Dividend Investing During Market Uncertainty

While price returns can be either positive or negative, by definition dividend income is positive. Therefore, dividends allow investors to capture upside potential while providing some downside protection in negative markets*.
Dividend income of 5.51% accounted for 10.97% of the -50.23% total return in the last three completed down markets and dividend income of 7.78% contributed 14.58% of the 53.36% total return in the last three completed up markets.

Source: Standard & Poor’s as of 12/31/08. Produced with permission. Standard & Poor's®, S&P® and S&P 500® are registered trademarks of the McGraw-Hill Companies Inc. Past performance is no guarantee of future results. Investing entails risk, including the possible loss of principal. The charts illustrate the S&P 500 total return with dividends reinvested, percentage of capital appreciation and percentage of dividend income return, grouped by years illustrating up and down markets. An up market is illustrated by a time period of one full calendar year or more during which market returns are positive; a down market is illustrated by a time period of one full calendar year or more during which market returns are negative. Periods greater than one year are annualized. The dividend income contribution to total return is calculated by adding dividend income and dividing by total return [i.e. for the last three completed down markets, dividend income accounted for 10.97% of the total return, as calculated (2.86%+1.16%+1.49%) ÷ (1.32%+ -14.55%+ -37.00%)]. Return performance of each group is based on equal-weighted geometric average, computed monthly. The returns do not reflect the deduction of any fees, expenses or taxes, and assume reinvestment of all income. Dividend payments are not guaranteed and they may be cut or eliminated. The information contained in this report has been taken from statistical services and other sources. Santa Barbara Asset Management does not verify nor guarantee the accuracy or completeness of the information presented. There is no assurance that any projections will in fact occur. Other methods may produce different results, and the results for individual portfolios and for different periods may vary depending on market conditions and the composition of the portfolio.The performance shown is for illustrative purposes only and not intended to represent any Santa Barbara Asset Management portfolio's investment strategy or predict future investment performance

Dividend Investing with Santa Barbara Asset Management

By focusing on high-quality companies with a history of sustainable and growing dividends, and the potential to continue doing so, the Santa Barbara Asset Management dividend growth strategy aims to provide an optimal combination of capital appreciation, dividend income and downside protection*. This strategy may be most appropriate for investors seeking some current income as well as long-term growth.

Managed Account Strategy	Mutual Fund Strategy

Please call your financial advisor or Nuveen Investments at 800.257.8787 to learn more.

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* There is no assurance that downside protection will be achieved.

A Word on Risk
All investments carry a certain degree of risk, including possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. An investment in stocks or other equity securities are subject to market risk or the risk that stocks in the portfolio will decline in response to such factors as adverse company news or industry developments or a general economic decline. In addition, investments in foreign stocks present risks not associated with domestic investments such as adverse political, currency, social or regulatory developments in a country including excessive taxation, limitations on use of assets, lack of liquidity or differing legal or accounting standards. These risks are magnified in emerging markets. The portfolio's focus on dividend-paying securities presents the risks of greater exposure to certain economic sectors rather than the broad equity market. In addition, growth style investing may fall out of favor and underperform other equity investments during given periods. Certain sectors or dividend stocks, as well as growth stocks in general, may shift characteristics over a long market cycle and may not perform in line with stated benchmarks. Past performance is no guarantee of future results.

This information should not be relied upon as investment advice or recommendations, and is not intended to predict or depict performance of any investment. The statements contained herein are the opinions of Santa Barbara Asset Management, LLC and are subject to change at any time. There is no assurance that any predicted results will in fact occur. Since no one manager is suitable for all types of investors, it is important to review investment objectives, risk tolerance, tax liability and liquidity needs before choosing a suitable investment style or manager.

Nuveen Investments, 333 W. Wacker Drive, Chicago, IL 60606