Fund Description

The fund was incepted in October1986 and is managed by Nuveen Advisory Corp. The fund seeks to provide a high level of current interest income exempt from regular federal, state and, in some cases, local income taxes as is consistent with preservation of capital. The fund purchases only quality municipal bonds that are rated investment grade (AAA/Aaa to BBB/Baa) at the time of purchase by at least one independent rating agency. Under normal market conditions, the fund may invest up to 20% of its net assets in short-term investments, such as, short-term, high quality municipal bonds or money market funds. The fund distributes its dividends monthly. Capital gains are distributed annually in December.