Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Fund Leverage and Other Information
|
9
|
Common Share Dividend and Share Price Information
|
13
|
Performance Overviews
|
14
|
Shareholder Meeting Report
|
20
|
Report of Independent Registered Public Accounting Firm
|
24
|
Portfolios of Investments
|
25
|
Statement of Assets and Liabilities
|
90
|
Statement of Operations
|
92
|
Statement of Changes in Net Assets
|
93
|
Statement of Cash Flows
|
95
|
Financial Highlights
|
97
|
Notes to Financial Statements
|
107
|
Annual Investment Management Agreement Approval Process
|
121
|
Board Members and Officers
|
130
|
Reinvest Automatically, Easily and Conveniently
|
135
|
Glossary of Terms Used in this Report
|
137
|
Other Useful Information
|
139
|
4
|
Nuveen Investments
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Fund
|
1-Year
|
5-Year
|
10-Year
|
NPP
|
4.78%
|
4.81%
|
5.66%
|
NMA
|
5.05%
|
4.61%
|
5.81%
|
NMO
|
3.40%
|
3.75%
|
5.10%
|
NAD
|
4.76%
|
4.63%
|
6.05%
|
NXZ
|
5.24%
|
4.45%
|
6.22%
|
NZF
|
5.83%
|
5.10%
|
6.52%
|
Standard & Poor’s (S&P) National Municipal Bond Index*
|
3.75%
|
4.48%
|
4.95%
|
Lipper General and Insured Leveraged Municipal Debt
|
|||
Funds Classification Average*
|
4.80%
|
4.20%
|
5.59%
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
|
|
For additional information, see the individual Performance Overview for your Fund in this report.
|
|
*
|
Refer to Glossary of Terms Used in this Report for definitions.
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
10
|
Nuveen Investments
|
MTP Shares
|
||||
Issued at
|
Annual
|
|||
Fund
|
Series
|
Liquidation Value
|
Interest Rate
|
NYSE Ticker
|
NAD
|
2015
|
$144,300,000
|
2.70%
|
NAD PrC
|
NZF
|
2016
|
$70,000,000
|
2.80%
|
NZF PrC
|
VMTP
|
VMTP Shares Issued
|
|||
Fund
|
Series
|
at Liquidation Value
|
||
NPP
|
2014
|
$421,700,000
|
||
NAD
|
2014
|
$120,400,000
|
||
NZF
|
2014
|
$169,200,000
|
VRDP Shares Issued
|
||||
Fund
|
at Liquidation Value
|
|||
NMA
|
$296,800,000
|
|||
NMO
|
$350,900,000
|
|||
NXZ
|
$196,000,000
|
Nuveen Investments
|
11
|
12
|
Nuveen Investments
|
Short-Term Capital Gains
|
||
Long-Term Capital Gains
|
and/or Ordinary Income
|
|
Fund
|
(per share)
|
(per share)
|
NPP
|
$0.0905
|
$0.0081
|
NMA
|
$0.0783
|
$0.0090
|
NZF
|
$0.0156
|
—
|
10/31/11
|
12-Month
|
|
Fund
|
(-)Discount
|
Average (-)Discount
|
NPP
|
(-)3.56%
|
(-)3.33%
|
NMA
|
(-)2.23%
|
(-)1.45%
|
NMO
|
(-)3.09%
|
(-)0.95%
|
NAD
|
(-)4.79%
|
(-)4.00%
|
NXZ
|
(-)4.14%
|
(-)3.49%
|
NZF
|
(-)2.48%
|
(-)3.49%
|
Nuveen Investments
|
13
|
NPP
|
Nuveen Performance
|
|
Performance
|
Plus Municipal
|
|
OVERVIEW
|
Fund, Inc.
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
14.36
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.89
|
|||||
Premium/Discount to NAV
|
-3.56
|
%
|
|||||
Market Yield
|
6.69
|
%
|
|||||
Taxable Equivalent Yield1
|
9.29
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
892,603
|
Leverage
|
|||||||
Structural Leverage
|
32.09
|
%
|
|||||
Effective Leverage
|
35.50
|
%
|
Average Annual Total Return
|
|||||||
(Inception 6/22/89)
|
|
On Share Price
|
On NAV | |||||
1-Year
|
3.22
|
%
|
4.78
|
%
|
|||
5-Year
|
5.33
|
%
|
4.81
|
%
|
|||
10-Year
|
6.34
|
%
|
5.66
|
%
|
States4
|
|||||||
(as a % of total investments)
|
|||||||
Illinois
|
18.3
|
%
|
|||||
California
|
14.6
|
%
|
|||||
Colorado
|
6.0
|
%
|
|||||
Florida
|
4.8
|
%
|
|||||
Texas
|
4.7
|
%
|
|||||
Ohio
|
4.5
|
%
|
|||||
New Jersey
|
4.5
|
%
|
|||||
New York
|
3.6
|
%
|
|||||
Nevada
|
3.5
|
%
|
|||||
Massachusetts
|
3.0
|
%
|
|||||
Washington
|
2.4
|
%
|
|||||
Pennsylvania
|
2.3
|
%
|
|||||
Puerto Rico
|
2.2
|
%
|
|||||
Michigan
|
2.2
|
%
|
|||||
Louisiana
|
2.1
|
%
|
|||||
Indiana
|
1.8
|
%
|
|||||
Virginia
|
1.6
|
%
|
|||||
Minnesota
|
1.5
|
%
|
|||||
Arizona
|
1.5
|
%
|
|||||
Other
|
14.9
|
%
|
Portfolio Composition4
|
|||||||
(as a % of total investments)
|
|||||||
Tax Obligation/Limited
|
18.4
|
%
|
|||||
Transportation
|
16.6
|
%
|
|||||
Health Care
|
15.1
|
%
|
|||||
Tax Obligation/General
|
15.0
|
%
|
|||||
U.S. Guaranteed
|
10.5
|
%
|
|||||
Utilities
|
7.5
|
%
|
|||||
Consumer Staples
|
7.3
|
%
|
|||||
Other
|
9.6
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
The Fund paid shareholders capital gains and net ordinary income distributions in December 2010 of $0.0986 per share.
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
14
|
Nuveen Investments
|
NMA
|
Nuveen Municipal
|
|
Performance
|
Advantage
|
|
OVERVIEW
|
Fund, Inc.
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
14.05
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.37
|
|||||
Premium/Discount to NAV
|
-2.23
|
%
|
|||||
Market Yield
|
7.05
|
%
|
|||||
Taxable Equivalent Yield1
|
9.79
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
626,616
|
Leverage
|
|||||||
Structural Leverage
|
32.14
|
%
|
|||||
Effective Leverage
|
37.03
|
%
|
Average Annual Total Return
|
|||||||
(Inception 12/19/89)
|
|
On Share Price
|
On NAV | |||||
1-Year
|
1.90
|
%
|
5.05
|
%
|
|||
5-Year
|
4.32
|
%
|
4.61
|
%
|
|||
10-Year
|
6.30
|
%
|
5.81
|
%
|
States4
|
|||||||
(as a % of total investments)
|
|||||||
California
|
13.9
|
%
|
|||||
Texas
|
10.0
|
%
|
|||||
Louisiana
|
9.7
|
%
|
|||||
Illinois
|
8.7
|
%
|
|||||
Colorado
|
6.6
|
%
|
|||||
Ohio
|
4.9
|
%
|
|||||
Puerto Rico
|
4.9
|
%
|
|||||
New York
|
3.7
|
%
|
|||||
Pennsylvania
|
3.2
|
%
|
|||||
Nevada
|
2.9
|
%
|
|||||
Washington
|
2.6
|
%
|
|||||
Tennessee
|
2.6
|
%
|
|||||
New Jersey
|
2.4
|
%
|
|||||
Arizona
|
2.1
|
%
|
|||||
South Carolina
|
2.1
|
%
|
|||||
Indiana
|
1.9
|
%
|
|||||
Florida
|
1.9
|
%
|
|||||
Oklahoma
|
1.8
|
%
|
|||||
Other
|
14.1
|
%
|
Portfolio Composition4
|
|||||||
(as a % of total investments)
|
|||||||
Health Care
|
21.4
|
%
|
|||||
Tax Obligation/Limited
|
14.8
|
%
|
|||||
Tax Obligation/General
|
13.5
|
%
|
|||||
Transportation
|
12.6
|
%
|
|||||
Utilities
|
11.6
|
%
|
|||||
U.S. Guaranteed
|
10.3
|
%
|
|||||
Consumer Staples
|
6.7
|
%
|
|||||
Other
|
9.1
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
The Fund paid shareholders capital gains and net ordinary distributions in June 2011 of $0.0873 per share.
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
Nuveen Investments
|
15
|
NMO
|
Nuveen Municipal
|
|
Performance
|
Market Opportunity
|
|
OVERVIEW
|
Fund, Inc.
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
13.18
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
13.60
|
|||||
Premium/Discount to NAV
|
-3.09
|
%
|
|||||
Market Yield
|
7.06
|
%
|
|||||
Taxable Equivalent Yield1
|
9.81
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
622,815
|
Leverage
|
|||||||
Structural Leverage
|
36.04
|
%
|
|||||
Effective Leverage
|
40.08
|
%
|
Average Annual Total Return
|
|||||||
(Inception 3/21/90)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
-2.33
|
%
|
3.40
|
%
|
|||
5-Year
|
3.90
|
%
|
3.75
|
%
|
|||
10-Year
|
5.47
|
%
|
5.10
|
%
|
States3
|
|||||||
(as a % of total investments)
|
|||||||
California
|
15.1
|
%
|
|||||
Illinois
|
10.6
|
%
|
|||||
Texas
|
7.6
|
%
|
|||||
Colorado
|
6.5
|
%
|
|||||
Washington
|
5.5
|
%
|
|||||
Ohio
|
5.2
|
%
|
|||||
Puerto Rico
|
4.8
|
%
|
|||||
New York
|
4.5
|
%
|
|||||
Nevada
|
4.2
|
%
|
|||||
North Carolina
|
3.7
|
%
|
|||||
Pennsylvania
|
3.4
|
%
|
|||||
South Carolina
|
3.1
|
%
|
|||||
Louisiana
|
2.4
|
%
|
|||||
Alaska
|
2.1
|
%
|
|||||
Michigan
|
2.1
|
%
|
|||||
Florida
|
1.9
|
%
|
|||||
New Jersey
|
1.8
|
%
|
|||||
Virginia
|
1.8
|
%
|
|||||
Other
|
13.7
|
%
|
Portfolio Composition3
|
|||||||
(as a % of total investments)
|
|||||||
Transportation
|
19.2
|
%
|
|||||
Tax Obligation/General
|
18.1
|
%
|
|||||
Health Care
|
17.8
|
%
|
|||||
Tax Obligation/Limited
|
13.6
|
%
|
|||||
Utilities
|
7.0
|
%
|
|||||
Consumer Staples
|
6.8
|
%
|
|||||
U.S. Guaranteed
|
6.6
|
%
|
|||||
Other
|
10.9
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
16
|
Nuveen Investments
|
NAD
|
Nuveen Dividend
|
|
Performance
|
Advantage
|
|
OVERVIEW
|
Municipal Fund
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
13.70
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.39
|
|||||
Premium/Discount to NAV
|
-4.79
|
%
|
|||||
Market Yield
|
6.66
|
%
|
|||||
Taxable Equivalent Yield1
|
9.25
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
565,364
|
Leverage
|
|||||||
Structural Leverage
|
31.89
|
%
|
|||||
Effective Leverage
|
37.82
|
%
|
Average Annual Total Return
|
|||||||
(Inception 5/26/99)
|
|||||||
|
On Share Price
|
On NAV | |||||
1-Year
|
1.93
|
%
|
4.76
|
%
|
|||
5-Year
|
4.22
|
%
|
4.63
|
%
|
|||
10-Year
|
5.53
|
%
|
6.05
|
%
|
States3
|
|||||||
(as a % of total municipal bonds)
|
|||||||
Illinois
|
18.1
|
%
|
|||||
Florida
|
7.2
|
%
|
|||||
Texas
|
6.6
|
%
|
|||||
California
|
6.4
|
%
|
|||||
New York
|
6.2
|
%
|
|||||
Washington
|
6.0
|
%
|
|||||
Louisiana
|
5.3
|
%
|
|||||
Wisconsin
|
4.6
|
%
|
|||||
Nevada
|
4.4
|
%
|
|||||
New Jersey
|
4.3
|
%
|
|||||
Colorado
|
4.2
|
%
|
|||||
Puerto Rico
|
3.8
|
%
|
|||||
Rhode Island
|
2.6
|
%
|
|||||
Indiana
|
2.6
|
%
|
|||||
Ohio
|
2.4
|
%
|
|||||
Pennsylvania
|
1.9
|
%
|
|||||
Other
|
13.4
|
%
|
Portfolio Composition3
|
|||||||
(as a % of total investments)
|
|||||||
Health Care
|
20.8
|
%
|
|||||
Tax Obligation/General
|
19.2
|
%
|
|||||
Tax Obligation/Limited
|
18.5
|
%
|
|||||
Transportation
|
14.4
|
%
|
|||||
Consumer Staples
|
5.9
|
%
|
|||||
Education and Civic Organizations
|
4.9
|
%
|
|||||
Utilities
|
4.1
|
%
|
|||||
Other
|
12.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
Nuveen Investments
|
17
|
NXZ
|
Nuveen Dividend
|
|
Performance
|
Advantage
|
|
OVERVIEW
|
Municipal Fund 2
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
13.90
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.50
|
|||||
Premium/Discount to NAV
|
-4.14
|
%
|
|||||
Market Yield
|
6.91
|
%
|
|||||
Taxable Equivalent Yield1
|
9.60
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
427,085
|
Leverage
|
|||||||
Structural Leverage
|
31.46
|
%
|
|||||
Effective Leverage
|
35.53
|
%
|
Average Annual Total Return
|
|||||||
(Inception 3/27/01)
|
|||||||
|
On Share Price
|
On NAV
|
|||||
1-Year
|
1.70
|
%
|
5.24
|
%
|
|||
5-Year
|
3.07
|
%
|
4.45
|
%
|
|||
10-Year
|
5.96
|
%
|
6.22
|
%
|
States3
|
|||||||
(as a % of total investments)
|
|||||||
Texas
|
18.7
|
%
|
|||||
California
|
15.9
|
%
|
|||||
Illinois
|
11.7
|
%
|
|||||
Florida
|
5.4
|
%
|
|||||
New York
|
4.4
|
%
|
|||||
Michigan
|
4.4
|
%
|
|||||
Colorado
|
4.2
|
%
|
|||||
Louisiana
|
3.8
|
%
|
|||||
Nevada
|
3.3
|
%
|
|||||
Indiana
|
3.2
|
%
|
|||||
Puerto Rico
|
2.4
|
%
|
|||||
Alaska
|
2.2
|
%
|
|||||
Georgia
|
1.9
|
%
|
|||||
New Jersey
|
1.9
|
%
|
|||||
Arizona
|
1.8
|
%
|
|||||
Other
|
14.8
|
%
|
Portfolio Composition3
|
|||||||
(as a % of total investments)
|
|||||||
Tax Obligation/Limited
|
23.6
|
%
|
|||||
Health Care
|
16.8
|
%
|
|||||
Transportation
|
13.6
|
%
|
|||||
Tax Obligation/General
|
12.1
|
%
|
|||||
Consumer Staples
|
7.3
|
%
|
|||||
Education and Civic Organizations
|
6.5
|
%
|
|||||
Utilities
|
6.5
|
%
|
|||||
Other
|
13.6
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
18
|
Nuveen Investments
|
NZF
|
Nuveen Dividend
|
|
Performance
|
Advantage
|
|
OVERVIEW
|
Municipal Fund 3
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
14.17
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.53
|
|||||
Premium/Discount to NAV
|
-2.48
|
%
|
|||||
Market Yield
|
6.94
|
%
|
|||||
Taxable Equivalent Yield1
|
9.64
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
587,047
|
Leverage
|
|||||||
Structural Leverage
|
28.95
|
%
|
|||||
Effective Leverage
|
36.33
|
%
|
Average Annual Total Return
|
|||||||
(Inception 9/25/01)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
4.59
|
%
|
5.83
|
%
|
|||
5-Year
|
4.44
|
%
|
5.10
|
%
|
|||
10-Year
|
6.11
|
%
|
6.52
|
%
|
States4
|
|||||||
(as a % of total municipal bonds)
|
|||||||
Texas
|
13.3
|
%
|
|||||
California
|
11.0
|
%
|
|||||
Illinois
|
9.7
|
%
|
|||||
Washington
|
7.0
|
%
|
|||||
Michigan
|
5.7
|
%
|
|||||
Louisiana
|
5.3
|
%
|
|||||
New York
|
4.9
|
%
|
|||||
Indiana
|
4.6
|
%
|
|||||
Nevada
|
4.4
|
%
|
|||||
Colorado
|
3.9
|
%
|
|||||
New Jersey
|
3.4
|
%
|
|||||
Georgia
|
3.4
|
%
|
|||||
Massachusetts
|
2.5
|
%
|
|||||
Florida
|
2.3
|
%
|
|||||
Missouri
|
2.3
|
%
|
|||||
Maryland
|
1.7
|
%
|
|||||
Other
|
14.6
|
%
|
Portfolio Composition4
|
|||||||
(as a % of total investments)
|
|||||||
Transportation
|
20.7
|
%
|
|||||
Health Care
|
18.1
|
%
|
|||||
Tax Obligation/General
|
12.4
|
%
|
|||||
Tax Obligation/Limited
|
11.2
|
%
|
|||||
U.S. Guaranteed
|
7.8
|
%
|
|||||
Water and Sewer
|
7.8
|
%
|
|||||
Education and Civic Organizations
|
6.0
|
%
|
|||||
Consumer Staples
|
4.8
|
%
|
|||||
Other
|
11.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0156 per share.
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
Nuveen Investments
|
19
|
NPP
|
Shareholder Meeting Report
|
|
NMA
|
||
NMO
|
The annual meeting of shareholders was held on July 25, 2011 in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL360606; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies and the approval of new Fundamental Investment Policies.3 The meeting was subsequently adjourned to August 31, 2011 and additionally adjourned to October 19, 2011 for NAD and NZF.
|
NPP | NMA |
NMO
|
||||||||||
Common and
|
Common and
|
Common and
|
||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
|||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
|||||||
together
|
together
|
together
|
together
|
together
|
together
|
|||||||
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
|||||||
Approval of the Board Members was reached as follows:
|
||||||||||||
John P. Amboian
|
||||||||||||
For
|
34,875,950
|
—
|
23,863,354
|
—
|
29,803,657
|
—
|
||||||
Withhold
|
951,113
|
—
|
740,942
|
—
|
1,054,465
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Robert P. Bremner
|
||||||||||||
For
|
34,897,378
|
—
|
23,839,715
|
—
|
29,787,708
|
—
|
||||||
Withhold
|
929,685
|
—
|
764,581
|
—
|
1,070,414
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Jack B. Evans
|
||||||||||||
For
|
34,886,782
|
—
|
23,816,397
|
—
|
29,795,694
|
—
|
||||||
Withhold
|
940,281
|
—
|
787,899
|
—
|
1,062,428
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
William C. Hunter
|
||||||||||||
For
|
—
|
4,217
|
—
|
2,268
|
—
|
2,759
|
||||||
Withhold
|
—
|
—
|
—
|
200
|
—
|
500
|
||||||
Total
|
—
|
4,217
|
—
|
2,468
|
—
|
3,259
|
||||||
David J. Kundert
|
||||||||||||
For
|
34,848,754
|
—
|
23,821,753
|
—
|
29,778,726
|
—
|
||||||
Withhold
|
978,309
|
—
|
782,543
|
—
|
1,079,396
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
William J. Schneider
|
||||||||||||
For
|
—
|
4,217
|
—
|
2,268
|
—
|
2,759
|
||||||
Withhold
|
—
|
—
|
—
|
200
|
—
|
500
|
||||||
Total
|
—
|
4,217
|
—
|
2,468
|
—
|
3,259
|
||||||
Judith M. Stockdale
|
||||||||||||
For
|
34,803,303
|
—
|
23,785,129
|
—
|
29,757,569
|
—
|
||||||
Withhold
|
1,023,760
|
—
|
819,167
|
—
|
1,100,553
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Carole E. Stone
|
||||||||||||
For
|
34,818,467
|
—
|
23,795,016
|
—
|
29,752,357
|
—
|
||||||
Withhold
|
1,008,596
|
—
|
809,280
|
—
|
1,105,765
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Virginia L. Stringer
|
||||||||||||
For
|
34,809,949
|
—
|
23,804,316
|
—
|
29,765,031
|
—
|
||||||
Withhold
|
1,017,114
|
—
|
799,980
|
—
|
1,093,091
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Terence J. Toth
|
||||||||||||
For
|
34,860,178
|
—
|
23,813,751
|
—
|
29,798,668
|
—
|
||||||
Withhold
|
966,885
|
—
|
790,545
|
—
|
1,059,454
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
20
|
Nuveen Investments
|
NPP | NMA |
NMO
|
||||||||||
Common and
|
Common and
|
Common and
|
||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
|||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
|||||||
together
|
together
|
together
|
together
|
together
|
together
|
|||||||
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
|||||||
To approve the elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans
|
||||||||||||
For
|
27,101,041
|
4,217
|
17,986,543
|
2,468
|
22,828,900
|
3,259
|
||||||
Against
|
1,350,007
|
—
|
1,056,435
|
—
|
1,426,961
|
—
|
||||||
Abstain
|
853,354
|
—
|
551,228
|
—
|
707,764
|
—
|
||||||
Broker Non-Votes
|
6,522,661
|
—
|
5,010,090
|
—
|
5,894,497
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
24,604,296
|
2,468
|
30,858,122
|
3,259
|
||||||
To approve the new fundamental investment policy relating to the Fund’s ability to make loans
|
||||||||||||
For
|
27,037,448
|
4,217
|
17,934,224
|
2,468
|
22,626,474
|
3,259
|
||||||
Against
|
1,409,990
|
—
|
1,112,165
|
—
|
1,501,503
|
—
|
||||||
Abstain
|
856,363
|
—
|
547,817
|
—
|
835,648
|
—
|
||||||
Broker Non-Votes
|
6,523,262
|
—
|
5,010,090
|
—
|
5,894,497
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
24,604,296
|
2,468
|
30,858,122
|
3,259
|
||||||
To approve the elimination of the Fund’s fundamental policy relating to investments in municipal securities and below investment grade securities.
|
||||||||||||
For
|
26,985,248
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,491,541
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
827,012
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,262
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the new fundamental policy relating to investments in municipal securities for the Fund.
|
||||||||||||
For
|
27,191,240
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,288,668
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
823,892
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,263
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the elimination of the fundamental policy relating to investing in other investment companies.
|
||||||||||||
For
|
27,116,616
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,388,228
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
798,956
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,263
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the elimination of the fundamental policy relating to derivatives and short sales.
|
||||||||||||
For
|
26,982,716
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,470,989
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
847,335
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,526,023
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the elimination of the fundamental policy relating to commodities.
|
||||||||||||
For
|
27,040,144
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,419,923
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
843,733
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,263
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the new fundamental policy relating to commodities.
|
||||||||||||
For
|
27,051,898
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,405,466
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
846,435
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,264
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
Nuveen Investments
|
21
|
NAD
|
Shareholder Meeting Report (continued)
|
|
NXZ
|
||
NZF
|
NAD | NXZ | NZF | |||||||||||
Common and
|
Common and
|
Common and
|
|||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
||||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
||||||||
together
|
together
|
together
|
together
|
together
|
together
|
||||||||
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
John P. Amboian
|
|||||||||||||
For
|
32,678,056
|
—
|
19,233,897
|
—
|
30,134,574
|
—
|
|||||||
Withhold
|
2,823,882
|
—
|
485,309
|
—
|
2,295,695
|
—
|
|||||||
Total
|
35,501,938
|
—
|
19,719,206
|
—
|
32,430,269
|
—
|
|||||||
Robert P. Bremner
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Jack B. Evans
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
6,063,605
|
—
|
980
|
—
|
2,696,551
|
|||||||
Withhold
|
—
|
1,814,505
|
—
|
890
|
—
|
1,148,402
|
|||||||
Total
|
—
|
7,878,110
|
—
|
1,870
|
—
|
3,844,953
|
|||||||
David J. Kundert
|
|||||||||||||
For
|
32,651,010
|
—
|
19,231,909
|
—
|
30,060,207
|
—
|
|||||||
Withhold
|
2,850,928
|
—
|
487,297
|
—
|
2,370,062
|
—
|
|||||||
Total
|
35,501,938
|
—
|
19,719,206
|
—
|
32,430,269
|
—
|
|||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
6,057,605
|
—
|
980
|
—
|
2,675,551
|
|||||||
Withhold
|
—
|
1,820,505
|
—
|
890
|
—
|
1,169,402
|
|||||||
Total
|
—
|
7,878,110
|
—
|
1,870
|
—
|
3,844,953
|
|||||||
Judith M. Stockdale
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Carole E. Stone
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Virginia L. Stringer
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Terence J. Toth
|
|||||||||||||
For
|
32,673,584
|
—
|
19,235,559
|
—
|
30,098,334
|
—
|
|||||||
Withhold
|
2,828,354
|
—
|
483,647
|
—
|
2,331,935
|
—
|
|||||||
Total
|
35,501,938
|
—
|
19,719,206
|
—
|
32,430,269
|
—
|
22
|
Nuveen Investments
|
NAD | NXZ | NZF | |||||||||||
Common and
|
Common and
|
Common and
|
|||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
||||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
||||||||
together
|
together
|
together
|
together
|
together
|
together
|
||||||||
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
||||||||
To approve the elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans
|
|||||||||||||
For
|
27,540,704
|
6,014,727
|
14,235,647
|
1,870
|
24,332,520
|
3,078,116
|
|||||||
Against
|
1,672,565
|
386,013
|
907,917
|
—
|
1,824,471
|
194,744
|
|||||||
Abstain
|
873,794
|
161,847
|
424,813
|
—
|
795,844
|
128,287
|
|||||||
Broker Non-Votes
|
5,877,009
|
1,739,090
|
4,150,829
|
—
|
5,793,428
|
721,043
|
|||||||
Total
|
35,964,072
|
8,301,677
|
19,719,206
|
1,870
|
32,746,263
|
4,122,190
|
|||||||