Nuveen Investment Trust V N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-021979

Nuveen Investment Trust V

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: December 31

Date of reporting period: June 30, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

Item 1. Reports to Stockholders.

Mutual Funds

Nuveen Taxable Fixed Income Funds

For investors seeking a high level of current income and total return.

Semi-Annual Report

June 30, 2009

Nuveen Preferred Securities Fund

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Chairman’s

Letter to Shareholders

Dear Shareholder,

The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government’s actions are very encouraging and more importantly, reflect a commitment to act decisively to meet the economic challenges we face.

The performance information in the attached report reflects the impact of many forces at work in the equity and fixed-income markets. The comments by the portfolio manager describe the strategies being used to pursue your Fund’s long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully.

Your Board is particularly sensitive to our shareholders’ concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment.

On behalf of myself and the other members of your Fund’s Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Nuveen Fund Board

August 24, 2009

Nuveen Investments 1

Portfolio Manager’s Comments

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

The Nuveen Preferred Securities Fund features management by Nuveen Asset Management (NAM), an affiliate of Nuveen Investments. Douglas Baker, CFA, has served as the Fund’s portfolio manager since its inception in 2006, and has more than ten years of investment industry experience. Here Doug discusses the Fund’s performance and investment strategy for the six-month period ended June 30, 2009.

How did the Fund perform during the six months ended June 30, 2009?

The table on page four provides performance information for the Fund for the six-month period ended June 30, 2009. The table also compares the Fund’s performance to special and general market indexes. A more detailed discussion of the Fund’s relative performance is provided later in this report.

What strategies were used to manage the Fund during the reporting period?

The Fund continued to witness meaningful net investor inflows during the first six months of 2009. The second quarter was especially busy, with assets under management growing by approximately 132%. We continued to deploy these cash inflows into credits favored by our research team, as well as toward efforts to modify or adjust allocations across trust preferred, enhanced trust preferred, and perpetual preferred security structures. For example, starting in the first quarter of 2009 and continuing through the second quarter, the Fund increasingly allocated assets to perpetual preferred security structures, which tend to be lower in a company’s capital structure, for those names in which we held the strongest conviction. It was our opinion, these perpetual structures offered an attractive risk/return profile for appropriate credits.

As of June 30, 2009, about 30% of the Fund’s assets were invested in perpetual maturity, non-cumulative distribution structures. This allocation was not broad-based across all issuers represented in the Fund; rather, with the input from our research team, we initiated relative overweights to non-cumulative structures for those credits that we deemed to have a negligible likelihood of deferring distributions. In doing so, the Fund was able to capture the larger yields associated with non-cumulative structures. In most instances, these non-cumulative structures also paid qualified dividend income (QDI) distributions currently taxed at a maximum rate of 15%.

During the period, individual investor buying and selling generated price volatility for exchange-listed $25 par preferred securities – especially when compared to the $1000 par preferred structures generally traded over-the-counter by institutions. We sought to take advantage of the resulting price dislocations by toggling between $25 par and $1000 par securities as opportunities presented themselves. As of period end, the Fund

2 Nuveen Investments

was allocated roughly 50% / 50% between $25 par and $1000 par structures, while the allocation was closer to 70% / 30% at the end of the first quarter. We also continued to build a relative overweight in financial services holdings, while decreasing our relative exposure to utilities. We did not add to our taxable municipal sleeve, as we believed that preferred / hybrid securities offered better risk/ return profiles.

We believe supply and demand technical factors still benefit the preferred / hybrid asset class. Although there were a handful of new issue deals during the second quarter of 2009, we continue to believe that meaningful new issue flow will be negligible for several more quarters. While preferred and hybrid securities rallied during the second quarter, the spread levels existing at period end meant that the cost of issuing new securities was still somewhat prohibitive. In addition, the exchanges and tenders of preferred and hybrid securities discussed earlier materially reduced the amount of securities outstanding, likely contributing to scarcity value for the asset class.

During the six-month period ended June 30, 2009, the Fund (Class A Shares at NAV) returned 15.46%, outpacing the comparative indexes and benchmarks shown in this report. Driving this outperformance was the Fund’s increasing tactical allocation to non-cumulative security structures. As discussed previously, these securities had underperformed materially in previous periods due to headline risk surrounding the financial services sector, and subsequent fears concerning potential preferred / hybrid distribution deferrals. During the second quarter, investors received meaningful clarity regarding several of the most prominent issues vexing the asset class. As a result, spreads compressed disproportionately more for the perpetual maturity, non-cumulative structures. Also contributing to the Fund’s relative outperformance was the toggling between the $25 par and $1000 par structures. The six months ended June 30, 2009, contained some fairly volatile periods. As individual and institutional investors responded differently to rapidly changing market conditions, the Fund was able to capture significant relative value opportunities between the two segments.

Nuveen Investments 3

* Six-month returns are cumulative; one-year and since inception returns are annualized.

1 The Merrill Lynch Hybrid Securities Index is an unmanaged index consisting of a set of investment grade exchange-traded preferred stocks with outstanding market values of at least $50 million that are covered by Merrill Lynch Fixed Income Research. The index includes certain publicly issued, $25- and $1000-par securities with at least one year to maturity. The since inception data for the index represents returns for the period 12/31/06 – 12/31/08, as returns for the index are calculated on a calendar month basis. The returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

2 The Market Benchmark Index is comprised of a 60% weighting in the Merrill Lynch Hybrid Securities Index, a 35% weighting in the Barclays Capital USD Capital Securities Index and a 5% weighting in the Merrill Lynch REIT Preferred Stock Index. The Merrill Lynch Hybrid Securities Index is an unmanaged index consisting of a set of investment grade exchange-traded preferred stocks with outstanding market values of at least $50 million that are covered by Merrill Lynch Fixed Income Research. The Barclays Capital USD Capital Securities Index contains securities generally viewed as hybrid fixed income securities that either receive regulatory capital treatment or a degree of “equity credit” from the rating agencies. This generally includes Tier 2/Lower Tier 2 bonds, perpetual step-up debt, step-up preferred securities, and term preferred securities. The Merrill Lynch REIT Preferred Stock Index is an unmanaged index of investment grade REIT preferred shares with a deal size in excess of $100 million, weighted by capitalization and considered representative of investment grade preferred real estate stock performance. The since inception data for the index represents returns for the period 12/31/06 – 12/31/08, as returns for the index are calculated on a calendar month basis. The returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index.

3 The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in an index.

Class A Shares – Average Annual Total Returns*

For periods ended 6/30/09

	6-Month	1-Year	Since inception (12/19/06)
Nuveen Preferred Securities Fund
A Shares at NAV	15.46%	-12.08%	-9.25%
A Shares at Offer	9.94%	-16.27%	-10.99%
Merrill Lynch Hybrid Securities Index1	-0.06%	-8.09%	-8.83%
Market Benchmark Index2	4.05%	-6.73%	-6.65%
S&P 500 Index3	3.16%	-26.21%	-13.91%

Returns quoted represent past performance which is no guarantee of future results. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Class A Shares have a 4.75% maximum sales charge. Returns at NAV would be lower if sales charges were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Returns reflect a voluntary expense limitation by the Fund’s investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.

Please see the Fund’s Spotlight Page later in this report for more complete performance data and expense ratios.

4 Nuveen Investments

Fund Spotlight as of 6/30/09 Nuveen Preferred Securities Fund

Quick Facts
	A Shares	C Shares	I Shares1
Fund Symbols	NPSAX	NPSCX	NPSRX
NAV	$12.83	$12.84	$12.83
Latest Monthly Dividend2	$0.0970	$0.0900	$0.0995
Inception Date	12/19/06	12/19/06	12/19/06

Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.75% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.

Average Annual Total Returns as of 6/30/09
A Shares	NAV	Offer
1-Year	-12.08%	-16.27%
Since Inception	-9.25%	-10.99%
C Shares	NAV
1-Year	-12.65%
Since Inception	-9.91%
I Shares	NAV
1-Year	-11.82%
Since Inception	-9.01%
Yields
A Shares	NAV	Offer
Dividend yield5	9.07%	8.64%
30-day yield5	9.12%	—
SEC 30-day yield5,6	—	8.68%
C Shares	NAV
Dividend yield5	8.41%
30-day yield5	8.35%
I Shares	NAV
Dividend yield5	9.31%
SEC 30-day yield5	9.37%

Top Five Issuers3:
Wells Fargo & Company	10.5%
JP Morgan Chase & Company	9.9%
Bank of America Corporation	7.0%
MetLife Inc.	5.4%
Morgan Stanley	4.4%

Portfolio Credit Quality³

Portfolio Allocation⁴

Portfolio Statistics
Net Assets ($000)	$165,203
Average Effective Maturity (Years)	43.01
Average Duration	8.07
Number of Positions/Holdings	173

Expense Ratios
Share Class	Gross Expense Ratios	Net Expense Ratios	As of Date
Class A	1.64%	0.94%	12/31/08
Class C	2.32%	1.69%	12/31/08
Class I	1.26%	0.69%	12/31/08

The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses. The Net Expense Ratios reflect a contractual commitment by the Fund’s investment adviser to waive fees and reimburse expenses through April 30, 2010. The Net Expense Ratios also reflect a custodian fee credit whereby certain fees and expenses are reduced by credits earned on the Fund’s cash on deposit with the bank. There is no guarantee that the Fund will earn such credits in the future. Absent the waiver, reimbursement and custodian fee credit, the Net Expense Ratios would be higher and total returns would be less.

1 Effective May 1, 2008, Class R Shares were renamed Class I Shares. See the Fund’s prospectus for more information.

2 Paid July 1, 2009.

3 As a percentage of total investments (excluding short-term investments and investments in derivatives) as of June 30, 2009. Holdings are subject to change.

4 As a percentage of total investments (excluding investments in derivatives) as of June 30, 2009. Holdings are subject to change.

5 Dividend yield is the most recent dividend per share (annualized) divided by the appropriate price per share. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The 30-Day Yield is computed under the same formula but is based on the Net Asset Value (NAV) per share. The Dividend yield may differ from the SEC 30-Day yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

6 The SEC 30-Day Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances.

Nuveen Investments 5

Fund Spotlight as of 6/30/09 Nuveen Preferred Securities Fund

Industries1
Commercial Banks	40.3%
Diversified Financial Services	23.5%
Insurance	14.8%
Capital Markets	14.1%
Short-Term Investments	1.0%
Other	6.3%

1 As a percentage of total investments (excluding investments in derivatives) as of June 30, 2009. Holdings are subject to change.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.

							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (1/01/09)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (6/30/09)	$	1,154.60	$	1,149.70	$	1,156.20	$	1,020.08	$	1,016.36	$	1,021.32
Expenses Incurred During Period	$	5.08	$	9.06	$	3.74	$	4.76	$	8.50	$	3.51

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.95%, 1.70% and 0.70% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

6 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Preferred Securities Fund

June 30, 2009

Shares	Description (1)	Coupon	Ratings (2)	Value
	$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 48.0%
	Capital Markets – 9.3%
40,000	Ameriprise Financial, Inc.	7.750%	A	$	864,000
11,862	BNY Capital Trust IV, Series E	6.875%	Aa3		296,550
27,520	BNY Capital Trust V, Series F	5.950%	Aa3		618,099
15,128	Credit Suisse	7.900%	Aa3		339,472
14,600	Deutsche Bank Capital Funding Trust I	7.350%	Aa3		280,904
47,664	Deutsche Bank Capital Funding Trust II	6.550%	Aa3		856,999
108,040	Deutsche Bank Capital Funding Trust V	8.050%	Aa3		2,240,848
4,100	Deutsche Bank Capital Funding Trust VIII	6.375%	Aa3		75,358
85,300	Deutsche Bank Contingent Capital Trust III	7.600%	Aa3		1,683,822
5,000	Goldman Sachs Group Inc., Series D	4.000%	A3		80,250
42,179	Goldman Sachs Group Inc.	6.200%	A3		959,572
46,801	Morgan Stanley Capital Trust III	6.250%	A3		898,579
1,900	Morgan Stanley Capital Trust V	5.750%	A3		34,295
97,458	Morgan Stanley Capital Trust VI	6.600%	A3		1,985,219
182,406	Morgan Stanley Capital Trust VII	6.600%	A3		3,582,454
33,515	Morgan Stanley Capital Trust VIII	6.450%	A3		649,856
	Total Capital Markets				15,446,277
	Commercial Banks – 19.1%
46,000	ABN AMRO Capital Fund Trust V	5.900%	A2		535,900
185,632	ABN AMRO Capital Fund Trust VII	6.080%	A2		2,125,486
52,600	Banco Santander Finance	6.800%	A2		1,017,810
66,600	Banco Santander Finance	6.500%	A2		1,198,800
21,500	Banco Santander Finance	4.000%	A2		241,875
125,700	Barclays Bank PLC	8.125%	BBB+		2,595,705
20,000	Barclays Bank PLC	7.750%	BBB+		392,800
40,141	BB&T Capital Trust V	8.950%	A2		1,021,588
21,650	Fifth Third Capital Trust VI	7.250%	Baa2		347,916
113,478	Fifth Third Capital Trust VII	8.875%	Baa2		2,224,169
31,512	HSBC Finance Corporation	6.875%	A		674,042
500	HSBC Finance Corporation	6.000%	A		9,555
48,948	HSBC Holdings PLC	8.125%	A–		1,164,473
6,899	KeyCorp Capital Trust V	5.875%	Baa2		117,214
146,936	KeyCorp Capital Trust X	8.000%	Baa2		2,737,418
3,187	KeyCorp Capital VIII	7.000%	Baa2		54,816
19,462	M&T Capital Trust IV	8.500%	Baa1		481,685
15,600	Merrill Lynch Capital Trust II	6.450%	Baa3		249,912
10,000	Merrill Lynch Capital Trust III	7.375%	Baa3		182,000
26,985	Merrill Lynch Capital Trust III	7.000%	Baa3		451,189
4,400	National City Capital Trust II	6.625%	Baa1		82,632
23,100	National City Capital Trust IV	8.000%	Baa1		512,820
71,832	PNC Financial Services, Series F	9.875%	Baa2		1,810,166
16,350	Regions Financing Trust III	8.875%	BB+		325,038
25,784	SunTrust Capital Trust IX	7.875%	Baa2		547,910
75,867	U.S. Bancorp.	7.875%	A2		1,885,295

Nuveen Investments 7

Portfolio of Investments (Unaudited)

Nuveen Preferred Securities Fund (continued)

June 30, 2009

Shares	Description (1)	Coupon	Ratings (2)	Value
	Commercial Banks (continued)
22,481	USB Capital Trust XI	6.600%	A1	$	501,326
23,883	USB Capital XII	6.300%	A1		502,498
6,100	Wachovia Capital Trust IX	6.375%	A3		115,412
37,475	Wachovia Capital Trust X	7.850%	A3		837,566
205,194	Wells Fargo & Company	8.000%	A–		4,575,826
15,000	Wells Fargo Capital Trust XII	7.875%	A3		358,800
70,180	Wells Fargo Capital Trust XIV	8.625%	A3		1,775,554
	Total Commercial Banks				31,655,196
	Consumer Finance – 0.0%
5,000	HSBC Finance Corporation	6.360%	Baa2		79,500
	Diversified Financial Services – 15.1%
7,000	BAC Capital Trust I	7.000%	Baa3		132,440
10,000	BAC Capital Trust II	7.000%	Baa3		191,000
19,850	BAC Capital Trust VIII	6.000%	Baa3		330,503
2,829	BAC Capital Trust X	6.250%	Baa3		49,819
27,172	BAC Capital Trust XII	6.875%	Baa3		496,976
20,645	Bank One Capital Trust VI	7.200%	A1		474,835
31,388	Bear Stearns Capital Trust III	7.800%	A1		742,326
22,400	Citigroup Capital Trust IX	6.000%	A1		303,744
18,500	Citigroup Capital Trust VII	7.125%	Baa3		295,075
48,300	Citigroup Capital Trust VIII	6.950%	Baa3		748,167
26,595	Citigroup Capital Trust XI	6.000%	Baa3		362,224
23,400	Citigroup Capital X	6.100%	Baa3		328,068
56,600	Citigroup Capital XV	6.500%	Baa3		1,019,366
100,200	Citigroup Capital XVI	6.450%	Baa3		1,699,392
51,400	Citigroup Capital XVII	6.350%	Baa3		822,400
11,600	Citigroup Capital XX	7.875%	Baa3		217,616
185,767	Countrywide Capital IV Trust	6.750%	Baa3		3,055,867
376,300	Countrywide Capital Trust III	7.000%	Baa3		6,419,678
28,401	Fleet Capital Trust VIII	7.200%	Baa3		518,318
2,300	General Electric Capital Corporation	6.625%	AA+		54,694
500	General Electric Capital Corporation	6.000%	AA+		10,865
106,551	ING Groep N.V.	8.500%	BBB		2,072,417
111,725	JP Morgan Chase & Company	8.625%	A2		2,842,284
38,100	JP Morgan Chase Capital Trust XXVI	8.000%	A1		955,929
5,060	JP Morgan Capital XXIV	6.875%	A1		115,368
14,905	JP Morgan Chase Capital Trust X	7.000%	A1		359,211
3,573	JP Morgan Chase Capital Trust XI	5.875%	A1		73,389
1,000	MBNA Capital E	8.100%	Baa3		19,750
12,300	MBNA Corporation, Capital Trust D	8.125%	Baa3		240,096
	Total Diversified Financial Services				24,951,817
	Electric Utilities – 1.0%
11,500	American Electric Power	8.750%	Baa3		307,165
7,400	DTE Energy Trust I	7.800%	Baa3		184,408
1,000	DTE Energy Trust II	7.500%	Baa3		24,800

8 Nuveen Investments

Shares		Description (1)	Coupon	Ratings (2)	Value
		Electric Utilities (continued)
	21,200	FPL Group Capital Inc.	7.450%	A3	$	550,776
	9,700	FPL Group Capital Inc.	6.600%	A3		241,530
	11,534	National Rural Utilities Cooperative Finance Corporation	6.750%	A3		273,471
		Total Electric Utilities				1,582,150
		Insurance – 1.1%
	2,400	Aegon N.V.	6.500%	Baa1		35,760
	11,600	Aegon N.V.	7.250%	Baa1		197,200
	10,000	Allianz SE	8.375%	A+		224,500
	20,300	Financial Security Assurance Holdings	6.250%	A+		294,350
	20,393	Lincoln National Capital VI, Series F	6.750%	Baa3		362,995
	2,100	MetLife Inc., Series B	6.500%	Baa1		43,155
	1,200	PLC Capital Trust III	7.500%	BBB		22,008
	2,000	PLC Capital Trust IV	7.250%	BBB		39,340
	13,200	Protective Life Corporation	7.250%	BBB		249,348
	11,949	Prudential Financial Inc.	9.000%	BBB+		281,757
		Total Insurance				1,750,413
		Multi-Utilities – 0.2%
	13,300	Xcel Energy Inc.	7.600%	Baa2		336,889
		Real Estate Investment Trust – 1.9%
	17,996	Duke Realty Corpoation, Series O	8.375%	Baa3		316,010
	15,390	Harris Preferred Capital Corporation, Series A	7.375%	A1		329,808
	10,300	Kimco Realty Corporation, Series G	7.750%	Baa2		212,695
	5,900	Prologis Trust, Series G	6.750%	Baa3		96,760
	5,000	PS Business Parks, Inc.	7.000%	Baa3		92,250
	48,080	Public Storage, Inc., Series K	7.250%	Baa1		1,062,568
	41,864	Public Storage, Inc., Series M	6.625%	Baa1		836,024
	8,930	Vornado Realty Trust, Series H	6.750%	Baa3		164,580
		Total Real Estate Investment Trust				3,110,695
		Thrifts & Mortgage Finance – 0.2%
	12,900	Sovereign Capital Trust V	7.750%	BBB+		274,126
		U.S. Agency – 0.1%
	7,000	Federal Home Loan Mortgage Corporation (3)	6.420%	Ca		11,200
	45,000	Federal Home Loan Mortgage Corporation (3)	8.375%	Ca		54,900
	45,000	Federal National Mortgage Association (3)	8.250%	Ca		57,600
	60,000	Federal National Mortgage Association (3)	8.250%	Ca		80,400
		Total U.S. Agency				204,100
		Total $25 Par (or similar) Preferred Securities (cost $70,089,350)				79,391,163
Principal Amount (000)		Description (1)	Optional Call Provisions (4)	Ratings (2)	Value
		TAXABLE MUNICIPAL BONDS – 2.2%
		California – 0.4%
$	485	California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008B, 11.000%, 10/01/14	No Opt. Call	N/R	$	472,351
	200	California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2007, 9.125%, 6/01/13, 144A	No Opt. Call	N/R		195,972
	685	Total California				668,323

Nuveen Investments 9

Portfolio of Investments (Unaudited)

Nuveen Preferred Securities Fund (continued)

June 30, 2009

Principal Amount (000)		Description (1)	Optional Call Provisions (4)	Ratings (2)	Value
		Florida – 0.4%
$	200	Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46, Series 2007B, 8.250%, 8/01/21	8/14 at 100.00	N/R	$	181,564
	500	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007B, 7.804%, 10/01/20, 144A	No Opt. Call	BBB		421,880
	700	Total Florida				603,444
		Idaho – 0.1%
	125	Idaho Housing and Finance Association NonProfit Facilities Revenue Bonds, Liberty Charter School, Inc, Series 2008B, 7.500%, 6/01/12	No Opt. Call	BBB		122,573
		Louisiana – 0.3%
	195	Carter Plantation Land Louisiana, Revenue Bonds, 9.000%, 7/01/17, 144A (5)	10/09 at 100.00	N/R		109,627
	440	Louisiana Local Government Environmental Facilities and Community Development Authority, Federal Taxable Solid Waste Revenue Bonds, CWI White Oaks Landfill, Series 2007B, 9.750%, 3/01/22	3/10 at 102.00	N/R		344,247
	635	Total Louisiana				453,874
		New York – 0.2%
	260	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-2, 7.500%, 7/01/09	No Opt. Call	N/R		260,000
		Texas – 0.4%
	600	Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008B, 10.000%, 8/15/18	No Opt. Call	BB+		554,064
	175	La Vernia Education Financing Corporation, Texas, Charter School Revenue Bonds, Riverwalk Education Foundation, Series 2007B, 8.750%, 8/15/12	8/11 at 100.00	N/R		173,334
	775	Total Texas				727,398
		Washington – 0.4%
	745	Washington State Economic Development Finance Authority, Revenue Bonds, Coeur D’Alene Fiber Fuels Inc., Series 2007H, 10.000%, 12/01/11	No Opt. Call	N/R		649,402
$	3,925	Total Taxable Municipal Bonds (cost $3,922,271)				3,485,014

Principal Amount (000)		Description (1)	Coupon	Maturity	Ratings (2)	Value
		CORPORATE BONDS – 0.5%
		Insurance – 0.5%
$	700	QBE Insurance Group Limited, 144A	9.750%	3/14/14	A	$	760,213
$	700	Total Corporate Bonds (cost $579,518)					760,213
Principal Amount (000)/ Shares		Description (1)	Coupon	Maturity	Ratings (2)	Value
		CAPITAL PREFERRED SECURITIES – 48.7%
		Capital Markets – 4.8%
	500	Credit Suisse	5.860%	11/15/57	Aa3	$	325,457
	1,000	Goldman Sachs Capital II	5.793%	12/01/57	A3		609,810
	500	Goldman Sachs Group, Inc.	6.345%	2/15/34	A2		404,494
	3,520	Mellon Capital Trust IV	6.244%	6/20/49	A1		2,359,836
	500	MUFG Capital Finance	6.346%	7/25/16	A2		438,302
	1,000	State Street Capital Trust	8.250%	9/15/58	A3		845,340
	400	UBS Capital IX	6.189%	4/15/42	A2		270,100
	3,850	UBS Perferred Funding Trust I	8.622%	10/01/51	A1		2,742,286
		Total Capital Markets					7,995,625

10 Nuveen Investments

Principal Amount (000)/ Shares	Description (1)	Coupon	Maturity	Ratings (2)	Value
	Commercial Banks – 21.3%
3,350	Barclays Bank PLC, 144A	8.550%	6/15/15	BBB+	$	2,278,000
650	Barclays Bank PLC, Reg S	8.550%	12/15/49	BBB+		455,000
420	BBVA International Unipersonal	5.919%	4/18/58	A2		248,136
1,000	BNP Paribas, 144A	7.195%	12/25/57	Aa3		731,774
500	BOI Capital Funding 2, 144A	5.571%	8/01/56	B		187,700
2,000	Comerica Capital Trust II	6.576%	2/20/37	A3		1,182,542
2,370	Credit Agricole, S.A, 144A	6.637%	5/30/49	Aa3		1,394,209
2,475	HSBC Financial Capital Trust IX	5.911%	11/30/35	Baa1		1,309,829
200	Lloyd’s Banking Group PLC, 144A	6.657%	5/21/49	B3		72,100
400	Lloyd’s Banking Group PLC, 144A	6.267%	11/14/49	B3		136,143
300	Mizuho Capital Investment I Limited, 144A	6.686%	3/30/49	Baa1		227,345
6,200	PNC Preferred Funding Trust III, 144A	8.700%	3/15/58	Baa2		5,096,446
5,000	Rabobank Nederland, 144A	11.000%	12/31/49	Aa2		5,576,595
500	Societe Generale, 144A	5.922%	4/05/57	A1		310,425
480	Sovereign Capital Trust VI	7.908%	6/13/56	BBB+		360,672
2,000	Standard Chartered PLC, 144A	7.014%	7/30/37	Baa2		1,423,454
4,900	USB Realty Corporation, 144A	6.091%	4/15/49	A2		2,843,651
1,550	Wachovia Capital Trust III	5.800%	3/15/42	A–		930,316
11,080	Wells Fargo Capital Trust XIII	7.700%	9/26/58	A–		9,203,436
1,365	Wells Fargo Capital Trust XV	9.750%	9/26/49	A–		1,321,753
	Total Commercial Banks					35,289,526
	Diversified Financial Services – 8.5%
5,300	ING Capital Funding Trust III	8.439%	12/30/49	BBB		3,339,970
12,221	JP Morgan Chase & Company	7.900%	4/30/49	A2		10,724,295
	Total Diversified Financial Services					14,064,265
	Industrial Conglomerates – 0.4%
1,000	General Electric Capital Corporation	6.375%	11/15/67	Aa3		668,184
	Insurance – 13.4%
3,100	Assured Guaranty US Holdings, Series A	6.400%	12/15/66	A3		1,582,789
2,010	AXA SA, 144A	6.379%	6/14/57	Baa1		1,289,524
2,000	Financial Security Assurance Holdings, 144A	6.400%	12/15/36	A–		1,040,000
750	Genworth Financial Inc.	6.150%	11/15/66	Ba1		337,955
1,000	Hartford Financial Services Group Inc.	8.125%	6/15/18	Ba1		700,980
1,000	Liberty Mutual Group Inc., 144A	10.750%	6/15/58	Baa3		721,205
400	Liberty Mutual Group, 144A	7.800%	3/15/37	Baa3		224,406
1,000	Lincoln National Corporation	7.000%	5/17/66	BBB		640,000
2,500	MetLife Capital Trust IV, 144A	7.875%	12/15/67	Baa1		2,029,950
2,000	MetLife Capital Trust X, 144A	9.250%	4/08/68	BBB+		1,784,094
5,000	MetLife Inc., WI/DD	10.750%	8/01/69	Baa1		4,999,050
4,950	Prudential Financial Inc.	8.875%	6/15/18	BBB+		4,114,395
1,000	Swiss Re Capital I, 144A	6.854%	5/25/49	A–		551,037
500	Symetra Financial Corporation, 144A	8.300%	10/15/37	Ba1		216,486
485	ZFS Finance USA Trust II, 144A	6.450%	12/15/65	A		373,450
2,050	ZFS Finance USA Trust V, 144A	6.500%	5/09/67	A		1,517,000
	Total Insurance					22,122,321
	Oil, Gas & Consumable Fuels – 0.1%
200	Enterprise Products Operating LP	7.034%	1/15/68	Ba1		147,714
	Road & Rail – 0.2%
400	Burlington Northern Santa Fe Funding Trust I	6.613%	12/15/55	Baa3		317,237
	Total Capital Preferred Securities (cost $71,959,117)					80,604,872

Nuveen Investments 11

Portfolio of Investments (Unaudited)

Nuveen Preferred Securities Fund (continued)

June 30, 2009

Principal Amount (000)		Description (1)	Coupon	Maturity	Value
		SHORT-TERM INVESTMENTS – 1.1%
		U.S. Government and Agency Obligations – 0.3%
$	500	U.S. Treasury Bills	0.000%	8/27/09	$	499,896
		Repurchase Agreements – 0.8%
	1,241	Repurchase Agreement with State Street Bank, dated 6/30/09, repurchase price $1,241,237, collateralized by $1,270,000 U.S. Treasury Bills, 0.000%, due 12/10/09, value $1,268,222	0.000%	7/01/09		1,241,237
$	1,741	Total Short-Term Investments (cost $1,741,118)				1,741,133
		Total Investments (cost $148,291,374) – 100.5%				165,982,395
		Other Assets Less Liabilities – (0.5)%				(779,499)
		Net Assets – 100%			$	165,202,896

Investments in Derivatives

Futures Contracts outstanding at June 30, 2009:

Type	Contract Position	Number of Contracts	Contract Expiration	Value at June 30, 2009		Unrealized Appreciation (Depreciation)
U.S. 30-Year Treasury Bonds	Long	25	9/09	$	2,958,984	$	(51,345	)

(1) All percentages shown in the Portfolio of Investments are based on net assets.

(2) Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.

(3) Non-income producing security; denotes that the issuer has defaulted on the payment of dividends.

(4) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

(5) The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

N/R Not rated.

WI/DD Purchased on a when-issued or delayed delivery basis.

144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.

Reg S Regulation S allows United States companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

See accompanying notes to financial statements.

12 Nuveen Investments

Statement of Assets and Liabilities (Unaudited)

June 30, 2009

Assets
Investments, at value (cost $148,291,374)	$	165,982,395
Deposits with brokers for open futures contracts		2,000
Receivables:
Dividends		255,739
From Adviser		62,169
Interest		1,225,278
Shares sold		6,931,458
Other assets		35
Total assets		174,459,074
Liabilities
Payables:
Dividends		582,857
Investments purchased		8,252,197
Shares redeemed		248,419
Variation margin on futures contracts		5,078
Accrued expenses:
12b-1 distribution and service fees		33,455
Other		134,172
Total liabilities		9,256,178
Net assets	$	165,202,896
Class A Shares
Net assets	$	70,118,225
Shares outstanding		5,463,885
Net asset value per share	$	12.83
Offering price per share (net asset value per share plus maximum sales charge of 4.75% of offering price)	$	13.47
Class C Shares
Net assets	$	26,091,971
Shares outstanding		2,031,350
Net asset value and offering price per share	$	12.84
Class I Shares
Net assets	$	68,992,700
Shares outstanding		5,376,396
Net asset value and offering price per share	$	12.83
Net Assets Consist of:
Capital paid-in	$	160,648,450
Undistributed (Over-distribution of) net investment income		(312,460	)
Accumulated net realized gain (loss) from investments and derivative transactions		(12,772,770	)
Net unrealized appreciation (depreciation) of investments and derivative transactions		17,639,676
Net assets	$	165,202,896

See accompanying notes to financial statements.

Nuveen Investments 13

Statement of Operations (Unaudited)

Six Months Ended June 30, 2009

Investment Income
Dividends	$	3,314,549
Interest		2,074,469
Total Investment Income		5,389,018
Expenses
Management fees		343,710
12b-1 service fees – Class A		45,420
12b-1 distribution and service fees – Class C		63,483
Shareholders’ servicing agent fees and expenses		87,611
Custodian’s fees and expenses		17,905
Trustees’ fees and expenses		2,034
Professional fees		19,745
Shareholders’ reports – printing and mailing expenses		48,851
Federal and state registration fees		83,832
Other expenses		6,283
Total expenses before custodian fee credit and expense reimbursement		718,874
Custodian fee credit		(2	)
Expense reimbursement		(289,227	)
Net expenses		429,645
Net investment income		4,959,373
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(6,394,257	)
Futures contracts		(113,825	)
Change in net unrealized appreciation (depreciation) of:
Investments		28,078,356
Futures contracts		(117,590	)
Net realized and unrealized gain (loss)		21,452,684
Net increase (decrease) in net assets from operations	$	26,412,057

See accompanying notes to financial statements.

14 Nuveen Investments

Statement of Changes in Net Assets (Unaudited)

	Six Months Ended 6/30/09			Year Ended 12/31/08
Operations
Net investment income	$	4,959,373		$	3,535,044
Net realized gain (loss) from:
Investments		(6,394,257	)		(6,250,471	)
Futures contracts		(113,825	)		110,401
Change in net unrealized appreciation (depreciation) of:
Investments		28,078,356			(8,580,750	)
Futures contracts		(117,590	)		66,245
Net increase (decrease) in net assets from operations		26,412,057			(11,119,531	)
Distributions to Shareholders
From net investment income:
Class A		(2,080,863	)		(355,033	)
Class B		—			—
Class C		(695,883	)		(92,502	)
Class I (1)		(2,510,432	)		(3,062,416	)
Tax return of capital
Class A		—			(39,419	)
Class B		—			—
Class C		—			(10,312	)
Class I (1)		—			(340,963	)
Decrease in net assets from distributions to shareholders		(5,287,178	)		(3,900,645	)
Fund Share Transactions
Proceeds from sale of shares		104,352,168			71,899,868
Proceeds from shares issued to shareholders due to reinvestment of distributions		2,382,936			1,040,675
		106,735,104			72,940,543
Cost of shares redeemed		(30,202,501	)		(10,955,497	)
Net increase (decrease) in net assets from Fund share transactions		76,532,603			61,985,046
Net increase (decrease) in net assets		97,657,482			46,964,870
Net assets at the beginning of period		67,545,414			20,580,544
Net assets at the end of period	$	165,202,896		$	67,545,414
Undistributed (Over-distribution of) net investment income at the end of period	$	(312,460	)	$	15,345

(1) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

See accompanying notes to financial statements.

Nuveen Investments 15

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

The Nuveen Investment Trust V (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Preferred Securities Fund (the “Fund”). The Trust was organized as a Massachusetts business trust on September 27, 2006.

The Fund seeks to provide a high level of current income and total return. Under normal circumstances, the Fund will invest at least 80% of its net assets in preferred securities. At least 60% of the preferred securities in which the Fund invests will be rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or if unrated, judged to be of comparable quality by Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments Inc. (“Nuveen). The Fund may invest up to 40% of its net assets in securities rated below investment grade (BB/Ba or lower) at the time of purchase, which are commonly referred to as “high yield,” “high risk” or “junk” securities. The Fund may invest up to 35% of its net assets in U.S. dollar-denominated securities of non-U.S. issuers and up to 10% of its total assets in other open or closed-end funds that invest in similar types of securities. The Fund may invest up to 20% of its net assets in debt securities, U.S. government and agency debt, taxable municipal securities and convertible preferred securities. Under normal circumstances, the Fund may invest up to 15% of its net assets in securities and other instruments that, at the time of investment, are illiquid (i.e., securities that are not readily marketable). The Fund may also invest in forwards, futures, options and swap contracts, or other derivative financial instruments including credit default swaps.

Effective March 31, 2008, Class B shares are no longer available for the Fund. As of March 31, 2008, all outstanding Class B Shares for the Fund were owned by Nuveen and transferred to Class I Shares on May 2, 2008.

During the current reporting period, the Fund’s Board of Trustees approved a change in the Fund’s fiscal year end from December 31 to September 30.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with US generally accepted accounting principles.

Investment Valuation

Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. The prices of fixed-income securities are generally provided by an independent pricing service approved by the Fund’s Board of Trustees. Futures contracts are valued using the closing settlement price or, in the absence of such a price, at the mean of the bid and asked prices. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment or derivative instrument, the Board of Trustees of the Fund, or its designee may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. Short-term investments are valued at amortized cost, which approximates value.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Fund has instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At June 30, 2009, the Fund outstanding when-issued/delayed purchase commitments of $4,999,050.

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also includes paydown gains and losses, if any.

Income Taxes

The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

For all open tax years and all major taxing jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

16 Nuveen Investments

Dividends and Distributions to Shareholders

Dividends from net investment income are declared monthly. Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from US generally accepted accounting principles.

Flexible Sales Charge Program

Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Futures Contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in an attempt to gain exposure to, or hedge against changes in interest rates. Upon entering into a futures contract, the Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by the Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.

During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract and is recognized as “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average number of futures contracts outstanding during the six months ended June 30, 2009, was 12. Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contract activity.

Market and Counterparty Credit Risk

In the normal course of business the Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of the Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts expose the Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

Expense Allocation

Expenses of the Fund that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class.

Nuveen Investments 17

Notes to Financial Statements (Unaudited)(continued)

Custodian Fee Credit

The Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on the Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which the Fund overdraws its account at the custodian bank.

Indemnifications

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 –	Quoted prices in active markets for identical securities.
Level 2 –	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of June 30, 2009:

	Level 1			Level 2		Level 3		Total
Investments:
Preferred Securities*	$	79,391,163		$	80,604,872	$	—	$	159,996,035
Taxable Municipal Bonds		—			3,485,014		—		3,485,014
Corporate Bonds		—			760,213		—		760,213
Short-Term Investments		1,741,133			—		—		1,741,133
Derivatives:
Futures Contracts**		(51,345	)		—		—		(51,345	)
Total	$	81,080,951		$	84,850,099	$	—	$	165,931,050

* Preferred Securities may include Convertible Preferred Securities, $25 Par (or similar) Preferred Securities and Capital Preferred Securities.

** Represents net unrealized appreciation (depreciation).

The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:

	Level 3 Investments
Balance at beginning of period	$	700,000
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		51,512
Net purchases at cost (sales at proceeds)		—
Net discounts (premiums)		8,701
Net transfers in to (out of) at end of period fair value		(760,213	)
Balance at end of period	$	—

18 Nuveen Investments

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows, if any. The Fund records derivative instruments at fair value with changes in fair value recognized on the Statement of Operations. Even though the Fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes. For additional information on the derivative instruments in which the Fund was invested during and at the end of the reporting period, refer to the Portfolio of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following table presents the fair value of all derivative instruments held by the Fund as of June 30, 2009, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Interest Rate	Futures	—	$	—	Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts*	$	51,345

* Value represents cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities.

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2009, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Futures
Risk Exposure
Interest Rate	$	(113,825	)

Change in Net Unrealized Appreciation (Depreciation) of Futures
Risk Exposure
Interest Rate	$	(117,590	)

4. Fund Shares

Transactions in Fund shares were as follows:

	Six Months Ended 6/30/09					Year Ended 12/31/08
	Shares		Amount			Shares		Amount
Shares sold:
Class A	4,872,136		$	50,922,086		2,293,754		$	26,123,279
Class B*	—			—		—			—
Class C	1,636,235			18,003,655		538,244			6,214,381
Class I	3,243,473			35,426,427		2,530,870			39,562,208
Shares issued to shareholders due to reinvestment of distributions:
Class A	85,969			943,971		16,592			194,768
Class B*	—			—		318			5,496
Class C	27,316			292,352		4,494			54,997
Class I	109,377			1,146,613		57,175			785,414
	9,974,506			106,735,104		5,441,447			72,940,543
Shares redeemed:
Class A	(1,400,336	)		(14,524,513	)	(423,124	)		(4,520,859	)
Class B*	—			—		(14,780	)		(253,326	)
Class C	(178,445	)		(1,880,059	)	(10,956	)		(123,500	)
Class I	(1,265,659	)		(13,797,929	)	(463,163	)		(6,057,812	)
	(2,844,440	)		(30,202,501	)	(912,023	)		(10,955,497	)
Net increase (decrease)	7,130,066		$	76,532,603		4,529,424		$	61,985,046

* Effective March 31, 2008, Class B Shares were no longer available to the Funds and transferred to Class I Shares on May 2, 2008.

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended June 30, 2009, aggregated $100,480,599 and $23,552,145, respectively.

Nuveen Investments 19

Notes to Financial Statements (Unaudited)(continued)

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, amortization of premium on taxable debt securities and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At June 30, 2009, the cost of investments was $148,794,933.

Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2009, were as follows:

Gross unrealized:
Appreciation	$	24,538,950
Depreciation		(7,351,488	)
Net unrealized appreciation (depreciation) of investments	$	17,187,462

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2008, the Fund’s last tax year end, were as follows:

Undistributed net ordinary income*	$	—
Undistributed net long-term capital gains		—

* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Fund’s last tax year ended December 31, 2008, was designated for purposes of the dividends paid deduction as follows:

Distributions from ordinary income*	$	3,509,653
Distributions from net long-term capital gains		—
Tax return of capital		390,694

* Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

At December 31, 2008, the Fund’s last tax year end, the Fund had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied the carryforwards will expire as follows:

Expiration:
December 31, 2015	$	41,620
December 31, 2016		5,385,434
Total	$	5,427,054

The Fund elected to defer net realized losses from investments incurred from November 1, 2008 through December 31, 2008, the Fund’s last tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October capital losses of $253,301 are treated as having arisen on the first day of the current fiscal year.

7. Management Fees and Other Transactions with Affiliates

The Fund’s management fee is separated into two components – a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser and a specific fund-level component, based only on the amount of assets within the Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

Average Daily Net Assets (1)	Fund-Level Fee Rate
For the first $125 million	.5500	%
For the next $125 million	.5375
For the next $250 million	.5250
For the next $500 million	.5125
For the next $1 billion	.5000
For net assets over $2 billion	.4750

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of June 30, 2009, the complex-level fee rate was .1970%.

20 Nuveen Investments

The complex-level fee schedule is as follows:

Complex-Level Net Asset Breakpoint Level (1)	Effective Rate at Breakpoint Level
$55 billion	.2000	%
$56 billion	.1996
$57 billion	.1989
$60 billion	.1961
$63 billion	.1931
$66 billion	.1900
$71 billion	.1851
$76 billion	.1806
$80 billion	.1773
$91 billion	.1691
$125 billion	.1599
$200 billion	.1505
$250 billion	.1469
$300 billion	.1445

(1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fee components, daily managed net assets include assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed net assets in certain circumstances.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Trust pays no compensation directly to those of its Trustees who are affiliated with the Adviser or to its Officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.

The Adviser agreed to waive fees and reimburse expenses, so that total annual fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed .70% through April 30, 2010 (1.25% after April 30, 2010) of the average daily net assets of any class of Fund shares. The Adviser may also voluntarily reimburse additional expenses from time to time. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

During the six months ended June 30, 2009, Nuveen Investments, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, compensated financial intermediaries directly with commission advances at the time of purchase as follows:

Commission advances $ 225,640

To compensate for commissions advanced to financial intermediaries, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended June 30, 2009, the Distributor retained such 12b-1 fees as follows:

12b-1 fees retained $ 61,447

The remaining 12b-1 fees charged to the Fund were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

The Distributor also retained $5,098 CDSC on share redemptions during the six months ended June 30, 2009.

At June 30, 2009, the Adviser owned 1,524, 1,495 and 3,048 shares of Class A, C and I, respectively.

8. Subsequent Events

Distributions to Shareholders

The Fund declared a dividend distribution from its net investment income which was paid on August 3, 2009, to shareholders of record on July 31, 2009, as follows:

Dividend per share:
Class A	$	.0970
Class C		.0900
Class I		.0995

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 165 (SFAS No. 165)

In May 2009, the Financial Accounting Standards Board issued SFAS No. 165, “Subsequent Events.” SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date — that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Fund has performed an evaluation of subsequent events through August 26, 2009, which is the date the financial statements were issued.

Nuveen Investments 21

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
Year Ended December 31,	Beginning Net Asset Value		Net Invest- ment Income(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains		Tax Return of Capital			Total			Ending Net Asset Value		Total Return(b)
Class A (12/06)
2009(e)	$	11.76	$	.57	$	1.08		$	1.65		$	(.58	)	$	—	$	—		$	(.58	)	$	12.83	15.46	%
2008		16.98		1.31		(5.30	)		(3.99	)		(1.08	)		—		(.15	)		(1.23	)		11.76	(24.67	)
2007		20.01		1.08		(3.03	)		(1.95	)		(1.08	)		—		—			(1.08	)		16.98	(10.12	)
2006(f)		20.00		.03		(.02	)		.01			—			—		—			—			20.01	.05
Class C (12/06)
2009(e)		11.77		.53		1.08			1.61			(.54	)		—		—			(.54	)		12.84	14.97
2008		16.96		1.16		(5.24	)		(4.08	)		(.97	)		—		(.14	)		(1.11	)		11.77	(25.13	)
2007		20.01		.93		(3.03	)		(2.10	)		(.95	)		—		—			(.95	)		16.96	(10.85	)
2006(f)		20.00		.03		(.02	)		.01			—			—		—			—			20.01	.05
Class I (12/06)(g)
2009(e)		11.76		.58		1.09			1.67			(.60	)		—		—			(.60	)		12.83	15.62
2008		16.98		1.19		(5.14	)		(3.95	)		(1.14	)		—		(.13	)		(1.27	)		11.76	(24.45	)
2007		20.01		1.18		(3.08	)		(1.90	)		(1.13	)		—		—			(1.13	)		16.98	(9.91	)
2006(f)		20.00		.04		(.03	)		.01			—			—		—			—			20.01	.05

22 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Credit/ Reimbursement				Ratios to Average Net Assets After Reimbursement(c)				Ratios to Average Net Assets After Credit/ Reimbursement(d)
Ending Net Assets (000)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Expenses		Net Invest- ment Income (Loss)		Portfolio Turnover Rate
$	70,118	1.60	%*	10.07	%*	.95	%*	10.72	%*	.95	%*	10.72	%*	25	%
	22,420	1.64		10.32		.95		11.02		.94		11.02		99
	321	2.50		4.23		1.13		5.60		1.07		5.66		179
	275	18.18	*	(12.06	)*	1.23	*	4.88	*	1.23	*	4.88	*	—
	26,092	2.37	*	9.36	*	1.70	*	10.03	*	1.70	*	10.03	*	25
	6,429	2.32		8.90		1.70		9.52		1.69		9.52		99
	245	3.29		3.39		1.89		4.79		1.83		4.85		179
	275	18.93	*	(12.82	)*	1.99	*	4.12	*	1.99	*	4.12	*	—
	68,993	1.30	*	10.49	*	.70	*	11.09	*	.70	*	11.09	*	25
	38,697	1.26		7.57		.69		8.14		.69		8.14		99
	19,769	1.80		5.28		.78		6.30		.72		6.36		179
	4,178	17.92	*	(11.81	)*	.98	*	5.13	*	.98	*	5.13	*	—

* Annualized.

(a) Per share Net Investment Income is calculated using the average daily shares method.

(b) Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

(c) After expense reimbursement from the Adviser, where applicable.

(d) After custodian fee credit and expense reimbursement, where applicable.

(e) For the six months ended June 30, 2009.

(f) For the period December 19, 2006 (commencement of operations) through December 31, 2006.

(g) Effective May 1, 2008, Class R Shares were renamed Class I Shares.

See accompanying notes to financial statements.

Nuveen Investments 23

Annual Investment Management Agreement Approval Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the “May Meeting”), the Board of Trustees (the “Board,” and each Trustee, a “Board Member”) of the Fund, including a majority of the Independent Board Members, considered and approved the continuation of the advisory agreement (the “Advisory Agreement”) between the Fund and Nuveen Asset Management (“NAM”) for an additional one-year period. In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the Advisory Agreement, the Independent Board Members reviewed a broad range of information relating to the Fund and NAM, including absolute performance, fee and expense information for the Fund as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Fund, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. (“Winslow Capital”), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by NAM. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreement, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of NAM, its services and the Fund resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreement. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreement, the Independent Board Members considered the nature, extent and quality of NAM’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, NAM’s organization and business; the types of services that NAM or its affiliates provide and are expected to provide to the Fund; the performance record of the Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered NAM’s efforts, expertise and other actions taken to address matters as they arose that impacted the Fund. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM’s continuous review of the Nuveen funds’ investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. In this regard, the Independent Board Members noted the changes recommended by NAM to various investment mandates for the Nuveen funds in seeking to take advantage of market opportunities and to improve the tools available for managing liquidity and market exposure; the establishment of a team responsible for coordinating the handling of large trades in or out of the Nuveen funds; and the ongoing monitoring of investment management processes.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of NAM’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Fund, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate NAM’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM’s compliance program, including the report of the chief compliance officer regarding the Fund’s compliance policies and procedures.

24 Nuveen Investments

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Fund under the Advisory Agreement were satisfactory.

B. The Investment Performance of the Fund and NAM

The Board considered the investment performance of the Fund, including the Fund’s historic performance as well as its performance compared to funds with similar investment objectives (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks. The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund’s Performance Peer Group and recognized and/or customized benchmarks for the quarter- and one-year periods ending December 31, 2008 and for the same periods ending March 31, 2009. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In comparing a fund’s performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund’s investment objectives and strategies thereby hindering a meaningful comparison of the fund’s performance with that of the Performance Peer Group. The Independent Board Members further considered the performance of the Fund in the context of the volatile market conditions during the past year, and their impact on various asset classes and the portfolio management of the Fund.

Based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members determined that the Fund’s investment performance over time had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of the Fund reviewing, among other things, the Fund’s gross management fees, net management fees and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the fee and expenses of a comparable universe of unaffiliated funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”).

The Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. In reviewing the fee schedule for the Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen.

Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Fund and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Fund. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Fund (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Fund, the Independent Board Members believe such facts justify the different levels of fees.

3. Profitability of Nuveen

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the

Nuveen Investments 25

Annual Investment Management Agreement Approval Process (continued)

Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to NAM by the Fund as well as any indirect benefits (such as soft dollar arrangements, if any) NAM and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Fund, if any. See Section E below for additional information on indirect benefits NAM may receive as a result of its relationship with the Fund. Based on their review of the overall fee arrangements of the Fund, the Independent Board Members determined that the advisory fees and expenses of the Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. While economies of scale result when costs can be spread over a larger asset base, the Independent Board Members also recognized that the asset levels generally declined in 2008 due to, among other things, the market downturn. Accordingly, for funds with a reduction in assets under management, advisory fee levels may have increased as breakpoints in the fee schedule were no longer surpassed.

In addition to fund-level advisory fee breakpoints, the Board also considered the Fund’s complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen’s revenue because total complex fund assets have consistently grown in prior years. As noted, however, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits NAM or its affiliates may receive as a result of its relationship with the Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Fund’s principal underwriter, an affiliate of NAM, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether NAM received any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Fund for brokerage may be used to acquire research that may be useful to NAM in managing the assets of the Fund and other clients. The Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions.

Based on their review, the Independent Board Members concluded that any indirect benefits received by NAM as a result of its relationship with the Fund were reasonable and within acceptable parameters.

26 Nuveen Investments

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Advisory Agreement are fair and reasonable, that NAM’s fees are reasonable in light of the services provided to the Fund and that the Advisory Agreement be renewed.

Nuveen Investments 27

Glossary of Terms Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed”, with current holders receiving a formula-based interest rate until the next scheduled auction.

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

Average Effective Maturity: The average of the number of years to maturity of the bonds in a Fund’s portfolio, computed by weighting each bond’s time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity.

Average Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or Fund’s duration, the more the price of the bond or Fund will change as interest rates change.

Collateralized Debt Obligations (CDOs): Collateralized debt obligations are a type of asset-backed security constructed from a portfolio of fixed-income assets. CDOs usually are divided into different tranches having different ratings and paying different interest rates. Losses, if any, are applied in reverse order of seniority and so junior tranches generally offer higher coupons to compensate for added default risk.

Dividend Yield (also known as Market Yield or Current Yield): An investment’s current annualized dividend divided by its current offering price.

Hybrid Securities: A hybrid security combines two or more different financial instruments. Hybrid securities generally combine both debt and equity characteristics.

Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

SEC 30-Day Yield: A standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio.

28 Nuveen Investments

Fund Information

Fund Manager

Nuveen Asset Management

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered

Public Accounting Firm

Ernst & Young LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) the Fund’s quarterly portfolio of investments, (ii) information regarding how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 29

Nuveen Investments:

Serving Investors For Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. Over this time, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that can be integral parts of a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.

We offer many different investing solutions

for our clients’ different needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009.

Find out how we can help you reach your financial goals.

An investor should carefully consider the Fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at (800) 257-8787. Read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at www.nuveen.com/mf

• Share prices

• Fund details

• Daily financial news

• Investor education

Distributed by

Nuveen Investments, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-INV5-0609P

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

See Portfolio of Investments in Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Investment Trust V

By	(Signature and Title)	/s/ Kevin J. McCarthy
		Kevin J. McCarthy Vice President and Secretary

Date September 8, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	(Signature and Title)	/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman Chief Administrative Officer (principal executive officer)

Date September 8, 2009

By	(Signature and Title)	/s/ Stephen D. Foy
		Stephen D. Foy Vice President and Controller (principal financial officer)

Date September 8, 2009