Mutual Funds January 31, 2014 Prospectus For investors seeking a high level of current income and capital appreciation. Nuveen Taxable Bond Funds Class / Ticker Symbol Fund Name Class A Class C Class I Nuveen Symphony Credit Opportunities Fund NCOAX NCFCX NCOIX Nuveen Symphony Floating Rate Income Fund NFRAX NFFCX NFRIX Nuveen Symphony High Yield Bond Fund NSYAX NSYCX NSYIX 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.
NUVEEN SYMPHONY FLOATING RATE INCOME FUND SUPPLEMENT DATED MAY 23, 2014 TO THE PROSPECTUS DATEDJANUARY 31, 2014 Effective July 1, 2014, the up-front Class A sales charge schedule for the Nuveen Symphony Floating Rate Income Fund included on page 28 of the Prospectus is deleted in its entirety and replaced with the following: Sales Charge as % of Public Offering Price Sales Charge as % of Net Amount Invested Maximum Financial Intermediary Commission as % of Public Offering Price Amount of Purchase Less than $50,000 3.00% 3.09% 2.50% $50,000 but less than $100,000 2.50 2.56 2.00 $100,000 but less than $250,000 2.00 2.04 1.50 $250,000 but less than $500,000 1.50 1.52 1.25 $500,000 and over* 1.00 * You can purchase $500,000 or more of Class A shares at net asset value without an up-front sales charge. The Distributor pays financial intermediaries of record at a rate of 1.00% of the first $2.5 million, plus 0.75% of the next $2.5 million, plus 0.50% of the amount over $5 million, which includes an advance of the first year s service fee. Unless you are eligible for a waiver, you may be assessed a contingent deferred sales charge ( CDSC ) of 1.00% if you redeem any of your shares within 6 months of purchase, 0.75% if you redeem any of your shares within 12 months of purchase and 0.50% if you redeem any of your shares within 18 months of purchase. See How to Sell Shares Contingent Deferred Sales Charge below for more information. In addition, as of July 1, 2014, the first bullet point under the section titled How You Can Buy and Sell Shares How to Reduce Your Sales Charge Class A Sales Charge Waivers will be deleted in its entirety and replaced with the following: Purchases of $1,000,000 or more ($500,000 or more in the case of Nuveen Symphony Floating Rate Income Fund) (although such purchases may be subject to a CDSC in certain circumstances, see How to Sell Shares Contingent Deferred Sales Charge below). PLEASE KEEP THIS WITH YOUR PROSPECTUS FOR FUTURE REFERENCE MGN-SFRIP-0514P
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.
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
Table of Contents Section 1 Fund Summaries Nuveen Symphony Credit Opportunities Fund 2... Nuveen Symphony Floating Rate Income Fund 7... Nuveen Symphony High Yield Bond Fund 12... Section 2 How We Manage Your Money Who Manages the Funds 17... More About Our Investment Strategies 19... How We Select Investments 22... What the Risks Are 22... Section 3 How You Can Buy and Sell Shares What Share Classes We Offer 27... How to Reduce Your Sales Charge 29... How to Buy Shares 30... Special Services 32... How to Sell Shares 33... Section 4 General Information Dividends, Distributions and Taxes 36... Distribution and Service Plan 37... Net Asset Value 39... Frequent Trading 40... Fund Service Providers 41... Section 5 Financial Highlights 42... Section 6 Glossary of Investment Terms 45... NOT FDIC OR GOVERNMENT INSURED MAY LOSE VALUE NO BANK GUARANTEE
Section 1 Fund Summaries Nuveen Symphony Credit Opportunities Fund Investment Objective The investment objective of the Fund is to seek current income and 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 27 of the Fund s prospectus, How to Reduce Your Sales Charge on page 29 of the prospectus and Purchase and Redemption of Fund Shares on page S-58 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) 4.75% 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 0.60% 0.60% 0.60% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.00% Other Expenses 0.18% 0.18% 0.18% Total Annual Fund Operating Expenses 1.03% 1.78% 0.78% 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 I A C I 1 Year $ 575 $ 181 $ 80 $ 575 $ 181 $ 80 3 Years $ 787 $ 560 $249 $ 787 $ 560 $249 5 Years $1,017 $ 964 $433 $1,017 $ 964 $433 10 Years $1,675 $2,095 $966 $1,675 $2,095 $966 2 Section 1 Fund Summaries
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 77% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Fund invests primarily in debt instruments (e.g., bonds, loans and convertible securities), a substantial portion of which may be rated below investment-grade or, if unrated, deemed by the Fund s portfolio managers to be of comparable quality. Below investment-grade securities are commonly referred to as high yield or junk bonds. The Fund may invest up to 35% of its net assets in loans and up to 30% of its net assets in convertible securities. The Fund invests both in debt issued by U.S. companies and in U.S. dollar-denominated debt issued by non-u.s. companies that is traded over-the-counter or listed on an exchange. The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; swap agreements, including interest rate swaps, total return swaps, and credit default swaps; and options on swap agreements. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund s portfolio or for speculative purposes in an effort to increase the Fund s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund s sub-adviser bases its investment process on fundamental, bottom-up credit analysis. Analysts assess sector dynamics, company business models and asset quality. Specific recommendations are based on an analysis of the relative value of the various types of debt within a company s capital structure. Inherent in the sub-adviser s credit analysis process is the evaluation of potential upside and downside to any credit. As such, the sub-adviser concentrates its efforts on sectors where there is sufficient transparency to assess the downside risk and where firms have assets to support meaningful recovery in case of default. In its focus on downside protection, the sub-adviser favors opportunities where valuations can be quantified and risks assessed. 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: Call Risk If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Convertible Security Risk The value of the Fund s convertible securities may decline in response to such factors as rising interest rates and fluctuations in the market price of the common stock underlying the convertible securities. Credit Risk Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer s ability or willingness to make such payments. Currency Risk Even though the non-u.s. securities held by the Fund are traded in U.S. dollars, their prices are typically indirectly influenced by currency fluctuations. Changes in currency exchange rates may affect the Fund s net asset value, the value of dividends and interest earned, and gains or losses realized on the sale of securities. Derivatives Risk The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. A derivative transaction also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. Section 1 Fund Summaries 3
High Yield Securities Risk High yield securities, which are rated below investment grade and commonly referred to as junk bonds, are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid and have more volatile prices than investment grade securities. Income Risk The Fund s income could decline during periods of falling interest rates. Interest Rate Risk Interest rate risk is the risk that the value of the Fund s portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Loan Risk Portfolio transactions in loans may settle in as short as seven days but typically can take up to two or three weeks, and in some cases much longer. Unlike the securities markets, there is no central clearinghouse for loan trades, and the loan market has not established enforceable settlement standards or remedies for failure to settle. Credit risk is heightened for loans in which the Fund invests because companies that issue such loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy. Non-U.S. Investment 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. 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. 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 4.31% 2011 Class A Annual Total Return 15.59% 2012 9.68% 2013 During the three-year period ended December 31, 2013, the Fund s highest and lowest quarterly returns were 6.74% and -5.88%, respectively, for the quarters ended December 31, 2011 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. 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 taxdeferred accounts such as IRAs or employer-sponsored retirement plans. 4 Section 1 Fund Summaries
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 (April 28, 2010) Class A (return before taxes) 4.47% 8.93% Class A (return after taxes on distributions) 1.57% 6.35% Class A (return after taxes on distributions and sale of Fund shares) 2.52% 5.86% Class C (return before taxes) 8.88% 9.56% Class I (return before taxes) 9.94% 10.66% BofA Merrill Lynch U.S. High Yield Master II Index (reflects no deduction for fees, expenses or taxes) 7.42% 9.46% Custom Benchmark Index (reflects no deduction for fees, expenses or taxes) 6.92% 8.16% Lipper High Yield Funds Classification Average (reflects no deduction for taxes or sales loads) 6.82% 8.61% 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 Investment Officer and April 2010 Chief Executive Officer Jenny Rhee Portfolio Manager April 2010 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 I $3,000 for all accounts Available only through fee-based programs and certain retirement plans, and to except: other limited categories of investors as described in the prospectus. $2,500 for Traditional/ $100,000 for all accounts except: Roth IRA $250 for clients of financial intermediaries and family offices that have accounts accounts. holding Class I shares with an aggregate value of at least $100,000 (or that are $2,000 for Coverdell expected to reach this level). Education No minimum for eligible retirement plans and certain other categories of Savings Accounts. eligible investors as described in the prospectus. $250 for accounts opened through fee-based programs. No minimum for retirement plans. $100 No minimum. Section 1 Fund Summaries 5
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. 6 Section 1 Fund Summaries
Nuveen Symphony Floating Rate Income Fund Investment Objective The principal investment objective of the Fund is to seek a high level of current income and the secondary investment objective of the Fund is to seek 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 27 of the Fund s prospectus, How to Reduce Your Sales Charge on page 29 of the prospectus and Purchase and Redemption of Fund Shares on page S-58 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) 3.00% 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 0.61% 0.61% 0.61% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.00% Other Expenses 0.27% 0.24% 0.23% Total Annual Fund Operating Expenses 1.13% 1.85% 0.84% Fee Waivers and/or Expense Reimbursements 3 (0.06)% (0.03)% (0.02)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.07% 1.82% 0.82% 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 0.85% (1.10% 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. Section 1 Fund Summaries 7
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 lesser of Total Annual Fund Operating Expenses or 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 $ 406 $ 185 $ 84 $ 406 $ 185 $ 84 3 Years $ 643 $ 579 $ 266 $ 643 $ 579 $ 266 5 Years $ 898 $ 998 $ 464 $ 898 $ 998 $ 464 10 Years $1,628 $2,167 $1,035 $1,628 $2,167 $1,035 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 53% 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 floating rate securities. Floating rate securities are defined to include floating rate loans, other floating rate debt securities, money market securities and shares of money market and short-term bond funds. The Fund may invest up to 20% of its net assets in other securities, which would primarily be fixed rate debt securities, convertible securities and equity securities received as a result of the restructuring of an issuer s debt. A substantial portion of the Fund s assets generally will be invested in securities rated below investment grade or, if unrated, deemed by the Fund s portfolio managers to be of comparable quality. Below investment-grade securities are commonly referred to as high yield or junk bonds. The Fund invests both in securities issued by U.S. companies and in U.S. dollar-denominated securities issued by non-u.s. companies that are traded over-the-counter or listed on an exchange. Under normal market conditions, the Fund s average portfolio duration will not be longer than one year. The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; swap agreements, including interest rate swaps, total return swaps, and credit default swaps; and options on swap agreements. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund s portfolio, including the use of interest rate derivatives to convert fixed-rate securities to floating rate securities, or for speculative purposes in an effort to increase the Fund s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund s sub-adviser bases its investment process on fundamental, bottom-up credit analysis. Analysts assess sector dynamics, company business models and asset quality. Inherent in the sub-adviser s credit analysis process is the evaluation of potential upside and downside to any credit. As such, the sub-adviser concentrates its efforts on sectors where there is sufficient transparency to assess the downside risk and where firms have assets to support meaningful recovery in case of default. In its focus on downside protection, the sub-adviser favors opportunities where valuations can be quantified and risks assessed. 8 Section 1 Fund Summaries
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: Call Risk If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Convertible Security Risk The value of the Fund s convertible securities may decline in response to such factors as rising interest rates and fluctuations in the market price of the common stock underlying the convertible securities. Credit Risk Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer s ability or willingness to make such payments. Currency Risk Even though the non-u.s. securities held by the Fund are traded in U.S. dollars, their prices are typically indirectly influenced by currency fluctuations. Changes in currency exchange rates may affect the Fund s net asset value, the value of dividends and interest earned, and gains or losses realized on the sale of securities. Derivatives Risk The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. A derivative transaction also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. 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. High Yield Securities Risk High yield securities, which are rated below investment grade and commonly referred to as junk bonds, are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid and have more volatile prices than investment grade securities. Income Risk The Fund s income could decline during periods of falling interest rates. Interest Rate Risk Interest rate risk is the risk that the value of the Fund s portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Loan Risk Portfolio transactions in loans may settle in as short as seven days but typically can take up to two or three weeks, and in some cases much longer. Unlike the securities markets, there is no central clearinghouse for loan trades, and the loan market has not established enforceable settlement standards or remedies for failure to settle. Credit risk is heightened for loans in which the Fund invests because companies that issue such loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy. Non-U.S. Investment 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. 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. Section 1 Fund Summaries 9
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. 15% Class A Annual Total Return 12% 11.47% 9% 8.04% 6% 3% 0% 2012 2013 During the two-year period ended December 31, 2013, the Fund s highest and lowest quarterly returns were 4.86% and 0.57%, respectively, for the quarters ended March 31, 2012 and June 30, 2012. 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. 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 taxdeferred 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 (May 2, 2011) Class A (return before taxes) 4.80% 5.79% Class A (return after taxes on distributions) 2.92% 3.82% Class A (return after taxes on distributions and sale of Fund shares) 2.68% 3.64% Class C (return before taxes) 7.24% 6.19% Class I (return before taxes) 8.40% 7.27% Credit Suisse Leveraged Loan Index (reflects no deduction for fees, expenses or taxes) 6.15% 5.22% Lipper Loan Participation Classification Average (reflects no deduction for taxes or sales loads) 5.45% 4.84% 10 Section 1 Fund Summaries
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 Investment Officer and May 2011 Chief Executive Officer Scott Caraher Portfolio Manager May 2011 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 11
Nuveen Symphony High Yield Bond Fund Investment Objective The investment objective of the Fund is to seek current income and 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 27 of the Fund s prospectus, How to Reduce Your Sales Charge on page 29 of the prospectus and Purchase and Redemption of Fund Shares on page S-58 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) 4.75% 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 0.62% 0.62% 0.62% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.00% Other Expenses 0.07% 1.03% 1.28% Total Annual Fund Operating Expenses 0.94% 2.65% 1.90% Fee Waivers and/or Expense Reimbursements 3 (0.00)% (0.83)% (1.08)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 0.94% 1.82% 0.82% 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 0.85% 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. 12 Section 1 Fund Summaries
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, that the Fund s operating expenses remain the same, and the contractual fee waivers currently in place are not renewed beyond January 31, 2015. 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 $ 566 $ 185 $ 84 $ 566 $ 185 $ 84 3 Years $ 760 $ 745 $ 492 $ 760 $ 745 $ 492 5 Years $ 970 $1,331 $ 926 $ 970 $1,331 $ 926 10 Years $1,575 $2,922 $2,134 $1,575 $2,922 $2,134 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. For the fiscal period December 10, 2012 through September 30, 2013, the Fund s portfolio turnover rate was 185% 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 bonds rated below investment-grade or, if unrated, deemed by the Fund s portfolio managers to be of comparable quality. Below investment-grade bonds are commonly referred to as high yield or junk bonds. These bonds generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High yield bond issuers include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. The Fund may invest up to 20% of its net assets, collectively, in the following categories: bank loans; convertible securities; and equity securities. The Fund may invest in securities issued by U.S. companies and in U.S. dollar-denominated securities issued by non-u.s. companies that are traded over-the-counter or listed on an exchange. The Fund may utilize the following derivatives: futures contracts; options on futures contracts; swap agreements, including interest rate swaps, total return swaps and credit default swaps; and options on swap agreements. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Fund s portfolio or for speculative purposes in an effort to increase the Fund s yield or to enhance returns. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund s sub-adviser bases its investment process on fundamental, bottom-up credit analysis. Analysts assess sector dynamics, company business models and asset quality. Specific recommendations are based on an analysis of the relative value of the various types of debt within a company s capital structure. Inherent in the sub-adviser s credit analysis process is the evaluation of potential upside and downside to any credit. As such, the sub-adviser concentrates its efforts on sectors where there is sufficient transparency to assess the downside risk and where firms have assets to support meaningful recovery in case of default. In its focus on downside protection, the sub-adviser favors opportunities where valuations can be quantified and risks assessed. Section 1 Fund Summaries 13
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: Call Risk If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Convertible Security Risk The value of the Fund s convertible securities may decline in response to such factors as rising interest rates and fluctuations in the market price of the common stock underlying the convertible securities. Credit Risk Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer s ability or willingness to make such payments. Currency Risk Even though the non-u.s. securities held by the Fund are traded in U.S. dollars, their prices are typically indirectly influenced by currency fluctuations. Changes in currency exchange rates may affect the Fund s net asset value, the value of dividends and interest earned, and gains or losses realized on the sale of securities. Derivatives Risk The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. A derivative transaction also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. 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. High Yield Securities Risk High yield securities, which are rated below investment grade and commonly referred to as junk bonds, are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid and have more volatile prices than investment grade securities. Income Risk The Fund s income could decline during periods of falling interest rates. Interest Rate Risk Interest rate risk is the risk that the value of the Fund s portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Loan Risk Portfolio transactions in loans may settle in as short as seven days but typically can take up to two or three weeks, and in some cases much longer. Unlike the securities markets, there is no central clearinghouse for loan trades, and the loan market has not established enforceable settlement standards or remedies for failure to settle. Credit risk is heightened for loans in which the Fund invests because companies that issue such loans tend to be highly leveraged and thus are more susceptible to the risks of interest deferral, default and/or bankruptcy. Non-U.S. Investment 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. 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. 14 Section 1 Fund Summaries
The bar chart below shows the Fund s performance 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. 20% Class A Annual Total Return 15% 15.43% 10% 5% 0% During the one-year period ended December 31, 2013, the Fund s highest and lowest quarterly returns were 5.40% and 0.75%, respectively, for the quarters ended March 31, 2013 and June 30, 2013. 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. 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 taxdeferred 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 (December 10, 2012) Class A (return before taxes) 9.95% 10.23% Class A (return after taxes on distributions) 7.53% 7.95% Class A (return after taxes on distributions and sale of Fund shares) 5.57% 6.73% Class C (return before taxes) 14.49% 14.47% Class I (return before taxes) 15.64% 15.61% BofA Merrill Lynch U.S. High Yield Master II Index (reflects no deduction for fees, expenses or taxes) 7.42% 7.57% Lipper High Yield Funds Classification Average (reflects no deduction for taxes or sales loads) 6.82% 7.05% 2013 Section 1 Fund Summaries 15