UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-21979

Nuveen Investment Trust V

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: June 30, 2012

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments.

Portfolio of Investments (Unaudited)

Nuveen Preferred Securities Fund

June 30, 2012

Shares		Description (1)					Value
		COMMON STOCKS – 0.3%
		Real Estate Investment Trust – 0.3%
	90,576	Hospitality Properties Trust					$	2,409,322
		Total Common Stocks (cost $2,264,400)						2,409,322
Shares		Description (1)	Coupon		Ratings (2)		Value
		$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 39.5%
		Capital Markets – 3.6%
	75,432	Deutsche Bank Capital Funding Trust I		7.350%		BBB	$	1,897,869
	298,051	Deutsche Bank Capital Funding Trust V		8.050%		BBB		7,799,995
	180,000	Deutsche Bank Capital Funding Trust VIII		6.375%		BBB		4,345,200
	179,600	Morgan Stanley Capital Trust IV		6.250%		BB+		4,274,480
	128,635	Morgan Stanley Capital Trust VI		6.600%		BB+		3,137,408
	132,715	Morgan Stanley Capital Trust VII		6.600%		BB+		3,191,796
	126,621	Morgan Stanley Capital Trust VIII		6.450%		BB+		3,037,638
		Total Capital Markets						27,684,386
		Commercial Banks – 5.6%
	284,704	Barclays Bank PLC		8.125%		BBB		7,225,788
	159,129	Barclays Bank PLC		7.750%		BBB		3,997,320
	985,480	PNC Financial Services		6.125%		BBB		25,967,398
	200,000	U.S. Bancorp.		6.500%		A3		5,716,000
		Total Commercial Banks						42,906,506
		Diversified Financial Services – 9.3%
	137,448	Citigroup Capital Trust VII		7.125%		BB+		3,456,817
	225,000	Citigroup Capital XIII		7.875%		BB+		6,140,250
	45,085	Citigroup Capital XIX		7.250%		BB+		1,132,084
	147,753	Citigroup Inc.		8.125%		BB		4,166,635
	883,187	Countrywide Capital Trust III		7.000%		BB+		21,947,197
	527,868	ING Groep N.V		8.500%		BBB		13,439,519
	489,748	ING Groep N.V		7.375%		BBB		11,665,797
	184,918	ING Groep N.V		7.200%		BBB		4,347,422
	58,482	ING Groep N.V		7.050%		BBB		1,362,631
	134,010	ING Groep N.V		6.375%		BBB		2,800,809
	18,031	ING Groep N.V		6.200%		BBB		369,996
	6,281	ING Groep N.V		6.125%		BBB		127,253
		Total Diversified Financial Services						70,956,410
		Electric Utilities – 0.8%
	49,000	Southern California Edison Company, (4)		6.500%		Baa2		5,138,875
	950,000	Southern California Edison Company, (4)		6.250%		BBB+		992,370
		Total Electric Utilities						6,131,245
		Insurance – 14.7%
	126,070	Aegon N.V		8.000%		Baa1		3,326,987
	487,448	Aegon N.V		7.250%		Baa1		12,342,183
	48,646	Aegon N.V		6.500%		Baa1		1,166,045
	266,764	Aegon N.V		6.375%		Baa1		6,517,045
	748,189	Allianz SE, (4)		8.375%		A+		19,452,914

Nuveen Investments 1

Portfolio of Investments (Unaudited)

Nuveen Preferred Securities Fund (continued)

June 30, 2012

Shares		Description (1)	Coupon		Ratings (2)		Value
		Insurance (continued)
	509,480	Arch Capital Group Limited		6.750%		BBB	$	13,246,480
	74,025	Aspen Insurance Holdings Limited		7.250%		BBB–		1,895,040
	808,853	Axis Capital Holdings Limited		6.875%		BBB		21,669,172
	6,865,000	Cloverie PLC Zurich Insurance, (4)		8.250%		N/R		7,180,845
	2,400,000	Dai-Ichi Mutual Life, 144A, (4)		7.250%		A3		2,531,674
	595,781	Endurance Specialty Holdings Limited		7.500%		BBB–		15,674,998
	264,015	Hartford Financial Services Group Inc.		7.875%		BB+		7,138,966
	4,656	Protective Life Corporation		7.250%		BBB		117,564
	14,123	Selective Insurance Group		7.500%		Baa3		356,323
		Total Insurance						112,616,236
		Real Estate Investment Trust – 1.0%
	67,000	Hospitality Properties Trust		7.000%		Baa3		1,725,250
	64,000	National Retail Properties Inc.		6.625%		Baa3		1,664,000
	141,067	Vornado Realty Trust		6.875%		BBB–		3,903,324
		Total Real Estate Investment Trust						7,292,574
		U.S. Agency – 4.5%
	35,000	Cobank Agricultural Credit Bank, 144A, (4)		7.814%		A		1,746,721
	527,250	Cobank Agricultural Credit Bank, 144A, (4)		7.000%		A		26,098,873
	18,600	Cobank Agricultural Credit Bank, 144A, (4)		11.000%		A		992,195
	107,000	Cobank Agricultural Credit Bank, 144A, (4)		11.000%		A		5,908,412
		Total U.S. Agency						34,746,201
		Total $25 Par (or similar) Preferred Securities (cost $267,186,774)						302,333,558
Principal Amount (000)		Description (1)	Optional Call Provisions (3)		Ratings (2)		Value
		TAXABLE MUNICIPAL BONDS – 0.1%
		California – 0.0%
$	275	California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008B, 11.000%, 10/01/14		No Opt. Call		N/R	$	273,331
	100	California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2007, 9.125%, 6/01/13		No Opt. Call		N/R		100,817
	375	Total California						374,148
		Florida – 0.1%
	415	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007B, 7.804%, 10/01/20		No Opt. Call		BBB–		410,198
		Texas – 0.0%
	55	La Vernia Education Financing Corporation, Texas, Charter School Revenue Bonds, Riverwalk Education Foundation, Series 2007B, 8.750%, 8/15/12		No Opt. Call		N/R		55,048
$	845	Total Taxable Municipal Bonds (cost $844,991)						839,394

2 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		CORPORATE BONDS – 4.8%
		Insurance – 4.8%
$	19,245	American International Group, Inc.		8.175%		5/15/68		BBB	$	20,880,825
	2,000	Nationwide Mutual Insurance Company, 144A		8.250%		12/01/31		A–		2,308,096
	3,500	Nationwide Mutual Insurance Company, 144A, (5)		7.875%		4/01/33		A–		3,911,540
	7,210	Nationwide Mutual Insurance Company, 144A, (5)		9.375%		8/15/39		A–		9,486,017
	31,955	Total Insurance								36,586,478
$	31,955	Total Corporate Bonds (cost $32,043,794)								36,586,478
Principal Amount (000)/Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value
		CAPITAL PREFERRED SECURITIES – 53.9%
		Capital Markets – 1.3%
	10,000	Aberdeen Asset Management PLC		7.900%		5/29/49		N/R	$	9,600,000
		Commercial Banks – 11.4%
	15,125	Abbey National Capital Trust I		8.963%		6/30/30		BBB–		14,520,000
	6,900	Barclays Bank PLC		6.278%		12/15/34		BBB		5,300,063
	9,950	BNP Paribas, 144A		7.195%		6/25/49		BBB+		8,507,250
	16,214	Rabobank Nederland, 144A		11.000%		6/30/19		A		20,397,212
	1,000	Republic New York Capital I		7.750%		11/15/26		A–		1,007,500
	930	Standard Chartered PLC, 144A		7.014%		7/30/37		BBB+		900,607
	3,000	Standard Chartered PLC		9.500%		6/29/49		A3		3,303,600
	30,514	Wells Fargo & Company, Series K		7.980%		9/15/99		BBB+		33,489,115
		Total Commercial Banks								87,425,347
		Diversified Financial Services – 7.9%
	3,955	Citigroup Capital III		7.625%		12/01/36		BB+		4,190,433
	17,800	General Electric Capital Corporation		7.125%		12/15/49		AA–		18,804,988
	33,880	JP Morgan Chase & Company		7.900%		4/30/18		BBB		37,142,305
		Total Diversified Financial Services								60,137,726
		Electric Utilities – 0.6%
	4,959	PPL Capital Funding, Inc.		6.700%		3/30/17		BB+		4,952,801
		Insurance – 25.3%
	5,000	Aviva PLC		8.250%		4/29/49		Baa1		4,942,580
	33,198	AXA SA, 144A		6.379%		12/14/66		Baa1		25,894,440
	23,763	Catlin Insurance Company Limited		7.249%		7/19/67		BBB+		20,911,440
	44,430	Financial Security Assurance Holdings, 144A		6.400%		12/15/36		Baa1		27,768,750
	23,340	Glen Meadows Pass Through Trust		6.505%		2/15/67		BB+		16,804,800
	20,897	Liberty Mutual Group Inc., 144A		10.750%		6/15/58		Baa3		28,419,920
	5,000	Lincoln National Corporation		7.000%		5/17/66		BBB		4,775,000
	27,051	MetLife Capital Trust X, 144A		9.250%		4/08/68		BBB		33,137,475
	4,492	National Financial Services Inc.		6.750%		5/15/37		Baa2		4,267,400
	11,705	Prudential PLC		7.750%		12/29/49		A–		11,822,050
	1,455	Swiss Re Capital I, 144A		6.854%		5/25/16		A		1,340,379
	13,735	Symetra Financial Corporation, 144A		8.300%		10/15/37		BBB–		13,391,625
		Total Insurance								193,475,859

Nuveen Investments 3

Portfolio of Investments (Unaudited)

Nuveen Preferred Securities Fund (continued)

June 30, 2012

Principal Amount (000)/Shares		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Real Estate Investment Trust – 2.5%
	19	Sovereign Real Estate Investment Trust, 144A		12.000%		10/31/50		BB+	$	19,453,276
		U.S. Agency – 4.9%
	18,925	AgFirst Farm Credit Bank		7.300%		12/15/53		A		18,943,736
	16	Farm Credit Bank of Texas		10.000%		12/15/60		A3		18,329,063
		Total U.S. Agency								37,272,799
		Total Capital Preferred Securities (cost $405,501,052)								412,317,808
Principal Amount (000)		Description (1)	Coupon		Maturity				Value
		SHORT-TERM INVESTMENTS – 0.3%
$	1,902	Repurchase Agreement with State Street Bank, dated 6/29/12, repurchase price $1,902,254, collateralized by $1,855,000 U.S. Treasury Notes, 1.750%, due 5/31/16, value $1,942,497		0.010%		7/02/12			$	1,902,252
		Total Short-Term Investments (cost $1,902,252)								1,902,252
		Total Investments (cost $709,743,263) – 98.9%								756,388,812
		Other Assets Less Liabilities – 1.1% (6)								8,662,276
		Net Assets – 100%							$	765,051,088

Investments in Derivatives at June 30, 2012

Forward Swaps outstanding:

Counterparty

Notional Amount

Fund Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate (Annualized)

Fixed Rate Payment Frequency

Effective Date (7)

Termination Date

Unrealized Appreciation (Depreciation)

Morgan Stanley

$

35,000,000

Receive

3-Month USD-LIBOR

2.480%

Semi-Annually

11/15/2012

11/15/22

$

(1,966,925

)

Morgan Stanley

20,000,000

Receive

3-Month USD-LIBOR

2.908

Semi-Annually

11/15/2012

11/15/41

(1,576,076

)

$

(3,543,001

)

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tier hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

4 Nuveen Investments

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Common Stocks	$	2,409,322	$	—		$	—	$	2,409,322
$25 Par (or similar) Preferred Securities		232,290,679		70,042,879			—		302,333,558
Taxable Municipal Bonds		—		839,394			—		839,394
Corporate Bonds		—		36,586,478			—		36,586,478
Capital Preferred Securities		—		412,317,808			—		412,317,808
Short-Term Investments:
Repurchase Agreements		—		1,902,252			—		1,902,252
Derivatives:
Forward Swaps**		—		(3,543,001	)		—		(3,543,001	)
Total	$	234,700,001	$	518,145,810		$	—	$	752,845,811

* Refer to the Fund’s Portfolio of Investments for industry classifications and breakdown of $25 Par (or similar) Preferred Securities classified as Level 2.

** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

During the period ended June 30, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Derivative Instruments and Hedging Activities

The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

The following table presents the fair value of all derivative instruments held by the Fund as of June 30, 2012, 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	Forward Swaps	—	$	—	Unrealized depreciation on forward swaps	$	(3,543,001	)

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 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, 2012, the cost of investments (excluding investments in derivatives) was $711,040,175.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at June 30, 2012, were as follows:

Gross unrealized:
Appreciation	$	55,814,971
Depreciation		(10,466,334	)
Net unrealized appreciation (depreciation) of investments	$	45,348,637

Nuveen Investments 5

Portfolio of Investments (Unaudited)

Nuveen Preferred Securities Fund (continued)

June 30, 2012

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

(2) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(3) 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.

(4) For fair value measurement disclosure purposes, $25 Par (or similar) Preferred Securities categorized as Level 2.

(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(6) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at June 30, 2012.

(7) Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract.

N/R Not rated.

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.

USD-LIBOR United States Dollar–London Inter-Bank Offered Rate

6 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen NWQ Flexible Income Fund

June 30, 2012

Shares		Description (1)					Value
		COMMON STOCKS – 8.5%
		Automobiles – 0.9%
	1,000	General Motors Company, (2)					$	19,720
		Chemicals – 1.0%
	400	Mosaic Company						21,904
		Communications Equipment – 1.1%
	1,400	Cisco Systems, Inc.						24,038
		Diversified Financial Services – 1.1%
	900	Citigroup Inc.						24,669
		Insurance – 0.6%
	400	American International Group, (2)						12,836
		Metals & Mining – 1.2%
	700	Barrick Gold Corporation						26,299
		Oil, Gas & Consumable Fuels – 0.5%
	400	Canadian Natural Resources Limited						10,740
		Real Estate Investment Trust – 2.1%
	1,350	Annaly Capital Management Inc.						22,653
	1,900	Redwood Trust Inc.						23,712
		Total Real Estate Investment Trust						46,365
		Total Common Stocks (cost $202,336)						186,571
Shares		Description (1)	Coupon		Ratings (3)		Value
		CONVERTIBLE PREFERRED SECURITIES – 0.5%
		Real Estate Investment Trust – 0.5%
	500	CommonWealth REIT, Convertible		6.500%		Baa3	$	10,975
		Total Convertible Preferred Securities (cost $10,025)						10,975
Shares		Description (1)	Coupon		Ratings (3)		Value
		$25 PAR (OR SIMILAR) PREFERRED SECURITIES – 73.7%
		Capital Markets – 2.2%
	125	Allied Capital Corporation		6.875%		BBB	$	3,094
	900	Ares Capital Corporation		7.000%		BBB		23,535
	200	Gladstone Investment Corporation		7.125%		N/R		5,070
	300	Medley Capital Corporation		7.125%		N/R		7,515
	300	Triangle Capital Corporation		7.000%		N/R		7,683
		Total Capital Markets						46,897
		Commercial Banks – 18.5%
	2,000	Associated Banc-Corp.		8.000%		BB+		54,380
	1,600	First Naigara Finance Group		8.625%		BB+		43,840
	800	First Republic Bank of San Francisco, (4)		6.200%		BBB		20,400
	1,200	HSBC Holdings PLC		8.000%		A–		32,616
	2,000	PNC Financial Services		6.125%		BBB		52,700
	1,000	Popular Inc., (4)		8.250%		B2		23,031
	500	TCF Financial Corporation		7.500%		BB–		12,660
	2,000	U.S. Bancorp.		6.500%		A3		57,160
	3,000	Zions Bancorporation		9.500%		BB		78,660

Nuveen Investments 7

Portfolio of Investments (Unaudited)

Nuveen NWQ Flexible Income Fund (continued)

June 30, 2012

Shares		Description (1)	Coupon		Ratings (3)		Value
		Commercial Banks (continued)
	880	Zions Bancorporation		7.900%		BB	$	23,980
		Total Commercial Banks						399,427
		Consumer Finance – 5.7%
	1,500	GMAC LLC		7.250%		BB–		35,745
	400	GMAC LLC		7.300%		BB–		9,464
	3,100	HSBC Finance Corporation		6.360%		A		78,120
		Total Consumer Finance						123,329
		Diversified Financial Services – 4.8%
	2,000	Bank of America Corporation		8.200%		BB+		51,700
	2,000	Citigroup Inc.		8.500%		BB		52,800
		Total Diversified Financial Services						104,500
		Electric Utilities – 4.1%
	3,000	BGE Capital Trust II		6.200%		Baa2		76,950
	500	SCE Trust I		5.625%		BBB+		12,740
		Total Electric Utilities						89,690
		Insurance – 15.3%
	1,660	American Financial Group		7.000%		BBB+		44,820
	1,000	Aspen Insurance Holdings Limited		7.250%		BBB–		25,600
	1,100	Aspen Insurance Holdings Limited		7.401%		BBB–		28,259
	800	Axis Capital Holdings Limited		6.875%		BBB		21,432
	2,500	Endurance Specialty Holdings Limited		7.750%		BBB–		67,700
	900	Montpelier Re Holdings Limited		8.875%		BB+		24,390
	1,900	Principal Financial Group		6.518%		BBB		49,609
	2,500	Prudential Financial Inc.		9.000%		BBB+		67,900
		Total Insurance						329,710
		Multi-Utilities – 5.9%
	2,000	DTE Energy Company		6.500%		BBB–		56,480
	2,500	Scana Corporation		7.700%		BBB–		70,000
		Total Multi-Utilities						126,480
		Oil, Gas & Consumable Fuels – 1.2%
	1,000	Magnum Hunter Resources Corporation		10.250%		BB–		25,670
		Real Estate Investment Trust – 14.7%
	900	Annaly Capital Management		7.625%		N/R		22,590
	700	Apartment Investment & Management Company, Series U		7.000%		BB		18,417
	2,250	Ashford Hospitality Trust Inc.		9.000%		N/R		59,063
	2,200	CommomWealth REIT		7.250%		Baa3		59,708
	606	Developers Diversified Realty Corporation		7.375%		Ba1		15,192
	2,600	Dupont Fabros Technology		7.875%		Ba2		68,016
	600	Inland Real Estate Corporation		8.125%		N/R		15,252
	1,500	Kimco Realty Corporation, Series G		7.750%		Baa2		38,475
	775	Winthrop Realty Trust Inc.		9.250%		N/R		20,018
		Total Real Estate Investment Trust						316,731
		Wireless Telecommunication Services – 1.3%
	1,038	United States Cellular Corporation		6.950%		Baa2		27,818
		Total $25 Par (or similar) Preferred Securities (cost $1,469,751)						1,590,252

8 Nuveen Investments

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CAPITAL PREFERRED SECURITIES – 7.0%
		Commercial Banks – 1.1%
$	30	Barclays Bank PLC		6.278%		12/15/34		BBB	$	23,044
		Insurance – 5.9%
	100	AXA SA, 144A		6.379%		12/14/66		Baa1		78,000
	25	Liberty Mutual Group, 144A		7.800%		3/15/37		Baa3		25,250
	6	Prudential PLC		7.750%		12/29/49		A–		6,060
	18	Symetra Financial Corporation, 144A		8.300%		10/15/37		BBB–		17,550
		Total Insurance								126,860
		Total Capital Preferred Securities (cost $153,757)								149,904
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		CORPORATE BONDS – 5.6%
		Diversified Telecommunication Services – 0.4%
$	10	Telecom Italia Capital		7.721%		6/04/38		BBB	$	8,750
		Independent Power Producers & Energy Traders – 1.5%
	32	NRG Energy Inc.		7.875%		5/15/21		BB		32,320
		Insurance – 2.9%
	24	American International Group, Inc.		8.175%		5/15/68		BBB		26,040
	21	Genworth Financial Inc.		7.200%		2/15/21		BBB		20,003
	15	Hartford Life Inc.		7.650%		6/15/27		BBB–		17,338
	60	Total Insurance								63,381
		Media – 0.8%
	18	Donnelley & Son Company		8.250%		3/15/19		BB+		17,640
$	120	Total Corporate Bonds (cost $118,148)								122,091
Shares		Description (1)							Value
		EXCHANGE-TRADED FUNDS – 2.1%
	500	iShares I-Boxx High Yield Corporate Bond Fund							$	45,610
		Total Exchange-Traded Funds (cost $44,205)								45,610
Principal Amount (000)		Description (1)	Coupon		Maturity				Value
		SHORT-TERM INVESTMENTS – 5.6%
$	120	Repurchase Agreement with State Street Bank, dated 6/29/12, repurchase price $119,969, collateralized by $120,000 U.S. Treasury Notes, 1.750%, due 5/31/16, value $125,660		0.010%		7/02/12			$	119,968
		Total Short-Term Investments (cost $119,968)								119,968
		Total Investments (cost $2,118,190) – 103.0%								2,225,371
		Other Assets Less Liabilities – (3.0)% (5)								(64,866)
		Net Assets – 100%							$	2,160,505

Nuveen Investments 9

Portfolio of Investments (Unaudited)

Nuveen NWQ Flexible Income Fund (continued)

June 30, 2012

Investments in Derivatives at June 30, 2012

Call Options Written outstanding:

Number of Contracts		Type	Notional Amount (6)			Expiration Date		Strike Price		Value
	(4)	American International Group, Inc.	$	(12,800	)		11/17/12	$	32.0	$	(1,170	)
	(4)	Barrick Gold Corporation		(16,800	)		10/20/12		42.0		(430	)
	(3)	Barrick Gold Corporation		(12,900	)		10/20/12		43.0		(252	)
	(5)	Citigroup Inc.		(14,000	)		9/22/12		28.0		(930	)
	(10)	General Motors Company		(22,000	)		9/22/12		22.0		(500	)
	(2)	Mosaic Company		(9,500	)		9/22/12		47.5		(1,695	)
	(2)	Mosaic Company		(10,000	)		9/22/12		50.0		(1,310	)
	(30)	Total Call Options Written (premiums received $7,984)	$	(98,000	)					$	(6,287	)

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tier hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	186,571		$	—	$	—	$	186,571
Convertible Preferred Securities		10,975			—		—		10,975
$25 Par (or similar) Preferred Securities		1,546,821			43,431		—		1,590,252
Capital Preferred Securities		—			149,904		—		149,904
Corporate Bonds		—			122,091		—		122,091
Exchange-Traded Funds		45,610			—		—		45,610
Short-Term Investments:
Repurchase Agreements		—			119,968		—		119,968
Derivatives:
Call Options Written		(6,287	)		—		—		(6,287	)
Total	$	1,783,690		$	435,394	$	—	$	2,219,084

* Refer to the Fund’s Portfolio of Investments for industry classifications and breakdown of $25 Par (or similar) Preferred Securities classified as Level 2.

During the period ended June 30, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Derivative Instruments and Hedging Activities

The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

The following tables presents the fair value of all derivative instruments held by the Fund as of June 30, 2012, 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
Equity Price	Options	—	$	—	Call options written, at value	$	(6,287	)

10 Nuveen Investments

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 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, 2012, the cost of investments (excluding investments in derivatives) was $2,134,972.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at June 30, 2012, were as follows:

Gross unrealized:
Appreciation	$	132,701
Depreciation		(42,302	)
Net unrealized appreciation (depreciation) of investments	$	90,399

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

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

(2) Non-income producing; issuer has not declared a dividend within the past twelve months.

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) For fair value measurement disclosure purposes, $25 Par (or similar) Preferred Securities categorized as Level 2.

(5) Other Assets Less Liabilities includes the Value of derivative instruments as noted within Investments in Derivatives at June 30, 2012.

(6) For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

N/R Not rated.

Nuveen Investments 11

Item 2. 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 (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: See Ex-99. 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
	Vice President and Secretary

Date: August 29, 2012

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
	Chief Administrative Officer (principal executive officer)

Date: August 29, 2012

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

Date: August 29, 2012