INVESTMENT STRATEGIES

Long-Term

Philosophy & Strategy

The chief objective of the NAM long-term municipal style is to generate a high level of tax-exempt income without incurring excessive credit risk. To this end, the average duration of the portfolios ranges between 7 and 11 years, with average maturities of 17-22 years, and bonds must be ratged A3/A- or higher to qualify for purchase. Unless the account holder has instructed otherwise, portfolios may contain a significant amount of bonds subject to the Alternative Minimum Tax.

Portfolio At-A-Glance (9/30/09)

Objective:

Generate a high level of tax-exempt income

Average maturity target:

17 to 22 years

Individual bond maturity:

10 to 35 years

Average duration target:

7 to 11 years

Average quality target:

Average coupon:

4.87

Average turn over:

15-40%

Performance Fact Sheets

Long-Term Performance Factsheet 3Q09

Credit Quality*

NAM purchases high-quality (investment grade), tax-free municipal bonds. For example, the NAM long-term portfolios hold bonds in the following categories:

The portfolio contains only bonds rated A3/A- or higher. Unless the account holder has instructed otherwise, portfolios may contain a significant amount of bonds subject to the Alternative Minimum Tax.

*Above is the amended Q3-2009 breakdown of Nuveen Asset Management’s portfolio credit quality. Although the overall average credit quality for a strategy has not changed, NAM has determined through an internal review that the breakdown of portfolio quality previously provided was incorrect due to inaccurate datafeeds. Please discontinue any use of the previous information and use the revised information instead.

Sector Diversification

NAM purchases municipal bonds in the various sectors. For example, the NAM long-term portfolios hold bonds in the following sectors:

*Other category may include, but is not limited to, municipal bonds that do not conform to the classification of the nine main sectors, including some tobacco, consumer staple, consumer cyclical, and forest and paper.