UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [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 Section 240.14A-11(c) or Section 240.14a-12 NUVEEN INSURED CALIFORNIA PREMIUM INCOME MUNICIPAL FUND 2, INC. (NCL) - -------------------------------------------------------------------------------- (Name of Registrant as Specified In Its Charter) - -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement if other than the Registrant) Payment of Filing Fee (check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: - -------------------------------------------------------------------------------- 2) Aggregate number of securities to which transaction applies: - -------------------------------------------------------------------------------- 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): - -------------------------------------------------------------------------------- 4) Proposed maximum aggregate value of transaction: - -------------------------------------------------------------------------------- 5) Total fee paid: - -------------------------------------------------------------------------------- [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: - -------------------------------------------------------------------------------- 2) Form, Schedule or Registration Statement No.: - -------------------------------------------------------------------------------- 3) Filing Party: - -------------------------------------------------------------------------------- 4) Date Filed: - -------------------------------------------------------------------------------- <Table> NOTICE OF ANNUAL MEETING 333 West Wacker Drive OF SHAREHOLDERS Chicago, Illinois NOVEMBER 15, 2005 60606 (800) 257-8787 </Table> OCTOBER 11, 2005 NUVEEN FLOATING RATE INCOME FUND (JFR) NUVEEN FLOATING RATE INCOME OPPORTUNITY FUND (JRO) NUVEEN TAX-ADVANTAGED FLOATING RATE FUND (JFP) NUVEEN SENIOR INCOME FUND (NSL) NUVEEN ARIZONA DIVIDEND ADVANTAGE MUNICIPAL FUND (NFZ) NUVEEN ARIZONA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NKR) NUVEEN ARIZONA DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NXE) NUVEEN ARIZONA PREMIUM INCOME MUNICIPAL FUND, INC. (NAZ) NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. (NCA) NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. (NCP) NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NCO) NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQC) NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. (NVC) NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. (NUC) NUVEEN INSURED CALIFORNIA PREMIUM INCOME MUNICIPAL FUND, INC. (NPC) NUVEEN INSURED CALIFORNIA PREMIUM INCOME MUNICIPAL FUND 2, INC. (NCL) NUVEEN CALIFORNIA PREMIUM INCOME MUNICIPAL FUND (NCU) NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NAC) NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NVX) NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NZH) NUVEEN INSURED CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NKL) NUVEEN INSURED CALIFORNIA TAX-FREE ADVANTAGE MUNICIPAL FUND (NKX) NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND (NFC) NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NGK) NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NGO) NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND (NTC) NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND (NWF) NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFL) NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF) NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF) NUVEEN GEORGIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NZX) NUVEEN GEORGIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NKG) NUVEEN GEORGIA PREMIUM INCOME MUNICIPAL FUND (NPG) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND (NFM) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NZR) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NWI) NUVEEN MARYLAND PREMIUM INCOME MUNICIPAL FUND (NMY) NUVEEN INSURED MASSACHUSETTS TAX-FREE ADVANTAGE MUNICIPAL FUND (NGX) NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL FUND (NMB) NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND (NMT) NUVEEN MICHIGAN DIVIDEND ADVANTAGE MUNICIPAL FUND (NZW) NUVEEN MICHIGAN PREMIUM INCOME MUNICIPAL FUND, INC. (NMP) NUVEEN MICHIGAN QUALITY INCOME MUNICIPAL FUND, INC. (NUM) NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND (NOM) NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FUND (NXJ) NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NUJ) NUVEEN NEW JERSEY INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQJ) NUVEEN NEW JERSEY PREMIUM INCOME MUNICIPAL FUND, INC. (NNJ) NUVEEN NORTH CAROLINA DIVIDEND ADVANTAGE MUNICIPAL FUND (NRB) NUVEEN NORTH CAROLINA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NNO) NUVEEN NORTH CAROLINA DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NII) NUVEEN NORTH CAROLINA PREMIUM INCOME MUNICIPAL FUND (NNC) NUVEEN OHIO DIVIDEND ADVANTAGE MUNICIPAL FUND (NXI) NUVEEN OHIO DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NBJ) NUVEEN OHIO DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NVJ) NUVEEN OHIO QUALITY INCOME MUNICIPAL FUND, INC. (NUO) NUVEEN PENNSYLVANIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NXM) NUVEEN PENNSYLVANIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NVY) NUVEEN PENNSYLVANIA PREMIUM INCOME MUNICIPAL FUND 2 (NPY) NUVEEN PENNSYLVANIA INVESTMENT QUALITY MUNICIPAL FUND (NQP) NUVEEN TEXAS QUALITY INCOME MUNICIPAL FUND (NTX) NUVEEN VIRGINIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NGB) NUVEEN VIRGINIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NNB) NUVEEN VIRGINIA PREMIUM INCOME MUNICIPAL FUND (NPV) TO THE SHAREHOLDERS OF THE ABOVE FUNDS: Notice is hereby given that the Annual Meeting of Shareholders of each of Nuveen Floating Rate Income Fund ("Floating Rate"), Nuveen Floating Rate Income Opportunity Fund ("Floating Rate Opportunity"), Nuveen Tax-Advantaged Floating Rate Fund ("Tax-Advantaged Floating Rate"), Nuveen Senior Income Fund ("Senior Income"), Nuveen Arizona Dividend Advantage Municipal Fund, Nuveen Arizona Dividend Advantage Municipal Fund 2, Nuveen Arizona Dividend Advantage Municipal Fund 3, Nuveen California Premium Income Municipal Fund, Nuveen California Dividend Advantage Municipal Fund, Nuveen California Dividend Advantage Municipal Fund 2, Nuveen California Dividend Advantage Municipal Fund 3, Nuveen Insured California Dividend Advantage Municipal Fund, Nuveen Insured California Tax-Free Advantage Municipal Fund, Nuveen Connecticut Dividend Advantage Municipal Fund, Nuveen Connecticut Dividend Advantage Municipal Fund 2, Nuveen Connecticut Dividend Advantage Municipal Fund 3, Nuveen Connecticut Premium Income Municipal Fund, Nuveen Insured Florida Tax-Free Advantage Municipal Fund, Nuveen Insured Florida Premium Income Municipal Fund, Nuveen Florida Investment Quality Municipal Fund, Nuveen Florida Quality Income Municipal Fund, Nuveen Georgia Dividend Advantage Municipal Fund, Nuveen Georgia Dividend Advantage Municipal Fund 2, Nuveen Georgia Premium Income Municipal Fund, Nuveen Maryland Dividend Advantage Municipal Fund, Nuveen Maryland Dividend Advantage Municipal Fund 2, Nuveen Maryland Dividend Advantage Municipal Fund 3, Nuveen Maryland Premium Income Municipal Fund, Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund, Nuveen Massachusetts Dividend Advantage Municipal Fund, Nuveen Massachusetts Premium Income Municipal Fund, Nuveen Michigan Dividend Advantage Municipal Fund, Nuveen Missouri Premium Income Municipal Fund, Nuveen New Jersey Dividend Advantage Municipal Fund, Nuveen New Jersey Dividend Advantage Municipal Fund 2, Nuveen North Carolina Dividend Advantage Municipal Fund, Nuveen North Carolina Dividend Advantage Municipal Fund 2, Nuveen North Carolina Dividend Advantage Municipal Fund 3, Nuveen North Carolina Premium Income Municipal Fund, Nuveen Ohio Dividend Advantage Municipal Fund, Nuveen Ohio Dividend Advantage Municipal Fund 2, Nuveen Ohio Dividend Advantage Municipal Fund 3, Nuveen Pennsylvania Dividend Advantage Municipal Fund, Nuveen Pennsylvania Dividend Advantage Municipal Fund 2, Nuveen Pennsylvania Premium Income Municipal Fund 2, Nuveen Pennsylvania Investment Quality Municipal Fund, Nuveen Texas Quality Income Municipal Fund, Nuveen Virginia Dividend Advantage Municipal Fund, Nuveen Virginia Dividend Advantage Municipal Fund 2 and Nuveen Virginia Premium Income Municipal Fund, each a Massachusetts business trust, and Nuveen Arizona Premium Income Municipal Fund, Inc., Nuveen California Municipal Value Fund, Inc. ("California Value"), Nuveen California Performance Plus Municipal Fund, Inc., Nuveen California Municipal Market Opportunity Fund, Inc., Nuveen California Investment Quality Municipal Fund, Inc., Nuveen California Select Quality Municipal Fund, Inc., Nuveen California Quality Income Municipal Fund, Inc., Nuveen Insured California Premium Income Municipal Fund, Inc., Nuveen Insured California Premium Income Municipal Fund 2, Inc., Nuveen Michigan Premium Income Municipal Fund, Inc., Nuveen Michigan Quality Income Municipal Fund, Inc., Nuveen New Jersey Investment Quality Municipal Fund, Inc., Nuveen New Jersey Premium Income Municipal Fund, Inc. and Nuveen Ohio Quality Income Municipal Fund, Inc., each a Minnesota corporation (individually, a "Fund" and collectively, the "Funds"), will be held in the 34th floor sales conference room of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois 60606, on Tuesday, November 15, 2005, at 12:00 p.m., Central time (for each Fund, an "Annual Meeting"), for the following purposes and to transact such other business, if any, as may properly come before the Annual Meeting. MATTERS TO BE VOTED ON BY SHAREHOLDERS: 1. To elect Members to the Board of Directors/Trustees (each a "Board" and each Director or Trustee a "Board Member") of each Fund as outlined below: a. For each Fund, except California Value, to elect nine (9) Board Members to serve until the next Annual Meeting and until their successors shall have been duly elected and qualified: i) seven (7) Board Members to be elected by the holders of Common Shares and Taxable Auctioned Preferred Shares for Senior Income; FundPreferred shares for Floating Rate, Floating Rate Opportunity and Tax-Advantaged Floating Rate; and Municipal Auction Rate Cumulative Preferred Shares for each other Fund (collectively, "Preferred Shares"), voting together as a single class; and ii) two (2) Board Members to be elected by the holders of Preferred Shares only, voting separately as a single class. b. For California Value, to elect three (3) Board Members for multiple year terms or until their successors shall have been duly elected and qualified. 2. To transact such other business as may properly come before the Annual Meeting. Shareholders of record at the close of business on September 20, 2005 are entitled to notice of and to vote at the Annual Meeting. ALL SHAREHOLDERS ARE CORDIALLY INVITED TO ATTEND THE ANNUAL MEETING. IN ORDER TO AVOID DELAY AND ADDITIONAL EXPENSE AND TO ASSURE THAT YOUR SHARES ARE REPRESENTED, PLEASE VOTE AS PROMPTLY AS POSSIBLE, REGARDLESS OF WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING. YOU MAY VOTE BY MAIL, TELEPHONE OR OVER THE INTERNET. TO VOTE BY MAIL, PLEASE MARK, SIGN, DATE AND MAIL THE ENCLOSED PROXY CARD. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. TO VOTE BY TELEPHONE, PLEASE CALL THE TOLL-FREE NUMBER LOCATED ON YOUR PROXY CARD AND FOLLOW THE RECORDED INSTRUCTIONS, USING YOUR PROXY CARD AS A GUIDE. TO VOTE OVER THE INTERNET, GO TO THE INTERNET ADDRESS PROVIDED ON YOUR PROXY CARD AND FOLLOW THE INSTRUCTIONS, USING YOUR PROXY CARD AS A GUIDE. Jessica R. Droeger Vice President and Secretary <Table> JOINT PROXY STATEMENT 333 West Wacker Drive Chicago, Illinois 60606 (800) 257-8787 </Table> OCTOBER 11, 2005 NUVEEN FLOATING RATE INCOME FUND (JFR) NUVEEN FLOATING RATE INCOME OPPORTUNITY FUND (JRO) NUVEEN TAX-ADVANTAGED FLOATING RATE FUND (JFP) NUVEEN SENIOR INCOME FUND (NSL) NUVEEN ARIZONA DIVIDEND ADVANTAGE MUNICIPAL FUND (NFZ) NUVEEN ARIZONA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NKR) NUVEEN ARIZONA DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NXE) NUVEEN ARIZONA PREMIUM INCOME MUNICIPAL FUND, INC. (NAZ) NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC. (NCA) NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC. (NCP) NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NCO) NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQC) NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC. (NVC) NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC. (NUC) NUVEEN INSURED CALIFORNIA PREMIUM INCOME MUNICIPAL FUND, INC. (NPC) NUVEEN INSURED CALIFORNIA PREMIUM INCOME MUNICIPAL FUND 2, INC. (NCL) NUVEEN CALIFORNIA PREMIUM INCOME MUNICIPAL FUND (NCU) NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NAC) NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NVX) NUVEEN CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NZH) NUVEEN INSURED CALIFORNIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NKL) NUVEEN INSURED CALIFORNIA TAX-FREE ADVANTAGE MUNICIPAL FUND (NKX) NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND (NFC) NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NGK) NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NGO) NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND (NTC) NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND (NWF) NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFL) NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF) NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF) NUVEEN GEORGIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NZX) NUVEEN GEORGIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NKG) NUVEEN GEORGIA PREMIUM INCOME MUNICIPAL FUND (NPG) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND (NFM) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NZR) NUVEEN MARYLAND DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NWI) NUVEEN MARYLAND PREMIUM INCOME MUNICIPAL FUND (NMY) NUVEEN INSURED MASSACHUSETTS TAX-FREE ADVANTAGE MUNICIPAL FUND (NGX) NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL FUND (NMB) NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND (NMT) NUVEEN MICHIGAN DIVIDEND ADVANTAGE MUNICIPAL FUND (NZW) NUVEEN MICHIGAN PREMIUM INCOME MUNICIPAL FUND, INC. (NMP) NUVEEN MICHIGAN QUALITY INCOME MUNICIPAL FUND, INC. (NUM) NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND (NOM) NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FUND (NXJ) NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NUJ) 1 NUVEEN NEW JERSEY INVESTMENT QUALITY MUNICIPAL FUND, INC.(NQJ) NUVEEN NEW JERSEY PREMIUM INCOME MUNICIPAL FUND, INC. (NNJ) NUVEEN NORTH CAROLINA DIVIDEND ADVANTAGE MUNICIPAL FUND (NRB) NUVEEN NORTH CAROLINA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NNO) NUVEEN NORTH CAROLINA DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NII) NUVEEN NORTH CAROLINA PREMIUM INCOME MUNICIPAL FUND (NNC) NUVEEN OHIO DIVIDEND ADVANTAGE MUNICIPAL FUND (NXI) NUVEEN OHIO DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NBJ) NUVEEN OHIO DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (NVJ) NUVEEN OHIO QUALITY INCOME MUNICIPAL FUND, INC. (NUO) NUVEEN PENNSYLVANIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NXM) NUVEEN PENNSYLVANIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NVY) NUVEEN PENNSYLVANIA PREMIUM INCOME MUNICIPAL FUND 2 (NPY) NUVEEN PENNSYLVANIA INVESTMENT QUALITY MUNICIPAL FUND (NQP) NUVEEN TEXAS QUALITY INCOME MUNICIPAL FUND (NTX) NUVEEN VIRGINIA DIVIDEND ADVANTAGE MUNICIPAL FUND (NGB) NUVEEN VIRGINIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (NNB) NUVEEN VIRGINIA PREMIUM INCOME MUNICIPAL FUND (NPV) GENERAL INFORMATION This Joint Proxy Statement is furnished in connection with the solicitation by the Board of Directors or Trustees (each a "Board" and collectively, the "Boards," and each Director or Trustee a "Board Member" and collectively, the "Board Members") of each of Nuveen Floating Rate Income Fund ("Floating Rate"), Nuveen Floating Rate Income Opportunity Fund ("Floating Rate Opportunity"), Nuveen Tax-Advantaged Floating Rate Fund ("Tax-Advantaged Floating Rate"), Nuveen Senior Income Fund ("Senior Income"), Nuveen Arizona Dividend Advantage Municipal Fund ("Arizona Dividend"), Nuveen Arizona Dividend Advantage Municipal Fund 2 ("Arizona Dividend 2"), Nuveen Arizona Dividend Advantage Municipal Fund 3 ("Arizona Dividend 3"), Nuveen California Premium Income Municipal Fund ("California Premium"), Nuveen California Dividend Advantage Municipal Fund ("California Dividend"), Nuveen California Dividend Advantage Municipal Fund 2 ("California Dividend 2"), Nuveen California Dividend Advantage Municipal Fund 3 ("California Dividend 3"), Nuveen Insured California Dividend Advantage Municipal Fund ("Insured California Dividend"), Nuveen Insured California Tax-Free Advantage Municipal Fund ("Insured California Tax-Free"), Nuveen Connecticut Dividend Advantage Municipal Fund ("Connecticut Dividend"), Nuveen Connecticut Dividend Advantage Municipal Fund 2 ("Connecticut Dividend 2"), Nuveen Connecticut Dividend Advantage Municipal Fund 3 ("Connecticut Dividend 3"), Nuveen Connecticut Premium Income Municipal Fund ("Connecticut Premium") (Connecticut Dividend, Connecticut Dividend 2, Connecticut Dividend 3 and Connecticut Premium are collectively the "Connecticut Funds"), Nuveen Insured Florida Tax-Free Advantage Municipal Fund ("Insured Florida Tax-Free"), Nuveen Insured Florida Premium Income Municipal Fund ("Insured Florida Premium"), Nuveen Florida Investment Quality Municipal Fund ("Florida Investment"), Nuveen Florida Quality Income Municipal Fund ("Florida Quality") (Insured Florida Tax-Free, Insured Florida Premium, Florida Investment and Florida Quality are collectively the "Florida Funds"), Nuveen Georgia Dividend Advantage Municipal Fund ("Georgia Dividend"), Nuveen Georgia Dividend Advantage Municipal Fund 2 ("Georgia Dividend 2"), Nuveen Georgia Premium Income Municipal Fund ("Georgia Premium") (Georgia Dividend, Georgia Dividend 2 and Georgia Premium are collectively the "Georgia Funds"), Nuveen Maryland Dividend Advantage Municipal Fund ("Maryland Dividend"), Nuveen 2 Maryland Dividend Advantage Municipal Fund 2 ("Maryland Dividend 2"), Nuveen Maryland Dividend Advantage Municipal Fund 3 ("Maryland Dividend 3"), Nuveen Maryland Premium Income Municipal Fund ("Maryland Premium") (Maryland Dividend, Maryland Dividend 2, Maryland Dividend 3 and Maryland Premium are collectively the "Maryland Funds"), Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund ("Insured Massachusetts Tax-Free"), Nuveen Massachusetts Dividend Advantage Municipal Fund ("Massachusetts Dividend"), Nuveen Massachusetts Premium Income Municipal Fund ("Massachusetts Premium") (Insured Massachusetts Tax-Free, Massachusetts Dividend and Massachusetts Premium are collectively the "Massachusetts Funds"), Nuveen Michigan Dividend Advantage Municipal Fund ("Michigan Dividend"), Nuveen Missouri Premium Income Municipal Fund ("Missouri Premium"), Nuveen New Jersey Dividend Advantage Municipal Fund ("New Jersey Dividend"), Nuveen New Jersey Dividend Advantage Municipal Fund 2 ("New Jersey Dividend 2"), Nuveen North Carolina Dividend Advantage Municipal Fund ("North Carolina Dividend"), Nuveen North Carolina Dividend Advantage Municipal Fund 2 ("North Carolina Dividend 2"), Nuveen North Carolina Dividend Advantage Municipal Fund 3 ("North Carolina Dividend 3"), Nuveen North Carolina Premium Income Municipal Fund ("North Carolina Premium") (North Carolina Dividend, North Carolina Dividend 2, North Carolina Dividend 3 and North Carolina Premium are collectively the "North Carolina Funds"), Nuveen Ohio Dividend Advantage Municipal Fund ("Ohio Dividend"), Nuveen Ohio Dividend Advantage Municipal Fund 2 ("Ohio Dividend 2"), Nuveen Ohio Dividend Advantage Municipal Fund 3 ("Ohio Dividend 3"), Nuveen Pennsylvania Dividend Advantage Municipal Fund ("Pennsylvania Dividend"), Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 ("Pennsylvania Dividend 2"), Nuveen Pennsylvania Premium Income Municipal Fund 2 ("Pennsylvania Premium 2"), Nuveen Pennsylvania Investment Quality Municipal Fund ("Pennsylvania Investment") (Pennsylvania Dividend, Pennsylvania Dividend 2, Pennsylvania Premium 2 and Pennsylvania Investment are collectively the "Pennsylvania Funds"), Nuveen Texas Quality Income Municipal Fund ("Texas Quality"), Nuveen Virginia Dividend Advantage Municipal Fund ("Virginia Dividend"), Nuveen Virginia Dividend Advantage Municipal Fund 2 ("Virginia Dividend 2") and Nuveen Virginia Premium Income Municipal Fund ("Virginia Premium") (Virginia Dividend, Virginia Dividend 2 and Virginia Premium are collectively the "Virginia Funds"), each a Massachusetts business trust (collectively, the "Massachusetts Business Trusts"), and Nuveen Arizona Premium Income Municipal Fund, Inc. ("Arizona Premium") (Arizona Dividend, Arizona Dividend 2, Arizona Dividend 3 and Arizona Premium are collectively the "Arizona Funds"), Nuveen California Municipal Value Fund, Inc. ("California Value"), Nuveen California Performance Plus Municipal Fund, Inc. ("California Performance"), Nuveen California Municipal Market Opportunity Fund, Inc. ("California Opportunity"), Nuveen California Investment Quality Municipal Fund, Inc. ("California Investment"), Nuveen California Select Quality Municipal Fund, Inc. ("California Select"), Nuveen California Quality Income Municipal Fund, Inc. ("California Quality"), Nuveen Insured California Premium Income Municipal Fund, Inc. ("Insured California"), Nuveen Insured California Premium Income Municipal Fund 2, Inc. ("Insured California 2") (California Value, California Performance, California Opportunity, California Investment, California Select, California Quality, Insured California, Insured California 2, California Premium, California Dividend, California Dividend 2, California Dividend 3, Insured California Dividend and Insured California Tax-Free are collectively the "California Funds"), Nuveen Michigan Premium Income Municipal Fund, Inc. ("Michigan Premium"), Nuveen Michigan Quality Income Municipal Fund, Inc. ("Michigan Quality") (Michigan Dividend, Michigan Premium and Michigan Quality are collectively the "Michigan Funds"), Nuveen New Jersey Investment Quality Municipal Fund, Inc. ("New Jersey Investment"), Nuveen New Jersey Premium Income Municipal Fund, Inc. ("New Jersey 3 Premium") (New Jersey Dividend, New Jersey Dividend 2, New Jersey Investment and New Jersey Premium are collectively the "New Jersey Funds") and Nuveen Ohio Quality Income Municipal Fund, Inc. ("Ohio Quality") (Ohio Dividend, Ohio Dividend 2, Ohio Dividend 3 and Ohio Quality are collectively the "Ohio Funds"), each a Minnesota corporation (collectively, the "Minnesota Corporations") (the Massachusetts Business Trusts and Minnesota Corporations are each a "Fund" and collectively, the "Funds"), of proxies to be voted at the Annual Meeting of Shareholders to be held in the 34th floor sales conference room of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois 60606, on Tuesday, November 15, 2005, at 12:00 p.m., Central time (for each Fund, an "Annual Meeting" and collectively, the "Annual Meetings"), and at any and all adjournments thereof. On the matters coming before each Annual Meeting as to which a choice has been specified by shareholders on the proxy, the shares will be voted accordingly. If a proxy is returned and no choice is specified, the shares will be voted FOR the election of the nominees as listed in this Joint Proxy Statement. Shareholders who execute proxies may revoke them at any time before they are voted by filing with that Fund a written notice of revocation, by delivering a duly executed proxy bearing a later date, or by attending the Annual Meeting and voting in person. This Joint Proxy Statement is first being mailed to shareholders on or about October 11, 2005. The Board of each Fund has determined that the use of this Joint Proxy Statement for each Annual Meeting is in the best interest of each Fund and its shareholders in light of the similar matters being considered and voted on by the shareholders. The following table indicates which shareholders are solicited with respect to each matter: <Table> <Caption> - ------------------------------------------------------------------------------------- MATTER COMMON SHARES PREFERRED SHARES(1) - ------------------------------------------------------------------------------------- 1a(i). Election of seven (7) Board Members by X X all shareholders (except California Value). - ------------------------------------------------------------------------------------- a(ii). Election of two (2) Board Members by X Preferred Shares only (except California Value). - ------------------------------------------------------------------------------------- b. Election of three (3) Board Members for X N/A California Value by all shareholders. - ------------------------------------------------------------------------------------- </Table> (1) Taxable Auctioned Preferred Shares for Senior Income; FundPreferred shares for Floating Rate, Floating Rate Opportunity and Tax-Advantaged Floating Rate; and Municipal Auction Rate Cumulative Preferred Shares ("MuniPreferred") for each other Fund are referred to as "Preferred Shares." A quorum of shareholders is required to take action at each Annual Meeting. A majority of the shares entitled to vote at each Annual Meeting, represented in person or by proxy, will constitute a quorum of shareholders at that Annual Meeting, except that for the election of the two Board Member nominees to be elected by holders of Preferred Shares of each Fund (except California Value), 33 1/3% of the Preferred Shares entitled to vote and represented in person or by proxy will constitute a quorum. Votes cast by proxy or in person at each Annual Meeting will be tabulated by the inspectors of election appointed for that Annual Meeting. The inspectors of election will determine whether or not a quorum is present at the Annual Meeting. The inspectors of election will treat abstentions and "broker non-votes" (i.e., shares held by brokers or nominees, typically in "street name," as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the 4 broker or nominee does not have discretionary voting power on a particular matter) as present for purposes of determining a quorum. For each Minnesota Corporation, the affirmative vote of a majority of the shares present and entitled to vote at the Annual Meeting will be required to elect the Board Members of that Minnesota Corporation. For each Massachusetts Business Trust, the affirmative vote of a plurality of the shares present and entitled to vote at the Annual Meeting will be required to elect the Board Members of that Massachusetts Business Trust. For purposes of determining the approval of the proposal to elect nominees for each of the Massachusetts Business Trusts, abstentions and broker non-votes will have no effect on the election of Board Members. For purposes of determining the approval of the proposal to elect nominees for each of the Minnesota Corporations, abstentions and broker non-votes will have the effect of a vote against the election of Board Members. The details of the proposal to be voted on by the shareholders and the vote required for approval of the proposal is set forth under the description of the proposal below. Preferred Shares held in "street name" as to which voting instructions have not been received from the beneficial owners or persons entitled to vote as of one business day before the Annual Meeting, or, if adjourned, one business day before the day to which the Annual Meeting is adjourned, and that would otherwise be treated as "broker non-votes" may, pursuant to Rule 452 of the New York Stock Exchange, be voted by the broker on the proposal in the same proportion as the votes cast by all Preferred shareholders as a class who have voted on the proposal or in the same proportion as the votes cast by all Preferred shareholders of the Fund who have voted on that item. Rule 452 permits proportionate voting of Preferred Shares with respect to a particular item if, among other things, (i) a minimum of 30% of the Preferred Shares or shares of a series of Preferred Shares outstanding has been voted by the holders of such shares with respect to such item and (ii) less than 10% of the Preferred Shares or shares of a series of Preferred Shares outstanding has been voted by the holders of such shares against such item. For the purpose of meeting the 30% test, abstentions will be treated as shares "voted" and, for the purpose of meeting the 10% test, abstentions will not be treated as shares "voted" against the item. 5 Those persons who were shareholders of record at the close of business on September 20, 2005 will be entitled to one vote for each share held. As of September 20, 2005, the shares of the Funds were issued and outstanding as follows: <Table> <Caption> - ---------------------------------------------------------------------------------------------- FUND TICKER SYMBOL* COMMON SHARES PREFERRED SHARES - ---------------------------------------------------------------------------------------------- Floating Rate JFR 47,286,920 Series M 4,000 Series T 4,000 Series W 4,000 Series F 4,000 - ---------------------------------------------------------------------------------------------- Floating Rate Opportunity JRO 28,397,051 Series M 3,200 Series TH 3,200 Series F' 3,200 - ---------------------------------------------------------------------------------------------- Tax-Advantaged Floating JFP 13,851,500 Series TH 3,120 Rate - ---------------------------------------------------------------------------------------------- Senior Income NSL 29,806,406 Series TH 1,840 - ---------------------------------------------------------------------------------------------- Arizona Dividend NFZ 1,545,828 Series T 480 - ---------------------------------------------------------------------------------------------- Arizona Dividend 2 NKR 2,424,972 Series W 740 - ---------------------------------------------------------------------------------------------- Arizona Dividend 3 NXE 3,067,310 Series M 880 - ---------------------------------------------------------------------------------------------- Arizona Premium NAZ 4,463,440 Series TH 1,200 - ---------------------------------------------------------------------------------------------- California Value NCA 25,241,808 N/A - ---------------------------------------------------------------------------------------------- California Performance NCP 12,965,742 Series T 1,800 Series W 640 Series F 1,800 - ---------------------------------------------------------------------------------------------- California Opportunity NCO 8,154,681 Series W 2,200 Series F 520 - ---------------------------------------------------------------------------------------------- California Investment NQC 13,580,232 Series M 3,600 Series W 880 - ---------------------------------------------------------------------------------------------- California Select NVC 23,096,654 Series T 2,400 Series W 1,680 Series TH 3,600 - ---------------------------------------------------------------------------------------------- California Quality NUC 21,999,728 Series M 1,400 Series W 3,000 Series F 3,000 - ---------------------------------------------------------------------------------------------- Insured California NPC 6,448,935 Series T 1,800 - ---------------------------------------------------------------------------------------------- Insured California 2 NCL 12,716,370 Series T 1,900 Series TH 1,900 - ---------------------------------------------------------------------------------------------- California Premium NCU 5,774,216 Series M 1,720 - ---------------------------------------------------------------------------------------------- California Dividend NAC 23,421,710 Series TH 3,500 Series F 3,500 - ---------------------------------------------------------------------------------------------- California Dividend 2 NVX 14,790,660 Series M 2,200 Series F 2,200 - ---------------------------------------------------------------------------------------------- California Dividend 3 NZH 24,112,833 Series M 3,740 Series TH 3,740 - ---------------------------------------------------------------------------------------------- Insured California Dividend NKL 15,259,759 Series T 2,360 Series F 2,360 - ---------------------------------------------------------------------------------------------- Insured California Tax-Free NKX 5,883,301 Series TH 1,800 - ---------------------------------------------------------------------------------------------- </Table> 6 <Table> <Caption> - ---------------------------------------------------------------------------------------------- FUND TICKER SYMBOL* COMMON SHARES PREFERRED SHARES - ---------------------------------------------------------------------------------------------- Connecticut Dividend NFC 2,566,305 Series T 780 - ---------------------------------------------------------------------------------------------- Connecticut Dividend 2 NGK 2,309,992 Series W 700 - ---------------------------------------------------------------------------------------------- Connecticut Dividend 3 NGO 4,352,554 Series F 1,280 - ---------------------------------------------------------------------------------------------- Connecticut Premium NTC 5,350,023 Series TH 1,532 - ---------------------------------------------------------------------------------------------- Insured Florida Tax-Free NWF 3,882,373 Series W 1,160 - ---------------------------------------------------------------------------------------------- Insured Florida Premium NFL 14,386,727 Series W 1,640 Series TH 2,800 - ---------------------------------------------------------------------------------------------- Florida Investment NQF 16,584,289 Series T 3,080 Series F 2,200 - ---------------------------------------------------------------------------------------------- Florida Quality NUF 14,302,595 Series M 1,700 Series TH 1,700 Series F 1,280 - ---------------------------------------------------------------------------------------------- Georgia Dividend NZX 1,962,625 Series M 600 - ---------------------------------------------------------------------------------------------- Georgia Dividend 2 NKG 4,553,660 Series F 1,320 - ---------------------------------------------------------------------------------------------- Georgia Premium NPG 3,799,327 Series TH 1,112 - ---------------------------------------------------------------------------------------------- Maryland Dividend NFM 4,167,793 Series M 1,280 - ---------------------------------------------------------------------------------------------- Maryland Dividend 2 NZR 4,176,211 Series F 1,280 - ---------------------------------------------------------------------------------------------- Maryland Dividend 3 NWI 5,359,275 Series T 1,560 - ---------------------------------------------------------------------------------------------- Maryland Premium NMY 10,619,846 Series W 1,404 - ---------------------------------------------------------------------------------------------- Insured Massachusetts NGX 2,721,006 Series TH 1,760 Tax-Free Series W 820 - ---------------------------------------------------------------------------------------------- Massachusetts Dividend NMB 1,952,234 Series T 600 - ---------------------------------------------------------------------------------------------- Massachusetts Premium NMT 4,750,453 Series TH 1,360 - ---------------------------------------------------------------------------------------------- Michigan Dividend NZW 2,061,972 Series W 640 - ---------------------------------------------------------------------------------------------- Michigan Premium NMP 7,748,342 Series M 840 Series TH 1,400 - ---------------------------------------------------------------------------------------------- Michigan Quality NUM 11,706,154 Series TH 3,200 Series F 560 - ---------------------------------------------------------------------------------------------- Missouri Premium NOM 2,271,027 Series TH 640 - ---------------------------------------------------------------------------------------------- New Jersey Dividend NXJ 6,557,606 Series T 1,920 - ---------------------------------------------------------------------------------------------- New Jersey Dividend 2 NUJ 4,511,237 Series W 1,380 - ---------------------------------------------------------------------------------------------- New Jersey Investment NQJ 20,465,539 Series M 3,200 Series TH 2,000 Series F 1,280 - ---------------------------------------------------------------------------------------------- New Jersey Premium NNJ 12,044,633 Series T 624 Series W 1,440 Series TH 1,600 - ---------------------------------------------------------------------------------------------- North Carolina Dividend NRB 2,253,763 Series T 680 - ---------------------------------------------------------------------------------------------- North Carolina Dividend 2 NNO 3,741,658 Series F 1,120 - ---------------------------------------------------------------------------------------------- North Carolina Dividend 3 NII 3,927,750 Series W 1,120 - ---------------------------------------------------------------------------------------------- North Carolina Premium NNC 6,338,218 Series TH 1,872 - ---------------------------------------------------------------------------------------------- Ohio Dividend NXI 4,236,796 Series W 1,240 - ---------------------------------------------------------------------------------------------- </Table> 7 <Table> <Caption> - ---------------------------------------------------------------------------------------------- FUND TICKER SYMBOL* COMMON SHARES PREFERRED SHARES - ---------------------------------------------------------------------------------------------- Ohio Dividend 2 NBJ 3,119,302 Series F 960 - ---------------------------------------------------------------------------------------------- Ohio Dividend 3 NVJ 2,157,883 Series T 660 - ---------------------------------------------------------------------------------------------- Ohio Quality NUO 9,714,245 Series M 680 Series TH 1,400 Series TH2 1,000 - ---------------------------------------------------------------------------------------------- Pennsylvania Dividend NXM 3,311,847 Series T 1,000 - ---------------------------------------------------------------------------------------------- Pennsylvania Dividend 2 NVY 3,724,790 Series M 1,140 - ---------------------------------------------------------------------------------------------- Pennsylvania Premium 2 NPY 15,826,751 Series M 844 Series TH 2,080 Series F 1,800 - ---------------------------------------------------------------------------------------------- Pennsylvania Investment NQP 16,301,498 Series T 880 Series W 2,400 Series TH 2,000 - ---------------------------------------------------------------------------------------------- Texas Quality NTX 9,495,144 Series M 760 Series TH 2,000 - ---------------------------------------------------------------------------------------------- Virginia Dividend NGB 3,124,483 Series W 960 - ---------------------------------------------------------------------------------------------- Virginia Dividend 2 NNB 5,711,464 Series M 1,680 - ---------------------------------------------------------------------------------------------- Virginia Premium NPV 8,881,193 Series T 832 Series TH 1,720 - ---------------------------------------------------------------------------------------------- </Table> * The common shares of all of the Funds are listed on the New York Stock Exchange, except NFZ, NKR, NXE, NCU, NVX, NZH, NKL, NKX, NFC, NGK, NGO, NWF, NZX, NKG, NPG, NFM, NZR, NWI, NGX, NMB, NZW, NOM, NXJ, NUJ, NRB, NNO, NII, NXI, NBJ, NVJ, NXM, NVY, NGB and NNB, which are listed on the American Stock Exchange. ELECTION OF BOARD MEMBERS GENERAL At each Fund's Annual Meeting, Board Members are to be elected to serve until the next Annual Meeting or until their successors shall have been duly elected and qualified. Under the terms of each Fund's organizational documents (except California Value), under normal circumstances, holders of Preferred Shares are entitled to elect two (2) Board Members, and the remaining Board Members are to be elected by holders of Common Shares and Preferred Shares, voting together as a single class. Pursuant to the organizational documents of California Value, the Board is divided into three classes, with each class being elected to serve a term of three years. For California Value, three (3) Board Members are nominated to be elected at this meeting to serve for multiple year terms. A. FOR EACH FUND EXCEPT CALIFORNIA VALUE: (i) Seven (7) Board Members are to be elected by holders of Common Shares and Preferred Shares, voting together as a single class. Board Members Bremner, Brown, Evans, Hunter, Kundert, Stockdale and Sunshine are nominees for election by all shareholders. 8 (ii) Holders of Preferred Shares, each series voting together as a single class, are entitled to elect two (2) of the Board Members. Board Members Schneider and Schwertfeger are nominees for election by holders of Preferred Shares. B. FOR CALIFORNIA VALUE: The Board of California Value has designated Board Members Hunter, Kundert and Sunshine as Class II Board Members, and as nominees for Board Members for a term expiring at the annual meeting of shareholders in 2008, and until their successors have been duly elected and qualified. The remaining Board Members Bremner, Brown, Evans, Schneider, Schwertfeger and Stockdale are current and continuing Board Members. The Board of California Value has designated Board Members Brown and Schwertfeger as continuing Class I Board Members for terms that expire in 2007 and has designated Board Members Bremner, Evans, Schneider and Stockdale as continuing Class III Board Members for terms that expire in 2006. For each Minnesota Corporation, the affirmative vote of a majority of the shares present and entitled to vote at the Annual Meeting will be required to elect the Board Members of that Minnesota Corporation. For each Massachusetts Business Trust, the affirmative vote of a plurality of the shares present and entitled to vote at the Annual Meeting will be required to elect the Board Members of that Massachusetts Business 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 Fund if elected. However, should any nominee become unable or unwilling to accept nomination for election, the proxies will be voted for substitute nominees, if any, designated by that Fund's present Board. Except for California Value, Floating Rate Opportunity and Tax-Advantaged Floating Rate, all of the Board Member nominees except Board Members Kundert and Sunshine were last elected to each Fund's Board at the 2004 annual meeting of shareholders. In November 2004, Messrs. Kundert and Sunshine were appointed to each Fund's Board effective February 23, 2005. Messrs. Kundert and Sunshine are presented in this Joint Proxy Statement as nominees for election by shareholders and were nominated by the nominating and governance committee of each Fund's Board. Board Members Brown and Schwertfeger were last elected as Class I members of the Board of California Value at the 2004 annual meeting of shareholders. Board Members Bremner, Evans, Schneider and Stockdale were last elected as Class III members of the Board of California Value at the 2003 annual meeting of shareholders. This is the first Annual Meeting of Floating Rate Opportunity and Tax-Advantaged Floating Rate. The continuing Board Member nominees of Floating Rate Opportunity and Tax-Advantaged Floating Rate were elected by the initial shareholder of the Fund, Nuveen Asset Management ("NAM" or the "Adviser"), on June 22, 2004 and March 16, 2005, respectively. Other than Mr. Schwertfeger, all Board Member nominees are not "interested persons" of the Funds or Adviser as defined in the Investment Company Act of 1940, as amended (the "1940 Act") and have never been an employee or director of Nuveen Investments, Inc. ("Nuveen"), the Adviser's parent company, or any affiliate ("Independent Board Members"). THE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE ELECTION OF THE NOMINEES NAMED BELOW. 9 BOARD NOMINEES/BOARD MEMBERS <Table> <Caption> NUMBER OF PORTFOLIOS IN FUND OTHER TERM OF OFFICE COMPLEX DIRECTORSHIPS POSITION(S) AND LENGTH PRINCIPAL OVERSEEN HELD BY NAME, ADDRESS HELD WITH OF TIME OCCUPATION(S) BY BOARD BOARD AND BIRTH DATE FUND SERVED(1) DURING PAST 5 YEARS MEMBER MEMBER - --------------------------------------------------------------------------------------------------------- Nominees who are not interested persons of the Fund Robert P. Bremner Board Term: Annual Private Investor 155 N/A c/o Nuveen Member Length of Service: and Management Investments, Inc. Since 1996 Consultant. 333 West Wacker Drive Chicago, IL 60606 (8/22/40) Lawrence H. Brown Board Term: Annual Retired (1989) as 155 See c/o Nuveen Member Length of Service: Senior Vice Principal Investments, Inc. Since 1993 President of The Occupation 333 West Wacker Drive Northern Trust Description Chicago, IL 60606 Company; Director, (7/29/34) Community Advisory Board for Highland Park and Highwood, United Way of the North Shore (since 2002). </Table> 10 <Table> <Caption> NUMBER OF PORTFOLIOS IN FUND OTHER TERM OF OFFICE COMPLEX DIRECTORSHIPS POSITION(S) AND LENGTH PRINCIPAL OVERSEEN HELD BY NAME, ADDRESS HELD WITH OF TIME OCCUPATION(S) BY BOARD BOARD AND BIRTH DATE FUND SERVED(1) DURING PAST 5 YEARS MEMBER MEMBER - --------------------------------------------------------------------------------------------------------- Jack B. Evans Board Term: Annual President, The 155 See c/o Nuveen Member Length of Service: Hall-Perrine Principal Investments, Inc. Since 1999 Foundation, a Occupation 333 West Wacker Drive private Description Chicago, IL 60606 philanthropic (10/22/48) corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Adjunct Faculty Member, University of Iowa; Director, Gazette Companies; Life Trustee of Coe College; Director, Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; previously, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. William C. Hunter Board Term: Annual Dean and 155 See c/o Nuveen Member Length of Service: Distinguished Principal Investments, Inc. Since 2004 Professor of Occupation 333 West Wacker Drive Finance, School of Description Chicago, IL 60606 Business at the (3/6/48) University of Connecticut; previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director, Credit Research Center at Georgetown University; Director (since 2004) of Xerox Corporation, a publicly held company. </Table> 11 <Table> <Caption> NUMBER OF PORTFOLIOS IN FUND OTHER TERM OF OFFICE COMPLEX DIRECTORSHIPS POSITION(S) AND LENGTH PRINCIPAL OVERSEEN HELD BY NAME, ADDRESS HELD WITH OF TIME OCCUPATION(S) BY BOARD BOARD AND BIRTH DATE FUND SERVED(1) DURING PAST 5 YEARS MEMBER MEMBER - --------------------------------------------------------------------------------------------------------- David J. Kundert Board Term: Annual Retired (2004) as 153 See c/o Nuveen Member Length of Service: Chairman, JPMorgan Principal Investments, Inc. Since 2005 Fleming Asset Occupation 333 West Wacker Drive Management, Description Chicago, IL 60606 President and CEO, (10/28/42) Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Bank One Corporation and Chairman and CEO, Banc One Investment Management Group; Board of Regents, Luther College; currently a member of the American and Wisconsin Bar Associations. </Table> 12 <Table> <Caption> NUMBER OF PORTFOLIOS IN FUND OTHER TERM OF OFFICE COMPLEX DIRECTORSHIPS POSITION(S) AND LENGTH PRINCIPAL OVERSEEN HELD BY NAME, ADDRESS HELD WITH OF TIME OCCUPATION(S) BY BOARD BOARD AND BIRTH DATE FUND SERVED(1) DURING PAST 5 YEARS MEMBER MEMBER - --------------------------------------------------------------------------------------------------------- William J. Schneider Board Term: Annual Chairman, formerly, 155 See c/o Nuveen Member Length of Service: Senior Partner and Principal Investments, Inc. Since 1996 Chief Operating Occupation 333 West Wacker Drive Officer (retired Description Chicago, IL 60606 December 2004), (9/24/44) Miller-Valentine Partners Ltd., a real estate investment company; formerly, Vice President, Miller-Valentine Realty, a construction company; Director, Chair of the Finance Committee and Member of the Audit Committee of Premier Health Partners, the not-for-profit parent company of Miami Valley Hospital; President of the Dayton Philharmonic Orchestra Association, Board Member, Regional Leaders Forum which promotes cooperation on economic development issues; Director and Immediate Past Chair, Dayton Development Coalition; formerly, Member, Community Advisory Board, National City Bank, Dayton, Ohio and Business Advisory Council, Cleveland Federal Reserve Bank. </Table> 13 <Table> <Caption> NUMBER OF PORTFOLIOS IN FUND OTHER TERM OF OFFICE COMPLEX DIRECTORSHIPS POSITION(S) AND LENGTH PRINCIPAL OVERSEEN HELD BY NAME, ADDRESS HELD WITH OF TIME OCCUPATION(S) BY BOARD BOARD AND BIRTH DATE FUND SERVED(1) DURING PAST 5 YEARS MEMBER MEMBER - --------------------------------------------------------------------------------------------------------- Judith M. Stockdale Board Term: Annual Executive Director, 155 N/A c/o Nuveen Member Length of Service: Gaylord and Dorothy Investments, Inc. Since 1997 Donnelley 333 West Wacker Drive Foundation (since Chicago, IL 60606 1994); prior (12/29/47) thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994). Eugene S. Sunshine Board Term: Annual Senior Vice 155 See c/o Nuveen Member Length of Service: President for Principal Investments, Inc. Since 2005 Business and Occupation 333 West Wacker Drive Finance (since Description Chicago, IL 60606 1997), Northwestern (1/22/50) University; Director (since 2003), Chicago Board of Options Exchange; Director (since 2003), National Mentor Holdings, a privately-held, national provider of home and community-based services; Chairman (since 1997), Board of Directors, Rubicon, an insurance company owned by Northwestern University; Director (since 1997), Evanston Chamber of Commerce and Evanston Inventure, a business development organization. </Table> 14 <Table> <Caption> NUMBER OF PORTFOLIOS IN FUND OTHER TERM OF OFFICE COMPLEX DIRECTORSHIPS POSITION(S) AND LENGTH PRINCIPAL OVERSEEN HELD BY NAME, ADDRESS HELD WITH OF TIME OCCUPATION(S) BY BOARD BOARD AND BIRTH DATE FUND SERVED(1) DURING PAST 5 YEARS MEMBER MEMBER - --------------------------------------------------------------------------------------------------------- Timothy R. Chairman Term: Annual Chairman and 155 See Schwertfeger(2) of the Length of Service: Director (since Principal 333 West Wacker Drive Board and Since 1996 1996) of Nuveen Occupation Chicago, IL 60606 Board Investments, Inc. Description (3/28/49) Member and Nuveen Investments, LLC; Chairman and Director (since 1997) of Nuveen Asset Management; 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); Director (from 1992 to 2004) and Chairman (from 1996 to 2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3) - --------------------------------------------------------------------------------------------------------- </Table> (1) Length of Service indicates the year in which the individual became a Board Member of a fund in the Nuveen fund complex. (2) "Interested person" as defined in the 1940 Act, by reason of being an officer and director of each Fund's adviser. (3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were merged into Nuveen Asset Management, effective January 1, 2005. 15 BENEFICIAL OWNERSHIP The following table lists the dollar range of equity securities beneficially owned by each Board Member nominee in each Fund and in all Nuveen funds overseen by the Board Member nominee as of December 31, 2004. <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - ---------------------------------------------------------------------------------------------------------- TAX- FLOATING ADVANTAGED FLOATING RATE FLOATING SENIOR ARIZONA ARIZONA BOARD MEMBER NOMINEES RATE OPPORTUNITY RATE(1) INCOME DIVIDEND DIVIDEND 2 - ---------------------------------------------------------------------------------------------------------- Robert P. Bremner............. $0 $0 N/A $0 $0 $0 Lawrence H. Brown............. 0 0 N/A 1-10,000 0 0 Jack B. Evans................. 0 0 N/A 10,001- 0 0 50,000 William C. Hunter............. 0 0 N/A 0 0 0 David J. Kundert(2)........... 0 0 N/A 0 0 0 William J. Schneider.......... 10,001- 0 N/A 0 0 0 50,000 Timothy R. Schwertfeger....... 0 0 N/A Over 0 0 100,000 Judith M. Stockdale........... 0 0 N/A 0 0 0 Eugene S. Sunshine(2)......... 0 0 N/A 0 0 0 - ---------------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - --------------------------------------------------------------------------------------------------- ARIZONA ARIZONA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA BOARD MEMBER NOMINEES DIVIDEND 3 PREMIUM VALUE PERFORMANCE OPPORTUNITY INVESTMENT - --------------------------------------------------------------------------------------------------- Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 0 - --------------------------------------------------------------------------------------------------- </Table> 16 <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - ------------------------------------------------------------------------------------------------------ CALIFORNIA CALIFORNIA INSURED INSURED CALIFORNIA CALIFORNIA BOARD MEMBER NOMINEES SELECT QUALITY CALIFORNIA CALIFORNIA 2 PREMIUM DIVIDEND - ------------------------------------------------------------------------------------------------------ Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 0 - ------------------------------------------------------------------------------------------------------ </Table> <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - ------------------------------------------------------------------------------------------------------ INSURED INSURED CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CONNECTICUT CONNECTICUT BOARD MEMBER NOMINEES DIVIDEND 2 DIVIDEND 3 DIVIDEND TAX-FREE DIVIDEND DIVIDEND 2 - ------------------------------------------------------------------------------------------------------ Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 0 - ------------------------------------------------------------------------------------------------------ </Table> <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - ---------------------------------------------------------------------------------------------- INSURED INSURED CONNECTICUT CONNECTICUT FLORIDA FLORIDA FLORIDA FLORIDA BOARD MEMBER NOMINEES DIVIDEND 3 PREMIUM TAX-FREE PREMIUM INVESTMENT QUALITY - ---------------------------------------------------------------------------------------------- Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 0 - ---------------------------------------------------------------------------------------------- </Table> 17 <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - -------------------------------------------------------------------------------- GEORGIA GEORGIA GEORGIA MARYLAND MARYLAND BOARD MEMBER NOMINEES DIVIDEND DIVIDEND 2 PREMIUM DIVIDEND DIVIDEND 2 - -------------------------------------------------------------------------------- Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 - -------------------------------------------------------------------------------- </Table> <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - ---------------------------------------------------------------------------------------------- INSURED MARYLAND MARYLAND MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS BOARD MEMBER NOMINEES DIVIDEND 3 PREMIUM TAX-FREE DIVIDEND PREMIUM - ---------------------------------------------------------------------------------------------- Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 - ---------------------------------------------------------------------------------------------- </Table> <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - ------------------------------------------------------------------------------- MICHIGAN MICHIGAN MICHIGAN MISSOURI NEW JERSEY BOARD MEMBER NOMINEES DIVIDEND PREMIUM QUALITY PREMIUM DIVIDEND - ------------------------------------------------------------------------------- Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 - ------------------------------------------------------------------------------- </Table> 18 <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - ------------------------------------------------------------------------------------- NORTH NORTH NEW JERSEY NEW JERSEY NEW JERSEY CAROLINA CAROLINA BOARD MEMBER NOMINEES DIVIDEND 2 INVESTMENT PREMIUM DIVIDEND DIVIDEND 2 - ------------------------------------------------------------------------------------- Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 - ------------------------------------------------------------------------------------- </Table> <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - ----------------------------------------------------------------------------------- NORTH NORTH CAROLINA CAROLINA OHIO OHIO OHIO BOARD MEMBER NOMINEES DIVIDEND 3 PREMIUM DIVIDEND DIVIDEND 2 DIVIDEND 3 - ----------------------------------------------------------------------------------- Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 - ----------------------------------------------------------------------------------- </Table> <Table> <Caption> DOLLAR RANGE OF EQUITY SECURITIES - -------------------------------------------------------------------------------------------- OHIO PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA BOARD MEMBER NOMINEES QUALITY DIVIDEND DIVIDEND 2 PREMIUM 2 INVESTMENT - -------------------------------------------------------------------------------------------- Robert P. Bremner...... $ 0 $ 0 $ 0 $ 0 $ 0 Lawrence H. Brown...... 0 0 0 0 0 Jack B. Evans.......... 0 0 0 0 0 William C. Hunter...... 0 0 0 0 0 David J. Kundert(2).... 0 0 0 0 0 William J. Schneider... 0 0 0 0 0 Timothy R. Schwertfeger......... 0 0 0 0 0 Judith M. Stockdale.... 0 0 0 0 0 Eugene S. Sunshine(2).......... 0 0 0 0 0 - -------------------------------------------------------------------------------------------- </Table> 19 <Table> <Caption> - -------------------------------------------------------------------------------------------------- AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES IN ALL REGISTERED INVESTMENT COMPANIES OVERSEEN BY BOARD MEMBER DOLLAR RANGE OF EQUITY SECURITIES NOMINEES IN - ------------------------------------------------------------------------------ FAMILY OF TEXAS VIRGINIA VIRGINIA VIRGINIA INVESTMENT BOARD MEMBER NOMINEES QUALITY DIVIDEND DIVIDEND 2 PREMIUM COMPANIES(3) - -------------------------------------------------------------------------------------------------- Robert P. Bremner............. $0 $0 $0 $0 Over $100,000 Lawrence H. Brown............. 0 0 0 0 Over $100,000 Jack B. Evans................. 0 0 0 0 Over $100,000 William C. Hunter............. 0 0 0 0 $50,001-$100,000 David J. Kundert(2)........... 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 Over $100,000 Timothy R. Schwertfeger....... 0 0 0 0 Over $100,000 Judith M. Stockdale........... 0 0 0 0 Over $100,000 Eugene S. Sunshine(2)......... 0 0 0 0 $50,001-$100,000 - -------------------------------------------------------------------------------------------------- </Table> (1) Tax-Advantaged Floating Rate Fund did not commence operations until March 16, 2005. (2) In November 2004, Messrs. Kundert and Sunshine were appointed to each Fund's Board, effective February 23, 2005. Mr. Sunshine did own shares of Nuveen Funds prior to his being appointed as a Board Member. (3) The amounts reflect the aggregate dollar range of equity securities and the number of shares beneficially owned by the Board Member in the Funds and in all Nuveen funds overseen by the Board Member. 20 The following table sets forth, for each Board Member and for the Board Members and officers as a group, the amount of shares beneficially owned in each Fund as of December 31, 2004. The information as to beneficial ownership is based on statements furnished by each Board Member and officer. <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - --------------------------------------------------------------------------------------------------------- TAX- FLOATING ADVANTAGED FLOATING RATE FLOATING SENIOR ARIZONA ARIZONA BOARD MEMBER NOMINEES RATE OPPORTUNITY RATE(2) INCOME DIVIDEND DIVIDEND 2 - --------------------------------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 N/A 0 0 0 Lawrence H. Brown............. 0 0 N/A 1,000 0 0 Jack B. Evans................. 0 0 N/A 5,000 0 0 William C. Hunter............. 0 0 N/A 0 0 0 David J. Kundert(3)........... 0 0 N/A 0 0 0 William J. Schneider.......... 1,000 0 N/A 0 0 0 Timothy R. Schwertfeger....... 0 0 N/A 49,000 0 0 Judith M. Stockdale........... 0 0 N/A 0 0 0 Eugene S. Sunshine(3)......... 0 0 N/A 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 1,000 0 N/A 59,525 0 0 - --------------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - ---------------------------------------------------------------------------------------------------------- ARIZONA ARIZONA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA BOARD MEMBER NOMINEES DIVIDEND 3 PREMIUM VALUE PERFORMANCE OPPORTUNITY INVESTMENT - ---------------------------------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 0 0 Jack B. Evans................. 0 0 0 0 0 0 William C. Hunter............. 0 0 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 0 0 - ---------------------------------------------------------------------------------------------------------- </Table> 21 <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - ------------------------------------------------------------------------------------------------------------- CALIFORNIA CALIFORNIA INSURED INSURED CALIFORNIA CALIFORNIA BOARD MEMBER NOMINEES SELECT QUALITY CALIFORNIA CALIFORNIA 2 PREMIUM DIVIDEND - ------------------------------------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 0 0 Jack B. Evans................. 0 0 0 0 0 0 William C. Hunter............. 0 0 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 0 0 - ------------------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - ------------------------------------------------------------------------------------------------------------- INSURED INSURED CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CONNECTICUT CONNECTICUT BOARD MEMBER NOMINEES DIVIDEND 2 DIVIDEND 3 DIVIDEND TAX-FREE DIVIDEND DIVIDEND 2 - ------------------------------------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 0 0 Jack B. Evans................. 0 0 0 0 0 0 William C. Hunter............. 0 0 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 0 0 - ------------------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - ----------------------------------------------------------------------------------------------------- INSURED INSURED CONNECTICUT CONNECTICUT FLORIDA FLORIDA FLORIDA FLORIDA BOARD MEMBER NOMINEES DIVIDEND 3 PREMIUM TAX-FREE PREMIUM INVESTMENT QUALITY - ----------------------------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 0 0 Jack B. Evans................. 0 0 0 0 0 0 William C. Hunter............. 0 0 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 0 0 - ----------------------------------------------------------------------------------------------------- </Table> 22 <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - ---------------------------------------------------------------------------------------------------- GEORGIA GEORGIA GEORGIA MARYLAND MARYLAND MARYLAND BOARD MEMBER NOMINEES DIVIDEND DIVIDEND 2 PREMIUM DIVIDEND DIVIDEND 2 DIVIDEND 3 - ---------------------------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 0 0 Jack B. Evans................. 0 0 0 0 0 0 William C. Hunter............. 0 0 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 0 0 - ---------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - -------------------------------------------------------------------------------------------------------------- INSURED MARYLAND MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MICHIGAN MICHIGAN BOARD MEMBER NOMINEES PREMIUM TAX-FREE DIVIDEND PREMIUM DIVIDEND PREMIUM - -------------------------------------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 0 0 Jack B. Evans................. 0 0 0 0 0 0 William C. Hunter............. 0 0 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 0 0 - -------------------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - ------------------------------------------------------------------------------------------------------- MICHIGAN MISSOURI NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY BOARD MEMBER NOMINEES QUALITY PREMIUM DIVIDEND DIVIDEND 2 INVESTMENT PREMIUM - ------------------------------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 0 0 Jack B. Evans................. 0 0 0 0 0 0 William C. Hunter............. 0 0 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 0 0 - ------------------------------------------------------------------------------------------------------- </Table> 23 <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - ------------------------------------------------------------------------------------------------------------ NORTH CAROLINA NORTH CAROLINA NORTH CAROLINA NORTH CAROLINA OHIO BOARD MEMBER NOMINEES DIVIDEND DIVIDEND 2 DIVIDEND 3 PREMIUM DIVIDEND - ------------------------------------------------------------------------------------------------------------ Robert P. Bremner............. 0 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 0 Jack B. Evans................. 0 0 0 0 0 William C. Hunter............. 0 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 0 William J. Schneider.......... 0 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 0 - ------------------------------------------------------------------------------------------------------------ </Table> <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - -------------------------------------------------------------------------------- OHIO OHIO OHIO PENNSYLVANIA BOARD MEMBER NOMINEES DIVIDEND 2 DIVIDEND 3 QUALITY DIVIDEND - -------------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 Jack B. Evans................. 0 0 0 0 William C. Hunter............. 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 William J. Schneider.......... 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 0 - -------------------------------------------------------------------------------- </Table> <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - --------------------------------------------------------------------------- PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA BOARD MEMBER NOMINEES DIVIDEND 2 PREMIUM 2 INVESTMENT - --------------------------------------------------------------------------- Robert P. Bremner............. 0 0 0 Lawrence H. Brown............. 0 0 0 Jack B. Evans................. 0 0 0 William C. Hunter............. 0 0 0 David J. Kundert(3)........... 0 0 0 William J. Schneider.......... 0 0 0 Timothy R. Schwertfeger....... 0 0 0 Judith M. Stockdale........... 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 0 0 0 - --------------------------------------------------------------------------- </Table> 24 <Table> <Caption> FUND SHARES OWNED BY BOARD MEMBERS AND OFFICERS(1) - ------------------------------------------------------------------------------ TEXAS VIRGINIA VIRGINIA VIRGINIA BOARD MEMBER NOMINEES QUALITY DIVIDEND DIVIDEND 2 PREMIUM - ------------------------------------------------------------------------------ Robert P. Bremner............. 0 0 0 0 Lawrence H. Brown............. 0 0 0 0 Jack B. Evans................. 0 0 0 0 William C. Hunter............. 0 0 0 0 David J. Kundert(3)........... 0 0 0 0 William J. Schneider.......... 0 0 0 0 Timothy R. Schwertfeger....... 0 0 0 0 Judith M. Stockdale........... 0 0 0 0 Eugene S. Sunshine(3)......... 0 0 0 0 ALL BOARD MEMBERS AND OFFICERS AS A GROUP.................. 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. (2) Tax-Advantaged Floating Rate Fund did not commence operations until March 16, 2005. (3) In November 2004, Messrs. Kundert and Sunshine were appointed to each Fund's Board, effective February 23, 2005. Mr. Sunshine did own shares of Nuveen Funds prior to his being appointed as a Board Member. On December 31, 2004, Board Members and executive officers as a group beneficially owned 1,196,807 common shares of all funds managed by Adviser (includes deferred units and shares held by the executive officers in Nuveen's 401(k)/profit sharing plan). Each Board Member's individual beneficial shareholdings of each Fund constitute less than 1% of the outstanding shares of each Fund. As of July 31, 2005, the Board Members and executive officers as a group beneficially owned less than 1% of the outstanding common shares of each Fund. As of September 20, 2005, the Funds were not aware that any shareholder beneficially owned more than 5% of any class of shares of any Fund, except as listed below: <Table> <Caption> - --------------------------------------------------------------------------------------- SHAREHOLDER NAME AND AMOUNT OF PERCENTAGE FUND AND CLASS ADDRESS(1) SHARES OWNED OWNED - --------------------------------------------------------------------------------------- Senior Income Fund -- Common First Trust Portfolios L.P. 3,122,382 10.5% Shares 1001 Warrenville Road Lisle, IL 60532 First Trust Advisors L.P. 1001 Warrenville Road Lisle, IL 60532 The Charger Corporation 1001 Warrenville Road Lisle, IL 60532 - --------------------------------------------------------------------------------------- </Table> (1) First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation are shared beneficial owners of the amount and percentage of Senior Income shares shown. Information is based on a Schedule 13G filed on behalf of First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation on June 10, 2005. 25 COMPENSATION For all Nuveen funds, Independent Board Members receive an $85,000 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 or compliance, risk management and regulatory oversight committee meeting where in-person attendance is required and $750 per day for audit committee attendance by telephone or in person where in-person attendance is not required and $500 per day for compliance, risk management and regulatory oversight committee 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 (including ad hoc committee meetings and shareholder meetings) on a day on which no regularly scheduled board meeting is held in 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. In addition to the payments described above, the chairperson of each committee of the Board (except the dividend committee and executive committee) receives $5,000 as an addition to the annual retainer paid to such individuals. When ad hoc committees are organized, the Board may provide for additional compensation to be paid to the members of such committees. The annual retainer, fees and expenses are allocated among the funds managed by the Adviser, on the basis of relative net asset sizes although fund management may, in its discretion, establish a minimum amount to be allocated to each fund. The Board Member affiliated with Nuveen and the Adviser serves without any compensation from the Funds. The boards of certain Nuveen funds (the "Participating Funds") established a Deferred Compensation Plan for Independent Board Members ("Deferred Compensation Plan"). Under the Deferred Compensation Plan, Independent Board Members of the Participating Funds may defer receipt of all, or a portion, of the compensation they earn for their services to the Participating Funds, in lieu of receiving current payments of such compensation. Any deferred amount is treated as though an equivalent dollar amount had been invested in shares of one or more eligible Nuveen funds. Each Independent Board Member, other than Mr. Brown, has elected to defer at least a portion of his or her fees. The Funds that are Participating Funds under the Deferred Compensation Plan are Floating Rate, Floating Rate Opportunity, Senior Income, California Value, California Performance, California Investment, California Select, California Quality, Insured California 2, California Dividend, California Dividend 2, California Dividend 3, Insured California Dividend, Insured Florida Premium, Florida Investment, Florida Quality, Michigan Quality, New Jersey Investment, New Jersey Premium, Pennsylvania Premium 2 and Pennsylvania Investment. 26 The table below shows, for each Independent Board Member, the aggregate compensation (i) paid by each Fund to each 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 the Adviser for the calendar year ended 2004. Mr. Schwertfeger, a Board Member who is an interested person of the Funds, does not receive any compensation from the Funds or any Nuveen funds. <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ------------------------------------------------------------------------------------------------------------ TAX- FLOATING ADVANTAGED FLOATING RATE FLOATING SENIOR ARIZONA ARIZONA BOARD MEMBER NOMINEES RATE OPPORTUNITY RATE INCOME DIVIDEND DIVIDEND 2 - ------------------------------------------------------------------------------------------------------------ Robert P. Bremner............. 2,166 1,206 323 623 72 113 Lawrence H. Brown............. 1,891 2,050 133 545 63 99 Jack B. Evans................. 2,229 2,233 135 640 73 115 William C. Hunter............. 1,847 1,008 116 519 59 92 David J. Kundert(1)........... 757 454 116 213 24 38 William J. Schneider.......... 2,251 1,249 126 647 72 113 Judith M. Stockdale........... 1,801 998 316 506 59 92 Eugene S. Sunshine(1)......... 984 590 118 285 32 50 - ------------------------------------------------------------------------------------------------------------ </Table> <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - --------------------------------------------------------------------------------------------------- ARIZONA ARIZONA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA BOARD MEMBER NOMINEES DIVIDEND 3 PREMIUM VALUE PERFORMANCE OPPORTUNITY INVESTMENT - --------------------------------------------------------------------------------------------------- Robert P. Bremner...... 134 189 522 622 394 657 Lawrence H. Brown...... 118 167 506 603 386 637 Jack B. Evans.......... 137 194 537 640 403 677 William C. Hunter...... 109 155 453 540 322 570 David J. Kundert(1).... 45 64 186 222 135 234 William J. Schneider... 133 189 528 629 394 665 Judith M. Stockdale.... 110 155 436 520 324 549 Eugene S. Sunshine(1).......... 60 85 230 274 168 289 - --------------------------------------------------------------------------------------------------- </Table> 27 <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ------------------------------------------------------------------------------------------------------ INSURED INSURED CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA BOARD MEMBER NOMINEES CALIFORNIA 2 PREMIUM DIVIDEND DIVIDEND 2 DIVIDEND 3 DIVIDEND - ------------------------------------------------------------------------------------------------------ Robert P. Bremner...... 582 256 1,097 677 1,105 717 Lawrence H. Brown...... 565 251 1,064 657 1,071 696 Jack B. Evans.......... 600 262 1,130 698 1,138 739 William C. Hunter...... 506 210 953 588 959 623 David J. Kundert(1).... 208 88 392 243 396 257 William J. Schneider... 589 256 1,110 685 1,118 726 Judith M. Stockdale.... 487 211 918 566 924 600 Eugene S. Sunshine(1).......... 257 109 485 300 489 317 - ------------------------------------------------------------------------------------------------------ </Table> <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ---------------------------------------------------------------------------------------------------- INSURED CALIFORNIA CALIFORNIA INSURED CONNECTICUT CONNECTICUT FLORIDA BOARD MEMBER NOMINEES SELECT QUALITY CALIFORNIA DIVIDEND 3 PREMIUM TAX-FREE - ---------------------------------------------------------------------------------------------------- Robert P. Bremner...... 1,122 1,071 298 184 230 158 Lawrence H. Brown...... 1,088 1,039 292 170 212 152 Jack B. Evans.......... 1,155 1,103 305 184 229 158 William C. Hunter...... 974 930 244 155 193 138 David J. Kundert(1).... 401 384 101 24 29 21 William J. Schneider... 1,135 1,084 298 173 216 156 Judith M. Stockdale.... 938 896 245 156 194 139 Eugene S. Sunshine(1).......... 495 474 126 25 31 22 - ---------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ---------------------------------------------------------------------------------------------------- INSURED CALIFORNIA CONNECTICUT CONNECTICUT MARYLAND MARYLAND MARYLAND BOARD MEMBER NOMINEES TAX-FREE DIVIDEND DIVIDEND 2 DIVIDEND DIVIDEND 2 DIVIDEND 3 - ---------------------------------------------------------------------------------------------------- Robert P. Bremner...... 265 113 103 182 185 226 Lawrence H. Brown...... 260 104 95 168 170 209 Jack B. Evans.......... 271 112 103 182 184 226 William C. Hunter...... 217 95 86 153 155 190 David J. Kundert(1).... 90 14 13 23 24 29 William J. Schneider... 264 106 97 171 173 212 Judith M. Stockdale.... 218 95 87 154 156 191 Eugene S. Sunshine(1).......... 113 15 14 25 25 31 - ---------------------------------------------------------------------------------------------------- </Table> 28 <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ----------------------------------------------------------------------------------------- INSURED FLORIDA FLORIDA FLORIDA GEORGIA GEORGIA GEORGIA BOARD MEMBER NOMINEES PREMIUM INVESTMENT QUALITY DIVIDEND DIVIDEND 2 PREMIUM - ----------------------------------------------------------------------------------------- Robert P. Bremner...... 644 726 634 86 191 163 Lawrence H. Brown...... 612 690 603 80 176 151 Jack B. Evans.......... 646 728 636 86 190 163 William C. Hunter...... 586 661 577 72 160 137 David J. Kundert(1).... 87 98 86 11 24 21 William J. Schneider... 633 714 623 81 179 153 Judith M. Stockdale.... 601 678 592 73 161 138 Eugene S. Sunshine(1).......... 91 103 90 12 26 22 - ----------------------------------------------------------------------------------------- </Table> <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - -------------------------------------------------------------------------------------------- INSURED MARYLAND MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MICHIGAN BOARD MEMBER NOMINEES PREMIUM TAX-FREE DIVIDEND PREMIUM DIVIDEND - -------------------------------------------------------------------------------------------- Robert P. Bremner...... 456 116 87 202 95 Lawrence H. Brown...... 422 107 81 186 84 Jack B. Evans.......... 456 116 87 202 98 William C. Hunter...... 383 98 73 169 78 David J. Kundert(1).... 58 15 11 26 32 William J. Schneider... 429 109 82 190 95 Judith M. Stockdale.... 386 98 74 171 78 Eugene S. Sunshine(1).......... 62 16 12 27 43 - -------------------------------------------------------------------------------------------- </Table> <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ------------------------------------------------------------------------------------------------ MICHIGAN MISSOURI NEW JERSEY NEW JERSEY NEW JERSEY NEW JERSEY BOARD MEMBER NOMINEES QUALITY PREMIUM DIVIDEND DIVIDEND 2 INVESTMENT PREMIUM - ------------------------------------------------------------------------------------------------ Robert P. Bremner...... 566 96 275 193 891 531 Lawrence H. Brown...... 495 89 264 185 847 505 Jack B. Evans.......... 583 96 275 193 893 533 William C. Hunter...... 483 81 240 168 811 483 David J. Kundert(1).... 199 12 37 26 121 72 William J. Schneider... 589 90 271 190 875 522 Judith M. Stockdale.... 471 81 241 169 787 469 Eugene S. Sunshine(1).......... 258 13 39 27 126 75 - ------------------------------------------------------------------------------------------------ </Table> 29 <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ------------------------------------------------------------------------------------------------- MICHIGAN NORTH CAROLINA OHIO OHIO OHIO OHIO BOARD MEMBER NOMINEES PREMIUM PREMIUM DIVIDEND DIVIDEND 2 DIVIDEND 3 QUALITY - ------------------------------------------------------------------------------------------------- Robert P. Bremner...... 354 274 194 144 100 477 Lawrence H. Brown...... 312 253 171 127 88 421 Jack B. Evans.......... 362 274 199 147 102 488 William C. Hunter...... 289 230 158 118 82 389 David J. Kundert(1).... 120 35 66 49 34 162 William J. Schneider... 354 258 194 144 100 477 Judith M. Stockdale.... 290 232 159 118 82 391 Eugene S. Sunshine(1).......... 158 37 87 64 45 213 - ------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ------------------------------------------------------------------------- NORTH CAROLINA NORTH CAROLINA NORTH CAROLINA BOARD MEMBER NOMINEES DIVIDEND DIVIDEND 2 DIVIDEND 3 - ------------------------------------------------------------------------- Robert P. Bremner...... 99 165 156 Lawrence H. Brown...... 92 152 144 Jack B. Evans.......... 99 165 156 William C. Hunter...... 83 139 138 David J. Kundert(1).... 13 21 21 William J. Schneider... 93 155 147 Judith M. Stockdale.... 84 140 139 Eugene S. Sunshine(1).......... 14 22 22 - ------------------------------------------------------------------------- </Table> <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ---------------------------------------------------------------------------------- PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA PENNSYLVANIA BOARD MEMBER NOMINEES DIVIDEND DIVIDEND 2 PREMIUM 2 INVESTMENT - ---------------------------------------------------------------------------------- Robert P. Bremner...... 144 161 674 722 Lawrence H. Brown...... 138 154 640 687 Jack B. Evans.......... 144 161 675 724 William C. Hunter...... 125 140 613 658 David J. Kundert(1).... 19 21 91 98 William J. Schneider... 141 158 662 710 Judith M. Stockdale.... 126 141 595 638 Eugene S. Sunshine(1).......... 20 23 95 102 - ---------------------------------------------------------------------------------- </Table> 30 <Table> <Caption> AGGREGATE COMPENSATION FROM THE FUNDS(2) - ---------------------------------------------------------------------------------------------- TOTAL COMPENSATION FROM NUVEEN FUNDS PAID TO TEXAS VIRGINIA VIRGINIA VIRGINIA BOARD BOARD MEMBER NOMINEES QUALITY DIVIDEND DIVIDEND 2 PREMIUM MEMBERS - ---------------------------------------------------------------------------------------------- Robert P. Bremner............. 432 138 251 390 114,167 Lawrence H. Brown............. 381 127 232 360 112,250 Jack B. Evans................. 443 137 251 389 116,125 William C. Hunter............. 353 115 211 327 65,875 David J. Kundert(1)........... 147 18 32 50 n/a William J. Schneider.......... 432 129 236 366 111,667 Judith M. Stockdale........... 355 116 213 330 100,700 Eugene S. Sunshine(1)......... 193 19 34 53 n/a - ---------------------------------------------------------------------------------------------- </Table> (1) In November 2004, Messrs. Kundert and Sunshine were appointed to each Fund's Board, effective February 23, 2005. (2) Includes deferred fees. Pursuant to a deferred compensation agreement with certain of the Funds, deferred amounts are treated as though an equivalent dollar amount has been invested in shares of one or more eligible Nuveen funds. Total deferred fees for the Funds (including the return from the assumed investment in the eligible Nuveen funds) payable are: <Table> <Caption> DEFERRED FEES ----------------------------------------------------------------------------------------------------------- FLOATING FLOATING RATE SENIOR CALIFORNIA CALIFORNIA CALIFORNIA BOARD MEMBER NOMINEES RATE OPPORTUNITY INCOME VALUE PERFORMANCE INVESTMENT ----------------------------------------------------------------------------------------------------------- Robert P. Bremner............. 330 144 95 82 97 103 Lawrence H. Brown............. -- -- -- -- -- -- Jack B. Evans................. 562 245 161 139 165 174 William C. Hunter............. 1,847 833 519 453 540 570 David J. Kundert(1)........... 757 454 213 186 222 234 William J. Schneider.......... 2,178 990 623 518 617 652 Judith M. Stockdale........... 807 400 227 197 234 248 Eugene S. Sunshine(1)......... 859 515 247 204 242 256 ----------------------------------------------------------------------------------------------------------- </Table> 31 <Table> <Caption> DEFERRED FEES - ----------------------------------------------------------------------------------------------------- BOARD MEMBER CALIFORNIA CALIFORNIA INSURED CALIFORNIA CALIFORNIA CALIFORNIA NOMINEES SELECT QUALITY CALIFORNIA 2 DIVIDEND DIVIDEND 2 DIVIDEND 3 - ----------------------------------------------------------------------------------------------------- Robert P. Bremner..... 176 168 91 172 106 173 Lawrence H. Brown..... -- -- -- -- -- -- Jack B. Evans......... 298 285 155 291 180 293 William C. Hunter..... 974 930 506 953 588 959 David J. Kundert(1)... 401 384 208 392 243 396 William J. Schneider........... 1,113 1,063 578 1,088 672 1,096 Judith M. Stockdale... 423 404 220 414 256 417 Eugene S. Sunshine(1)......... 438 419 227 429 265 433 - ----------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> DEFERRED FEES - -------------------------------------------------------------------------------------------------- BOARD MEMBER FLORIDA MICHIGAN NEW JERSEY NEW JERSEY PENNSYLVANIA PENNSYLVANIA NOMINEES QUALITY QUALITY INVESTMENT PREMIUM PREMIUM 2 INVESTMENT - -------------------------------------------------------------------------------------------------- Robert P. Bremner..... 100 86 140 84 106 114 Lawrence H. Brown..... -- -- -- -- -- -- Jack B. Evans......... 165 147 232 138 175 188 William C. Hunter..... 577 483 811 483 613 658 David J. Kundert(1)... 86 199 121 72 91 98 William J. Schneider........... 623 570 875 522 662 710 Judith M. Stockdale... 222 211 299 178 226 242 Eugene S. Sunshine(1)......... 90 225 126 75 95 102 - -------------------------------------------------------------------------------------------------- </Table> <Table> <Caption> DEFERRED FEES - ---------------------------------------------------------- INSURED INSURED CALIFORNIA FLORIDA FLORIDA BOARD MEMBER NOMINEES DIVIDEND PREMIUM INVESTMENT - ---------------------------------------------------------- Robert P. Bremner...... 112 102 114 Lawrence H. Brown...... -- -- -- Jack B. Evans.......... 191 168 189 William C. Hunter...... 623 586 661 David J. Kundert(1).... 257 87 98 William J. Schneider... 712 633 714 Judith M. Stockdale.... 271 226 255 Eugene S. Sunshine(1).......... 280 91 103 - ---------------------------------------------------------- </Table> 32 Nuveen maintains a charitable matching contributions program to encourage the active support and involvement of individuals in the civic activities of their community. The Independent Board Members of the funds managed by the Adviser are eligible to participate in the matching contributions program of Nuveen. Under the matching contributions program, Nuveen 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. COMMITTEES The Board of each Fund has five standing committees: the executive committee, the audit committee, the nominating and governance committee, the dividend committee and the compliance, risk management and regulatory oversight committee. Robert P. Bremner, Judith M. Stockdale and Timothy R. Schwertfeger, Chair, serve as members of the executive committee of each Fund. 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, is 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) and (ii) matters of an administrative or ministerial nature. The executive committee of each Fund held no meetings during its last fiscal year, except the executive committee of the Floating Rate Opportunity Fund held one meeting and the executive committee of the Tax-Advantaged Floating Rate Fund held two meetings. Lawrence H. Brown, Jack B. Evans and Timothy R. Schwertfeger, Chair, are current members of the dividend committee of each Fund. The dividend committee is authorized to declare distributions on the Fund's shares including, but not limited to, regular and special dividends, capital gains and ordinary income distributions. The dividend committee of each Fund held five meetings during its last fiscal year, except the dividend committee of the Tax-Advantaged Floating Rate Fund held three meetings. Lawrence H. Brown, William C. Hunter, David J. Kundert, William J. Schneider, Chair, and Judith M. Stockdale are current members of the compliance, risk management and regulatory oversight committee of each Fund. The compliance, risk management and regulatory oversight committee is responsible for the oversight of compliance issues, risk management, and other regulatory matters affecting the Funds which are not otherwise the jurisdiction of the other Board committees. As part of its duties regarding compliance matters, the committee was responsible during 2004 for the oversight of the Pricing Procedures of the Funds and the internal Valuation Group. The compliance, risk management and regulatory oversight committee of each Fund held four meetings during its last fiscal year, except the compliance, risk management and regulatory oversight committee of the Tax-Advantaged Floating Rate Fund held two meetings. Each Fund's Board has an audit committee, established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), composed of Independent Board Members who are "independent" as that term is defined in the listing standards pertaining to closed-end funds of the New York Stock Exchange and American Stock Exchange, as applicable. Robert P. Bremner, Lawrence H. Brown, Jack B. Evans, Chair, 33 William J. Schneider and Eugene S. Sunshine are current members of the audit committee of each Fund. The audit committee is responsible for the oversight and monitoring of (1) the accounting and reporting policies, processes and practices and the audit of the financial statement of the Funds, (2) the quality and integrity of the financial statements of the Funds, and (3) the independent auditors' qualifications, performance and independence. The audit committee reviews the work and any recommendations of the Funds' independent auditors. Based on such review, it is authorized to make recommendations to the Board. Commencing in 2005, the audit committee is responsible for the oversight of the Pricing Procedures of the Funds and the internal Valuation Group. The Boards adopted an Audit Committee Charter that conforms to the listing standards of the New York Stock Exchange and American Stock Exchange. A copy of the Audit Committee Charter is attached to the proxy statement as Appendix A. The audit committee of each Fund held four meetings during its last fiscal year, except the audit committee of the Tax-Advantaged Floating Rate Fund held one meeting. Each Fund has a nominating and governance committee composed entirely of Independent Board Members who are also "independent" as defined by New York Stock Exchange or American Stock Exchange listing standards, as applicable. Robert P. Bremner, Chair, Lawrence H. Brown, Jack B. Evans, William C. Hunter, David J. Kundert, William J. Schneider, Judith M. Stockdale and Eugene S. Sunshine are current members of the nominating and governance committee of each Fund. The purpose of the nominating and governance committee is to seek, identify and recommend to the Board qualified candidates for election or appointment to each Fund's Board. In addition, the committee oversees matters of corporate governance, including the evaluation of Board performance and processes, and assignment and rotation of committee members, and the establishment of corporate governance guidelines and procedures, to the extent necessary or desirable. The committee operates under a written charter adopted and approved by the Boards. The nominating and governance committee charter is available on the Funds' website at http://www.nuveen.com/etf/products/fundGovernance.aspx. The nominating and governance committee of each Fund held five meetings during its last fiscal year, except the nominating and governance committee of the Tax-Advantaged Floating Rate Fund held one meeting and the nominating and governance committee of the California Funds held four meetings. The nominating and governance committee looks to many sources for recommendations of qualified Board members, including current Board Members, employees of the Adviser, current shareholders of the Funds, third party sources and any other persons or entities that may be deemed necessary or desirable by the committee. Shareholders of the Funds who wish to nominate a candidate to their Fund's Board should mail information to the attention of Lorna Ferguson, Manager of Fund Board Relations, Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois 60606. This information must include evidence of Fund ownership of the person or entity recommending the candidate, a full listing of the proposed candidate's education, experience, current employment, date of birth, names and addresses of at least three professional references, information as to whether the candidate is an "interested person" (as such term is defined in the 1940 Act) in relation to the Fund and such other information that would be helpful to the nominating and governance committee in evaluating the candidate. All satisfactorily completed information regarding candidates will be forwarded to the chairman of the nominating and governance committee and the outside counsel to the Independent Board Members. Recommendations for candidates to the Board will be evaluated in light of whether the number of Board members is expected to change and whether the Board expects any vacancies. All nominations from Fund shareholders will 34 be acknowledged, although there may be times when the committee is not actively recruiting new Board members. In those circumstances nominations will be kept on file until active recruitment is under way. The nominating and governance committee sets appropriate standards and requirements for nominations to the Board. In considering a candidate's qualifications, each candidate must meet certain basic requirements, including relevant skills and experience, time availability and, if qualifying as an Independent Board Member candidate, independence from the Adviser or other service providers. These experience requirements may vary depending on the current composition of the Board, since the goal is to ensure an appropriate range of skills and experience, in the aggregate. All candidates must meet high expectations of personal integrity, governance experience and professional competence that are assessed on the basis of personal interviews, recommendations, or direct knowledge by committee members. The committee may use any process it deems appropriate for the purpose of evaluating candidates, which process may include, without limitation, personal interviews, background checks, written submissions by the candidates and third party references. There is no difference in the manner in which the nominating and governance committee evaluates nominees when the nominee is submitted by a shareholder. The nominating and governance committee reserves the right to make the final selection regarding the nomination of any prospective Board member. The Board of each Fund held four regular quarterly meetings and six special meetings during the last fiscal year, except the Board of the Tax-Advantaged Floating Rate Fund held five regular quarterly meetings and seven special meetings, the Board of the Floating Rate Opportunity Fund held five regular quarterly meetings and six special meetings, the Boards of the Senior Income Fund, the Floating Rate Fund, the Arizona Funds, the Michigan Funds, the Ohio Funds and the Texas Fund held five regular quarterly meetings and five special meetings and the Board of the California Funds held four regular quarterly meetings and four special meetings. During the last fiscal year, each Board Member attended 75% or more of each Fund's Board meetings and the committee meetings (if a member thereof) held during the period for which such Board Member was a Board Member. The policy of the Board relating to attendance by Board Members at annual meetings of the Funds and the number of Board Members who attended the last annual meeting of shareholders of each Fund is posted on the Funds' website at www.nuveen.com/etf/products/fundgovernance.aspx. 35 THE OFFICERS The following table sets forth information as of September 15, 2005 with respect to each officer of the Funds 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 are elected by the Board on an annual basis to serve until successors are elected and qualified. <Table> <Caption> - ------------------------------------------------------------------------------------------ NUMBER OF TERM OF PORTFOLIOS OFFICE AND IN FUND POSITION(S) LENGTH OF COMPLEX NAME, ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) SERVED BY AND BIRTHDATE FUND SERVED(1) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------ Gifford R. Zimmerman Chief Term: Annual Managing Director 155 333 West Wacker Drive Administrative Length of (since 2002), Assistant Chicago, IL 60606 Officer Service: Since Secretary and Associate (9/9/56) 1988 General Counsel, formerly, Vice President of Nuveen Investments, LLC; Managing Director (since 2002), Assistant Secretary and Associate General Counsel, formerly, Vice President of Nuveen Asset Management; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; 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 2003); previously, Managing Director (from 2002 to 2004), General Counsel and Assistant Secretary, formerly, Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.;(2) Chartered Financial Analyst. </Table> 36 <Table> <Caption> - ------------------------------------------------------------------------------------------ NUMBER OF TERM OF PORTFOLIOS OFFICE AND IN FUND POSITION(S) LENGTH OF COMPLEX NAME, ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) SERVED BY AND BIRTHDATE FUND SERVED(1) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------ Julia L. Antonatos Vice President Term: Annual Managing Director 155 333 West Wacker Drive Length of (since 2005), Chicago, IL 60606 Service: Since previously, Vice (9/22/63) 2004 President (since 2002), formerly, Assistant Vice President (since 1999) of Nuveen Investments, LLC; Chartered Financial Analyst. Michael T. Atkinson Vice President Term: Annual Vice President (since 155 333 West Wacker Drive and Assistant Length of 2002), formerly, Chicago, IL 60606 Secretary Service: Since Assistant Vice (2/3/66) 2002 President (from 2000), previously, Associate of Nuveen Investments, LLC. Peter H. D'Arrigo Vice President Term: Annual Vice President of 155 333 West Wacker Drive and Treasurer Length of Nuveen Investments, LLC Chicago, IL 60606 Service: Since (since 1999); prior (11/28/67) 1999 thereto, Assistant Vice President (from 1997); Vice President and Treasurer (since 1999) of Nuveen Investments, Inc.; Vice President and Treasurer of Nuveen Asset Management (since 2002) and of Nuveen Investments Advisers Inc. (since 2002); Assistant Treasurer of NWQ Investments Management Company, LLC (since 2002); Vice President and Treasurer of Nuveen Rittenhouse Asset Management, Inc. (since 2003); Vice President and Treasurer (from 1999 to 2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.;(2) Chartered Financial Analyst. </Table> 37 <Table> <Caption> - ------------------------------------------------------------------------------------------ NUMBER OF TERM OF PORTFOLIOS OFFICE AND IN FUND POSITION(S) LENGTH OF COMPLEX NAME, ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) SERVED BY AND BIRTHDATE FUND SERVED(1) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------ Jessica R. Droeger Vice President Term: Annual Vice President (since 155 333 West Wacker Drive and Secretary Length of 2002) and Assistant Chicago, IL 60606 Service: Since General Counsel (since (9/24/64) 1998 1998), formerly, Assistant Vice President (from 1998) of Nuveen Investments, LLC; Vice President and Assistant Secretary (since 2005) of Nuveen Asset Management; Vice President (from 2002 to 2004) and Assistant Secretary (from 1998 to 2004), of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(2) Lorna C. Ferguson Vice President Term: Annual Managing Director 155 333 West Wacker Drive Length of (since 2004), Chicago, IL 60606 Service: Since previously, Vice (10/24/45) 1998 President of Nuveen Investments, LLC; Managing Director of Nuveen Asset Management; previously, Managing Director (2004), formerly, Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(2) William M. Fitzgerald Vice President Term: Annual Managing Director of 155 333 West Wacker Drive Length of Nuveen Asset Management Chicago, IL 60606 Service: Since (since 2001); Vice (3/2/64) 1995 President of Nuveen Investments Advisers Inc. (since 2002); Managing Director (from 2001 to 2004), formerly, Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.;(2) Chartered Financial Analyst. Stephen D. Foy Vice President Term: Annual Vice President (since 155 333 West Wacker Drive and Controller Length of 1993) and Funds Chicago, IL 60606 Service: Since Controller (since 1998) (5/31/54) 1993 of Nuveen Investments, LLC; Vice President (since 1998) and formerly, Funds Controller of Nuveen Investments, Inc.; Certified Public Accountant. </Table> 38 <Table> <Caption> - ------------------------------------------------------------------------------------------ NUMBER OF TERM OF PORTFOLIOS OFFICE AND IN FUND POSITION(S) LENGTH OF COMPLEX NAME, ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) SERVED BY AND BIRTHDATE FUND SERVED(1) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------ James D. Grassi Vice President Term: Annual Vice President and 155 333 West Wacker Drive and Chief Length of Deputy Director of Chicago, IL 60606 Compliance Service: Since Compliance (since 2004) (4/13/56) Officer 2004 of Nuveen Investments, LLC, Nuveen Investments Advisers Inc., Nuveen Asset Management and Rittenhouse Asset Management, Inc.; previously, Vice President and Deputy Director of Compliance (2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.;(2) formerly, Senior Attorney (1994 to 2004), The Northern Trust Company. David J. Lamb Vice President Term: Annual Vice President of 155 333 West Wacker Drive Length of Nuveen Investments, LLC Chicago, IL 60606 Service: Since (since 2000); prior (3/22/63) 2000 thereto, Assistant Vice President (from 1999); Certified Public Accountant. Tina M. Lazar Vice President Term: Annual Vice President of 155 333 West Wacker Drive Length of Nuveen Investments, LLC Chicago, IL 60606 Service: Since (since 1999); prior (8/27/61) 2002 thereto, Assistant Vice President (since 1993) of Nuveen Investments, LLC. </Table> 39 <Table> <Caption> - ------------------------------------------------------------------------------------------ NUMBER OF TERM OF PORTFOLIOS OFFICE AND IN FUND POSITION(S) LENGTH OF COMPLEX NAME, ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) SERVED BY AND BIRTHDATE FUND SERVED(1) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------ Larry W. Martin Vice President Term: Annual Vice President, 155 333 West Wacker Drive and Assistant Length of Assistant Secretary and Chicago, IL 60606 Secretary Service: Since Assistant General (7/27/51) 1988 Counsel of Nuveen Investments, LLC; Vice President, Assistant General Counsel and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (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); previously, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(2) - ------------------------------------------------------------------------------------------ </Table> (1) Length of Service indicates the year the individual became an officer of a fund in the Nuveen fund complex. (2) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were merged into Nuveen Asset Management, effective January 1, 2005. AUDIT COMMITTEE REPORT The audit committee of the Board is responsible for the oversight and monitoring of (1) the accounting and reporting policies, processes and practices, and the audit of the financial statements, of each Fund, (2) the quality and integrity of the financial statements of the Funds, and (3) the independent registered public accounting firm's qualifications, performance and independence. In its oversight capacity, the committee reviews each Fund's annual financial statements with both management and the independent registered public accounting firm and the committee meets periodically with the independent registered public accounting firm to consider their evaluation of each Fund's financial and internal controls. The committee also selects, retains, evaluates and may replace each Fund's independent registered public accounting firm. The committee is currently composed of five Board 40 Members and operates under a written charter adopted and approved by the Board, a copy of which is attached as Appendix A. Each committee member meets the independence and experience requirements applicable to the Funds of the New York Stock Exchange, the American Stock Exchange, Section 10A of the Securities Exchange Act of 1934 and the rules and regulations of the Securities and Exchange Commission. The committee, in discharging its duties, has met with and held discussions with management and each Fund's independent registered public accounting firm. The committee has also reviewed and discussed the audited financial statements with management. Management has represented to the independent registered public accounting firm that each Fund's financial statements were prepared in accordance with generally accepted accounting principles. The committee has also discussed with the independent registered public accounting firm the matters required to be discussed by Statement on Auditing Standards ("SAS") No. 61, (Communication with Audit Committees), as amended by SAS No. 90 (Audit Committee Communications). Each Fund's independent registered public accounting firm provided to the committee the written disclosure required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees), and the committee discussed with representatives of the independent registered public accounting firm their firm's independence. As provided in the Audit Committee Charter, it is not the committee's responsibility to determine, and the considerations and discussions referenced above do not ensure, that each Fund's financial statements are complete and accurate and presented in accordance with generally accepted accounting principles. Based on the committee's review and discussions with management and the independent registered public accounting firm, the representations of management and the report of the independent registered public accounting firm to the committee, the committee has recommended that the Board include the audited financial statements in each Fund's Annual Report. The members of the committee are: Robert P. Bremner Lawrence H. Brown Jack B. Evans William J. Schneider Eugene S. Sunshine 41 AUDIT AND RELATED FEES. The following tables provide the aggregate fees billed by Ernst & Young LLP during each Fund's last two fiscal years (i) to each Fund for services provided to the Fund and (ii) to the Adviser and certain entities controlling, controlled by, or under common control with the Adviser that provide ongoing services to each Fund ("Adviser Entities") for engagements directly related to the operations and financial reporting of each Fund. <Table> <Caption> - -------------------------------------------------------------------------------------------------------------------------- AUDIT FEES(1) AUDIT RELATED FEES(2) TAX FEES(3) ----------------- --------------------------------- ----------------------------------- ADVISER AND ADVISER AND ADVISER ADVISER FUND FUND ENTITIES FUND ENTITIES(5) ----------------- --------------- --------------- --------------- ----------------- FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED 2004 2005 2004 2005 2004 2005 2004 2005 2004 2005 ------------------------------------------------------------------------------------------- Floating Rate(6)............. $33,000 $58,933 $ 0 $ 0 $ 0 $ 0 $0 $919 $ 0 $282,575 Floating Rate Opportunity(7)............. 11,500 48,364 0 0 0 0 0 860 0 282,575 Tax-Advantaged Floating Rate(8).................... N/A 37,000 N/A 0 N/A 0 N/A 0 N/A 282,575 Senior Income................ 40,000 28,803 0 0 0 0 364 834 0 282,575 Arizona Dividend............. 6,193 6,513 0 0 0 0 569 586 0 282,575 Arizona Dividend 2........... 6,646 6,984 0 0 0 0 686 593 0 282,575 Arizona Dividend 3........... 6,868 7,234 0 0 0 0 743 597 0 282,575 Arizona Premium.............. 7,482 7,875 0 0 0 0 379 411 0 282,575 California Value............. 11,096 11,682 0 0 0 0 405 429 0 282,575 California Performance....... 12,197 12,820 0 0 0 0 413 434 0 282,575 California Opportunity....... 9,720 10,269 0 0 0 0 395 422 0 282,575 California Investment........ 12,571 13,228 0 0 0 0 416 436 0 282,575 California Select............ 17,617 18,575 0 0 0 0 452 462 0 282,575 California Quality........... 17,059 18,014 0 0 0 0 448 459 0 282,575 Insured California........... 8,718 9,124 0 0 0 0 388 417 0 282,575 Insured California 2......... 11,793 12,370 0 0 0 0 410 432 0 282,575 California Premium........... 8,204 8,660 0 0 0 0 384 414 0 282,575 California Dividend.......... 17,374 18,320 0 0 0 0 450 1,009 0 282,575 California Dividend 2........ 12,752 13,481 0 0 0 0 2,264 776 0 282,575 California Dividend 3........ 17,369 18,395 0 0 0 0 3,450 1,013 0 282,575 Insured California Dividend................... 13,234 13,938 0 0 0 0 2,392 972 0 282,575 <Caption> - ----------------------------- --------------------------------- ALL OTHER FEES(4) --------------------------------- ADVISER AND ADVISER FUND ENTITIES --------------- --------------- FISCAL FISCAL FISCAL FISCAL YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED 2004 2005 2004 2005 --------------------------------- Floating Rate(6)............. $0 $1,000 $ 0 $ 0 Floating Rate Opportunity(7)............. 0 0 0 0 Tax-Advantaged Floating Rate(8).................... N/A 0 N/A 0 Senior Income................ 4,500 6,050 0 0 Arizona Dividend............. 2,500 2,700 0 0 Arizona Dividend 2........... 2,500 2,700 0 0 Arizona Dividend 3........... 2,500 2,700 0 0 Arizona Premium.............. 2,500 2,700 0 0 California Value............. 0 0 0 0 California Performance....... 2,500 2,700 0 0 California Opportunity....... 2,500 2,700 0 0 California Investment........ 2,500 2,700 0 0 California Select............ 2,500 2,700 0 0 California Quality........... 2,500 2,700 0 0 Insured California........... 2,500 2,700 0 0 Insured California 2......... 2,500 2,700 0 0 California Premium........... 2,500 2,700 0 0 California Dividend.......... 2,500 2,700 0 0 California Dividend 2........ 2,500 2,700 0 0 California Dividend 3........ 2,500 2,700 0 0 Insured California Dividend................... 2,500 2,700 0 0 </Table> 42 <Table> <Caption> - -------------------------------------------------------------------------------------------------------------------------- AUDIT FEES(1) AUDIT RELATED FEES(2) TAX FEES(3) ----------------- --------------------------------- ----------------------------------- ADVISER AND ADVISER AND ADVISER ADVISER FUND FUND ENTITIES FUND ENTITIES(5) ----------------- --------------- --------------- --------------- ----------------- FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED 2004 2005 2004 2005 2004 2005 2004 2005 2004 2005 ------------------------------------------------------------------------------------------- Insured California Tax-Free................... $8,316 $8,764 $0 $0 $0 $0 $1,115 $692 $0 $282,575 Connecticut Dividend......... 6,694 7,042 0 0 0 0 699 578 0 282,575 Connecticut Dividend 2....... 6,590 6,917 0 0 0 0 674 578 0 282,575 Connecticut Dividend 3....... 7,521 7,908 0 0 0 0 912 581 0 282,575 Connecticut Premium.......... 8,035 8,450 0 0 0 0 383 409 0 282,575 Insured Florida Tax-Free..... 7,298 7,667 0 0 0 0 378 584 0 282,575 Insured Florida Premium...... 13,041 13,625 0 0 0 0 420 438 0 282,575 Florida Investment........... 13,965 14,677 0 0 0 0 427 443 0 282,575 Florida Quality.............. 12,870 13,538 0 0 0 0 418 438 0 282,575 Georgia Dividend............. 6,392 6,722 0 0 0 0 621 577 0 282,575 Georgia Dividend 2........... 7,599 7,991 0 0 0 0 931 581 0 282,575 Georgia Premium.............. 7,270 7,649 0 0 0 0 378 406 0 282,575 Maryland Dividend............ 7,488 7,877 0 0 0 0 908 581 0 282,575 Maryland Dividend 2.......... 7,525 7,906 0 0 0 0 914 581 0 282,575 Maryland Dividend 3.......... 7,994 8,411 0 0 0 0 1,032 582 0 282,575 Maryland Premium............. 10,613 11,195 0 0 0 0 402 417 0 282,575 Insured Massachusetts Tax-Free................... 6,739 7,091 0 0 0 0 374 578 0 282,575 Massachusetts Dividend....... 6,402 6,733 0 0 0 0 624 403 0 282,575 Massachusetts Premium........ 7,706 8,115 0 0 0 0 381 407 0 282,575 Michigan Dividend............ 6,451 6,790 0 0 0 0 636 590 0 282,575 Michigan Premium............. 9,304 9,785 0 0 0 0 393 420 0 282,575 Michigan Quality............. 11,608 12,181 0 0 0 0 409 431 0 282,575 Missouri Premium............. 6,496 6,839 0 0 0 0 372 404 0 282,575 New Jersey Dividend.......... 8,677 9,138 0 0 0 0 1,212 624 0 282,575 New Jersey Dividend 2........ 7,692 8,105 0 0 0 0 957 609 0 282,575 New Jersey Investment........ 15,935 16,737 0 0 0 0 440 453 0 282,575 <Caption> - ----------------------------- --------------------------------- ALL OTHER FEES(4) --------------------------------- ADVISER AND ADVISER FUND ENTITIES --------------- --------------- FISCAL FISCAL FISCAL FISCAL YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED 2004 2005 2004 2005 --------------------------------- Insured California Tax-Free................... $2,500 $2,700 $0 $0 Connecticut Dividend......... 2,450 2,650 0 0 Connecticut Dividend 2....... 2,450 2,650 0 0 Connecticut Dividend 3....... 2,450 2,650 0 0 Connecticut Premium.......... 2,450 2,650 0 0 Insured Florida Tax-Free..... 2,500 2,700 0 0 Insured Florida Premium...... 2,500 2,700 0 0 Florida Investment........... 2,500 2,700 0 0 Florida Quality.............. 2,500 2,700 0 0 Georgia Dividend............. 2,450 2,650 0 0 Georgia Dividend 2........... 2,450 2,650 0 0 Georgia Premium.............. 2,450 2,650 0 0 Maryland Dividend............ 2,450 2,650 0 0 Maryland Dividend 2.......... 2,450 2,650 0 0 Maryland Dividend 3.......... 2,450 2,650 0 0 Maryland Premium............. 2,450 2,650 0 0 Insured Massachusetts Tax-Free................... 2,450 2,650 0 0 Massachusetts Dividend....... 2,450 2,650 0 0 Massachusetts Premium........ 2,450 2,650 0 0 Michigan Dividend............ 2,500 2,700 0 0 Michigan Premium............. 2,500 2,700 0 0 Michigan Quality............. 2,500 2,700 0 0 Missouri Premium............. 2,450 2,650 0 0 New Jersey Dividend.......... 2,500 2,700 0 0 New Jersey Dividend 2........ 2,500 2,700 0 0 New Jersey Investment........ 2,500 2,700 0 0 </Table> 43 <Table> <Caption> - -------------------------------------------------------------------------------------------------------------------------- AUDIT FEES(1) AUDIT RELATED FEES(2) TAX FEES(3) ----------------- --------------------------------- ----------------------------------- ADVISER AND ADVISER AND ADVISER ADVISER FUND FUND ENTITIES FUND ENTITIES(5) ----------------- --------------- --------------- --------------- ----------------- FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL FISCAL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED 2004 2005 2004 2005 2004 2005 2004 2005 2004 2005 ------------------------------------------------------------------------------------------- New Jersey Premium........... $11,704 $12,231 $0 $0 $0 $0 $410 $431 $0 $282,575 North Carolina Dividend...... 6,539 6,879 0 0 0 0 661 578 0 282,575 North Carolina Dividend 2.... 7,299 7,670 0 0 0 0 857 406 0 282,575 North Carolina Dividend 3.... 7,285 7,663 0 0 0 0 852 580 0 282,575 North Carolina Premium....... 8,546 8,977 0 0 0 0 387 410 0 282,575 Ohio Dividend................ 7,523 7,932 0 0 0 0 380 433 0 282,575 Ohio Dividend 2.............. 6,982 7,349 0 0 0 0 774 424 0 282,575 Ohio Dividend 3.............. 6,501 6,842 0 0 0 0 650 417 0 282,575 Ohio Quality................. 10,653 11,214 0 0 0 0 403 426 0 282,575 Pennsylvania Dividend........ 7,124 7,464 0 0 0 0 813 600 0 282,575 Pennsylvania Dividend 2...... 7,316 7,692 0 0 0 0 863 603 0 282,575 Pennsylvania Premium 2....... 13,414 13,977 0 0 0 0 422 440 0 282,575 Pennsylvania Investment...... 13,969 14,603 0 0 0 0 426 443 0 282,575 Texas Quality................ 10,176 10,691 0 0 0 0 398 424 0 282,575 Virginia Dividend............ 6,972 7,349 0 0 0 0 772 405 0 282,575 Virginia Dividend 2.......... 8,286 8,710 0 0 0 0 1,111 583 0 282,575 Virginia Premium............. 9,853 10,388 0 0 0 0 396 414 0 282,575 - -------------------------------------------------------------------------------------------------------------------------- <Caption> - ----------------------------- --------------------------------- ALL OTHER FEES(4) --------------------------------- ADVISER AND ADVISER FUND ENTITIES --------------- --------------- FISCAL FISCAL FISCAL FISCAL YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED 2004 2005 2004 2005 --------------------------------- New Jersey Premium........... $2,500 $2,700 $0 $0 North Carolina Dividend...... 2,450 2,650 0 0 North Carolina Dividend 2.... 2,450 2,650 0 0 North Carolina Dividend 3.... 2,450 2,650 0 0 North Carolina Premium....... 2,450 2,650 0 0 Ohio Dividend................ 2,500 2,700 0 0 Ohio Dividend 2.............. 2,500 2,700 0 0 Ohio Dividend 3.............. 2,500 2,700 0 0 Ohio Quality................. 2,500 2,700 0 0 Pennsylvania Dividend........ 2,500 2,700 0 0 Pennsylvania Dividend 2...... 2,500 2,700 0 0 Pennsylvania Premium 2....... 2,500 2,700 0 0 Pennsylvania Investment...... 2,500 2,700 0 0 Texas Quality................ 2,500 2,700 0 0 Virginia Dividend............ 2,450 2,650 0 0 Virginia Dividend 2.......... 2,450 2,650 0 0 Virginia Premium............. 2,450 2,650 0 0 - ----------------------------- </Table> (1) "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements. (2) "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements and are not reported under "Audit Fees." (3) "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance and tax planning. (4) "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees," "Audit Related Fees" and "Tax Fees." (5) "Tax Fees billed to Adviser and Adviser Entities" reflect fees billed to the Adviser primarily for Fund tax return preparation. (6) "Audit Fees" for 2004 have been revised to reflect fees paid for audit registration statements for common and preferred stock offerings. (7) "Audit Fees" for 2004 have been revised to reflect fees paid for audit registration statements for common stock offerings. Common stock offering costs are also included in 2005. (8) "Audit Fees" include fees paid for audit registration statements for common stock offerings. 44 NON-AUDIT FEES. The following tables provide the aggregate non-audit fees billed by Ernst & Young LLP for services rendered to each Fund, the Adviser and the Adviser Entities during each Fund's last two fiscal years. <Table> <Caption> - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-AUDIT FEES BILLED TO ADVISER AND ADVISER ENTITIES (ENGAGEMENTS RELATED TOTAL NON-AUDIT FEES DIRECTLY TO THE OPERATIONS BILLED TO ADVISER AND TOTAL NON-AUDIT FEES AND FINANCIAL REPORTING ADVISER ENTITIES (ALL OTHER FUND BILLED TO FUND OF FUND) ENGAGEMENTS) TOTAL - ----------------------------- ------------------------- --------------------------- ---------------------------- ----------- FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR ENDED 2004 ENDED 2005 ENDED 2004 ENDED 2005 ENDED 2004 ENDED 2005 ENDED 2004 - ----------------------------------------------------------------------------------------------------------------------------------- Floating Rate................ $0 $1,919 $0 $282,575 $0 $0 $0 Floating Rate Opportunity.... 0 860 0 282,575 0 0 0 Tax-Advantaged Floating Rate....................... N/A 0 N/A 282,575 N/A 0 N/A Senior Income................ 4,864 6,884 0 282,575 0 0 4,864 Arizona Dividend............. 3,069 3,286 0 282,575 0 0 3,069 Arizona Dividend 2........... 3,186 3,293 0 282,575 0 0 3,186 Arizona Dividend 3........... 3,243 3,297 0 282,575 0 0 3,243 Arizona Premium.............. 2,879 3,111 0 282,575 0 0 2,879 California Value............. 405 429 0 282,575 0 0 405 California Performance....... 2,913 3,134 0 282,575 0 0 2,913 California Opportunity....... 2,895 3,122 0 282,575 0 0 2,895 California Investment........ 2,916 3,136 0 282,575 0 0 2,916 California Select............ 2,952 3,162 0 282,575 0 0 2,952 California Quality........... 2,948 3,159 0 282,575 0 0 2,948 Insured California........... 2,888 3,117 0 282,575 0 0 2,888 Insured California 2......... 2,910 3,132 0 282,575 0 0 2,910 California Premium........... 2,884 3,114 0 282,575 0 0 2,884 California Dividend.......... 2,950 3,709 0 282,575 0 0 2,950 California Dividend 2........ 4,764 3,476 0 282,575 0 0 4,764 California Dividend 3........ 5,950 3,713 0 282,575 0 0 5,950 <Caption> - ----------------------------- ----------- FUND TOTAL - ----------------------------- ----------- FISCAL YEAR ENDED 2005 - ----------------------------- ----------- Floating Rate................ $284,494 Floating Rate Opportunity.... 283,435 Tax-Advantaged Floating Rate....................... 282,575 Senior Income................ 289,459 Arizona Dividend............. 285,861 Arizona Dividend 2........... 285,868 Arizona Dividend 3........... 285,872 Arizona Premium.............. 285,686 California Value............. 283,004 California Performance....... 285,709 California Opportunity....... 285,697 California Investment........ 285,711 California Select............ 285,737 California Quality........... 285,734 Insured California........... 285,692 Insured California 2......... 285,707 California Premium........... 285,689 California Dividend.......... 286,284 California Dividend 2........ 286,051 California Dividend 3........ 286,288 </Table> <Table> - ------------------------------------------------------------------------------------------------------------ The above "Total Non-Audit Fees Billed to Adviser and Adviser Entities" include "Tax Fees" billed to Adviser in the amount of $282,575 from the Audit and Related Fees table. </Table> 45 <Table> <Caption> - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-AUDIT FEES BILLED TO ADVISER AND ADVISER ENTITIES (ENGAGEMENTS RELATED TOTAL NON-AUDIT FEES DIRECTLY TO THE OPERATIONS BILLED TO ADVISER AND TOTAL NON-AUDIT FEES AND FINANCIAL REPORTING ADVISER ENTITIES (ALL OTHER FUND BILLED TO FUND OF FUND) ENGAGEMENTS) TOTAL - ----------------------------- ------------------------- --------------------------- ---------------------------- ----------- FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR ENDED 2004 ENDED 2005 ENDED 2004 ENDED 2005 ENDED 2004 ENDED 2005 ENDED 2004 - ----------------------------------------------------------------------------------------------------------------------------------- Insured California Dividend................... $ 4,892 $ 3,672 $ 0 $ 282,575 $ 0 $ 0 $ 4,892 Insured California Tax-Free................... 3,615 3,392 0 282,575 0 0 3,615 Connecticut Dividend......... 3,149 3,228 0 282,575 0 0 3,149 Connecticut Dividend 2....... 3,124 3,228 0 282,575 0 0 3,124 Connecticut Dividend 3....... 3,362 3,231 0 282,575 0 0 3,362 Connecticut Premium.......... 2,833 3,059 0 282,575 0 0 2,833 Insured Florida Tax-Free..... 2,878 3,284 0 282,575 0 0 2,878 Insured Florida Premium...... 2,920 3,138 0 282,575 0 0 2,920 Florida Investment........... 2,927 3,143 0 282,575 0 0 2,927 Florida Quality.............. 2,918 3,138 0 282,575 0 0 2,918 Georgia Dividend............. 3,071 3,227 0 282,575 0 0 3,071 Georgia Dividend 2........... 3,381 3,231 0 282,575 0 0 3,381 Georgia Premium.............. 2,828 3,056 0 282,575 0 0 2,828 Maryland Dividend............ 3,358 3,231 0 282,575 0 0 3,358 Maryland Dividend 2.......... 3,364 3,231 0 282,575 0 0 3,364 Maryland Dividend 3.......... 3,482 3,232 0 282,575 0 0 3,482 Maryland Premium............. 2,852 3,067 0 282,575 0 0 2,852 Insured Massachusetts Tax-Free................... 2,824 3,228 0 282,575 0 0 2,824 Massachusetts Dividend....... 3,074 3,053 0 282,575 0 0 3,074 Massachusetts Premium........ 2,831 3,057 0 282,575 0 0 2,831 Michigan Dividend............ 3,136 3,290 0 282,575 0 0 3,136 Michigan Premium............. 2,893 3,120 0 282,575 0 0 2,893 <Caption> - ----------------------------- ----------- FUND TOTAL - ----------------------------- ----------- FISCAL YEAR ENDED 2005 - ----------------------------- ----------- Insured California Dividend................... $ 286,247 Insured California Tax-Free................... 285,968 Connecticut Dividend......... 285,803 Connecticut Dividend 2....... 285,803 Connecticut Dividend 3....... 285,806 Connecticut Premium.......... 285,634 Insured Florida Tax-Free..... 285,859 Insured Florida Premium...... 285,713 Florida Investment........... 285,718 Florida Quality.............. 285,713 Georgia Dividend............. 285,802 Georgia Dividend 2........... 285,806 Georgia Premium.............. 285,631 Maryland Dividend............ 285,806 Maryland Dividend 2.......... 285,806 Maryland Dividend 3.......... 285,807 Maryland Premium............. 285,642 Insured Massachusetts Tax-Free................... 285,803 Massachusetts Dividend....... 285,628 Massachusetts Premium........ 285,632 Michigan Dividend............ 285,865 Michigan Premium............. 285,695 </Table> <Table> - ------------------------------------------------------------------------------------------------------------ The above "Total Non-Audit Fees Billed to Adviser and Adviser Entities" include "Tax Fees" billed to Adviser in the amount of $282,575 from the Audit and Related Fees table. </Table> 46 <Table> <Caption> - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-AUDIT FEES BILLED TO ADVISER AND ADVISER ENTITIES (ENGAGEMENTS RELATED TOTAL NON-AUDIT FEES DIRECTLY TO THE OPERATIONS BILLED TO ADVISER AND TOTAL NON-AUDIT FEES AND FINANCIAL REPORTING ADVISER ENTITIES (ALL OTHER FUND BILLED TO FUND OF FUND) ENGAGEMENTS) TOTAL - ----------------------------- ------------------------- --------------------------- ---------------------------- ----------- FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR ENDED 2004 ENDED 2005 ENDED 2004 ENDED 2005 ENDED 2004 ENDED 2005 ENDED 2004 - ----------------------------------------------------------------------------------------------------------------------------------- Michigan Quality............. $ 2,909 $ 3,131 $ 0 $ 282,575 $ 0 $ 0 $ 2,909 Missouri Premium............. 2,822 3,054 0 282,575 0 0 2,822 New Jersey Dividend.......... 3,712 3,324 0 282,575 0 0 3,712 New Jersey Dividend 2........ 3,457 3,309 0 282,575 0 0 3,457 New Jersey Investment........ 2,940 3,153 0 282,575 0 0 2,940 New Jersey Premium........... 2,910 3,131 0 282,575 0 0 2,910 North Carolina Dividend...... 3,111 3,228 0 282,575 0 0 3,111 North Carolina Dividend 2.... 3,307 3,056 0 282,575 0 0 3,307 North Carolina Dividend 3.... 3,302 3,230 0 282,575 0 0 3,302 North Carolina Premium....... 2,837 3,060 0 282,575 0 0 2,837 Ohio Dividend................ 2,880 3,133 0 282,575 0 0 2,880 Ohio Dividend 2.............. 3,274 3,124 0 282,575 0 0 3,274 Ohio Dividend 3.............. 3,150 3,117 0 282,575 0 0 3,150 Ohio Quality................. 2,903 3,126 0 282,575 0 0 2,903 Pennsylvania Dividend........ 3,313 3,300 0 282,575 0 0 3,313 Pennsylvania Dividend 2...... 3,363 3,303 0 282,575 0 0 3,363 Pennsylvania Premium 2....... 2,922 3,140 0 282,575 0 0 2,922 Pennsylvania Investment...... 2,926 3,143 0 282,575 0 0 2,926 Texas Quality................ 2,898 3,124 0 282,575 0 0 2,898 Virginia Dividend............ 3,222 3,055 0 282,575 0 0 3,222 Virginia Dividend 2.......... 3,561 3,233 0 282,575 0 0 3,561 Virginia Premium............. 2,846 3,064 0 282,575 0 0 2,846 <Caption> - ----------------------------- ----------- FUND TOTAL - ----------------------------- ----------- FISCAL YEAR ENDED 2005 - ----------------------------- ----------- Michigan Quality............. $ 285,706 Missouri Premium............. 285,629 New Jersey Dividend.......... 285,899 New Jersey Dividend 2........ 285,884 New Jersey Investment........ 285,728 New Jersey Premium........... 285,706 North Carolina Dividend...... 285,803 North Carolina Dividend 2.... 285,631 North Carolina Dividend 3.... 285,805 North Carolina Premium....... 285,635 Ohio Dividend................ 285,708 Ohio Dividend 2.............. 285,699 Ohio Dividend 3.............. 285,692 Ohio Quality................. 285,701 Pennsylvania Dividend........ 285,875 Pennsylvania Dividend 2...... 285,878 Pennsylvania Premium 2....... 285,715 Pennsylvania Investment...... 285,718 Texas Quality................ 285,699 Virginia Dividend............ 285,630 Virginia Dividend 2.......... 285,808 Virginia Premium............. 285,639 </Table> <Table> - ------------------------------------------------------------------------------------------------------------ The above "Total Non-Audit Fees Billed to Adviser and Adviser Entities" include "Tax Fees" billed to Adviser in the amount of $282,575 from the Audit and Related Fees table. </Table> 47 AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES. Generally, the audit committee must approve each Fund's independent auditor's engagements (i) with the Fund for audit or non-audit services and (ii) with the Adviser and Adviser Entities for non-audit services if the engagement relates directly to the operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent registered public accounting firm for each Fund and the Adviser and Adviser Entities (with respect to the operations and financial reporting of each Fund), such engagements will be (i) pre-approved by the audit committee if they are expected to be for amounts greater than $10,000; (ii) reported to the audit committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the audit committee at the next audit committee meeting if they are expected to be for an amount under $5,000. For engagements with Ernst & Young LLP entered into on or after May 6, 2003, the audit committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to each Fund and to the Adviser and Adviser Entities (with respect to the operations and financial reporting of each Fund). None of the services rendered by Ernst & Young LLP to each Fund or the Adviser or Adviser Entities were pre-approved by the audit committee pursuant to the pre-approval exception under Rule 2.01(c)(7)(i)(C) or Rule 2.01(c)(7)(ii) of Regulation S-X. APPOINTMENT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Each Board has appointed Ernst & Young LLP as independent registered public accounting firm to audit the books and records of each Fund for its fiscal year. A representative of Ernst & Young LLP will be present at the Annual Meetings to make a statement, if such representative so desires, and to respond to shareholders' questions. Ernst & Young LLP has informed each Fund that it has no direct or indirect material financial interest in each Fund, Nuveen, the Adviser or any other investment company sponsored by Nuveen. SECTION 16(a) BENEFICIAL INTEREST REPORTING COMPLIANCE Section 30(h) of the 1940 Act and Section 16(a) of the 1934 Act require Board Members and officers, the investment adviser, affiliated persons of the investment adviser and persons who own more than 10% of a registered class of a Fund's equity securities to file forms reporting their affiliation with that Fund and reports of ownership and changes in ownership of that Fund's shares with the Securities and Exchange Commission (the "SEC") and the New York Stock Exchange or American Stock Exchange, as applicable. These persons and entities are required by SEC regulation to furnish the Funds with copies of all Section 16(a) forms they file. Based on a review of these forms furnished to each Fund, each Fund believes that its Board Members and officers, investment adviser and affiliated persons of the investment adviser have complied with all applicable Section 16(a) filing requirements during its last fiscal year, except that with respect to Senior Income, Mr. Evans made a late filing on Form 3. With respect to Arizona Dividend, Arizona Dividend 2, Arizona Dividend 3, California Dividend 2, California Dividend 3, Insured California Dividend, Insured California Tax-Free, Connecticut Dividend, Connecticut Dividend 2, Connecticut Dividend 3, Insured Florida Tax-Free, Georgia Dividend, Georgia Dividend 2, Maryland Dividend, Maryland Dividend 2, 48 Maryland Dividend 3, Insured Massachusetts Tax-Free, Massachusetts Dividend, Michigan Dividend, New Jersey Dividend, New Jersey Dividend 2, North Carolina Dividend, North Carolina Dividend 2, North Carolina Dividend 3, Ohio Dividend, Ohio Dividend 2, Ohio Dividend 3, Pennsylvania Dividend, Pennsylvania Dividend 2, Virginia Dividend and Virginia Dividend 2 an amended Form 3 was filed on behalf of the Adviser disclosing shares representing the initial capital provided by the Adviser and with respect to Arizona Dividend 2, Arizona Dividend 3, Insured California Dividend, Connecticut Dividend 2, Connecticut Dividend 3, Georgia Dividend 2, Maryland Dividend 3, New Jersey Dividend 2, North Carolina Dividend 3, Ohio Dividend 3 and Pennsylvania Dividend 2 the Adviser made a late filing on Form 4. To the knowledge of management of the Funds, no shareholder of a Fund owns more than 10% of a registered class of a Fund's equity securities, except a report on Schedule 13G was filed on June 10, 2005 on behalf of First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation indicating shared beneficial ownership of 10.5% of the common shares of Senior Income. INFORMATION ABOUT THE ADVISER NAM, located at 333 West Wacker Drive, Chicago, Illinois 60606, serves as investment adviser and manager for each Fund. The Adviser is a wholly owned subsidiary of Nuveen Investments, Inc., 333 West Wacker Drive, Chicago, Illinois 60606. Founded in 1898, Nuveen Investments, Inc. and its affiliates had over $124 billion of assets under management as of June 30, 2005. Nuveen Investments, Inc. is a publicly-traded company and is listed on the New York Stock Exchange and trades under the symbol "JNC." SHAREHOLDER PROPOSALS To be considered for presentation at the annual meeting of shareholders of the Funds to be held in 2006, a shareholder proposal submitted pursuant to Rule 14a-8 of the 1934 Act must be received at the offices of that Fund, 333 West Wacker Drive, Chicago, Illinois 60606, not later than June 13, 2006. A shareholder wishing to provide notice in the manner prescribed by Rule 14a-4(c)(1) of a proposal submitted outside of the process of Rule 14a-8 must submit such written notice to the Fund not later than August 26, 2006. Timely submission of a proposal does not mean that such proposal will be included in a proxy statement. SHAREHOLDER COMMUNICATIONS Fund shareholders who want to communicate with the Board or any individual Board Member should write their Fund to the attention of Lorna Ferguson, Manager of Fund Board Relations, Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois 60606. The letter should indicate that you are a Fund shareholder. If the communication is intended for a specific Board Member and so indicates it will be sent only to that Board Member. If a communication does not indicate a specific Board Member it will be sent to the chair of the nominating and governance committee and the outside counsel to the Independent Board Members for further distribution as deemed appropriate by such persons. 49 EXPENSES OF PROXY SOLICITATION The cost of preparing, printing and mailing the enclosed proxy, accompanying notice and proxy statement will be paid by the Funds pro rata based on the number of shareholder accounts. Additional solicitation may be made by letter or telephone by officers or employees of Nuveen or the Adviser, or by dealers and their representatives. FISCAL YEAR The last fiscal year end for each Fund, except Floating Rate, Floating Rate Opportunity, Tax-Advantaged Floating Rate, Senior Income, the Arizona Funds, the California Funds, the Florida Funds, the Michigan Funds, the New Jersey Funds, the Ohio Funds, the Pennsylvania Funds and Texas Quality, was May 31, 2005. The last fiscal year end for the Florida Funds, the New Jersey Funds and the Pennsylvania Funds was June 30, 2005. The last fiscal year end for Floating Rate, Floating Rate Opportunity, Tax-Advantaged Floating Rate, Senior Income, the Arizona Funds, the Michigan Funds, the Ohio Funds and Texas Quality was July 31, 2005. The last fiscal year end for the California Funds was August 31, 2005. ANNUAL REPORT DELIVERY Annual reports will be sent to shareholders of record of each Fund following each Fund's fiscal year end. Each Fund will furnish, without charge, a copy of its annual report and/or semi-annual report as available upon request. Such written or oral requests should be directed to such Fund at 333 West Wacker Drive, Chicago, Illinois 60606 or by calling 1-800-257-8787. Please note that only one annual report or proxy statement may be delivered to two or more shareholders of a Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual report or proxy statement, or for instructions as to how to request a separate copy of such documents or as to how to request a single copy if multiple copies of such documents are received, shareholders should contact the applicable Fund at the address and phone number set forth above. GENERAL Management does not intend to present and does not have reason to believe that any other items of business will be presented at the Annual Meeting. However, if other matters are properly presented to the Annual 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 Fund. A list of shareholders entitled to be present and to vote at each Annual Meeting will be available at the offices of the Funds, 333 West Wacker Drive, Chicago, Illinois, for inspection by any shareholder during regular business hours beginning ten days prior to the date of the Annual Meeting. Failure of a quorum to be present at any Annual Meeting will necessitate adjournment and will subject that Fund to additional expense. The persons named in the enclosed proxy may also move for an adjournment of any Annual Meeting to permit further solicitation of proxies 50 with respect to the proposal if they determine that adjournment and further solicitation is reasonable and in the best interests of the shareholders. Under each Fund'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 October 11, 2005 51 APPENDIX A NUVEEN FUND BOARD AUDIT COMMITTEE CHARTER 1 JANUARY 2005 I. ORGANIZATION AND MEMBERSHIP There shall be a committee of each Board of Directors/Trustees (the "Board") of the Nuveen Management Investment Companies (the "Funds" or, individually, a "Fund") to be known as the Audit Committee. The Audit Committee shall be comprised of at least three Directors/Trustees. Audit Committee members shall be independent of the Funds and free of any relationship that, in the opinion of the Directors/Trustees, would interfere with their exercise of independent judgment as an Audit Committee member. In particular, each member must meet the independence and experience requirements applicable to the Funds of the New York Stock Exchange, the American Stock Exchange, Section 10a of the Securities Exchange Act of 1934 (the "Exchange Act"), and the rules and regulations of the Securities and Exchange Commission (the "Commission"). Each such member of the Audit Committee shall have a basic understanding of finance and accounting, be able to read and understand fundamental financial statements, and be financially literate, and at least one such member shall have accounting or related financial management expertise, in each case as determined by the Directors/Trustees, exercising their business judgment (this person may also serve as the Audit Committee's "financial expert" as defined by the Commission). The Board shall appoint the members and the Chairman of the Audit Committee, on the recommendation of the Nominating and Governance Committee. The Audit Committee shall meet periodically but in any event no less frequently than on a semi-annual basis. Except for the Funds, Audit Committee members shall not serve simultaneously on the audit committees of more than two other public companies. II. STATEMENT OF POLICY, PURPOSE AND PROCESSES The Audit Committee shall assist the Board in oversight and monitoring of (1) the accounting and reporting policies, processes and practices, and the audits of the financial statements, of the Funds; (2) the quality and integrity of the financial statements of the Funds; (3) the Funds' compliance with legal and regulatory requirements, (4) the independent auditors' qualifications, performance and independence; and (5) oversight of the Pricing Procedures of the Funds and the Valuation Group. In exercising this oversight, the Audit Committee can request other committees of the Board to assume responsibility for some of the monitoring as long as the other committees are composed exclusively of independent directors. In doing so, the Audit Committee shall seek to maintain free and open means of communication among the Directors/Trustees, the independent auditors, the internal auditors and the management of the Funds. The Audit Committee shall meet periodically with Fund management, the Funds' internal auditor, and the Funds' independent auditors, in separate executive sessions. The Audit Committee shall prepare reports of the Audit Committee as required by the Commission to be included in the Fund's annual proxy statements or otherwise. A-1 The Audit Committee shall have the authority and resources in its discretion to retain special legal, accounting or other consultants to advise the Audit Committee and to otherwise discharge its responsibilities, including appropriate funding as determined by the Audit Committee for compensation to independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for a Fund, compensation to advisers employed by the Audit Committee, and ordinary administrative expenses of the Audit Committee that are necessary or appropriate in carrying out its duties, as determined in its discretion. The Audit Committee may request any officer or employee of Nuveen Investments, Inc. (or its affiliates) (collectively, "Nuveen") or the Funds' independent auditors or outside counsel to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee. The Funds' independent auditors and internal auditors shall have unrestricted accessibility at any time to Committee members. RESPONSIBILITIES Fund management has the primary responsibility to establish and maintain systems for accounting, reporting, disclosure and internal control. The independent auditors have the primary responsibility to plan and implement an audit, with proper consideration given to the accounting, reporting and internal controls. Each independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Funds shall report directly to the Audit Committee. The independent auditors are ultimately accountable to the Board and the Audit Committee. It is the ultimate responsibility of the Audit Committee to select, appoint, retain, evaluate, oversee and replace any independent auditors and to determine their compensation, subject to ratification of the Board, if required. The Audit Committee responsibilities may not be delegated to any other Committee or the Board. The Audit Committee is responsible for the following: WITH RESPECT TO FUND FINANCIAL STATEMENTS: 1. Reviewing and discussing the annual audited financial statements and semi-annual financial statements with Fund management and the independent auditors including major issues regarding accounting and auditing principles and practices, and the Funds' disclosures in its periodic reports under "Management's Discussion and Analysis." 2. Requiring the independent auditors to deliver to the Chairman of the Audit Committee a timely report on any issues relating to the significant accounting policies, management judgments and accounting estimates or other matters that would need to be communicated under Statement on Auditing Standards (SAS) No. 90, Audit Committee Communications (which amended SAS No. 61, Communication with Audit Committees), that arise during the auditors' review of the Funds' financial statements, which information the Chairman shall further communicate to the other members of the Audit Committee, as deemed necessary or appropriate in the Chairman's judgment. 3. Discussing with management the Funds' press releases regarding financial results and dividends, as well as financial information and earnings guidance provided to A-2 analysts and rating agencies. This discussion may be done generally, consisting of discussing the types of information to be disclosed and the types of presentations to be made. The Chairman of the Audit Committee shall be authorized to have these discussions with management on behalf of the Audit Committee. 4. Discussing with management and the independent auditors (a) significant financial reporting issues and judgments made in connection with the preparation and presentation of the Funds' financial statements, including any significant changes in the Funds' selection or application of accounting principles and any major issues as to the adequacy of the Funds' internal controls and any special audit steps adopted in light of material control deficiencies; and (b) analyses prepared by Fund management and/or the independent auditor setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements. 5. Discussing with management and the independent auditors the effect of regulatory and accounting initiatives on the Funds' financial statements. 6. Reviewing and discussing reports, both written and oral, from the independent auditors and/or Fund management regarding (a) all critical accounting policies and practices to be used; (b) all alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative treatments and disclosures, and the treatment preferred by the independent auditors; and (c) other material written communications between the independent auditors and management, such as any management letter or schedule of unadjusted differences. 7. Discussing with Fund management the Funds' major financial risk exposures and the steps management has taken to monitor and control these exposures, including the Funds' risk assessment and risk management policies and guidelines. In fulfilling its obligations under this paragraph, the Audit Committee may review in a general manner the processes other Board committees have in place with respect to risk assessment and risk management. 8. Reviewing disclosures made to the Audit Committee by the Funds' principal executive officer and principal financial officer during their certification process for the Funds' periodic reports about any significant deficiencies in the design or operation of internal controls or material weaknesses therein and any fraud involving management or other employees who have a significant role in the Funds' internal controls. In fulfilling its obligations under this paragraph, the Audit Committee may review in a general manner the processes other Board committees have in place with respect to deficiencies in internal controls, material weaknesses, or any fraud associated with internal controls. WITH RESPECT TO THE INDEPENDENT AUDITORS: 1. Selecting, appointing, retaining or replacing the independent auditors, subject, if applicable, only to Board and shareholder ratification; and compensating, evaluating and overseeing the work of the independent auditor (including the resolution of A-3 disagreements between Fund management and the independent auditor regarding financial reporting). 2. Meeting with the independent auditors and Fund management to review the scope, fees, audit plans and staffing for the audit, for the current year. At the conclusion of the audit, reviewing such audit results, including the independent auditors' evaluation of the Funds' financial and internal controls, any comments or recommendations of the independent auditors, any audit problems or difficulties and management's response, including any restrictions on the scope of the independent auditor's activities or on access to requested information, any significant disagreements with management, any accounting adjustments noted or proposed by the auditor but not made by the Fund, any communications between the audit team and the audit firm's national office regarding auditing or accounting issues presented by the engagement, any significant changes required from the originally planned audit programs and any adjustments to the financial statements recommended by the auditors. 3. Pre-approving all audit services and permitted non-audit services, and the terms thereof, to be performed for the Funds by their independent auditors, subject to the de minimis exceptions for non-audit services described in Section 10a of the Exchange Act that the Audit Committee approves prior to the completion of the audit, in accordance with any policies or procedures relating thereto as adopted by the Board or the Audit Committee. The Chairman of the Audit Committee shall be authorized to give pre-approvals of such non-audit services on behalf of the Audit Committee. 4. Obtaining and reviewing a report or reports from the independent auditors at least annually (including a formal written statement delineating all relationships between the auditors and the Funds consistent with Independent Standards Board Standard 1, as may be amended, restated, modified or replaced) regarding (a) the independent auditor's internal quality-control procedures; (b) any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years, respecting one or more independent audits carried out by the firm; (c) any steps taken to deal with any such issues; and (d) all relationships between the independent auditor and the Funds and their affiliates, in order to assist the Audit committee in assessing the auditor's independence. After reviewing the foregoing report[s] and the independent auditor's work throughout the year, the Audit Committee shall be responsible for evaluating the qualifications, performance and independence of the independent auditor and their compliance with all applicable requirements for independence and peer review, and a review and evaluation of the lead partner, taking into account the opinions of Fund management and the internal auditors, and discussing such reports with the independent auditors. The Audit Committee shall present its conclusions with respect to the independent auditor to the Board. 5. Reviewing any reports from the independent auditors mandated by Section 10a(b) of the Exchange Act regarding any illegal act detected by the independent auditor (whether or not perceived to have a material effect on the Funds' financial statements) and obtaining from the independent auditors any information about illegal acts in accordance with Section 10a(b). A-4 6. Ensuring the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law, and further considering the rotation of the independent auditor firm itself. 7. Establishing and recommending to the Board for ratification policies for the Funds', Fund management or the Fund adviser's hiring of employees or former employees of the independent auditor who participated in the audits of the Funds. 8. Taking, or recommending that the Board take, appropriate action to oversee the independence of the outside auditor. WITH RESPECT TO ANY INTERNAL AUDITOR: 1. Reviewing the proposed programs of the internal auditor for the coming year. It is not the obligation or responsibility of the Audit Committee to confirm the independence of any Nuveen internal auditors performing services relating to the Funds or to approve any termination or replacement of the Nuveen Manager of Internal Audit. 2. Receiving a summary of findings from any completed internal audits pertaining to the Funds and a progress report on the proposed internal audit plan for the Funds, with explanations for significant deviations from the original plan. WITH RESPECT TO PRICING AND VALUATION OVERSIGHT: 1. The Board has responsibilities regarding the pricing of a Fund's securities under the 1940 Act. The Board has delegated this responsibility to the Committee to address valuation issues that arise between Board meetings, subject to the Board's general supervision of such actions. The Committee is primarily responsible for the oversight of the Pricing Procedures and actions taken by the internal Valuation Group ("Valuation Matters"). The Valuation Group will report on Valuation Matters to the Committee and/or the Board of Directors/Trustees, as appropriate. 2. Performing all duties assigned to it under the Funds' Pricing Procedures, as such may be amended from time to time. 3. Periodically reviewing and making recommendations regarding modifications to the Pricing Procedures as well as consider recommendations by the Valuation Group regarding the Pricing Procedures. 4. Reviewing any issues relating to the valuation of a Fund's securities brought to the Committee's attention, including suspensions in pricing, pricing irregularities, price overrides, self-pricing, NAV errors and corrections thereto, and other pricing matters. In this regard, the Committee should consider the risks to the Funds in assessing the possible resolutions of these Valuation Matters. 5. Evaluating, as its deems necessary or appropriate, the performance of any pricing agent and recommend changes thereto to the full Board. 6. Reviewing any reports or comments from examinations by regulatory authorities relating to Valuation Matters of the Funds and consider management's responses to any such comments and, to the extent the Committee deems necessary or A-5 appropriate, propose to management and/or the full Board the modification of the Fund's policies and procedures relating to such matters. The Committee, if deemed necessary or desirable, may also meet with regulators. 7. Meeting with members of management of the Funds, outside counsel, or others in fulfilling its duties hereunder, including assessing the continued appropriateness and adequacy of the Pricing Procedures, eliciting any recommendations for improvements of such procedures or other Valuation Matters, and assessing the possible resolutions of issues regarding Valuation Matters brought to its attention. 8. Performing any special review, investigations or oversight responsibilities relating to Valuation as requested by the Board of Directors/Trustees. 9. Investigating or initiating an investigation of reports of improprieties or suspected improprieties in connection with the Fund's policies and procedures relating to Valuation Matters not otherwise assigned to another Board committee. OTHER RESPONSIBILITIES: 1. Reviewing with counsel to the Funds, counsel to Nuveen, the Fund adviser's counsel and independent counsel to the Board legal matters that may have a material impact on the Fund's financial statements or compliance policies. 2. Receiving and reviewing periodic or special reports issued on exposure/controls, irregularities and control failures related to the Funds. 3. Reviewing with the independent auditors, with any internal auditor and with Fund management, the adequacy and effectiveness of the accounting and financial controls of the Funds, and eliciting any recommendations for the improvement of internal control procedures or particular areas where new or more detailed controls or procedures are desirable. Particular emphasis should be given to the adequacy of such internal controls to expose payments, transactions or procedures that might be deemed illegal or otherwise improper. 4. Reviewing the reports of examinations by regulatory authorities as they relate to financial statement matters. 5. Discussing with management and the independent auditor any correspondence with regulators or governmental agencies that raises material issues regarding the Funds' financial statements or accounting policies. 6. Obtaining reports from management with respect to the Funds' policies and procedures regarding compliance with applicable laws and regulations. 7. Reporting regularly to the Board on the results of the activities of the Audit Committee, including any issues that arise with respect to the quality or integrity of the Funds' financial statements, the Funds' compliance with legal or regulatory requirements, the performance and independence of the Funds' independent auditors, or the performance of the internal audit function. 8. Performing any special reviews, investigations or oversight responsibilities requested by the Board. A-6 9. Reviewing and reassessing annually the adequacy of this charter and recommending to the Board approval of any proposed changes deemed necessary or advisable by the Audit Committee. 10. Undertaking an annual review of the performance of the Audit Committee. 11. Establishing procedures for the receipt, retention and treatment of complaints received by the Funds regarding accounting, internal accounting controls or auditing matters, and the confidential, anonymous submission of concerns regarding questionable accounting or auditing matters by employees of Fund management, the investment adviser, administrator, principal underwriter, or any other provider of accounting related services for the Funds, as well as employees of the Funds. Although the Audit Committee shall have the authority and responsibilities set forth in this Charter, it is not the responsibility of the Audit Committee to plan or conduct audits or to determine that the Funds' financial statements are complete and accurate and are in accordance with generally accepted accounting principles. That is the responsibility of management and the independent auditors. Nor is it the duty of the Audit Committee to conduct investigations, to resolve disagreements, if any, between management and the independent auditors or to ensure compliance with laws and regulations. A-7 [NUVEEN INVESTMENTS LOGO] Nuveen Investments 333 West Wacker Drive Chicago, IL 60606-1286 (800) 257-8787 www.nuveen.com JFR1105 (NUVEEN LOGO) NUVEEN INVESTMENTS Nuveen Investments 333 West Wacker Dr. Chicago, IL 60606 www.nuveen.com 999 999 999 999 99 [INSERT FUND NAME] Common Stock 3 EASY WAYS TO VOTE YOUR PROXY 1. Automated Touch Tone Voting: Call toll-free 1-800-690-6903 and follow the recorded instructions. 2. On the Internet at www.proxyweb.com and follow the simple instructions. 3. Sign, Date and Return this proxy card using the enclosed postage-paid envelope. THIS PROXY IS SOLICITED BY THE BOARD OF THE FUND FOR AN ANNUAL MEETING OF SHAREHOLDERS, NOVEMBER 15, 2005. The Annual Meeting of shareholders will be held in the 34th floor sales conference room of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois, on Tuesday, November 15, 2005 at 12:00 p.m., Chicago Time. 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 Annual Meeting of shareholders to be held on November 15, 2005 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. In their discretion, the proxies are authorized to vote upon such other business as may properly come before the Annual Meeting. PROPERLY EXECUTED PROXIES WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, SUCH SHARES WILL BE VOTED "FOR" THE ELECTION OF NOMINEES TO THE BOARD. 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) Robert P. Bremner (04) William C. Hunter (06) Judith M. Stockdale FOR NOMINEES WITHHOLD (02) Lawrence H. Brown (05) David J. Kundert (07) Eugene S. Sunshine listed at left AUTHORITY (03) Jack B. Evans (except as marked to vote for all to the contrary) nominees listed [ ] at left [ ] (INSTRUCTION: To withhold authority to vote for any individual nominee(s), write the number(s) of the nominee(s) on the line provided below.) - ------------------------------------------------------------------- (NUVEEN LOGO) NUVEEN INVESTMENTS Nuveen Investments 333 West Wacker Dr. Chicago, IL 60606 www.nuveen.com 999 999 999 999 99 [INSERT FUND NAME] MUNIPREFERRED 3 EASY WAYS TO VOTE YOUR PROXY 1. Automated Touch Tone Voting: Call toll-free 1-800-690-6903 and follow the recorded instructions. 2. On the Internet at www.proxyweb.com and follow the simple instructions. 3. Sign, Date and Return this proxy card using the enclosed postage-paid envelope. THIS PROXY IS SOLICITED BY THE BOARD OF THE FUND FOR AN ANNUAL MEETING OF SHAREHOLDERS, NOVEMBER 15, 2005. The Annual Meeting of shareholders will be held in the 34th floor sales conference room of Nuveen Investments, 333 West Wacker Drive, Chicago, Illinois, on Tuesday, November 15, 2005 at 12:00 p.m., Chicago Time. 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 Annual Meeting of shareholders to be held on November 15, 2005 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. In their discretion, the proxies are authorized to vote upon such other business as may properly come before the Annual Meeting. PROPERLY EXECUTED PROXIES WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, SUCH SHARES WILL BE VOTED "FOR" THE ELECTION OF NOMINEES TO THE BOARD. 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) Robert P. Bremner (05) David J. Kundert (08) William J. Schneider FOR NOMINEES WITHHOLD (02) Lawrence H. Brown (06) Judith M. Stockdale (09) Timothy R. Schwertfeger listed at left AUTHORITY (03) Jack B. Evans (07) Eugene S. Sunshine (except as marked to vote for all (04) William C. Hunter to the contrary) nominees listed [ ] at left [ ] (INSTRUCTION: To withhold authority to vote for any individual nominee(s), write the number(s) of the nominee(s) on the line provided below.) - -----------------------------------------------------------------