Nuveen Funds Rated 4 & 5 Stars by Morningstar

As of Date: 2/28/2010

LW - Load Waived

Morningstar ratings may vary among share classes and are based on historical total returns, which are not indicative of future results. Some funds may have experienced negative returns over the time periods rated.

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Equity funds are subject to market risk or the risk that stocks in the portfolio will decline in response to such factors as adverse company news, industry developments or a general economic decline. Value securities may never reach their full market value and value style investing may fall out of favor and underperform growth or other style investing during given periods. Growth style investing may fall out of favor or underperform other equity style investments over any period of time. In addition, certain growth stocks may shift characteristics over a market cycle. Small and mid-cap stocks are subject to more risks and volatility. Foreign investments present risks not typically associated with domestic investments such as adverse political, currency, economic, social or regulatory developments in a country including excessive taxation, lack of liquidity or differing legal and accounting standards. These risks are magnified in emerging markets.

Bond funds are subject to market risk; interest rate risk or the risk that interest rates will rise, causing bond prices to fall; and credit risk which is the risk that an issuer of a bond will be unable to make interest and principal payments when due. High yield or below investment grade bonds are generally considered speculative and the credit risk is heightened for these funds.

Income from municipal bond funds is generally exempt from regular federal income taxes. Income may be subject to state and local taxes and the federal alternative minimum tax unless otherwise specified. Capital gains distributions are subject to tax.

As with all mutual funds, loss of principal is also a risk.

Effective October 7, 2002, the Nuveen Tradewinds International Value Fund, pursuant to shareholder approval, (a) changed its name and primary investment strategy and (b) changed its sub-adviser. Therefore, the Fund’s performance and ratings for the periods prior to October 7, 2002 are not necessarily indicative of the performance that the Fund, as currently managed, would have generated. See the prospectus for more information.

On December 6, 2002, the Nuveen NWQ Multi-Cap Value Fund acquired the assets and performance history of the PBHG Special Equity Fund (the “predecessor Fund”). NWQ served as adviser to the predecessor Fund. The investment goals, strategies and policies of the Fund are substantially similar to those of the predecessor Fund. See the prospectus for more information.

Effective June 15, 2009, Peter Boardman and Alberto Jimenez Crespo became co-portfolio managers of the Nuveen Tradewinds International Value Fund, succeeding Paul J. Hechmer. The Funds investment objective, process and philosophy will remain the same.

The Nuveen Global and International Funds charge a 2% redemption fee on the proceeds of Fund shares redeemed or exchanged within 30 days of acquisition. The Funds may waive the fee in specified circumstances. See the prospectus for additional information.

Load-waived (LW) Class A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Absent the waiver, ratings would be lower. All of the funds above offer A shares at maximum sales charge which varies by fund; and I shares which have no sales charge. Ratings are for the share class cited only; other share classes have different performance and different Morningstar Ratings^TM.

For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The Overall Morningstar Rating™ is based on the weighted average of the number of stars assigned to the fund's applicable time periods. In cases where the fund has changed investment categories, its historical information is given less weight. If the fund has been in existence at least 10 years, the 10-year rating accounts for 50%, the 5-year for 30%, and the 3-year for 20%. If the fund has been in existence at least 5 years, but less than 10 years, the 5-year rating accounts for 60% and the 3-year for 40%. If the fund has been in existence for 3 years, but less than 5 years, the 3-year rating accounts for 100%.

The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ©2009 Morningstar, Inc. All Rights Reserved.