40 Notes to Financial Statements
45 Financial Highlights
48 Build Your Wealth Automatically
49 Fund Information
All the long-term and intermediate investments owned by the Funds are either covered by insurance issued by
several private insurers or are backed by an escrow or trust containing U.S. Government agency securities, both
of which ensure the timely payment of principal and interest in the event of default. Such insurance or escrow,
however, does not guarantee the market value of the municipal securities or the value of the Funds' shares.
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: "Building and sustaining wealth requires sound, ongoing advice."
The primary objective of your Nuveen Municipal Exchange-Traded Fund is to provide dependable, attractive
tax-free dividends. I am pleased to report that your Fund continued to achieve this goal during the period
covered by this report. I also encourage you to read the Portfolio Manager's Comments later in this report,
where your Fund's manager takes a comprehensive look at the investment environment and performance of your
Fund for this period.
As an income-oriented investment, we believe your Nuveen Exchange-Traded Fund is well positioned to be a
core element of your long-term investment program. With the help of your financial advisor, all of us at Nuveen
Investments are dedicated to providing the services, products, perspectives and solutions you need to help you
meet your personal and family goals.
NEW WAYS TO THINK ABOUT WEALTH
In the past few years, much attention
has been directed toward the ways we're accumulating wealth. At Nuveen, we believe it is just as important for
investors also to focus on preserving that wealth, on the responsibilities wealth brings with it, and on the legacies
we will leave for future generations.
This long-term perspective is a key to understanding our portfolio management strategies, our insistence on
quality and our det