Prospectus. Class / Ticker Symbol Fund Name Class A Class C Class R3 Class I

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1 Mutual Funds Prospectus January 31, 2014 For investors seeking long-term capital appreciation. Nuveen Equity Funds Class / Ticker Symbol Fund Name Class A Class C Class R3 Class I Nuveen Symphony International Equity Fund NSIAX NSECX NSREX NSIEX Nuveen Symphony Large-Cap Growth Fund NCGAX NCGCX NSGQX NSGIX Nuveen Symphony Low Volatility Equity Fund NOPAX NOPCX NOPRX Nuveen Symphony Mid-Cap Core Fund NCCAX NCCCX NMCRX NCCIX The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

2 NUVEEN MUTUAL FUNDS SUPPLEMENT DATED APRIL 14, 2014 TO PROSPECTUSES AND SUMMARY PROSPECTUSES Nuveen Municipal Trust Nuveen Investment Trust III Prospectuses and Summary Prospectuses dated Prospectus dated January 15, 2014 February 10, 2014 Prospectus and Summary Prospectuses dated January 31, 2014 Nuveen Multistate Trust I Prospectus and Summary Prospectuses dated Nuveen Investment Trust V February 10, 2014, as supplemented Prospectuses and Summary Prospectuses dated January 31, 2014 Nuveen Multistate Trust II Prospectuses and Summary Prospectuses dated Nuveen Managed Accounts Portfolios Trust February 10, 2014, as supplemented Prospectuses dated November 29, 2013 Nuveen Multistate Trust III Nuveen Investment Funds, Inc. Prospectus and Summary Prospectuses dated Prospectus and Summary Prospectuses dated February 10, 2014 April 30, 2013, as supplemented Prospectus and Summary Prospectuses dated Nuveen Multistate Trust IV October 31, 2013, as supplemented Prospectus and Summary Prospectuses dated Prospectuses and Summary Prospectuses dated February 10, 2014, as supplemented February 10, 2014 Prospectus and Summary Prospectuses dated Nuveen Investment Trust February 28, 2014, as supplemented Prospectuses and Summary Prospectuses dated October 31, 2013, as supplemented Nuveen Strategy Funds, Inc. Prospectuses and Summary Prospectuses dated Prospectus and Summary Prospectuses dated December 31, 2013, as supplemented December 31, 2013, as supplemented Prospectus dated February 28, 2014, as supplemented Prospectus dated April 1, 2014 Nuveen Investment Trust II Prospectuses and Summary Prospectuses dated November 29, 2013, as supplemented Prospectuses dated December 10, 2013 Prospectus and Summary Prospectuses dated December 31, 2013, as supplemented Prospectus and Summary Prospectuses dated January 31, 2014 On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the Purchase Agreement ) to acquire Nuveen Investments, Inc., the parent company of Nuveen Fund Advisers, LLC ( NFAL ), the investment adviser of the Nuveen mutual funds (the Funds ). The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

3 The consummation of the transaction will be deemed to be an assignment (as defined in the Investment Company Act of 1940) of the investment management agreements between the Funds and NFAL and the investment sub-advisory agreements between NFAL and each Fund s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Funds (the Board ) will consider a new investment management agreement with NFAL and investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Funds shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained. The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds investment objectives or policies. PLEASE KEEP THIS WITH YOUR FUND S PROSPECTUS AND/OR SUMMARY PROSPECTUS FOR FUTURE REFERENCE MGN-ALLP-0414P

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5 Table of Contents Section 1 Fund Summaries Nuveen Symphony International Equity Fund 2... Nuveen Symphony Large-Cap Growth Fund 6... Nuveen Symphony Low Volatility Equity Fund Nuveen Symphony Mid-Cap Core Fund Section 2 How We Manage Your Money Who Manages the Funds More About Our Investment Strategies How We Select Investments What the Risks Are Section 3 How You Can Buy and Sell Shares What Share Classes We Offer How to Reduce Your Sales Charge How to Buy Shares Special Services How to Sell Shares Section 4 General Information Dividends, Distributions and Taxes Distribution and Service Plan Asset Value Frequent Trading Fund Service Providers Section 5 Financial Highlights Section 6 Glossary of Investment Terms NOT FDIC OR GOVERNMENT INSURED MAY LOSE VALUE NO BANK GUARANTEE

6 Section 1 Fund Summaries Nuveen Symphony International Equity Fund Investment Objective The investment objective of the Fund is to seek long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in What Share Classes We Offer on page 26 of the Fund s prospectus, How to Reduce Your Sales Charge on page 28 of the prospectus and Purchase and Redemption of Fund Shares on page S-57 of the Fund s statement of additional information. Shareholder Fees (fees paid directly from your investment) Class A Class C Class R3 Class I Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% None None None Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) 1 None 1.00% None None Maximum Sales Charge (Load) Imposed on Reinvested Dividends None None None None Exchange Fee None None None None Annual Low Balance Account Fee (for accounts under $1,000) 2 $15 $15 None $15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class R3 Class I Management Fees 0.77% 0.77% 0.77% 0.77% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.50% 0.00% Other Expenses 2.16% 2.13% 2.17% 2.03% Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01% Total Annual Fund Operating Expenses 3.19% 3.91% 3.45% 2.81% Fee Waivers and/or Expense Reimbursements 3 (1.83)% (1.80)% (1.84)% (1.70)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.36% 2.11% 1.61% 1.11% 1 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. 2 Fee applies to the following types of accounts under $1,000 held directly with the Fund: individual retirement accounts (IRAs), Coverdell Education Savings Accounts and accounts established pursuant to the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). 3 The Fund s investment adviser has agreed to waive fees and/or reimburse expenses through January 31, 2015 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, Acquired Fund Fees and Expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.13% (1.38% after January 31, 2015) of the average daily net assets of any class of Fund shares. The expense limitation expiring January 31, 2015 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund. Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment 2 Section 1 Fund Summaries

7 has a 5% return each year and that the Fund s operating expenses are at the applicable expense limitation. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Redemption No Redemption A C R3 I A C R3 I 1 Year $ 706 $ 214 $ 164 $ 113 $ 706 $ 214 $ 164 $ Years $1,031 $ 713 $ 561 $ 406 $1,031 $ 713 $ 561 $ Years $1,379 $1,238 $ 983 $ 721 $1,379 $1,238 $ 983 $ Years $2,356 $2,677 $2,159 $1,613 $2,356 $2,677 $2,159 $1,613 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 18% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities, and at least 80% of its net assets in non-u.s. equity securities. The Fund primarily invests in developed countries, but it may invest up to 15% of its net assets in equity securities of companies located in emerging market countries. The goal of the portfolio construction process is to build a well-diversified portfolio that reflects the Fund s benchmark, the MSCI EAFE Index, in terms of its risk characteristics and that simultaneously seeks to generate a return in excess of that benchmark. The sub-adviser s investment process begins by identifying candidates with excess return potential from two complementary, separate sources: quantitative analysis and fundamental analysis. Investment ideas from these sources then undergo rigorous fundamental analysis. Through this bottom up stock selection process, the team seeks to identify companies likely to outperform their industry peers in the MSCI EAFE Index. Quantitative tools are used to optimize pre-determined risk factors and upside potential within set parameters, with ultimate allocation decisions made by the portfolio management team. Individual positions and risk parameters are continually monitored. A security will typically be sold when its risk/return profile becomes unattractive compared with other securities in the investment universe. Principal Risks The value of your investment in this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund, listed alphabetically, include: Currency Risk Changes in currency exchange rates will affect the value of non-u.s. dollar denominated securities, the value of dividends and interest earned from such securities, and gains and losses realized on the sale of such securities. A strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund s portfolio. Equity Security Risk Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular company, industry, or sector of the market. Non-U.S./Emerging Markets Risk Non-U.S. issuers or U.S. issuers with significant non-u.s. operations may be subject to risks in addition to those of issuers located in or that principally operate in the United States as a result of, among other things, political, social and economic developments abroad and different legal, regulatory and tax environments. These additional risks may be heightened for securities of issuers located in, or with significant operations in, emerging market countries. Smaller Company Risk Small-cap stocks involve substantial risk. Prices of small-cap stocks may be subject to more abrupt or erratic movements, and to wider fluctuations, than stock prices of larger, more established companies or the Section 1 Fund Summaries 3

8 market averages in general. It may be difficult to sell small-cap stocks at the desired time and price. While mid-cap stocks may be slightly less volatile than small-cap stocks, they still involve similar risks. Fund Performance The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at or by calling (800) The bar chart below shows the variability of the Fund s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/ lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. 40% Class A Annual Total Return 30% 26.80% 20% 16.03% 19.91% 10% 9.35% 0% -10% -9.23% -20% During the five-year period ended December 31, 2013, the Fund s highest and lowest quarterly returns were 19.94% and %, respectively, for the quarters ended June 30, 2009 and September 30, The table below shows the variability of the Fund s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. Class R3 shares commenced operations on October 5, The returns for Class R3 shares shown below reflect Class I performance prior to October 5, 2010 adjusted for the difference in fees between the classes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. Average Annual Total Returns for the Periods Ended December 31, 2013 Since Inception 1Year 5Years (May 30, 2008) Class A (return before taxes) 12.99% 10.54% (1.01)% Class A (return after taxes on distributions) 12.73% 10.31% (1.19)% Class A (return after taxes on distributions and sale of Fund shares) 7.57% 8.43% (0.73)% Class C (return before taxes) 18.98% 11.02% (0.70)% Class R3 (return before taxes) 19.58% 11.60% (0.20)% Class I (return before taxes) 20.13% 12.14% 0.29% MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) 22.78% 12.44% 0.86% Lipper International Multi-Cap Growth Classification Average (reflects no deduction for taxes or sales loads) 19.47% 13.12% 0.78% 4 Section 1 Fund Summaries

9 Management Investment Adviser Nuveen Fund Advisors, LLC Sub-Adviser Symphony Asset Management LLC Portfolio Managers Name Title Portfolio Manager of Fund Since Gunther Stein Chief Executive Officer and June 2010 Chief Investment Officer Ross Sakamoto Co-Director of Equity July 2010 Joel Drescher Co-Director of Equity June 2012 Purchase and Sale of Fund Shares You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange shares of the Fund either through a financial advisor or other financial intermediary or directly from the Fund. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases: Eligibility and Minimum Initial Investment Minimum Additional Investment Class A and Class C Class R3 Class I $3,000 for all accounts Available only through except: certain retirement plans. $2,500 for Traditional/ Roth IRA accounts. $2,000 for Coverdell Education Savings Accounts. $250 for accounts opened through feebased programs. No minimum for retirement plans. No minimum. $100 No minimum. No minimum. Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the prospectus. $100,000 for all accounts except: $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). No minimum for eligible retirement plans and certain other categories of eligible investors as described in the prospectus. Tax Information The Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred account, such as an IRA or 401(k) plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund, its distributor or its investment adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information. Section 1 Fund Summaries 5

10 Nuveen Symphony Large-Cap Growth Fund Investment Objective The investment objective of the Fund is to seek long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in What Share Classes We Offer on page 26 of the Fund s prospectus, How to Reduce Your Sales Charge on page 28 of the prospectus and Purchase and Redemption of Fund Shares on page S-57 of the Fund s statement of additional information. Shareholder Fees (fees paid directly from your investment) Class A Class C Class R3 Class I Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% None None None Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) 1 None 1.00% None None Maximum Sales Charge (Load) Imposed on Reinvested Dividends None None None None Exchange Fee None None None None Annual Low Balance Account Fee (for accounts under $1,000) 2 $15 $15 None $15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class R3 Class I Management Fees 0.67% 0.67% 0.67% 0.67% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.50% 0.00% Other Expenses 0.29% 0.29% 0.29% 0.29% Total Annual Fund Operating Expenses 1.21% 1.96% 1.46% 0.96% 1 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. 2 Fee applies to the following types of accounts under $1,000 held directly with the Fund: individual retirement accounts (IRAs), Coverdell Education Savings Accounts and accounts established pursuant to the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Redemption No Redemption A C R3 I A C R3 I 1 Year $ 691 $ 199 $ 149 $ 98 $ 691 $ 199 $ 149 $ 98 3 Years $ 937 $ 615 $ 462 $ 306 $ 937 $ 615 $ 462 $ Years $1,202 $1,057 $ 797 $ 531 $1,202 $1,057 $ 797 $ Years $1,957 $2,285 $1,746 $1,178 $1,957 $2,285 $1,746 $1,178 6 Section 1 Fund Summaries

11 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 128% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of companies with market capitalizations at the time of investment comparable to companies in the Russell 1000 Growth Index. The Fund will not be forced to sell a security because a company has exceeded or fallen below the current market capitalization range. The goal of the portfolio construction process is to build a well-diversified portfolio that reflects the Fund s benchmark, the Russell 1000 Growth Index, in terms of its risk characteristics and that simultaneously seeks to generate a return in excess of that benchmark. The sub-adviser s investment process begins by identifying candidates with excess return potential from two complementary, separate sources: quantitative analysis and fundamental analysis. Investment ideas from these sources then undergo rigorous fundamental analysis. Through this bottom up stock selection process, the team seeks to identify companies likely to outperform their industry peers in the Russell 1000 Growth Index. Quantitative tools are used to optimize pre-determined risk factors and upside potential within set parameters, with ultimate allocation decisions made by the portfolio management team. Individual positions and risk parameters are continually monitored. A security will typically be sold when its risk/return profile becomes unattractive compared with other securities in the investment universe. Principal Risks The value of your investment in this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund, listed alphabetically, include: Equity Security Risk Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular company, industry, or sector of the market. Growth Stock Risk Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. Section 1 Fund Summaries 7

12 Fund Performance The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at or by calling (800) The bar chart below shows the variability of the Fund s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/ lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. Class A Annual Total Return 60% 40% 20% 0% 11.13% 39.54% 23.57% 2.53% 15.13% 27.49% -20% -40% % -60% During the seven-year period ended December 31, 2013, the Fund s highest and lowest quarterly returns were 17.05% and %, respectively, for the quarters ended March 31, 2012 and December 31, The table below shows the variability of the Fund s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. Class R3 shares commenced operations on September 29, The returns for Class R3 shares shown below reflect Class I performance prior to September 29, 2009 adjusted for the difference in fees between the classes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. Average Annual Total Returns for the Periods Ended December 31, 2013 Since Inception 1Year 5Years (December 15, 2006) Class A (return before taxes) 20.18% 19.59% 7.62% Class A (return after taxes on distributions) 19.95% 19.11% 7.29% Class A (return after taxes on distributions and sale of Fund shares) 11.61% 16.07% 6.11% Class C (return before taxes) 26.54% 20.12% 7.73% Class R3 (return before taxes) 27.14% 20.70% 8.24% Class I (return before taxes) 27.81% 21.31% 8.80% Russell 1000 Growth Index (reflects no deduction for fees, expenses or taxes) 33.48% 20.39% 8.03% Lipper Multi-Cap Growth Classification Average (reflects no deduction for taxes or sales loads) 35.03% 20.03% 7.25% 8 Section 1 Fund Summaries

13 Management Investment Adviser Nuveen Fund Advisors, LLC Sub-Adviser Symphony Asset Management LLC Portfolio Managers Name Title Portfolio Manager of Fund Since Gunther Stein Chief Executive Officer and Chief June 2010 Investment Officer Ross Sakamoto Co-Director of Equity July 2010 Joel Drescher Co-Director of Equity June 2012 Purchase and Sale of Fund Shares You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange shares of the Fund either through a financial advisor or other financial intermediary or directly from the Fund. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases: Eligibility and Minimum Initial Investment Minimum Additional Investment Class A and Class C Class R3 Class I $3,000 for all accounts Available only through except: certain retirement plans. $2,500 for Traditional/ Roth IRA accounts. $2,000 for Coverdell Education Savings Accounts. $250 for accounts opened through feebased programs. No minimum for retirement plans. No minimum. $100 No minimum. No minimum. Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the prospectus. $100,000 for all accounts except: $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). No minimum for eligible retirement plans and certain other categories of eligible investors as described in the prospectus. Tax Information The Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred account, such as an IRA or 401(k) plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund, its distributor or its investment adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information. Section 1 Fund Summaries 9

14 Nuveen Symphony Low Volatility Equity Fund Investment Objective The investment objective of the Fund is to seek long-term capital appreciation with lower absolute volatility than the broad equity market. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in What Share Classes We Offer on page 26 of the Fund s prospectus, How to Reduce Your Sales Charge on page 28 of the prospectus and Purchase and Redemption of Fund Shares on page S-57 of the Fund s statement of additional information. Shareholder Fees (fees paid directly from your investment) Class A Class C Class I Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% None None Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) 1 None 1.00% None Maximum Sales Charge (Load) Imposed on Reinvested Dividends None None None Exchange Fee None None None Annual Low Balance Account Fee (for accounts under $1,000) 2 $15 $15 $15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class I Management Fees 0.67% 0.67% 0.67% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.00% Other Expenses 1.80% 1.82% 1.84% Total Annual Fund Operating Expenses 2.72% 3.49% 2.51% Fee Waivers and/or Expense Reimbursements 3,4 (1.70)% (1.72)% (1.74)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.02% 1.77% 0.77% 1 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. 2 Fee applies to the following types of accounts under $1,000 held directly with the Fund: individual retirement accounts (IRAs), Coverdell Education Savings Accounts and accounts established pursuant to the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). 3 Fee Waivers and/or Expense Reimbursements have been restated to reflect current contractual fees. 4 The Fund s investment adviser has agreed to waive fees and/or reimburse expenses through January 31, 2015 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.80% (1.45% after January 31, 2015) of the average daily net assets of any class of Fund shares. The expense limitation expiring January 31, 2015 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund. Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment 10 Section 1 Fund Summaries

15 has a 5% return each year and that the Fund s operating expenses are at the applicable expense limitation. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Redemption No Redemption A C I A C I 1 Year $ 673 $ 180 $ 79 $ 673 $ 180 $ 79 3 Years $1,011 $ 692 $ 385 $1,011 $ 692 $ Years $1,373 $1,232 $ 714 $1,373 $1,232 $ Years $2,386 $2,707 $1,646 $2,386 $2,707 $1,646 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 84% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. The Fund may invest in companies of any size. The Fund seeks to produce long-term returns superior to the market with lower absolute volatility. Volatility is one way to measure risk and, in this context, refers to the variability of the Fund s or the market s returns. Through security selection and the use of risk controls, Symphony believes it can reduce volatility while preserving the Fund s potential to generate returns in excess of the market over the long term. Symphony targets a volatility level that is 90% of the volatility of the Fund s benchmark index, although there is no guarantee that this can be achieved. The Fund is constructed from the sub-adviser s best U.S. equity ideas in a way that seeks to provide the highest projected return per unit of volatility. This objective is pursued by selecting securities with favorable risk-adjusted return potential across diverse sectors of the market. The portfolio construction process seeks to optimally weight these securities in order to produce a portfolio with a defined level of market risk and the highest projected return for the risk taken. Principal Risks The value of your investment in this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund, listed alphabetically, include: Equity Security Risk Even if the Fund is able to maintain a portfolio with lower volatility than the broad equity market, the Fund s returns and the value of the Fund s shares will be volatile. The Fund invests in equity securities, which are more volatile than certain other asset classes such as fixed income securities. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular company, industry, or sector of the market. Investment Strategy Risk In an attempt to construct a portfolio with lower absolute volatility than the broad equity market, historical data is used to produce a portfolio expected to have a defined level of market risk and the highest projected return for the risk taken. However, individual stock behavior may change in the future, and therefore there is no guarantee that this strategy will be successful. Smaller Company Risk Small-cap stocks involve substantial risk. Prices of small-cap stocks may be subject to more abrupt or erratic movements, and to wider fluctuations, than stock prices of larger, more established companies or the market averages in general. It may be difficult to sell small-cap stocks at the desired time and price. While mid-cap stocks may be slightly less volatile than small-cap stocks, they still involve similar risks. Section 1 Fund Summaries 11

16 Fund Performance The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at or by calling (800) The bar chart below shows the variability of the Fund s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/ lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. Class A Annual Total Return 40% 30% 20% 10% 0% 27.70% 14.64% 3.29% 12.96% 30.54% -10% -20% -30% -40% % During the six-year period ended December 31, 2013, the Fund s highest and lowest quarterly returns were 12.19% and %, respectively, for the quarters ended June 30, 2009 and December 31, The table below shows the variability of the Fund s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. Previously, the Fund used the S&P 500 Index as its benchmark. Going forward, the Russell 1000 Index will be the Fund s primary benchmark because it better reflects how the Fund is being managed. The S&P 500 Index will be a secondary benchmark for the Fund. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. Average Annual Total Returns for the Periods Ended December 31, 2013 Since Inception 1Year 5Years (September 28, 2007) Class A (return before taxes) 23.02% 16.02% 5.39% Class A (return after taxes on distributions) 22.82% 15.82% 5.23% Class A (return after taxes on distributions and sale of Fund shares) 13.18% 13.00% 4.26% Class C (return before taxes) 29.58% 16.51% 5.59% Class I (return before taxes) 30.87% 17.67% 6.65% Russell 1000 Index (reflects no deduction for fees, expenses or taxes) 33.11% 18.59% 5.72% S&P 500 Index (reflects no deduction for fees, expenses or taxes) 32.39% 17.94% 5.40% Lipper Large-Cap Core Classification Average (reflects no deduction for taxes or sales loads) 31.34% 16.90% 4.76% 12 Section 1 Fund Summaries

17 Management Investment Adviser Nuveen Fund Advisors, LLC Sub-Adviser Symphony Asset Management LLC Portfolio Managers Name Title Portfolio Manager of Fund Since Gunther Stein Chief Executive Officer and June 2010 Chief Investment Officer Ross Sakamoto Co-Director of Equity July 2010 Joel Drescher Co-Director of Equity June 2012 Purchase and Sale of Fund Shares You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange shares of the Fund either through a financial advisor or other financial intermediary or directly from the Fund. The Fund s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases: Eligibility and Minimum Initial Investment Minimum Additional Investment Class A and Class C $3,000 for all accounts except: $2,500 for Traditional/Roth IRA accounts. $2,000 for Coverdell Education Savings Accounts. $250 for accounts opened through fee-based programs. No minimum for retirement plans. $100 No minimum. Class I Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the prospectus. $100,000 for all accounts except: $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). No minimum for eligible retirement plans and certain other categories of eligible investors as described in the prospectus. Tax Information The Fund s distributions are taxable and will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred account, such as an IRA or 401(k) plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Fund, its distributor or its investment adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information. Section 1 Fund Summaries 13

18 Nuveen Symphony Mid-Cap Core Fund Investment Objective The investment objective of the Fund is to seek long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in What Share Classes We Offer on page 26 of the Fund s prospectus, How to Reduce Your Sales Charge on page 28 of the prospectus and Purchase and Redemption of Fund Shares on page S-57 of the Fund s statement of additional information. Shareholder Fees (fees paid directly from your investment) Class A Class C Class R3 Class I Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% None None None Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of purchase price or redemption proceeds) 1 None 1.00% None None Maximum Sales Charge (Load) Imposed on Reinvested Dividends None None None None Exchange Fee None None None None Annual Low Balance Account Fee (for accounts under $1,000) 2 $15 $15 None $15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class R3 Class I Management Fees 0.72% 0.72% 0.72% 0.72% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.50% 0.00% Other Expenses 2.00% 2.01% 2.02% 2.00% Total Annual Fund Operating Expenses 2.97% 3.73% 3.24% 2.72% Fee Waivers and/or Expense Reimbursements 3 (1.60)% (1.61)% (1.62)% (1.60)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.37% 2.12% 1.62% 1.12% 1 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. 2 Fee applies to the following types of accounts under $1,000 held directly with the Fund: individual retirement accounts (IRAs), Coverdell Education Savings Accounts and accounts established pursuant to the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). 3 The Fund s investment adviser has agreed to waive fees and/or reimburse expenses through January 31, 2015 so that Total Annual Fund Operating Expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.15% (1.40% after January 31, 2015) of the average daily net assets of any class of Fund shares. The expense limitation expiring January 31, 2015 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund. 14 Section 1 Fund Summaries

19 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund s operating expenses are at the applicable expense limitation. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Redemption No Redemption A C R3 I A C R3 I 1 Year $ 706 $ 215 $ 165 $ 114 $ 706 $ 215 $ 165 $ Years $1,034 $ 716 $ 564 $ 409 $1,034 $ 716 $ 564 $ Years $1,383 $1,243 $ 988 $ 726 $1,383 $1,243 $ 988 $ Years $2,367 $2,687 $2,170 $1,625 $2,367 $2,687 $2,170 $1,625 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 163% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of companies with market capitalizations at the time of investment comparable to companies in the Russell Midcap Index. The Fund will not be forced to sell a security because a company has exceeded or fallen below the current market capitalization range. The goal of the portfolio construction process is to build a well-diversified portfolio that reflects the Fund s benchmark, the Russell Midcap Index, in terms of its risk characteristics and that simultaneously seeks to generate a return in excess of that benchmark. The sub-adviser s investment process begins by identifying candidates with excess return potential from two complementary, separate sources: quantitative analysis and fundamental analysis. Investment ideas from these sources then undergo rigorous fundamental analysis. Through this bottom up stock selection process, the team seeks to identify companies likely to outperform their industry peers in the Russell Midcap Index. Quantitative tools are used to optimize pre-determined risk factors and upside potential within set parameters, with ultimate allocation decisions made by the portfolio management team. Individual positions and risk parameters are continually monitored. A security will typically be sold when its risk/return profile becomes unattractive compared with other securities in the investment universe. Principal Risks The value of your investment in this Fund will change daily. You could lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund, listed alphabetically, include: Equity Security Risk Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular company, industry, or sector of the market. Mid-Cap Stock Risk Stocks of mid-cap companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. Section 1 Fund Summaries 15

20 Fund Performance The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at or by calling (800) The bar chart below shows the variability of the Fund s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/ lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. 60% Class A Annual Total Return 40% 35.49% 29.27% 31.15% 20% 8.15% 12.81% 0% -20% -5.12% -40% % -60% During the seven-year period ended December 31, 2013, the Fund s highest and lowest quarterly returns were 17.70% and %, respectively, for the quarters ended September 30, 2009 and December 31, The table below shows the variability of the Fund s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. Class R3 shares commenced operations on May 5, The returns for Class R3 shares shown below reflect Class I performance prior to May 5, 2009 adjusted for the difference in fees between the classes. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. Average Annual Total Returns for the Periods Ended December 31, 2013 Since Inception 1Year 5Years (May 31, 2006) Class A (return before taxes) 23.61% 18.31% 7.01% Class A (return after taxes on distributions) 23.20% 18.20% 6.66% Class A (return after taxes on distributions and sale of Fund shares) 13.57% 14.91% 5.46% Class C (return before taxes) 30.17% 18.81% 7.04% Class R3 (return before taxes) 30.80% 19.42% 7.57% Class I (return before taxes) 31.42% 20.01% 8.12% Russell Midcap Index (reflects no deduction for fees, expenses or taxes) 34.76% 22.36% 8.57% Lipper Mid-Cap Core Classification Average (reflects no deduction for taxes or sales loads) 34.68% 20.19% 7.74% 16 Section 1 Fund Summaries