[ON CHAPMANAND CUTLER LLP LETTERHEAD]
September 19, 2016
VIA EDGAR CORRESPONDENCE
Keith Gregory
United States Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re: | Nuveen Investment Trust V | |||
File Nos. 333-138592 and 811-21979 |
Dear Mr. Gregory:
This letter responds to your comments given during a telephone conversation with our office on August 10, 2016, and a prior comment given during a telephone conversation with our office on July 19, 2016, regarding the registration statement filed on Form N-1A for Nuveen Investment Trust V (the“Trust”) with the Securities and Exchange Commission (the“Commission”) on June 6, 2016, which relates to Nuveen Multi-Asset Income Fund and Nuveen Multi-Asset Income Tax-Aware Fund (collectively, the“Funds,” and individually, a“Fund”), each a series of the Trust. The prospectus for the Funds have been revised in response to your comments.
COMMENTSFOR BOTH FUNDS
PROSPECTUS
COMMENT 1 — FUND SUMMARY — FEESAND EXPENSESOFTHE FUND
The information in the “Annual Fund Operating Expenses” table is material information that is required in a Rule 485(a) filing. In your response letter, please include all of the information in this table. The correspondence filing on EDGAR should be made in advance of going effective to provide the staff of the Commission with enough time to review and comment on the information, as appropriate.
RESPONSETO COMMENT 1
The information for the table has been attached in Appendix A.
COMMENT 2 — FUND SUMMARY — PRINCIPAL RISKS
For the “Municipal Securities Risk,” please reconsider providing more fulsome municipal risk disclosure given the percentage of municipal securities in the Nuveen Multi-Asset Income Tax-Aware Fund’s portfolio.
RESPONSETO COMMENT 2
Management believes the current disclosures are appropriate. As disclosed under “Principal Investment Strategies,” municipal securities are included among the types of debt securities in which a Fund may invest. Consequently, they are subject to all of the risk disclosures concerning debt securities already included in this section (e.g.,“Bond Market Liquidity Risk,” “Call Risk,” “Credit Risk,” “Income Risk,” “Interest Rate Risk,” “Valuation Risk,” etc.), and risks that are unique to municipal securities are disclosed under “Municipal Securities Risk.”
Tandy Acknowledgment
In connection with the Trust’s registration statement, the Trust acknowledges that:
• | it is responsible for the adequacy and accuracy of the disclosure in the filing; |
• | staff comments or changes to disclosure in response to staff comments in the filings reviewed by the staff do not foreclose the Commission from taking any action with respect to the filing; and |
• | the Trust may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
Please call me at(312) 845-3484 if you have any questions or issues you would like to discuss regarding these matters.
Sincerely yours, | ||
CHAPMANAND CUTLERLLP | ||
By: | /s/ Morrison C. Warren | |
Morrison C. Warren |
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