0001193125-12-108878.txt : 20120312 0001193125-12-108878.hdr.sgml : 20120310 20120312131200 ACCESSION NUMBER: 0001193125-12-108878 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20120312 DATE AS OF CHANGE: 20120312 EFFECTIVENESS DATE: 20120312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0000820892 IRS NUMBER: 411418224 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-16905 FILM NUMBER: 12683225 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SECURAL MUTUAL FUNDS INC DATE OF NAME CHANGE: 19910627 0000820892 S000005544 Nuveen High Income Bond Fund C000015076 Class A FJSIX C000015077 Class B FJSBX C000015078 Class C FCSIX C000015079 Class R3 FANSX C000015080 Class I FJSYX 0000820892 S000005545 Nuveen Inflation Protected Securities Fund C000015081 Class A FAIPX C000015082 Class C FCIPX C000015083 Class R3 FRIPX C000015084 Class I FYIPX 0000820892 S000005546 Nuveen Intermediate Government Bond Fund C000015085 Class A FIGAX C000015086 Class I FYGYX C000081079 Class C FYGCX C000081080 Class R3 FYGRX 0000820892 S000005548 Nuveen Intermediate Term Bond Fund C000015089 Class A FAIIX C000015090 Class I FINIX C000096213 Class C NTIBX 0000820892 S000005549 Nuveen International Fund C000015091 Class A FAIAX C000015093 Class C FIACX C000015094 Class R3 ARQIX C000015095 Class I FAICX 0000820892 S000005550 Nuveen Large Cap Growth Opportunities Fund C000015096 Class A FRGWX C000015097 Class B FETBX C000015098 Class C FAWCX C000015099 Class R3 FLCYX C000015100 Class I FIGWX 0000820892 S000005551 Nuveen Large Cap Select Fund C000015101 Class A FLRAX C000015103 Class C FLYCX C000015104 Class R3 FLSSX C000015105 Class I FLRYX 0000820892 S000005552 Nuveen Large Cap Value Fund C000015106 Class A FASKX C000015108 Class C FALVX C000015109 Class R3 FAVSX C000015110 Class I FSKIX 0000820892 S000005553 Nuveen Mid Cap Growth Opportunities Fund C000015111 Class A FRSLX C000015112 Class B FMQBX C000015113 Class C FMECX C000015114 Class R3 FMEYX C000015115 Class I FISGX 0000820892 S000005555 Nuveen Mid Cap Index Fund C000015121 Class A FDXAX C000015123 Class C FDXCX C000015124 Class R3 FMCYX C000015125 Class I FIMEX 0000820892 S000005556 Nuveen Mid Cap Value Fund C000015126 Class A FASEX C000015127 Class B FAESX C000015128 Class C FACSX C000015129 Class R3 FMVSX C000015130 Class I FSEIX 0000820892 S000005557 Nuveen Missouri Tax Free Fund C000015131 Class A ARMOX C000015132 Class C1 FFMCX C000015133 Class I ARMIX 0000820892 S000005558 Nuveen Minnesota Intermediate Municipal Bond Fund C000015134 Class A FAMAX C000015135 Class I FAMTX C000081082 Class C1 FACMX C000096214 Class C NIBMX 0000820892 S000005559 Nuveen Minnesota Municipal Bond Fund C000015136 Class A FJMNX C000015137 Class C1 FCMNX C000015138 Class I FYMNX C000096215 Class C NMBCX 0000820892 S000005560 Nuveen Nebraska Municipal Bond Fund C000015139 Class A FNTAX C000015140 Class C1 FNTCX C000015141 Class I FNTYX C000096216 Class C NCNBX 0000820892 S000005561 Nuveen Ohio Tax Free Fund C000015142 Class A FOFAX C000015143 Class C1 FOTCX C000015144 Class I FOTYX 0000820892 S000005562 Nuveen Oregon Intermediate Municipal Bond Fund C000015145 Class A FOTAX C000015146 Class I FORCX C000096217 Class C NIMOX 0000820892 S000005563 Nuveen Real Estate Securities Fund C000015147 Class A FREAX C000015148 Class B FREBX C000015149 Class C FRLCX C000015150 Class R3 FRSSX C000015151 Class I FARCX 0000820892 S000005564 Nuveen Short Term Municipal Bond Fund C000015152 Class A FSHAX C000015153 Class I FSHYX C000106247 Class C NSVCX 0000820892 S000005566 Nuveen Short Term Bond Fund C000015156 Class A FALTX C000015157 Class I FLTIX C000081083 Class C FBSCX C000104758 Class R3 NSSRX 0000820892 S000005567 Nuveen Small Cap Growth Opportunities Fund C000015158 Class A FRMPX C000015159 Class B FROBX C000015160 Class C FMPCX C000015161 Class R3 FMPYX C000015162 Class I FIMPX 0000820892 S000005568 Nuveen Small Cap Index Fund C000015163 Class A FMDAX C000015165 Class C FPXCX C000015166 Class R3 ARSCX C000015167 Class I ASETX 0000820892 S000005569 Nuveen Small Cap Select Fund C000015168 Class A EMGRX C000015169 Class B ARSBX C000015170 Class C FHMCX C000015171 Class R3 ASEIX C000015172 Class I ARSTX 0000820892 S000005570 Nuveen Small Cap Value Fund C000015173 Class A FSCAX C000015175 Class C FSCVX C000015176 Class R3 FSVSX C000015177 Class I FSCCX 0000820892 S000005571 Nuveen Mid Cap Select Fund C000015178 Class A FATAX C000015180 Class C FTACX C000015181 Class I FATCX 0000820892 S000005572 Nuveen Tax Free Fund C000015182 Class A FJNTX C000015183 Class C1 FJCTX C000015184 Class I FYNTX 0000820892 S000005573 Nuveen Total Return Bond Fund C000015185 Class A FCDDX C000015186 Class B FCBBX C000015187 Class C FCBCX C000015188 Class R3 FABSX C000015189 Class I FCBYX 0000820892 S000005575 Nuveen California Tax Free Fund C000015195 Class A FCAAX C000015196 Class C1 FCCAX C000015197 Class I FCAYX 0000820892 S000005577 Nuveen Colorado Tax Free Fund C000015200 Class A FCOAX C000015201 Class C1 FCCOX C000015202 Class I FCOYX 0000820892 S000005578 Nuveen Core Bond Fund C000015203 Class A FAFIX C000015204 Class B FFIBX C000015205 Class C FFAIX C000015206 Class R3 FFISX C000015207 Class I FFIIX 0000820892 S000005579 Nuveen Dividend Value Fund C000015208 Class A FFEIX C000015209 Class B FAEBX C000015210 Class C FFECX C000015211 Class R3 FEISX C000015212 Class I FAQIX 0000820892 S000005580 Nuveen Equity Index Fund C000015213 Class A FAEIX C000015214 Class B FAEQX C000015215 Class C FCEIX C000015216 Class R3 FADSX C000015217 Class I FEIIX 0000820892 S000014927 Nuveen International Select Fund C000040497 Class A ISACX C000040499 Class C ICCSX C000040500 Class R3 ISRCX C000040501 Class I ISYCX 0000820892 S000018455 Nuveen Quantitative Enhanced Core Equity Fund C000051040 Class A FQCAX C000051041 Class C FQCCX C000051043 Class I FQCYX 0000820892 S000020012 Nuveen Global Infrastructure Fund C000056118 Class A FGIAX C000056119 Class I FGIYX C000070757 Class C FGNCX C000070758 Class R3 FGNRX 0000820892 S000027104 Nuveen Tactical Market Opportunities Fund C000081650 Class I FGTYX C000100301 Class A NTMAX C000100302 Class C NTMCX 0000820892 S000033768 Nuveen Real Asset Income Fund C000104365 Class A NRIAX C000104366 Class C NRICX C000104367 Class R3 NRIRX C000104368 Class I NRIIX 497 1 d312509d497.htm NUVEEN INVESTMENT FUNDS, INC. Nuveen Investment Funds, Inc.

SUPPLEMENT DATED MARCH 12, 2012

NUVEEN CORE BOND FUND

NUVEEN HIGH INCOME BOND FUND

NUVEEN INFLATION PROTECTED SECURITIES FUND

NUVEEN INTERMEDIATE GOVERNMENT BOND FUND

NUVEEN INTERMEDIATE TERM BOND FUND

NUVEEN SHORT TERM BOND FUND

NUVEEN TOTAL RETURN BOND FUND

To the Prospectus dated October 31, 2011

NUVEEN MINNESOTA INTERMEDIATE MUNICIPAL BOND FUND

NUVEEN MINNESOTA MUNICIPAL BOND FUND

NUVEEN NEBRASKA MUNICIPAL BOND FUND

NUVEEN OREGON INTERMEDIATE MUNICIPAL BOND FUND

To the Prospectus dated September 30, 2011

NUVEEN SHORT TERM MUNICIPAL BOND FUND

NUVEEN TAX FREE FUND

To the Prospectus dated August 31, 2011

NUVEEN CALIFORNIA TAX FREE FUND

To the Prospectus dated June 30, 2011

NUVEEN DIVIDEND VALUE FUND

NUVEEN EQUITY INDEX FUND

NUVEEN INTERNATIONAL FUND

NUVEEN INTERNATIONAL SELECT FUND

NUVEEN LARGE CAP GROWTH OPPORTUNITIES FUND

NUVEEN LARGE CAP SELECT FUND

NUVEEN LARGE CAP VALUE FUND

NUVEEN MID CAP GROWTH OPPORTUNITIES FUND

NUVEEN MID CAP INDEX FUND

NUVEEN MID CAP SELECT FUND

NUVEEN MID CAP VALUE FUND

NUVEEN QUANTITATIVE ENHANCED CORE EQUITY FUND

NUVEEN SMALL CAP GROWTH OPPORTUNITIES FUND

NUVEEN SMALL CAP INDEX FUND

NUVEEN SMALL CAP SELECT FUND

NUVEEN SMALL CAP VALUE FUND

NUVEEN TACTICAL MARKET OPPORTUNITIES FUND

To the Prospectus dated February 29, 2012

NUVEEN GLOBAL INFRASTRUCTURE FUND

NUVEEN REAL ASSET INCOME FUND

NUVEEN REAL ESTATE SECURITIES FUND

To the Prospectus dated February 29, 2012

Currently, the Nuveen Mutual Funds (the “Funds”) utilize two transfer agents and, as a result, certain shareholder privileges are limited as described below. Starting in mid-2012, all of the Funds will begin using the same transfer agent – Boston Financial Data Services, Inc. – at which point such shareholder privileges will no longer be limited. The details are as follows.

 

  •  

Rights of Accumulation and Letter of Intent: The right of accumulation is the ability of a shareholder, when calculating breakpoints, to reduce the Class A sales charge by aggregating holdings across the Funds to the value of the shareholder’s purchase. A shareholder can use a letter of intent to reduce the Class A sales charge to the rate applicable to the total amount of purchases the shareholder intends to make over a 13-month period. Each of these privileges is currently limited to aggregating values or purchases of Funds that have the same transfer agent. When all the Funds begin using the same transfer agent, shareholders will be able to aggregate the values or purchases across all of the Funds.

 

  •  

Exchange Privilege: Shareholders may exchange Fund shares into an identically registered account for the same class of another Fund, provided that the Funds have the same transfer agent. Exchanges between Funds with different transfer agents currently are not allowed. When the Funds begin using the same transfer agent, each Fund will have the same exchange options across all of the Funds.

 

  •  

Reinstatement Privilege: If a shareholder redeems shares of a Fund, the shareholder may reinvest all or part of the redemption proceeds up to one year later without incurring any additional charges. The reinstatement privilege is currently limited to reinvestment in a Fund that has the same transfer agent as the Fund from which a shareholder redeemed. When all of the Funds begin using the same transfer agent, shareholders will be able to utilize the reinstatement privilege for reinvestment in any Fund.

Please see a Fund’s prospectus for more information about these shareholder privileges. Further information about the transfer agent consolidation is available under the “Transfer Agent” tab of each Fund’s webpage, which can be accessed through www.nuveen.com.

 

PLEASE KEEP THIS WITH YOUR

FUND’S PROSPECTUS

FOR FUTURE REFERENCE

 

MGN-NIFP-0312P

NUVEEN COLORADO TAX FREE FUND

NUVEEN MISSOURI TAX FREE FUND

NUVEEN OHIO TAX FREE FUND

SUPPLEMENT DATED MARCH 12, 2012

TO THE PROSPECTUS DATED SEPTEMBER 30, 2011

The reorganizations of Nuveen Colorado Tax Free Fund into Nuveen Colorado Municipal Bond Fund, Nuveen Missouri Tax Free Fund into Nuveen Missouri Municipal Bond Fund, and Nuveen Ohio Tax Free Fund into Nuveen Ohio Municipal Bond Fund are complete. Any references to Nuveen Colorado Tax Free Fund, Nuveen Missouri Tax Free Fund and Nuveen Ohio Tax Free Fund in this prospectus are deleted.

 

PLEASE KEEP THIS WITH YOUR

FUND’S PROSPECTUS

FOR FUTURE REFERENCE

 

MGN-CMOP-0312P

NUVEEN CORE BOND FUND

NUVEEN HIGH INCOME BOND FUND

NUVEEN INFLATION PROTECTED SECURITIES FUND

NUVEEN INTERMEDIATE GOVERNMENT BOND FUND

NUVEEN INTERMEDIATE TERM BOND FUND

NUVEEN SHORT TERM BOND FUND

NUVEEN TOTAL RETURN BOND FUND

SUPPLEMENT DATED MARCH 12, 2012

TO THE PROSPECTUS DATED OCTOBER 31, 2011

On May 15, 2012, the following changes will take place.

 

1. Nuveen Core Bond Fund’s name will change from “Nuveen Core Bond Fund” to “Nuveen Core Plus Bond Fund.”

 

2. The table entitled “Annual Fund Operating Expenses” in the section “Fund Summaries—Nuveen Core Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

 

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your
investment)

  

   

      Class A      Class B      Class C      Class R3      Class I  
Management Fees      0.45%         0.45%         0.45%         0.45%         0.45%   
Distribution and/or Service (12b-1) Fees      0.25%         1.00%         1.00%         0.50%         0.00%   
Other Expenses      0.07%         0.07%         0.07%         0.07%         0.07%   
Acquired Fund Fees and Expenses      0.01%         0.01%         0.01%         0.01%         0.01%   
Total Annual Fund Operating Expenses3      0.78%         1.53%         1.53%         1.03%         0.53%   
  1 The CDSC on Class B shares declines over a six-year period from purchase. The CDSC on Class C shares applies only to redemptions within 12 months of purchase.

 

  2 Fee applies to the following types of accounts 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 Expenses have been restated to reflect current contractual fees and estimated other expenses.

 

3. The table entitled “Example” in the section “Fund Summaries—Nuveen Core Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

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      B      C      R3      I            A      B      C      R3      I        
1 Year      $ 501       $ 656       $ 156       $ 105       $ 54          $ 501       $ 156       $ 156       $ 105       $ 54      
3 Years      $ 664       $ 783       $ 483       $ 328       $ 170          $ 664       $ 483       $ 483       $ 328       $ 170      
5 Years      $ 840       $ 934       $ 834       $ 569       $ 296          $ 840       $ 834       $ 834       $ 569       $ 296      
10 Years      $ 1,350       $ 1,621       $ 1,824       $ 1,259       $ 665            $ 1,350       $ 1,621       $ 1,824       $ 1,259       $ 665        

 

Nuveen Investments   1

4. The table entitled “Annual Fund Operating Expenses” in the section “Fund Summaries—Nuveen High Income Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

 

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

               
      Class A      Class B      Class C      Class R3      Class I  
Management Fees      0.58%         0.58%         0.58%         0.58%         0.58%   
Distribution and/or Service (12b-1) Fees      0.25%         1.00%         1.00%         0.50%         0.00%   
Other Expenses      0.16%         0.16%         0.16%         0.16%         0.16%   
Acquired Fund Fees and Expenses      0.02%         0.02%         0.02%         0.02%         0.02%   
Total Annual Fund Operating Expenses3      1.01%         1.76%         1.76%         1.26%         0.76%   
  1 The CDSC on Class B shares declines over a six-year period from purchase. The CDSC on Class C shares applies only to redemptions within 12 months of purchase.

 

  2 Fee applies to the following types of accounts 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 Expenses have been restated to reflect current contractual fees and estimated other expenses.

 

5. The table entitled “Example” in the section “Fund Summaries—Nuveen High Income Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

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      B      C      R3      I            A      B      C      R3      I        
1 Year    $ 573       $ 679       $ 179       $ 128       $ 78          $ 573       $ 179       $ 179       $ 128       $ 78      
3 Years    $ 781       $ 854       $ 554       $ 400       $ 243          $ 781       $ 554       $ 554       $ 400       $ 243      
5 Years    $ 1,006       $ 1,054       $ 954       $ 692       $ 422          $ 1,006       $ 954       $ 954       $ 692       $ 422      
10 Years    $ 1,653       $ 1,875       $ 2,073       $ 1,523       $ 942            $ 1,653       $ 1,875       $ 2,073       $ 1,523       $ 942        

 

6. The table entitled “Annual Fund Operating Expenses” in the section “Fund Summaries—Nuveen Inflation Protected Securities Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

 

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

  

  

      Class A      Class C      Class R3      Class I  
Management Fees      0.44%         0.44%         0.44%         0.44%   
Distribution and/or Service (12b-1) Fees      0.25%         1.00%         0.50%         0.00%   
Other Expenses      0.18%         0.18%         0.18%         0.18%   
Acquired Fund Fees and Expenses      0.01%         0.01%         0.01%         0.01%   
Total Annual Fund Operating Expenses3      0.88%         1.63%         1.13%         0.63%   
Fee Waivers and/or Expense Reimbursements      (0.02)%         (0.02)%         (0.02)%         (0.02)%   
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements4      0.86%         1.61%         1.11%         0.61%   
  1 The CDSC on Class C shares applies only to redemptions within 12 months of purchase.

 

  2 Fee applies to the following types of accounts 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 Expenses have been restated to reflect current contractual fees and estimated other expenses.

 

  4 The fund’s investment adviser has contractually agreed to waive fees and/or reimburse other fund expenses through October 31, 2013 so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R3, and Class I shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the fund’s board of directors.

 

 

2    Nuveen Investments

7. The table entitled “Example” in the section “Fund Summaries—Nuveen Inflation Protected Securities Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

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 October 31, 2013. 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    $ 509       $ 164       $ 113       $ 62          $ 509       $ 164       $ 113       $ 62      
3 Years    $ 691       $ 511       $ 356       $ 199          $ 691       $ 511       $ 356       $ 199      
5 Years    $ 889       $ 884       $ 620       $ 348          $ 889       $ 884       $ 620       $ 348      
10 Years    $ 1,461       $ 1,930       $ 1,372       $ 784            $ 1,461       $ 1,930       $ 1,372       $ 784        

 

8. The table entitled “Annual Fund Operating Expenses” in the section “Fund Summaries—Nuveen Intermediate Government Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

 

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

            
      Class A      Class C      Class R3      Class I  
Management Fees      0.47%         0.47%         0.47%         0.47%   
Distribution and/or Service (12b-1) Fees      0.25%         1.00%         0.50%         0.00%   
Other Expenses      0.17%         0.17%         0.17%         0.17%   
Total Annual Fund Operating Expenses3      0.89%         1.64%         1.14%         0.64%   
Fee Waivers and/or Expense Reimbursements      (0.04)%         (0.04)%         (0.04)%         (0.04)%   
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements4      0.85%         1.60%         1.10%         0.60%   
  1 The CDSC on Class C shares applies only to redemptions within 12 months of purchase.

 

  2 Fee applies to the following types of accounts 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 Expenses have been restated to reflect current contractual fees and estimated other expenses.

 

  4 The fund’s investment adviser has contractually agreed to waive fees and/or reimburse other fund expenses through October 31, 2013 so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 0.85%, 1.60%, 1.10%, and 0.60% for Class A, Class C, Class R3, and Class I shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the fund’s board of directors.

 

9. The table entitled “Example” in the section “Fund Summaries—Nuveen Intermediate Government Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

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 October 31, 2013. 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      $ 384       $ 163       $ 112       $ 61          $ 384       $ 163       $ 112       $ 61      
3 Years      $ 570       $ 512       $ 357       $ 199          $ 570       $ 512       $ 357       $ 199      
5 Years      $ 773       $ 886       $ 622       $ 351          $ 773       $ 886       $ 622       $ 351      
10 Years      $ 1,358       $ 1,939       $ 1,381       $ 793            $ 1,358       $ 1,939       $ 1,381       $ 793        

 

Nuveen Investments   3

10. The table entitled “Annual Fund Operating Expenses” in the section “Fund Summaries—Nuveen Intermediate Term Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

 

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      0.45%         0.45%         0.45%   
Distribution and/or Service (12b-1) Fees      0.25%         1.00%         0.00%   
Other Expenses      0.08%         0.08%         0.08%   
Total Annual Fund Operating Expenses3      0.78%         1.53%         0.53%   
  1 The CDSC on Class C shares applies only to redemptions within 12 months of purchase.

 

  2 Fee applies to the following types of accounts 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 Expenses have been restated to reflect current contractual fees and estimated other expenses.

 

11. The table entitled “Example” in the section “Fund Summaries—Nuveen Intermediate Term Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

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 October 31, 2013. 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    $ 377       $ 156       $ 54          $ 377       $ 156       $ 54      
3 Years    $ 542       $ 483       $ 170          $ 542       $ 483       $ 170      
5 Years    $ 720       $ 834       $ 296          $ 720       $ 834       $ 296      
10 Years    $ 1,237       $ 1,824       $ 665            $ 1,237       $ 1,824       $ 665        

 

12. Currently, Nuveen Intermediate Term Bond Fund uses the Barclays Capital Intermediate Gov’t/Credit Bond Index as a benchmark. Starting on May 15, 2012, the fund’s performance will be compared to the Barclays Capital U.S. Aggregate Bond Index because it more closely reflects the fund’s investment universe. As a result, the table at the end of “Fund Performance” will be deleted in its entirety and replaced with the following table:

 

            Average Annual Total Returns
for the Periods Ended
December 31, 20101		  
      Inception
Date		      1 Year        5 Years        10 Years  
Class A (return before taxes)      1/9/95         3.25 %         4.78 %         4.72 % 
Class I (return before taxes)      1/5/93         6.61 %         5.58 %         5.21 % 
Class I (return after taxes on distributions)         5.29 %         3.94 %         3.53 % 
Class I (return after taxes on distributions and sale of fund shares)               4.28 %         3.79 %         3.46 % 
Barclays Capital Intermediate Gov’t/Credit Bond Index
(reflects no deduction for fees, expenses or taxes)		         5.89 %         5.53 %         5.51 % 
Barclays Capital U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses or taxes)		         6.54 %         5.80 %         5.84 % 
Lipper Short-Intermediate Investment Grade Debt Classification Average
(reflects no deduction for taxes or certain expenses)		               5.49 %         4.55 %         4.45 % 
  1 Performance presented prior to 9/24/01 represents that of the Firstar Intermediate Bond Fund, a series of Firstar Funds, Inc., which merged into the fund on that date.

 

4    Nuveen Investments

13. Information regarding the portfolio managers primarily responsible for the management of Nuveen Intermediate Term Bond Fund, as set forth in the section “Fund Summaries—Nuveen Intermediate Term Bond Fund—Management—Portfolio Managers,” is replaced by the following:

 

Name

   

Title

   

Portfolio Manager of Fund Since

Wan-Chong Kung, CFA    Senior Vice President    October 2002
Jeffrey J. Ebert, CFA    Senior Vice President    February 2000
Chris J. Neuharth, CFA    Managing Director    March 2012

 

14. The fifth sentence of the fourth paragraph in the section “How We Manage Your Money—Who Manages the Funds” is hereby deleted and replaced by the following:

The portfolio managers for Nuveen Intermediate Term Bond Fund are Wan-Chong Kung, Jeffrey J. Ebert and Chris J. Neuharth.

 

15. The table entitled “Annual Fund Operating Expenses” in the section “Fund Summaries—Nuveen Short Term Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

 

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

                            
      Class A      Class C      Class R34      Class I  
Management Fees      0.39%         0.39%         0.39%         0.39%   
Distribution and/or Service (12b-1) Fees      0.25%         1.00%         0.50%         0.00%   
Other Expenses      0.08%         0.08%         0.08%         0.08%   
Acquired Fund Fees and Expenses      0.01%         0.01%         0.01%         0.01%   
Total Annual Fund Operating Expenses3      0.73%         1.48%         0.98%         0.48%   
  1 The CDSC on Class C shares applies only to redemptions within 12 months of purchase.

 

  2 Fee applies to the following types of accounts 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 Expenses have been restated to reflect current contractual fees and estimated other expenses.

 

  4 Class R3 shares were established July 12, 2011. Accordingly, expenses are based upon the actual expenses incurred by the other classes.

 

16. The table entitled “Example” in the section “Fund Summaries—Nuveen Short Term Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

Example

The following example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

       Redemption            No Redemption
        A      C      R3      I            A      C      R3      I       
1 Year      $ 298       $ 151       $ 100       $ 49          $ 298       $ 151       $ 100       $ 49     
3 Years      $ 453       $ 468       $ 312       $ 154          $ 453       $ 468       $ 312       $ 154     
5 Years      $ 622       $ 808       $ 542       $ 269          $ 622       $ 808       $ 542       $ 269     
10 Years      $ 1,111       $ 1,768       $ 1,201       $ 604            $ 1,111       $ 1,768       $ 1,201       $ 604       

 

17. Nuveen Total Return Bond Fund’s name will change from “Nuveen Total Return Bond Fund” to “Nuveen Strategic Income Fund.”

 

18. The two sentences in the section “Fund Summaries—Nuveen Total Return Bond Fund—Investment Objective” will be deleted in their entirety and replaced with the following sentence:

The investment objective of the fund is to provide investors with total return.

 

Nuveen Investments   5

19. The table entitled “Example” in the section “Fund Summaries—Nuveen Total Return Bond Fund—Fees and Expenses of the Fund” will be deleted in its entirety and replaced with the following table:

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 October 31, 2013. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

       Redemption    No Redemption        
        A      B      C      R3      I            A      B      C      R3      I        
1 Year      $ 509       $ 664       $ 164       $ 113       $ 62          $ 509       $ 164       $ 164       $ 113       $ 62      
3 Years      $ 693       $ 813       $ 513       $ 358       $ 201          $ 693       $ 513       $ 513       $ 358       $ 201      
5 Years      $ 893       $ 988       $ 888       $ 623       $ 353          $ 893       $ 888       $ 888       $ 623       $ 353      
10 Years      $ 1,471       $ 1,740       $ 1,940       $ 1,382       $ 794            $ 1,471       $ 1,740       $ 1,940       $ 1,382       $ 794        

 

20. The language before the bullet points in the first sentence of the first paragraph of the section “Fund Summaries—Nuveen Total Return Bond Fund—Principal Investment Strategies” will be deleted in its entirety and replaced with the following language:

Under normal market conditions, the fund invests at least 80% of its net assets in debt securities, including:

 

21. The second paragraph of the section “Fund Summaries—Nuveen Total Return Bond Fund—Principal Investment Strategies” will be deleted in its entirety and replaced with the following two paragraphs:

The fund may invest up to 30% of its total assets in non-dollar denominated debt obligations of foreign corporations and governments, including debt obligations issued by governmental and corporate issuers that are located in emerging market countries. (The fund may invest without limitation in U.S. dollar denominated securities of foreign issuers.)

The fund may invest up to 50% of its total assets in securities rated lower than investment grade or unrated securities of comparable quality as determined by the fund’s sub-adviser (securities commonly referred to as “high yield” or “junk bonds”). The fund will not invest in securities rated lower than CCC at the time of purchase or in unrated securities of equivalent quality. Unrated securities will not exceed 25% of the fund’s total assets.

 

22. The fourth paragraph of the section “Fund Summaries—Nuveen Total Return Bond Fund—Principal Investment Strategies” will be deleted in its entirety.

 

23. The table in the second paragraph of the section “How We Manage Your Money—Who Manages the Funds—Management Fees” will be deleted in its entirety and replaced with the following table:

 

Average Daily Net Assets    Nuveen
Core Plus
Bond Fund		     Nuveen
High
Income
Bond Fund		     Nuveen
Inflation
Protected
Securities
Fund		     Nuveen
Intermediate
Government
Bond Fund		     Nuveen
Intermediate
Term Bond
Fund		     Nuveen
Short Term
Bond Fund		     Nuveen
Strategic
Income
Fund		  
For the first $125 million      0.2800 %      0.4000 %      0.2500 %      0.2700 %      0.2700 %      0.2200 %      0.3600 % 
For the next $125 million      0.2675 %      0.3875 %      0.2375 %      0.2575 %      0.2575 %      0.2075 %      0.3475 % 
For the next $250 million      0.2550 %      0.3750 %      0.2250 %      0.2450 %      0.2450 %      0.1950 %      0.3350 % 
For the next $500 million      0.2425 %      0.3625 %      0.2125 %      0.2325 %      0.2325 %      0.1825 %      0.3225 % 
For the next $1 billion      0.2300 %      0.3500 %      0.2000 %      0.2200 %      0.2200 %      0.1700 %      0.3100 % 
For net assets over $2 billion      0.2050 %      0.3250 %      0.1750 %      0.1950 %      0.1950 %      0.1450 %      0.2850 % 

 

6    Nuveen Investments

24. The table in the sixth paragraph of the section “How We Manage Your Money—Who Manages the Funds—Management Fees” will be deleted in its entirety and replaced with the following table:

 

      Class A     Class B     Class C     Class R3     Class I  
Nuveen Core Plus Bond Fund      0.77 %      1.52 %      1.52 %      1.02 %      0.52 % 
Nuveen High Income Bond Fund      0.99 %      1.74 %      1.74 %      1.24 %      0.74 % 
Nuveen Inflation Protected Securities Fund      0.85 %      —        1.60 %      1.10 %      0.60 % 
Nuveen Intermediate Government Bond Fund      0.85 %      —        1.60 %      1.10 %      0.60 % 
Nuveen Intermediate Term Bond Fund      0.78 %      —        1.53 %      —        0.53 % 
Nuveen Short Term Bond Fund      0.72 %      —        1.47 %      0.97 %      0.47 % 
Nuveen Strategic Income Fund      0.84 %      1.59 %      1.59 %      1.09 %      0.59 % 

Important Notice Regarding Change in Investment Objective and

Investment Policy

PLEASE KEEP THIS WITH YOUR

FUND’S PROSPECTUS

FOR FUTURE REFERENCE

 

 

Nuveen Investments   7

MGN-FINCP-0312P

NUVEEN DIVIDEND VALUE FUND

NUVEEN EQUITY INDEX FUND

NUVEEN INTERNATIONAL FUND

NUVEEN INTERNATIONAL SELECT FUND

NUVEEN LARGE CAP GROWTH OPPORTUNITIES FUND

NUVEEN LARGE CAP SELECT FUND

NUVEEN LARGE CAP VALUE FUND

NUVEEN MID CAP GROWTH OPPORTUNITIES FUND

NUVEEN MID CAP INDEX FUND

NUVEEN MID CAP SELECT FUND

NUVEEN MID CAP VALUE FUND

NUVEEN QUANTITATIVE ENHANCED CORE EQUITY FUND

NUVEEN SMALL CAP GROWTH OPPORTUNITIES FUND

NUVEEN SMALL CAP INDEX FUND

NUVEEN SMALL CAP SELECT FUND

NUVEEN SMALL CAP VALUE FUND

NUVEEN TACTICAL MARKET OPPORTUNITIES FUND

SUPPLEMENT DATED MARCH 12, 2012

TO THE PROSPECTUS DATED FEBRUARY 29, 2012

Effective March 31, 2012, the fourth sentence of the section “How We Manage Your Money—More About Our Investment Strategies—Portfolio Holdings” is deleted in its entirety and replaced with the following sentence:

A complete list of portfolio holdings information is generally made available on the funds’ website ten business days after the end of the month.

 

 

PLEASE KEEP THIS WITH YOUR

FUND’S PROSPECTUS

FOR FUTURE REFERENCE

MGN-FSTKP-0312P

NUVEEN MINNESOTA INTERMEDIATE MUNICIPAL BOND FUND

NUVEEN MINNESOTA MUNICIPAL BOND FUND

NUVEEN NEBRASKA MUNICIPAL BOND FUND

NUVEEN OREGON INTERMEDIATE MUNICIPAL BOND FUND

SUPPLEMENT DATED MARCH 12, 2012

TO THE PROSPECTUS DATED SEPTEMBER 30, 2011

 

1.    The following paragraph is inserted after the fourth paragraph of the section “Fund Summaries—Nuveen Minnesota Intermediate Municipal Bond Fund—Principal Investment Strategies”:
     The fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The fund’s investments in inverse floaters are designed to increase the fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.
2.    The following sentence is added after the last sentence in “Credit Risk” in the section “Fund Summaries—Nuveen Minnesota Intermediate Municipal Bond Fund—Principal Risks”:
     Also, the fund’s investments in inverse floaters will increase the fund’s credit risk.
3.    The following sentence is added after the sentence in “Income Risk” in the section “Fund Summaries—Nuveen Minnesota Intermediate Municipal Bond Fund—Principal Risks”:
     Also, if the fund invests in inverse floaters, the fund’s income may decrease if short-term interest rates rise.
4.    The following two sentences are added after the sentence in “Interest Rate Risk” in the section “Fund Summaries—Nuveen Minnesota Intermediate Municipal Bond Fund—Principal Risks”:
     When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. The fund’s investments in inverse floaters will increase the fund’s duration and interest rate risk.
5.    The following risk is added to the section “Fund Summaries—Nuveen Minnesota Intermediate Municipal Bond Fund—Principal Risks”:
     Inverse Floaters Risk—The use of inverse floaters by the fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate

     municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment.
6.    The following paragraph is inserted after the fourth paragraph of the section “Fund Summaries—Nuveen Minnesota Municipal Bond Fund—Principal Investment Strategies”:
     The fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The fund’s investments in inverse floaters are designed to increase the fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.
7.    The following sentence is added after the last sentence in “Credit Risk” in the section “Fund Summaries—Nuveen Minnesota Municipal Bond Fund—Principal Risks”:
     Also, the fund’s investments in inverse floaters will increase the fund’s credit risk.
8.    The following sentence is added after the sentence in “Income Risk” in the section “Fund Summaries—Nuveen Minnesota Municipal Bond Fund—Principal Risks”:
     Also, if the fund invests in inverse floaters, the fund’s income may decrease if short-term interest rates rise.

9.    The following two sentences are added after the sentence in “Interest Rate Risk” in the section “Fund Summaries—Nuveen Minnesota Municipal Bond Fund—Principal Risks”:
     When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. The fund’s investments in inverse floaters will increase the fund’s duration and interest rate risk.
10.    The following risk is added to the section “Fund Summaries—Nuveen Minnesota Municipal Bond Fund—Principal Risks”:
     Inverse Floaters Risk—The use of inverse floaters by the fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment.
11.    The following paragraph is inserted after the fourth paragraph of the section “Fund Summaries—Nuveen Nebraska Municipal Bond Fund—Principal Investment Strategies”:
     The fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The fund’s investments in inverse floaters are designed to increase the fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.

12.    The following sentence is added after the last sentence in “Credit Risk” in the section “Fund Summaries—Nuveen Nebraska Municipal Bond Fund—Principal Risks”:
     Also, the fund’s investments in inverse floaters will increase the fund’s credit risk.
13.    The following sentence is added after the sentence in “Income Risk” in the section “Fund Summaries—Nuveen Nebraska Municipal Bond Fund—Principal Risks”:
     Also, if the fund invests in inverse floaters, the fund’s income may decrease if short-term interest rates rise.
14.    The following two sentences are added after the sentence in “Interest Rate Risk” in the section “Fund Summaries—Nuveen Nebraska Municipal Bond Fund—Principal Risks”:
     When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. The fund’s investments in inverse floaters will increase the fund’s duration and interest rate risk.
15.    The following risk is added to the section “Fund Summaries—Nuveen Nebraska Municipal Bond Fund—Principal Risks”:
     Inverse Floaters Risk—The use of inverse floaters by the fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment.

16.    The following paragraph is inserted after the fourth paragraph of the section “Fund Summaries—Nuveen Oregon Intermediate Municipal Bond Fund—Principal Investment Strategies”:
     The fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The fund’s investments in inverse floaters are designed to increase the fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.
17.    The following sentence is added after the last sentence in “Credit Risk” in the section “Fund Summaries—Nuveen Oregon Intermediate Municipal Bond Fund—Principal Risks”:
     Also, the fund’s investments in inverse floaters will increase the fund’s credit risk.
18.    The following sentence is added after the sentence in “Income Risk” in the section “Fund Summaries—Nuveen Oregon Intermediate Municipal Bond Fund—Principal Risks”:
     Also, if the fund invests in inverse floaters, the fund’s income may decrease if short-term interest rates rise.
19.    The following two sentences are added after the sentence in “Interest Rate Risk” in the section “Fund Summaries—Nuveen Oregon Intermediate Municipal Bond Fund—Principal Risks”:
     When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. The fund’s investments in inverse floaters will increase the fund’s duration and interest rate risk.
20.    The following risk is added to the section “Fund Summaries—Nuveen Oregon Intermediate Municipal Bond Fund—Principal Risks”:
     Inverse Floaters Risk—The use of inverse floaters by the fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment.

21.   

The following sub-section is inserted after the sub-section “How We Manage Your Money—More About Our Investment Strategies—Ratings”:

     Inverse Floaters
     Each fund may invest up to 15% of its net assets in inverse floaters issued in tender option bond (“TOB”) transactions. In a TOB transaction, one or more highly-rated municipal bonds are deposited into a special purpose trust that issues floating rate securities (“floaters”) to outside parties and inverse floaters to long-term investors like a fund. The floaters pay interest at a rate that is reset periodically (generally weekly) to reflect current short-term tax-exempt interest rates. Holders of the floaters have the right to tender such securities back to the TOB trust for par plus accrued interest (the “put option”), typically on seven days’ notice. Holders of the floaters are paid from the proceeds of a successful remarketing of the floaters or by a liquidity provider in the event of a failed remarketing. The inverse floaters pay interest at a rate equal to (a) the interest accrued on the underlying bonds, minus (b) the sum of the interest payable on the floaters and fees payable in connection with the TOB. Thus, the interest payments on the inverse floaters will vary inversely with the short term rates paid on the floaters. Holders of the inverse floaters typically have the right to simultaneously (a) cause the holders of the floaters to tender those floaters to the TOB trust at par plus accrued interest and (b) purchase the municipal bonds from the TOB trust.
     Because holders of the floaters have the right to tender their securities to the TOB trust at par plus accrued interest, holders of the inverse floaters are exposed to all of the gains or losses on the underlying municipal bonds, despite the fact that their net cash investment is significantly less than the value of those bonds. This multiplies the positive or negative impact of the underlying bonds’ price movements on the value of the inverse floaters, thereby creating effective leverage. The effective leverage created by any TOB transaction depends on the value of the securities deposited in the TOB trust relative to the value of the floaters it issues. The higher the percentage of the TOB trust’s total value represented by the

     floaters, the greater the effective leverage. For example, if municipal bonds worth $100 are deposited in a TOB trust and the TOB trust issues floaters worth $75 and inverse floaters worth $25, the TOB trust will have a leverage ratio of 3:1 and the inverse floaters will exhibit price movements at a rate that is four times that of the underlying bonds deposited into the trust. If that same TOB trust were to issue only $50 of floaters, the leverage ratio would be 1:1 and the inverse floaters would exhibit price movements at a rate that is only two times that of the underlying bonds.
22.    The following sentence is added at the end of “Credit risk” in the section “How We Manage Your Money—What the Risks Are—Principal Risks”:
     Credit risk may be increased by a fund’s investments in inverse floating rate securities because of the leveraged nature of these investments.
23.    The following sentence is added at the end of “Income risk” in the section “How We Manage Your Money—What the Risks Are—Principal Risks”:
     Also, if a fund invests in inverse floating rate securities, whose income payments vary inversely with changes in short-term market rates, the fund’s income may decrease if short-term interest rates rise.
24.    The following sentence is added at the end of “Interest rate risk” in the section “How We Manage Your Money—What the Risks Are—Principal Risks”:
     Interest rate risk may be increased by a fund’s investment in inverse floating rate securities and forward commitments because of the leveraged nature of these investments.
25.    The following risk is added to the section “How We Manage Your Money—What the Risks Are—Principal Risks”:
     Inverse floaters risk: The use of inverse floaters by a fund creates effective leverage. Due to the leveraged nature of these investments, the value of an inverse floater will increase and decrease to a significantly greater extent than the values of the TOB trust’s underlying municipal bonds in responses to changes in market interest rates or credit quality. An investment in inverse floaters typically will involve greater risk than an investment in a fixed rate municipal bond, including, in the case of recourse inverse floaters (discussed below), the risk that the fund may lose more than its original principal investment.
     Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to a fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. The greater the amount of floaters sold by a TOB trust relative to the inverse floaters (i.e., the greater the effective leverage of the inverse floaters), the more volatile the distributions on the inverse floaters will be. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment.

     The fund may invest in recourse inverse floaters. With such an investment, the fund will be required to reimburse the liquidity provider of a TOB trust for any shortfall between the outstanding amount of any floaters and the value of the municipal bonds in the TOB trust in the event the floaters cannot be successfully remarketed, which could cause the fund to lose money in excess of its investment.
     A TOB trust may be terminated without a fund’s consent upon the occurrence of certain events, such as the bankruptcy or default of the issuer of the securities in the trust. If that happens, the floaters will be redeemed at par (plus accrued interest) out of the proceeds from the sale of securities in the TOB trust, and the fund will be entitled to the remaining proceeds, if any. Thus, if there is a decrease in the value of the securities held in the TOB trust, a fund may lose some or all of the principal amount of its investment in the inverse floaters. As noted above, in the case of recourse inverse floaters, a fund could lose money in excess of its investment.

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FUND’S PROSPECTUS

FOR FUTURE REFERENCE

MGN-FTFIP-0312P

NUVEEN SHORT TERM MUNICIPAL BOND FUND

SUPPLEMENT DATED MARCH 12, 2012

TO THE PROSPECTUS DATED AUGUST 31, 2011

 

1.    The following paragraph is inserted after the fourth paragraph of the section “Fund Summaries—Nuveen Short Term Municipal Bond Fund—Principal Investment Strategies”:
     The fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The fund’s investments in inverse floaters are designed to increase the fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.
2.    The following sentence is added after the last sentence in “Credit Risk” in the section “Fund Summaries—Nuveen Short Term Municipal Bond Fund—Principal Risks”:
     Also, the fund’s investments in inverse floaters will increase the fund’s credit risk.
3.    The following sentence is added after the sentence in “Income Risk” in the section “Fund Summaries—Nuveen Short Term Municipal Bond Fund—Principal Risks”:
     Also, if the fund invests in inverse floaters, the fund’s income may decrease if short-term interest rates rise.
4.    The following two sentences are added after the sentence in “Interest Rate Risk” in the section “Fund Summaries—Nuveen Short Term Municipal Bond Fund—Principal Risks”:
     When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. The fund’s investments in inverse floaters will increase the fund’s duration and interest rate risk.
5.    The following risk is added to the section “Fund Summaries—Nuveen Short Term Municipal Bond Fund—Principal Risks”:
     Inverse Floaters Risk—The use of inverse floaters by the fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the fund could lose more than its original principal investment. Distributions on inverse floaters bear an

     inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment.
6.    The following sub-section is inserted after the sub-section “How We Manage Your Money—More About Our Investment Strategies—Ratings”:
     Inverse Floaters
     Nuveen Short Term Municipal Bond Fund may invest up to 15% of its net assets in inverse floaters issued in tender option bond (“TOB”) transactions. In a TOB transaction, one or more highly-rated municipal bonds are deposited into a special purpose trust that issues floating rate securities (“floaters”) to outside parties and inverse floaters to long-term investors like a fund. The floaters pay interest at a rate that is reset periodically (generally weekly) to reflect current short-term tax-exempt interest rates. Holders of the floaters have the right to tender such securities back to the TOB trust for par plus accrued interest (the “put option”), typically on seven days’ notice. Holders of the floaters are paid from the proceeds of a successful remarketing of the floaters or by a liquidity provider in the event of a failed remarketing. The inverse floaters pay interest at a rate equal to (a) the interest accrued on the underlying bonds, minus (b) the sum of the interest payable on the floaters and fees payable in connection with the TOB. Thus, the interest payments on the inverse floaters will vary inversely with the short term rates paid on the floaters. Holders of the inverse floaters typically have the right to simultaneously (a) cause the holders of the floaters to tender those floaters to the TOB trust at par plus accrued interest and (b) purchase the municipal bonds from the TOB trust.
     Because holders of the floaters have the right to tender their securities to the TOB trust at par plus accrued interest, holders of the inverse floaters are exposed to all of the gains or losses on the underlying municipal

     bonds, despite the fact that their net cash investment is significantly less than the value of those bonds. This multiplies the positive or negative impact of the underlying bonds’ price movements on the value of the inverse floaters, thereby creating effective leverage. The effective leverage created by any TOB transaction depends on the value of the securities deposited in the TOB trust relative to the value of the floaters it issues. The higher the percentage of the TOB trust’s total value represented by the floaters, the greater the effective leverage. For example, if municipal bonds worth $100 are deposited in a TOB trust and the TOB trust issues floaters worth $75 and inverse floaters worth $25, the TOB trust will have a leverage ratio of 3:1 and the inverse floaters will exhibit price movements at a rate that is four times that of the underlying bonds deposited into the trust. If that same TOB trust were to issue only $50 of floaters, the leverage ratio would be 1:1 and the inverse floaters would exhibit price movements at a rate that is only two times that of the underlying bonds.
7.    The following sentence is added at the end of “Credit risk” in the section “How We Manage Your Money—What the Risks Are—Principal Risks”:
     Credit risk may be increased by a fund’s investments in inverse floating rate securities because of the leveraged nature of these investments.
8.    The following sentence is added at the end of “Income risk” in the section “How We Manage Your Money—What the Risks Are—Principal Risks”:
     Also, if a fund invests in inverse floating rate securities, whose income payments vary inversely with changes in short-term market rates, the fund’s income may decrease if short-term interest rates rise.
9.    The following sentence is added at the end of “Interest rate risk” in the section “How We Manage Your Money—What the Risks Are—Principal Risks”:
     Interest rate risk may be increased by a fund’s investment in inverse floating rate securities and forward commitments because of the leveraged nature of these investments.
10.    The following risk is added to the section “How We Manage Your Money—What the Risks Are—Principal Risks”:
     Inverse floaters risk: The use of inverse floaters by a fund creates effective leverage. Due to the leveraged nature of these investments, the value of an inverse floater will increase and decrease to a significantly greater extent than the values of the TOB trust’s underlying municipal bonds in responses to changes in market interest rates or credit quality. An investment in inverse floaters typically will involve greater risk than an investment in a fixed rate municipal bond, including, in the case of recourse inverse floaters (discussed below), the risk that the fund may lose more than its original principal investment.

     Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to a fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. The greater the amount of floaters sold by a TOB trust relative to the inverse floaters (i.e., the greater the effective leverage of the inverse floaters), the more volatile the distributions on the inverse floaters will be. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment.
     The fund may invest in recourse inverse floaters. With such an investment, the fund will be required to reimburse the liquidity provider of a TOB trust for any shortfall between the outstanding amount of any floaters and the value of the municipal bonds in the TOB trust in the event the floaters cannot be successfully remarketed, which could cause the fund to lose money in excess of its investment.
     A TOB trust may be terminated without a fund’s consent upon the occurrence of certain events, such as the bankruptcy or default of the issuer of the securities in the trust. If that happens, the floaters will be redeemed at par (plus accrued interest) out of the proceeds from the sale of securities in the TOB trust, and the fund will be entitled to the remaining proceeds, if any. Thus, if there is a decrease in the value of the securities held in the TOB trust, a fund may lose some or all of the principal amount of its investment in the inverse floaters. As noted above, in the case of recourse inverse floaters, a fund could lose money in excess of its investment.

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NUVEEN DIVIDEND VALUE FUND

NUVEEN EQUITY INDEX FUND

NUVEEN INTERNATIONAL FUND

NUVEEN INTERNATIONAL SELECT FUND

NUVEEN LARGE CAP GROWTH OPPORTUNITIES FUND

NUVEEN LARGE CAP SELECT FUND

NUVEEN LARGE CAP VALUE FUND

NUVEEN MID CAP GROWTH OPPORTUNITIES FUND

NUVEEN MID CAP INDEX FUND

NUVEEN MID CAP SELECT FUND

NUVEEN MID CAP VALUE FUND

NUVEEN QUANTITATIVE ENHANCED CORE EQUITY FUND

NUVEEN SMALL CAP GROWTH OPPORTUNITIES FUND

NUVEEN SMALL CAP INDEX FUND

NUVEEN SMALL CAP SELECT FUND

NUVEEN SMALL CAP VALUE FUND

NUVEEN TACTICAL MARKET OPPORTUNITIES FUND

SUPPLEMENT DATED MARCH 12, 2012

TO THE STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 29, 2012

Effective March 31, 2012, the third sentence of the section “Disclosure of Portfolio Holdings” is deleted in its entirety and replaced with the following sentence:

A complete list of portfolio holdings information is generally made available on the Funds’ website ten business days after the end of the month.

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NUVEEN CORE BOND FUND

NUVEEN TOTAL RETURN BOND FUND

SUPPLEMENT DATED MARCH 12, 2012

TO THE STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 31, 2011

On May 15, 2012, the following changes will take place.

 

  1. Nuveen Core Bond Fund’s name will change from “Nuveen Core Bond Fund” to “Nuveen Core Plus Bond Fund.”

 

  2. Nuveen Total Return Bond Fund’s name will change from “Nuveen Total Return Bond Fund” to “Nuveen Strategic Income Fund.”

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MGN-FBSAI-0312P