Document:

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                                                                    EXHIBIT 10.9

                         INVESTMENT MANAGEMENT AGREEMENT

AGREEMENT made this ___ day of __________, 200x, by and between NUVEEN _________
DIVIDEND ADVANTAGE MUNICIPAL FUND __, a Massachusetts business trust (the
"Fund"), and NUVEEN ADVISORY CORP., a Delaware corporation (the "Adviser").

                               W I T N E S S E T H

In consideration of the mutual covenants hereinafter contained, it is hereby
agreed by and between the parties hereto as follows:

1. The Fund hereby employs the Adviser to act as the investment adviser for, and
to manage the investment and reinvestment of the assets of the Fund in
accordance with the Fund's investment objective and policies and limitations,
and to administer the Fund's affairs to the extent requested by and subject to
the supervision of the Board of Trustees of the Fund for the period and upon the
terms herein set forth. The investment of the Fund's assets shall be subject to
the Fund's policies, restrictions and limitations with respect to securities
investments as set forth in the Fund's then current registration statement under
the Investment Company Act of l940, and all applicable laws and the regulations
of the Securities and Exchange Commission relating to the management of
registered closed-end, non-diversified management investment companies.

The Adviser accepts such employment and agrees during such period to render such
services, to furnish office facilities and equipment and clerical, bookkeeping
and administrative services (other than such services, if any, provided by the
Fund's transfer agent) for the Fund, to permit any of its

<PAGE>
                                       2

officers or employees to serve without compensation as trustees or officers of
the Fund if elected to such positions, and to assume the obligations herein set
forth for the compensation herein provided. The Adviser shall, for all purposes
herein provided, be deemed to be an independent contractor and, unless otherwise
expressly provided or authorized, shall have no authority to act for nor
represent the Fund in any way, nor otherwise be deemed an agent of the Fund.

2. For the services and facilities described in Section l, the Fund will pay to
the Adviser, at the end of each calendar month, an investment management fee
computed by applying the following annual rate to the average daily net assets
of the Fund:

<TABLE>
<CAPTION>
                  RATE                     AVERAGE DAILY NET ASSETS(1)
                  ----                     ---------------------------
<S>                                        <C>
                 .6500%                    Up to $125 million
                 .6375%                    $125 to $250 million
                 .6250%                    $250 to $500 million
                 .6125%                    $500 million to $1 billion
                 .6000%                    $1 billion to $2 billion
                 .5750%                    $2 billion and over
</TABLE>

(1)   Including net assets attributable to MuniPreferred Shares.

For the month and year in which this Agreement becomes effective, or terminates,
there shall be an appropriate proration on the basis of the number of days that
the Agreement shall have been in effect during the month and year, respectively.
The services of the Adviser to the Fund under this Agreement are not to be
deemed exclusive, and the Adviser shall be free to render similar services or
other services to others so long as its services hereunder are not impaired
thereby.

<PAGE>
                                       3

3. The Adviser shall arrange for officers or employees of the Adviser to serve,
without compensation from the Fund, as trustees, officers or agents of the Fund,
if duly elected or appointed to such positions, and subject to their individual
consent and to any limitations imposed by law.

4. Subject to applicable statutes and regulations, it is understood that
officers, trustees, or agents of the Fund are, or may be, interested in the
Adviser as officers, directors, agents, shareholders or otherwise, and that the
officers, directors, shareholders and agents of the Adviser may be interested in
the Fund otherwise than as trustees, officers or agents.

5. The Adviser shall not be liable for any loss sustained by reason of the
purchase, sale or retention of any security, whether or not such purchase, sale
or retention shall have been based upon the investigation and research made by
any other individual, firm or corporation, if such recommendation shall have
been selected with due care and in good faith, except loss resulting from
willful misfeasance, bad faith, or gross negligence on the part of the Adviser
in the performance of its obligations and duties, or by reason of its reckless
disregard of its obligations and duties under this Agreement.

6. The Adviser currently manages other investment accounts and funds, including
those with investment objectives similar to the Fund, and reserves the right to
manage other such accounts and funds in the future. Securities considered as
investments for the Fund may also be appropriate for other investment accounts
and funds that may be managed by the Adviser. Subject to applicable laws and
regulations, the Adviser will attempt to allocate equitably portfolio
transactions among the portfolios of its other investment accounts and funds
purchasing securities whenever decisions are

<PAGE>
                                       4

made to purchase or sell securities by the Fund and one or more of such other
accounts or funds simultaneously. In making such allocations, the main factors
to be considered by the Adviser will be the respective investment objectives of
the Fund and such other accounts and funds, the relative size of portfolio
holdings of the same or comparable securities, the availability of cash for
investment by the Fund and such other accounts and funds, the size of investment
commitments generally held by the Fund and such accounts and funds, and the
opinions of the persons responsible for recommending investments to the Fund and
such other accounts and funds.

7. This Agreement shall continue in effect until [the August l that occurs
between one and two years after fund launch], unless and until terminated by
either party as hereinafter provided, and shall continue in force from year to
year thereafter, but only as long as such continuance is specifically approved,
at least annually, in the manner required by the Investment Company Act of l940.

      This Agreement shall automatically terminate in the event of its
assignment, and may be terminated at any time without the payment of any penalty
by the Fund or by the Adviser upon sixty (60) days' written notice to the other
party. The Fund may effect termination by action of the Board of Trustees or by
vote of a majority of the outstanding voting securities of the Fund, accompanied
by appropriate notice.

<PAGE>
                                       5

      This Agreement may be terminated, at any time, without the payment of any
penalty, by the Board of Trustees of the Fund, or by vote of a majority of the
outstanding voting securities of the Fund, in the event that it shall have been
established by a court of competent jurisdiction that the Adviser, or any
officer or director of the Adviser, has taken any action which results in a
breach of the covenants of the Adviser set forth herein.

      Termination of this Agreement shall not affect the right of the Adviser to
receive payments on any unpaid balance of the compensation, described in Section
2, earned prior to such termination.

8. If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule, or otherwise, the remainder shall not be thereby
affected.

9. Any notice under this Agreement shall be in writing, addressed and delivered
or mailed, postage prepaid, to the other party at such address as such other
party may designate for receipt of such notice.

<PAGE>
                                       6

10. The Fund's Declaration of Trust is on file with the Secretary of the
Commonwealth of Massachusetts. This Agreement is executed on behalf of the Fund
by the Fund's officers as officers and not individually and the obligations
imposed upon the Fund by this Agreement are not binding upon any of the Fund's
Trustees, officers or shareholders individually but are binding only upon the
assets and property of the Fund.

      IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement to
be executed on the day and year above written.

                                                 NUVEEN ________ DIVIDEND
                                                 ADVANTAGE MUNICIPAL FUND __

                                                 by:____________________________
                                                          Vice President

Attest:________________________
        Assistant Secretary

                                                 NUVEEN ADVISORY CORP.

                                                 by:____________________________
                                                          Vice President

Attest:________________________
        Assistant Secretary
<PAGE>

                         EXPENSE REIMBURSEMENT AGREEMENT

AGREEMENT made this ____ day of _________, 200x, by and between NUVEEN
___________ DIVIDEND ADVANTAGE MUNICIPAL FUND __, a Massachusetts business trust
(the "Fund"), and NUVEEN ADVISORY CORP., a Delaware corporation (the "Adviser").

                               W I T N E S S E T H

WHEREAS, the Fund and the Adviser have separately entered into an Investment
Management Agreement of even date herewith ( the "Management Agreement");

In consideration of the mutual covenants hereinafter contained, and in
connection with the establishment and commencement of operations of the Fund, it
is hereby agreed by and between the parties hereto as follows:

1. For the period from the commencement of the Fund's operations through March
31, 2001 and for the 12 month periods ending March 31 in each indicated year
during the term of the Management Agreement (including any continuation done in
accordance with Section 15(c) of the Investment Company Act of 1940), the
Adviser agrees to reimburse expenses (including the management fee and other
expenses) in the amounts determined by applying the following annual rates to
the average daily net assets of the Fund:
<PAGE>

<TABLE>
<CAPTION>
                           Percentage Reimbursed (as                           Percentage Reimbursed (as
      Period Ending         a percentage of average       Period Ending         a percentage of average
   [Month of launch]          daily net assets)(1)          March 31              daily net assets)(1)
<S>                        <C>                            <C>                  <C>
    Year of launch(2)               .30%
         YOL+1                      .30%                      YOL+6                       .25%
         YOL+2                      .30%                      YOL+7                       .20%
         YOL+3                      .30%                      YOL+8                       .15%
         YOL+4                      .30%                      YOL+9                       .10%
         YOL+5                      .30%                      YOL+10                      .05%
</TABLE>

(1)   Including net assets attributable to MuniPreferred Shares.
(2)   From the commencement of operations.

2. To effect the expense reimbursement provided for in this Agreement, the Fund
may offset the appropriate amount of the reimbursement contemplated hereunder
against the management fee payable under the Management Agreement.

3. This Agreement, and the Adviser's obligation to so reimburse expenses
hereunder, shall terminate on the earlier of (a) [LAST DAY OF MONTH OF LAUNCH,
YEAR OF LAUNCH + 10] or (b) termination of the Management Agreement.

4. Except as provided in paragraph 3, above, this Agreement may be terminated
only by the vote of (a) the Board of Trustees of the Fund, including the vote of
the members of the Board who are not "interested persons" within the meaning of
the Investment Company Act of 1940, and (b) a majority of the outstanding voting
securities of the Fund.

5. If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule, or otherwise, the remainder shall not be thereby
affected.

                                       2
<PAGE>

6. The Fund's Declaration of Trust is on file with the Secretary of the
Commonwealth of Massachusetts. This Agreement is executed on behalf of the Fund
by the Fund's officers as officers and not individually and the obligations
imposed upon the Fund by this Agreement are not binding upon any of the Fund's
Trustees, officers or shareholders individually but are binding only upon the
assets and property of the Fund.

      IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement to
be executed on the day and year above written.

                                                 NUVEEN ________ DIVIDEND
                                                 ADVANTAGE MUNICIPAL FUND __

                                                 by:____________________________
                                                          Vice President

Attest:________________________
        Assistant Secretary

                                                 NUVEEN ADVISORY CORP.

                                                 by:____________________________
                                                          Vice President

Attest:________________________
        Assistant Secretary

                                       3<PAGE>
                                                                 EXHIBIT 10.9(a)

                         INVESTMENT MANAGEMENT AGREEMENT

AGREEMENT made as of the 1st day of February, l997, by and between NUVEEN
FLAGSHIP MULTISTATE TRUST I, a Massachusetts business trust (the "Fund"), and
NUVEEN ADVISORY CORP., a Delaware corporation (the "Adviser").

                               W I T N E S S E T H

In consideration of the mutual covenants hereinafter contained, it is hereby
agreed by and between the parties hereto as follows:

1. The Fund hereby employs the Adviser to act as the investment adviser for, and
to manage the investment and reinvestment of the assets of each of the Fund's
series as set forth on Exhibit A attached hereto (the "Portfolios") or as may
exist from time to time in accordance with the Fund's investment objective and
policies and limitations relating to such Portfolio, and to administer the
Fund's affairs to the extent requested by and subject to the supervision of the
Board of Trustees of the Fund for the period and upon the terms herein set
forth. The investment of the assets of each Portfolio shall be subject to the
Fund's policies, restrictions and limitations with respect to securities
investments as set forth in the Fund's registration statement on Form N-1A under
the Securities Act of 1933 and the Investment Company Act of l940 covering the
Fund's Portfolios' shares of beneficial interest, including the Prospectus and
Statement of Additional Information forming a part thereof, all as filed with
the Securities and Exchange Commission and as from time to time amended,

<PAGE>

and all applicable laws and the regulations of the Securities and Exchange
Commission relating to the management of registered open-end, management
investment companies.

The Adviser accepts such employment and agrees during such period to render such
services, to furnish office facilities and equipment and clerical, bookkeeping
and administrative services (other than such services, if any, provided by the
Fund's custodian, transfer agent and shareholder service agent, and the like)
for the Fund, to permit any of its officers or employees to serve without
compensation as trustees or officers of the Fund if elected to such positions,
and to assume the obligations herein set forth for the compensation herein
provided. The Adviser shall, for all purposes herein provided, be deemed to be
an independent contractor and, unless otherwise expressly provided or
authorized, shall have no authority to act for nor represent the Fund in any
way, nor otherwise be deemed an agent of the Fund.

2. For the services and facilities described in Section l, the Fund will pay to
the Adviser, at the end of each calendar month, an investment management fee
related to each of the Fund's Portfolios. For each Portfolio, calculated
separately, the fees shall be computed at the rate of:

<TABLE>
<CAPTION>
              RATE                              NET ASSETS
              ----                              ----------
              <S>                      <C>
             .5500%                    For the first $125 million
             .5375%                    For the next $125 million
             .5250%                    For the next $250 million
             .5125%                    For the next $500 million
             .5000%                    For the next $1 billion
             .4750%                    For assets over $2 billion
</TABLE>

                                                                               2
<PAGE>

For the month and year in which this Agreement becomes effective, or terminates,
and for any month and year in which a Portfolio is added or eliminated from the
Fund, there shall be an appropriate proration on the basis of the number of days
that the Agreement shall have been in effect, or the Portfolio shall have
existed, during the month and year, respectively. The services of the Adviser to
the Fund under this Agreement are not to be deemed exclusive, and the Adviser
shall be free to render similar services or other services to others so long as
its services hereunder are not impaired thereby.

3. The net asset value of each Portfolio shall be calculated as provided in the
Declaration of Trust of the Fund. On each day when net asset value is not
calculated, the net asset value of a share of beneficial interest of a Portfolio
shall be deemed to be the net asset value of such share as of the close of
business on the last day on which such calculation was made for the purpose of
the foregoing computations.

4. Regardless of any of the above provisions, the Adviser guarantees that the
total expenses of each Portfolio in any fiscal year, exclusive of taxes,
interest, brokerage commissions, and extraordinary expenses such as litigation
costs, shall not exceed, and the Adviser undertakes to pay or refund to the
Portfolio any amount up to but not greater than the aggregate fees received by
the Adviser under this Agreement for such fiscal year, the limitation imposed by
any jurisdiction in which the Fund continues to offer and sell shares of the
Portfolio after exceeding such limitation.

                                                                               3
<PAGE>

Except as otherwise agreed to by the Fund or the Adviser or unless otherwise
required by the law or regulation of any state, any reimbursement by the Adviser
to a Portfolio under this section shall not exceed the management fee payable to
the Adviser by a Portfolio under this Agreement.

5. The Adviser shall arrange for officers or employees of the Adviser to serve,
without compensation from the Fund, as trustees, officers or agents of the Fund,
if duly elected or appointed to such positions, and subject to their individual
consent and to any limitations imposed by law.

6. Subject to applicable statutes and regulations, it is understood that
officers, trustees, or agents of the Fund are, or may be, interested in the
Adviser as officers, directors, agents, shareholders or otherwise, and that the
officers, directors, shareholders and agents of the Adviser may be interested in
the Fund otherwise than as trustees, officers or agents.

7. The Adviser shall not be liable for any loss sustained by reason of the
purchase, sale or retention of any security, whether or not such purchase, sale
or retention shall have been based upon the investigation and research made by
any other individual, firm or corporation, if such recommendation shall have
been selected with due care and in good faith, except loss resulting from
willful misfeasance, bad faith, or gross negligence on the part of the Adviser
in the performance of its obligations and duties, or by reason of its reckless
disregard of its obligations and duties under this Agreement.

                                                                               4
<PAGE>

8. The Adviser currently manages other investment accounts and funds, including
those with investment objectives similar to the Fund, and reserves the right to
manage other such accounts and funds in the future. Securities considered as
investments for a Portfolio of the Fund may also be appropriate for other
Portfolios or for other investment accounts and funds that may be managed by the
Adviser. Subject to applicable laws and regulations, the Adviser will attempt to
allocate equitably portfolio transactions among the Fund's Portfolios and the
portfolios of its other investment accounts and funds purchasing securities
whenever decisions are made to purchase or sell securities by a Portfolio and
another fund's portfolio or one or more of such other accounts or funds
simultaneously. In making such allocations, the main factors to be considered by
the Adviser will be the respective investment objectives of the Fund Portfolio
or Portfolios purchasing such securities and such other accounts and funds, the
relative size of portfolio holdings of the same or comparable securities, the
availability of cash for investment by the Fund Portfolios and such other
accounts and funds, the size of investment commitments generally held by the
Fund Portfolios and such accounts and funds, and the opinions of the persons
responsible for recommending investments to the Fund and such other accounts and
funds.

9. This Agreement shall continue in effect until August 1, 1997, unless and
until terminated by either party as hereinafter provided, and shall continue in
force from year to year thereafter, but only as long as such continuance is
specifically approved, at least annually, in the manner required by the
Investment Company Act of l940.

                                                                               5
<PAGE>

This Agreement shall automatically terminate in the event of its assignment, and
may be terminated at any time without the payment of any penalty by the Fund or
by the Adviser upon sixty (60) days' written notice to the other party. The Fund
may effect termination by action of the Board of Trustees, or, with respect to
any Fund Portfolio, by vote of a majority of the outstanding voting securities
of that Portfolio , accompanied by appropriate notice.

This Agreement may be terminated, at any time, without the payment of any
penalty, by the Board of Trustees of the Fund, or, with respect to any Fund
Portfolio, by vote of a majority of the outstanding voting securities of that
Portfolio, in the event that it shall have been established by a court of
competent jurisdiction that the Adviser, or any officer or director of the
Adviser, has taken any action which results in a breach of the covenants of the
Adviser set forth herein.

Termination of this Agreement shall not affect the right of the Adviser to
receive payments on any unpaid balance of the compensation, described in Section
2, earned prior to such termination.

10. If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule, or otherwise, the remainder shall not be thereby
affected.

                                                                               6
<PAGE>

11. The Adviser and its affiliates reserve the right to grant, at any time, the
use of the name "Nuveen" or the name "Flagship", or any approximation or
abbreviation thereof, to any other investment company or business enterprise.
Upon termination of this Agreement by either party, or by its terms, the Fund
shall thereafter refrain from using any name of the Fund which includes "Nuveen"
or "Flagship" or any approximation or abbreviation thereof, or is sufficiently
similar to such name as to be likely to cause confusion with such name, and
shall not allude in any public statement or advertisement to the former
association.

12. Any notice under this Agreement shall be in writing, addressed and delivered
or mailed, postage prepaid, to the other party at such address as such other
party may designate for receipt of such notice.

13. The Fund's Declaration of Trust is on file with the Secretary of the
Commonwealth of Massachusetts. This Agreement is executed on behalf of the Fund
by the Fund's officers as officers and not individually and the obligations
imposed upon the Fund by this Agreement are not binding upon any of the Fund's
Trustees, officers or shareholders individually but are binding only upon the
assets and property of the Fund.

                                                                               7
<PAGE>

         IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement
to be executed on the day and year above written.

                                              NUVEEN FLAGSHIP MULTISTATE TRUST I

                                              by:
                                                 ------------------------------
                                                        Vice President

Attest:
       ----------------------------------
             Assistant Secretary

                                              NUVEEN ADVISORY CORP.

                                              by:
                                                 ------------------------------
                                                        Vice President

Attest:
       ----------------------------------
             Assistant Secretary

                                                                               8
<PAGE>

                                                                       Exhibit A

Nuveen Flagship Arizona Municipal Bond Fund
Nuveen Flagship Colorado Municipal Bond Fund
Nuveen Flagship Florida Municipal Bond Fund
Nuveen Flagship Florida Intermediate Municipal Bond Fund
Nuveen Maryland Municipal Bond Fund
Nuveen Flagship New Mexico Municipal Bond Fund
Nuveen Flagship Pennsylvania Municipal Bond Fund
Nuveen Flagship Virginia Municipal Bond Fund

                                                                               9

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