FCAAX First Eagle Credit Opportunities Fund Class A 2

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.

MUTUAL FUND NAME

 

Ticker

 

Portfolio Manager(s)

 

Original Fund Family

EQUITY FUNDS

Nuveen Equity Income Fund FFEIX Cori Johnson FAF Gerald Bren   Nuveen Equity Index Fund FAEIX Walt French FAF David Friar   Nuveen Global Infrastructure Fund FGIAX Jay Rosenberg FAF John Wenker   Nuveen International Fund FAIAX Keith Hembre FAF Walt French David Friar Derek Bloom   Nuveen International Select Fund ISACX Keith Hembre FAF Walt French David Friar Derek Bloom   Nuveen Large Cap Growth Opportunities Fund FRGWX Hal Goldstein FAF Scott Mullnix Jim Diedrich   Nuveen Large Cap Select Fund FLRAX David Chalupnik FAF Tony Burger   Nuveen Large Cap Value Fund FASKX Brent Mellumm FAF Kevin Earley   Nuveen Mid Cap Growth Opportunities Fund FRSLX Jim Diedrich FAF Hal Goldstein Scott Mullnix   Nuveen Mid Cap Index Fund FDXAX Walt French FAF David Friar   Nuveen Mid Cap Select Fund FATAX David Chalupnik FAF Tony Burger Nuveen Mid Cap Value Fund FASEX Kevin Earley FAF Brent Mellum   Nuveen Quantitative Large Cap Core Fund FQCAX Walt French FAF David Cline David Friar Keith Hembre   Nuveen Real Estate Securities Fund FREAX John Wenker FAF Jay Rosenberg   Nuveen Small Cap Growth Opportunities Fund FRMPX Rob McDougall FAF Jon Loth   Nuveen Small Cap Index Fund FMDAX Walt French FAF David Friar   Nuveen Small Cap Select Fund EMGRX Al Steinkopf FAF Mark Traster   Nuveen Small Cap Value Fund FSCAX Karen Bowie FAF   Nuveen Tactical Market Opportunities Fund FGTYX David Cline FAF Walt French David Friar Keith Hembre    

TAXABLE BOND FUNDS

Nuveen Core Bond Fund FAFIX Chris Neuharth FAF Tim Palmer Wan-Chong Kung Jeff Ebert   Nuveen High Income Bond Fund FJSIX John Fruit FAF Jeff Schmitz   Nuveen High Yield Bond Fund* NHYAX John Fruit Nuveen Jeffrey Schmitz   Nuveen Inflation Protected Securities Fund* FAIPX Wan-Chong Kung FAF Chad Kemper   Nuveen Intermediate Government Bond Fund FIGAX Wan-Chong Kung FAF Chris Neuharth Jason O'Brien   Nuveen Intermediate Term Bond Fund FAIIX Wan-Chong Kung FAF Jeff Ebert   Nuveen Multi-Strategy Core Bond Fund* NCBAX Tim Palmer Nuveen Jeff Ebert Marie Newcome   Nuveen Preferred Securities Fund NPSAX Doug Baker Nuveen   Nuveen Short Duration Bond Fund* NSDAX Chris Neuharth Nuveen Brenda Briceno Peter Agrimson   Nuveen Short Term Bond Fund* FALTX Chris Neuharth FAF Brenda Briceno Peter Agrimson   Nuveen Total Return Bond Fund* FCDDX Tim Palmer FAF Jeff Ebert Marie Newcome  

STRATEGY FUNDS (FUND OF FUNDS)

Nuveen Strategy Aggressive Growth Allocation Fund FAAGX David Cline FAF Nuveen Strategy Balanced Allocation Fund FSGNX David Cline FAF Nuveen Strategy Conservative Allocation Fund FSFIX David Cline FAF Nuveen Strategy Growth Allocation Fund FAGSX David Cline FAF    

TAX-FREE NATIONAL BOND FUNDS

Nuveen All-American Municipal Bond Fund* FLAAX John Miller and Doug White Nuveen Nuveen High Yield Municipal Bond Fund NHMAX John Miller Nuveen Nuveen Insured Municipal Bond Fund NMBIX Paul Brennan Nuveen Nuveen Intermediate Duration Municipal Bond Fund NMBAX Paul Brennan Nuveen Nuveen Intermediate Tax Free Fund* FAMBX Chris Drahn FAF Nuveen Limited Term Municipal Bond Fund FLTDX Paul Brennan Nuveen Nuveen Short Tax Free Fund* FSHAX Chris Drahn FAF Nuveen Tax Free Fund* FJNTX Doug White FAF    

STATE SPECIFIC FUNDS

Nuveen Arizona Municipal Bond Fund* FAZTX Michael Hamilton Nuveen Nuveen California High Yield Municipal Bond Fund NCHAX John Miller Nuveen Nuveen California Insured Municipal Bond Fund NCAIX Scott Romans Nuveen Nuveen California Municipal Bond Fund NCAAX Scott Romans Nuveen Nuveen California Tax Free Fund* FCAAX Scott Romans FAF Nuveen Colorado Municipal Bond Fund* FCOTX Chris Drahn Nuveen Nuveen Colorado Tax Free Fund* FCOAX Chris Drahn FAF Nuveen Connecticut Municipal Bond Fund* FCTTX Michael Hamilton Nuveen Nuveen Florida Municipal Bond Fund FLOTX Dan Close Nuveen Nuveen Georgia Municipal Bond Fund FGATX Dan Close Nuveen Nuveen Kansas Municipal Bond Fund* FKSTX Steve Hlavin Nuveen Nuveen Kentucky Municipal Bond Fund FKYTX Dan Close Nuveen Nuveen Louisiana Municipal Bond Fund* FTLAX Steve Hlavin Nuveen Nuveen Maryland Municipal Bond Fund* NMDAX Tom Spalding Nuveen Nuveen Massachusetts Insured Municipal Bond Fund* NMAIX Michael Hamilton Nuveen Nuveen Massachusetts Municipal Bond Fund* NMAAX Michael Hamilton Nuveen Nuveen Michigan Municipal Bond Fund FMITX Dan Close Nuveen Nuveen Minnesota Intermediate Municipal Bond Fund* FAMAX Chris Drahn FAF Nuveen Minnesota Municipal Bond Fund* FJMNX Doug White FAF Nuveen Missouri Municipal Bond Fund* FMOTX Chris Drahn Nuveen Nuveen Missouri Tax Free Fund* AMROX Chris Drahn FAF Nuveen Nebraska Municipal Bond Fund* FNTAX Doug White FAF Nuveen New Jersey Municipal Bond Fund* NNJAX Paul Brennan Nuveen Nuveen New Mexico Municipal Bond Fund* FNMTX Michael Hamilton Nuveen Nuveen New York Insured Municipal Bond Fund* NNYIX Scott Romans Nuveen Nuveen New York Municipal Bond Fund* NNYAX Scott Romans Nuveen Nuveen North Carolina Municipal Bond Fund FLNCX Dan Close Nuveen Nuveen Ohio Municipal Bond Fund FOHTX Dan Close Nuveen Nuveen Ohio Tax Free Fund* FOFAX Dan Close FAF Nuveen Oregon Intermediate Tax Free Fund* FOTAX Michael Hamilton FAF Nuveen Pennsylvania Municipal Bond Fund* FPNTX Paul Brennan Nuveen Nuveen Tennessee Municipal Fund FTNTX Dan Close Nuveen Nuveen Virginia Municipal Bond Fund* FVATX Tom Spalding Nuveen Nuveen Wisconsin Municipal Fund* FWIAX Steve Hlavin Nuveen

* 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.