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

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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

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N

UVEEN

M

UTUAL

F

UNDS

S

UPPLEMENT

D

ATED

A

PRIL

14,

2014

T

O

P

ROSPECTUSES AND

S

UMMARY

P

ROSPECTUSES

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

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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

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Section 1 Fund Summaries

Nuveen Symphony International Equity Fund 2

. . . .

Nuveen Symphony Large-Cap Growth Fund 6

. . . .

Nuveen Symphony Low Volatility Equity Fund 10

. . . .

Nuveen Symphony Mid-Cap Core Fund 14

. . . .

Section 2 How We Manage Your Money

Who Manages the Funds 18

. . . .

More About Our Investment Strategies 20

. . . .

How We Select Investments 22

. . . .

What the Risks Are 23

. . . .

Section 3 How You Can Buy and Sell Shares

What Share Classes We Offer 26

. . . .

How to Reduce Your Sales Charge 28

. . . .

How to Buy Shares 29

. . . .

Special Services 30

. . . .

How to Sell Shares 32

. . . .

Section 4 General Information

Dividends, Distributions and Taxes 35

. . . .

Distribution and Service Plan 36

. . . .

Net Asset Value 38

. . . .

Frequent Trading 39

. . . .

Fund Service Providers 40

. . . .

Section 5

_{. . . .}

Financial Highlights

41

Section 6

_{. . . .}

Glossary of Investment Terms

45

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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)

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 Reimbursements3 _(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 modi-fied only with the approval of shareholders of the Fund.

Example

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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 $ 113 3 Years $1,031 $ 713 $ 561 $ 406 $1,031 $ 713 $ 561 $ 406 5 Years $1,379 $1,238 $ 983 $ 721 $1,379 $1,238 $ 983 $ 721 10 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.

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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 www.nuveen.com/performance or by calling (800) 257-8787. 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

2009 2010 2011 2012 2013 -20% -10% 0% 40% 30% 10% 20% 26.80% 9.35% -9.23% 16.03% 19.91%

During the five-year period ended December 31, 2013, the Fund’s highest and lowest quarterly returns were 19.94% and -20.37%, respectively, for the quarters ended June 30, 2009 and September 30, 2011.

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, 2010. 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 1 Year 5 Years Since Inception(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%

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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 Investment Officer

June 2010 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:

Class A and Class C Class R3 Class I

Eligibility and Minimum Initial Investment

$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.

Available only through certain retirement plans. No minimum.

Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the prospectus.

• $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. Minimum Additional Investment $100 No minimum. No minimum.

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

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Nuveen Symphony Large-Cap Growth Fund

Investment Objective

Fees and Expenses of the Fund

Management Fees 0.67% 0.67% 0.67% 0.67%

Other Expenses 0.29% 0.29% 0.29% 0.29%

Total Annual Fund Operating Expenses 1.21% 1.96% 1.46% 0.96%

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:

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Portfolio Turnover

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.

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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 www.nuveen.com/performance or by calling (800) 257-8787.

The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The

-60% -40% 0% 60% -20% 40% 20% 2007 11.13% 2009 2010 2012 2013 39.54% 23.57% 2011 2.53% 15.13% 2008 -37.31% 27.49%

During the seven-year period ended December 31, 2013, the Fund’s highest and lowest quarterly returns were 17.05% and -23.09%, respectively, for the quarters ended March 31, 2012 and December 31, 2008.

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, 2009. 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.

December 31, 2013 1 Year 5 Years

Since Inception (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%

Russell 1000®_{Growth Index (reflects no deduction for fees, expenses or taxes)} _33.48% _20.39% _8.03%

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Management

Investment Adviser

Purchase and Sale of Fund Shares

retirement plans.

• $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.

Minimum Additional Investment

$100 No minimum. No minimum.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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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

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

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 Reimbursements3,4 _(1.70)% _(1.72)% _(1.74)%

Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.02% 1.77% 0.77%

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 extra-ordinary 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 termi-nated or modified only with the approval of shareholders of the Fund.

Example

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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 $ 385 5 Years $1,373 $1,232 $ 714 $1,373 $1,232 $ 714 10 Years $2,386 $2,707 $1,646 $2,386 $2,707 $1,646 Portfolio Turnover

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

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.

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Fund Performance

2008 2009 2010 2012 2013 -40% 40% 30% 20% 10% -30% -20% -10% 0% -32.55% 27.70% 14.64% 2011 3.29% 12.96% 30.54%

During the six-year period ended December 31, 2013, the Fund’s highest and lowest quarterly returns were 12.19% and -20.65%, respectively, for the quarters ended June 30, 2009 and December 31, 2008.

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.

December 31, 2013

1 Year 5 Years (September 28, 2007)Since Inception

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%

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Management

Investment Adviser

Purchase and Sale of Fund Shares

Class A and Class C Class I

$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.

Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the

prospectus.

• No minimum for eligible retirement plans and certain other categories of eligible investors as described in the prospectus.

Minimum Additional Investment

$100 No minimum.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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Nuveen Symphony Mid-Cap Core Fund

Investment Objective

Fees and Expenses of the Fund

Management Fees 0.72% 0.72% 0.72% 0.72%

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 Reimbursements3 _(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%

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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 $ 114 3 Years $1,034 $ 716 $ 564 $ 409 $1,034 $ 716 $ 564 $ 409 5 Years $1,383 $1,243 $ 988 $ 726 $1,383 $1,243 $ 988 $ 726 10 Years $2,367 $2,687 $2,170 $1,625 $2,367 $2,687 $2,170 $1,625 Portfolio Turnover

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

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.

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Fund Performance

-60% -40% 0% 60% -20% 40% 20% 2007 8.15% 2009 35.49% 2010 2012 2013 29.27% 12.81% 2008 -37.57% 2011 -5.12% 31.15%

During the seven-year period ended December 31, 2013, the Fund’s highest and lowest quarterly returns were 17.70% and -25.85%, respectively, for the quarters ended September 30, 2009 and December 31, 2008. 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, 2009. 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.

December 31, 2013 1 Year 5 Years Since Inception(May 31, 2006)

Class R3 (return before taxes) 30.80% 19.42% 7.57%

Russell Midcap®_{Index (reflects no deduction for fees, expenses or taxes)} _34.76% _22.36% _8.57%

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Management

Investment Adviser

Purchase and Sale of Fund Shares

retirement plans.

• No minimum for eligible retirement plans and certain other categories of eligible investors as described in the prospectus. Minimum Additional Investment $100 No minimum. No minimum.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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Section 2 How We Manage Your Money

To help you better understand the Funds, this section includes a detailed discussion of the Funds’ investment and risk management strategies. For a more complete discussion of these matters, please see the statement of additional information, which is available by calling (800) 257-8787 or by visiting Nuveen’s website at www.nuveen.com.

Who Manages the Funds

Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors”), the Funds’

investment adviser, offers advisory and investment management services to a broad range of mutual fund clients. Nuveen Fund Advisors has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services. Nuveen Fund Advisors is located at 333 West Wacker Drive, Chicago, Illinois 60606.

Nuveen Fund Advisors is a subsidiary of Nuveen Investments, Inc. (“Nuveen

Investments”). On November 13, 2007, Nuveen Investments was acquired

by investors led by Madison Dearborn Partners, LLC, which is a private equity investment firm based in Chicago, Illinois. The Nuveen family of advisers has been providing advice to investment companies since 1976, and had $214.9 billion of assets under management as of September 30, 2013. Nuveen Fund Advisors has selected its affiliate, Symphony Asset

Management LLC (“Symphony”), located at 555 California Street, Suite 2975, San Francisco, California 94104, to serve as sub-adviser to each Fund. Symphony manages the investment of the Funds’ assets on a discretionary basis, subject to the supervision of Nuveen Fund Advisors.

The portfolio managers for the Funds are Gunther Stein, Ross Sakamoto and Joel Drescher.

• Gunther Stein is Chief Investment Officer and Chief Executive Officer at Symphony and has over twenty-five years of investment experience. Mr. Stein is responsible for leading Symphony’s fixed-income and equity investments strategies and research efforts, and overseeing firm trading. Mr. Stein was named Chief Investment Officer of Symphony in 2009 and Chief Executive Officer in 2010. Before 2009, Mr. Stein was a Portfolio Manager of fixed-income strategies at Symphony. Prior to joining

Symphony in 1999, Mr. Stein was a high yield portfolio manager at Wells Fargo Bank, where he managed a high yield portfolio, was responsible for investing in public high yield bonds and bank loans and managed a team of credit analysts.

• Ross Sakamoto, Co-Director of Equity at Symphony, has managed the Funds since July 2010 and has over twenty years of investment

experience. He is responsible for co-heading Symphony’s equity

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the Quantitative Services group at Deutsche Bank Advisors and Managing Director focused on program trading at Bear Stearns & Company from 2002 to 2007.

• Joel Drescher is Co-Director of Equity at Symphony. He is responsible for co-heading Symphony’s equity investment strategies along with Ross Sakamoto and overseeing fundamental research for Symphony’s equity strategies. Prior to joining Symphony in 2012, Mr. Drescher was a Sector Manager at Ascend Capital, where he was responsible for managing all aspects of the investment process for the firm’s consumer discretionary portfolio. Previously, he was the Chief Operations Officer and a Senior Research Analyst at Odyssey Value Advisors and earlier in his career a Financial Analyst in the investment banking group at ING Barings, LLC. Additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers and the portfolio managers’ ownership of securities in the Funds is provided in the statement of

additional information. Management Fees

The management fee schedule for each Fund consists of two components: a Fund-level fee, based only on the amount of assets within a Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by Nuveen Fund Advisors.

The annual Fund-level fee, payable monthly, is based upon the average daily net assets of each Fund as follows:

Average Daily Net Assets

Nuveen Symphony International Equity Fund Nuveen Symphony Large-Cap Growth Fund Nuveen Symphony Low Volatility Equity Fund Nuveen Symphony Mid-Cap Core Fund

For the first $125 million 0.6000% 0.5000% 0.5000% 0.5500% For the next $125 million 0.5875% 0.4875% 0.4875% 0.5375% For the next $250 million 0.5750% 0.4750% 0.4750% 0.5250% For the next $500 million 0.5625% 0.4625% 0.4625% 0.5125% For the next $1 billion 0.5500% 0.4500% 0.4500% 0.5000% For net assets over $2 billion 0.5250% 0.4250% 0.4250% 0.4750% The complex-level fee is the same for each Fund. It begins at a maximum rate of 0.2000% of each Fund’s average daily net assets, based upon complex-level assets of $55 billion, with breakpoints for eligible assets above that complex-level. Therefore, the maximum management fee rate for each Fund is the Fund-level fee plus 0.2000%. As of September 30, 2013, the effective complex-level fee for each Fund was 0.1686% of a Fund’s average daily net assets.

For the most recent fiscal year, each Fund paid Nuveen Fund Advisors the following management fees (net of fee waivers and expense reimbursements, where applicable) as a percentage of average daily net assets:

Nuveen Symphony International Equity Fund —%* Nuveen Symphony Large-Cap Growth Fund 0.67 Nuveen Symphony Low Volatility Equity Fund —*

Nuveen Symphony Mid-Cap Core Fund —*

* For the most recent fiscal year, Nuveen Fund Advisors reimbursed expenses in excess of management fees.

Nuveen Fund Advisors has agreed to waive fees and/or reimburse expenses so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and

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extraordinary expenses) for the Funds do not exceed the percentages of the average daily net assets listed below of any class of Fund shares.

Nuveen Symphony International Equity Fund 1.13% through January 31, 2015 and 1.38% thereafter

Nuveen Symphony Large-Cap Growth Fund 1.00% through January 31, 2015 and 1.35% thereafter

Nuveen Symphony Low Volatility Equity Fund 0.80% through January 31, 2015 and 1.45% thereafter

Nuveen Symphony Mid-Cap Core Fund 1.15% through January 31, 2015 and 1.40% thereafter

The expense limitations that expire may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Funds. The expense limitations in effect thereafter may be terminated or modified only with the approval of shareholders of the Funds.

Information regarding the Board of Trustees’ approval of the investment management agreements is available in the Funds’ annual report for the fiscal year ended September 30, 2013.

More About Our Investment Strategies

The Funds’ investment objectives, which are described in the “Fund Summaries” section, may not be changed without shareholder approval. Each Fund has adopted a non-fundamental investment policy pursuant to Rule 35d-1 under the Investment Company Act of 1940, as amended (a “Name Policy”). Details about each Fund’s Name Policy can be found in the statement of additional information. As a result, each Fund must provide shareholders with a notice meeting the requirements of Rule 35d-1(c) at least 60 days prior to any change of a Fund’s Name Policy.

The Funds’ investment policies may be changed by the Board of Trustees without shareholder approval unless otherwise noted in this prospectus or the statement of additional information.

The Funds’ principal investment strategies are discussed in the “Fund Summaries” section. These are the strategies that the Funds’ investment adviser and sub-adviser believe are most likely to be important in trying to achieve the Funds’ investment objectives. This section provides more information about these strategies, as well as information about some

additional strategies that the Funds’ sub-adviser uses, or may use, to achieve the Funds’ objectives. You should be aware that each Fund may also use strategies and invest in securities that are not described in this prospectus, but that are described in the statement of additional information. For a copy of the statement of additional information, call Nuveen Investor Services at (800) 257-8787 or visit Nuveen’s website at www.nuveen.com.

Equity Securities

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Non-U.S. Investments

Nuveen Symphony International Equity Fund invests in non-U.S. equity securities. The Fund will classify an issuer of a security as being a U.S. or non-U.S. company based on the determination of an unaffiliated, recognized financial data provider. Such determinations are based on a number of criteria, such as the issuer’s country of domicile, the primary exchange on which the security trades, the location from which the majority of the issuer’s revenue comes, and the issuer’s reporting currency. The Fund’s investment in U.S. equity securities includes direct investment in securities of non-U.S. companies traded overseas as well as American Depositary Receipts (“ADRs”) and other types of depositary receipts.

Nuveen Symphony International Equity Fund may invest in issuers located in emerging markets. Emerging market countries include any country other than Canada, the United States and countries comprising the MSCI EAFE®

Index (currently, Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom).

Cash Equivalents and Short-Term Investments

The Funds may invest in cash and in U.S. dollar-denominated high-quality money market instruments and other short-term securities, including money market funds, in such proportions as warranted by prevailing market

conditions and the Funds’ principal investment strategies. The Funds may temporarily invest without limit in such holdings for liquidity purposes, or in an attempt to respond to adverse market, economic, political or other conditions. Being invested in these securities may keep a Fund from participating in a market upswing and prevent a Fund from achieving its investment objective.

Investment Companies and Other Pooled Investment Vehicles The Funds may invest in securities of other open-end or closed-end investment companies, including exchange-traded funds (“ETFs”). In

addition, the Funds may invest a portion of their assets in pooled investment vehicles (other than investment companies). An ETF is an investment

company that holds a portfolio of securities generally designed to track the performance of a securities index, including industry, sector, country and region indexes. ETFs trade on a securities exchange and their shares may, at times, trade at a premium or discount to their net asset value.

As a shareholder in a pooled investment vehicle, the Funds will bear their ratable share of that vehicle’s expenses, and would remain subject to payment of the Funds’ advisory and administrative fees with respect to assets so invested. Shareholders would therefore be subject to duplicative expenses to the extent the Funds invest in other pooled investment vehicles. In addition, the Funds will incur brokerage costs when purchasing and selling shares of ETFs. Securities of other pooled investment vehicles may be

leveraged, in which case the value and/or yield of such securities will tend to be more volatile than securities of unleveraged vehicles.

Generally, investments in ETFs are subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended. These limitations include a prohibition on a Fund acquiring more than 3% of the voting shares of any other investment company, and a prohibition on investing more than 5% of the Fund’s total assets in the securities of any one investment

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investment company securities. Many ETFs, however, have obtained exemptive relief from the Securities and Exchange Commission to permit unaffiliated funds to invest in the ETFs’ shares beyond these statutory limitations, subject to certain conditions and pursuant to a contractual arrangement between the ETFs and the investing Fund. The Funds may rely on these exemptive orders in order to invest in unaffiliated ETFs beyond the foregoing statutory limitations. Subject to certain conditions, a Fund also may invest in money market funds beyond the statutory limits described above.

Disclosure of Portfolio Holdings

A description of the Funds’ policies and procedures with respect to the disclosure of the Funds’ portfolio holdings is available in the Funds’

statement of additional information. A list of each Fund’s portfolio holdings is available on the Funds’ website—www.nuveen.com/mf—by navigating to your Fund using the “Mutual Fund Finder” and clicking on the “Holdings & Detail” tab. By following these links, you can obtain a list of your Fund’s top ten holdings as of the end of the most recent month. A complete list of portfolio holdings information is generally made available on the Funds’ website ten business days after the end of the month. This information will remain available on the website until the Funds file with the Securities and Exchange Commission their annual, semi-annual or quarterly holdings report for the fiscal period that includes the date(s) as of which the website

information is current.

How We Select Investments

Symphony believes that bottom-up stock selection is the most consistent way to achieve superior risk-adjusted returns through various market cycles. The equity team utilizes a comprehensive process that incorporates

complementary quantitative and fundamental investment methods to efficiently identify companies likely to outperform their industry peers and combine them in risk-managed portfolios.

Symphony’s investment process begins by identifying candidates with excess return potential from two separate sources.

• Quantitative Idea Generation. Quantitative analysis serves as the starting

point for security selection and narrows the investable universe in a disciplined, objective and efficient manner based on factors that Symphony has identified and researched over the past 15 years.

• Analyst-Driven Idea Generation. Symphony’s fundamental analysts

provide additional investment ideas outside of the trades recommended by the quantitative process.

Investment ideas undergo rigorous fundamental analysis as part of the team’s ongoing security selection and portfolio monitoring processes. Fundamental analysis seeks to identify factors relevant to the attractiveness of investing in each company, some of which may be industry-specific. Analyst-driven ideas and quantitative signals are cross-checked as part of Symphony’s deeper diligence process. Valuation is assessed and any upcoming catalysts are identified. Through this process, the team seeks to identify the best risk-adjusted ideas within each sector.

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represents a balance between these two objectives. Quantitative tools are used to optimize the balance of risk and upside potential within the parameters set forth in the following paragraph, with ultimate allocation decisions made by the portfolio management team.

For each of the Funds except the Nuveen Symphony Low Volatility Equity Fund, the goal of the portfolio construction process is to build a well-diversified portfolio that reflects the given benchmark in terms of its risk characteristics and that simultaneously seeks to generate a return in excess of that benchmark. For the Nuveen Symphony Low Volatility Equity Fund, the goal of the portfolio construction process is to build a well-diversified portfolio with volatility that is 90% of the volatility of the Fund’s benchmark index, while generating returns in excess of the market over the long term. 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. Changes in a security’s risk/return profile may be identified by Symphony’s quantitative models or fundamental analysts.

What the Risks Are

Risk is inherent in all investing. Investing in a mutual fund involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing you should consider carefully the principal risks and certain other risks that you assume when you invest in the Funds. These risks are listed alphabetically below. Because of these risks, you should consider an investment in the Funds to be a long-term investment.

Principal Risks

Currency risk: Nuveen Symphony International Equity Fund invests in

non-U.S. securities. Changes in currency exchange rates will affect the value of non-U.S. securities, the value of dividends and interest earned from such securities, and gains and losses realized on the sale of such securities, and hence will affect the net asset value of Nuveen Symphony International Equity Fund. A strong U.S. dollar relative to these other currencies will adversely affect the value of a Fund that invests in such non-U.S. securities.

Equity security risk: Equity securities may decline significantly in price over

short or extended periods of time. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, or sector of the market. In addition, the types of securities in which a particular Fund invests, such as value stocks, growth stocks, large-capitalization stocks, mid-capitalization stocks, small-mid-capitalization stocks and/or micro-mid-capitalization stocks, may underperform the market as a whole.

Growth stock risk: The growth stocks in which a Fund invests 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.

Investment strategy risk: For Nuveen Symphony Low Volatility Equity Fund,

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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 guaranty that this strategy will be successful.

Non-U.S./emerging markets risk: With respect to the Nuveen Symphony

International Equity Fund, non-U.S. issuers or U.S. issuers with significant non-U.S. operations may be subject to risks in addition to or different than those of issuers that are located in or principally operated in the United States due to political, social and economic developments abroad, different regulatory environments and laws, potential seizure by the government of company assets, higher taxation, withholding taxes on dividends and interest and limitations on the use or transfer of portfolio assets.

To the extent the Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities. The holder of an unsponsored depositary receipt may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored depositary receipt.

Other non-U.S. investment risks include the following:

• Enforcing legal rights may be difficult, costly and slow in non-U.S. countries, and there may be special problems enforcing claims against non-U.S. governments.

• Non-U.S. companies may not be subject to accounting standards or governmental supervision comparable to U.S. companies, and there may be less public information about their operations.

• Non-U.S. markets may be less liquid and more volatile than U.S. markets. • The U.S. and non-U.S. equity markets often rise and fall at different times

or by different amounts due to economic or other developments

particular to a given country or region. This phenomenon would tend to lower the overall price volatility of a portfolio that included both U.S. and non-U.S. securities. Sometimes, however, global trends will cause the U.S. and non-U.S. markets to move in the same direction, reducing or eliminating the risk reduction benefit of international investing. • Non-U.S. securities traded on foreign exchanges, particularly in

emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading, and greater spreads between bid and asked prices for securities. In addition, non-U.S. exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. exchange transactions.

• The Fund’s income from non-U.S. issuers may be subject to non-U.S. withholding taxes. In some countries, the Fund also may be subject to taxes on trading profits and, on certain securities transactions, transfer or stamp duties tax. To the extent non-U.S. income taxes are paid by the Fund, U.S. shareholders may be entitled to a credit or deduction for U.S. tax purposes.

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

Mutual Funds

Prospectus

January 31, 2014

Nuveen Equity Funds

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Table of Contents

Section 1

Fund Summaries

Section 2

How We Manage Your Money

Section 3

How You Can Buy and Sell Shares

Section 4

General Information

Section 5

Financial Highlights

Section 6

Glossary of Investment Terms

Section 1

Fund Summaries

Nuveen Symphony International Equity Fund

Investment Objective

Fees and Expenses of the Fund

Principal Investment Strategies

Principal Risks

Fund Performance

Management

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Nuveen Symphony Large-Cap Growth Fund

Investment Objective

Fees and Expenses of the Fund

Principal Investment Strategies

Principal Risks

Fund Performance

Management

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Nuveen Symphony Low Volatility Equity Fund

Investment Objective

Fees and Expenses of the Fund

Principal Investment Strategies

Principal Risks

Fund Performance

Management

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Nuveen Symphony Mid-Cap Core Fund

Investment Objective

Fees and Expenses of the Fund

Principal Investment Strategies

Principal Risks

Fund Performance

Management

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Section 2

How We Manage Your Money

Who Manages the Funds

More About Our Investment Strategies

How We Select Investments

What the Risks Are