Nuveen Investments Completes Strategic Combination with FAF Advisors

• Long-Term Business of FAF Advisors Now Part of Nuveen Asset Management Affiliate
• Enhanced Platform Features Increased Depth in Fixed Income and Equity Investments
• Mutual Fund Integration Website Serves First American Funds Investors and Advisors

CHICAGO--(BUSINESS WIRE)-- Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced the completion on December 31, 2010, of the strategic combination with FAF Advisors and Nuveen Asset Management, the largest investment affiliate of Nuveen Investments. As part of this transaction, U.S. Bancorp–the parent of FAF Advisors—received a 9.5% stake in Nuveen Investments as well as additional cash consideration in exchange for the long term investment business of FAF Advisors, including investment-management responsibilities for the mutual funds of the First American Funds family.

The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and most other key personnel, have become part of Nuveen Asset Management. With these additions to Nuveen Asset Management, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments. Along with its other high-quality asset management boutiques, Nuveen Investments now has a total of approximately $195 billion in assets under management as of December 31^st.

“We are pleased with the successful completion of this transaction, as it combines highly respected and distinct investment teams and marks another important step in our firm’s strategic development,” said John Amboian, Chairman and CEO of Nuveen Investments. “We remain deeply committed to serving with excellence our institutional and individual clients as well as their consultants and financial advisors; and as a result of this powerful combination, we can draw from even greater tools and expertise to meet and exceed their needs.”

“This is an important time for the team that has served FAF Advisors’ clients well for many years, as we bring together and leverage the deep and diversified investment expertise, scaled distribution, marketing and service capabilities of two very strong organizations,” said Tom Schreier, Nuveen Investments’ Vice Chairman, Wealth Management and former Chief Executive Officer of FAF Advisors. “With a greatly enhanced investment, distribution and service platform, we look forward to an expanded set of offerings by Nuveen Asset Management which should foster even stronger partnerships with our institutional clients as well as with U.S. Bank, and its Wealth Management clients, and with our growing community of Independent Broker Dealer and retirement plan clients.”

Bill Huffman, former co-head and Chief Operating Officer of Nuveen Asset Management, who has become the President of the combined Nuveen Asset Management businesses, with responsibility for all business activities of Nuveen Asset Management, said “the combination of our two teams—with very similar cultures—is progressing extremely well and we will be separately announcing portfolio management assignments for those Nuveen funds sub-advised by Nuveen Asset Management in order to ensure continuity and minimize disruptions for our clients and our people.”

As part of this strategic combination, the following First American Funds have become part of what is now the $43 billion Nuveen open-end fund family, and will be re-branded as Nuveen funds:

U.S. Bancorp has retained the money-market and closed-end funds of the First American Funds complex.

Nuveen Asset Management, LLC is a wholly-owned, indirect subsidiary of Nuveen Investments. It is a subsidiary of Nuveen Fund Advisors, Inc. (which itself was named Nuveen Asset Management prior to January 1, 2011) and was created to house Nuveen Fund Advisors’ portfolio management capabilities, including those capabilities associated with the just-acquired long term investment business of FAF Advisors. Nuveen Fund Advisors will continue to serve as the investment adviser to all the Nuveen closed-end and mutual funds, with Nuveen Asset Management serving as a newly-appointed sub-adviser in the case of many funds, including all those listed above.

Helping Investors and Advisors During Fund Transition

A major feature of the fund transition is a new resource center within Nuveen’s website dedicated to providing in-depth information on the affected funds—http://www.nuveen.com/MutualFunds/IntegrationCenter/Questions.aspx. In addition to specific fund integration information that will be sent to current fund shareholders, investors and advisors are encouraged to visit this detailed and user-friendly center. Within the Integration Center, investors will find information covering several areas including:

• Overview of the First American Fund integration and the entire complex of Nuveen mutual funds
• Description of new fund names, share classes and CUSIPs
• Guide to each fund’s portfolio managers
• Fund pricing guide and policy guide
• Integration Q&A and contact Information

About U.S. Bancorp

U.S. Bancorp, with $291 billion in assets as of September 30, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,013 banking offices in 24 states and 5,323 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

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.

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.

Certain statements made by the Company in this release are forward-looking statements. The Company’s actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to, the effects of the substantial competition in the investment management business, including competition for access to brokerage firms’ retail distribution systems, the

Company’s reliance on revenues from investment management contracts which renew annually, regulatory developments, accounting pronouncements, and other additional risks and uncertainties as set forth in the Company’s filings with the SEC. The Company undertakes no responsibility to update publicly or revise any forward-looking statements.

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.

Nuveen Investments
Media Contact:Kathleen Cardoza(312) 917-7813
[email protected]
Investor Relations Contact:Natalie Brown312-917-8077
[email protected]

Source: Nuveen Investments