Nuveen Equity Funds for Investors Seeking Long-Term Capital Appreciation
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Mutual Funds Prospectus February 28, 2011, as supplemented March 2, 2011 Nuveen Equity Funds For investors seeking long-term capital appreciation. Share Class / Ticker Symbol Fund Name Class A Class B Class C Class R3 Class I Nuveen Equity Income Fund FFEIX FAEBX FFECX FEISX FAQIX Nuveen Large Cap Growth Opportunities Fund FRGWX FETBX FAWCX FLCYX FIGWX Nuveen Large Cap Select Fund FLRAX — FLYCX FLSSX FLRYX Nuveen Large Cap Value Fund FASKX FATBX FALVX FAVSX FSKIX Nuveen Mid Cap Growth Opportunities Fund FRSLX FMQBX FMECX FMEYX FISGX Nuveen Mid Cap Select Fund FATAX FITBX FTACX — FATCX Nuveen Mid Cap Value Fund FASEX FAESX FACSX FMVSX FSEIX Nuveen Small Cap Growth Opportunities Fund FRMPX FROBX FMPCX FMPYX FIMPX Nuveen Small Cap Select Fund EMGRX ARSBX FHMCX ASEIX ARSTX Nuveen Small Cap Value Fund FSCAX — FSCVX FSVSX FSCCX Nuveen Real Estate Securities Fund FREAX FREBX FRLCX FRSSX FARCX Nuveen Global Infrastructure Fund FGIAX — FGNCX FGNRX FGIYX Nuveen International Fund FAIAX FNABX FIACX ARQIX FAICX Nuveen International Select Fund ISACX — ICCSX ISRCX ISYCX Nuveen Equity Index Fund FAEIX FAEQX FCEIX FADSX FEIIX Nuveen Mid Cap Index Fund FDXAX — FDXCX FMCYX FIMEX Nuveen Small Cap Index Fund FMDAX — FPXCX ARSCX ASETX Nuveen Quantitative Large Cap Core Fund FQCAX — FQCCX — FQCYX Nuveen Tactical Market Opportunities Fund NTMAX — NTMCX — FGTYX As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved the shares of these funds, or determined if the information in this prospectus is accurate or complete. Any statement to the contrary is a criminal offense. NUVEEN EQUITY INCOME 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 SELECT FUND NUVEEN MID CAP VALUE FUND NUVEEN SMALL CAP GROWTH OPPORTUNITIES FUND NUVEEN SMALL CAP SELECT FUND NUVEEN SMALL CAP VALUE FUND NUVEEN REAL ESTATE SECURITIES FUND NUVEEN GLOBAL INFRASTRUCTURE FUND NUVEEN INTERNATIONAL FUND NUVEEN INTERNATIONAL SELECT FUND NUVEEN EQUITY INDEX FUND NUVEEN MID CAP INDEX FUND NUVEEN SMALL CAP INDEX FUND NUVEEN QUANTITATIVE LARGE CAP CORE FUND NUVEEN TACTICAL MARKET OPPORTUNITIES FUND SUPPLEMENT DATED APRIL 11, 2011 TO THE PROSPECTUS DATED FEBRUARY 28, 2011, AS PREVIOUSLY SUPPLEMENTED MARCH 2, MARCH 7, MARCH 11 AND MARCH 21, 2011 1. In the section “How You Can Buy and Sell Shares—What Share Classes We Offer—Class I Shares,” the following paragraph is added after the second paragraph. Class I shares are also available for purchase by family offices and their clients. A family office is a company that provides certain financial and other services to a high net worth family or families. The minimum initial investment for family offices and their clients is $100,000, but this minimum will be lowered to $250 for clients of family offices that have accounts holding Class I shares with an aggregate value of at least $100,000. The Distributor may also lower the minimum to $250 for clients of family offices anticipated to reach this Class I share holdings level. 2. On April 30, 2011, the name of the funds’ distributor will change from Nuveen Investments, LLC to Nuveen Securities, LLC. 3. The section entitled “General Information—Net Asset Value” is hereby replaced in its entirety with the following: The price you pay for your shares is based on the fund’s net asset value per share, which is determined as of the close of trading (normally 4:00 p.m. New York time) on each day the NYSE is open for business. Net asset value is calculated for each class of the fund by taking the value of the class’ total assets, including interest or dividends accrued but not yet collected, less all liabilities, and dividing by the total number of shares outstanding. The result, rounded to the nearest cent, is the net asset value per share. All valuations are subject to review by the fund’s Board of Directors or its designee. In determining net asset value, portfolio instruments generally are valued using prices provided by independent pricing services or obtained from other sources, such as broker-dealer quotations, all as approved by the Board of Directors. Independent pricing services typically value non-equity portfolio instruments utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows, and transactions for comparable instruments. In pricing certain securities, particularly less liquid and lower quality securities, the pricing services may consider information about a security, its issuer, or market activity provided by the fund’s investment adviser or sub-adviser. Equity securities generally are valued at the last reported sales price or official closing price on an exchange, if available. Foreign securities and currency held by the fund will be valued in U.S. dollars based on foreign currency exchange rate quotations supplied by an independent quotation service. If a price cannot be obtained from a pricing service or other pre-approved source, or if Nuveen Fund Advisors deems such price to be unreliable, a portfolio instrument may be valued by the fund at its fair value as determined in good faith by the Board of Directors or its designee. As a general principle, the fair value of a portfolio instrument is the amount that an owner might reasonably expect to receive upon the instrument’s current sale. A range of factors and analysis may be considered when determining fair value, including relevant market data, interest rates, credit considerations and/or issuer-specific news. For non-U.S. traded securities whose principal local markets close before the close of the NYSE, the fund may adjust the local closing price based upon such factors as developments in non-U.S. markets, the performance of U.S. securities markets and the performance of instruments trading in U.S. markets that represent non-U.S. securities. The fund may rely on an independent fair valuation service in making any such fair value determinations. If the fund holds securities that are primarily listed on non-U.S. exchanges, the net asset value of the fund’s shares may change on days when shareholders will not be able to purchase or redeem the fund’s shares. PLEASE KEEP THIS WITH YOUR FUND’S PROSPECTUS FOR FUTURE REFERENCE MGN-FSTK-0411P NUVEEN REAL ESTATE SECURITIES FUND SUPPLEMENT DATED MARCH 21, 2011 TO THE PROSPECTUS DATED FEBRUARY 28, 2011, AS SUPPLEMENTED MARCH 2, 2011 Scott C. Sedlak has been named a portfolio manager of Nuveen Real Estate Securities Fund, joining John G. Wenker and Jay L. Rosenberg. Mr. Sedlak is a Vice President of Nuveen Asset Management, LLC. He joined Nuveen Asset Management, LLC on January 1, 2011 in connection with the acquisition of the long- term asset management business of FAF Advisors, Inc. (“FAF”) by Nuveen Investments, Inc. Previously, he was the senior research analyst for the fund. Prior to joining FAF in 2007, Mr. Sedlak was an analyst with A.G. Edwards & Sons, covering office, industrial, and diversified REITs. He entered the financial services industry in 2000. There have been no changes in the fund’s investment objectives or policies. PLEASE KEEP THIS WITH YOUR FUND’S PROSPECTUS FOR FUTURE REFERENCE MGN-FREP-0311P NUVEEN INTERNATIONAL SELECT FUND SUPPLEMENT DATED MARCH 11, 2011 TO THE PROSPECTUS DATED FEBRUARY 28, 2011, AS PREVIOUSLY SUPPLEMENTED MARCH 2, 2011 In the “Shareholder Fees” table on page 67 of the prospectus, the correct maximum deferred sales charge (load), as a percentage of the lesser of purchase price or redemption proceeds, for Class R3 shares of the Nuveen International Select Fund is none. The maximum deferred sales charge of 1.00% as shown in the initially printed prospectus was incorrect, and no deferred sales charge was charged to any shareholder of Class R3 shares of the fund. PLEASE KEEP THIS WITH YOUR FUND’S PROSPECTUS FOR FUTURE REFERENCE MGN-IS-0311P NUVEEN QUANTITATIVE LARGE CAP CORE FUND SUPPLEMENT DATED MARCH 7, 2011 TO THE PROSPECTUS DATED FEBRUARY 28, 2011, AS PREVIOUSLY SUPPLEMENTED MARCH 2, 2011 On May 16, 2011, the fund will make the following changes. The fund will change its name to Nuveen Quantitative Enhanced Core Equity Fund. In connection with the fund’s name change, the first two sentences of the section “Principal Investment Strategies” will be deleted in their entirety and replaced with the following two sentences: Under normal market conditions, the fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities. The fund will seek to achieve its investment objective by primarily investing in companies that have market capitalizations at the time of purchase within the range of market capitalizations of companies in the S&P 500® Index. The above changes will not result in any change to the fund’s investment objective or the way in which the fund is managed. Important Notice Regarding Change in Investment Policy PLEASE KEEP THIS WITH YOUR FUND’S PROSPECTUS FOR FUTURE REFERENCE MGN-QLCCP-0311P Table of Contents Section 1 Fund Summaries Nuveen Equity Income Fund 2 ................................................................................. Nuveen Large Cap Growth Opportunities Fund 7 ................................................................................. Nuveen Large Cap Select Fund 12 ................................................................................. Nuveen Large Cap Value Fund 17 ................................................................................