Nuveen Asset Management, the largest boutique investment affiliate of Nuveen Investments, begins the new year with an expanded set of investment capabilities as a result of its strategic combination with FAF Advisors, which was completed on December 31, 2010. Nuveen Asset Management, historically a leader in municipal bond investing, is now positioned to offer investors a more complete array of high-quality investment strategies which includes taxable fixed income, traditional equities, asset allocation and specialized equities. In total Nuveen Asset Management manages more than $100 billion for institutional, high-net-worth and affluent investors.

“This marks an important step in the strategic growth of our Nuveen Asset Management team within the Nuveen Investments family, “said Bill Huffman, President, Nuveen Asset Management. “We are very pleased that our newest colleagues bring a depth of knowledge and specialized expertise that will allow our organization to benefit from their combined talents and, most importantly, to better serve our clients for years to come.”

Nuveen Asset Management’s Investment Leadership

Leading Nuveen Asset Management’s fixed income capabilities will be Nuveen’s John Miller and FAF Advisors’ Tony Rodriguez. Working together, Miller and Rodriguez will serve as co-Heads of Global Fixed Income, taking on expanded roles to oversee Nuveen Asset Management’s $90 billion global fixed income investment platform, spanning taxable and tax-exempt fixed income strategies. John Miller will continue to lead and manage the municipal fixed income teams, and manage the High Yield Municipal Bond Fund as the lead portfolio manager. Under Rodriguez’s continuing leadership, the highly experienced taxable fixed income team will continue to manage a broad range of strategies including short duration, intermediate, core, high yield and total return. The addition of these diversified strategies builds upon Nuveen’s 112-year heritage as a leading tax-exempt fixed income investing specialist and provides Nuveen Asset Management with immediate critical mass in the taxable fixed income space.

Further expanding Nuveen Asset Management’s investment platform into specialized equities is the real assets team from FAF Advisors, featuring a highly respected and experienced real estate (REIT) capability that is led by John Wenker. Having been with FAF Advisors since 1992, he has been a key member of their Asset Allocation and Investment Strategy Committees. Extending their expertise in real estate securities investing, Wenker and his team are also responsible for a global infrastructure equity capability that has built a strong reputation in this important and fast growing segment of the market.

Importantly, this new combination adds significant core strengths in equity investing. Leading Nuveen Asset Management’s Equity team and Quantitative/Asset Allocation team will be FAF Advisors’ David Chalupnik and Keith Hembre, respectively. As head of equities for FAF Advisors, Chalupnik was responsible for the investment process and performance for the equity investment team. At FAF Advisors, Hembre led the team that managed asset allocation, index and quantitative strategies. In addition to his continued portfolio management responsibilities and heading Nuveen Asset Management’s Quantitative/Asset Allocation team, Hembre will also serve as Nuveen Asset Management’s Chief Economist & Chief Investment Strategist. With 44 years of financial industry experience between them, Chalupnik and Hembre, along with their investment teams add a broad range of specialized equity investment capabilities that will greatly enhance the overall ability of Nuveen Asset Management to provide financial professionals, consultants and their clients with proven single-strategy equity products and dynamic multi-strategy solutions.

Huffman adds, “With this powerful business combination and strong continuing support from Tom Schreier, Vice Chairman of Nuveen Investments who also serves as Chairman of Nuveen Asset Management, we are able to capitalize on our collective and complementary strengths and perspectives to immediately realign some of our portfolio manager responsibilities across the products our team manages. This will minimize disruptions, ensure continuity and best position Nuveen funds for future growth.”

Following below is a comprehensive list of the mutual funds sub-advised by Nuveen Asset Management for the Nuveen fund family, as of January 1, 2011. An asterisk (*) next to each mutual fund indicates that a change or addition to the mutual fund’s portfolio management team has taken place as part of the integration. For more information about portfolio manager changes to a fund and the transition of the First American Funds to Nuveen Asset Management, as well as Nuveen Investments’ enhanced family of mutual funds, investors and financial advisors are encouraged to visit the Nuveen/First American Funds Integration Center at http://www.nuveen.com/MutualFunds/IntegrationCenter/Questions.aspx. This new resource center within Nuveen’s website is dedicated to providing in-depth and user-friendly information on the transition process, and to address questions investors and their advisors may have about their funds.

* Indicates a change or addition to the mutual fund’s portfolio management team has taken place as part of the Nuveen/FAF Advisors strategic combination. For more information about specific portfolio manager changes to a fund please visit the Nuveen/First American Funds Integration Center at http://www.nuveen.com/MutualFunds/IntegrationCenter/Questions.aspx.

Note: The transaction results in subsidiaries of Nuveen Investments assuming investment management responsibilities for each of the former First American Funds, other than money market funds, and serving as sub-adviser to the First American closed-end funds.

About Nuveen Investments

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high-net-worth and affluent investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, Nuveen Investments managed approximately $195 billion as of December 31, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

An investor should carefully consider a fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at 800.257.8787. Read the prospectus carefully before you invest or send money.