Build America Investment Grade Bond Fund

Build America Investment Grade Bond Fund (the “Fund”) is an investment fund established to provide investors with exposure to a portfolio comprised primarily of Investment Grade Build America Bonds actively managed by Nuveen Asset Management, as Sub-Advisor. Class A Units are listed on the Toronto Stock Exchange under the symbol BAB.UN. Class F Units are designed for fee-based accounts and are not listed on a stock exchange but may be converted into Class A Units on a weekly basis.

The Fund’s investment objectives are to (i) provide Unitholders with monthly tax-advantaged cash distributions, and (ii) maximize total return for Unitholders, while seeking to reduce risk. Distributions are initially targeted to be $0.1198 per month per Unit consisting primarily of returns of capital, representing a yield on the Unit issue price of 5.75% per annum. The Fund will seek to achieve its investment objectives through exposure to an actively managed portfolio consisting primarily of Build America Bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Sub-Advisor to be of comparable quality.

Performance Update

Build America Investment Grade Bond Fund Performance Update — Fourth Quarter 2011
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