Annual Meeting.elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans.ooo
      
2b.To approve a new fundamental investment policy relating to the Fund’s ability to make loans.ooo
PLEASE SIGN ON REVERSE SIDE
   
¯ ¯