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Rule 497(e)
File No. 333-03715
NUVEEN INVESTMENT TRUST
Supplement to Statement of Additional Information dated October 31, 1997, as
updated November 17, 1997
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Nuveen has examined the historical after-tax performance of various balanced
portfolios, combining stocks with either municipal bonds, corporate bonds, or
Treasury bonds. The after-tax risk return tradeoff for various allocations were
derived by tracking the performance of hypothetical portfolios over the 1978-
1997 period. All investment income produced by the portfolio is reinvested,
along with the after-tax proceeds from an assumed 20% annualized turnover rate.
The allocation between the two assets were allowed to roam within a 5% band
around its target before rebalancing. Taxes were computed on the portfolio level
(realized losses offset gains) and at historical tax rates assuming each years'
tax rate applicable to a single investor who earned $100,000 in 1997 dollars.
All portfolios were liquidated at period end and the existing tax liability was
paid. The asset class returns were represented by the following indices:
Municipal Bonds - Lehman Brothers Long Municipal Index (Prior to 1980
municipals were based on a synthetic index created by
Nuveen based on the Bond Buyer 20 Index and other market
data published by The Bond Buyer, using Lehman's
methodology.)
Treasury Bonds - Lehman Brothers Long Treasury Index
Corporate Bonds - Lehman Brothers Long Corporate Index
S&P 500 Stocks - Ibbotson Associates Large Company Stock Index
The average annual after-tax returns for these various balanced portfolios for
the 1978-1997 period were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Equity Municipal Corporate Treasury
Portion Mixes Mixes Mixes
100% 12.51% 12.51% 12.51%
80 11.77 11.30 11.29
60 11.02 10.07 10.06
40 10.27 8.73 8.69
20 9.33 7.39 7.34
0 8.42 5.95 5.91
</TABLE>
Over the 1978-1997 time period, balanced portfolios combining municipals and
equities provided superior after-tax returns and lower levels of risk (measured
by variability of periodic returns) than Treasury and corporate blends having
similar maturities, under the assumptions described above. The differences
between these asset classes is discussed under "Performance Information" in this
Statement of Additional Information.
The addition of 20% municipals to an otherwise all-equity portfolio would have
sacrificed only 74 basis points in annual after-tax return, while reducing risk
by a seventh. Conversely, in comparison to an all-municipal bond portfolio, a
balanced portfolio of 60% municipals and 40% equities offered 185 basis points
in additional annual-tax return with virtually no more risk.
April 24, 1998