SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the registrant [X]
Filed by a party other than the registrant [ ]
Check the appropriate box:
[ ] Preliminary proxy statement. [ ] Confidential, for use of the
Commission only (as permitted by
Rule 14a-6(e)(2).
[X] Definitive proxy statement.
[ ] Definitive additional materials.
[ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12.
NUVEEN MULTISTATE TRUST IV
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(Name of Registrant as Specified in Its Charter)
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(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)
Payment of filing fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.
(1) Title of each class of securities to which transaction applies:
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(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):
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(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously with preliminary materials.
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[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the form or schedule and the date of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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IMPORTANT NOTICE
TO NUVEEN FUND SHAREHOLDERS
JULY 28, 2003
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. Your Fund is holding a special meeting to obtain shareholder approval on
the following items:
1. To elect trustees to serve on the Board of Trustees.
2. To approve changes to certain fundamental investment policies.
Please refer to the Joint Proxy Statement for a detailed explanation of the
proposed items.
Q. WHY ARE INDIVIDUALS RECOMMENDED FOR ELECTION TO THE BOARD OF TRUSTEES?
A. Currently, two separate board clusters oversee the funds in the Nuveen
family of funds. One board cluster comprised of the same board members
oversees the funds managed by Nuveen Advisory Corp. and one board cluster
comprised of the same board members oversees all but one of the funds
managed by Nuveen Institutional Advisory Corp. (the "Adviser"). The Board
of your Fund has proposed to consolidate both board clusters into a single
board cluster so that the same individuals serve on the boards of most
Nuveen funds.
Your Board believes that the consolidation of board clusters will have the
following advantages:
- the consolidation will avoid the need to add new board members to each
board cluster at various later dates to maintain the current size and
structure of each board cluster and thereby avoid the costs associated
with multiple meetings to fill such vacancies;
- the consolidation ensures that each Fund will gain new board members that
are already knowledgeable about Nuveen and investment companies in
general;
- the consolidation would reduce the duplication of board materials and
reports covering the same issues and would avoid the need for repeated
presentation of the same material by the same personnel at different
meetings;
- reducing such administrative burdens will allow the Adviser and its
personnel to focus more on non-administrative matters; and
- a single board cluster overseeing all operations of the Nuveen family of
funds will have a better picture of all issues facing shareholders.
Q. WHICH FUNDAMENTAL INVESTMENT POLICIES ARE CHANGING?
A. Your Board has proposed to amend your Fund's fundamental investment
policies relating to borrowing and lending in connection with the
implementation of a proposed interfund lending program. In addition, your
Board has proposed amending your Fund's fundamental policy regarding
investing in only municipal securities to enable your Fund to invest in
non-municipal securities under certain very limited circumstances.
Q. WHY IS THE FUND PROPOSING TO CHANGE ITS FUNDAMENTAL INVESTMENT POLICIES?
A. In connection with disaster recovery planning and to provide liquidity in
the event that open-end funds in the Nuveen family of funds encounter
higher than normal redemption requests that may follow a national disaster
such as the events of September 11, 2001, your Board has authorized the
Fund's participation in an interfund lending program that would allow the
Nuveen Funds, including your Fund, to lend and borrow cash for temporary
purposes directly to and from each other. The proposed new fundamental
investment policies will enable your Fund to participate in this interfund
lending program. In addition, your Board is proposing to amend your Fund's
fundamental policy regarding investing in only municipal securities to
enable the Fund to invest in non-municipal securities in connection with
workouts of distressed credits.
Q. HOW DO THE TRUSTEES OF MY FUND SUGGEST THAT I VOTE?
A. After careful consideration, the trustees of your Fund unanimously
recommend that you vote "FOR" each of the items proposed.
Q. WILL MY VOTE MAKE A DIFFERENCE?
A. Your vote is needed to ensure that the proposals can be acted upon.
Additionally, your immediate response to these items will help save on the
costs of any future solicitations for a shareholder vote. We encourage all
shareholders to participate in the governance of their Fund.
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 your financial advisor or call
Nuveen at (800) 257-8787 weekdays from 7:00 a.m. to 7:00 p.m. Central time.
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. In addition, you may
vote by telephone by calling the toll-free number on the proxy card or by
computer over the internet (www.proxyvote.com) and using the control number
on the proxy card.
Q. WILL ANYONE CONTACT ME?
A. You may receive a call to verify that you received your proxy materials, to
answer any questions you may have about the proposals and to encourage you
to vote.
<Table>
NOTICE OF SPECIAL MEETING 333 West Wacker Drive
OF SHAREHOLDERS Chicago, Illinois 60606
JULY 28, 2003 (800) 257-8787
</Table>
NUVEEN MUNICIPAL TRUST
Nuveen Intermediate Duration Municipal Bond Fund
Nuveen Insured Municipal Bond Fund
Nuveen All-American Municipal Bond Fund
Nuveen Limited Term Municipal Bond Fund
Nuveen High Yield Municipal Bond Fund
NUVEEN MULTISTATE TRUST I
Nuveen Arizona Municipal Bond Fund
Nuveen Colorado Municipal Bond Fund
Nuveen Florida Municipal Bond Fund
Nuveen Maryland Municipal Bond Fund
Nuveen New Mexico Municipal Bond Fund
Nuveen Pennsylvania Municipal Bond Fund
Nuveen Virginia Municipal Bond Fund
NUVEEN MULTISTATE TRUST II
Nuveen California Municipal Bond Fund
Nuveen California Insured Municipal Bond Fund
Nuveen Connecticut Municipal Bond Fund
Nuveen Massachusetts Municipal Bond Fund
Nuveen Massachusetts Insured Municipal Bond Fund
Nuveen New Jersey Municipal Bond Fund
Nuveen New York Municipal Bond Fund
Nuveen New York Insured Municipal Bond Fund
NUVEEN MULTISTATE TRUST III
Nuveen Georgia Municipal Bond Fund
Nuveen Louisiana Municipal Bond Fund
Nuveen North Carolina Municipal Bond Fund
Nuveen Tennessee Municipal Bond Fund
NUVEEN MULTISTATE TRUST IV
Nuveen Kansas Municipal Bond Fund
Nuveen Kentucky Municipal Bond Fund
Nuveen Michigan Municipal Bond Fund
Nuveen Missouri Municipal Bond Fund
Nuveen Ohio Municipal Bond Fund
Nuveen Wisconsin Municipal Bond Fund
June 17, 2003
To the Shareholders of the Above Funds:
Notice is hereby given that the Special Meeting of Shareholders of each of
Nuveen Municipal Trust, on behalf of its series Nuveen Intermediate Duration
Municipal Bond Fund, Nuveen Insured Municipal Bond Fund, Nuveen All-American
Municipal Bond Fund, Nuveen Limited Term Municipal Bond Fund, and Nuveen High
Yield Municipal Bond Fund; Nuveen Multistate Trust I, on behalf of its series
Nuveen Arizona Municipal Bond Fund, Nuveen Colorado Municipal Bond Fund, Nuveen
Florida Municipal Bond Fund, Nuveen Maryland Municipal Bond Fund, Nuveen New
Mexico Municipal Bond Fund, Nuveen Pennsylvania Municipal Bond Fund, and Nuveen
Virginia Municipal Bond Fund; Nuveen Multistate Trust II, on behalf of its
series Nuveen California Municipal Bond Fund, Nuveen California Insured
Municipal Bond Fund, Nuveen Connecticut Municipal Bond Fund, Nuveen
Massachusetts Municipal Bond Fund, Nuveen Massachusetts Insured Municipal Bond
Fund, Nuveen New Jersey Municipal Bond Fund, Nuveen New York Municipal Bond
Fund, and Nuveen New York Insured Municipal Bond Fund; Nuveen Multistate Trust
III, on behalf of its series Nuveen Georgia Municipal Bond Fund, Nuveen
Louisiana Municipal Bond Fund, Nuveen North Carolina Municipal Bond Fund, and
Nuveen Tennessee Municipal Bond Fund;
Nuveen Multistate Trust IV, on behalf of its series Nuveen Kansas Municipal Bond
Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund,
Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund, and Nuveen
Wisconsin Municipal Bond Fund, each a Massachusetts business trust (each trust
individually, a "Trust" and collectively, the "Trusts" and each series
individually, a "Fund" and collectively, the "Funds"), will be held in the Sixth
Floor auditorium of the Northern Trust Company, 50 South LaSalle Street,
Chicago, Illinois, on Monday, July 28, 2003, at 10:30 a.m., Chicago time, for
the following purposes and to transact such other business, if any, as may
properly come before the Special Meeting:
MATTERS TO BE VOTED ON BY SHAREHOLDERS:
1. To elect twelve (12) trustees to serve for each Trust until their successors
shall have been duly elected and qualified.
2. To approve changes to each Fund's fundamental investment policies.
3. To transact such other business as may properly come before the Special
Meeting.
Shareholders of record at the close of business on May 19, 2003 are entitled to
notice of and to vote at the Special Meeting.
ALL SHAREHOLDERS ARE CORDIALLY INVITED TO ATTEND THE MEETING. IN ORDER TO AVOID
DELAY AND ADDITIONAL EXPENSE TO YOUR FUND, AND TO ASSURE THAT YOUR SHARES ARE
REPRESENTED, PLEASE VOTE AS PROMPTLY AS POSSIBLE, 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, ENTER THE CONTROL NUMBER
PROVIDED ON YOUR PROXY CARD, AND FOLLOW THE RECORDED INSTRUCTIONS, USING YOUR
PROXY CARD AS A GUIDE. TO VOTE OVER THE INTERNET, GO TO WWW.PROXYVOTE.COM, ENTER
THE CONTROL NUMBER PROVIDED ON THE PROXY CARD, AND FOLLOW THE INSTRUCTIONS,
USING YOUR PROXY CARD AS A GUIDE.
Jessica R. Droeger
Vice President and Secretary
<Table>
JOINT PROXY STATEMENT 333 West Wacker Drive
Chicago, Illinois 60606
(800) 257-8787
</Table>
June 17, 2003
NUVEEN MUNICIPAL TRUST
Nuveen Intermediate Duration Municipal Bond Fund
Nuveen Insured Municipal Bond Fund
Nuveen All-American Municipal Bond Fund
Nuveen Limited Term Municipal Bond Fund
Nuveen High Yield Municipal Bond Fund
NUVEEN MULTISTATE TRUST I
Nuveen Arizona Municipal Bond Fund
Nuveen Colorado Municipal Bond Fund
Nuveen Florida Municipal Bond Fund
Nuveen Maryland Municipal Bond Fund
Nuveen New Mexico Municipal Bond Fund
Nuveen Pennsylvania Municipal Bond Fund
Nuveen Virginia Municipal Bond Fund
NUVEEN MULTISTATE TRUST II
Nuveen California Municipal Bond Fund
Nuveen California Insured Municipal Bond Fund
Nuveen Connecticut Municipal Bond Fund
Nuveen Massachusetts Municipal Bond Fund
Nuveen Massachusetts Insured Municipal Bond Fund
Nuveen New Jersey Municipal Bond Fund
Nuveen New York Municipal Bond Fund
Nuveen New York Insured Municipal Bond Fund
NUVEEN MULTISTATE TRUST III
Nuveen Georgia Municipal Bond Fund
Nuveen Louisiana Municipal Bond Fund
Nuveen North Carolina Municipal Bond Fund
Nuveen Tennessee Municipal Bond Fund
NUVEEN MULTISTATE TRUST IV
Nuveen Kansas Municipal Bond Fund
Nuveen Kentucky Municipal Bond Fund
Nuveen Michigan Municipal Bond Fund
Nuveen Missouri Municipal Bond Fund
Nuveen Ohio Municipal Bond Fund
Nuveen Wisconsin Municipal Bond Fund
GENERAL INFORMATION
This Joint Proxy Statement is furnished in connection with the solicitation by
the Board of Trustees (each a "Board" and collectively, the "Boards," and each
Trustee a "Board Member" and collectively, the "Board Members") of each of
Nuveen Municipal Trust ("Municipal Trust"), on behalf of its series Nuveen
Intermediate Duration Municipal Bond Fund ("Intermediate Duration"), Nuveen
Insured Municipal Bond Fund ("Insured Municipal"), Nuveen All-American Municipal
Bond Fund ("All-American"), Nuveen Limited Term Municipal Bond Fund ("Limited
Term"), and Nuveen High Yield Municipal Bond Fund ("High Yield"); Nuveen
Multistate Trust I ("Multistate I"), on behalf of its series Nuveen Arizona
Municipal Bond Fund ("Arizona Municipal"), Nuveen Colorado Municipal Bond Fund
("Colorado Municipal"), Nuveen Florida Municipal Bond Fund ("Florida
Municipal"), Nuveen Maryland Municipal Bond Fund ("Maryland Municipal"), Nuveen
New Mexico Municipal Bond Fund ("New Mexico Municipal"), Nuveen Pennsylvania
Municipal Bond Fund ("Pennsylvania Municipal"), and Nuveen Virginia Municipal
Bond Fund ("Virginia Municipal"); Nuveen Multistate Trust II ("Multistate II"),
on behalf of its series Nuveen California Municipal Bond Fund ("California
Municipal"), Nuveen California Insured Municipal Bond Fund ("California
Insured"), Nuveen Connecticut Municipal Bond Fund ("Connecticut Municipal"),
Nuveen Massachusetts Municipal Bond Fund ("Massachusetts Municipal"), Nuveen
Massachusetts Insured Municipal Bond Fund ("Massachusetts Insured"), Nuveen New
Jersey Municipal Bond Fund ("New Jersey Municipal"), Nuveen New York Municipal
Bond Fund
("New York Municipal"), and Nuveen New York Insured Municipal Bond Fund ("New
York Insured"); Nuveen Multistate Trust III ("Multistate III"), on behalf of its
series Nuveen Georgia Municipal Bond Fund ("Georgia Municipal"), Nuveen
Louisiana Municipal Bond Fund ("Louisiana Municipal"), Nuveen North Carolina
Municipal Bond Fund ("North Carolina Municipal"), and Nuveen Tennessee Municipal
Bond Fund ("Tennessee Municipal"); and Nuveen Multistate Trust IV ("Multistate
IV"), on behalf of its series Nuveen Kansas Municipal Bond Fund ("Kansas
Municipal"), Nuveen Kentucky Municipal Bond Fund ("Kentucky Municipal"), Nuveen
Michigan Municipal Bond Fund ("Michigan Municipal"), Nuveen Missouri Municipal
Bond Fund ("Missouri Municipal"), Nuveen Ohio Municipal Bond Fund ("Ohio
Municipal"), and Nuveen Wisconsin Municipal Bond Fund ("Wisconsin Municipal")
(each trust individually, a "Trust" and collectively, the "Trusts" and each
series individually, a "Fund" and collectively, the "Funds"), of proxies to be
voted at the Special Meeting of Shareholders to be held on July 28, 2003 (for
each Trust, a "Special Meeting" and collectively, the "Special Meetings"), and
at any and all adjournments thereof.
On the matters coming before each Special Meeting as to which a choice has been
specified by shareholders on the proxy, the shares will be voted accordingly. If
no choice is so specified, the shares will be voted FOR the election of the
nominees as listed in this Joint Proxy Statement and FOR the changes to each
Fund's fundamental investment policies. Shareholders who execute proxies may
revoke them at any time before they are voted by filing with that Fund a written
notice of revocation, by delivering a duly executed proxy bearing a later date,
or by attending the Special Meeting and voting in person.
This Joint Proxy Statement is first being mailed to shareholders on or about
June 17, 2003.
The Board of each Trust has determined that the use of this Joint Proxy
Statement for each Special Meeting is in the best interest of each Trust and its
shareholders in light of the similar matters being considered and voted on by
the shareholders.
2
The following table indicates which shareholders are solicited with respect to
each matter:
<Table>
<Caption>
PROPOSALS
- --------------------------------------------------
ELECT CHANGE IN
BOARD FUNDAMENTAL
FUND MEMBERS POLICIES
- --------------------------------------------------
MUNICIPAL TRUST X
Intermediate Duration X
Insured Municipal X
All-American X
Limited Term X
High Yield X
MULTISTATE I X
Arizona Municipal X
Colorado Municipal X
Florida Municipal X
Maryland Municipal X
New Mexico Municipal X
Pennsylvania Municipal X
Virginia Municipal X
MULTISTATE II X
California Municipal X
California Insured X
Connecticut Municipal X
Massachusetts Municipal X
Massachusetts Insured X
New Jersey Municipal X
New York Municipal X
New York Insured X
</Table>
<Table>
<Caption>
PROPOSALS
- --------------------------------------------------
ELECT CHANGE IN
BOARD FUNDAMENTAL
FUND MEMBERS POLICIES
- --------------------------------------------------
MULTISTATE III X
Georgia Municipal X
Louisiana Municipal X
North Carolina Municipal X
Tennessee Municipal X
MULTISTATE IV X
Kansas Municipal X
Kentucky Municipal X
Michigan Municipal X
Missouri Municipal X
Ohio Municipal X
Wisconsin Municipal X
</Table>
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A quorum of shareholders is required to take action at each Special Meeting. A
majority of the shares entitled to vote at each Special Meeting, represented in
person or by proxy, will constitute a quorum of shareholders at that Special
Meeting. Votes cast by proxy or in person at each Special Meeting will be
tabulated by the inspectors of election appointed for that Special Meeting. The
inspectors of election will determine whether or not a quorum is present at the
Special Meeting. The inspectors of election will treat abstentions and "broker
non-votes" (i.e., shares held by brokers or nominees, typically in "street
name," as to which (i) instructions have not been received from the beneficial
owners or persons entitled to vote and (ii) the broker or nominee does not have
discretionary voting power on a particular matter) as present for purposes of
determining a quorum.
For each Trust abstentions and broker non-votes will have no effect on the
election of Board Members and will have the effect of a vote against the
proposal to change each Fund's fundamental investment policies. The details of
the proposals to be voted on by the shareholders and the vote required for
approval of the proposals are set forth under the description of each proposal
below.
Those persons who were shareholders of record at the close of business on May
19, 2003 will be entitled to one vote for each share held. As of May 19, 2003,
the shares of the Funds were issued and outstanding as follows:
<Table>
<Caption>
CLASS OF SHARES
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FUND CLASS A CLASS B CLASS C CLASS R
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MUNICIPAL TRUST
Intermediate Duration 29,202,635.4090 3,792,050.6850 5,343,659.8560 274,199,547.8350
Insured Municipal 17,567,647.5630 3,964,305.5910 3,047,049.7210 60,930,508.1660
All-American 21,001,767.3110 4,306,251.2950 6,520,434.6780 459,447.0000
Limited Term 47,364,680.8000 -- 31,045,520.0870 793,551.4940
High Yield 4,852,257.2510 3,021,631.0480 2,332,592.3210 515,269.7120
</Table>
3
<Table>
<Caption>
CLASS OF SHARES
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FUND CLASS A CLASS B CLASS C CLASS R
- ------------------------------------------------------------------------------------------------------------------
MULTISTATE I
Arizona Municipal 6,583,457.0090 594,195.9290 817,075.1520 1,707,767.8290
Colorado Municipal 3,100,542.6840 587,996.8590 641,446.5790 75,947.0630
Florida Municipal 23,685,548.8660 3,186,456.1200 3,460,597.9880 6,405,659.6480
Maryland Municipal 3,131,521.4720 1,376,741.5000 1,174,093.2920 3,963,760.5540
New Mexico Municipal 4,438,881.0610 538,496.1320 432,582.9510 67,893.9640
Pennsylvania Municipal 6,505,782.9170 1,193,483.5010 2,000,199.5990 5,595,689.9360
Virginia Municipal 13,833,470.6840 1,908,098.5770 2,087,136.7900 4,846,791.6240
MULTISTATE II
California Municipal 5,026,386.6020 1,777,415.5860 1,691,784.1120 17,011,563.8570
California Insured 7,127,966.4120 1,941,545.9990 1,272,271.2540 14,299,228.2230
Connecticut Municipal 21,421,295.4530 3,001,688.7171 3,732,553.6960 361,538.4810
Massachusetts Municipal 2,231,362.4080 795,885.1420 1,093,783.0170 6,652,460.5800
Massachusetts Insured 2,087,128.8360 622,370.3420 1,304,213.4410 5,352,798.6500
New Jersey Municipal 6,927,219.5740 2,525,586.5720 2,144,932.4800 4,190,581.9710
New York Municipal 10,535,652.8350 3,885,776.2760 2,817,757.7520 13,338,754.1030
New York Insured 6,856,639.2450 2,573,876.5860 1,525,772.5710 24,100,689.4900
MULTISTATE III
Georgia Municipal 10,464,411.1250 1,788,498.8400 2,520,154.2800 270,047.6600
Louisiana Municipal 7,967,579.2760 1,962,324.7330 1,604,829.9430 11,648.1390
North Carolina Municipal 16,184,968.2690 2,277,855.5540 2,429,809.8580 229,436.3500
Tennessee Municipal 23,912,507.8110 1,946,093.5040 3,613,890.2120 104,244.7710
MULTISTATE IV
Kansas Municipal 9,549,636.1300 1,189,352.3950 2,285,327.2480 117,201.3420
Kentucky Municipal 37,554,694.1360 1,853,561.8560 4,336,692.3340 103,452.7510
Michigan Municipal 16,828,895.0700 911,364.3530 3,614,094.5150 2,053,715.7830
Missouri Municipal 20,694,044.9440 1,046,269.8090 2,082,507.1570 47,167.0760
Ohio Municipal 32,817,084.2100 2,353,719.2770 4,279,186.2010 13,198,944.2740
Wisconsin Municipal 3,953,191.0650 551,402.6040 423,064.2580 16,491.8360
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</Table>
1. ELECTION OF BOARD MEMBERS OF EACH TRUST
Currently, two separate board clusters oversee the funds in the Nuveen family of
funds. One board cluster comprised of the same board members oversees the funds
managed by Nuveen Advisory Corp. ("NAC" or the "Adviser") and one board cluster
comprised of the same board members oversees all but one of the funds managed by
Nuveen Institutional Advisory Corp. ("NIAC"). Each current board cluster has a
total of six board members who are not "interested persons" (as that term is
defined in the Investment Company Act of 1940, as amended (the "1940 Act")) and
who are not affiliated with Nuveen or a fund's investment adviser (the
"Independent Board Members") and one board member who is an "interested person."
Below is a list of the board members of each board cluster.
The Boards of each Trust have proposed to consolidate both board clusters into a
single board cluster so that the same individuals serve on the boards of most of
the Nuveen funds. All individuals serving on both board clusters are nominated
to serve on the combined board except James E. Bacon, who is retiring. Mr. Bacon
currently serves as a Board Member on the NIAC board cluster.
The following is a list of the nominees under the proposal who are continuing
Board Members of each Trust and the nominees who are new board members:
CONTINUING BOARD MEMBERS
(NAC BOARD CLUSTER):
Timothy R. Schwertfeger*
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Judith M. Stockdale
NEW BOARD MEMBER NOMINEES
(NIAC BOARD CLUSTER):
William E. Bennett
Jack B. Evans
William L. Kissick
Thomas E. Leafstrand
Sheila W. Wellington
- --------------------------------------------------------------------------------
* Interested person. Mr. Schwertfeger currently serves on both board clusters.
4
In part, the proposal to create a single board is being recommended because of
the large number of retirements that will occur over the next few years. Within
two years, the aggregate number of Independent Board Members that serve on both
board clusters (currently 12) is expected to fall to six, due to a number of
retirements because of age and/or tenure limitations for board membership.
Combining the board will avoid the need to add new board members to each board
cluster at various later dates to maintain the current size and structure of
each board cluster and thereby avoid the costs associated with multiple meetings
to fill such vacancies. In addition, combining the board ensures that each Trust
will gain new board members that are already knowledgeable about Nuveen and
investment companies in general.
Historically, the two separate board clusters have had separate meetings but
often have reviewed similar policy issues, contractual arrangements and other
matters. Among other potential efficiencies, the Board of each Fund believes
that consolidating the board clusters into one board would reduce the
duplication of board materials and reports covering the same issues and would
avoid the need for repeated presentation of the same material by the same
personnel at different meetings. This would permit the Adviser and its personnel
to focus on non-administrative matters. In addition, a single board overseeing
all operations of the Nuveen family of funds will have a better picture of all
issues facing shareholders.
At its May 15, 2003 meeting, each board cluster reviewed the compensation paid
to Independent Board Members and determined that compensation should be
increased because of the expanded responsibilities of the Board Members due to
(a) the increase in the number and types of investment companies overseen by the
Board Members and (b) recent additional legal and regulatory requirements.
Effective July 1, 2003, for all Nuveen Funds overseen, Independent Board Members
will receive a $65,000 annual retainer, plus (a) a fee of $2,000 per day for
attendance in person or by telephone at a regularly scheduled meeting of the
Board; (b) a fee of $1,000 per day for attendance in person where such in-person
attendance is required and $500 per day for attendance by telephone or in person
where in-person attendance is not required at a special, non-regularly
scheduled, board meeting; (c) a fee of $1,000 per day for attendance in person
at an Audit Committee meeting where in-person attendance is required and $500
per day for attendance by telephone or in person where in-person attendance is
not required; (d) a fee of $500 per day for attendance in person or by telephone
for a meeting of the dividend committee; and (e) a fee of $500 per day for
attendance in person at all other committee meetings on a day on which no
regularly scheduled Board meeting is held at which in-person attendance is
required and $250 per day for attendance by telephone or in person at such
meetings where in-person attendance is not required, plus, in each case,
expenses incurred in attending such meetings. Compensation to the Independent
Board Members is allocated among the Nuveen family of funds based on assets per
fund. The Boards do not anticipate any further change in the compensation
schedule as a result of the board consolidation.
Currently, for all Nuveen Funds overseen, the continuing Independent Board
Members of the Funds receive a $60,000 annual retainer for serving as a board
member of all funds affiliated with Nuveen and the Adviser and a $1,750 fee per
day for attendance in person or by telephone at all meetings (including any
committee meetings) held on a day on which a regularly scheduled Board meeting
is held, a $1,000 fee per day for attendance in person or a $500 fee per day for
attendance by telephone at all meetings (including any committee meetings) held
on a day on which no regular Board meeting is held, and a $500 per day fee per
day for attendance in person or $250 if by telephone at a meeting of any
committee, plus, in each case, expenses incurred in attending such meetings.
The proposal to combine boards, which increases the number of Board Members for
each Fund, will increase the total compensation paid by each Fund to Board
Members. Management, however, believes that such increase in compensation is not
material to each Fund and is justified by the benefits to each Fund and its
shareholders. Moreover, as the size of the combined board declines due to
retirements over the next two years, the total compensation paid by a Fund to
Independent Board Members will decrease to the extent fewer board members will
be compensated.
At each Trust's Special Meeting, twelve (12) Board Members are nominated to be
elected to serve until their successors shall have been duly elected and
qualified.
For each Trust, the affirmative vote of a plurality of the shares present and
entitled to vote at the Special Meeting will be required to elect the Board
Members of that Trust.
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 below unless
the proxy is marked otherwise. Each of the nominees has agreed to serve as a
Board Member of each Trust 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 Trust's present Board.
All of the continuing Board Member nominees except for Judith Stockdale were
last elected to the Board in December 1996. Ms. Stockdale was appointed to the
board in 1997.
Other than Mr. Schwertfeger, none of the Board Member nominees have ever been a
director or an employee of Nuveen Investments, Inc. ("Nuveen") or any affiliate.
5
THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE ELECTION OF THE
NOMINEES NAMED BELOW.
BOARD NOMINEES
<Table>
<Caption>
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER
NUMBER OF DIRECTOR-
POSITION(S) TERM OF OFFICE PORTFOLIOS IN FUND SHIPS HELD
HELD WITH AND LENGTH OF PRINCIPAL OCCUPATION(S) COMPLEX OVERSEEN BY BOARD
NAME, ADDRESS AND BIRTH DATE TRUST TIME SERVED** DURING PAST 5 YEARS BY BOARD MEMBER MEMBER
- ----------------------------------------------------------------------------------------------------------------------------------
Nominees who are not
interested persons of the
Trusts
- ----------------------------
Continuing Board Members
- ----------------------------
Robert P. Bremner Board Member Length of Service: Private Investor and 122 N/A
333 West Wacker Drive Since 1996 Management Consultant.
Chicago, IL 60606
(8/22/40)
Lawrence H. Brown Board Member Length of Service: Retired (August 1989) as 122 N/A
333 West Wacker Drive Since 1993 Senior Vice President of
Chicago, IL 60606 The Northern Trust Company;
(7/29/34) Director of the United Way
of Highland Park-Highwood
(since 2002).
Anne E. Impellizzeri Board Member Length of Service: Retired; formerly, 122 N/A
333 West Wacker Drive Since 1994 Executive Director
Chicago, IL 60606 (1998-2001) of Manitoga/
(1/26/33) The Russel Wright Design
Center; prior thereto,
President and Chief
Executive Officer of
Blanton-Peale Institute;
prior thereto, Vice
President, Metropolitan
Life Insurance Co.
Peter R. Sawers Board Member Length of Service: Adjunct Professor of 122 N/A
333 West Wacker Drive Since 1991 Business and Economics,
Chicago, IL 60606 University of Dubuque,
(4/3/33) Iowa; formerly (1991-2000)
Adjunct Professor, Lake
Forest Graduate School of
Management, Lake Forest,
Illinois; Director,
Executive Service Corps of
Chicago; prior thereto,
Executive Director, Towers
Perrin Australia, a
management consulting firm;
Chartered Financial
Analyst; Certified
Management Consultant.
William J. Schneider Board Member Length of Service: Senior Partner and Chief 122 N/A
333 West Wacker Drive Since 1996 Operating Officer,
Chicago, IL 60606 Miller-Valentine Group,
(9/24/44) Vice President,
Miller-Valentine Realty, a
development and contract
company; Chair, Miami
Valley Hospital; Chair,
Miami Valley Economic
Development Coalition;
formerly, Member, Community
Advisory Board, National
City Bank, Dayton, Ohio;
and Business Advisory
Council, Cleveland Federal
Reserve Bank.
Judith M. Stockdale Board Member Length of Service: Executive Director, Gaylord 122 N/A
333 West Wacker Drive Since 1997 and Dorothy Donnelley
Chicago, IL 60606 Foundation (since 1994);
(12/29/47) prior thereto, Executive
Director, Great Lakes
Protection Fund (from 1990
to 1994).
New Board Members
- ----------------------------
William E. Bennett Nominee Length of Service: Private Investor; 19 N/A
333 West Wacker Drive Since 2001 previously President and
Chicago, IL 60606 C.E.O., Draper & Kramer,
(10/16/46) Inc. (1995-1998).
</Table>
6
<Table>
<Caption>
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER
NUMBER OF DIRECTOR-
POSITION(S) TERM OF OFFICE PORTFOLIOS IN FUND SHIPS HELD
HELD WITH AND LENGTH OF PRINCIPAL OCCUPATION(S) COMPLEX OVERSEEN BY BOARD
NAME, ADDRESS AND BIRTH DATE TRUST TIME SERVED** DURING PAST 5 YEARS BY BOARD MEMBER MEMBER
- ----------------------------------------------------------------------------------------------------------------------------------
Jack B. Evans Nominee Length of Service: President, The Hall-Perrine 19 See Principal
333 West Wacker Drive Since 1999 Foundation (a private Occupation
Chicago, IL 60606 philanthropic corporation); description.
(10/22/48) Director, Alliant Energy;
Director and Vice Chairman
United Fire & Casualty
Company; Director, Federal
Reserve Bank of Chicago;
previously President and
Chief Operating Officer,
SCI Financial Group, Inc.
(a regional financial
services firm).
William L. Kissick Nominee Length of Service: Professor Emeritus, School 19 N/A
333 West Wacker Drive Since 1992 of Medicine and the Wharton
Chicago, IL 60606 School of Management and
(7/29/32) former Chairman, Leonard
Davis Institute of Health
Economics, University of
Pennsylvania; Adjunct
Professor, Health Policy
and Management, Yale
University.
Thomas E. Leafstrand Nominee Length of Service: Retired; previously, Vice 19 N/A
333 West Wacker Drive Since 1992 President in charge of
Chicago, IL 60606 Municipal Underwriting,
(11/11/31) Trading, and Dealer Sales
at The Northern Trust
Company.
Sheila W. Wellington Nominee Length of Service: President of Catalyst (a 19 N/A
333 West Wacker Drive Since 1994 not-for- profit
Chicago, IL 60606 organization focusing on
(2/24/32) women's leadership
development in business and
the professions).
Nominee who is an interested
person* of the Trusts
- ----------------------------
Timothy R. Schwertfeger Chairman of Length of Service: Chairman and Director 141 See Principal
333 West Wacker Drive the Board Since 1996 (since 1996) of Nuveen Occupation
Chicago, IL 60606 and Trustee Investments, Inc. and description.
(3/28/49) Nuveen Investments, LLC;
Director (since 1992) and
Chairman (since 1996) of
Nuveen Advisory Corp. and
Nuveen Institutional
Advisory Corp.; Chairman
and Director (since 1997)
of Nuveen Asset Management,
Inc.; Director (since 1996)
of Institutional Capital
Corporation; Chairman and
Director (since 1999) of
Rittenhouse Asset
Management, Inc.; Chairman
of Nuveen Investments
Advisers Inc. (since 2002).
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
* "Interested Person" as defined in the Investment Company Act of 1940, as
amended, by reason of being an officer and director of the Adviser.
** Trustees serve an indefinite term until a successor is elected. Length of
Service indicates the year in which the individual became a Trustee or
Director of a fund in the Nuveen fund complex.
7
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 March 31, 2003:
<Table>
<Caption>
DOLLAR RANGE OF EQUITY SECURITIES
- ------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL TRUST
- ------------------------------------------------------------------------------------------------------------------------------
INTERMEDIATE INSURED
BOARD MEMBER NOMINEES DURATION MUNICIPAL ALL-AMERICAN LIMITED TERM HIGH YIELD
- ------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0 0
Lawrence H. Brown $10,001-$50,000 0 0 0 $10,001-$50,000
Anne E. Impellizzeri 0 0 $10,001-$50,000 0 0
Peter R. Sawers $10,001-$50,000 0 0 0 0
William J. Schneider 0 0 0 Over $100,000 0
Judith M. Stockdale 0 0 0 0 0
Timothy R. Schwertfeger Over $100,000 0 0 0 0
William E. Bennett 0 0 0 0 0
Jack B. Evans 0 0 0 0 0
William L. Kissick 0 0 0 0 0
Thomas E. Leafstrand 0 0 0 0 0
Sheila W. Wellington 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
DOLLAR RANGE OF EQUITY SECURITIES
- ----------------------------------------------------------------------------------------------------------------------
MULTISTATE I
- ----------------------------------------------------------------------------------------------------------------------
ARIZONA COLORADO FLORIDA MARYLAND NEW MEXICO PENNSYLVANIA VIRGINIA
BOARD MEMBER NOMINEES MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
- ----------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0 0 0 0
Lawrence H. Brown 0 0 0 0 0 0 0
Anne E. Impellizzeri 0 0 0 0 0 0 0
Peter R. Sawers 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
Timothy R. Schwertfeger 0 0 0 0 0 0 0
William E. Bennett 0 0 0 0 0 0 0
Jack B. Evans 0 0 0 0 0 0 0
William L. Kissick 0 0 0 0 0 0 0
Thomas E. Leafstrand 0 0 0 0 0 0 0
Sheila W. Wellington 0 0 0 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
DOLLAR RANGE OF EQUITY SECURITIES
- -------------------------------------------------------------------------------------------------------------------------
MULTISTATE II
- -------------------------------------------------------------------------------------------------------------------------
BOARD MEMBER CALIFORNIA CALIFORNIA CONNECTICUT MASSACHUSETTS MASSACHUSETTS NEW JERSEY NEW YORK NEW YORK
NOMINEES MUNICIPAL INSURED MUNICIPAL MUNICIPAL INSURED MUNICIPAL MUNICIPAL INSURED
- -------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0 0 0 0 0
Lawrence H. Brown 0 0 0 0 0 0 0 0
Anne E. Impellizzeri 0 0 0 0 0 0 0 0
Peter R. Sawers 0 0 0 0 0 0 0 0
William J. Schneider 0 0 0 0 0 0 0 0
Judith M. Stockdale 0 0 0 0 0 0 0 0
Timothy R.
Schwertfeger 0 0 0 0 0 0 0 0
William E. Bennett 0 0 0 0 0 0 0 0
Jack B. Evans 0 0 0 0 0 0 0 0
William L. Kissick 0 0 0 0 0 0 0 0
Thomas E. Leafstrand 0 0 0 0 0 0 0 0
Sheila W. Wellington 0 0 0 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------
</Table>
8
<Table>
<Caption>
DOLLAR RANGE OF EQUITY SECURITIES
- -------------------------------------------------------------------------------------------------------------------------
MULTISTATE III
- -------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA
BOARD MEMBER NOMINEES GEORGIA MUNICIPAL LOUISIANA MUNICIPAL MUNICIPAL TENNESSEE MUNICIPAL
- -------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0
Lawrence H. Brown 0 0 0 0
Anne E. Impellizzeri 0 0 0 0
Peter R. Sawers 0 0 0 0
William J. Schneider 0 0 0 0
Judith M. Stockdale 0 0 0 0
Timothy R. Schwertfeger 0 0 0 0
William E. Bennett 0 0 0 0
Jack B. Evans 0 0 0 0
William L. Kissick 0 0 0 0
Thomas E. Leafstrand 0 0 0 0
Sheila W. Wellington 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
AGGREGATE DOLLAR RANGE OF
EQUITY SECURITIES IN ALL
REGISTERED INVESTMENT
COMPANIES OVERSEEN
BY BOARD MEMBER
NOMINEES IN FAMILY OF
DOLLAR RANGE OF EQUITY SECURITIES INVESTMENT COMPANIES(1)
- -------------------------------------------------------------------------------------------------------------------------
MULTISTATE IV
- -------------------------------------------------------------------------------------------------------------------------
KANSAS KENTUCKY MICHIGAN MISSOURI OHIO WISCONSIN
BOARD MEMBER NOMINEES MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
- -------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0 0 0 0
(0 shares)
Lawrence H. Brown 0 0 0 0 0 0 Over $100,000
(8,256 shares)
Anne E. Impellizzeri 0 0 0 0 0 0 $10,001-$50,000
(3,579 shares)
Peter R. Sawers 0 0 0 0 0 0 Over $100,000
(12,787 shares)
William J. Schneider 0 0 0 0 0 0 Over $100,000
(28,085 shares)
Judith M. Stockdale 0 0 0 0 0 0 $10,001-$50,000
(2,711 shares)
Timothy R. Schwertfeger 0 0 0 0 0 0 Over $100,000
(439,783 shares)
William E. Bennett 0 0 0 0 0 0 $50,001-$100,000
(3,411 shares)
Jack B. Evans 0 0 0 0 0 0 Over $100,000
(15,214 shares)
William L. Kissick 0 0 0 0 0 0 $50,001-$100,000
(6,706 shares)
Thomas E. Leafstrand 0 0 0 0 0 0 Over $100,000
(34,053 shares)
Sheila W. Wellington 0 0 0 0 0 0 Over $100,000
(shares)
- -------------------------------------------------------------------------------------------------------------------------
</Table>
(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 each Board Member.
9
The following table sets forth, for each Board Member nominee and for the Board
Member nominees and officers as a group, the amount of shares beneficially owned
in each Fund as of March 31, 2003. The information as to beneficial ownership is
based on statements furnished by each Board Member nominee and officer.
<Table>
<Caption>
FUND SHARES OWNED BY BOARD MEMBER NOMINEES AND OFFICERS(1)
- --------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL TRUST
- --------------------------------------------------------------------------------------------------------------------------------
INTERMEDIATE INSURED
BOARD MEMBER NOMINEES DURATION MUNICIPAL ALL-AMERICAN LIMITED TERM HIGH YIELD
- --------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0 0
Lawrence H. Brown 1,428 0 0 0 1,002
Anne E. Impellizzeri 0 0 1,579 0 0
Peter R. Sawers 3,542 0 0 0 0
William J. Schneider 0 0 0 16,085 0
Judith M. Stockdale 0 0 0 0 0
Timothy R. Schwertfeger 150,418 0 0 0 0
William E. Bennett 0 0 0 0 0
Jack B. Evans 0 0 0 0 0
William L. Kissick 0 0 0 0 0
Thomas E. Leafstrand 0 0 0 0 0
Sheila W. Wellington 0 0 0 0 0
All Board Member Nominees and Officers as a Group 201,509 755 10,880 16,085 1,755
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
FUND SHARES OWNED BY BOARD MEMBER NOMINEES AND OFFICERS(1)
- ------------------------------------------------------------------------------------------------------------------------------
MULTISTATE I
- ------------------------------------------------------------------------------------------------------------------------------
ARIZONA COLORADO FLORIDA MARYLAND NEW MEXICO PENNSYLVANIA VIRGINIA
BOARD MEMBER NOMINEES MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
- ------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0 0 0 0
Lawrence H. Brown 0 0 0 0 0 0 0
Anne E. Impellizzeri 0 0 0 0 0 0 0
Peter R. Sawers 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
Timothy R. Schwertfeger 0 0 0 0 0 0 0
William E. Bennett 0 0 0 0 0 0 0
Jack B. Evans 0 0 0 0 0 0 0
William L. Kissick 0 0 0 0 0 0 0
Thomas E. Leafstrand 0 0 0 0 0 0 0
Sheila W. Wellington 0 0 0 0 0 0 0
All Board Member Nominees and Officers 0 0 0 0 0 0 0
as a Group
- ------------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
FUND SHARES OWNED BY BOARD MEMBER NOMINEES AND OFFICERS(1)
- ---------------------------------------------------------------------------------
MULTISTATE II
- ---------------------------------------------------------------------------------
BOARD MEMBER CALIFORNIA CALIFORNIA CONNECTICUT MASSACHUSETTS
NOMINEES MUNICIPAL INSURED MUNICIPAL MUNICIPAL
- ---------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0
Lawrence H. Brown 0 0 0 0
Anne E. Impellizzeri 0 0 0 0
Peter R. Sawers 0 0 0 0
William J. Schneider 0 0 0 0
Judith M. Stockdale 0 0 0 0
Timothy R. Schwertfeger 0 0 0 0
William E. Bennett 0 0 0 0
Jack B. Evans 0 0 0 0
William L. Kissick 0 0 0 0
Thomas E. Leafstrand 0 0 0 0
Sheila W. Wellington 0 0 0 0
All Board Member Nominees
and Officers as a Group 0 0 0 0
- ---------------------------------------------------------------------------------
<Caption>
FUND SHARES OWN FUND SHARES OWNED BY BOARD MEMBER NOMINEES AND OFFICERS(1)
- -------------------------- -------------------------------------------------
MULTISTATE II
- -------------------------- -------------------------------------------------
BOARD MEMBER MASSACHUSETTS NEW JERSEY NEW YORK NEW YORK
NOMINEES INSURED MUNICIPAL MUNICIPAL INSURED
- -------------------------- -------------------------------------------------
Robert P. Bremner 0 0 0 0
Lawrence H. Brown 0 0 0 0
Anne E. Impellizzeri 0 0 0 0
Peter R. Sawers 0 0 0 0
William J. Schneider 0 0 0 0
Judith M. Stockdale 0 0 0 0
Timothy R. Schwertfeger 0 0 0 0
William E. Bennett 0 0 0 0
Jack B. Evans 0 0 0 0
William L. Kissick 0 0 0 0
Thomas E. Leafstrand 0 0 0 0
Sheila W. Wellington 0 0 0 0
All Board Member Nominees
and Officers as a Group 0 0 0 0
- --------------------------
</Table>
10
<Table>
<Caption>
FUND SHARES OWNED BY BOARD MEMBER NOMINEES AND OFFICERS(1)
- ---------------------------------------------------------------------------------------------------------------------
MULTISTATE III
- ---------------------------------------------------------------------------------------------------------------------
BOARD MEMBER NOMINEES GEORGIA MUNICIPAL LOUISIANA MUNICIPAL NORTH CAROLINA MUNICIPAL TENNESSEE MUNICIPAL
- ---------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0
Lawrence H. Brown 0 0 0 0
Anne E. Impellizzeri 0 0 0 0
Peter R. Sawers 0 0 0 0
William J. Schneider 0 0 0 0
Judith M. Stockdale 0 0 0 0
Timothy R. Schwertfeger 0 0 0 0
William E. Bennett 0 0 0 0
Jack B. Evans 0 0 0 0
William L. Kissick 0 0 0 0
Thomas E. Leafstrand 0 0 0 0
Sheila W. Wellington 0 0 0 0
All Board Member Nominees
and Officers as a Group 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
FUND SHARES OWNED BY BOARD MEMBER NOMINEES AND OFFICERS(1)
- ------------------------------------------------------------------------------------------------------------
MULTISTATE IV
- ------------------------------------------------------------------------------------------------------------
KANSAS KENTUCKY MICHIGAN MISSOURI OHIO WISCONSIN
BOARD MEMBER NOMINEES MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
- ------------------------------------------------------------------------------------------------------------
Robert P. Bremner 0 0 0 0 0 0
Lawrence H. Brown 0 0 0 0 0 0
Anne E. Impellizzeri 0 0 0 0 0 0
Peter R. Sawers 0 0 0 0 0 0
William J. Schneider 0 0 0 0 0 0
Judith M. Stockdale 0 0 0 0 0 0
Timothy R. Schwertfeger 0 0 0 0 0 0
William E. Bennett 0 0 0 0 0 0
Jack B. Evans 0 0 0 0 0 0
William L. Kissick 0 0 0 0 0 0
Thomas E. Leafstrand 0 0 0 0 0 0
Sheila W. Wellington 0 0 0 0 0 0
All Board Member Nominees and
Officers as a Group 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------
</Table>
(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 for Independent Board Members as more fully described below.
On March 31, 2003, continuing Board Members and executive officers as a group
beneficially owned 578,368 common shares of all funds managed by NAC and NIAC
(includes Deferred Units and shares held by the executive officers in Nuveen's
401(k)/profit sharing plan). Each continuing Board Member's individual
beneficial shareholdings of each Fund constitute less than 1% of the outstanding
shares of each Fund. As of March 31, 2003, the continuing Board Members and
executive officers as a group beneficially owned less than 1% of the outstanding
common shares of each Fund. Appendix 1 sets forth the beneficial owners of at
least 5% of the Funds' shares. To the best of the Trusts' knowledge, as of May
19, 2003, no person owned beneficially more than 5% of each of the Fund's
outstanding shares, except as stated in Appendix 1.
COMPENSATION
The Board Members affiliated with Nuveen or the Adviser serve without any
compensation from the Funds. The Independent Board Members are paid an annual
retainer and fees and expenses for Board meetings and committee meetings as
described above. The annual retainer, fees and expenses are allocated among the
funds managed by the Adviser on the basis of relative net asset sizes although
Fund management may, in its discretion, establish a minimum amount to be
allocated to each Fund. The 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. Each Independent Board
Member, other than Mr. Brown, has elected to defer at least a portion of their
fees. None of the
11
Funds are Participating Funds under the Deferred Compensation Plan, except
Intermediate Duration, Insured Municipal, Ohio Municipal, Limited Term, Kentucky
Municipal, New York Insured, Florida Municipal, All-American, Michigan
Municipal, Tennessee Municipal, Connecticut Municipal and New York Municipal.
The table below shows, for each continuing Board Member who is not affiliated
with Nuveen or the Adviser, the aggregate compensation (i) paid by each Trust to
each continuing Board Member for its last fiscal year and (ii) paid (including
deferred fees) for service on the boards of the Nuveen open-end and closed-end
Funds managed by NAC ("NAC Funds") and NIAC ("NIAC Funds") for the calendar year
ended 2002. Mr. Schwertfeger, a Board Member who is an interested person of each
Trust, does not receive any compensation from a Trust or any Nuveen funds.
<Table>
<Caption>
AGGREGATE COMPENSATION FROM THE FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL TRUST
- ---------------------------------------------------------------------------------------------------------------------------------
INTERMEDIATE INSURED ALL-
CONTINUING BOARD MEMBERS DURATION(1) MUNICIPAL(1) AMERICAN(1) LIMITED TERM(1) HIGH YIELD
- ---------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 6,007.01 1,869.21 726.82 1,453.50 283.20
Lawrence H. Brown 6,658.23 2,017.12 784.47 1,567.62 306.13
Anne E. Impellizzeri 5,942.52 1,849.36 719.06 1,437.68 283.20
Peter R. Sawers 5,974.73 1,860.19 722.96 1,447.99 275.43
William J. Schneider 6,101.34 1,899.38 738.25 1,478.41 279.32
Judith M. Stockdale 6,181.22 1,866.76 726.08 1,452.15 279.32
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
AGGREGATE COMPENSATION FROM THE FUNDS
- -------------------------------------------------------------------------------------------------------------------------------
MULTISTATE I
- -------------------------------------------------------------------------------------------------------------------------------
ARIZONA COLORADO FLORIDA MARYLAND NEW MEXICO PENNSYLVANIA VIRGINIA
CONTINUING BOARD MEMBERS MUNICIPAL MUNICIPAL MUNICIPAL(1) MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
- -------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 225.48 99.40 779 203.12 122.51 324.02 495.32
Lawrence H. Brown 243.35 106.99 836 219.15 131.98 349.92 535.19
Anne E. Impellizzeri 225.48 99.40 791 203.12 122.51 324.02 495.32
Peter R. Sawers 220.51 97.33 796 198.56 119.89 316.75 484.15
William J. Schneider 222.99 98.37 806 200.83 121.20 320.38 489.74
Judith M. Stockdale 216.58 91.96 780 194.42 114.79 313.97 483.33
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
AGGREGATE COMPENSATION FROM THE FUNDS
- ----------------------------------------------------------------------------------------------------------------------------------
MULTISTATE II
- ----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA CALIFORNIA CONNECTICUT MASSACHUSETTS MASSACHUSETTS NEW JERSEY NEW YORK NEW YORK
CONTINUING BOARD MEMBERS MUNICIPAL INSURED MUNICIPAL(1) MUNICIPAL INSURED MUNICIPAL MUNICIPAL(1) INSURED(1)
- ----------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 637.25 643.48 696.90 249.62 211.62 360.47 757.83 862.51
Lawrence H. Brown 679.30 686.27 743.66 266.16 225.93 384.61 824.11 937.86
Anne E. Impellizzeri 637.25 643.48 696.90 249.62 211.62 360.47 713.22 811.57
Peter R. Sawers 631.11 637.12 689.77 247.15 209.35 356.74 657.15 747.54
William J. Schneider 634.18 640.30 693.34 248.39 210.48 358.61 660.73 751.58
Judith M. Stockdale 634.18 640.30 693.34 248.39 210.48 358.61 741.78 844.13
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
AGGREGATE COMPENSATION FROM THE FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTISTATE III
- ---------------------------------------------------------------------------------------------------------------------------------
CONTINUING BOARD MEMBERS GEORGIA MUNICIPAL LOUISIANA MUNICIPAL NORTH CAROLINA MUNICIPAL TENNESSEE MUNICIPAL(1)
- ---------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 346.53 285.57 459.46 686
Lawrence H. Brown 374.30 308.36 496.44 736
Anne E. Impellizzeri 346.53 285.57 459.46 697
Peter R. Sawers 338.90 279.36 449.15 702
William J. Schneider 342.72 282.47 454.30 710
Judith M. Stockdale 336.31 276.06 447.89 686
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
12
<Table>
<Caption>
TOTAL COMPENSATION
FROM NUVEEN FUNDS
PAID TO BOARD
AGGREGATE COMPENSATION FROM THE FUNDS MEMBERS
- ---------------------------------------------------------------------------------------------------------------------------------
MULTISTATE IV
- ---------------------------------------------------------------------------------------------------------------------------------
KANSAS KENTUCKY MICHIGAN MISSOURI OHIO WISCONSIN
CONTINUING BOARD MEMBERS MUNICIPAL MUNICIPAL(1) MUNICIPAL(1) MUNICIPAL MUNICIPAL(1) MUNICIPAL
- ---------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 280.23 1,005 592 529.61 1,260 110.46 77,500.00
Lawrence H. Brown 302.57 1,079 636 572.29 1,403 118.94 82,000.00
Anne E. Impellizzeri 280.23 1,021 602 529.61 1,280 110.46 77,500.00
Peter R. Sawers 273.97 1,027 606 517.62 1,288 108.12 79,250.00
William J. Schneider 277.10 1,040 613 523.61 1,304 109.29 77,500.00
Judith M. Stockdale 270.69 1,011 593 517.20 1,323 102.88 77,750.00
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
(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 eligible Nuveen
Funds. Total deferred fees for the Funds (including the return from the
assumed investment in the eligible Nuveen Funds) payable are:
<Table>
<Caption>
DEFERRED FEES
-----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL TRUST
-----------------------------------------------------------------------------------------------------------------------------
INTERMEDIATE INSURED
CONTINUING BOARD MEMBERS DURATION MUNICIPAL ALL-AMERICAN LIMITED TERM HIGH YIELD
-----------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner 912 284 110 221 --
Lawrence H. Brown -- -- -- -- --
Anne E. Impellizzeri 5,943 1,849 719 1,438 --
Peter R. Sawers 5,975 1,860 723 1,448 --
William J. Schneider 6,101 1,899 738 1,478 --
Judith M. Stockdale 1,605 484 188 379 --
-----------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
DEFERRED FEES
---------------------------------------------------------------------------------------------------------------------------
MULTISTATE I
---------------------------------------------------------------------------------------------------------------------------
ARIZONA COLORADO FLORIDA MARYLAND NEW MEXICO PENNSYLVANIA VIRGINIA
CONTINUING BOARD MEMBERS MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
---------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner -- -- 121 -- -- -- --
Lawrence H. Brown -- -- -- -- -- -- --
Anne E. Impellizzeri -- -- 791 -- -- -- --
Peter R. Sawers -- -- 796 -- -- -- --
William J. Schneider -- -- 806 -- -- -- --
Judith M. Stockdale -- -- 211 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
DEFERRED FEES
--------------------------------------------------------------------------------------------------------------
MULTISTATE II
--------------------------------------------------------------------------------------------------------------
CALIFORNIA CALIFORNIA CONNECTICUT MASSACHUSETTS MASSACHUSETTS NEW JERSEY
CONTINUING BOARD MEMBERS MUNICIPAL INSURED MUNICIPAL MUNICIPAL INSURED MUNICIPAL
--------------------------------------------------------------------------------------------------------------
Robert P. Bremner -- -- -- -- -- --
Lawrence H. Brown -- -- -- -- -- --
Anne E. Impellizzeri -- -- -- -- -- --
Peter R. Sawers -- -- -- -- -- --
William J. Schneider -- -- -- -- -- --
Judith M. Stockdale -- -- -- -- -- --
--------------------------------------------------------------------------------------------------------------
<Caption>
DEFERRED FEES
-------------------------- --------------------
MULTISTATE II
-------------------------- --------------------
NEW YORK NEW YORK
CONTINUING BOARD MEMBERS MUNICIPAL INSURED
-------------------------- --------------------
Robert P. Bremner 101 115
Lawrence H. Brown -- --
Anne E. Impellizzeri 713 812
Peter R. Sawers 657 748
William J. Schneider 661 752
Judith M. Stockdale 165 188
--------------------------
</Table>
<Table>
<Caption>
DEFERRED FEES
------------------------------------------------------------------------------------------------------------------------------
MULTISTATE III
------------------------------------------------------------------------------------------------------------------------------
CONTINUING BOARD MEMBERS GEORGIA MUNICIPAL LOUISIANA MUNICIPAL NORTH CAROLINA MUNICIPAL TENNESSEE MUNICIPAL
------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner -- -- -- 107
Lawrence H. Brown -- -- -- --
Anne E. Impellizzeri -- -- -- 697
Peter R. Sawers -- -- -- 702
William J. Schneider -- -- -- 710
Judith M. Stockdale -- -- -- 185
</Table>
13
<Table>
<Caption>
DEFERRED FEES
---------------------------------------------------------------------------------------------------------------------------
MULTISTATE IV
---------------------------------------------------------------------------------------------------------------------------
KANSAS KENTUCKY MICHIGAN MISSOURI OHIO WISCONSIN
CONTINUING BOARD MEMBERS MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
---------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner -- 156 92 -- 196 --
Lawrence H. Brown -- -- -- -- -- --
Anne E. Impellizzeri -- 1,021 602 -- 1,280 --
Peter R. Sawers -- 1,027 606 -- 1,288 --
William J. Schneider -- 1,040 613 -- 1,304 --
Judith M. Stockdale -- 276 162 -- 361 --
---------------------------------------------------------------------------------------------------------------------------
</Table>
Nuveen Investments, Inc. maintains charitable contributions programs to
encourage the active support and involvement of individuals in the civic
activities of their community. These programs include a matching contributions
program and a direct contributions program. The Independent Board Members of the
funds managed by the Adviser are eligible to participate in the charitable
contributions program of Nuveen Investments, Inc. Under the matching program,
Nuveen Investments, Inc. will match the personal contributions of a Board Member
to Section 501(c)(3) organizations up to an aggregate maximum amount of $10,000
during any calendar year. Under its direct (non-matching) program, Nuveen
Investments, Inc. makes contributions to qualifying Section 501(c)(3)
organizations, as approved by the Corporate Contributions Committee of Nuveen
Investments, Inc. The Independent Board Members are also eligible to submit
proposals to the committee requesting that contributions be made under this
program to Section 501(c)(3) organizations identified by the Board Member, in an
aggregate amount not to exceed $5,000 during any calendar year. Any contribution
made by Nuveen Investments, Inc. under the direct program is made solely at the
discretion of the Corporate Contributions Committee.
COMMITTEES
The Board has five standing committees: the executive committee, the audit
committee, the governance committee, the dividend committee and the valuation
committee.
Peter R. Sawers and Timothy R. Schwertfeger currently serve as members of the
executive committee of the Board of each Trust. The executive committee, which
meets between regular meetings of the Board, is authorized to exercise all of
the powers of the Board; provided that the scope of the powers of the executive
committee, unless otherwise specifically authorized by the full Board, are
limited to: (i) emergency matters where assembly of the full Board is
impracticable (in which case management will take all reasonable steps to
quickly notify each individual Board Member of the actions taken by the
executive committee) or (ii) matters of an administrative or ministerial nature.
The executive committee of each Trust held no meetings during their last fiscal
year.
Lawrence H. Brown and Timothy R. Schwertfeger are current members of the
dividend committee. The dividend committee is authorized to declare
distributions on the Funds' shares including, but not limited to, regular and
special dividends, capital gains and ordinary income distributions. The dividend
committee of each Trust held four meetings during its last fiscal year.
Lawrence H. Brown and Judith M. Stockdale are current members of the valuation
committee for each Trust. The valuation committee oversees the Trust's Pricing
Procedures including, but not limited to, the review and approval of fair value
pricing determinations made by Nuveen's Valuation Group. The valuation committee
of each Trust held one meeting during its last fiscal year, except Ohio
Municipal held two meetings.
Each Trust's Board has an audit committee composed of Independent Board Members.
The audit committee monitors the accounting and reporting policies and practices
of the Trusts, the quality and integrity of the financial statements of the
Trusts, compliance by the Trusts with legal and regulatory requirements and the
independence and performance of the external and internal auditors. The audit
committee reviews the work and any recommendations of the Trust's independent
auditors. Based on such review, it is authorized to make recommendations to the
Board. The audit committee of each Trust held three meetings during its last
fiscal year.
Nomination of those Board Members who are not "interested persons" of each Trust
is committed to a governance committee composed of all Board Members who are not
"interested persons" of that Trust. It identifies and recommends individuals to
be nominated for election as non-interested Board Members. The committee also
reviews matters relating to (1) the composition, duties, recruitment,
independence and tenure of Board Members, (2) the selection and review of
committee assignments, and (3) Board Member education, board meetings and board
performance. The governance committee of each Trust held one meeting during its
last fiscal year. In the event of a vacancy on the Board, the governance
committee receives suggestions from various sources as to suitable candidates.
Suggestions should be sent in writing to Lorna Ferguson, Vice President for
Board Relations, Nuveen Investments, 333 West Wacker Drive, Chicago, IL 60606.
The governance committee sets appropriate standards and requirements for
nominations for new Board Members and reserves the right to interview all
candidates and to make the final selection regarding the nomination of any new
Board Members.
14
The Board of each Trust held four regular quarterly meetings except Municipal
Trust held three regular meetings and one special board meeting during its last
fiscal year. During the last fiscal year, each Board Member attended 75% or more
of each Trust's Board meetings and the committee meetings (if a member thereof).
THE OFFICERS
The following table sets forth information as of May 1, 2003 with respect to
each officer, other than Mr. Schwertfeger, who is a Board Member and is included
in the table relating to nominees for the Board. Officers receive no
compensation from the Funds. The officers of each Trust are elected by the Board
on an annual basis to serve until successors are elected and qualified.
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS
IN FUND
POSITION(S) TERM OF OFFICE COMPLEX
NAME, ADDRESS HELD AND LENGTH OF PRINCIPAL OCCUPATIONS SERVED BY
AND BIRTHDATE WITH TRUST TIME SERVED** DURING PAST FIVE YEARS OFFICER
- -----------------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief Term: Annual Managing Director (since 2002), Assistant 141
333 West Wacker Drive Administrative Length of Service: Secretary and Associate General Counsel,
Chicago, IL 60606 Officer Since 1988 formerly, Vice President of Nuveen
(9/9/56) Investments, LLC; Managing Director (since
2002), General Counsel and Assistant
Secretary, formerly, Vice President of
Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.; Managing
Director (since 2002) and Assistant
Secretary and Associate General Counsel,
formerly Vice President (since 2000) of
Nuveen Asset Management, Inc.; Assistant
Secretary of Nuveen Investments, Inc.
(since 1994); Assistant Secretary of NWQ
Investment Management Company, LLC (since
2002); Vice President and Assistant
Secretary of Nuveen Investments Advisers
Inc. (since 2002); Managing Director,
Associate General Counsel and Assistant
Secretary of Rittenhouse Asset Management,
Inc. (since May 2003); Chartered Financial
Analyst.
Michael T. Atkinson Vice President Term: Annual Vice President (since 2002), formerly 141
333 West Wacker Drive and Assistant Length of Service: Assistant Vice President (from 2000),
Chicago, IL 60606 Secretary Since 2002 previously, Associate of Nuveen
(2/3/66) Investments, LLC.
Paul L. Brennan Vice President Term: Annual Vice President (since 2002), formerly 135
333 West Wacker Drive Length of Service: Assistant Vice President (since 1997) of
Chicago, IL 60606 Since 1997 Nuveen Advisory Corp.; Chartered Financial
(11/10/66) Analyst and Certified Public Accountant.
Peter H. D'Arrigo Vice President Term: Annual Vice President of Nuveen Investments, LLC 141
333 West Wacker Drive and Treasurer Length of Service: (since 1999); prior thereto, Assistant Vice
Chicago, IL 60606 Since 1999 President (from 1997); Vice President and
(11/28/67) Treasurer (since 1999) of Nuveen
Investments, Inc.; Vice President and
Treasurer (since 1999) of Nuveen Advisory
Corp. and Nuveen Institutional Advisory
Corp; Vice President and Treasurer of
Nuveen Asset Management, Inc. (since 2002)
and of Nuveen Investments Advisers Inc.
(since 2002); Assistant Treasurer of NWQ
Investments Management Company, LLC. (since
2002); Chartered Financial Analyst.
Susan M. DeSanto Vice President Term: Annual Vice President of Nuveen Advisory Corp. 141
333 West Wacker Drive Length of Service: (since 2001); previously, Vice President of
Chicago, IL 60606 Since 2001 Van Kampen Investment Advisory Corp. (from
(9/8/54) 1998).
Jessica R. Droeger Vice President Term: Annual Vice President (since 2002) and Assistant 141
333 West Wacker Drive and Secretary Length of Service: General Counsel (since 1998), formerly
Chicago, IL 60606 Since 1998 Assistant Vice President (from 1998) of
(9/24/64) Nuveen Investments, LLC; Vice President
(since 2002) and Assistant Secretary (from
1998), formerly Assistant Vice President of
Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.
</Table>
15
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS
IN FUND
POSITION(S) TERM OF OFFICE COMPLEX
NAME, ADDRESS HELD AND LENGTH OF PRINCIPAL OCCUPATIONS SERVED BY
AND BIRTHDATE WITH TRUST TIME SERVED** DURING PAST FIVE YEARS OFFICER
- -----------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President Term: Annual Vice President of Nuveen Investments, LLC 141
333 West Wacker Drive Length of Service: (since 1998); Vice President (since 1998)
Chicago, IL 60606 Since 1998 of Nuveen Advisory Corp. and Nuveen
(10/24/45) Institutional Advisory Corp.
William M. Fitzgerald Vice President Term: Annual Managing Director (since 2001), formerly 141
333 West Wacker Drive Length of Service: Vice President (since 1995) of Nuveen
Chicago, IL 60606 Since 1995 Advisory Corp. and Nuveen Institutional
(3/2/64) Advisory Corp.; Managing Director of Nuveen
Asset Management, Inc. (since 2001); Vice
President of Nuveen Investments Advisers
Inc. (since 2002); Chartered Financial
Analyst.
Stephen D. Foy Vice President Term: Annual Vice President (since 1993) and Funds 141
333 West Wacker Drive and Controller Length of Service: Controller (since 1998) of Nuveen
Chicago, IL 60606 Since 1993 Investment, LLC; Vice President and Funds
(5/31/54) Controller (since 1998) of Nuveen
Investments, Inc.; Certified Public
Accountant.
J. Thomas Futrell Vice President Term: Annual Vice President of Nuveen Advisory Corp.; 135
333 West Wacker Drive Length of Service: Chartered Financial Analyst.
Chicago, IL 60606 Since 1992
(7/5/55)
Richard A. Huber Vice President Term: Annual Vice President of Nuveen Institutional 135
333 West Wacker Drive Length of Service: Advisory Corp. (since 1998) and Nuveen
Chicago, IL 60606 Since 1997 Advisory Corp. (since 1997).
(3/26/63)
Steven J. Krupa Vice President Term: Annual Vice President of Nuveen Advisory Corp. 135
333 West Wacker Drive Length of Service:
Chicago, IL 60606 Since 1990
(8/21/57)
David J. Lamb Vice President Term: Annual Vice President of Nuveen Investments, LLC 141
333 West Wacker Drive Length of Service: (since 2000); prior thereto, Assistant Vice
Chicago, IL 60606 Since 2000 President (from 1999); formerly Associate
(3/22/63) of Nuveen Investments, LLC; Certified
Public Accountant.
Tina M. Lazar Vice President Term: Annual Vice President of Nuveen Investments, LLC 141
333 West Wacker Drive Length of Service: (since 1999); prior thereto, Assistant Vice
Chicago, IL 60606 Since 2002 President (since 1993) of Nuveen
(8/27/61) Investments, LLC.
Larry W. Martin Vice President Term: Annual Vice President, Assistant Secretary and 141
333 West Wacker Drive and Assistant Length of Service: Assistant General Counsel of Nuveen
Chicago, IL 60606 Secretary Since 1988 Investments, LLC; Vice President and
(7/27/51) Assistant Secretary of Nuveen Advisory
Corp. and Nuveen Institutional Advisory
Corp.; Assistant Secretary of Nuveen
Investments, Inc.; Assistant Secretary of
Nuveen Asset Management, Inc. (since 1997);
Vice President (since 2000), Assistant
Secretary and Assistant General Counsel
(since 1998) of Rittenhouse Asset
Management, Inc.; Vice President and
Assistant Secretary of Nuveen Investments
Advisers Inc. (since 2002); Assistant
Secretary of NWQ Investment Management
Company, LLC (since 2002).
Edward F. Neild, IV Vice President Term: Annual Managing Director (since 2002), formerly, 141
333 West Wacker Drive Length of Service: Vice President (from 1996) of Nuveen
Chicago, IL 60606 Since 1996 Institutional Advisory Corp. and Nuveen
(7/7/65) Advisory Corp.; Managing Director of Nuveen
Asset Management, Inc. (since 1999);
Chartered Financial Analyst.
</Table>
16
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS
IN FUND
POSITION(S) TERM OF OFFICE COMPLEX
NAME, ADDRESS HELD AND LENGTH OF PRINCIPAL OCCUPATIONS SERVED BY
AND BIRTHDATE WITH TRUST TIME SERVED** DURING PAST FIVE YEARS OFFICER
- -----------------------------------------------------------------------------------------------------------------------
Thomas J. O'Shaughnessy Vice President Term: Annual Vice President (since 2002), previously, 135
333 West Wacker Drive Length of Service: Assistant Vice President (1998) of Nuveen
Chicago, IL 60606 Since 1998 Advisory Corp.
(9/4/60)
Thomas C. Spalding Vice President Term: Annual Vice President of Nuveen Advisory Corp. and 135
333 West Wacker Drive Length of Service: Nuveen Institutional Advisory Corp.;
Chicago, IL 60606 Since 1987 Chartered Financial Analyst.
(7/31/51)
</Table>
- ---------------
** Length of Service indicates the year the individual became an officer of a
fund in the Nuveen fund complex.
2. PROPOSED CHANGES TO EACH FUND'S FUNDAMENTAL INVESTMENT POLICIES
The Board has proposed amending each Fund's fundamental investment policies
relating to borrowing and lending in connection with the implementation of a
proposed interfund lending program. In addition, the Board has proposed amending
each Fund's fundamental policy regarding investing in only municipal securities
to enable the Fund to invest in non-municipal securities in connection with
workouts of distressed credits.
BORROWING AND LENDING
Each Fund's current fundamental investment policy regarding borrowing states:
The Fund may not borrow money, except from banks for temporary or emergency
purposes and not for investment purposes and then only in an amount not
exceeding (a) 10% of the value of its assets at the time of borrowing or
(b) one-third of the value of the Fund's total assets including the amount
borrowed, in order to meet redemption requests which might otherwise
require the untimely disposition of securities. While any such borrowings
exceed 5% of such Fund's total assets, no additional purchases of
investment securities will be made by such Fund. If due to market
fluctuations or other reasons, the value of the Fund's assets falls below
300% of its borrowings, the Fund will reduce its borrowings within 3
business days. To do this, the Fund may have to sell a portion of its
investments at a time when it may be disadvantageous to do so.
Each Fund's current fundamental policy regarding lending states:
The Fund may not make loans, other than by entering into repurchase
agreements and through the purchase of Municipal Obligations or temporary
investments in accordance with its investment objections, policies and
limitations.
The Board recommends that shareholders vote to replace these policies with the
following fundamental investment policy governing borrowing and the following
fundamental investment policy regarding lending:
The Fund may not borrow money, except as permitted by the Investment
Company Act of 1940 and exemptive orders granted under the 1940 Act.
The Fund may not make loans, except as permitted by the Investment Company
Act of 1940 and exemptive orders granted under the 1940 Act.
In connection with disaster recovery planning and to provide liquidity in the
event that open-end funds in the Nuveen family of funds encounter higher than
normal redemption requests that may follow a national disaster such as the
events of September 11, 2001, the Boards of the Nuveen Funds have determined
that an interfund lending program would allow the Nuveen Funds, including the
Funds, to lend and borrow cash for temporary purposes directly to and from each
other. The proposed new fundamental investment policies will enable each Trust
to participate in this interfund lending program.
Because an interfund lending program raises issues under various sections of the
1940 Act, in order to implement the proposal, all Nuveen Funds, including the
Funds, will file an application for exemption from certain provisions of the
1940 Act with the Securities and Exchange Commission ("SEC"). The application to
the SEC for exemptive relief will not limit interfund lending under the program
to emergency situations and the relief, if and when granted, would allow the
Adviser to set up a more regular program if it and the Board of the Trust
determines that a more regular program would be in the best interests of a fund.
Implementation of the interfund lending program is contingent upon the SEC
granting the exemptive relief.
17
Nuveen's open-end funds are far more likely to experience large net cash
outflows during an emergency situation than the closed-end funds, therefore the
open-end funds will likely be the only funds that would borrow extensively under
the program. However, because the closed-end funds might be able to lend money
at attractive rates under the program, it is proposed that all current and
future Nuveen Funds, both open-end and closed-end, may participate in the
program. Because the interest earned by the lending fund on such loans is
taxable, Nuveen anticipates that funds that invest primarily in municipal
securities would only participate in the program as lenders if the Adviser
believes that it would be in the best interests of the shareholders of such
funds. Funds that invest primarily in securities other than municipal securities
may also utilize the program in non-emergency situations.
Currently, the Nuveen open-end funds can borrow from banks for temporary
purposes and can lend to banks or other entities in the form of repurchase
agreements or investment in other short-term instruments. The proposed program
would reduce the open-end funds' borrowing costs and enhance their ability to
earn higher rates of interest on investment of their short-term cash balances.
The open-end funds would still be free to establish committed lines of credit or
other borrowing arrangements with banks.
It is currently anticipated that the interest rate that will be charged to the
funds on any interfund loan ("Interfund Loan Rate") would be the average of the
"Repo Rate"(1) and the "Bank Loan Rate."(2) The program would be administered by
employees of the Adviser, including representatives of the Funds' Administration
and Financial Analysis, Product Management, Portfolio Operations and Trading
and/or representatives of the Portfolio Management and Research Department who
are not portfolio managers ("Interfund Lending Team"). Under the proposed
program, in an emergency situation, a meeting of the Interfund Lending Team
would be called and the Team would collect data on the uninvested cash and
borrowing requirements of the funds. Once it determines the aggregate amount of
cash available for loans and borrowing demand, the Interfund Lending Team would
allocate loans among borrowing funds with input from portfolio managers.
The Interfund Lending Team would allocate borrowing demand and cash available
for lending among the funds on what the Interfund Lending Team believes to be an
equitable basis, subject to certain administrative procedures applicable to all
funds, such as the time of filing requests to participate, minimum loan lot
sizes, and the need to minimize the number of transactions and associated
administrative costs. To reduce transaction costs, each loan normally would be
allocated in a manner intended to minimize the number of funds necessary to
complete the loan transaction. The method of allocation and related
administrative procedures would be approved by the Board, including a majority
of the Independent Board Members, to ensure both borrowing and lending funds
participate on an equitable basis.
The Adviser would (i) monitor the interest rates charged and other terms and
conditions of the Interfund Loans, (ii) ensure compliance with each fund's
investment policies and limitations, (iii) ensure equitable treatment of each
fund, and (iv) make quarterly reports to the Board concerning any transactions
by the funds under the program and the Interfund Loan Rates. Nuveen would
administer the credit facility as part of its duties under its existing advisory
contract with each fund and would receive no additional fee as compensation for
its services. The actual terms of any Interfund Loan Program in which the Funds
may participate may change from time to time from the description presented here
both as a result of a regulatory action in connection with the granting of the
appropriate regulatory approvals, or as approved by a Board of a Trust.
Although, under the proposed new investment policies, each Fund may borrow and
lend to the full extent permitted by the 1940 Act, currently each Fund only
intends to change its current practices with respect to borrowing and lending
solely to the extent it participates in the proposed interfund lending program.
However, under the proposed new investment policies, each Fund reserves the
right in the future to engage in borrowing and lending to the full extent
permitted by the 1940 Act.
INVESTMENTS IN MUNICIPAL SECURITIES
Each Fund currently has the following fundamental policy:
The Fund may not invest in securities other than Municipal Obligations and
short-term securities, as described in the Prospectus.
- ---------------
(1) The "Repo Rate" for any day would be the highest rate available to the funds
from investing in overnight repurchase agreements with a highly reputable
counterparty.
(2) The "Bank Loan Rate" for any day would be calculated by Nuveen each day an
interfund loan is made according to a formula established by the Board designed
to approximate the lowest interest rate at which bank short-term loans would be
available to the funds. The formula would be based upon a publicly available
rate (e.g., Federal Funds plus 25 basis points) and would vary with this rate so
as to reflect changing bank loan rates. The Board periodically would review the
continuing appropriateness of using the publicly available rate, as well as the
relationship between the Bank Loan Rate and current bank loan rates that would
be available to the funds. The initial formula and any subsequent modifications
to the formula would be subject to the approval of the Board.
18
The Board recommends that shareholders vote to replace this policy with the
following fundamental policy:
The Fund may not invest in securities other than Municipal Obligations and
short-term securities, as described in the Prospectus, except the Fund may
invest up to 5% of its net assets in tax-exempt or taxable fixed-income or
equity securities for the purpose of acquiring control of an issuer whose
municipal bonds (a) the Fund already owns and (b) have deteriorated or are
expected shortly to deteriorate significantly in credit quality, provided
the Adviser determines such investment should enable the Fund to better
maximize its existing investment in such issuer.
In connection with distressed issuers, the revised policy would provide the
Adviser with the flexibility to pursue each Fund's interests in bond workout
situations. It is anticipated that the Funds would invest in such taxable
fixed-income or equity securities in cases where the Adviser determines that
acquiring control of management of an issuer whose municipal bonds have
deteriorated or are expected to deteriorate significantly in credit quality
would likely enable the Funds to better prevent the credit deterioration or
facilitate the liquidation or other workout of the issuer's credit problem.
Investments in any taxable fixed-income or equity securities may produce taxable
income to a Fund.
VOTES REQUIRED
Approval of the proposed changes to a Fund's fundamental investment policies
requires the affirmative vote of a "majority of the outstanding voting
securities" of that Fund voting separately with each class of shares of the Fund
voting together as a single class. The term "majority of the outstanding voting
securities" as defined in the 1940 Act means the affirmative vote of the lesser
of (1) 67% of the voting securities of the Fund present at the meeting if more
than 50% of the outstanding shares of the Fund are present in person or by proxy
or (2) more than 50% of the outstanding shares of the Fund. Shareholders of each
Fund will vote separately on the proposed changes to each fundamental investment
policy.
THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSED CHANGES
TO EACH FUND'S FUNDAMENTAL INVESTMENT POLICIES.
APPOINTMENT OF INDEPENDENT AUDITORS
Each Board has appointed PriceWaterhouseCoopers LLP independent public
accountants, as independent auditors to audit the books and records of each
Trust for its fiscal year. A representative of PriceWaterhouseCoopers LLP will
be present at the meeting to make a statement, if such representative so
desires, and to respond to shareholders' questions. PriceWaterhouseCoopers LLP
has informed each Trust that it has no direct or indirect material financial
interest in the Trust, Nuveen, the Adviser or any other investment company
sponsored by Nuveen.
On May 15, 2002, Arthur Andersen LLP resigned as independent accountants of the
Nuveen open-end mutual funds. Each Trusts' audit committee accepted Arthur
Andersen's resignation, participated in the process of evaluating new accounting
firms and approved the selection of PricewaterhouseCoopers LLP as the new
independent accountants on May 15, 2002. The reports of Arthur Andersen LLP on
the financial statements for the past two fiscal years contained no adverse
opinion or disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope, or accounting principle. In connection with its audits
for the two most recent fiscal years and through May 15, 2002 there were no
disagreements with Arthur Andersen LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which
if not resolved to the satisfaction of Arthur Andersen LLP would have caused
them to make reference thereto in their report on the financial statements for
such years. During the two most recent fiscal years and through May 15, 2002,
there have been no events that are required to be reported. Nuveen has requested
that Arthur Andersen LLP furnish it with a letter addressed to the SEC stating
whether or not it agrees with the above statements. However in light of the
circumstances surrounding Arthur Andersen LLP, Nuveen was not able to obtain
such letter for inclusion with this proxy.
INFORMATION ABOUT THE ADVISER
The Adviser, located at 333 West Wacker Drive, Chicago, Illinois, serves as
investment adviser and manager for each Fund. The Adviser is a wholly owned
subsidiary of Nuveen Investments, Inc., 333 West Wacker Drive, Chicago, Illinois
60606. Nuveen Investments, Inc., is approximately 79% owned by The St. Paul
Companies, Inc. ("St. Paul"). St. Paul is located at 385 Washington Street, St.
Paul, Minnesota 55102, and is principally engaged in providing
property-liability insurance through subsidiaries.
INFORMATION ABOUT THE UNDERWRITER
Nuveen Investments, LLC (the "Underwriter"), located at 333 West Wacker Drive,
Chicago, Illinois 60606, serves as the principal underwriter for each Fund. The
Underwriter is a wholly owned subsidiary of Nuveen Investments, Inc.
SHAREHOLDER PROPOSALS
The Trusts do not generally hold annual shareholders' meetings, but will hold
special meetings as required or deemed desirable. Because each Trust does not
hold regular shareholders' meetings, the anticipated date of the next special
19
shareholders' meeting (if any) cannot be provided. Shareholders wishing to
submit proposals for inclusion in a proxy statement for a subsequent
shareholders' meeting of a Trust should send their written proposals to the
Trust at 333 West Wacker Drive, Chicago, Illinois 60606. Proposals must be
received a reasonable time before a Trust begins to print and mail its proxy
materials for the meeting.
EXPENSES OF PROXY SOLICITATION
The cost of preparing, printing and mailing the enclosed proxy, accompanying
notice and proxy statement will be paid by the Trusts. All other costs in
connection with the solicitation of proxies, will be paid by the Trusts pro rata
based on the number of shareholder accounts. Additional solicitation may be made
by letter, telephone or telegraph by officers or employees of Nuveen or the
Adviser, or by dealers and their representatives. The Trusts have engaged D.F.
King & Co., Inc., to assist in the solicitation of proxies at an estimated cost
of $2,500 per Fund plus reasonable expenses.
FISCAL YEAR
The last fiscal year end for each Trust was as follows:
<Table>
Municipal Trust April 30, 2003
Multistate I May 31, 2003
Multistate II February 28, 2003
Multistate III May 31, 2003
Multistate IV May 31, 2003
</Table>
ANNUAL REPORT DELIVERY
Annual reports were sent to shareholders of record following each Trust's fiscal
year end. Each Trust will furnish, without charge, a copy of its annual report
and/or semi-annual report as available upon request. Such written or oral
requests should be directed to such Trust at 333 West Wacker Drive, Chicago,
Illinois 60606 or by calling 1-800-257-8787.
Please note that only one annual report or proxy statement may be delivered to
two or more shareholders of a Fund who share an address, unless the Fund has
received instructions to the contrary. To request a separate copy of an annual
report or proxy statement, or, for instructions as to how to request a separate
copy of such documents or as to how to request a single copy if multiple copies
of such documents are received, shareholders should contact the applicable Fund
at the address and phone number set forth above.
GENERAL
Management does not intend to present and does not have reason to believe that
any other items of business will be presented at any Special Meeting. However,
if other matters are properly presented to the Special Meeting 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 Trust.
A list of shareholders entitled to be present and to vote at each Special
Meeting will be available at the offices of the Trusts, 333 West Wacker Drive,
Chicago, Illinois, for inspection by any shareholder during regular business
hours beginning ten days prior to the date of that Special Meeting.
Failure of a quorum to be present at any Special Meeting will necessitate
adjournment and will subject that Trust to additional expense. The persons named
in the enclosed proxy may also move for an adjournment of any Special Meeting to
permit further solicitation of proxies with respect to any of the proposals if
they determine that adjournment and further solicitation is reasonable and in
the best interests of the shareholders. Under each Trust's By-Laws, an
adjournment of a meeting requires the affirmative vote of a majority of the
shares present in person or represented by proxy at the meeting.
IF YOU CANNOT BE PRESENT AT THE MEETING, YOU ARE REQUESTED TO FILL IN, SIGN AND
RETURN THE ENCLOSED PROXY PROMPTLY. NO POSTAGE IS REQUIRED IF MAILED IN THE
UNITED STATES.
Jessica R. Droeger
Vice President and Secretary
June 17, 2003
20
APPENDIX 1
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
All-American A MLPF&S for the Sole Benefit of Its 4,366,230.5620 20.79
Customers
Attn Fund Admin Sec 974T2
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
High Yield A MLPF&S 660,473.3710 13.61
For Its Customers
Attn Fund Admin Sec 97E84
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Insured Municipal A --
Intermediate Duration A MLPF&S for the Benefit of Its Customers 6,842,573.9790 23.43
Attn Fund Admn/97GX8
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Limited Term A MLPF&S for the Sole Benefit of Its 10,019,064.1580 21.15
Customers
Attn Fund Admin Sec 973N5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Arizona Municipal A MLPF&S for the Benefit of Its Customers 1,152,891.3590 17.51
Attn Fund Admn 97E76
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
California Municipal A MLPF&S for the Benefit of Its Customers 295,969.6720 5.89
Attn Fund Admn/97E72
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
California Insured A Painwebber for the Benefit of Mildred 603,475.7520 8.47
D. Galli
Ttee of the Mildred D. Galli
Revocable Trust Dtd 12-21-00
48 Linden Ave.
Atherton, CA 94027-2149
Colorado Municipal A MLPF&S for the Sole Benefit & of Its 531,262.8940 17.13
Customers
Attn Fund Admn Sec 971X9
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Connecticut Municipal A MLPF&S for the Sole Benefit & of Its 3,880,378.6870 18.11
Customers
Attn Fund Admn Sec 973F5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Florida Municipal A MLPF&S for the Benefit of Its Customers 6,625,290.5000 27.97
Attn Fund Admn 97E80
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Georgia Municipal A MLPF&S for the Sole Benefit of Its 2,749,298.3500 26.27
Customers
Attn Fund Admn Sec 970C4
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Kansas Municipal A MLPF&S for the Sole Benefit of Its 1,198,252.3910 12.55
Customers
Attn Fund Admn 979D0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Kentucky Municipal A MLPF&S for the Benefit of Its Customers 3,108,941.0190 8.28
Attn Fund Admn Sec 971X8
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
</Table>
A-1
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
Louisiana Municipal A MLPF&S for the Sole Benefit of Its 3,020,355.5160 37.91
Customers
Attn Fund Admn Sec 70079
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Nuveen Maryland Municipal A MLPF&S for the Benefit of Its Customers 292,119.9830 9.33
Attn Fund Admn/97E83
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Massachusetts Municipal A --
Massachusetts Insured A --
Michigan Municipal A MLPF&S for Its Customers 6,631,667.2240 39.41
Attn Fund Admn 97E75
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Missouri Municipal A MLPF&S for the Sole Benefit & of Its 3,076,815.4940 14.87
Customers
Attn Fund Admn Sec 973G2
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New Jersey Municipal A MLPF&S for the Benefit of Its Customers 756,619.3440 10.98
Attn Fund Admn/97E82
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New Mexico Municipal A MLPF&S for the Sole Benefit of Its 1,008,946.9720 22.73
Customers
Attn Fund Admn Sec 97AF5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New York Municipal A MLPF&S for the Benefit of Its Customers 1,437,223.5390 13.64
Attn Fund Admn/97E86
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New York Insured A MLPF&S for the Benefit of Its Customers 384,880.4080 5.61
Attn Fund Admn/97E77
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
North Carolina Municipal A MLPF&S for the Sole Benefit of Its 1,943,399.3580 12.01
Customers
Attn Fund Admn Sec 970C6
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Ohio Municipal A MLPF&S For Its Customers 9,465,561.2670 28.84
Attn Fund Admn/97E84
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Pennsylvania Municipal A MLPF&S For Its Customers 1,244,788.6040 19.13
Attn Fund Admn/97E74
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Tennessee Municipal A MLPF&S for the Sole Benefit of Its 4,016,176.5270 16.80
Customers
Attn Fund Admn Sec 970N6
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Virginia Municipal A MLPF&S for Its Customers 2,577,595.1870 18.63
Attn Fund Admn 97E81
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Wisconsin Municipal A Citigroup Global Markets Inc. 840,873.3090 21.27
00127113901
333 West 34th Street -- 3rd Floor
New York, NY 10001-2402
</Table>
A-2
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
All-American B MLPF&S for the Sole Benefit of Its 1,227,417.4290 28.50
Customers
Attn Fund Admn Sec 97NB8
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
High Yield B MLPF&S for Its Customers 726,247.0560 24.03
Attn Fund Admn
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Insured Municipal B MLPF&S for the Benefit of Its Customers 534,419.5910 13.48
Attn Fund Admn/97NB1
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Intermediate Duration B MLPF&S for the Benefit of Its Customers 1,357,497.3560 35.80
Attn Fund Admn/97NB0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Arizona Municipal B MLPF&S for the Sole Benefit of Its 169,621.8100 28.55
Customers
Attn Fund Admn Sec 97ND2
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
California Municipal B MLPF&S for the Benefit of Its Customers 230,450.3110 12.97
Attn Fund Admn/97NB2
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Painwebber for the Benefit of 96,292.2310 5.42
Florence V Johnston Ttee
Johnston Family Trust #1
Utd 02/21/82
4539 Perham
Corona Del Mar, CA 92625-3123
California Insured B MLPF&S for the Benefit of Its Customers 382,932.8510 19.72
Attn Fund Admn/97NB3
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Colorado Municipal B MLPF&S for the Sole Benefit of Its 77,073.5140 13.11
Customers
Attn Fund Admn Sec 97NC0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Pershing LLC 33,062.3920 5.62
P.O. Box 2052
Jersey City, NJ 07303-2052
Pershing LLC 60,196.8870 10.24
P.O. Box 2052
Jersey City, NJ 07303-2052
Connecticut Municipal B MLPF&S for the Sole Benefit of Its 613,372.0130 20.43
Customers
Attn Fund Admn Sec 97NC1
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Florida Municipal B MLPF&S for the Sole Benefit of Its 1,095,748.4860 34.39
Customers
Attn Fund Admn Sec 97ND3
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Georgia Municipal B MLPF&S for the Sole Benefit of Its 645,973.3720 36.12
Customers
Attn Fund Admn Sec 97NC2
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Kansas Municipal B MLPF&S for the Sole Benefit of Its 129,588.2040 10.90
Customers
Attn Fund Admn Sec 97NC3
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
</Table>
A-3
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
Kentucky Municipal B MLPF&S for the Sole Benefit of Its 246,657.4830 13.31
Customers
Attn Fund Admn Sec 97NC4
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Louisiana Municipal B MLPF&S for the Sole Benefit of Its 774,832.9410 39.49
Customers
Attn Fund Admn Sec 97NC5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Maryland Municipal B MLPF&S for the Benefit of Its Customers 389,017.5220 28.26
Attn Fund Admn 97NB4
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
NFSC FEBO A1F-190500 86,821.7730 6.31
Alan F Rabson
Ruth Kirschstein
6 West Drive
Bethesda, MD 20814-1510
Massachusetts Municipal B MLPF&S for the Benefit of Its Customers 188,302.5300 23.66
Attn Fund Admn/97NB5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Massachusetts Insured B MLPF&S for the Benefit of Its Customers 35,523.1380 5.71
Attn Fund Admn/97NB6
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Deborah Gilman 37,131.7500 5.97
Stuart Cohen Trs
Deborah Gilman 1999 Rev Trust
U/A 03/11/99
280 Newtonville Ave, Apt 509
Newton, MA 02460-2053
Josephine H Penna 33,364.2090 5.36
Marilyn P Kane
Anita C Morace
JT Wros
80 Howard St
Agawam, MA 01001-1132
Michigan Municipal B MLPF&S for the Sole Benefit of Its 325,329.6200 35.70
Customers
Attn Fund Admn Sec 97ND4
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Ruth A Weglarz 57,461.3800 6.30
David A & Michael J Hagen Trs
Elaine M Hagen Irrevocable Trust
U/A 06/29/99
47991 Ben Franklin Drive
Shelby Township, MI 48315-4123
Missouri Municipal B MLPF&S for the Sole Benefit of Its 230,947.6830 22.07
Customers
Attn Fund Admn Sec 97NC6
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New Jersey Municipal B MLPF&S for the Benefit of Its Customers 654,066.2000 25.90
Attn Fund Admn Sec 97NH0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New Mexico Municipal B MLPF&S for the Sole Benefit of Its 118,481.8020 22.00
Customers
Attn Fund Admn Sec 97NC7
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
</Table>
A-4
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
New York Municipal B MLPF&S for the Benefit of Its Customers 635,183.5960 16.35
Attn Fund Admn/97NH1
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New York Insured B MLPF&S for the Benefit of Its Customers 554,951.4100 21.56
Attn Fund Admn/97NB7
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
NFSC FEBO OTM-562610 154,052.5250 5.99
William M Donofrio
25 Homer Street
Staten Island, NY 10301-3101
North Carolina Municipal B MLPF&S for the Sole Benefit of Its 241,648.2500 10.61
Customers
Attn Fund Admn Sec 97NC8
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Ohio Municipal B MLPF&S for the Sole Benefit of Its 891,259.9430 37.87
Customers
Attn Fund Admn Sec 97ND5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Pennsylvania Municipal B MLPF&S for the Sole Benefit of Its 348,282.7550 29.18
Customers
Attn Fund Admn Sec 97ND6
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Tennessee Municipal B MLPF&S for the Sole Benefit of Its 134,716.6280 6.92
Customers
Attn Fund Admn Sec 97ND0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Virginia Municipal B MLPF&S for the Sole Benefit of Its 403,632.5570 21.15
Customers
Attn Fund Admn Sec 97ND7
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Wisconsin Municipal B MLPF&S for the Sole Benefit of Its 31,698.9730 5.75
Customers
Attn Fund Admn Sec 97ND1
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Painwebber for the Benefit of 58,094.5020 10.54
Mr William J Hurkman and
Mrs Marian T Hurkman Jtten
2304 South Arch Street
Janesville, WI 53546-6126
USBANCORP Piper Jaffray 29,603.1480 5.37
A C 1840-1944
U S Bancorp Center
800 Nicollet Mall
Minneapolis, MN 55402-7000
Fahnestock & Co Inc FBO 92,193.5210 16.72
D160000248
Richard Blomquist
1660 N. Prospect Ave #2807
Milwaukee, WI 53202-6716
Nuveen All-American C MLPF&S for the Sole Benefit of Its 3,035,789.2200 46.56
Customers
Attn Fund Admn Sec 97MB0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
High Yield C MLPF&S for Its Customers 819,278.9090 35.12
Attn Fund Admn
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
</Table>
A-5
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
Insured Municipal C MLPF&S for the Benefit of Its Customers 535,413.3390 17.57
Attn Fund Admn/97GW6
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Intermediate Duration C MLPF&S for the Benefit of Its Customers 2,184,971.3980 40.89
Attn Fund Admn/97GX9
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Limited Term C MLPF&S for the Sole Benefit of Its 14,506,729.9000 46.73
Customers
Attn Fund Admn Sec 97HW4
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Arizona Municipal C MLPF&S for Its Customers 246,767.8970 30.20
Attn Fund Admn 97GX6
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Pershing LLC 57,229.9940 7.00
P.O. Box 2052
Jersey City, NJ 07303-2052
California Municipal C Joseph Daou 91,886.1460 5.43
Marie Daou Trs
Joseph & Marie Daou Fam Trust
U/A 03/11/96
PO Box 676188
Rancho Santa Fe, CA 92067-6188
Citigroup Global Markets Inc. 98,135.4270 5.80
00154905690
333 West 34th Street -- 3rd Floor New
York, NY 10001-2402
MLPF&S for the Benefit of Its Customers 273,678.8420 16.18
Attn Fund Admn/97GY0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
California Insured C MLPF&S for the Benefit of Its Customers 176,414.7040 13.87
Attn Fund Admn/97GY1
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Dean Witter for the Benefit of 72,992.7010 5.74
The Maniatakos Family Trust
PO Box 250 Church Street Station
New York, NY 10008-0250
Colorado Municipal C MLPF&S for the Sole Benefit of Its 209,416.9990 32.65
Customers
Attn Fund Admn Sec 97ND9
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
First Clearing Corporation 34,668.3550 5.40
A C 6727-4390
Ruth H Richard
2731 S Xanadu Way
Aurora, CO 80014-3479
Connecticut Municipal C MLPF&S for the Sole Benefit of Its 785,907.7610 21.06
Customers
Attn Fund Admn Sec 97CM5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
NFSC FEBO C1Q-077658 215,800.9640 5.78
Andrew A Rooney
524 West 57th Street
New York, NY 10019-2902
Florida Municipal C MLPF&S for Its Customers 1,767,119.2620 51.06
Attn Fund Admn 97GX3
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
</Table>
A-6
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
Georgia Municipal C MLPF&S for the Sole Benefit of Its 1,123,838.8870 44.59
Customers
Attn Fund Admn Sec 97C83
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Kansas Municipal C MLPF&S for the Sole Benefit of Its 333,004.4660 14.57
Customers
Attn Fund Admn Sec 97NE0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Kentucky Municipal C MLPF&S for the Sole Benefit of Its 1,224,062.0130 28.23
Customers
Attn Fund Admn Sec 97CM9
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Louisiana Municipal C MLPF&S for the Sole Benefit of Its 424,126.2890 26.43
Customers
Attn Fund Admn Sec 97DD4
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Maryland Municipal C Jessie L & John L Daniels & 71,876.9720 6.12
Diane D Cole & Lynne D Mella Trs
Jessie L Daniels Trust
U/A 12/21/92
9039 Rouen Ln
Potomac, MD 20854-3135
MLPF&S for the Benefit of Its Customers 180,528.8810 15.38
Attn Fund Admn/97GX7
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Massachusetts Municipal C MLPF&S for the Benefit of Its Customers 158,548.3400 14.50
Attn Fund Admn/97GY9
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Massachusetts Insured C MLPF&S for the Benefit of Its Customers 106,303.2320 8.15
Attn Fund Admn/97GX5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Michigan Municipal C MLPF&S for Its Customers 1,846,101.0670 51.08
Attn Fund Admn/97GW2
4800 Deer Lake Dr E
Jacksonville, FL 32246-6484
Missouri Municipal C MLPF&S for the Sole Benefit of Its 913,187.2160 43.85
Customers
Attn Fund Admn Sec 97DD3
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
NFSC FEBO Y02-057240 109,112.9050 5.24
George K Capps
PO Box 4424
Chesterfield, MO 63006-4424
New Jersey Municipal C MLPF&S for the Benefit of Its Customers 574,914.2680 26.80
Attn Fund Admn/97GX1
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New Mexico Municipal C MLPF&S for the Sole Benefit of Its 88,755.0740 20.52
Customers
Attn Fund Admn Sec 97NE1
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Raymond James Assoc Inc. 34,872.6670 8.06
FBO Salazar MC
BIN 50152500
880 Carillon Pkwy
St Petersburg, FL 33716-1100
</Table>
A-7
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
Raymond James Assoc Inc. 59,195.3550 13.68
FBO Gebhart AM
BIN 50094911
880 Carillon Pkwy
St Petersburg, FL 33716-1100
Raymond James Assoc Inc. 39,649.0600 9.17
FBO Hillerman R
BIN 50099070
880 Carillon Pkwy
St Petersburg, FL 33716-1100
New York Municipal C MLPF&S for the Benefit of Its Customers 903,252.1650 32.06
Attn Fund Admn/97G00
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
New York Insured C MLPF&S for the Benefit of Its Customers 444,576.6270 29.14
Attn Fund Admn/97GX0 4800 Deer Lake Dr
E Floor 3
Jacksonville, FL 32246-6484
North Carolina Municipal C MLPF&S for the Sole Benefit of Its 628,624.5360 25.87
Customers
Attn Fund Admn Sec 97CM8
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Ohio Municipal C MLPF&S for Its Customers 1,688,475.1370 39.46
Attn Fund Admn 97GY8
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Pennsylvania Municipal C MLPF&S for Its Customers 929,167.5970 46.45
Attn Fund Admn 97GX4
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Tennessee Municipal C NFSC FEBO -- AB 4-011339 278,745.6450 7.71
Louise K Ellis
1550 Kenesaw Dr
Knoxville, TN 37919-7861
MLPF&S for the Sole Benefit of Its 1,425,500.1560 39.45
Customers
Attn Fund Admn Sec 97CM7
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Virginia Municipal C MLPF&S for Its Customers 789,334.2000 37.82
Attn Fund Admn 97GX2
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Wisconsin Municipal C MLPF&S for the Sole Benefit of Its 57,415.6090 13.57
Customers
Attn Fund Admn Sec 97NE3
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
All-American R Nikki L. Teik Ttee & 33,231.7430 7.23
Robert J. Teik Ttee
The Teik Family Trust
UA Dtd 07/27/1998
20 Lakeside Dr
S Barrington, IL 60010-5311
Alice B. Bonnet 47,510.4430 10.34
PO Box 669
La Porte, IN 46352-0669
Kenneth Z. Slater 98,581.2250 21.46
Richard J. Slater
The Kendall Trust U/A 6/20/02
c/o George Famigillo Jr CPA
1634 Main St
Sarasota, FL 34236-5811
</Table>
A-8
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
High Yield R Charles L Piskac 43,101.2300 8.36
and Betty L Piskac
JT Wros
4842 Knickerbocker St
Houston, TX 77035-3428
Pershing LLC 63,355.2970 12.30
P O Box 2052
Jersey City, NJ 07303-2052
Kenneth Z Slater 166,555.6400 32.32
Richard J Slater
The Kendall Trust
c/o George Famigillo Jr CPA
1634 Main St
Sarasota FL 34236-5811
Insured Municipal R --
Intermediate Duration R --
Limited Term R Kenneth Z Slater 445,860.7920 56.19
Richard J Slater
The Kendall Trust
c/o George Famigillo Jr CPA
1634 Main Street
Sarasota, FL 34236-5811
Pershing LLC 80,696.4260 10.17
P.O. Box 2052
Jersey City, NJ 07303-2052
Arizona Municipal R Lois Jones 91,524.3680 5.36
UA Dec 31 87 Lois Jones Trust
8656 N 84th St
Scottsdale, AZ 85258-2431
MLPF&S for Its Customers 108,508.6130 6.35
Attn Fund Admn 979D4
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
California Municipal R --
California Insured R --
Colorado Municipal R Joseph N Emmons 13,194.1550 17.37
2428 Virgo Drive
Colorado Spgs, CO 80906-1048
Raymond Munyon 34,983.2100 46.06
Lisa Ann Munyon &
Renee L Miller Tr
Munyon Family Irrevocable Trust
UA 08/28/92
7650 Kline Dr
Arvada, CO 80005-3776
Harold M Gott 11,930.1250 15.71
PO Box 1929
Montrose, CO 81402-1929
Connecticut Municipal R Elizabeth L McColgin 21,193.1260 5.86
Elizabeth L McColgin Trust
U/A 07/30/85
101 Hat Shop Hill Rd
Bridgewater, CT 06752-1238
Edward D Jones and Co F/A/O 38,307.1070 10.60
Philip Thomas Benard
EDJ #144-01636-1-4
P O Box 2500
Maryland Heights, MO 63043-8500
LPL Financial Services 39,025.3080 10.79
A C 4099-8991
9785 Towne Centre Drive
San Diego, CA 92121-1968
</Table>
A-9
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
LPL Financial Services 25,023.8760 6.92
A C 3444-6088
9785 Town Centre Drive
San Diego, CA 92121-1968
Florida Municipal R Frank H Poe 514,388.2380 8.03
U/A 11/27/91
Frank H Poe Trust
425 S Dixie Hwy
Coral Gables, FL 33146-2202
Georgia Municipal R Robert A Scott 34,707.5290 12.85
Faye Donley Scott
2065 Compton Way
Alpharetta, GA 30022-7125
Marcia B Crouch 17,747.1080 6.57
22780 Fairmount Blvd
Cleveland, OH 44118-4834
Christine M Wade 151,588.6420 56.13
Wade Living Trust
U/A 04/13/98
105 Autumn Glen Circle Apt 414
Fayetteville, GA 30215-6878
Kansas Municipal R Trukan & Co 97,526.2720 83.21
PO Box 3699
Wichita, KS 67201-3699
Kentucky Municipal R Hugh M Cohen 22,942.7030 22.18
4003 Adelaide Ct
Louisville, KY 40241-4106
Edward D Jones & Co FAO 8,247.9200 7.97
Joseph E Knight Edj 421-04756-1-4
PO Box 2500
Maryland Heights, MO 63043-8500
Fifth Third Bank Ttee 8,110.5540 7.84
Joseph & Doris
A/C #
P.O. Box 3385
Cincinnati, OH 45263-0001
Bank of Benton 45,619.7810 44.10
Attn Linda Blanchard
1012 Main St
Benton, KY 42025-1412
Louisiana Municipal R Richard L Lucas 7,982.6070 68.53
PO Box 5564
Alexandria, LA 71307-5564
Jack L Roberts 3,123.0100 26.81
and Ethelene Roberts
JT Wros
141 Island Rd
Marksville, LA 71351-4514
Maryland Municipal R MLPF&S for the Benefit of Its Customers 198,413.0320 5.01
Attn Fund Admn/979D5
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Massachusetts Municipal R --
Massachusetts Insured R --
Michigan Municipal R --
Nuveen Missouri Municipal R Frank J Mack 3,997.3060 8.47
Laverne M Mack
JT Ten
851 W Lois St
Springfield, MO 65807-2512
</Table>
A-10
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
Terry M Moser Ttee 7,782.1440 16.50
Terry M Moser Rev Trust
U A Dtd October 22, 1986
5414 Village Courtway Ln
St Louis, MO 63128-3847
Susan Williams Ttee 16,819.6530 35.66
Neil M Bischoff Martha
L Bischoff Residual
Trust U A Dtd 9-21-93
2830 Hilly Haven Court
St Louis, MO 63129-5708
Pershing LLC 16,332.5670 34.63
P.O. Box 2052
Jersey City, NJ 07303-2052
New Jersey Municipal R --
New Mexico Municipal R George R Havens 3,469.4960 5.11
and Patricia M Havens
JT Wros
1710 Saint James Cir
The Villages, FL 32162-7651
Herschel W Rogers 4,735.4250 6.97
Rosemary E Rogers Trs
H W & R E Rogers Rev Trust
U/A 12/05/96
4509 Acapulco Dr
Albuquerque, NM 87111-2813
Mary Swickard 34,188.7140 50.36
84 Barcelona Ave
Los Alamos, NM 87544-3428
William V Mason 7,700.8560 11.34
and Jean C Mason
Jt Ten
200 Oak Steet NE
Albuquerque, NM 87106-4740
Wells Fargo Investments LLC 4,163.9520 6.13
A C 5599-9485
608 Second Avenue South 8th Fl
Minneapolis, MN 55402-1916
Winifred F Rice 5,091.0000 7.50
2801 San Pablo St NE
Albuquerque, NM 87110-2714
New York Municipal R --
New York Insured R --
North Carolina Municipal R David M Jenkins 11,750.9800 5.12
17 Perrys Cove Dr
Hertford, NC 27944-8394
Wayne D Brodd 11,483.8500 5.01
5012 Hermitage Dr
Raleigh, NC 27612-2714
Legg Mason Wood Walker Inc. 11,632.5850 5.07
616-00836-11
PO Box 1476
Baltimore, MD 21203-1476
Ruth A Smith 18,165.9570 7.92
14 Springmoor Dr
Raleigh, NC 27615-4324
Ohio Municipal R --
Pennsylvania Municipal R --
Tennessee Municipal R Darius A Hensley 13,737.0550 13.18
PO Box 305
Piney Flats, TN 37686-0305
</Table>
A-11
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------------------------
TITLE OF NUMBER OF PERCENT
FUND CLASS NAME AND ADDRESS OF BENEFICIAL OWNER SHARES OWNED OF CLASS
- -----------------------------------------------------------------------------------------------------------------------
J C Hawk and Ruth L Hawk 6,024.9100 5.78
Jt Wros
2015 Sherwood Dr
Johnson City, TN 37601-3236
MLPF&S for the Sole Benefit of Its 5,518.9750 5.29
Customers Attn Fund Admn SEC 97NG0
4800 Deer Lake Dr E Floor 3
Jacksonville, FL 32246-6484
Burton C Johnson 6,665.1330 6.39
Burton C Johnson Trust
U/A Dtd 01/30/02
PO Box 350
Rutledge, TN 37861-0350
Bancorp South Bank 24,875.4920 23.86
C O Trust
P0 Box 1605
Jackson, MS 39215-1605
First Clearing Corporation 7,225.0700 6.93
A C 2171-3135
Jeffrey L Cooper
PO Box 27461
Memphis, TN 38167-0461
Tennessee Municipal R Edward D Jones and Co F A O 8,650.8140 8.30
Ina Corder Stephenson
EDJ 152-03487-1-3
P O Box 2500
Maryland Heights, MO 63043-8500
Virginia Municipal R --
Wisconsin Municipal R Pershing LLC 2,903.7160 17.61
P O Box 2052
Jersey City, NJ 07303-2052
Edward D Jones and Co F A O 5,438.5030 32.98
Elizabeth H Sohn Ttee
U A Dtd 03 07 96 For
EDJ 227-05112-1-1
P O Box 2500
Maryland Heights, MO 63043-8500
John J Churillo 8,149.6170 49.42
John J Churillo Trust
U/A March 25 93
W 164 S 8001 Sobek Lane
Muskego, WI 53150
</Table>
A-12
[NUVEEN INVESTMENTS LOGO]
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606-1286
(800) 257-8787
www.nuveen.com
MUNI0703
(NUVEEN LOGO)
NUVEEN
INVESTMENTS
Nuveen Investments o 333 West Wacker Dr. o Chicago
www.nuveen.com
Template for NAC Open End Funds
3 EASY WAYS TO VOTE YOUR PROXY
1. Automated Touch Tone Voting: Call toll-free 1-800-690-6903 and use the
control number shown.
2. On the internet at www.proxyweb.com, enter the control number shown
and follow the simple instructions.
3. Sign, Date and Return this proxy card using the enclosed postage-paid
envelope, to Proxy Tabulator, PO Box 9122, Hingham, MA 02043.
**** CONTROL NUMBER: 999 999 999 999 98 ****
THIS PROXY IS SOLICITED BY THE BOARD OF [FUND NAME]
FOR A SPECIAL MEETING OF SHAREHOLDERS, JULY 28, 2003.
The Special Meeting of shareholders will be held Monday, July 28, 2003 at 10:30
a.m. Central Time, in the Sixth floor auditorium of The Northern Trust Company,
50 South LaSalle Street, Chicago, Illinois. At this meeting, you will be asked
to vote on the proposal described in the proxy statement attached. The
undersigned hereby appoints Timothy R. Schwertfeger, Jessica R. Droeger 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 Special Meeting of shareholders to be held on July 28, 2003
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 (800)
690-6903 OR OVER THE INTERNET (www.proxyweb.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.
<Table>
Please fill in box(es) as shown using black or blue ink or number 2 pencil. [X]
PLEASE DO NOT USE FINE POINT PENS.
1. Election of Board Members:
(01) Timothy R. Schwertfeger (07) Judith M. Stockdale FOR WITHHOLD
(02) William J. Schneider (08) William E. Bennett NOMINEES AUTHORITY
(03) Robert P. Bremner (09) Jack B. Evans listed at left to vote for
(04) Lawrence H. Brown (10) William L. Kissick (except as all Nominees
(05) Anne E. Impellizzeri (11) Thomas E. Leafstrand marked to listed at left
(06) Peter R. Sawers (12) Shelia W. Wellington the contrary)
[ ] [ ]
(INSTRUCTION: To withhold authority to vote for any individual Nominee(s), write
the number(s) of the nominee(s) on the line provided below.)
- --------------------------------------------------------------------------------
FOR AGAINST ABSTAIN
2. To approve a change to a fundamental Investment restriction with respect to [ ] [ ] [ ]
lending.
3. To approve a change to a fundamental Investment restriction with respect to [ ] [ ] [ ]
borrowing.
4. To approve a change to a fundamental investment restriction with respect to [ ] [ ] [ ]
investing in municipal securities.
[MUNI]
</Table>