Closed-End Funds

Nuveen Investments

Closed-End Funds

Attractive Distributions from a Portfolio of Preferred and Convertible Securities,
Domestic and Foreign Equities, and Debt Instruments

Semi-Annual Report

June 30, 2009

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC

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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 managers 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.

Nuveen continues to work on resolving the issues related to the auction rate preferred shares situation, but the unsettled conditions in the credit markets have slowed progress. Nuveen is actively pursuing a number of solutions, all with the goal of providing liquidity for preferred shareholders while preserving the potential benefits of leverage for common shareholders. We appreciate the patience you have shown as we work through the many issues involved.

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

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Portfolio Managers' 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 managers 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 Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Nuveen Multi-Strategy Income and Growth Fund (JPC)
Nuveen Multi-Strategy Income and Growth Fund 2 (JQC)

These Funds are advised by Nuveen Asset Management (NAM), which determines and oversees the Funds' asset allocations. NAM uses a team of sub-advisers with specialties in different asset classes to manage the Funds' portfolios. These subadvisers include Spectrum Asset Management, Inc., (Spectrum), Symphony Asset Management, LLC, (Symphony), and Tradewinds Global Investors, LLC., (Tradewinds). Symphony and Tradewinds are affiliates of Nuveen Investments.

Spectrum, an affiliate of Principal Capital^SM, manages preferred securities positions within the income-oriented portion of each Fund's portfolio. Mark Lieb, Bernie Sussman and Phil Jacoby, who have more than 50 years of combined experience in the preferred securities and other debt markets, lead the team at Spectrum.

Symphony has primary responsibility for investments in convertible, high yield and senior loan securities, and for domestic and international equity investments. The team at Symphony managing the convertible, high yield and senior loan portions of each portfolio is led by Gunther Stein, the firm's Chief Investment Officer, who has more than 20 years of investment management experience. The Symphony team responsible for managing domestic equity investments is led by David Wang, while the Symphony group overseeing the Funds' international equity exposure is led by Eric Olson. Both David and Eric have more than 15 years of investment industry experience.

Tradewinds invests its portion of each Fund's assets in global equities. The Tradewind's team is led by Dave Iben, who has more than 25 years of investment management experience.

Here representatives from Spectrum, Symphony and Tradewinds talk about their management strategies and the performance of both Funds for the six-month period ended June 30, 2009.

What key strategies were used to manage the Funds during this reporting period?

Over the first six months of 2009, the preferred securities markets continued to be affected by the sub-prime mortgage crisis and general illiquidity in the credit markets. As will be discussed later in this report, the Funds sought to sell some securities during this period to raise cash for the redemption of FundPreferred shares issued by the Funds. In a very unfavorable market that encompassed most of the first quarter of the year, our strategy was to sell preferred issues that we felt would remain under continued credit pressure or that we thought were overvalued relative to other issues. In general, we tried

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to sell the higher priced securities because we believed they would have less upside potential in a market recovery.

The institutional preferred securities market (i.e., the $1000 par capital securities market) was extremely illiquid until April 2009. Consequently, rather than try to force sales in a market that was trading very thinly and often at what we thought were grossly undervalued levels, we chose instead to sell $25 par retail-oriented preferred securities. These issues were fairly liquid through the period and proved to be a better source of funds for FundPreferred share redemptions than $1000 par capital securities. We also focused on the structural elements of the preferred securities we considered for possible sale, seeking where possible to remove severely stressed issues from the portfolios. We believed this would reduce income risk for the Funds and improve the likelihood that the holdings remaining in each Fund's portfolio would continue paying their dividends even if stressful conditions remained.

In addition, there were occasional opportunities to buy and trade for undervalued securities. For example, we switched from some $25 par holdings into capital securities from the same issuer when that market began to show more liquidity in the spring. The objective was to trade for deeper discounts, which we believed would reduce the recovery risk while increasing current yield.

Overall, we continued to favor trust preferreds because of their senior position in the issuing company's capital structure, and we believe we have the Funds positioned to potentially benefit from any value realized in their trust preferred security holdings.

For the Funds' convertible bond, high yield and senior loan investments managed by Symphony, we continued to find value in the senior parts of many firms' capital structures, as well as within the convertible securities market. In a number of cases, we believed that both senior loans and convertibles remained significantly undervalued on an implied basis, even after the recent rally. The first half of this year was characterized by a broad-based technical move in many areas of the market. Over the first two quarters alone, over $30 billion of new-issue high yield bonds have been used to pay down shorter-dated term loans. This is a positive in most cases for the secured lender, as many of these issuers suffer more from bad balance sheets than bad business models.

From a technical perspective, we preferred to own senior loans and convertibles rather than other forms of debt. Senior loans generally carry floating rates, and they historically have outperformed fixed-rate bonds in a rising interest rate environment. We also felt that there was potential to see continued crossover demand in the convertible bond market from equity accounts buying convertible bonds because of better perceived values.

In the core domestic and international equity portions of both Funds' portfolios that are managed by Symphony, we used both quantitative and qualitative methods to evaluate securities. The quantitative screening process served as the starting point for the decision-making process, with the qualitative process then providing a systematic way of researching companies form a broad perspective, as fundamental analysts actively sought catalysts that would drive upside price movements. Symphony's investment

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Past performance does not guarantee future results. Current performance may be higher or lower than the data shown.

Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report.

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

¹  Comparative benchmark performance is a blended return consisting of:

1) 27.5% of the Merrill Lynch Preferred Stock Hybrid Securities Index, an unmanaged index of investment-grade, exchange traded preferred issues with outstanding market values of at least $30 million and at least one year to maturity.

2) 22.5% of the Barclays Capital Tier 1 Capital Securities Index, an unmanaged index that includes securities that can generally be viewed as hybrid fixed-income securities that either receive regulatory capital treatment or a degree of "equity credit" from a rating agency.

3) 10.0% of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.

4) 10.0% of the MSCI EAFE Index. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

5) 10.0% of the MSCI AC World Index. The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

6) 6.7% of the Merrill Lynch All U.S. Convertibles Index consisting of approximately 575 securities with par value greater than $50 million that were issued by U.S. companies or non-U.S. based issuers that have a significant business presence in the U.S.

7) 6.7% of the CSFB High Yield Index, which includes approximately $375 billion of $U.S.-denominated high yield debt with a minimum of $75 million in par value and at least one rating below investment-grade.

8) 6.6% of the CSFB Leverage Loan Index Index, which includes approximately $765 billion of $U.S.-denominated Leveraged Loans at least one rating below investment-grade.

²  The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that includes all investment-grade, publicly issued, fixed-rate, dollar denominated, nonconvertible debt issues and commercial mortgage backed securities with maturities of at least one year and outstanding par values of $150 million or more. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index.

process is a "bottom-up" approach to stock picking that has consistently proven successful through full economic cycles.

Portfolio construction seeks to maximize return per unit of risk, while obeying limits on position size, industry weights, beta, and other portfolio constraints. Quantitative tools provide the risk diagnostic measurements which guide these limits and keep forecast risk within acceptable tolerances. The overall result is an investment process which is disciplined, repeatable, and blends the most effective elements of both quantitative and qualitative investing.

For the global equity portion of the Funds' portfolios managed by Tradewinds, we continued to invest primarily in a diversified global portfolio of value equity securities and convertible securities, and opportunistically used leverage by writing call options and shorting small equity positions. Our basic investment philosophy continued to be to search for good or improving business franchises around the globe whose securities were selling below what we considered to be their intrinsic value.

In the first half of 2009, we were pleased that the best value opportunities we found were in the securities of those businesses that were most leveraged to the growth of global economies. We continued to like materials, food, agriculture and energy stocks which benefit from increased global demand. During the period we continued to write covered calls on selected long equity positions to enhance yield and expected total return.

How did the Funds perform over the reporting period?

The performance of JPC and JQC, as well as a comparative benchmark and general fixed-income index, are presented in the accompanying table.

Average Annual Total Return on Common Share Net Asset Value*

For periods ended 6/30/09

				6-Month				1-Year				5-Year
JPC					28.50	%			-30.50	%			-5.66	%
JQC					23.14	%			-30.34	%			-5.09	%
Comparative Benchmark1					11.16	%			-15.88	%			0.05	%
Barclays Capital U.S. Aggregate Bond Index2					1.91	%			6.06	%			5.02	%

 

For the six-month period ended June 30, 2009, the total return on common share net asset value for both Funds significantly outperformed the comparative benchmark and general market index. However, the Funds underperformed both during the one-year and five-year periods. The generally favorable market conditions during the second quarter of 2009, augmented by the Funds' leveraged capital structures, provided the primary catalyst for the Funds' strong performance in the first half of 2009. By contrast, leverage had a generally detrimental effect on the Funds' returns during the negative market environment in the second half of 2008. (Please see p. 6 for more information on the Funds' capital structures and financial leverage).

Over the first six months of 2009, we were able to take advantage of several specific opportunities within the preferred securities market, the asset class in which both Funds

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invest a substantial portion of their assets. In one case, we solicited a bid from a company for some of its own preferred securities that the Funds held soon after that company closed a transaction exchanging some junior debt for senior debt. The company offered a bid for the Funds' holdings about 20 basis points above where the company's bonds were trading at the time.

As mentioned earlier, we switched in some cases between various $25 par series and from $25 par to capital securities of the same issuer in order to pick up income and reduce recovery risk. We also were able to purchase securities issued by non-financial and higher quality financial companies in both the secondary and IPO markets that proved to be undervalued due to temporary liquidity risk rather than credit concerns.

Continued ratings pressure from Standard & Poor's (S&P) and Moody's constrained this relative value switching. Despite the favorable balance sheet progress that many global banks made in the second quarter of 2009, there is still a ratings hangover in the preferred market. Moody's has announced it is contemplating substantial changes in its ratings approach for bank hybrids and preferred stock, which could result in material downgrades for some issues to below investment grade. Historically, Moody's has used banks' senior debt ratings as the "base" rating to assign ratings to hybrid securities. Senior debt ratings also have incorporated systemic support, such as government assistance. Under Moody's proposed ratings approach, the "base" rating will be the Bank Financial Strength Rating, adjusted for parental and cooperative support, but excluding systemic support like government backstops. Such systemic support is what has been keeping senior debt and deposit ratings up during the stressful market conditions we've experienced. These new "base" ratings would often be lower (sometimes much lower) than the old "base" ratings. For example, Moody's expects that 75% of hybrid ratings will come down by at least two notches, with as much as 35% going down four or more notches. (S&P) already had given the market an advance read on similar ratings changes proposals earlier in 2009.

The Funds' returns during the period were negatively impacted by the sale of some holdings to redeem its FundPreferred shares, especially in a very weak and challenging market during the first quarter of the year.

Within the fixed-income sleeves of both portfolios that were managed by Symphony, the Funds benefited from their exposure to senior loans, high yield bonds and convertible bonds. All of these markets performed well over the second quarter in particular. Some of the larger holdings which benefited performance were positions in Charter Communications and Burlington Coat Factory term loans, as well as Univision Communications and HCA. Burlington Coat Factory's bank debt jumped nearly 10 points from 51/53 to 60 on the company's Q3 earnings which were announced in mid-April. Meanwhile, both Univision and HCA benefited from debt offerings by the companies in which proceeds were used to pay down bank debt and bolster each firm's capital base.

The core domestic equities portion of the Funds managed by Symphony rose 5% during the first half of the year. The strongest individual contributors to performance were computer maker Apple Inc., copper miner Freeport-McMoRan, and semiconductor manufacturer Broadcom Corp. The Funds' exposures to financial companies, while light

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relatively overall, detracted from returns. In particular, Wells Fargo, Aflac, and Hudson City Bancorp were the bottom three domestic equity performers. The Aflac positions were eliminated before the end of the period.

The Funds' global exposure managed by Tradewinds also contributed positively to the Funds' performance. The Funds' long holdings in the materials, health care and industrials sectors were the largest contributors to relative outperformance, with holdings in the materials sector continuing to be significantly overweight when compared with global equity indexes. The Funds' convertible preferred equity position in Lucent Technologies Cap Trust were the top contributors to performance in this sleeve of the portfolios. Another positive equity contributor to performance was protein provider Tyson Foods Incorporated. Convertible bonds, which as an asset class were punished in 2008 primarily due to overselling by hedge funds forced to raise capital, rebounded strongly in 2009. The Funds' convertible positions in Coeur d'Alene Mines and Punch Taverns also were among the strongest contributors to performance in this portion of the portfolios.

The majority of the Funds' short equity positions contributed positively to performance, paced by a decline in C.R. Bard Incorporated's share price. The company develops, manufactures and markets medical technologies.

While most of the Funds' positions in the financial sector contributed positively to performance, especially those in emerging markets, the portfolios were underweight versus the general market in this sector. This hurt relative performance as the sector did well during the period. The Funds' worst performer for the period in this portion of their portfolios was their convertible bond position in MagIndustries. Other relative underperformers included equity positions in Japanese telecommunications provider Nippon Telegraph & Telephone, gold producer Barrick Gold, and hog producer/pork processor Smithfield Foods Incorporated.

RECENT DEVELOPMENTS REGARDING THE FUND'S LEVERAGED CAPITAL STRUCTURE

Shortly after their inceptions in 2003, the Funds issued FundPreferred shares to create financial leverage. The Funds use leverage because its managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional risk—especially when market conditions are unfavorable. For example, if the prices of securities held by the Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return would be magnified by the use of leverage.

As noted in the last several shareholder reports, the auction rate preferred shares issued by many closed-end funds, including these Nuveen Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more auction rate preferred shares have been submitted for sale in their regularly scheduled auctions than there have been offers to buy. This means that these auctions have "failed to clear," and that many, or all, of the auction rate preferred shareholders who wanted to sell their shares in these auctions were unable to do so. This decline in liquidity in auction rate preferred shares

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did not lower the credit quality of these shares, and auction rate preferred shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions, as calculated in accordance with the pre-established terms of the auction rate preferred shares.

One continuing implication for common shareholders of JPC and JQC from the auction failures is that the Funds' cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, the Funds' common share earnings likely have been incrementally lower at times than they otherwise might have been.

Beginning in the summer of 2008, the Funds announced their intention to redeem most or all of their FundPreferred shares and retain their leveraged structure primarily through the use of borrowings. The Funds' began a series of periodic, partial redemptions of their FundPreferred shares in September 2008, and on June 10, 2009, they announced their intention to redeem all of their remaining outstanding FundPreferred shares. These final redemptions are contingent on favorable market conditions and temporary relief from the Securities and Exchange Commission from certain technical regulatory provisions. The Funds cannot provide any assurance about if or when this regulatory relief might be granted and if or when these last outstanding FundPreferred shares might be redeemed.

Leveraging using borrowings offers common shareholders most of the same potential benefits and risks as leveraging with FundPreferred shares.

As of June 30, 2009, the amount of FundPreferred shares redeemed, at par, by the Funds are as shown in the accompanying table.

Fund				FundPreferred Shares Redeemed				% of Original FundPreferred Shares
JPC				$	589,350,000				83.2	%
JQC				$	799,200,000				82.8	%

 

For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.

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Common Share Dividend
and Share Price Information

The following information regarding your Fund's distributions is current as of June 30, 2009, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

Each Fund reduced its quarterly distribution to common shareholders twice over the six-month reporting period. Some of the important factors affecting the amount and composition of these distributions are summarized below.

Each Fund employs financial leverage through the use of FundPreferred shares, as well as through bank borrowings. Financial leverage provides the potential for higher earnings (net investment income), total returns and distributions over time, but—as noted earlier—also increases the variability of common shareholders' net asset value per share in response to changing market conditions. Over the reporting period, the impact of financial leverage on the Fund's net asset value per share contributed positively to the income return and detracted from the price return. The overall impact of financial leverage detracted from the Fund's total return.

Each Fund has a managed distribution program. The goal of this program is to provide common shareholders with relatively consistent and predictable cash flow by systematically converting the Fund's expected long-term return potential into regular distributions. As a result, regular common share distributions throughout the year are likely to include a portion of expected long-term gains (both realized and unrealized), along with net investment income.

Important points to understand about the managed distribution program are:

•  Each Fund seeks to establish a relatively stable common share distribution rate that roughly corresponds to the projected total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about a Fund's past or future investment performance from its current distribution rate.

•  Actual common share returns will differ from projected long-term returns (and therefore a Fund's distribution rate), at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) Fund net asset value.

•  Each distribution is expected to be paid from some or all of the following sources:

•  net investment income (regular interest and dividends),

•  realized capital gains, and

•  unrealized gains, or, in certain cases, a return of principal (non-taxable distributions).

•  A non-taxable distribution is a payment of a portion of a Fund's capital. When a Fund's returns exceed distributions, it may represent portfolio gains generated, but not

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realized as a taxable capital gain. In periods when a Fund's return falls short of distributions, the shortfall will represent a portion of your original principal, unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when a Fund's total return exceeds distributions.

•  Because distribution source estimates are updated during the year based on a Fund's performance and forecast for its current fiscal year (which is the calendar year for each Fund), estimates on the nature of your distributions provided at the time distributions are paid may differ from both the tax information reported to you in your Fund's IRS Form 1099 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment.

The following table provides estimated information regarding each Fund's common share distributions and total return performance for the six months ended June 30, 2009. The distribution information is presented on a tax basis rather than on generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Fund's returns for the specified time period were sufficient to meet each Fund's distributions.

As of 6/30/09 (Common Shares)				JPC				JQC
Inception date					3/26/03				6/25/03
Six months ended June 30, 2009:
Per share distribution:
From net investment income				$	0.27			$	0.29
From realized capital gains					0.00				0.00
Tax return of capital					0.03				0.02
Total per share distribution				$	0.30			$	0.31
Distribution rate on NAV					4.38	%			4.38	%
Annualized total returns:
Six-Month (Cumulative) on NAV					28.50	%			23.14	%
1-Year on NAV					-30.50	%			-30.34	%
5-Year on NAV					-5.66	%			-5.09	%
Since inception on NAV					-2.70	%			-3.12	%

 

Common Share Repurchases and Share Price Information

On November 21, 2007, the Funds' Board of Trustees approved an open market share repurchase program, under which each Fund may repurchase an aggregate up to 10% of its outstanding common shares.

As of June 30, 2009, the Fund(s) repurchased common shares as shown in the accompanying table.

Fund				Common Shares Repurchased				% of Outstanding Common Shares
JPC					379,000				0.4	%
JQC					897,700				0.6	%

 

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During the six-month reporting period, the Funds' common shares were repurchased at a weighted average price and a weighted average discount per common share as shown in the accompanying table.

Fund				Weighted Average Price Per Share Repurchased				Weighted Average Discount Per Share Repurchased
JPC				$	5.34				20.65	%
JQC				$	5.50				21.21	%

 

As of June 30, 2009, the Funds' common shares were trading at discounts to their common share NAVs as shown in the accompanying table.

Fund				6/30/09 Discount				Six-Month Average Discount
JPC					-18.25	%			-21.32	%
JQC					-18.81	%			-21.50	%

 

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JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

  as of June 30, 2009

Portfolio Allocation (as a % of total investments)²

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

1 Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes.

2 Excluding common stocks sold short and call options written.

3 Excluding short-term investments, common stocks sold short and call options written.

Fund Snapshot

Common Share Price				$	5.60
Common Share Net Asset Value				$	6.85
Premium/(Discount) to NAV					-18.25	%
Current Distribution Rate1					10.36	%
Net Assets Applicable to Common Shares ($000)				$	680,105

 

Average Annual Total Return

(Inception 3/26/03)

				On Share Price				On NAV
6-Month (cumulative)					29.99	%			28.50	%
1-Year					-32.79	%			-30.50	%
5-Year					-6.43	%			-5.66	%
Since Inception					-5.48	%			-2.70	%

 

Industries

(as a % of total investments)²

Commercial Banks					15.2	%
Insurance					11.5	%
Real Estate					9.3	%
Media					5.8	%
Oil, Gas & Consumable Fuels					4.9	%
Diversified Financial Services					4.1	%
Metals & Mining					3.6	%
Capital Markets					3.4	%
Health Care Providers & Services					3.0	%
Diversified Telecommunication Services					2.5	%
Hotels, Restaurants & Leisure					2.3	%
Electric Utilities					1.9	%
Food Products					1.9	%
Pharmaceuticals					1.9	%
Specialty Retail					1.9	%
Energy Equipment & Services					1.6	%
Multi-Utilities					1.5	%
Chemicals					1.4	%
Health Care Equipment & Supplies					1.3	%
Short-Term Investments					2.0	%
Other					19.0	%

 

Top Five Issuers

(as a % of total investments)³

Union Planters Corporation					2.5	%
ING Groep N.V.					2.1	%
Delphi Financial Group, Inc.					1.9	%
Deutche Bank AG					1.8	%
Wachovia Corporation					1.8	%

 

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Fund Snapshot

Common Share Price				$	5.74
Common Share Net Asset Value				$	7.07
Premium/(Discount) to NAV					-18.81	%
Current Distribution Rate1					10.45	%
Net Assets Applicable to Common Shares ($000)				$	986,530

 

Average Annual Total Return

(Inception 6/25/03)

				On Share Price				On NAV
6-Month (cumulative)					25.86	%			23.14	%
1-Year					-32.90	%			-30.34	%
5-Year					-5.87	%			-5.09	%
Since Inception					-6.09	%			-3.12	%

 

Industries

(as a % of total investments)²

Commercial Banks					14.2	%
Insurance					13.2	%
Real Estate					8.3	%
Media					6.2	%
Oil, Gas & Consumable Fuels					5.1	%
Capital Markets					3.6	%
Metals & Mining					3.6	%
Diversified Financial Services					3.5	%
Diversified Telecommunication Services					3.1	%
Health Care Providers & Services					2.6	%
Hotels, Restaurants & Leisure					2.5	%
Electric Utilities					2.1	%
Pharmaceuticals					1.9	%
Food Products					1.8	%
Specialty Retail					1.8	%
Energy Equipment & Services					1.5	%
Investment Companies					1.4	%
Health Care Equipment & Supplies					1.3	%
Short-Term Investments					2.7	%
Other					19.6	%

 

Top Five Issuers

(as a % of total investments)³

ING Groep N.V.					2.0	%
Comcast Corporation					1.8	%
Wachovia Corporation					1.7	%
Deutche Bank AG					1.7	%
AgFirst Farm Credit Bank					1.6	%

 

JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

  as of June 30, 2009

Portfolio Allocation (as a % of total investments)²

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

1 Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes.

2 Excluding common stocks sold short and call and put options written.

3 Excluding short-term investments, common stocks sold short, call and put options written.

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JPC

JQC

Shareholder MEETING REPORT

The annual meeting of shareholders was held in the offices of Nuveen Investments on May 6, 2009; at this meeting the shareholders were asked to vote on the election of Board Members.

				JPC								JQC
				Common and FundPreferred shares voting together as a class				FundPreferred shares voting together as a class				Common and FundPreferred shares voting together as a class				FundPreferred shares voting together as a class
Approval of the Board Members was reached as follows:
Robert P. Bremner
For					82,045,517				—				113,293,831				—
Withhold					3,276,147				—				6,288,955				—
Total					85,321,664				—				119,582,786				—
Jack B. Evans
For					82,111,818				—				113,416,565				—
Withhold					3,209,846				—				6,166,221				—
Total					85,321,664				—				119,582,786				—
William C. Hunter
For					—				2,918				—				4,524
Withhold					—				239				—				304
Total					—				3,157				—				4,828
William J. Schneider
For					—				2,904				—				4,524
Withhold					—				253				—				304
Total					—				3,157				—				4,828

 

Nuveen Investments
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JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

  June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Common Stocks – 31.4% (23.6% of Total Investments)
				Aerospace & Defense – 0.5%
	3,010			Alliant Techsystems Inc., (2)				$	247,904
	56,170			BAE Systems PLC, (2)					313,879
	87,660			Bombardier Inc., Class B Shares					260,007
	1,380			Esterline Technologies Corporation, (2)					37,357
	7,276			Lockheed Martin Corporation					586,809
	10,020			Orbital Sciences Corporation, (2)					152,003
	16,750			Raytheon Company					744,203
	23,400			Thales S.A., (2)					1,050,517
				Total Aerospace & Defense					3,392,679
				Air Freight & Logistics – 0.1%
	12,280			United Parcel Service, Inc., Class B					613,877
				Auto Components – 0.2%
	28,970			Aisin Seiki Company Limited					625,850
	19,070			Autoliv Inc., (2)					548,644
	2,485			Magna International Inc., Class A					104,966
				Total Auto Components					1,279,460
				Automobiles – 0.3%
	11,870			Daimler-Chrysler AG					430,525
	28,242			Honda Motor Company Limited, (2)					776,961
	6,420			Thor Industries, Inc.					117,935
	6,370			Toyota Motor Corporation					481,126
				Total Automobiles					1,806,547
				Beverages – 0.7%
	1,200			Boston Beer Company, (2)					35,508
	71,581			Coca-Cola Amatil Limited					496,082
	5,120			Coca-Cola Company					245,709
	12,190			Diageo PLC, Sponsored ADR					697,878
	20,980			Dr. Pepper Snapple Group, (2)					444,566
	19,230			Fomento Economico Mexicano S.A.					619,975
	152,130			Foster's Group Limited					630,336
	21,920			Heineken N.V.					816,921
	13,790			Molson Coors Brewing Company, Class B					583,731
	4,050			Pepsi Bottling Group, Inc.					137,052
				Total Beverages					4,707,758
				Biotechnology – 0.3%
	9,800			Alnylam Pharmaceuticals, Inc., (2)					218,246
	9,535			Amgen Inc., (2)					504,783
	3,570			Cephalon, Inc., (2)					202,241
	11,500			CSL Limited					297,345
	10,554			Genzyme Corporation, (2)					587,541
	5,710			ISIS Pharmaceuticals, Inc., (2)					94,215
				Total Biotechnology					1,904,371

 

Nuveen Investments
14

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Shares				Description (1)				Value
				Building Products – 0.2%
	6,265			Apogee Enterprises, Inc.				$	77,060
	36,123			Masonite Worldwide Holdings, (2)					1,029,506
				Total Building Products					1,106,566
				Capital Markets – 1.1%
	7,770			Ameriprise Financial, Inc.					188,578
	15,056			Bank of New York Company, Inc.					441,291
	9,020			Calamos Asset Management, Inc. Class A					127,272
	13,880			Credit Suisse Group					635,926
	139,080			Daiwa Securities Group Inc.					826,440
	7,430			Eaton Vance Corporation					198,753
	525,211			Endeavor Financial Corporation, Corporate Shares S, (2)					632,159
	1,670			Goldman Sachs Group, Inc.					246,225
	19,130			Invesco LTD					340,897
	26,660			Legg Mason, Inc.					649,971
	24,120			Morgan Stanley					687,661
	3,440			Stifel Financial Corporation, (2)					165,430
	9,890			T. Rowe Price Group Inc.					412,116
	13,270			TD Ameritrade Holding Corporation, (2)					232,756
	115,313			UBS AG, (2), (3)					1,407,972
				Total Capital Markets					7,193,447
				Chemicals – 0.7%
	5,080			Ashland Inc.					142,494
	16,770			Celanese Corporation, Series A					398,288
	5,290			Lubrizol Corporation					250,270
	544			Mosaic Company					24,099
	59,019			Nissan Chemical Industries Limited					663,442
	11,890			Potash Corporation of Saskatchewan					1,109,011
	10,520			Scotts Miracle Gro Company					368,726
	1,650			Syngenta AG					383,898
	10,920			Wacker Chemie AG, (2)					1,261,039
	3,600			Westlake Chemical Corporation					73,404
				Total Chemicals					4,674,671
				Commercial Banks – 1.7%
	20,970			Banco Bradesco S.A., ADR					309,727
	18,860			Banco Itau Holdings Financeira, S.A.					298,554
	26,910			Banco Santander Central Hispano S.A.					325,291
	295,000			Bangkok Bank Public Company Limited					965,405
	8,930			Bank of Nova Scotia					333,354
	18,230			BB&T Corporation					400,695
	4,780			Commerce Bancshares Inc.					152,147
	7,860			Community Bank System Inc.					114,442
	22,610			Credit Agricole S.A., (2)					283,488
	142,940			DnB NOR ASA, (2)					1,092,200
	3,040			Hancock Holding Company					98,770
	59,131			Hang Seng Bank, (2)					823,810
	3,510			HDFC Bank Ltd					361,986
	13,966			ICICI Bank Limited, ADR					411,997
	4,750,000			Krung Thai Bank Public Company Limited					1,247,799
	188,478			Mitsubishi UFJ Financial Group, Inc.					1,163,812
	249,567			Nishi-Nippon City Bank Limited					630,491
	76,290			Nordic Baltic Holdings FDR					606,305
	7,380			Royal Bank of Canada					301,824
	60,250			Standard Chartered PLC, (2)					1,132,882
	9,104			Sumitomo Trust & Banking Company					48,433
	4,350			UMB Financial Corporation					165,344

 

Nuveen Investments
15

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Commercial Banks (continued)
	15,820			Wells Fargo & Company				$	383,793
				Total Commercial Banks					11,652,549
				Commercial Services & Supplies – 0.4%
	18,730			Corrections Corporation of America, (2)					318,223
	10,960			EnergySolutions Inc.					100,832
	5,310			GeoEye, Inc., (2)					125,104
	9,846			Republic Services, Inc.					240,341
	5,842			Stericycle Inc., (2)					301,038
	139,300			Toppan Printing Company Limited					1,403,452
				Total Commercial Services & Supplies					2,488,990
				Communications Equipment – 0.3%
	10,070			ADC Telecommunications Inc., (2)					80,157
	12,140			CommScope Inc., (2)					318,796
	3,630			Comtech Telecom Corporation, (2)					115,724
	5,670			Interdigital Inc., (2)					138,575
	27,286			QUALCOMM, Inc.					1,233,327
	7,862			Starent Networks Corporation, (2)					191,911
				Total Communications Equipment					2,078,490
				Computers & Peripherals – 0.6%
	12,081			Apple, Inc., (2)					1,720,697
	10,786			Hewlett-Packard Company					416,879
	9,230			International Business Machines Corporation (IBM)					963,797
	9,640			Network Appliance Inc., (2)					190,101
	4,450			Synaptics, Inc., (2)					171,993
	10,818			Teradata Corporation, (2)					253,466
	12,340			Western Digital Corporation, (2)					327,010
				Total Computers & Peripherals					4,043,943
				Construction & Engineering – 0.3%
	7,690			Dycom Industries Inc., (2)					85,128
	14,830			Fluor Corporation					760,631
	5,750			Hochteif AG					290,362
	36,510			JGC Corporation					587,661
	8,750			Quanta Services Incorporated, (2)					202,388
	10,405			Shaw Group Inc., (2)					285,201
				Total Construction & Engineering					2,211,371
				Containers & Packaging – 0.1%
	12,060			Packaging Corp. of America					195,372
	19,200			Pactiv Corporation, (2)					416,640
	2,060			Rock-Tenn Company					78,610
				Total Containers & Packaging					690,622
				Distributors – 0.0%
	143			Jardine Cycle & Carriage Limited					1,887
				Diversified Consumer Services – 0.1%
	2,470			American Public Education Inc., (2)					97,837
	9,601			Apollo Group, Inc., (2)					682,823
	1,720			ITT Educational Services, Inc., (2)					173,135
				Total Diversified Consumer Services					953,795

 

Nuveen Investments
16

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Shares				Description (1)				Value
				Diversified Financial Services – 0.5%
	10,490			Deutsche Boerse AG				$	816,378
	1,417			Guoco Group Ltd					24,656
	60,690			ING Groep N.V., Ordinary Shares					614,850
	13,880			ING Groep N.V.					140,743
	35,470			JPMorgan Chase & Co.					1,209,882
	14,480			New York Stock Exchange Euronext					394,580
	4,399			PHH Corporation, (2)					79,974
				Total Diversified Financial Services					3,281,063
				Diversified Telecommunication Services – 1.5%
	5,930			Cbeyond Inc., (2)					85,096
	93,000			Deutsche Telekom AG					1,097,400
	15,260			Embarq Corporation					641,836
	13,880			France Telecom S.A.					316,603
	37,500			KT Corporation, Sponsored ADR					538,500
	152,696			Nippon Telegraph and Telephone Corporation, ADR, (3)					3,107,364
	32,341			Nippon Telegraph and Telephone Corporation, ADR					1,317,100
	2,295,000			Telecom Italia S.p.A.					2,260,818
	10,010			Telefonica SA					679,579
	4,788			Telus Corporation					123,530
				Total Diversified Telecommunication Services					10,167,826
				Electric Utilities – 1.5%
	187,857			Centrais Electricas Brasileiras S.A., ADR, (2)					2,453,412
	10,170			E ON A.G., (2)					361,012
	27,450			E.ON A.G.					972,304
	14,370			Edison International					452,080
	14,800			Electricite de France S.A					722,652
	22,296			Exelon Corporation					1,141,778
	9,340			FPL Group, Inc.					531,072
	10,990			Great Plains Energy Incorporated					170,895
	274,981			Korea Electric Power Corporation, Sponsored ADR, (2)					3,162,282
	9,090			Progress Energy, Inc.					343,875
	2,830			Southern Company					88,183
				Total Electric Utilities					10,399,545
				Electrical Equipment – 0.2%
	36,840			ABB Limited					581,335
	48,520			ABB Limited					766,163
	13,820			GrafTech International Ltd., (2)					156,304
				Total Electrical Equipment					1,503,802
				Electronic Equipment & Instruments – 0.3%
	5,685			Ingram Micro, Inc., (2)					99,488
	4,377			Multi Fineline Electronix, Inc., (2)					93,668
	58,223			Nippon Electric Glass Company Limited					650,902
	37,627			Tech Data Corporation, (2), (3)					1,230,779
				Total Electronic Equipment & Instruments					2,074,837
				Energy Equipment & Services – 1.0%
	98,040			AMEC PLC, (2)					1,056,447
	236,976			BJ Services Company, (3)					3,229,983
	16,280			Cooper Cameron Corporation, (2)					460,724
	14,200			FMC Technologies Inc., (2)					533,636
	12,590			Halliburton Company					260,613
	9,130			Matrix Service Company, (2)					104,812
	16,150			Pride International Inc., (2)					404,719

 

Nuveen Investments
17

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Energy Equipment & Services (continued)
	706			Superior Well Services, Inc., (2)				$	4,201
	10,600			Technip S.A., (2)					522,686
				Total Energy Equipment & Services					6,577,821
				Food & Staples Retailing – 0.6%
	12,590			Casino Guichard-Perrachon S.A, (2)					852,661
	1,081			Costco Wholesale Corporation					49,402
	139,030			Jeronimo Martins SGPS					948,313
	59,960			Koninklijke Ahold N.V.					691,244
	3,370			Kroger Co.					74,309
	28,090			Wal-Mart Stores, Inc.					1,360,680
	5,316			Whole Foods Market, Inc.					100,898
				Total Food & Staples Retailing					4,077,507
				Food Products – 1.7%
	8,830			Campbell Soup Company					259,779
	8,640			ConAgra Foods, Inc.					164,678
	5,300			Dean Foods Company, (2)					101,707
	2,489			General Mills, Inc.					139,434
	10,620			Hershey Foods Corporation					382,320
	8,980			Nestle S.A., (2)					339,071
	239,129			Smithfield Foods Inc., (2), (3)					3,340,632
	362,724			Tyson Foods, Inc., Class A, (3)					4,573,950
	49,810			Unilever PLC					1,170,535
	15,590			Unilever PLC					366,398
	229,756			Wilmar International Limited					792,463
				Total Food Products					11,630,967
				Health Care Equipment & Supplies – 0.3%
	15,188			Baxter International, Inc.					804,356
	7,780			Becton, Dickinson and Company					554,792
	7,290			Covidien PLC					272,938
	3,700			Gen-Probe, Inc., (2)					159,026
	5,230			Masimo Corporation, (2)					126,095
	6,000			Volcano Corporation, (2)					83,880
	1,162			Zimmer Holdings, Inc., (2)					49,501
				Total Health Care Equipment & Supplies					2,050,588
				Health Care Providers & Services – 0.5%
	2,770			Emergency Medical Services Corporation, (2)					101,991
	19,684			Express Scripts, Inc., (2)					1,353,275
	15,830			Fresenius Medical Care, ADR					711,339
	36,420			Health Net Inc., (2), (3)					566,331
	1,591			Humana Inc., (2)					51,326
	2,814			Laboratory Corporation of America Holdings, (2)					190,761
	6,900			Pharmerica Corporation, (2)					135,447
	7,336			Quest Diagnostics Incorporated					413,970
	2,650			RehabCare Group Inc., (2)					63,415
				Total Health Care Providers & Services					3,587,855
				Hotels, Restaurants & Leisure – 0.2%
	26,120			Boyd Gaming Corporation, (2)					222,020
	15,705			McDonald's Corporation					902,880
	4,070			Penn National Gaming, Inc., (2)					118,478
	14,550			Royal Caribbean Cruises Limited					197,007
	4,360			Starwood Hotels & Resorts Worldwide, Inc.					96,792
				Total Hotels, Restaurants & Leisure					1,537,177

 

Nuveen Investments
18

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Shares				Description (1)				Value
				Household Durables – 0.0%
	3,720			MDC Holdings Inc.				$	112,009
	3,090			Meritage Corporation, (2)					58,277
	10,260			Tempur Pedic International Inc.					134,098
				Total Household Durables					304,384
				Household Products – 0.2%
	2,920			Church & Dwight Company Inc.					158,585
	6,780			Colgate-Palmolive Company					479,617
	231			KAO Corporation, Sponsored ADR					50,397
	7,870			Reckitt and Benckiser					359,407
				Total Household Products					1,048,006
				Insurance – 0.8%
	5,590			Ace Limited					247,246
	8,400			Amtrust Financial Services, Inc.					95,760
	5,400			Arch Capital Group Limited, (2)					316,332
	4,480			Aspen Insurance Holdings Limited					100,083
	11,523			Assurant Inc.					277,589
	2,403			CNA Financial Corporation					37,174
	5,720			Delphi Financial Group, Inc.					111,140
	800			Fairfax Financial Holdings Limited					199,592
	1,990			Fairfax Financial Holdings Limited					499,574
	7,256			First American Corporation					188,003
	26,800			Loews Corporation					734,320
	214,450			Mapfre S.A.					700,636
	1,290			Navigators Group, Inc., (2)					57,315
	18,450			Principal Financial Group, Inc.					347,598
	23,490			Progressive Corporation, (2)					354,934
	14,220			SCOR SE					292,169
	1,250			Stewart Information Services Corporation					17,813
	9,360			Travelers Companies, Inc.					384,134
	13,600			WR Berkley Corporation					291,992
				Total Insurance					5,253,404
				Internet & Catalog Retail – 0.1%
	6,840			Amazon.com, Inc., (2)					572,234
	3,300			NetFlix.com Inc., (2)					136,422
				Total Internet & Catalog Retail					708,656
				Internet Software & Services – 0.4%
	65,754			eBay Inc., (2), (3)					1,126,366
	12,240			Equinix Inc., (2)					890,338
	740			Google Inc., Class A, (2)					311,977
	8,700			Rackspace Hosting Inc., (2)					120,582
	11,200			Switch & Data Facilities Company, Inc., (2)					131,376
	3,590			Vocus, Inc., (2)					70,938
				Total Internet Software & Services					2,651,577
				IT Services – 0.4%
	4,457			Affiliated Computer Services, Inc., (2)					197,980
	26,670			CGI Group Inc., (2)					236,563
	5,240			MasterCard, Inc.					876,704
	19,820			Visa Inc.					1,233,993
	4,910			Wright Express Corporation, (2)					125,058
				Total IT Services					2,670,298

 

Nuveen Investments
19

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Leisure Equipment & Products – 0.1%
	18,342			Hasbro, Inc.				$	444,610
				Life Sciences Tools & Services – 0.1%
	1,010			Bio-Rad Laboratories Inc., (2)					76,235
	10,680			Illumina Inc., (2)					415,879
	3,880			Millipore Corporation, (2)					272,415
	2,430			Thermo Fisher Scientific, Inc., (2)					99,071
				Total Life Sciences Tools & Services					863,600
				Machinery – 0.4%
	12,171			AGCO Corporation, (2)					353,811
	3,200			Badger Meter Inc.					131,200
	3,490			Chart Industries, Inc., (2)					63,448
	7,330			Cummins Inc.					258,089
	11,130			Flowserve Corporation					776,985
	4,688			Harsco Corporation					132,670
	19,670			Kone OYJ					604,015
	3,580			Robbins & Myers, Inc.					68,915
	7,970			Tata Motors Limited, ADR					67,904
				Total Machinery					2,457,037
				Marine – 0.1%
	6,260			Genco Shipping and Trading Limited					135,967
	70,116			Kawasaki Kisen Kaisha Limited					287,620
	40,000			Stolt-Nielsen S.A.					434,349
				Total Marine					857,936
				Media – 0.4%
	13,770			Cablevision Systems Corporation					267,276
	14,880			Comcast Corporation, Class A					215,611
	23,116			DIRECTV Group, Inc., (2)					571,196
	9,949			Interpublic Group Companies, Inc., (2)					50,242
	7,140			Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2)					190,995
	8,990			Marvel Entertainment Inc., (2)					319,954
	19,490			Regal Entertainment Group, Class A					259,022
	22,700			Scholastic Corporation, (3)					449,233
	1,055			Walt Disney Company					24,613
				Total Media					2,348,142
				Metals & Mining – 3.2%
	75,800			AngloGold Ashanti Limited, Sponsored ADR, (3)					2,776,554
	88,800			Barrick Gold Corporation, (3)					2,979,240
	31,910			BHP Billiton PLC, ADR					874,201
	18,280			Freeport-McMoRan Copper & Gold, Inc.					916,011
	121,100			Gold Fields Limited, (3)					1,459,255
	126,000			Ivanhoe Mines Ltd., (2), (3)					705,600
	1,262,600			Lihir Gold Limited, (2)					2,955,862
	1,062,500			Minara Resources Limited, (2)					707,912
	158,540			Mitsubishi Materials					493,594
	102,700			Newmont Mining Corporation, (3)					4,197,349
	677,529			NovaGold Resources Inc., (2)					2,899,824
	30,690			Steel Dynamics Inc.					452,064
	15,700			Walter Industries Inc.					568,968
				Total Metals & Mining					21,986,434

 

Nuveen Investments
20

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Shares				Description (1)				Value
				Multiline Retail – 0.3%
	10,020			Big Lots, Inc., (2)				$	210,721
	5,160			Dollar Tree Stores Inc., (2)					217,236
	8,450			Family Dollar Stores, Inc.					239,135
	24,740			Federated Department Stores, Inc.					290,942
	44,450			Next PLC, (2)					1,076,950
				Total Multiline Retail					2,034,984
				Multi-Utilities – 0.5%
	34,804			Ameren Corporation, (3)					866,272
	9,500			PG&E Corporation					365,180
	148,600			PNM Resources Inc.					1,591,506
	9,740			RWE AG					768,087
				Total Multi-Utilities					3,591,045
				Oil, Gas & Consumable Fuels – 4.0%
	18,180			Alpha Natural Resources Inc., (2)					477,589
	108,655			Arch Coal Inc.					1,670,027
	34,900			BG Group PLC					587,705
	79,710			BP PLC, (3)					3,800,573
	119,547			Cameco Corporation, (3)					3,060,403
	21,673			Chesapeake Energy Corporation					429,776
	36,154			Chevron Corporation, (3)					2,395,203
	10,360			China Petroleum and Chemical Corporation					785,910
	17,054			Cimarex Energy Company					483,310
	2,338			Comstock Resources Inc., (2)					77,271
	2,367			ConocoPhillips					99,556
	1,078			CONSOL Energy Inc.					36,609
	27,020			Continental Resources Inc., (2)					749,805
	21,230			Eni S.p.A., Sponsored ADR					1,006,514
	3,930			EOG Resources, Inc.					266,926
	43,700			Gazprom OAO, (2)					887,383
	10,700			Hess Corporation					575,125
	1,950			James River Coal Company, (2)					29,504
	4,140			McMoran Exploration Corporation, (2)					24,674
	8,680			Murphy Oil Corporation					471,498
	40,100			Nexen Inc.					868,165
	13,050			Nexen Inc.					283,518
	13,510			Occidental Petroleum Corporation					889,093
	2,044			Peabody Energy Corporation					61,647
	15,020			Petrohawk Energy Corporation, (2)					334,946
	2,927			Pioneer Natural Resources Company					74,639
	19,950			Repsol YPF S.A.					446,082
	9,470			Rosetta Resources, Inc., (2)					82,863
	61,600			Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)					3,132,976
	12,610			SandRidge Energy Inc., (2)					107,437
	8,290			Southwestern Energy Company, (2)					322,067
	33,719			StatoilHydro ASA, Sponsored ADR					666,625
	12,698			Tesoro Corporation					161,646
	14,050			Total S.A., Sponsored ADR					761,932
	5,610			Total S.A.					304,064
	10,090			Valero Energy Corporation					170,420
	990			Whiting Petroleum Corporation, (2)					34,808
	13,590			Woodside Petroleum Limited					469,480
				Total Oil, Gas & Consumable Fuels					27,087,769
				Paper & Forest Products – 0.0%
	4,940			Buckeye Technologies Inc., (2)					22,181
	1			Clearwater Paper Corporation, (2)					18
				Total Paper & Forest Products					22,199

 

Nuveen Investments
21

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Pharmaceuticals – 1.4%
	5,960			Abbott Laboratories				$	280,358
	9,146			Astellas Pharma Inc.					322,965
	9,900			AstraZeneca Group					436,515
	4,770			Bayer AG, (2)					256,339
	24,872			Bristol-Myers Squibb Company					505,150
	16,590			Eli Lilly and Company					574,678
	44,300			GlaxoSmithKline PLC, ADR					782,485
	4,730			GlaxoSmithKline PLC, ADR					167,158
	15,450			H. Lundbeck A/S					293,946
	8,570			Johnson & Johnson					486,776
	22,660			Novartis AG					922,426
	3,280			Noven Pharmaceuticals Inc., (2)					46,904
	2,160			Novo-Nordisk A/S					117,645
	9,800			Novo-Nordisk A/S					533,708
	9,050			Perrigo Company					251,409
	145,046			Pfizer Inc., (3)					2,175,690
	2,000			Roche Holdings AG					272,504
	9,220			Sanofi-Synthelabo, SA					544,804
	14,780			Watson Pharmaceuticals Inc., (2)					497,938
				Total Pharmaceuticals					9,469,398
				Professional Services – 0.0%
	2,570			Dun and Bradstreet Inc.					208,710
				Real Estate – 0.3%
	20,920			Annaly Capital Management Inc.					316,729
	3,810			Equity Lifestyles Properties Inc.					141,656
	6,220			Hatteras Financial Corp.					177,830
	7,270			Health Care Property Investors Inc.					154,051
	1,662			PS Business Parks Inc.					80,507
	2,750			Public Storage, Inc.					180,070
	18,760			Rayonier Inc.					681,926
	4,227			Simon Property Group, Inc.					217,395
	6,281			Tanger Factory Outlet Centers					203,693
				Total Real Estate					2,153,857
				Road & Rail – 0.4%
	12,960			Canadian National Railways Company					556,774
	1,861			Canadian Pacific Railway Limited					74,068
	18,570			CSX Corporation					643,079
	7,830			Kansas City Southern Industries, (2)					126,141
	5,150			Landstar System					184,937
	11,320			Norfolk Southern Corporation					426,424
	159,970			Stagocoach Group PLC					334,598
	12,140			Union Pacific Corporation					632,008
				Total Road & Rail					2,978,029
				Semiconductors & Equipment – 0.5%
	44,220			Broadcom Corporation, Class A, (2)					1,096,214
	72,540			Intel Corporation					1,200,537
	36,110			Marvell Technology Group Ltd., (2)					420,320
	6,386			Monolithic Power Systems, Inc., (2)					143,110
	12,760			ON Semiconductor Corporation, (2)					87,534
	3,730			Sigma Designs, Inc., (2)					59,829
	10,250			Xilinx, Inc.					209,715
				Total Semiconductors & Equipment					3,217,259

 

Nuveen Investments
22

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Shares				Description (1)				Value
				Software – 0.5%
	6,469			Adobe Systems Incorporated, (2)				$	183,073
	1,670			Advent Software Inc., (2)					54,759
	6,810			Ansys Inc., (2)					212,200
	13,228			BMC Software, Inc., (2)					446,974
	22,660			CA Inc.					394,964
	4,550			Citrix Systems, (2)					145,100
	5,233			Microsoft Corporation					124,388
	3,380			Nintendo Co., Ltd.					935,432
	14,840			Salesforce.com, Inc., (2)					566,443
	17,679			Symantec Corporation, (2)					275,085
				Total Software					3,338,418
				Specialty Retail – 0.3%
	3,045			Aeropostale, Inc., (2)					104,352
	5,720			Asbury Automotive Group, Inc.					58,573
	12,950			Gap, Inc.					212,380
	13,648			Guess Inc.					351,845
	2,120			Gymboree Corporation, (2)					75,218
	17,050			Home Depot, Inc.					402,892
	8,800			Hot Topic, Inc., (2)					64,328
	25,400			Lowe's Companies, Inc.					493,014
	6,450			PetSmart Inc.					138,417
				Total Specialty Retail					1,901,019
				Textiles, Apparel & Luxury Goods – 0.0%
	5,540			True Religion Apparel, Inc., (2)					123,542
				Thrifts & Mortgage Finance – 0.2%
	66,060			Hudson City Bancorp, Inc.					877,937
	8,250			People's United Financial, Inc.					124,080
				Total Thrifts & Mortgage Finance					1,002,017
				Tobacco – 0.2%
	3,780			Lorillard Inc.					256,171
	31,690			Philip Morris International					1,382,317
				Total Tobacco					1,638,488
				Trading Companies & Distributors – 0.1%
	81,000			Mitsui & Company Limited					959,823
				Water Utilities – 0.0%
	823			Companhia de Saneamento Basico do Estado de Sao Paulo, ADR, (2)					24,681
				Wireless Telecommunication Services – 0.6%
	100			KDDI Corporation					530,603
	6,970			Millicom International Cellular S.A., (2)					393,176
	11,890			Millicom International Cellular S.A.					668,930
	1,050			NTT Mobile Communications					1,535,769
	17,820			Partner Communications Company Limited					304,543
	1,400			TIM Participacoes S.A., ADR, (2)					24,401
	1,803			Turkcell Iletisim Hizmetleri A.S., ADR					24,989
	396,050			Vodafone Group PLC					770,293
				Total Wireless Telecommunication Services					4,252,704
				Total Common Stocks (cost $257,670,576)					213,288,037

 

Nuveen Investments
23

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)								Coupon				Ratings (4)				Value
				Convertible Preferred Securities – 2.0% (1.5% of Total Investments)
				Capital Markets – 0.0%
	5,800			AMG Capital Trust II, Convertible Bond									5.150	%		BB				$	138,838
				Commercial Banks – 0.3%
	2,400			Wells Fargo & Company, Convertible Bond									7.500	%		A					1,883,928
				Communications Equipment – 0.8%
	8,400			Lucent Technologies Capital Trust I									7.750	%		B3					5,124,000
				Diversified Financial Services – 0.4%
	3,250			Bank of America Corporation									7.250	%		BB–					2,717,098
				Food Products – 0.0%
	3,800			Bunge Limited, Convertible Bonds									4.875	%		Ba1					308,750
				Health Care Providers & Services – 0.0%
	3,600			Omnicare Capital Trust II, Series B									4.000	%		B					127,656
				Independent Power Producers & Energy Traders – 0.1%
	6,400			AES Trust III, Convertible Preferred									6.750	%		B					273,472
	300			NRG Energy Inc., Convertible Bond									4.000	%		B2					389,700
				Total Independent Power Producers & Energy Traders																	663,172
				Insurance – 0.0%
	2,550			Reinsurance Group of America Inc.									5.750	%		BBB					119,850
				Metals & Mining – 0.1%
	750			Freeport McMoran Copper & Gold, Inc.									5.500	%		BB					843,938
				Multi-Utilities – 0.1%
	6,150			Centerpoint Energy Inc.									2.000	%		BBB–					128,781
	4,250			CMS Energy Corporation, Convertible Bonds									4.500	%		Ba2					273,859
				Total Multi-Utilities																	402,640
				Oil, Gas & Consumable Fuels – 0.1%
	400			El Paso Corporation									4.990	%		B					310,100
	100			El Paso Corporation									4.990	%		B					77,525
	1,850			Williams Companies Inc., Preferred Convertible Bonds									5.500	%		BB					135,397
				Total Oil, Gas & Consumable Fuels																	523,022
				Real Estate – 0.1%
	9,850			HRPT Properties Trust, Preferred Convertible Bonds									6.500	%		Baa3					126,671
	6,250			Simon Property Group, Inc., Series I									6.000	%		Baa1					294,374
				Total Real Estate																	421,045
				Total Convertible Preferred Securities (cost $16,723,323)																	13,273,937
Shares				Description (1)								Coupon				Ratings (4)				Value
				$25 Par (or similar) Preferred Securities – 39.7% (29.9% of Total Investments)
				Capital Markets – 3.0%
	81,300			Ameriprise Financial, Inc.									7.750	%		A				$	1,756,080
	90,994			BNY Capital Trust V, Series F									5.950	%		Aa3					2,043,725
	881,630			Deutsche Bank Capital Funding Trust II									6.550	%		Aa3					15,851,707
	13,800			Deutsche Bank Capital Funding Trust IX									6.625	%		Aa3					255,300
	20,300			Goldman Sachs Group Inc., Series 2004-4 (CORTS)									6.000	%		A2					351,190
	7,500			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)									6.000	%		A2					131,325
				Total Capital Markets																	20,389,327

 

Nuveen Investments
24

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Shares				Description (1)								Coupon				Ratings (4)				Value
				Commercial Banks – 5.3%
	44,900			ASBC Capital I									7.625	%		A3				$	860,284
	66,612			Banco Santander Finance									4.000	%		Aa3					749,385
	245,073			Banco Santander Finance									6.800	%		Aa3					4,742,163
	263,660			Banco Santander Finance									6.500	%		Aa3					4,745,880
	231,600			Banesto Holdings, Series A, 144A									10.500	%		A1					5,116,924
	14,600			Barclays Bank PLC									7.750	%		A					286,744
	24,100			Barclays Bank PLC									7.100	%		A+					440,789
	107,000			Cobank Agricultural Credit Bank									7.000	%		N/R					3,332,087
	31,000			Cobank Agricultural Credit Bank									11.000	%		A					1,484,544
	606,541			HSBC Finance Corporation									6.875	%		A					12,973,912
	1,000			HSBC Finance Corporation									6.000	%		A					19,110
	79,592			Merrill Lynch Preferred Capital Trust V									7.280	%		Baa3					1,377,738
	400			National City Capital Trust II									6.625	%		A2					7,568
				Total Commercial Banks																	36,137,128
				Diversified Financial Services – 3.6%
	23,000			ING Groep N.V.									8.500	%		A3					447,350
	14,900			ING Groep N.V.									7.375	%		A3					263,730
	329,118			ING Groep N.V.									7.200	%		A3					5,598,297
	704,975			ING Groep N.V.									7.050	%		BBB					11,625,038
	259,800			JP Morgan Chase Capital Trust XXVI									8.000	%		A1					6,518,382
				Total Diversified Financial Services																	24,452,797
				Diversified Telecommunication Services – 0.3%
	65,702			BellSouth Capital Funding (CORTS)									7.120	%		A					1,486,508
	18,300			BellSouth Corporation (CORTS)									7.000	%		A					412,894
	15,200			Verizon Communications (CORTS)									7.625	%		A					378,936
				Total Diversified Telecommunication Services																	2,278,338
				Electric Utilities – 0.4%
	29,870			Entergy Louisiana LLC									7.600	%		A–					754,218
	59,800			Entergy Texas Inc.									7.875	%		BBB+					1,506,362
	21,775			FPL Group Capital Inc.									6.600	%		A3					542,198
	1,200			National Rural Utilities Cooperative Finance Corporation									6.750	%		A3					28,452
				Total Electric Utilities																	2,831,230
				Food Products – 0.3%
	27,100			Dairy Farmers of America Inc., 144A									7.875	%		BBB–					1,798,763
				Insurance – 9.5%
	624,430			Aegon N.V.									6.375	%		Baa1					9,010,525
	357,766			Arch Capital Group Limited									8.000	%		BBB–					7,856,541
	932,200			Delphi Financial Group, Inc.									8.000	%		BBB+					17,077,904
	276,457			EverestRe Capital Trust II									6.200	%		Baa1					5,501,494
	75,900			Financial Security Assurance Holdings									6.250	%		A+					1,100,550
	701,667			PartnerRe Limited, Series C									6.750	%		BBB+					14,342,073
	1,600			PartnerRe Limited, Series D									6.500	%		BBB+					31,984
	62,457			PLC Capital Trust III									7.500	%		BBB					1,145,461
	5,800			PLC Capital Trust IV									7.250	%		BBB					114,086
	367,951			RenaissanceRe Holdings Limited, Series B									7.300	%		BBB+					7,546,675
	26,400			RenaissanceRe Holdings Ltd									6.600	%		BBB+					514,536
				Total Insurance																	64,241,829
				Media – 4.4%
	4,000			CBS Corporation									7.250	%		BBB–					72,600
	395,295			CBS Corporation									6.750	%		BBB–					6,755,592
	486,531			Comcast Corporation									7.000	%		BBB+					11,117,233
	577,046			Viacom Inc.									6.850	%		BBB					11,985,245
				Total Media																	29,930,670

 

Nuveen Investments
25

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)								Coupon				Ratings (4)				Value
				Multi-Utilities – 1.4%
	216,300			Dominion Resources Inc.									8.375	%		BBB				$	5,494,020
	165,061			Xcel Energy Inc.									7.600	%		Baa2					4,180,995
				Total Multi-Utilities																	9,675,015
				Oil, Gas & Consumable Fuels – 1.3%
	429,300			Nexen Inc.									7.350	%		BB+					8,804,943
				Real Estate – 10.1%
	558,485			Developers Diversified Realty Corporation, Series G									8.000	%		Ba1					6,701,820
	12,300			Duke Realty Corporation, Series L									6.600	%		Baa2					164,205
	87,042			Duke Realty Corporation, Series O									8.375	%		Baa3					1,528,458
	23,182			First Industrial Realty Trust, Inc., Series J									7.250	%		Baa3					265,202
	122,067			HRPT Properties Trust, Series B									8.750	%		Baa3					2,187,441
	650,800			HRPT Properties Trust, Series C									7.125	%		Baa3					9,801,048
	340,287			Kimco Realty Corporation, Series F									6.650	%		Baa2					6,074,123
	109,832			Kimco Realty Corporation, Series G									7.750	%		Baa2					2,268,031
	32,982			Prologis Trust, Series C									8.540	%		BBB					1,199,720
	216,310			Public Storage, Inc.									6.750	%		Baa1					4,347,831
	33,774			Public Storage, Inc., Series C									6.600	%		Baa1					657,918
	43,600			Public Storage, Inc., Series E									6.750	%		Baa1					873,744
	9,359			Public Storage, Inc., Series H									6.950	%		Baa1					193,918
	217,058			Realty Income Corporation									6.750	%		Baa3					4,575,583
	117,684			Regency Centers Corporation									7.450	%		BBB					2,325,436
	880,862			Wachovia Preferred Funding Corporation									7.250	%		B2					15,908,368
	595,830			Weingarten Realty Trust, Preferred Securities									6.750	%		Baa1					9,860,987
				Total Real Estate																	68,933,833
				Wireless Telecommunication Services – 0.1%
	4,100			Telephone and Data Systems Inc.									7.600	%		Baa2					84,254
	21,754			United States Cellular Corporation									8.750	%		Baa2					518,614
	2,700			United States Cellular Corporation									7.500	%		Baa2					55,025
				Total Wireless Telecommunication Services																	657,893
				Total $25 Par (or similar) Preferred Securities (cost $360,303,716)																	270,131,766
Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Variable Rate Senior Loan Interests – 13.0% (9.8% of Total Investments) (6)
				Aerospace & Defense – 0.2%
$	574			DAE Aviation Holdings, Inc., Term Loan B1					4.444	%			7/31/14			B+				$	448,085
	563			DAE Aviation Holdings, Inc., Term Loan B2					4.790	%			7/31/14			B+					439,484
	600			McKechnie Aerospace Holdings, Inc., Term Loan					5.310	%			5/11/15			N/R					349,500
	1,737			Total Aerospace & Defense																	1,237,069
				Airlines – 0.3%
	1,669			ACTS Aero Technical Support & Services, Inc., Term Loan, (7)					7.372	%			10/16/14			N/R					379,720
	977			American Airlines, Inc., Term Loan					6.500	%			12/17/10			B+					906,419
	980			Delta Air Lines, Inc., Term Loan					3.568	%			4/30/14			B					677,950
	3,626			Total Airlines																	1,964,089
				Building Products – 0.4%
	2,543			Building Materials Corporation of America, Term Loan					3.063	%			2/22/14			B+					2,229,000
	973			TFS Acquisition, Term Loan					5.098	%			8/11/13			B2					449,781
	3,516			Total Building Products																	2,678,781

 

Nuveen Investments
26

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Amount (000)				Description (1)				Weighted Principal Coupon				Maturity (5)				Average Ratings (4)				Value
				Chemicals – 0.6%
$	187			Celanese US Holdings LLC, Term Loan					2.942	%		4/02/14				BB+				$	173,435
	1,965			Hercules Offshore, Inc., Term Loan					2.960	%		7/11/13				BB–					1,739,025
	463			LyondellBasell Finance Company, DIP Term Loan, (8), (9)					9.168	%		12/15/09				CC					486,342
	36			LyondellBasell Finance Company, Dutch Revolving Line of Credit, (9)					3.815	%		12/20/13				Caa2					16,061
	84			LyondellBasell Finance Company, Dutch Tranche A, Term Loan, (9)					3.815	%		12/20/13				Caa2					36,890
	104			LyondellBasell Finance Company, German Tranche B1, Euro Term Loan, (9)					4.065	%		12/20/14				Caa2					45,592
	104			LyondellBasell Finance Company, German Tranche B2, Euro Term Loan, (9)					4.065	%		12/20/14				Caa2					45,592
	104			LyondellBasell Finance Company, German Tranche B3, Euro Term Loan, (9)					4.065	%		12/20/14				Caa2					45,592
	135			LyondellBasell Finance Company, Revolving Line of Credit, (9)					3.815	%		12/20/13				Caa2					59,553
	802			LyondellBasell Finance Company, Roll-Up DIP Term Loan, (9)					5.825	%		12/15/09				N/R					670,201
	258			LyondellBasell Finance Company, US Tranche A, Term Loan, (9)					3.815	%		12/20/13				Caa2					113,465
	450			LyondellBasell Finance Company, US Tranche B1, Term Loan, (9)					7.000	%		12/20/14				Caa2					197,838
	450			LyondellBasell Finance Company, US Tranche B2, Term Loan, (9)					7.000	%		12/22/14				Caa2					197,838
	450			LyondellBasell Finance Company, US Tranche B3, Term Loan, (9)					7.000	%		12/22/14				Caa2					197,838
	5,592			Total Chemicals																	4,025,262
				Commercial Services & Supplies – 0.2%
	88			Aramark Corporation, Letter of Credit					2.473	%		1/24/14				BB					80,883
	1,381			Aramark Corporation, Term Loan					2.473	%		1/24/14				BB					1,273,155
	1,469			Total Commercial Services & Supplies																	1,354,038
				Communications Equipment – 0.1%
	751			CommScope Inc., Term Loan B					3.098	%		12/27/14				BB					719,623
				Diversified Consumer Services – 0.3%
	973			Cengage Learning Acquisitions, Inc., Term Loan					2.810	%		7/05/14				B+					820,746
	193			Laureate Education, Inc., Delayed Term Loan					4.342	%		8/17/14				B1					167,065
	1,284			Laureate Education, Inc., Term Loan B					4.342	%		8/17/14				B1					1,113,513
	2,450			Total Diversified Consumer Services																	2,101,324
				Electric Utilities – 0.3%
	560			Calpine Corporation, DIP Term Loan					3.475	%		3/29/14				B+					496,794
	983			TXU Corporation, Term Loan B2					3.821	%		10/10/14				B+					704,514
	1,356			TXU Corporation, Term Loan B3					3.821	%		10/10/14				B+					971,797
	2,899			Total Electric Utilities																	2,173,105
				Electrical Equipment – 0.0%
	242			Allison Transmission Holdings, Inc., Term Loan					3.071	%		8/07/14				B					192,815
				Energy Equipment & Services – 0.3%
	1,907			PGS Finance, Inc., Term Loan					2.350	%		6/29/15				Ba2					1,768,433
				Health Care Equipment & Supplies – 0.2%
	60			Bausch & Lomb, Inc., Delayed Term Loan, (8)					3.191	%		4/24/15				BB–					53,643
	315			Bausch & Lomb, Inc., Term Loan					3.848	%		4/24/15				BB–					290,153
	953			Biomet, Inc., Term Loan					3.580	%		3/25/15				BB–					892,803
	1,328			Total Health Care Equipment & Supplies																	1,236,599
				Health Care Providers & Services – 2.2%
	162			Community Health Systems, Inc., Delayed Term Loan					2.560	%		7/25/14				BB					145,984
	3,215			Community Health Systems, Inc., Term Loan					2.898	%		7/25/14				BB					2,901,782
	490			Concentra, Inc., Term Loan					2.850	%		6/25/14				B+					417,725
	984			HCA, Inc., Term Loan A					2.348	%		11/18/12				BB					895,609
	2,295			HCA, Inc., Term Loan					2.348	%		11/18/13				BB					2,076,611
	2,026			Health Management Associates, Inc., Term Loan					2.348	%		2/28/14				BB–					1,792,472
	472			IASIS Healthcare LLC, Delayed Term Loan					2.310	%		3/14/14				Ba2					434,994
	127			IASIS Healthcare LLC, Letter of Credit					0.210	%		3/14/14				Ba2					117,170
	1,364			IASIS Healthcare LLC, Term Loan					2.310	%		3/14/14				Ba2					1,257,008
	1,378			Select Medical Corporation, Term Loan B2					2.724	%		2/24/12				Ba2					1,301,033

 

Nuveen Investments
27

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Amount (000)				Principal Description (1)				Weighted Coupon				Average Maturity (5)				Ratings (4)				Value
				Health Care Providers & Services (continued)
$	1,824			Select Medical Corporation, Term Loan					2.720	%		2/24/12				Ba2				$	1,722,417
	195			Sun Healthcare Group, Inc., Synthetic Letter of Credit					2.598	%		4/19/14				Ba2					173,599
	962			Sun Healthcare Group, Inc., Term Loan					3.116	%		4/19/14				Ba2					854,178
	978			Vanguard Health Holding Company II LLC, Replacement Term Loan					2.560	%		9/23/11				Ba3					937,088
	16,472			Total Health Care Providers & Services																	15,027,670
				Hotels, Restaurants & Leisure – 1.0%
	1,491			CCM Merger, Inc., Term Loan B					8.500	%		7/13/12				B+					1,256,285
	952			Cedar Fair LP, Term Loan					2.310	%		8/30/12				BB–					895,235
	1,050			Harrah's Operating Company, Inc., Term Loan B2					4.092	%		1/28/15				B					772,604
	134			Travelport LLC, Letter of Credit					3.098	%		8/23/13				Ba2					105,858
	669			Travelport LLC, Term Loan					2.914	%		8/23/13				Ba2					527,572
	786			Venetian Casino Resort LLC, Delayed Term Loan					2.060	%		5/23/14				B–					557,552
	2,712			Venetian Casino Resort LLC, Term Loan					2.060	%		5/23/14				B–					1,925,006
	898			Wintergames Holdings, Term Loan A					7.810	%		12/22/13				N/R					622,033
	8,692			Total Hotels, Restaurants & Leisure																	6,662,145
				Independent Power Producers & Energy Traders – 0.4%
	909			NRG Energy, Inc., Credit Linked Deposit					2.348	%		2/01/13				BB+					857,831
	1,697			NRG Energy, Inc., Term Loan					2.016	%		2/01/13				BB+					1,600,354
	2,606			Total Independent Power Producers & Energy Traders																	2,458,185
				Insurance – 0.2%
	1,963			Conseco, Inc., Term Loan					6.500	%		10/10/13				Caa1					1,315,243
				IT Services – 0.5%
	771			First Data Corporation, Term Loan B1					3.065	%		9/24/14				B+					579,806
	831			Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan					4.060	%		7/28/12				B+					685,987
	1,594			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan					4.060	%		7/28/12				N/R					1,314,579
	796			SunGard Data Systems, Inc., Term Loan B					2.462	%		2/28/14				BB					741,341
	3,992			Total IT Services																	3,321,713
				Leisure Equipment & Products – 0.2%
	388			Herbst Gaming, Inc., Delayed Term Loan, (7), (9)					0.000	%		12/02/11				D					184,494
	447			Herbst Gaming, Inc., Term Loan, (7), (9)					0.000	%		12/02/11				D					212,337
	4,000			Wimar OpCo LLC, Term Loan, (9)					0.000	%		1/03/12				N/R					1,132,500
	4,835			Total Leisure Equipment & Products																	1,529,331
				Machinery – 0.2%
	1,695			Oshkosh Truck Corporation, Term Loan					7.337	%		12/06/13				B+					1,560,105
				Media – 2.4%
	1,224			Cequel Communications LLC, Term Loan B					2.318	%		11/05/13				BB–					1,123,214
	4,758			Charter Communications Operating Holdings LLC, Term Loan, (9)					6.250	%		3/06/14				Ba2					4,315,099
	1,500			Citadel Broadcasting Corporation, Term Loan					2.350	%		6/12/14				CCC					788,750
	1,118			Gray Television, Inc., Term Loan B					6.820	%		12/31/14				CCC+					695,561
	942			Idearc, Inc., Term Loan, (7), (9)					4.250	%		11/17/14				Caa3					406,655
	794			Metro-Goldwyn-Mayer Studios, Inc., Term Loan B					3.560	%		4/08/12				N/R					442,569
	1,851			Neilsen Finance LLC, Term Loan					2.321	%		8/09/13				Ba3					1,670,766
	944			Philadelphia Newspapers, Term Loan, (7), (9)					7.750	%		6/29/13				N/R					221,864
	978			Readers Digest Association, Inc., Term Loan					2.644	%		3/02/14				CCC					426,434
	5,925			Tribune Company, Term Loan B, (7), (9)					0.000	%		6/04/14				Ca					2,031,783
	890			Tribune Company, Term Loan X, (7), (9)					0.000	%		6/04/09				Ca					304,347
	5,400			Univision Communications, Inc., Term Loan					2.560	%		9/29/14				B2					4,051,928
	26,324			Total Media																	16,478,970
				Metals & Mining – 0.2%
	1,608			John Maneely Company, Term Loan					4.052	%		12/08/13				B					1,264,012

 

Nuveen Investments
28

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Oil, Gas & Consumable Fuels – 0.3%
$	1,975			CCS Income Trust, Term Loan					3.310	%		11/14/14				B				$	1,464,746
	465			Western Refining, Inc., Term Loan					8.250	%		5/30/14				BB–					448,564
	2,440			Total Oil, Gas & Consumable Fuels																	1,913,310
				Paper & Forest Products – 0.1%
	1,029			Georgia-Pacific Corporation, Term Loan B					2.557	%		12/21/12				BB+					973,619
				Pharmaceuticals – 0.3%
	2,000			Royalty Pharma Finance Trust, Unsecured Term Loan					7.750	%		5/15/15				Baa3					1,750,000
				Real Estate Management & Development – 0.4%
	2,805			LNR Property Corporation, Term Loan B					3.820	%		7/12/11				B2					1,450,033
	1,651			Realogy Corporation, Delayed Term Loan					4.159	%		10/10/13				Caa1					1,203,980
	4,456			Total Real Estate Management & Development																	2,654,013
				Road & Rail – 0.1%
	917			Swift Transportation Company, Inc., Term Loan					3.625	%		5/10/14				B–					684,572
				Specialty Retail – 1.6%
	75			Blockbuster, Inc., Tranche B, Term Loan					5.08	%		8/20/11				B1					1,991,381
	5,229			Burlington Coat Factory Warehouse Corporation, Term Loan					2.560	%		5/28/13				B3					4,105,089
	1,000			Claire's Stores, Inc. Term Loan B, WI/DD					TBD			TBD				Caa2					560,417
	1,412			Michaels Stores, Inc., Term Loan					2.676	%		10/31/13				B					1,124,955
	2,400			Toys "R" Us – Delaware, Inc., Term Loan B					4.565	%		7/19/12				BB–					2,211,750
	1,462			TRU 2005 RE Holding Co I LLC, Term Loan					3.320	%		12/08/09				B3					1,446,946
	11,578			Total Specialty Retail																	11,440,538
$	116,124			Total Variable Rate Senior Loan Interests (cost $110,889,565)																	88,484,564
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Convertible Bonds – 10.4% (7.9% of Total Investments)
				Aerospace & Defense – 0.2%
$	150			AAR Corporation, Convertible Bond					1.750	%		2/01/26				BB				$	124,313
	350			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		9/15/11				BB–					367,063
	250			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		2/15/24				BB–					269,063
	550			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+					531,438
	200			Orbital Sciences Corporation, Convertible Bond					2.438	%		1/15/27				BB–					183,750
	1,500			Total Aerospace & Defense																	1,475,627
				Airlines – 0.5%
	2,375			JetBlue Airways Corporation					3.750	%		3/15/35				CCC					2,285,938
	1,000			JetBlue Airways Corporation					6.750	%		10/15/39				CCC					1,058,750
	3,375			Total Airlines																	3,344,688
				Auto Components – 0.2%
	200			BorgWarner Inc.					3.500	%		4/15/12				BBB					252,750
	200			Johnson Controls Inc., Convertible Bond					6.500	%		9/30/12				BBB					404,000
	425			Magna International Inc., Class A					6.500	%		3/31/10				N/R					369,936
	825			Total Auto Components																	1,026,686
				Beverages – 0.1%
	500			Molson Coors Brewing Company, Senior Convertible Notes					2.500	%		7/30/13				BBB–					536,250
				Biotechnology – 0.5%
	650			Amgen Inc.					0.125	%		2/01/11				A+					620,750
	1,250			Amgen Inc.					0.125	%		2/01/11				A+					1,193,750

 

Nuveen Investments
29

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Biotechnology (continued)
$	1,150			Amgen Inc.					0.375	%		2/01/13				A+				$	1,043,625
	100			BioMarin Pharmaceutical Inc.					2.500	%		3/29/13				CCC					109,375
	250			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B–					226,875
	150			Invitrogen Corporation, Convertible Bond					2.000	%		8/01/23				BB+					189,938
	3,550			Total Biotechnology																	3,384,313
				Capital Markets – 0.1%
	450			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB–					387,000
	200			BlackRock Inc.					2.625	%		2/15/35				A+					354,500
	650			Total Capital Markets																	741,500
				Commercial Banks – 0.2%
	600			National City Corporation, Convertible Senior Notes					4.000	%		2/01/11				A1					592,500
	300			SVB Financial Group, Convertible Bond					3.875	%		4/15/11				A3					270,750
	600			U.S. Bancorp, Convertible Bonds					0.000	%		12/11/35				Aa3					569,250
	1,500			Total Commercial Banks																	1,432,500
				Commercial Services & Supplies – 0.1%
	100			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3					108,625
	450			Covanta Holding Corporation, Convertible Bonds					1.000	%		2/01/27				Ba3					392,625
	550			Total Commercial Services & Supplies																	501,250
				Communications Equipment – 0.2%
	350			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B+					174,563
	150			CommScope Inc.					3.250	%		7/01/15				B					171,000
	550			Lucent Technologies Inc., Series B					2.875	%		6/15/25				B+					392,563
	400			Lucent Technologies Inc.					2.875	%		6/15/23				BB–					381,000
	1,450			Total Communications Equipment																	1,119,126
				Computers & Peripherals – 0.4%
	1,000			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/11				A–					1,040,000
	100			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/11				A–					104,000
	600			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A–					615,000
	300			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A–					307,500
	250			Maxtor Corporation, Convertible Bonds					2.375	%		8/15/12				B					215,313
	650			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				B					411,125
	2,900			Total Computers & Peripherals																	2,692,938
				Construction & Engineering – 0.0%
	50			Fluor Corporation, Convertible Bonds					1.500	%		2/15/24				A3					92,313
				Containers & Packaging – 0.1%
	450			Sealed Air Corporation, 144A					3.000	%		6/30/33				Baa3					452,813
				Diversified Financial Services – 0.1%
	100			Leucadia National Corporation, Convertible Bonds					3.750	%		4/15/14				BB–					110,250
	400			NASDAQ Stock Market Inc., Convertible Bond					2.500	%		8/15/13				BB+					330,000
	500			Total Diversified Financial Services																	440,250
				Diversified Telecommunication Services – 0.1%
	900			Qwest Communications International Inc., Convertible Bond					3.500	%		11/15/25				B+					891,000
				Electrical Equipment – 0.1%
	350			General Cable Corporation, Convertible Bonds					1.000	%		10/15/12				B+					276,500
	237			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				B+					216,263
	350			Roper Industries Inc.					0.000	%		1/15/34				BB+					199,063
	937			Total Electrical Equipment																	691,826

 

Nuveen Investments
30

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Electronic Equipment & Instruments – 0.1%
$	350			Anixter International Inc., Convertible Bond					0.000	%		7/07/33				BB–				$	213,500
	200			Itron Inc.					2.500	%		8/01/26				B–					219,500
	450			Tech Data Corporation, Convertible Bonds					2.750	%		12/15/26				BBB–					420,188
	1,000			Total Electronic Equipment & Instruments																	853,188
				Energy Equipment & Services – 0.8%
	100			Cooper Cameron Corporation					1.500	%		5/15/24				BBB+					163,625
	800			Nabors Industries Inc., Convertible Bond Series 144A					0.940	%		5/15/11				BBB+					748,000
	150			Nabors Industries Inc., Convertible Bond Series 144A					0.940	%		5/15/11				BBB+					140,250
	200			Schlumberger Limited					2.125	%		6/01/23				A+					296,750
	300			SESI LLC, Convertible Bond, 144A					1.500	%		12/15/26				BB+					250,500
	1,150			Transocean Inc., Convertible Bond					1.625	%		12/15/37				BBB+					1,092,500
	1,600			Transocean Inc.					1.500	%		12/15/37				BBB+					1,474,000
	1,150			Transocean Inc.					1.500	%		12/15/37				BBB+					1,019,188
	5,450			Total Energy Equipment & Services																	5,184,813
				Food Products – 0.2%
	250			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					228,750
	350			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					320,250
	200			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B–					141,500
	250			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				B					224,375
	350			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB					354,813
	1,400			Total Food Products																	1,269,688
				Health Care Equipment & Supplies – 0.7%
	200			American Medical Systems Holdings, Convertible Bond					3.250	%		7/01/36				B					193,750
	100			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					99,375
	150			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					149,063
	1,200			Hologic Inc.					2.000	%		12/15/37				B+					858,000
	200			Invacare Corporation, Convertible Bond					4.125	%		2/01/27				B–					168,000
	600			Inverness Medical Innovation Inc., Convertible Bonds					3.000	%		5/15/16				B–					570,000
	400			Kinetic Concepts Inc., Convertible Bond					3.250	%		4/15/15				B+					313,500
	1,300			Medtronic, Inc., Convertible Bond					1.500	%		4/15/11				AA–					1,264,250
	1,200			Medtronic, Inc., Convertible Bond					1.625	%		4/15/13				AA–					1,111,500
	5,350			Total Health Care Equipment & Supplies																	4,727,438
				Health Care Providers & Services – 0.4%
	150			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				B+					134,625
	125			Laboratory Corporation of America Holdings					0.000	%		9/11/21				BBB–					115,156
	300			LifePoint Hospitals, Inc., Convertible Bond					3.250	%		8/15/25				B1					241,500
	650			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					524,875
	2,335			Omnicare, Inc.					3.250	%		12/15/35				B+					1,628,663
	3,560			Total Health Care Providers & Services																	2,644,819
				Hotels, Restaurants & Leisure – 0.9%
	450			Carnival Corporation					2.000	%		4/15/21				A3					433,125
	250			Carnival Corporation					1.132	%		4/29/33				A3					164,375
	350			International Game Technology					3.250	%		5/01/14				BBB					378,438
	500			International Game Technology					2.600	%		12/15/36				BBB					496,250
	2,605			Punch Taverns Corporation, Convertible Bonds					5.000	%		12/14/10				N/R					4,148,961
	250			Scientific Games Corporation					0.750	%		12/01/24				BB–					243,438
	4,405			Total Hotels, Restaurants & Leisure																	5,864,587
				Household Durables – 0.1%
	350			D.R. Horton, Inc.					2.000	%		5/15/14				BB–					336,000
	350			Newell Rubbermaid Inc.					5.500	%		3/15/14				BBB–					495,250
	700			Total Household Durables																	831,250

 

Nuveen Investments
31

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Independent Power Producers & Energy Traders – 0.0%
$	150			Allegheny Technologies Inc., Convetible Bond					4.250	%		6/01/14				BBB–				$	165,750
				Internet & Catalog Retail – 0.1%
	50			Priceline.com, Inc., Convertible Bonds					0.500	%		9/30/11				BB–					138,313
	150			Priceline.com, Inc., Convertible Bonds					0.750	%		9/30/13				BB–					414,938
	200			Total Internet & Catalog Retail																	553,251
				Internet Software & Services – 0.0%
	350			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B–					282,625
				IT Services – 0.0%
	300			Verifone Holdings Inc.					1.375	%		6/15/12				B–					220,125
				Leisure Equipment & Products – 0.0%
	250			Hasbro Inc.					2.750	%		12/01/21				BBB					304,063
				Life Sciences Tools & Services – 0.2%
	250			Apogent Technologies, Inc., Convertible Bonds					0.000	%		12/15/33				A–					348,125
	200			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					182,750
	200			Fisher Scientific International, Inc., Convertible Bonds					2.500	%		10/01/23				A–					347,500
	300			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BB+					298,875
	350			Invitrogen Corporation, Convertible Bond					3.250	%		6/15/25				BB+					366,188
	1,300			Total Life Sciences Tools & Services																	1,543,438
				Machinery – 0.1%
	400			Danaher Corporation, Convertible Bonds					0.000	%		1/22/21				A+					367,000
	250			Ingersoll Rand					4.500	%		4/15/12				BBB+					335,938
	150			Terex Corporation					4.000	%		6/01/15				B					147,563
	800			Total Machinery																	850,501
				Media – 0.1%
	250			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				Ba3					223,125
	750			Liberty Media Corporation					3.125	%		3/30/23				BB+					640,313
	1,000			Total Media																	863,438
				Metals & Mining – 0.8%
	350			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				Baa3					614,688
	2,100			Coeur d'Alene Mines Corporation, Convertible Bond					1.250	%		1/15/24				CCC–					1,842,750
	2,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					1,020,000
	350			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					381,063
	450			Newmont Mining Corporation					1.625	%		7/15/17				BBB+					473,063
	150			Steel Dynamics Inc.					5.125	%		6/15/14				BB+					165,750
	400			United States Steel Corporation					4.000	%		5/15/14				BB					525,500
	5,800			Total Metals & Mining																	5,022,814
				Multiline Retail – 0.0%
	350			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				B					234,938
				Oil, Gas & Consumable Fuels – 0.5%
	200			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				B+					160,500
	350			Chesapeake Energy Corporation, 144A					2.750	%		11/15/35				BB					304,938
	750			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB					534,375
	700			Chesapeake Energy Corporation, Convertible Bonds					2.250	%		12/15/38				BB					433,125
	450			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB–					299,250
	400			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					289,500
	350			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BB+					306,688
	1,075			USEC Inc., Convertible Bond					3.000	%		10/01/14				CCC					698,750
	100			Western Refining Inc., Convertible Bond					5.750	%		6/15/14				B–					89,750
	4,375			Total Oil, Gas & Consumable Fuels																	3,116,876

 

Nuveen Investments
32

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Pharmaceuticals – 0.7%
$	750			Allergan Inc., Convertible Bond					1.500	%		4/01/26				A				$	765,938
	450			King Pharmaceuticals Inc., Convertible Bonds					1.250	%		4/01/26				BB					354,938
	550			Myland Labs, Inc., Convertible Bonds					1.250	%		3/15/12				B+					479,188
	350			Myland Labs, Inc., Convertible Bonds					3.750	%		9/15/15				B+					393,313
	750			Teva Pharmaceutical Finance Company B.V., Series D					1.750	%		2/01/26				BBB+					846,563
	733			Teva Pharmaceutical Finance, Series B					0.250	%		2/01/24				BBB+					1,043,609
	100			Valeant Pharmaceuticals International Convertible Bond					4.000	%		11/15/13				B–					104,375
	1,000			Watson Pharmaceuticals Inc., Convertible Bond					1.750	%		3/15/23				BB+					991,250
	4,683			Total Pharmaceuticals																	4,979,174
				Professional Services – 0.0%
	50			FTI Consulting Inc., Convertible Bond					3.750	%		7/15/12				B+					84,750
				Real Estate – 0.9%
	350			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A–					294,000
	850			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A–					749,063
	250			Brandywine Operating Partnership, Convertible Bonds					3.875	%		10/15/26				BBB–					224,688
	500			Duke Realty Corporation, Series D					3.750	%		12/01/11				BBB					436,875
	450			ERP Operating LP					3.850	%		8/15/26				BBB+					429,435
	200			Health Care REIT, Inc., Convertible Bonds					4.750	%		12/01/26				Baa2					193,000
	200			Health Care REIT, Inc., Convertible Bonds					4.750	%		7/15/27				Baa2					187,750
	500			Hospitality Properties Trust, Convertible Bonds					3.800	%		3/15/27				BBB					419,375
	300			Host Hotels & Resorts Inc, Convertible Bonds, 144A					2.625	%		4/15/27				BB					256,125
	250			Host Marriot LP, Convertible Bonds, 144A					3.250	%		4/15/24				BB+					242,813
	250			Prologis, Convertible Bonds, 144A					2.250	%		4/01/37				BBB–					201,250
	300			Prologis, Convertible Bonds, 144A					2.250	%		4/01/37				BBB–					241,499
	250			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB					239,999
	300			Ventas Inc., Convertible Bond					3.875	%		11/15/11				BBB–					286,124
	700			Vornado Realty Trust, Convertible Bonds					2.850	%		4/01/27				BBB					612,499
	400			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					384,999
	550			Vornado Realty, Convertible Bond					3.625	%		11/15/26				BBB					500,499
	450			Weingarten Realty Investment Trust, Convertible Bonds					3.950	%		8/01/26				BBB					429,749
	7,050			Total Real Estate																	6,329,742
				Semiconductors & Equipment – 0.5%
	2,450			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B					1,518,999
	750			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A–					633,749
	950			Micron Technology, Inc.					1.875	%		6/01/14				B–					565,249
	350			ON Semiconductor Corporation, Convertible Bonds					2.625	%		12/15/26				B+					314,124
	2,500			Qimonda Finance LLC, Convertible Bond, (10)					6.750	%		3/22/13				N/R					74,999
	300			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					221,249
	100			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					73,749
	7,400			Total Semiconductors & Equipment																	3,402,118
				Software – 0.0%
	300			Computer Associates International Inc., Convertible Bond, Series 144A					1.625	%		12/15/09				BBB					307,874
				Specialty Retail – 0.1%
	350			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					336,874
				Textiles, Apparel & Luxury Goods – 0.0%
	200			Iconix Brand Group, Inc., Convertible Notes					1.875	%		6/30/12				B					172,249
				Trading Companies & Distributors – 0.0%
	250			Wesco International, Inc., Convertible Bonds					1.750	%		11/15/26				B					208,437
				Wireless Telecommunication Services – 0.3%
	150			American Tower Corporation					3.000	%		8/15/12				BB+					231,562
	800			Nextel Communications, Inc., Convertible Senior Notes					5.250	%		1/15/10				BB					795,999

 

Nuveen Investments
33

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Wireless Telecommunication Services (continued)
$	911			NII Holdings Inc.					3.125	%		6/15/12				N/R				$	704,885
	1,861			Total Wireless Telecommunication Services																	1,732,446
$	78,521			Total Convertible Bonds (cost $75,681,550)																	70,910,346
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Corporate Bonds – 10.5% (7.9% of Total Investments)
				Aerospace & Defense – 0.1%
$	1,000			Hexcel Corporation, Term Loan					6.750	%		2/01/15				B+				$	932,500
				Chemicals – 0.3%
	500			Hexion US Finance Corporation					9.750	%		11/15/14				Caa1					227,500
	1,000			Momentive Performance Materials					9.750	%		12/01/14				Ca					450,000
	1,400			Rockwood Specialties Group Inc., Series WI					7.500	%		11/15/14				B–					1,323,000
	2,900			Total Chemicals																	2,000,500
				Commercial Services & Supplies – 0.1%
	800			Ticketmaster					10.750	%		8/01/16				BB–					716,000
				Containers & Packaging – 0.1%
	500			Owens-Brockway Glass Containers					7.375	%		5/15/16				BB					487,500
				Diversified Telecommunication Services – 0.2%
	1,500			Intelsat Bermuda Limited, Series 144A					9.250	%		8/15/14				BB–					1,458,750
				Electric Utilities – 0.3%
	1,000			Sierra Pacific Resources, Series 2006					6.750	%		8/15/17				BB					910,831
	2,000			Texas Competitive Electric Holdings, Series A					10.250	%		11/01/15				Caa1					1,255,000
	3,000			Total Electric Utilities																	2,165,831
				Electronic Equipment & Instruments – 0.1%
	1,000			Sanmina-SCI Corporation					8.125	%		3/01/16				B3					733,750
				Energy Equipment & Services – 0.2%
	1,000			Pride International Inc.					7.375	%		7/15/14				BBB–					997,500
				Food & Staples Retailing – 0.4%
	1,000			Duane Reade Inc.					5.129	%		12/15/10				CCC+					932,500
	2,000			Stater Brothers Holdings Inc.					8.125	%		6/15/12				B+					1,980,000
	3,000			Total Food & Staples Retailing																	2,912,500
				Food Products – 0.3%
	2,243			Dole Foods Company					8.750	%		7/15/13				B–					2,074,775
				Health Care Equipment & Supplies – 0.6%
	1,000			Biomet Inc.					11.625	%		10/15/17				B–					985,000
	500			Biomet Inc.					10.000	%		10/15/17				B–					511,250
	2,750			Select Medical Corporation					7.625	%		2/01/15				B3					2,248,125
	4,250			Total Health Care Equipment & Supplies																	3,744,375
				Health Care Providers & Services – 0.9%
	2,000			Community Health Systems, Inc.					8.875	%		7/15/15				B					1,970,000
	1,000			HCA Inc.					9.250	%		11/15/16				BB–					987,500
	2,000			HCA Inc.					8.500	%		4/15/19				BB					1,970,000
	1,200			Select Medical Corporation					8.834	%		9/15/15				CCC+					858,000
	6,200			Total Health Care Providers & Services																	5,785,500

 

Nuveen Investments
34

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Hotels, Restaurants & Leisure – 1.0%
$	900			Boyd Gaming Corporation					7.750	%		12/15/12				BB–				$	841,500
	500			Harrahs Operating Company Escrow					11.250	%		6/01/17				B					475,000
	1,000			MGM Grand Inc.					8.375	%		2/01/11				CCC–					805,000
	2,000			Pinnacle Entertainment Inc.					8.250	%		3/15/12				B+					2,000,000
	750			Pinnacle Entertainment Inc.					8.750	%		10/01/13				B+					757,500
	1,750			Seminole Hard Rock Entertainment, Inc.					3.133	%		3/15/14				BB					1,216,250
	1,000			Universal City Development Partners					11.750	%		4/01/10				B+					955,000
	7,900			Total Hotels, Restaurants & Leisure																	7,050,250
				Household Durables – 0.1%
	500			Jarden Corporation					8.000	%		5/01/16				B2					478,750
				Household Products – 0.2%
	1,650			Central Garden & Pet Company, Senior Subordinate Notes					9.125	%		2/01/13				CCC+					1,586,063
				Independent Power Producers & Energy Traders – 0.2%
	100			Dynegy Holdings, Inc., Term Loan					8.375	%		5/01/16				B					85,250
	1,000			NRG Energy Inc.					7.375	%		1/15/17				B1					945,000
	1,100			Total Independent Power Producers & Energy Traders																	1,030,250
				Internet Software & Services – 0.1%
	2,000			Open Solutions Inc., 144A					9.750	%		2/01/15				CCC+					830,000
				IT Services – 0.7%
	1,500			First Data Corporation					9.875	%		9/24/15				B–					1,072,500
	1,625			Global Cash Access LLC					8.750	%		3/15/12				B					1,511,250
	2,250			Sungard Data Systems Inc.					9.125	%		8/15/13				B					2,137,500
	5,375			Total IT Services																	4,721,250
				Machinery – 0.2%
	2,000			Greenbrier Companies, Inc.					8.375	%		5/15/15				Caa1					1,130,000
				Media – 0.4%
	3,175			Allbritton Communications Company, Series B					7.750	%		12/15/12				B–					2,468,563
	1,975			Medianews Group Inc., (7)					6.375	%		4/01/14				CC					10,073
	2,000			Young Broadcasting Inc., (11)					10.000	%		3/01/11				D					5,000
	7,150			Total Media																	2,483,636
				Metals & Mining – 0.4%
	3,700			MagIndustries Corporation, (12)					11.000	%		12/14/12				N/R					2,469,750
	500			Teck Resources Limited					9.750	%		5/15/14				BB+					517,998
	4,200			Total Metals & Mining																	2,987,748
				Oil, Gas & Consumable Fuels – 0.3%
	400			Chaparral Energy Inc.					8.500	%		12/01/15				CCC					250,000
	2,000			SemGroup LP, 144A, (11)					8.750	%		11/15/15				N/R					90,000
	1,200			Western Refining Inc.					11.250	%		6/15/17				BB–					1,071,000
	1,000			Whiting Petroleum Corporation					7.000	%		2/01/14				BB–					932,500
	4,600			Total Oil, Gas & Consumable Fuels																	2,343,500
				Paper & Forest Products – 0.5%
	2,000			Georgia-Pacific Corporation					8.125	%		5/15/11				B+					2,010,000
	1,000			Georgia-Pacific Corporation					7.700	%		6/15/15				B+					940,000
	500			Georgia-Pacific Corporation					8.250	%		5/01/16				BB–					487,500
	400			Norske Skog Canada Limited					8.625	%		6/15/11				B2					242,000
	3,900			Total Paper & Forest Products																	3,679,500

 

Nuveen Investments
35

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Personal Products – 0.2%
$	1,500			Prestige Brands Inc.					9.250	%		4/15/12				B–				$	1,492,500
				Pharmaceuticals – 0.1%
	1,000			Elan Financing Corporation PLC					4.883	%		11/15/11				B					880,000
				Real Estate – 0.5%
	3,000			Felcor Lodging Trust Inc., 144A					3.115	%		12/01/11				B					2,430,000
	1,000			Trustreet Properties, Inc.					7.500	%		4/01/15				AA+					1,028,062
	4,000			Total Real Estate																	3,458,062
				Semiconductors & Equipment – 0.4%
	1,600			Avago Technologies Finance Pte Limited					10.125	%		12/01/13				BB–					1,640,000
	700			Avago Technologies Finance Pte Limited					11.875	%		12/01/15				B					701,750
	337			NXP BV					10.000	%		7/15/13				NA					246,853
	2,637			Total Semiconductors & Equipment																	2,588,603
				Software – 0.4%
	3,250			Telcorida Technologies, Inc.					4.364	%		7/15/12				B					2,535,000
				Specialty Retail – 0.5%
	3,000			Warnaco Inc., Senior Notes					8.875	%		6/15/13				BB+					3,037,500
				Textiles, Apparel & Luxury Goods – 0.4%
	3,000			Jostens IH Corporation					7.625	%		10/01/12				BB–					3,007,500
				Wireless Telecommunication Services – 0.3%
	1,000			Crown Castle-CC Holdings GS V LLC, 144A					7.750	%		5/01/17				Ba1					979,999
	1,500			IPCS, Inc.					3.153	%		5/01/13				B1					1,192,499
	2,500			Total Wireless Telecommunication Services																	2,172,498
$	88,655			Total Corporate Bonds (cost $82,700,300)																	71,502,091
Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Capital Preferred Securities – 21.5% (16.2% of Total Investments)
				Capital Markets – 0.3%
	1,600			Kleinwort Benson Group PLC, (12)					1.704	%		12/31/99				N/R				$	464,000
	1,600			MUFG Capital Finance					4.850	%		7/25/56				A2					1,591,325
				Total Capital Markets																	2,055,325
				Chemicals – 0.3%
	3,200			UBS Perferred Funding Trust I					8.622	%		10/01/51				A1					2,279,302
				Commercial Banks – 12.7%
	4,230			Abbey National Capital Trust I					8.963	%		6/30/50				A2					3,327,263
	2,155			AgFirst Farm Credit Bank					8.393	%		12/15/16				A					1,569,958
	6,500			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					3,160,853
	2,000			BanPonce Trust I, Series A					8.327	%		2/01/27				Baa2					1,177,916
	12,628			Barclays Bank PLC, 144A					8.550	%		6/15/15				A2					8,587,040
	1,500			Barclays Bank PLC					7.434	%		12/15/57				A2					1,006,385
	1,500			BBVA International Preferred S.A., Unipersonal					5.919	%		4/18/58				Aa3					886,200
	1,220			C.A. Preferred Funding Trust					7.000	%		1/30/49				Aa3					927,200
	3,500			Credit Agricole, S.A					6.637	%		5/30/49				Aa3					2,058,959
	6,200			First Empire Capital Trust I					8.234	%		2/01/27				A3					4,095,875
	2,000			First Midwest Bancorp Inc.					6.950	%		12/01/33				Baa1					1,112,046
	3,100			Fulton Capital Trust I					6.290	%		2/01/36				A3					1,611,857
	550			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A1					578,782

 

Nuveen Investments
36

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Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Commercial Banks (continued)
	11,000			KBC Bank Fund Trust III, 144A					9.860	%		5/02/50				A2				$	4,840,176
	6,800			Lloyd's Banking Group PLC					6.413	%		10/01/49				B3					2,451,441
	8,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa1					5,819,128
	4,500			Northgroup Preferred Capital Corporation, 144A					6.378	%		10/15/57				A1					3,385,499
	700			Rabobank Nederland					11.000	%		12/31/49				AA–					780,723
	600			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R					361,259
	2,000			Shinsei Finance II Cayman Limited, Perpetual Maturity, 144A					7.160	%		7/25/49				BBB–					819,376
	8,000			Sparebanken Rogaland, Notes, 144A					6.443	%		5/01/49				A3					6,846,448
	3,300			Standard Chartered PLC					7.014	%		7/30/37				BBB					2,348,699
	5,950			Swedbank ForeningsSparbanken AB, 144A					9.000	%		9/17/50				A3					3,057,146
	4,000			Unicredito Italiano Capital Trust, 144A					9.200	%		4/05/51				A2					2,576,592
	800			Union Bank of Norway					7.068	%		11/19/49				A2					920,269
	-	(13)		Union Planters Preferred Fund, 144A					7.750	%		7/15/53				Baa1					22,181,250
				Total Commercial Banks																	86,488,340
				Diversified Financial Services – 0.9%
	1			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB					20,347
	1,800			Bank One Capital III					8.750	%		9/01/30				A1					1,694,857
	3,000			JPM Chase Capital XX					6.550	%		9/29/36				A1					2,391,054
	2,450			JPM Chase Capital XXV					6.800	%		10/01/37				A1					2,113,017
				Total Diversified Financial Services																	6,219,275
				Diversified Telecommunication Services – 1.2%
	10			Centaur Funding Corporation, Series B, 144A					9.080	%		4/21/20				BBB					8,040,278
				Insurance – 4.8%
	2,600			AXA S.A., 144A					6.463	%		12/14/49				BBB+					1,640,506
	8,000			Great West Life & Annuity Capital I					6.625	%		11/15/34				A–					6,014,528
	2,000			Hartford Financial Services Group Inc.					8.125	%		6/15/18				Baa2					1,401,960
	2,000			Liberty Mutual Group					7.800	%		3/15/37				Baa3					1,122,032
	1,150			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					626,908
	6,500			Nationwide Financial Services Inc.					6.750	%		5/15/67				Baa2					3,848,377
	5,500			Oil Insurance Limited, 144A					7.558	%		12/30/49				Baa1					2,703,162
	2,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					1,550,000
	5,600			Progressive Corporation					6.700	%		6/15/67				A2					3,954,087
	2,700			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					2,244,216
	1,100			Prudential PLC					6.500	%		6/29/49				A–					706,750
	14,600			XL Capital, Limited					6.500	%		10/15/57				BBB–					7,162,833
				Total Insurance																	32,975,359
				Real Estate – 0.5%
	6,670			CBG Florida REIT Corporation					7.114	%		11/15/49				CC					1,048,424
	3			Sovereign Real Estate Investment Trust					12.000	%		10/31/50				BBB+					2,065,000
				Total Real Estate																	3,113,424
				Road & Rail – 0.8%
	6,400			Burlington Northern Santa Fe Funding Trust I					6.613	%		12/15/55				BBB–					5,075,788
				Total Capital Preferred Securities (cost $231,635,544)																	146,247,091

 

Shares				Description (1)				Value
				Investment Companies – 1.3% (1.0% of Total Investments)
	354,750			Blackrock Preferred Income Strategies Fund				$	2,774,145
	298,160			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					3,127,698
	259,567			John Hancock Preferred Income Fund III					3,236,801
				Total Investment Companies (cost $17,755,185)					9,138,644

 

Nuveen Investments
37

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)																Value
				Warrants – 0.3% (0.2% of Total Investments)
	262,605			Endeavor Financil Corporation																$	117,401
	489,329			NovaGold Resources Inc																	1,726,793
				Total Warrants (cost $132,210)																	1,844,194
Principal Amount (000)				Description (1)								Coupon				Maturity				Value
				Short-Term Investments – 2.7% (2.0% of Total Investments)
	$16,684			Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $16,683,790, collateralized by $16,175,000 U.S. Treasury Notes, 3.875%, due 7/15/10, value $17,017,718								0.000%					7/01/09				$16,683,790
	1,350			Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $1,349,955, collateralized by $1,310,000 U.S. Treasury Notes, 3.875%, due 7/15/10, value $1,378,251								0.000%					7/01/09				1,349,955
$	18,034			Total Short-Term Investments (cost $18,033,745)																	18,033,745
				Total Investments (cost $1,171,525,714) – 132.8%																	902,854,415
Shares				Description (1)																Value
				Common Stocks Sold Short – (0.7)%
				Chemicals – (0.1)%
	(10,500	)		Sigma-Aldrich Corporation																$	(520,380	)
				Diversified Consumer Services – (0.1)%
	(3,750	)		Strayer Education Inc.																	(817,913	)
				Health Care Equipment & Supplies – (0.2)%
	(14,300	)		C. R. Bard, Inc.																	(1,064,635	)
				Hotels, Restaurants & Leisure – (0.0)%
	(7,100	)		P.F. Changs China Bistro, Inc., (2)																	(227,626	)
				Internet & Catalog Retail – (0.0)%
	(2,800	)		Amazon.com, Inc., (2)																	(234,248	)
				Personal Products – (0.1)%
	(6,000	)		Chattem Inc., (2)																	(408,600	)
				Specialty Retail – (0.2)%
	(10,100	)		AutoZone, Inc., (2)																	(1,526,211	)
				Total Common Stocks Sold Short (proceeds $4,980,887)																	(4,799,613	)
Number of Contracts				Type				Notional Amount (14)				Expiration Date				Strike Price				Value
				Call Options Written – (0.4)%
	(318	)		Ameren Corporation				$	(954,000	)		9/19/09				$	30.0			$	(4,770	)
	(604	)		AngloGold Ashanti Limited					(2,114,000	)		1/16/10					35.0				(392,600	)
	(444	)		Barrick Gold Corporation					(2,220,000	)		1/16/10					50.0				(31,080	)
	(1,157	)		BJ Services Company					(1,735,500	)		1/16/10					15.0				(185,120	)
	(285	)		BP PLC					(1,425,000	)		1/16/10					50.0				(75,525	)
	(285	)		BP PLC					(1,710,000	)		1/16/10					60.0				(14,250	)
	(578	)		Cameco Corporation					(1,300,500	)		1/16/10					22.5				(312,120	)
	(77	)		Chevron Corporation					(654,500	)		1/16/10					85.0				(5,005	)
	(78	)		Chevron Corporation					(780,000	)		1/16/10					100.0				(780	)
	(930	)		Deutsche Telekom AG					(1,162,500	)		1/16/10					12.5				(76,725	)
	(450	)		eBay Inc.					(900,000	)		1/16/10					20.0				(41,400	)
	(605	)		Gold Fields Limited					(756,250	)		7/18/09					12.5				(22,688	)
	(300	)		Health Net Inc.					(600,000	)		1/16/10					20.0				(27,750	)

 

Nuveen Investments
38

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Number of Contracts				Type				Notional Amount (14)				Expiration Date				Strike Price				Value
				Call Options Written (continued)
	(630	)		Ivanhoe Mines Ltd.				$	(472,500	)		1/16/10				$	7.5			$	(48,825	)
	(268	)		Loews Corporation					(804,000	)		1/16/10					30.0				(43,550	)
	(543	)		Newmont Mining Corporation					(2,986,500	)		1/16/10					55.0				(63,531	)
	(745	)		Nippon Telegraph & Telephone Corporation					(1,676,250	)		9/19/09					22.5				(35,387	)
	(745	)		Nippon Telegraph & Telephone Corporation					(1,862,500	)		9/19/09					25.0				(14,900	)
	(1,385	)		Pfizer Inc.					(2,077,500	)		1/16/10					15.0				(182,820	)
	(308	)		Royal Dutch Shell PLC					(1,540,000	)		7/18/09					50.0				(43,120	)
	(113	)		Scholastic Corporation					(254,250	)		12/19/09					22.5				(18,928	)
	(1,164	)		Smithfield Foods Inc.					(2,037,000	)		1/16/10					17.5				(142,590	)
	(357	)		Tech Data Corporation					(1,071,000	)		1/16/10					30.0				(169,575	)
	(1,755	)		Tyson Foods, Inc.					(1,755,000	)		1/16/10					10.0				(579,150	)
	(1,112	)		UBS AG					(1,946,000	)		1/16/10					17.5				(61,160	)
	(15,236	)		Total Call Options Written (premiums received $3,003,785)					(34,794,750	)											(2,593,349	)
				Borrowings – (14.7)% (15), (16)																	(100,245,000	)
				Other Assets Less Liabilities – 0.4%																	3,538,195
				FundPreferred Shares, at Liquidation Value – (17.4)% (15)																	(118,650,000	)
				Net Assets Applicable to Common Shares – 100%																$	680,104,648

 

Nuveen Investments
39

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  (1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.

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

  (3)  Investment, or portion of investment, has been pledged to collateralize the net payment obligations under call options written.

  (4)  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.

  (5)  Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans may occur. As a result, the actual remaining maturity of Senior Loans held may be substantially less than the stated maturities shown.

  (6)  Senior Loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

    Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan.

  (7)  Non-income producing; denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

  (8)  Position, or portion of position, represents an unfunded Senior Loan Commitment outstanding at June 30, 2009.

  (9)  This issue is under the protection of the Federal Bankruptcy Court.

  (10)  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. Subsequent to the reporting period, the Fund's Adviser directed the Fund's custodian to "write-off" any remaining recorded balances on the Fund's records.

  (11)  This issue is under protection of the Federal Bankruptcy Court. As a result, the Adviser has concluded this issue is not likely to meet its interest payment obligations and has directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records.

  (12)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.

  (13)  Principal Amount (000) rounds to less than $1,000.

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

  (15)  Borrowings and FundPreferred Shares, at Liquidation Value as a percentage of Total Investments are 11.1% and 13.1%, respectively.

  (16)  The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of June 30, 2009, investments with a value of $392,868,173 have been pledged as collateral for Borrowings.

  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.

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  PPLUS  PreferredPlus Trust.

  TBD  Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the Borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

See accompanying notes to financial statements.

Nuveen Investments
40

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2

Portfolio of INVESTMENTS

  June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Common Stocks – 32.0% (24.0% of Total Investments)
				Aerospace & Defense – 0.5%
	4,300			Alliant Techsystems Inc., (2)				$	354,148
	85,520			BAE Systems PLC, (2)					477,888
	133,460			Bombardier Inc., Class B Shares					395,854
	1,960			Esterline Technologies Corporation, (2)					53,057
	10,682			Lockheed Martin Corporation					861,503
	14,250			Orbital Sciences Corporation, (2)					216,173
	24,580			Raytheon Company					1,092,089
	33,800			Thales S.A., (2)					1,517,413
				Total Aerospace & Defense					4,968,125
				Air Freight & Logistics – 0.1%
	18,050			United Parcel Service, Inc., Class B					902,320
				Auto Components – 0.2%
	44,130			Aisin Seiki Company Limited					953,357
	27,660			Autoliv Inc., (2)					795,778
	3,691			Magna International Inc., Class A					155,908
				Total Auto Components					1,905,043
				Automobiles – 0.3%
	18,090			Daimler-Chrysler AG					656,124
	43,058			Honda Motor Company Limited, (2)					1,184,562
	9,200			Thor Industries, Inc.					169,004
	9,670			Toyota Motor Corporation					730,375
				Total Automobiles					2,740,065
				Beverages – 0.8%
	1,710			Boston Beer Company, (2)					50,599
	107,935			Coca Cola Amatil Limited					748,028
	7,530			Coca-Cola Company					361,365
	18,580			Diageo PLC, Sponsored ADR					1,063,705
	43,670			Dr. Pepper Snapple Group, (2)					925,367
	29,390			Fomento Economico Mexicano S.A.					947,534
	231,690			Foster's Group Limited					959,985
	33,410			Heineken N.V.					1,245,134
	20,030			Molson Coors Brewing Company, Class B					847,870
	5,792			Pepsi Bottling Group, Inc.					196,001
				Total Beverages					7,345,588
				Biotechnology – 0.3%
	13,950			Alnylam Pharmaceuticals, Inc., (2)					310,667
	13,957			Amgen Inc., (2)					738,884
	5,110			Cephalon, Inc., (2)					289,482
	17,530			CSL Limited					453,258
	15,520			Genzyme Corporation, (2)					863,998
	8,070			ISIS Pharmaceuticals, Inc., (2)					133,155
				Total Biotechnology					2,789,444

 

Nuveen Investments
41

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Building Products – 0.1%
	8,906			Apogee Enterprises, Inc.				$	109,544
	36,123			Masonite Worldwide Holdings, (2)					1,029,506
				Total Building Products					1,139,050
				Capital Markets – 1.1%
	11,130			Ameriprise Financial, Inc.					270,125
	22,053			Bank of New York Company, Inc.					646,373
	12,394			Calamos Asset Management, Inc. Class A					174,879
	21,160			Credit Suisse Group					969,466
	211,920			Daiwa Securities Group Inc.					1,259,270
	10,630			Eaton Vance Corporation					284,353
	766,590			Endeavor Financial Corporation, Corporate Shares S, (2)					922,689
	2,450			Goldman Sachs Group, Inc.					361,228
	27,730			Invesco LTD					494,149
	38,670			Legg Mason, Inc.					942,775
	35,380			Morgan Stanley					1,008,684
	4,910			Stifel Financial Corporation, (2)					236,122
	14,540			T. Rowe Price Group Inc.					605,882
	19,000			TD Ameritrade Holding Corporation, (2)					333,260
	164,761			UBS AG, (2), (3)					2,011,732
				Total Capital Markets					10,520,987
				Chemicals – 0.7%
	7,270			Ashland Inc.					203,924
	24,260			Celanese Corporation, Series A					576,175
	7,580			Lubrizol Corporation					358,610
	807			Mosaic Company					35,750
	89,981			Nissan Chemical Industries Limited					1,011,491
	18,100			Potash Corporation of Saskatchewan					1,688,234
	15,230			Scotts Miracle Gro Company					533,812
	2,510			Syngenta AG					583,991
	16,560			Wacker Chemie AG, (2)					1,912,345
	5,080			Westlake Chemical Corporation					103,581
				Total Chemicals					7,007,913
				Commercial Banks – 1.6%
	31,960			Banco Bradesco S.A., ADR					472,049
	28,760			Banco Itau Holdings Financeira, S.A.					455,271
	41,020			Banco Santander Central Hispano S.A.					495,854
	13,620			Bank of Nova Scotia					508,430
	26,710			BB&T Corporation					587,086
	6,850			Commerce Bancshares Inc.					218,036
	11,180			Community Bank System Inc.					162,781
	34,440			Credit Agricole S.A., (2)					431,815
	216,240			DnB NOR ASA, (2)					1,652,284
	4,330			Hancock Holding Company					140,682
	90,149			Hang Seng Bank, (2)					1,255,952
	5,360			HDFC Bank Ltd					552,777
	21,246			ICICI Bank Limited, ADR					626,757
	7,000,000			Krung Thai Bank Public Company Limited					1,838,861
	287,322			Mitsubishi UFJ Financial Group, Inc.					1,774,153
	380,433			Nishi-Nippon City Bank Limited					961,103
	116,300			Nordic Baltic Holdings FDR					924,279
	11,250			Royal Bank of Canada					460,098
	91,850			Standard Chartered PLC, (2)					1,727,058
	13,521			Sumitomo Trust & Banking Company					71,932
	6,190			UMB Financial Corporation					235,282
	23,160			Wells Fargo & Company					561,862
				Total Commercial Banks					16,114,402

 

Nuveen Investments
42

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Shares				Description (1)				Value
				Commercial Services & Supplies – 0.4%
	27,450			Corrections Corporation of America, (2)				$	466,376
	15,480			EnergySolutions Inc.					142,416
	7,560			GeoEye, Inc., (2)					178,114
	14,464			Republic Services, Inc.					353,066
	8,583			Stericycle Inc., (2)					442,282
	203,000			Toppan Printing Company Limited					2,045,232
				Total Commercial Services & Supplies					3,627,486
				Communications Equipment – 0.3%
	14,220			ADC Telecommunications Inc., (2)					113,191
	17,840			CommScope Inc., (2)					468,478
	5,160			Comtech Telecom Corporation, (2)					164,501
	8,060			Interdigital Inc., (2)					196,986
	40,150			QUALCOMM, Inc.					1,814,780
	11,095			Starent Networks Corporation, (2)					270,829
				Total Communications Equipment					3,028,765
				Computers & Peripherals – 0.6%
	17,690			Apple, Inc., (2)					2,519,587
	15,800			Hewlett-Packard Company					610,670
	13,570			International Business Machines Corporation (IBM)					1,416,979
	13,800			Network Appliance Inc., (2)					272,136
	6,280			Synaptics, Inc., (2)					242,722
	15,878			Teradata Corporation, (2)					372,022
	18,140			Western Digital Corporation, (2)					480,710
				Total Computers & Peripherals					5,914,826
				Construction & Engineering – 0.3%
	10,870			Dycom Industries Inc., (2)					120,331
	21,610			Fluor Corporation					1,108,377
	8,760			Hochteif AG					442,360
	55,490			JGC Corporation					893,161
	12,810			Quanta Services Incorporated, (2)					296,295
	15,089			Shaw Group Inc., (2)					413,589
				Total Construction & Engineering					3,274,113
				Containers & Packaging – 0.1%
	17,270			Packaging Corp. of America					279,774
	28,160			Pactiv Corporation, (2)					611,072
	2,920			Rock-Tenn Company					111,427
				Total Containers & Packaging					1,002,273
				Distributors – 0.0%
	217			Jardine Cycle & Carriage Limited					2,864
				Diversified Consumer Services – 0.1%
	3,520			American Public Education Inc., (2)					139,427
	14,030			Apollo Group, Inc., (2)					997,814
	2,460			ITT Educational Services, Inc., (2)					247,624
				Total Diversified Consumer Services					1,384,865
				Diversified Financial Services – 0.5%
	16,000			Deutsche Boerse AG					1,245,191
	2,105			Guoco Group Ltd					36,627
	92,420			ING Groep N.V., Ordinary Shares					936,307
	21,130			ING Groep N.V.					214,258
	51,850			JPMorgan Chase & Co.					1,768,604

 

Nuveen Investments
43

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Diversified Financial Services (continued)
	21,200			New York Stock Exchange Euronext				$	577,700
	6,222			PHH Corporation, (2)					113,116
				Total Diversified Financial Services					4,891,803
				Diversified Telecommunication Services – 1.5%
	8,440			Cbeyond Inc., (2)					121,114
	138,000			Deutsche Telekom AG					1,628,400
	22,150			Embarq Corporation					931,629
	21,130			France Telecom S.A.					481,975
	43,300			KT Corporation, Sponsored ADR					621,788
	225,089			Nippon Telegraph and Telephone Corporation, ADR, (3)					4,580,561
	49,459			Nippon Telegraph and Telephone Corporation, ADR					2,014,237
	3,270,000			Telecom Italia S.p.A.					3,221,296
	15,190			Telefonica SA					1,031,249
	7,110			Telus Corporation					183,438
				Total Diversified Telecommunication Services					14,815,687
				Electric Utilities – 1.5%
	278,507			Centrais Electricas Brasileiras S.A., ADR, (2)					3,560,211
	15,480			E ON A.G., (2)					549,504
	41,800			E.ON A.G.					1,480,594
	20,680			Edison International					650,593
	22,000			Electricite de France S.A					1,074,213
	32,600			Exelon Corporation					1,669,446
	13,640			FPL Group, Inc.					775,570
	15,730			Great Plains Energy Incorporated					244,602
	391,725			Korea Electric Power Corporation, Sponsored ADR, (2)					4,504,838
	13,020			Progress Energy, Inc.					492,547
	4,150			Southern Company					129,314
				Total Electric Utilities					15,131,432
				Electrical Equipment – 0.2%
	56,100			ABB Limited					885,258
	73,960			ABB Limited					1,167,878
	19,480			GrafTech International Ltd., (2)					220,319
				Total Electrical Equipment					2,273,455
				Electronic Equipment & Instruments – 0.3%
	8,444			Ingram Micro, Inc., (2)					147,770
	6,228			Multi Fineline Electronix, Inc., (2)					133,279
	88,777			Nippon Electric Glass Company Limited					992,480
	55,862			Tech Data Corporation, (2), (3)					1,827,246
				Total Electronic Equipment & Instruments					3,100,775
				Energy Equipment & Services – 1.0%
	149,490			AMEC PLC, (2)					1,610,855
	336,133			BJ Services Company, (3)					4,581,493
	23,950			Cooper Cameron Corporation, (2)					677,785
	20,700			FMC Technologies Inc., (2)					777,906
	18,440			Halliburton Company					381,708
	12,990			Matrix Service Company, (2)					149,125
	23,460			Pride International Inc., (2)					587,908
	999			Superior Well Services, Inc., (2)					5,944
	14,300			Technip S.A., (2)					705,132
				Total Energy Equipment & Services					9,477,856

 

Nuveen Investments
44

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Shares				Description (1)				Value
				Food & Staples Retailing – 0.6%
	19,250			Casino Guichard-Perrachon S.A, (2)				$	1,303,711
	1,606			Costco Wholesale Corporation					73,394
	211,720			Jeronimo Martins SGPS					1,444,126
	91,310			Koninklijke Ahold N.V.					1,052,661
	5,005			Kroger Co.					110,360
	41,190			Wal-Mart Stores, Inc.					1,995,244
	7,895			Whole Foods Market, Inc.					149,847
				Total Food & Staples Retailing					6,129,343
				Food Products – 1.8%
	12,810			Campbell Soup Company					376,870
	12,370			ConAgra Foods, Inc.					235,772
	7,790			Dean Foods Company, (2)					149,490
	3,640			General Mills, Inc.					203,913
	15,620			Hershey Foods Corporation					562,320
	13,680			Nestle S.A.					516,535
	356,000			Smithfield Foods, Inc., (2), (3)					4,973,320
	533,412			Tyson Foods, Inc., Class A, (3)					6,726,325
	75,860			Unilever PLC					1,782,710
	23,740			Unilever PLC					557,940
	350,244			Wilmar International Limited					1,208,044
				Total Food Products					17,293,239
				Health Care Equipment & Supplies – 0.4%
	22,360			Baxter International, Inc.					1,184,186
	11,430			Becton, Dickinson and Company					815,073
	10,650			Covidien PLC					398,736
	5,300			Gen-Probe, Inc., (2)					227,794
	7,440			Masimo Corporation, (2)					179,378
	45,100			Paramount Bed Company Limited					657,213
	8,530			Volcano Corporation, (2)					119,249
	1,725			Zimmer Holdings, Inc., (2)					73,485
				Total Health Care Equipment & Supplies					3,655,114
				Health Care Providers & Services – 0.5%
	3,940			Emergency Medical Services Corporation, (2)					145,071
	28,688			Express Scripts, Inc., (2)					1,972,300
	24,130			Fresenius Medical Care, ADR					1,084,309
	52,534			Health Net Inc., (2), (3)					816,904
	2,363			Humana Inc., (2)					76,230
	4,066			Laboratory Corporation of America Holdings, (2)					275,634
	9,820			Pharmerica Corporation, (2)					192,767
	10,720			Quest Diagnostics Incorporated					604,930
	3,760			RehabCare Group Inc., (2)					89,977
				Total Health Care Providers & Services					5,258,122
				Hotels, Restaurants & Leisure – 0.2%
	37,400			Boyd Gaming Corporation, (2)					317,900
	23,040			McDonald's Corporation					1,324,570
	5,980			Penn National Gaming, Inc., (2)					174,078
	21,330			Royal Caribbean Cruises Limited					288,808
	6,240			Starwood Hotels & Resorts Worldwide, Inc.					138,528
				Total Hotels, Restaurants & Leisure					2,243,884
				Household Durables – 0.0%
	5,330			MDC Holdings Inc.					160,486
	4,370			Meritage Corporation, (2)					82,418
	14,490			Tempur Pedic International Inc.					189,384
				Total Household Durables					432,288

 

Nuveen Investments
45

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Household Products – 0.1%
	4,190			Church & Dwight Company Inc.				$	227,559
	9,960			Colgate-Palmolive Company					704,570
	343			KAO Corporation, Sponsored ADR					74,832
	11,980			Reckitt and Benckiser					547,102
				Total Household Products					1,554,063
				Insurance – 0.8%
	8,160			Ace Limited					360,917
	11,950			Amtrust Financial Services, Inc.					136,230
	7,720			Arch Capital Group Limited, (2)					452,238
	6,380			Aspen Insurance Holdings Limited					142,529
	16,875			Assurant Inc.					406,519
	3,568			CNA Financial Corporation					55,197
	8,090			Delphi Financial Group, Inc.					157,189
	1,220			Fairfax Financial Holdings Limited					304,378
	3,030			Fairfax Financial Holdings Limited					760,659
	10,626			First American Corporation					275,320
	40,000			Loews Corporation					1,096,000
	326,590			Mapfre S.A.					1,067,012
	1,840			Navigators Group, Inc., (2)					81,751
	27,030			Principal Financial Group, Inc.					509,245
	34,120			Progressive Corporation, (2)					515,553
	21,650			SCOR SE					444,828
	1,760			Stewart Information Services Corporation					25,080
	13,670			Travelers Companies, Inc.					561,017
	19,480			WR Berkley Corporation					418,236
				Total Insurance					7,769,898
				Internet & Catalog Retail – 0.1%
	10,050			Amazon.com, Inc., (2)					840,783
	4,660			NetFlix.com Inc., (2)					192,644
				Total Internet & Catalog Retail					1,033,427
				Internet Software & Services – 0.6%
	215,546			eBay Inc., (2), (3)					3,692,303
	17,830			Equinix Inc., (2)					1,296,954
	1,080			Google Inc., Class A, (2)					455,317
	12,290			Rackspace Hosting Inc., (2)					170,339
	15,920			Switch & Data Facilities Company, Inc., (2)					186,742
	5,100			Vocus, Inc., (2)					100,776
				Total Internet Software & Services					5,902,431
				IT Services – 0.4%
	6,520			Affiliated Computer Services, Inc., (2)					289,618
	40,640			CGI Group Inc., (2)					360,477
	7,620			MasterCard, Inc.					1,274,902
	29,080			Visa Inc.					1,810,521
	6,940			Wright Express Corporation, (2)					176,762
				Total IT Services					3,912,280
				Leisure Equipment & Products – 0.1%
	26,560			Hasbro, Inc.					643,814
				Life Sciences Tools & Services – 0.1%
	1,440			Bio-Rad Laboratories Inc., (2)					108,691
	15,250			Illumina Inc., (2)					593,835

 

Nuveen Investments
46

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Shares				Description (1)				Value
				Life Sciences Tools & Services (continued)
	5,700			Millipore Corporation, (2)				$	400,197
	3,470			Thermo Fisher Scientific, Inc., (2)					141,472
				Total Life Sciences Tools & Services					1,244,195
				Machinery – 0.4%
	17,603			AGCO Corporation, (2)					511,719
	4,550			Badger Meter Inc.					186,550
	4,930			Chart Industries, Inc., (2)					89,627
	10,500			Cummins Inc.					369,705
	16,320			Flowserve Corporation					1,139,299
	6,712			Harsco Corporation					189,950
	29,980			Kone OYJ					920,608
	5,050			Robbins & Myers, Inc.					97,213
	11,837			Tata Motors Limited, ADR					100,851
				Total Machinery					3,605,522
				Marine – 0.1%
	8,840			Genco Shipping and Trading Limited					192,005
	106,884			Kawasaki Kisen Kaisha Limited					438,444
	56,500			Stolt-Nielsen S.A.					613,517
				Total Marine					1,243,966
				Media – 0.3%
	20,000			Cablevision Systems Corporation					388,200
	21,790			Comcast Corporation, Class A					315,737
	33,980			DIRECTV Group, Inc., (2)					839,646
	14,776			Interpublic Group Companies, Inc., (2)					74,619
	10,230			Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2)					273,653
	12,780			Marvel Entertainment Inc., (2)					454,840
	27,890			Regal Entertainment Group, Class A					370,658
	32,400			Scholastic Corporation, (3)					641,196
	1,568			Walt Disney Company					36,581
				Total Media					3,395,130
				Metals & Mining – 3.3%
	112,600			AngloGold Ashanti Limited, Sponsored ADR, (3)					4,124,538
	146,800			Barrick Gold Corporation, (3)					4,925,140
	48,640			BHP Billiton PLC, ADR					1,332,533
	68,499			Crystallex International Corporation, (2)					15,070
	26,656			Freeport-McMoRan Copper & Gold, Inc.					1,335,732
	177,000			Gold Fields Limited, (3)					2,132,850
	180,000			Ivanhoe Mines Ltd., (2), (3)					1,008,000
	1,845,500			Lihir Gold Limited, (2)					4,320,484
	1,500,000			Minara Resources Limited, (2)					999,405
	241,460			Mitsubishi Materials					751,755
	150,800			Newmont Mining Corporation, (3)					6,163,196
	982,578			NovaGold Resources Inc., (2)					4,205,434
	44,540			Steel Dynamics Inc.					656,074
	22,920			Walter Industries Inc.					830,621
				Total Metals & Mining					32,800,832
				Multiline Retail – 0.3%
	14,310			Big Lots, Inc., (2)					300,939
	7,600			Dollar Tree Stores Inc., (2)					319,960
	12,370			Family Dollar Stores, Inc.					350,071
	35,820			Federated Department Stores, Inc.					421,243
	67,750			Next PLC, (2)					1,641,471
				Total Multiline Retail					3,033,684

 

Nuveen Investments
47

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Multi-Utilities – 0.5%
	51,461			Ameren Corporation, (3)				$	1,280,864
	13,600			PG&E Corporation					522,784
	211,100			PNM Resources Inc.					2,260,881
	14,890			RWE AG					1,174,212
				Total Multi-Utilities					5,238,741
				Oil, Gas & Consumable Fuels – 4.1%
	26,370			Alpha Natural Resources Inc., (2)					692,740
	160,088			Arch Coal Inc.					2,460,553
	53,150			BG Group PLC					895,030
	117,990			BP PLC, (3)					5,625,763
	176,004			Cameco Corporation, (3)					4,505,702
	31,776			Chesapeake Energy Corporation					630,118
	52,588			Chevron Corporation, (3)					3,483,955
	15,790			China Petroleum and Chemical Corporation					1,197,829
	24,748			Cimarex Energy Company					701,358
	3,323			Comstock Resources Inc., (2)					109,825
	3,515			ConocoPhillips					147,841
	1,600			CONSOL Energy Inc.					54,336
	39,660			Continental Resources Inc., (2)					1,100,565
	32,330			Eni S.p.A., Sponsored ADR					1,532,765
	5,760			EOG Resources, Inc.					391,219
	63,100			Gazprom OAO, (2)					1,281,325
	15,590			Hess Corporation					837,963
	2,760			James River Coal Company, (2)					41,759
	5,890			McMoran Exploration Corporation, (2)					35,104
	12,550			Murphy Oil Corporation					681,716
	58,800			Nexen Inc.					1,273,020
	19,890			Nexen Inc.					432,120
	19,820			Occidental Petroleum Corporation					1,304,354
	3,036			Peabody Energy Corporation					91,566
	21,930			Petrohawk Energy Corporation, (2)					489,039
	4,346			Pioneer Natural Resources Company					110,823
	30,390			Repsol YPF S.A.					679,520
	13,380			Rosetta Resources, Inc., (2)					117,075
	89,600			Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)					4,557,056
	18,050			SandRidge Energy Inc., (2)					153,786
	12,190			Southwestern Energy Company, (2)					473,582
	51,353			StatoilHydro ASA, Sponsored ADR					1,015,249
	18,389			Tesoro Corporation					234,092
	21,400			Total S.A., Sponsored ADR					1,160,522
	8,540			Total S.A.					462,871
	14,750			Valero Energy Corporation					249,128
	1,400			Whiting Petroleum Corporation, (2)					49,224
	20,700			Woodside Petroleum Limited					715,102
				Total Oil, Gas & Consumable Fuels					39,975,595
				Paper & Forest Products – 0.0%
	7,030			Buckeye Technologies Inc., (2)					31,565
				Pharmaceuticals – 1.5%
	8,760			Abbott Laboratories					412,070
	13,954			Astellas Pharma Inc.					492,746
	15,020			AstraZeneca Group					662,269
	7,280			Bayer AG, (2)					391,226
	36,410			Bristol-Myers Squibb Company					739,487
	24,330			Eli Lilly and Company					842,791
	67,470			GlaxoSmithKline PLC, ADR					1,191,744
	7,200			GlaxoSmithKline PLC, ADR					254,448

 

Nuveen Investments
48

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Shares				Description (1)				Value
				Pharmaceuticals (continued)
	23,375			H. Lundbeck A/S				$	444,725
	12,550			Johnson & Johnson					712,840
	34,290			Novartis AG					1,395,851
	4,670			Noven Pharmaceuticals Inc., (2)					66,781
	3,280			Novo-Nordisk A/S					178,646
	14,930			Novo-Nordisk A/S					813,088
	12,950			Perrigo Company					359,751
	215,722			Pfizer Inc., (3)					3,235,830
	3,040			Roche Holdings AG					414,206
	14,040			Sanofi-Synthelabo, SA					829,616
	21,600			Watson Pharmaceuticals Inc., (2)					727,704
				Total Pharmaceuticals					14,165,819
				Professional Services – 0.0%
	3,680			Dun and Bradstreet Inc.					298,853
				Real Estate – 0.3%
	30,570			Annaly Capital Management Inc.					462,830
	5,410			Equity Lifestyles Properties Inc.					201,144
	8,840			Hatteras Financial Corp.					252,736
	10,420			Health Care Property Investors Inc.					220,800
	2,350			PS Business Parks Inc.					113,834
	3,940			Public Storage, Inc.					257,991
	27,300			Rayonier Inc.					992,355
	6,214			Simon Property Group, Inc.					319,586
	8,937			Tanger Factory Outlet Centers					289,827
				Total Real Estate					3,111,103
				Road & Rail – 0.5%
	19,730			Canadian National Railways Company					847,619
	2,764			Canadian Pacific Railway Limited					110,007
	27,300			CSX Corporation					945,399
	11,210			Kansas City Southern Industries, (2)					180,593
	7,370			Landstar System					264,657
	16,580			Norfolk Southern Corporation					624,569
	243,630			Stagocoach Group PLC					509,584
	17,860			Union Pacific Corporation					929,792
				Total Road & Rail					4,412,220
				Semiconductors & Equipment – 0.5%
	64,650			Broadcom Corporation, Class A, (2)					1,602,674
	106,510			Intel Corporation					1,762,741
	52,420			Marvell Technology Group Ltd., (2)					610,169
	9,026			Monolithic Power Systems, Inc., (2)					202,273
	18,150			ON Semiconductor Corporation, (2)					124,509
	5,300			Sigma Designs, Inc., (2)					85,012
	14,670			Xilinx, Inc.					300,148
				Total Semiconductors & Equipment					4,687,526
				Software – 0.5%
	9,510			Adobe Systems Incorporated, (2)					269,133
	2,380			Advent Software Inc., (2)					78,040
	9,870			Ansys Inc., (2)					307,549
	19,200			BMC Software, Inc., (2)					648,768
	33,230			CA Inc.					579,199
	6,690			Citrix Systems, (2)					213,344
	7,772			Microsoft Corporation					184,740
	5,020			Nintendo Co., Ltd.					1,389,310

 

Nuveen Investments
49

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Software (continued)
	21,570			Salesforce.com, Inc., (2)				$	823,327
	25,830			Symantec Corporation, (2)					401,915
				Total Software					4,895,325
				Specialty Retail – 0.3%
	4,330			Aeropostale, Inc., (2)					148,389
	8,070			Asbury Automotive Group, Inc.					82,637
	19,030			Gap, Inc.					312,092
	19,498			Guess Inc.					502,658
	3,000			Gymboree Corporation, (2)					106,440
	24,980			Home Depot, Inc.					590,277
	12,520			Hot Topic, Inc., (2)					91,521
	37,100			Lowe's Companies, Inc.					720,111
	9,240			PetSmart Inc.					198,289
				Total Specialty Retail					2,752,414
				Textiles, Apparel & Luxury Goods – 0.0%
	7,880			True Religion Apparel, Inc., (2)					175,723
				Thrifts & Mortgage Finance – 0.1%
	96,250			Hudson City Bancorp, Inc.					1,279,162
	12,070			People's United Financial, Inc.					181,532
				Total Thrifts & Mortgage Finance					1,460,694
				Tobacco – 0.3%
	5,410			Lorillard Inc.					366,635
	46,510			Philip Morris International					2,028,765
				Total Tobacco					2,395,400
				Trading Companies & Distributors – 0.1%
	119,000			Mitsui & Company Limited					1,410,111
				Water Utilities – 0.0%
	1,222			Companhia de Saneamento Basico do Estado de Sao Paulo, ADR, (2)					36,647
				Wireless Telecommunication Services – 0.7%
	150			KDDI Corporation					795,906
	10,545			Millicom International Cellular S.A., (2)					594,842
	18,110			Millicom International Cellular S.A.					1,018,868
	1,600			NTT Mobile Communications					2,340,219
	27,110			Partner Communications Company Limited					463,309
	2,079			TIM Participacoes S.A., ADR, (2)					36,236
	2,678			Turkcell Iletisim Hizmetleri A.S., ADR					37,116
	605,310			Vodafone Group PLC					1,177,291
				Total Wireless Telecommunication Services					6,463,787
				Total Common Stocks (cost $380,308,517)					316,021,892

 

Shares				Description (1)								Coupon				Ratings (4)				Value
				Convertible Preferred Securities – 1.9% (1.4% of Total Investments)
				Capital Markets – 0.0%
	8,150			AMG Capital Trust II, Convertible Bond									5.150	%		BB					195,091
				Commercial Banks – 0.3%
	200			Fifth Third Bancorp, Convertible Bond									8.500	%		Baa1					17,620
	3,350			Wells Fargo & Company, Convertible Bond									7.500	%		A					2,629,650
				Total Commercial Banks																	2,647,270

 

Nuveen Investments
50

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Shares				Description (1)								Coupon				Ratings (4)				Value
				Communications Equipment – 0.7%
	11,400			Lucent Technologies Capital Trust I									7.750	%		B3				$	6,954,000
				Diversified Financial Services – 0.4%
	4,500			Bank of America Corporation									7.250	%		BB–					3,762,135
				Food Products – 0.0%
	5,350			Bunge Limited, Convertible Bonds									4.875	%		Ba1					434,688
				Health Care Providers & Services – 0.0%
	5,050			Omnicare Capital Trust II, Series B									4.000	%		B					179,073
				Independent Power Producers & Energy Traders – 0.1%
	9,000			AES Trust III, Convertible Preferred									6.750	%		B					384,570
	400			NRG Energy Inc., Convertible Bond									4.000	%		B2					519,600
				Total Independent Power Producers & Energy Traders																	904,170
				Insurance – 0.0%
	3,600			Reinsurance Group of America Inc.									5.750	%		BBB					169,200
				Metals & Mining – 0.1%
	1,050			Freeport McMoran Copper & Gold, Inc.									5.500	%		BB					1,181,513
				Multi-Utilities – 0.1%
	8,550			Centerpoint Energy Inc.									2.000	%		BBB–					179,037
	5,950			CMS Energy Corporation, Convertible Bonds									4.500	%		Ba2					383,403
				Total Multi-Utilities																	562,440
				Oil, Gas & Consumable Fuels – 0.1%
	600			El Paso Corporation									4.990	%		B					465,150
	50			El Paso Corporation									4.990	%		B					38,763
	2,550			Williams Companies Inc., Preferred Convertible Bonds									5.500	%		BB					186,628
				Total Oil, Gas & Consumable Fuels																	690,541
				Real Estate – 0.1%
	13,850			HRPT Properties Trust, Preferred Convertible Bonds									6.500	%		Baa3					178,110
	8,750			Simon Property Group, Inc., Series I									6.000	%		Baa1					412,124
				Total Real Estate																	590,234
				Total Convertible Preferred Securities (cost $22,954,125)																	18,270,355
Shares				Description (1)								Coupon				Ratings (4)				Value
				$25 Par (or similar) Preferred Securities – 39.7% (29.7% of Total Investments)
				Capital Markets – 3.2%
	54,300			Ameriprise Financial, Inc.									7.750	%		A				$	1,172,880
	200,909			BNY Capital Trust V, Series F									5.950	%		Aa3					4,512,416
	178,302			Credit Suisse									7.900	%		Aa3					4,001,097
	1,175,757			Deutsche Bank Capital Funding Trust II									6.550	%		Aa3					21,140,111
	7,000			Deutsche Bank Capital Funding Trust IX									6.625	%		Aa3					129,500
	16,600			Goldman Sachs Group Inc., Series 2004-4 (CORTS)									6.000	%		A2					287,180
	18,600			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)									6.000	%		A2					325,686
	15,200			Morgan Stanley Capital Trust V									5.750	%		A3					274,360
	2,500			Morgan Stanley Capital Trust VII									6.600	%		A3					49,100
				Total Capital Markets																	31,892,330
				Commercial Banks – 4.7%
	113,900			ASBC Capital I									7.625	%		A3					2,182,324
	347,917			Banco Santander Finance									6.800	%		Aa3					6,732,194

 

Nuveen Investments
51

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)								Coupon				Ratings (4)				Value
				Commercial Banks (continued)
	916,528			Banco Santander Finance									6.500	%		Aa3				$	16,497,504
	166,335			Banco Santander Finance									4.000	%		Aa3					1,871,269
	28,800			Banesto Holdings, Series A, 144A									10.500	%		A1					636,301
	28,400			Barclays Bank PLC									7.750	%		A					557,776
	1,300			Barclays Bank PLC									7.100	%		A+					23,777
	146,500			Cobank Agricultural Credit Bank									7.000	%		N/R					4,562,157
	48,000			Cobank Agricultural Credit Bank									11.000	%		A					2,298,648
	48,612			HSBC Finance Corporation									6.875	%		A					1,039,811
	1,400			HSBC Holdings PLC									6.200	%		A1					25,312
	15,100			HSBC USA Inc., Series F									2.858	%		A–					517,175
	150,500			Merrill Lynch Preferred Capital Trust V									7.280	%		Baa3					2,605,155
	355,241			National City Capital Trust II									6.625	%		A2					6,721,160
	9,600			National Westminster Bank PLC									7.760	%		A2					126,240
	9,700			Wells Fargo Capital Trust VII									5.850	%		A–					188,374
	22,930			Zions Capital Trust B									8.000	%		Baa1					443,696
				Total Commercial Banks																	47,028,873
				Diversified Financial Services – 2.6%
	60,400			Citigroup Capital XIX									7.250	%		Baa3					1,136,728
	86,500			ING Groep N.V.									8.500	%		A3					1,682,425
	29,700			ING Groep N.V.									7.375	%		A3					525,690
	570,020			ING Groep N.V.									7.200	%		A3					9,696,040
	755,475			ING Groep N.V.									7.050	%		BBB					12,457,783
	4,825			National Rural Utilities Cooperative Finance Corporation									6.100	%		A3					103,641
				Total Diversified Financial Services																	25,602,307
				Diversified Telecommunication Services – 0.9%
	109,905			AT&T Inc.									6.375	%		A					2,801,478
	38,500			BellSouth Capital Funding (CORTS)									7.120	%		A					871,063
	30,500			BellSouth Corporation (CORTS)									7.000	%		A					688,156
	25,000			Verizon Communications (CORTS)									7.625	%		A					623,250
	142,306			Verizon Communications, Series 2004-1 (SATURNS)									6.125	%		A					3,278,730
				Total Diversified Telecommunication Services																	8,262,677
				Electric Utilities – 0.7%
	14,693			Entergy Louisiana LLC									7.600	%		A–					370,998
	254,600			Entergy Texas Inc.									7.875	%		BBB+					6,413,374
	1,850			FPL Group Capital Inc.									6.600	%		A3					46,065
	1,000			National Rural Utilities Cooperative Finance Corporation									6.750	%		A3					23,710
				Total Electric Utilities																	6,854,147
				Food Products – 0.2%
	35,100			Dairy Farmers of America Inc., 144A									7.875	%		BBB–					2,329,763
				Insurance – 10.7%
	1,146,570			Aegon N.V.									6.375	%		Baa1					16,545,005
	192,234			Arch Capital Group Limited, Series B									7.875	%		BBB–					3,931,185
	379,873			Arch Capital Group Limited									8.000	%		BBB–					8,342,011
	591,600			Berkley WR Corporation, Capital Trust II									6.750	%		BBB–					13,251,840
	675,001			Delphi Financial Group, Inc.									8.000	%		BBB+					12,366,018
	26,700			Delphi Financial Group, Inc.									7.376	%		BBB–					404,772
	199,472			EverestRe Capital Trust II									6.200	%		Baa1					3,969,493
	5,800			Financial Security Assurance Holdings									6.250	%		A+					84,100
	906,600			Lincoln National Capital VI, Series F									6.750	%		BBB					16,137,480
	90,700			Markel Corporation									7.500	%		BBB					2,171,358
	882,951			PartnerRe Limited, Series C									6.750	%		BBB+					18,047,518
	143,600			PLC Capital Trust III									7.500	%		BBB					2,633,624
	14,000			PLC Capital Trust IV									7.250	%		BBB					275,380
	24,017			Protective Life Corporation									7.250	%		BBB					453,681

 

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52

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Shares				Description (1)								Coupon				Ratings (4)				Value
				Insurance (continued)
	136,730			Prudential Financial Inc.									9.000	%		A–				$	3,224,093
	27,082			Prudential PLC									6.750	%		A–					495,601
	121,800			RenaissanceRe Holdings Limited, Series B									7.300	%		BBB+					2,498,118
	35,900			RenaissanceRe Holdings Limited, Series C									6.080	%		BBB+					642,610
				Total Insurance																	105,473,887
				IT Services – 0.0%
	5,100			Vertex Industries Inc. (PPLUS)									7.625	%		A					124,746
				Media – 4.8%
	32,700			CBS Corporation									7.250	%		BBB–					593,505
	586,321			CBS Corporation									6.750	%		BBB–					10,020,226
	1,014,662			Comcast Corporation									7.000	%		BBB+					23,185,027
	647,540			Viacom Inc.									6.850	%		BBB					13,449,406
				Total Media																	47,248,164
				Multi-Utilities – 0.9%
	96,800			Dominion Resources Inc.									8.375	%		BBB					2,458,720
	233,000			Xcel Energy Inc.									7.600	%		Baa2					5,901,890
				Total Multi-Utilities																	8,360,610
				Oil, Gas & Consumable Fuels – 1.3%
	613,300			Nexen Inc.									7.350	%		BB+					12,578,783
				Pharmaceuticals – 0.1%
	42,600			Bristol Myers Squibb Company (CORTS)									6.250	%		A+					988,320
				Real Estate – 9.3%
	946,313			Developers Diversified Realty Corporation, Series H									7.375	%		Ba1					10,551,390
	7,300			Duke Realty Corporation, Series K									6.500	%		BBB					97,820
	135,900			Duke Realty Corporation, Series L									6.600	%		Baa2					1,814,265
	22,700			Duke Realty Corporation, Series N									7.250	%		Baa3					328,696
	365,177			Duke Realty Corporation, Series O									8.375	%		Baa3					6,412,508
	122,700			Duke-Weeks Realty Corporation									6.625	%		Baa2					1,640,499
	151,515			Equity Residential Properties Trust, Series N									6.480	%		BBB–					2,827,270
	400,883			HRPT Properties Trust, Series B									8.750	%		Baa3					7,183,823
	532,500			HRPT Properties Trust, Series C									7.125	%		Baa3					8,019,450
	585,916			Kimco Realty Corporation, Series G									7.750	%		Baa2					12,099,165
	3,997			Prologis Trust, Series C									8.540	%		BBB					145,391
	51,275			Prologis Trust, Series G									6.750	%		Baa3					840,910
	236,606			Public Storage, Inc.									6.750	%		Baa1					4,755,781
	26,432			Public Storage, Inc., Series C									6.600	%		Baa1					514,895
	143,800			Public Storage, Inc., Series E									6.750	%		Baa1					2,881,752
	27,011			Public Storage, Inc., Series H									6.950	%		Baa1					559,668
	32,903			Realty Income Corporation									6.750	%		Baa3					693,595
	136,189			Regency Centers Corporation									7.450	%		BBB					2,691,095
	1,227,443			Wachovia Preferred Funding Corporation									7.250	%		B2					22,167,621
	203,225			Weingarten Realty Investors Series F									6.500	%		Baa3					3,176,407
	120,500			Weingarten Realty Trust, Series E									6.950	%		Baa1					2,007,530
				Total Real Estate																	91,409,531
				Wireless Telecommunication Services – 0.3%
	135,800			Telephone and Data Systems Inc.									7.600	%		Baa2					2,790,690
	19,846			United States Cellular Corporation									8.750	%		Baa2					473,128
	5,900			United States Cellular Corporation									7.500	%		Baa2					120,241
				Total Wireless Telecommunication Services																	3,384,059
				Total $25 Par (or similar) Preferred Securities (cost $517,265,248)																	391,538,197

 

Nuveen Investments
53

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Variable Rate Senior Loan Interests – 12.5% (9.4% of Total Investments) (6)
				Aerospace & Defense – 0.1%
$	574			DAE Aviation Holdings, Inc., Term Loan B1					4.444	%		7/31/14				B+				$	448,085
	563			DAE Aviation Holdings, Inc., Term Loan B2					4.790	%		7/31/14				B+					439,484
	900			McKechnie Aerospace Holdings, Inc., Term Loan					5.310	%		5/11/15				N/R					524,250
	2,037			Total Aerospace & Defense																	1,411,819
				Airlines – 0.3%
	2,504			ACTS Aero Technical Support & Services, Inc., Term Loan, (7)					7.372	%		10/16/14				N/R					569,579
	977			American Airlines, Inc., Term Loan					6.500	%		12/17/10				B+					906,419
	1,960			Delta Air Lines, Inc., Term Loan					3.568	%		4/30/14				B					1,355,901
	5,441			Total Airlines																	2,831,899
				Building Products – 0.4%
	3,523			Building Materials Corporation of America, Term Loan					3.063	%		2/22/14				B+					3,088,122
	973			TFS Acquisition, Term Loan					5.098	%		8/11/13				B2					449,781
	4,496			Total Building Products																	3,537,903
				Chemicals – 0.7%
	771			Celanese US Holdings LLC, Term Loan					2.942	%		4/02/14				BB+					716,926
	2,948			Hercules Offshore, Inc., Term Loan					2.960	%		7/11/13				BB–					2,608,537
	695			LyondellBasell Finance Company, DIP Term Loan, (8), (9)					9.168	%		12/15/09				CC					729,513
	54			LyondellBasell Finance Company, Dutch Revolving Line of Credit, (9)					3.815	%		12/20/13				Caa2					24,092
	126			LyondellBasell Finance Company, Dutch Tranche A, Term Loan, (9)					3.815	%		12/20/13				Caa2					55,335
	155			LyondellBasell Finance Company, German Tranche B1, Euro Term Loan, (9)					4.065	%		12/20/14				Caa2					68,388
	155			LyondellBasell Finance Company, German Tranche B2, Euro Term Loan, (9)					4.065	%		12/20/14				Caa2					68,388
	155			LyondellBasell Finance Company, German Tranche B3, Euro Term Loan, (9)					4.065	%		12/20/14				Caa2					68,388
	203			LyondellBasell Finance Company, Revolving Line of Credit, (9)					3.815	%		12/20/13				Caa2					89,330
	1,203			LyondellBasell Finance Company, Roll-Up DIP Term Loan, (9)					5.825	%		12/15/09				N/R					1,005,302
	387			LyondellBasell Finance Company, US Tranche A, Term Loan, (9)					3.815	%		12/20/13				Caa2					170,198
	674			LyondellBasell Finance Company, US Tranche B1, Term Loan, (9)					7.000	%		12/20/14				Caa2					296,757
	674			LyondellBasell Finance Company, US Tranche B2, Term Loan, (9)					7.000	%		12/22/14				Caa2					296,757
	674			LyondellBasell Finance Company, US Tranche B3, Term Loan, (9)					7.000	%		12/22/14				Caa2					296,757
	8,874			Total Chemicals																	6,494,668
				Commercial Services & Supplies – 0.2%
	105			Aramark Corporation, Letter of Credit					2.473	%		1/24/14				BB					97,038
	1,656			Aramark Corporation, Term Loan					2.473	%		1/24/14				BB					1,527,449
	1,761			Total Commercial Services & Supplies																	1,624,487
				Communications Equipment – 0.2%
	1,126			CommScope Inc., Term Loan B					3.098	%		12/27/14				BB					1,079,435
	922			IPC Systems, Inc., Term Loan					2.735	%		5/31/14				B+					714,536
	2,048			Total Communications Equipment																	1,793,971
				Diversified Consumer Services – 0.3%
	963			Cengage Learning Acquisitions, Inc., Term Loan					2.810	%		7/05/14				B+					812,371
	257			Laureate Education, Inc., Delayed Term Loan					4.342	%		8/17/14				B1					222,753
	1,711			Laureate Education, Inc., Term Loan B					4.342	%		8/17/14				B1					1,484,684
	2,931			Total Diversified Consumer Services																	2,519,808
				Electric Utilities – 0.4%
	904			Calpine Corporation, DIP Term Loan					3.475	%		3/29/14				B+					802,986
	1,965			TXU Corporation, Term Loan B2					3.821	%		10/10/14				B+					1,409,029
	2,540			TXU Corporation, Term Loan B3, WI/DD					TBD			TBD				B+					1,820,586
	5,409			Total Electric Utilities																	4,032,601

 

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54

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Electrical Equipment – 0.1%
$	1,692			Allison Transmission Holdings, Inc., Term Loan					3.071	%		8/07/14				B				$	1,349,708
				Energy Equipment & Services – 0.2%
	2,383			PGS Finance, Inc., Term Loan					2.350	%		6/29/15				Ba2					2,210,542
				Health Care Equipment & Supplies – 0.1%
	90			Bausch & Lomb, Inc., Delayed Term Loan, (8)					3.191	%		4/24/15				BB–					80,464
	473			Bausch & Lomb, Inc., Term Loan					3.848	%		4/24/15				BB–					435,229
	923			Biomet, Inc., Term Loan					3.580	%		3/25/15				BB–					864,867
	1,486			Total Health Care Equipment & Supplies																	1,380,560
				Health Care Providers & Services – 1.9%
	270			Community Health Systems, Inc., Delayed Term Loan					2.560	%		7/25/14				BB					243,663
	5,359			Community Health Systems, Inc., Term Loan					2.898	%		7/25/14				BB					4,836,867
	490			Concentra, Inc., Term Loan					2.850	%		6/25/14				B+					417,725
	36			HCA, Inc., Term Loan A					2.348	%		11/18/12				BB					32,704
	2,676			HCA, Inc., Term Loan					2.348	%		11/18/13				BB					2,421,347
	2,581			Health Management Associates, Inc., Term Loan					2.348	%		2/28/14				BB–					2,283,000
	708			IASIS Healthcare LLC, Delayed Term Loan					2.310	%		3/14/14				Ba2					652,491
	191			IASIS Healthcare LLC, Letter of Credit					0.210	%		3/14/14				Ba2					175,755
	2,047			IASIS Healthcare LLC, Term Loan					2.310	%		3/14/14				Ba2					1,885,512
	1,577			Select Medical Corporation, Term Loan B2					2.724	%		2/24/12				Ba2					1,488,908
	1,824			Select Medical Corporation, Term Loan					2.720	%		2/24/12				Ba2					1,722,417
	253			Sun Healthcare Group, Inc., Synthetic Letter of Credit					2.598	%		4/19/14				Ba2					225,021
	1,235			Sun Healthcare Group, Inc., Term Loan					3.116	%		4/19/14				Ba2					1,097,144
	978			Vanguard Health Holding Company II LLC, Replacement Term Loan					2.560	%		9/23/11				Ba3					937,088
	20,225			Total Health Care Providers & Services																	18,419,642
				Hotels, Restaurants & Leisure – 1.2%
	2,237			CCM Merger, Inc., Term Loan B					8.500	%		7/13/12				B+					1,884,428
	1,919			Cedar Fair LP, Term Loan					2.310	%		8/30/12				BB–					1,804,103
	1,575			Harrah's Operating Company, Inc., Term Loan B2					4.092	%		1/28/15				B					1,158,906
	335			Isle of Capri Casinos, Inc., Delayed Term Loan A					2.348	%		11/25/13				B+					303,743
	444			Isle of Capri Casinos, Inc., Delayed Term Loan B					2.060	%		11/25/13				B+					402,927
	1,111			Isle of Capri Casinos, Inc., Delayed Term Loan					2.348	%		11/25/13				B+					1,007,318
	983			Orbitz Worldwide, Inc., Term Loan					3.521	%		7/25/14				BB–					659,258
	1,970			Travelport LLC, Delayed Term Loan					2.810	%		8/23/13				Ba2					1,557,719
	134			Travelport LLC, Letter of Credit					3.098	%		8/23/13				Ba2					105,858
	669			Travelport LLC, Term Loan					2.914	%		8/23/13				Ba2					527,572
	584			Venetian Casino Resort LLC, Delayed Term Loan					2.060	%		5/23/14				B–					414,773
	1,717			Venetian Casino Resort LLC, Term Loan					2.060	%		5/23/14				B–					1,218,322
	898			Wintergames Holdings, Term Loan A					7.810	%		12/22/13				N/R					622,033
	14,576			Total Hotels, Restaurants & Leisure																	11,666,960
				Independent Power Producers & Energy Traders – 0.3%
	1,209			NRG Energy, Inc., Credit Linked Deposit					2.348	%		2/01/13				BB+					1,140,514
	2,256			NRG Energy, Inc., Term Loan					2.016	%		2/01/13				BB+					2,127,724
	3,465			Total Independent Power Producers & Energy Traders																	3,268,238
				Insurance – 0.3%
	3,926			Conseco, Inc., Term Loan					6.500	%		10/10/13				Caa1					2,630,487
				IT Services – 0.6%
	2,139			First Data Corporation, Term Loan B1					3.065	%		9/24/14				B+					1,608,494
	1,205			Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan					4.060	%		7/28/12				B+					993,893
	2,309			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan					4.060	%		7/28/12				N/R					1,904,632
	1,194			SunGard Data Systems, Inc., Term Loan B					2.462	%		2/28/14				BB					1,112,012
	6,847			Total IT Services																	5,619,031

 

Nuveen Investments
55

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Leisure Equipment & Products – 0.2%
$	583			Herbst Gaming, Inc., Delayed Term Loan, (7), (9)					0.000	%		12/02/11				D				$	276,741
	671			Herbst Gaming, Inc., Term Loan, (7), (9)					0.000	%		12/02/11				D					318,506
	6,000			Wimar OpCo LLC, Term Loan, (9)					0.000	%		1/03/12				N/R					1,698,750
	7,254			Total Leisure Equipment & Products																	2,293,997
				Machinery – 0.1%
	1,695			Oshkosh Truck Corporation, Term Loan					7.337	%		12/06/13				B+					1,560,105
				Media – 2.3%
	2,593			Cequel Communications LLC, Term Loan B					2.318	%		11/05/13				BB–					2,379,219
	5,254			Charter Communications Operating Holdings LLC, Term Loan, (9)					6.250	%		3/06/14				Ba2					4,765,110
	2,500			Citadel Broadcasting Corporation, Term Loan					2.350	%		6/12/14				CCC					1,314,583
	851			Discovery Communications Holdings LLC, Term Loan					2.598	%		5/14/14				Baa3					803,143
	1,893			Gray Television, Inc., Term Loan B					6.820	%		12/31/14				CCC+					1,177,103
	956			Idearc, Inc., Term Loan, (7), (9)					4.250	%		11/17/14				Caa3					412,848
	3,150			Metro-Goldwyn-Mayer Studios, Inc., Term Loan B					3.560	%		4/08/12				N/R					1,756,272
	2,789			Neilsen Finance LLC, Term Loan					2.321	%		8/09/13				Ba3					2,516,851
	944			Philadelphia Newspapers, Term Loan, (7), (9)					7.750	%		6/29/13				N/R					221,864
	1,955			Readers Digest Association, Inc., Term Loan					2.644	%		3/02/14				CCC					852,869
	5,925			Tribune Company, Term Loan B, (7), (9)					0.000	%		6/04/14				Ca					2,031,783
	1,256			Tribune Company, Term Loan X, (7), (9)					0.000	%		6/04/09				Ca					429,422
	5,600			Univision Communications, Inc., Term Loan					2.560	%		9/29/14				B2					4,201,999
	35,666			Total Media																	22,863,066
				Metals & Mining – 0.2%
	2,411			John Maneely Company, Term Loan					4.052	%		12/08/13				B					1,896,018
				Oil, Gas & Consumable Fuels – 0.4%
	2,962			CCS Income Trust, Term Loan					3.310	%		11/14/14				B					2,197,119
	1,978			Venoco, Inc., Term Loan					4.375	%		5/07/14				B					1,523,015
	466			Western Refining, Inc., Term Loan					8.250	%		5/30/14				BB–					449,498
	5,406			Total Oil, Gas & Consumable Fuels																	4,169,632
				Paper & Forest Products – 0.1%
	1,110			Georgia-Pacific Corporation, Term Loan B					2.557	%		12/21/12				BB+					1,049,959
				Pharmaceuticals – 0.2%
	2,000			Royalty Pharma Finance Trust, Unsecured Term Loan					7.750	%		5/15/15				Baa3					1,750,000
				Real Estate Management & Development – 0.3%
	3,795			LNR Property Corporation, Term Loan B					3.820	%		7/12/11				B2					1,962,167
	1,736			Realogy Corporation, Delayed Term Loan					4.159	%		10/10/13				Caa1					1,265,835
	5,531			Total Real Estate Management & Development																	3,228,002
				Road & Rail – 0.1%
	917			Swift Transportation Company, Inc., Term Loan					3.625	%		5/10/14				B–					684,571
				Specialty Retail – 1.3%
	89			Blockbuster, Inc., Tranche B, Term Loan					5.08	%		8/20/11				B1					-
	7,598			Burlington Coat Factory Warehouse Corporation, Term Loan					2.560	%		5/28/13				B3					5,964,378
	2,000			Claire's Stores, Inc. Term Loan B, WI/DD					TBD			TBD				Caa2					1,120,833
	1,415			Michaels Stores, Inc., Term Loan					2.676	%		10/31/13				B					1,126,993
	3,600			Toys "R" Us – Delaware, Inc., Term Loan B					4.565	%		7/19/12				BB–					3,317,626
	1,462			TRU 2005 RE Holding Co I LLC, Term Loan					3.320	%		12/08/09				B3					1,446,946
	16,164			Total Specialty Retail																	12,976,776
$	165,751			Total Variable Rate Senior Loan Interests (cost $154,109,566)																	123,264,450

 

Nuveen Investments
56

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Convertible Bonds – 10.3% (7.7% of Total Investments)
				Aerospace & Defense – 0.2%
$	250			AAR Corporation, Convertible Bond					1.750	%		2/01/26				BB				$	207,188
	550			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		9/15/11				BB–					576,813
	300			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		2/15/24				BB–					322,875
	750			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+					724,688
	300			Orbital Sciences Corporation, Convertible Bond					2.438	%		1/15/27				BB–					275,625
	2,150			Total Aerospace & Defense																	2,107,189
				Airlines – 0.5%
	3,375			JetBlue Airways Corporation					3.750	%		3/15/35				CCC					3,248,438
	1,146			JetBlue Airways Corporation					6.750	%		10/15/39				CCC					1,213,328
	4,521			Total Airlines																	4,461,766
				Auto Components – 0.2%
	300			BorgWarner Inc.					3.500	%		4/15/12				BBB					379,125
	300			Johnson Controls Inc., Convertible Bond					6.500	%		9/30/12				BBB					606,000
	1,200			Magna International Inc., Class A					6.500	%		3/31/10				N/R					1,044,526
	1,800			Total Auto Components																	2,029,651
				Beverages – 0.1%
	650			Molson Coors Brewing Company, Senior Convertible Notes					2.500	%		7/30/13				BBB–					697,125
				Biotechnology – 0.5%
	925			Amgen Inc.					0.125	%		2/01/11				A+					883,375
	1,700			Amgen Inc.					0.125	%		2/01/11				A+					1,623,500
	1,625			Amgen Inc.					0.375	%		2/01/13				A+					1,474,688
	200			BioMarin Pharmaceutical Inc.					2.500	%		3/29/13				CCC					218,750
	400			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B–					363,000
	250			Invitrogen Corporation, Convertible Bond					2.000	%		8/01/23				BB+					316,563
	5,100			Total Biotechnology																	4,879,876
				Capital Markets – 0.1%
	600			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB–					516,000
	300			BlackRock Inc.					2.625	%		2/15/35				A+					531,750
	900			Total Capital Markets																	1,047,750
				Commercial Banks – 0.2%
	850			National City Corporation, Convertible Senior Notes					4.000	%		2/01/11				A1					839,375
	450			SVB Financial Group, Convertible Bond					3.875	%		4/15/11				A3					406,125
	850			U.S. Bancorp, Convertible Bonds					0.000	%		12/11/35				Aa3					806,438
	2,150			Total Commercial Banks																	2,051,938
				Commercial Services & Supplies – 0.1%
	200			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3					217,250
	600			Covanta Holding Corporation, Convertible Bonds					1.000	%		2/01/27				Ba3					523,500
	800			Total Commercial Services & Supplies																	740,750
				Communications Equipment – 0.2%
	550			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B+					274,313
	200			CommScope Inc.					3.250	%		7/01/15				B					228,000
	800			Lucent Technologies Inc., Series B					2.875	%		6/15/25				B+					571,000
	600			Lucent Technologies Inc.					2.875	%		6/15/23				BB–					571,500
	2,150			Total Communications Equipment																	1,644,813
				Computers & Peripherals – 0.4%
	1,400			EMC Corporation, Convertible Bonds 144A					1.750	%		12/01/11				A–					1,456,000
	150			EMC Corporation, Convertible Bonds 144A					1.750	%		12/01/11				A–					156,000
	700			EMC Corporation, Convertible Bonds 144A					1.750	%		12/01/13				A–					717,500

 

Nuveen Investments
57

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Computers & Peripherals (continued)
$	600			EMC Corporation, Convertible Bonds 144A					1.750	%		12/01/13				A–				$	615,000
	400			Maxtor Corporation, Convertible Bonds					2.375	%		8/15/12				B					344,500
	950			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				B					600,875
	4,200			Total Computers & Peripherals																	3,889,875
				Construction & Engineering – 0.0%
	100			Fluor Corporation, Convertible Bonds					1.500	%		2/15/24				A3					184,625
				Containers & Packaging – 0.1%
	600			Sealed Air Corporation, 144A					3.000	%		6/30/33				Baa3					603,750
				Diversified Financial Services – 0.1%
	200			Leucadia National Corporation, Convertible Bonds					3.750	%		4/15/14				BB–					220,500
	550			NASDAQ Stock Market Inc., Convertible Bond					2.500	%		8/15/13				BB+					453,750
	750			Total Diversified Financial Services																	674,250
				Diversified Telecommunication Services – 0.1%
	1,300			Qwest Communications International Inc., Convertible Bond					3.500	%		11/15/25				B+					1,287,000
				Electrical Equipment – 0.1%
	550			General Cable Corporation, Convertible Bonds					1.000	%		10/15/12				B+					434,500
	300			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				B+					273,750
	500			Roper Industries Inc.					0.000	%		1/15/34				BB+					284,375
	1,350			Total Electrical Equipment																	992,625
				Electronic Equipment & Instruments – 0.1%
	550			Anixter International Inc., Convertible Bond					0.000	%		7/07/33				BB–					335,500
	300			Itron Inc.					2.500	%		8/01/26				B–					329,250
	600			Tech Data Corporation, Convertible Bonds					2.750	%		12/15/26				BBB–					560,250
	1,450			Total Electronic Equipment & Instruments																	1,225,000
				Energy Equipment & Services – 0.8%
	150			Cooper Cameron Corporation					1.500	%		5/15/24				BBB+					245,438
	1,200			Nabors Industries Inc., Convertible Bond Series 144A					0.940	%		5/15/11				BBB+					1,122,000
	150			Nabors Industries Inc., Convertible Bond Series 144A					0.940	%		5/15/11				BBB+					140,250
	250			Schlumberger Limited					2.125	%		6/01/23				A+					370,938
	450			SESI LLC, Convertible Bond, 144A					1.500	%		12/15/26				BB+					375,750
	1,600			Transocean Inc., Convertible Bond					1.625	%		12/15/37				BBB+					1,520,000
	2,200			Transocean Inc.					1.500	%		12/15/37				BBB+					2,026,750
	1,625			Transocean Inc.					1.500	%		12/15/37				BBB+					1,440,156
	7,625			Total Energy Equipment & Services																	7,241,282
				Food Products – 0.2%
	400			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					366,000
	500			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					457,500
	250			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B–					176,875
	300			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				B					269,250
	500			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB					506,875
	1,950			Total Food Products																	1,776,500
				Health Care Equipment & Supplies – 0.7%
	250			American Medical Systems Holdings, Convertible Bond					3.250	%		7/01/36				B					242,188
	200			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					198,750
	150			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					149,063
	1,700			Hologic Inc.					2.000	%		12/15/37				B+					1,215,500
	300			Invacare Corporation, Convertible Bond					4.125	%		2/01/27				B–					252,000
	900			Inverness Medical Innovation Inc., Convertible Bonds					3.000	%		5/15/16				B–					855,000
	600			Kinetic Concepts Inc., Convertible Bond					3.250	%		4/15/15				B+					470,250

 

Nuveen Investments
58

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Health Care Equipment & Supplies (continued)
$	1,800			Medtronic, Inc., Convertible Bond					1.500	%		4/15/11				AA–				$	1,750,500
	1,650			Medtronic, Inc., Convertible Bond					1.625	%		4/15/13				AA–					1,528,313
	7,550			Total Health Care Equipment & Supplies																	6,661,564
				Health Care Providers & Services – 0.4%
	200			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				B+					179,500
	200			Laboratory Corporation of America Holdings					0.000	%		9/11/21				BBB–					184,250
	450			LifePoint Hospitals, Inc., Convertible Bond					3.250	%		8/15/25				B1					362,250
	850			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					686,375
	3,465			Omnicare, Inc.					3.250	%		12/15/35				B+					2,416,838
	5,165			Total Health Care Providers & Services																	3,829,213
				Hotels, Restaurants & Leisure – 0.9%
	600			Carnival Corporation					2.000	%		4/15/21				A3					577,500
	400			Carnival Corporation					1.132	%		4/29/33				A3					263,000
	500			International Game Technology					3.250	%		5/01/14				BBB					540,625
	650			International Game Technology					2.600	%		12/15/36				BBB					645,125
	3,710			Punch Taverns Corporation, Convertible Bonds					5.000	%		12/14/10				N/R					5,908,885
	300			Scientific Games Corporation					0.750	%		12/01/24				BB–					292,125
	6,160			Total Hotels, Restaurants & Leisure																	8,227,260
				Household Durables – 0.1%
	450			D.R. Horton, Inc.					2.000	%		5/15/14				BB–					432,000
	450			Newell Rubbermaid Inc.					5.500	%		3/15/14				BBB–					636,750
	900			Total Household Durables																	1,068,750
				Independent Power Producers & Energy Traders – 0.0%
	200			Allegheny Technologies Inc., Convertible Bond					4.250	%		6/01/14				BBB–					221,000
				Internet & Catalog Retail – 0.1%
	50			Priceline.com, Inc., Convertible Bonds					0.500	%		9/30/11				BB–					138,313
	250			Priceline.com, Inc., Convertible Bonds					0.750	%		9/30/13				BB–					691,563
	300			Total Internet & Catalog Retail																	829,876
				Internet Software & Services – 0.0%
	550			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B–					444,125
				IT Services – 0.0%
	450			Verifone Holdings Inc.					1.375	%		6/15/12				B–					330,188
				Leisure Equipment & Products – 0.0%
	350			Hasbro Inc.					2.750	%		12/01/21				BBB					425,688
				Life Sciences Tools & Services – 0.2%
	350			Apogent Technologies, Inc., Convertible Bonds					0.000	%		12/15/33				A–					487,375
	300			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					274,125
	250			Fisher Scientific International, Inc., Convertible Bonds					2.500	%		10/01/23				A–					434,375
	450			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BB+					448,313
	500			Invitrogen Corporation, Convertible Bond					3.250	%		6/15/25				BB+					523,125
	1,850			Total Life Sciences Tools & Services																	2,167,313
				Machinery – 0.1%
	600			Danaher Corporation, Convertible Bonds					0.000	%		1/22/21				A+					550,500
	350			Ingersoll Rand					4.500	%		4/15/12				BBB+					470,313
	200			Terex Corporation					4.000	%		6/01/15				B					196,750
	1,150			Total Machinery																	1,217,563

 

Nuveen Investments
59

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Media – 0.1%
$	350			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				Ba3				$	312,375
	1,050			Liberty Media Corporation					3.125	%		3/30/23				BB+					896,438
	1,400			Total Media																	1,208,813
				Metals & Mining – 0.8%
	500			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				Baa3					878,125
	3,065			Coeur d'Alene Mines Corporation, Convertible Bond					1.250	%		1/15/24				CCC–					2,689,538
	3,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					1,530,000
	550			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					598,813
	650			Newmont Mining Corporation					1.625	%		7/15/17				BBB+					683,313
	250			Steel Dynamics Inc.					5.125	%		6/15/14				BB+					276,250
	600			United States Steel Corporation					4.000	%		5/15/14				BB					788,250
	8,615			Total Metals & Mining																	7,444,289
				Multiline Retail – 0.0%
	450			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				B					302,063
				Oil, Gas & Consumable Fuels – 0.5%
	250			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				B+					200,625
	550			Chesapeake Energy Corporation, 144A					2.750	%		11/15/35				BB					479,188
	1,100			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB					783,750
	1,000			Chesapeake Energy Corporation, Convertible Bonds					2.250	%		12/15/38				BB					618,750
	650			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB–					432,250
	550			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					398,063
	450			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BB+					394,313
	1,550			USEC Inc., Convertible Bond					3.000	%		10/01/14				CCC					1,007,500
	200			Western Refining Inc., Convertible Bond					5.750	%		6/15/14				B–					179,500
	6,300			Total Oil, Gas & Consumable Fuels																	4,493,939
				Pharmaceuticals – 0.7%
	1,075			Allergan Inc., Convertible Bond					1.500	%		4/01/26				A					1,097,844
	600			King Pharmaceuticals Inc., Convertible Bonds					1.250	%		4/01/26				BB					473,250
	750			Myland Labs, Inc., Convertible Bonds					1.250	%		3/15/12				B+					653,438
	550			Myland Labs, Inc., Convertible Bonds					3.750	%		9/15/15				B+					618,063
	1,100			Teva Pharmaceutical Finance Company B.V., Series D					1.750	%		2/01/26				BBB+					1,241,625
	967			Teva Pharmaceutical Finance, Series B					0.250	%		2/01/24				BBB+					1,376,766
	200			Valeant Pharmaceuticals International Convertible Bond					4.000	%		11/15/13				B–					208,750
	1,400			Watson Pharmaceuticals Inc., Convertible Bond					1.750	%		3/15/23				BB+					1,387,750
	6,642			Total Pharmaceuticals																	7,057,486
				Professional Services – 0.0%
	100			FTI Consulting Inc., Convertible Bond					3.750	%		7/15/12				B+					169,500
				Real Estate – 0.9%
	550			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A–					462,000
	1,250			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A–					1,101,563
	300			Brandywine Operating Partnership, Convertible Bonds					3.875	%		10/15/26				BBB–					269,625
	700			Duke Realty Corporation, Series D					3.750	%		12/01/11				BBB					611,625
	600			ERP Operating LP					3.850	%		8/15/26				BBB+					572,580
	250			Health Care REIT, Inc., Convertible Bonds					4.750	%		12/01/26				Baa2					241,250
	300			Health Care REIT, Inc., Convertible Bonds					4.750	%		7/15/27				Baa2					281,625
	700			Hospitality Properties Trust, Convertible Bonds					3.800	%		3/15/27				BBB					587,125
	400			Host Hotels & Resorts Inc, Convertible Bonds, 144A					2.625	%		4/15/27				BB					341,500
	350			Host Marriot LP, Convertible Bonds, 144A					3.250	%		4/15/24				BB+					339,938
	350			Prologis, Convertible Bonds					2.250	%		4/01/37				BBB–					281,750
	450			Prologis, Convertible Bonds					2.250	%		4/01/37				BBB–					362,250
	400			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB					384,000
	450			Ventas Inc., Convertible Bond					3.875	%		11/15/11				BBB–					429,188
	1,000			Vornado Realty Trust, Convertible Bonds					2.850	%		4/01/27				BBB					874,999

 

Nuveen Investments
60

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Real Estate (continued)
$	600			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB				$	577,499
	750			Vornado Realty, Convertible Bond					3.625	%		11/15/26				BBB					682,499
	650			Weingarten Realty Investment Trust, Convertible Bonds					3.950	%		8/01/26				BBB					620,749
	10,050			Total Real Estate																	9,021,765
				Semiconductors & Equipment – 0.5%
	3,550			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B					2,200,999
	1,100			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A–					929,499
	1,350			Micron Technology, Inc.					1.875	%		6/01/14				B–					803,249
	500			ON Semiconductor Corporation, Convertible Bonds					2.625	%		12/15/26				B+					448,749
	3,500			Qimonda Finance LLC, Convertible Bond, (10)					6.750	%		3/22/13				N/R					104,999
	450			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					331,874
	100			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					73,749
	10,550			Total Semiconductors & Equipment																	4,893,118
				Software – 0.0%
	400			Computer Associates International Inc., Convertible Bond, Series 144A					1.625	%		12/15/09				BBB					410,499
				Specialty Retail – 0.0%
	450			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					433,124
				Textiles, Apparel & Luxury Goods – 0.0%
	300			Iconix Brand Group, Inc., Convertible Notes					1.875	%		6/30/12				B					258,374
				Trading Companies & Distributors – 0.0%
	350			Wesco International, Inc., Convertible Bonds					1.750	%		11/15/26				B					291,812
				Wireless Telecommunication Services – 0.3%
	200			American Tower Corporation					3.000	%		8/15/12				BB+					308,749
	1,100			Nextel Communications, Inc., Convertible Senior Notes					5.250	%		1/15/10				BB					1,094,499
	1,341			NII Holdings Inc.					3.125	%		6/15/12				N/R					1,037,598
	2,641			Total Wireless Telecommunication Services																	2,440,846
$	112,419			Total Convertible Bonds (cost $108,139,835)																	101,383,933
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Corporate Bonds – 9.5% (7.1% of Total Investments)
				Aerospace & Defense – 0.1%
$	1,000			Hexcel Corporation, Term Loan					6.750	%		2/01/15				B+				$	932,500
				Chemicals – 0.3%
	500			Hexion US Finance Corporation					9.750	%		11/15/14				Caa1					227,500
	1,000			Momentive Performance Materials					9.750	%		12/01/14				Ca					450,000
	2,100			Rockwood Specialties Group Inc., Series WI					7.500	%		11/15/14				B–					1,984,500
	3,600			Total Chemicals																	2,662,000
				Commercial Services & Supplies – 0.1%
	1,200			Ticketmaster					10.750	%		8/01/16				BB–					1,074,000
				Containers & Packaging – 0.0%
	500			Owens-Brockway Glass Containers					7.375	%		5/15/16				BB					487,500
				Diversified Telecommunication Services – 0.1%
	1,500			Intelsat Bermuda Limited, Series 144A					9.250	%		8/15/14				BB–					1,458,750

 

Nuveen Investments
61

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Electric Utilities – 0.2%
$	1,000			Sierra Pacific Resources, Series 2006					6.750	%		8/15/17				BB				$	910,831
	2,000			Texas Competitive Electric Holdings, Series A					10.250	%		11/01/15				Caa1					1,255,000
	3,000			Total Electric Utilities																	2,165,831
				Electronic Equipment & Instruments – 0.1%
	1,000			Sanmina-SCI Corporation					8.125	%		3/01/16				B3					733,750
				Energy Equipment & Services – 0.1%
	1,000			Pride International Inc.					7.375	%		7/15/14				BBB–					997,500
				Food & Staples Retailing – 0.3%
	1,000			Duane Reade Inc.					5.129	%		12/15/10				CCC+					932,500
	2,000			Stater Brothers Holdings Inc.					8.125	%		6/15/12				B+					1,980,000
	3,000			Total Food & Staples Retailing																	2,912,500
				Food Products – 0.3%
	2,700			Dole Foods Company					8.750	%		7/15/13				B–					2,497,500
				Health Care Equipment & Supplies – 0.5%
	1,000			Biomet Inc.					11.625	%		10/15/17				B–					985,000
	500			Biomet Inc.					10.000	%		10/15/17				B–					511,250
	4,050			Select Medical Corporation					7.625	%		2/01/15				B3					3,310,875
	5,550			Total Health Care Equipment & Supplies																	4,807,125
				Health Care Providers & Services – 0.6%
	2,000			Community Health Systems, Inc.					8.875	%		7/15/15				B					1,970,000
	1,000			HCA Inc.					9.250	%		11/15/16				BB–					987,500
	2,000			HCA Inc.					8.500	%		4/15/19				BB					1,970,000
	1,800			Select Medical Corporation					8.834	%		9/15/15				CCC+					1,287,000
	6,800			Total Health Care Providers & Services																	6,214,500
				Hotels, Restaurants & Leisure – 1.0%
	1,875			Boyd Gaming Corporation					7.750	%		12/15/12				BB–					1,753,125
	500			Harrahs Operating Company Escrow					11.250	%		6/01/17				B					475,000
	1,000			MGM Grand Inc.					8.375	%		2/01/11				CCC–					805,000
	2,000			Pinnacle Entertainment Inc.					8.250	%		3/15/12				B+					2,000,000
	3,000			Pinnacle Entertainment Inc.					8.750	%		10/01/13				B+					3,030,000
	1,750			Seminole Hard Rock Entertainment, Inc.					3.133	%		3/15/14				BB					1,216,250
	1,000			Universal City Development Partners					11.750	%		4/01/10				B+					955,000
	11,125			Total Hotels, Restaurants & Leisure																	10,234,375
				Household Durables – 0.0%
	500			Jarden Corporation					8.000	%		5/01/16				B2					478,750
				Independent Power Producers & Energy Traders – 0.2%
	900			Dynegy Holdings, Inc., Term Loan					8.375	%		5/01/16				B					767,250
	1,000			NRG Energy Inc.					7.375	%		1/15/17				B1					945,000
	1,900			Total Independent Power Producers & Energy Traders																	1,712,250
				Internet Software & Services – 0.1%
	2,000			Open Solutions Inc., 144A					9.750	%		2/01/15				CCC+					830,000
				IT Services – 0.5%
	1,500			First Data Corporation					9.875	%		9/24/15				B–					1,072,500
	1,950			Global Cash Access LLC					8.750	%		3/15/12				B					1,813,500
	2,250			Sungard Data Systems Inc.					9.125	%		8/15/13				B					2,137,500
	5,700			Total IT Services																	5,023,500

 

Nuveen Investments
62

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Machinery – 0.2%
$	3,000			Greenbrier Companies, Inc.					8.375	%		5/15/15				Caa1				$	1,695,000
				Media – 0.6%
	5,450			Allbritton Communications Company, Series B					7.750	%		12/15/12				B–					4,237,375
	2,000			AMC Entertainment Inc.					8.000	%		3/01/14				CCC+					1,715,000
	2,198			Dex Media West LLC, (7), (9)					9.875	%		8/15/13				D					340,690
	4,000			Medianews Group Inc., (7)					6.375	%		4/01/14				CC					20,400
	3,500			Young Broadcasting Inc., Senior Subordinated Note, (11)					10.000	%		3/01/11				D					8,750
	2,000			Young Broadcasting Inc., (11)					8.750	%		1/15/14				D					5,000
	19,148			Total Media																	6,327,215
				Metals & Mining – 0.4%
	5,200			MagIndustries Corporation, (12)					11.000	%		12/14/12				N/R					3,471,000
	500			Teck Resources Limited					9.750	%		5/15/14				BB+					517,998
	5,700			Total Metals & Mining																	3,988,998
				Multi-Utilities – 0.1%
	500			Northwestern Corporation					5.875	%		11/01/14				A–					509,123
				Oil, Gas & Consumable Fuels – 0.6%
	600			Chaparral Energy Inc.					8.500	%		12/01/15				CCC					375,000
	2,000			Premcor Refining Group Inc.					7.500	%		6/15/15				BBB					2,077,526
	3,000			SemGroup LP, 144A, (11)					8.750	%		11/15/15				N/R					135,000
	1,800			Western Refining Inc.					11.250	%		6/15/17				BB–					1,606,500
	1,500			Whiting Petroleum Corporation					7.000	%		2/01/14				BB–					1,398,750
	8,900			Total Oil, Gas & Consumable Fuels																	5,592,776
				Paper & Forest Products – 0.4%
	2,000			Georgia-Pacific Corporation					8.125	%		5/15/11				B+					2,010,000
	1,000			Georgia-Pacific Corporation					7.700	%		6/15/15				B+					940,000
	500			Georgia-Pacific Corporation					8.250	%		5/01/16				BB–					487,500
	600			Norske Skog Canada Limited					8.625	%		6/15/11				B2					363,000
	4,100			Total Paper & Forest Products																	3,800,500
				Personal Products – 0.2%
	1,600			Prestige Brands Inc.					9.250	%		4/15/12				B–					1,592,000
				Pharmaceuticals – 0.1%
	1,000			Elan Financing Corporation PLC					4.883	%		11/15/11				B					880,000
				Real Estate – 0.3%
	3,000			Felcor Lodging Trust Inc., 144A					3.115	%		12/01/11				B					2,430,000
	1,000			Trustreet Properties, Inc.					7.500	%		4/01/15				AA+					1,028,062
	4,000			Total Real Estate																	3,458,062
				Semiconductors & Equipment – 0.3%
	2,400			Avago Technologies Finance Pte Limited					10.125	%		12/01/13				BB–					2,460,000
	755			Avago Technologies Finance Pte Limited					11.875	%		12/01/15				B					756,888
	337			NXP BV					10.000	%		7/15/13				NA					246,853
	3,492			Total Semiconductors & Equipment																	3,463,741
				Software – 0.3%
	3,250			Telcorida Technologies, Inc.					4.364	%		7/15/12				B					2,535,000
				Specialty Retail – 0.7%
	7,000			Warnaco Inc., Senior Notes					8.875	%		6/15/13				BB+					7,087,500

 

Nuveen Investments
63

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Textiles, Apparel & Luxury Goods – 0.5%
$	4,000			Jostens IH Corporation					7.625	%		10/01/12				BB–				$	4,010,000
	1,000			Quiksilver Inc.					6.875	%		4/15/15				Caa1					535,000
	5,000			Total Textiles, Apparel & Luxury Goods																	4,545,000
				Wireless Telecommunication Services – 0.3%
	1,000			Crown Castle-CC Holdings GS V LLC, 144A					7.750	%		5/01/17				Ba1					980,000
	1,500			IPCS, Inc.					3.153	%		5/01/13				B1					1,192,500
	750			Syniverse Technologies Inc., Series B					7.750	%		8/15/13				B					708,749
	3,250			Total Wireless Telecommunication Services																	2,881,249
$	122,015			Total Corporate Bonds (cost $115,858,037)																	93,578,495
Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Capital Preferred Securities – 21.9% (16.4% of Total Investments)
				Capital Markets – 0.4%
	6,700			Kleinwort Benson Group PLC, (12)					1.704	%		12/31/99				N/R				$	1,943,000
	2,200			MUFG Capital Finance					4.850	%		7/25/56				A2					2,188,072
				Total Capital Markets																	4,131,072
				Commercial Banks – 12.0%
	3,400			Abbey National Capital Trust I					8.963	%		6/30/50				A2					2,674,396
	41,600			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					20,229,456
	1,000			BanPonce Trust I, Series A					8.327	%		2/01/27				Baa2					588,958
	13,400			Barclays Bank PLC, 144A					8.550	%		6/15/15				A2					9,112,000
	1,000			Barclays Bank PLC					7.434	%		12/15/57				A2					670,923
	1,750			BBVA International Preferred S.A., Unipersonal					5.919	%		4/18/58				Aa3					1,033,900
	9,000			C.A. Preferred Funding Trust					7.000	%		1/30/49				Aa3					6,840,000
	5,750			First Empire Capital Trust I					8.234	%		2/01/27				A3					3,798,594
	4,000			First Midwest Bancorp Inc.					6.950	%		12/01/33				Baa1					2,224,092
	3,500			First Union Capital Trust II, Series A					7.950	%		11/15/29				A					2,832,141
	4,800			Fulton Capital Trust I					6.290	%		2/01/36				A3					2,495,779
	1,300			HSBC America Capital Trust I					7.808	%		12/15/26				A2					1,181,051
	9,300			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A1					9,786,678
	15,905			KBC Bank Fund Trust III, 144A					9.860	%		5/02/50				A2					6,998,454
	4,000			KeyCorp Capital III					7.750	%		7/15/29				A3					3,159,384
	11,800			Lloyd's Banking Group PLC					6.413	%		10/01/49				B3					4,253,971
	10,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa1					7,273,910
	6,000			Northgroup Preferred Capital Corporation, 144A					6.378	%		10/15/57				A1					4,513,998
	1,200			Rabobank Nederland					11.000	%		12/31/49				AA–					1,338,383
	2,000			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R					1,204,198
	4,200			Royal Bank of Scotland Group PLC					9.118	%		3/31/49				BB–					3,423,529
	2,600			Shinsei Finance II Cayman Limited, Perpetual Maturity, 144A					7.160	%		7/25/49				BBB–					1,065,189
	6,500			Standard Chartered PLC					7.014	%		7/30/37				BBB					4,626,226
	3,100			Standard Chartered PLC					6.409	%		1/30/57				BBB					2,064,259
	8,900			Swedbank ForeningsSparbanken AB, 144A					9.000	%		9/17/50				A3					4,572,873
	15,290			Unicredito Italiano Capital Trust, 144A					9.200	%		4/05/51				A2					9,849,023
	600			Union Bank of Norway					7.068	%		11/19/49				A2					690,202
				Total Commercial Banks																	118,501,567
				Diversified Financial Services – 1.2%
	1			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB					26,331
	7,870			Bank One Capital III					8.750	%		9/01/30				A1					7,410,290
	4,300			JPM Chase Capital XXV					6.800	%		10/01/37				A1					3,708,561
				Total Diversified Financial Services																	11,145,182
				Diversified Telecommunication Services – 1.6%
	19			Centaur Funding Corporation, Series B, 144A					9.080	%		4/21/20				BBB					15,407,100

 

Nuveen Investments
64

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Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Insurance – 5.9%
$	2,000			Allstate Corporation					6.500	%		5/15/57				Baa1				$	1,490,000
	4,000			AXA S.A., 144A					6.463	%		12/14/49				BBB+					2,523,856
	1,000			AXA S.A., 144A					6.379	%		6/14/57				BBB+					641,554
	4,000			Everest Reinsurance Holdings, Inc.					6.600	%		5/15/37				Baa1					2,483,320
	750			Great West Life and Annuity Insurance Company					7.153	%		5/16/46				A–					578,229
	7,000			Hartford Financial Services Group Inc.					8.125	%		6/15/18				Baa2					4,906,860
	3,500			Liberty Mutual Group					7.800	%		3/15/37				Baa3					1,963,556
	1,550			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					844,962
	4,000			Nationwide Financial Services Inc.					6.750	%		5/15/67				Baa2					2,368,232
	7,600			Oil Insurance Limited, 144A					7.558	%		12/30/49				Baa1					3,735,278
	21,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					13,330,000
	2,700			Progressive Corporation					6.700	%		6/15/67				A2					1,906,435
	5,100			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					4,239,074
	10,000			Prudential PLC					6.500	%		6/29/49				A–					6,425,000
	22,200			XL Capital, Limited					6.500	%		10/15/57				BBB–					10,891,431
				Total Insurance																	58,327,787
				Real Estate – 0.2%
	1,644			CBG Florida REIT Corporation					7.114	%		11/15/49				CC					258,412
	3			Sovereign Real Estate Investment Trust					12.000	%		10/31/50				BBB+					2,065,000
				Total Real Estate																	2,323,412
				Road & Rail – 0.6%
	7,600			Burlington Northern Santa Fe Funding Trust I					6.613	%		12/15/55				BBB–					6,027,499
				Total Capital Preferred Securities (cost $352,018,505)																	215,863,619

 

Shares				Description (1)				Value
				Investment Companies – 1.8% (1.4% of Total Investments)
	682,749			Blackrock Preferred Income Strategies Fund				$	5,339,097
	49,293			Blackrock Preferred Opportunity Trust					418,005
	679,959			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					7,132,770
	469,287			John Hancock Preferred Income Fund III					5,852,009
				Total Investment Companies (cost $37,452,153)					18,741,881
Shares				Description (1)				Value
				Warrants – 0.3% (0.2% of Total Investments)
	383,295			Endeavor Financil Corporation				$	171,357
	716,678			NovaGold Resources Inc					2,529,085
				Total Warrants (cost $193,463)					2,700,442

 

Principal Amount (000)				Description (1)				Coupon				Maturity				Value
				Short-Term Investments – 3.6% (2.7% of Total Investments)
$	35,476			Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09, repurchase price $35,475,850, collateralized by: $19,085,000 U.S. Treasury Bills, 0.000%, due 4/01/10, value $19,027,745, and $16,310,000 U.S. Treasury Notes, 3.875%, due 7/15/10, value $17,159,751					0.000	%		7/01/09				$	35,475,850
$	35,476			Total Short-Term Investments (cost $35,475,850)													35,475,850
				Total Investments (cost $1,723,775,299) – 133.5%													1,316,839,114

 

Nuveen Investments
65

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares				Description (1)				Value
				Common Stocks Sold Short – (0.7)%
				Chemicals – (0.1)%
	(15,600	)		Sigma-Aldrich Corporation				$	(773,136	)
				Diversified Consumer Services – (0.1)%
	(5,550	)		Strayer Education Inc.					(1,210,511	)
				Health Care Equipment & Supplies – (0.2)%
	(20,600	)		C. R. Bard, Inc.					(1,533,670	)
				Hotels, Restaurants & Leisure – (0.0)%
	(10,500	)		P.F. Changs China Bistro, Inc., (2)					(336,630	)
				Internet & Catalog Retail – (0.0)%
	(4,100	)		Amazon.com, Inc., (2)					(343,006	)
				Personal Products – (0.1)%
	(9,000	)		Chattem Inc., (2)					(612,900	)
				Specialty Retail – (0.2)%
	(15,200	)		AutoZone, Inc., (2)					(2,296,872	)
				Total Common Stocks Sold Short (proceeds $7,369,470)					(7,106,725	)

 

Number of Contracts				Type				Notional Amount (13)				Expiration Date				Strike Price				Value
				Call Options Written – (0.4)%
	(470	)		Ameren Corporation				$	(1,410,000	)		9/19/09				$	30.0			$	(7,050	)
	(888	)		AngloGold Ashanti Limited					(3,108,000	)		1/16/10					35.0				(577,200	)
	(734	)		Barrick Gold Corporation					(3,670,000	)		1/16/10					50.0				(51,380	)
	(1,640	)		BJ Services Company					(2,460,000	)		1/16/10					15.0				(262,400	)
	(417	)		BP PLC					(2,085,000	)		1/16/10					50.0				(110,505	)
	(417	)		BP PLC					(2,502,000	)		1/16/10					60.0				(20,850	)
	(851	)		Cameco Corporation					(1,914,750	)		1/16/10					22.5				(459,540	)
	(111	)		Chevron Corporation					(943,500	)		1/16/10					85.0				(7,215	)
	(112	)		Chevron Corporation					(1,120,000	)		1/16/10					100.0				(1,120	)
	(1,380	)		Deutsche Telekom AG					(1,725,000	)		1/16/10					12.5				(113,850	)
	(1,552	)		eBay Inc.					(3,104,000	)		1/16/10					20.0				(142,784	)
	(885	)		Gold Fields Limited					(1,106,250	)		7/18/09					12.5				(33,188	)
	(430	)		Health Net Inc.					(860,000	)		1/16/10					20.0				(39,775	)
	(900	)		Ivanhoe Mines Ltd.					(675,000	)		1/16/10					7.5				(69,750	)
	(400	)		Loews Corporation					(1,200,000	)		1/16/10					30.0				(65,000	)
	(798	)		Newmont Mining Corporation					(4,389,000	)		1/16/10					55.0				(93,366	)
	(1,098	)		Nippon Telegraph & Telephone Corporation					(2,470,500	)		9/19/09					22.5				(52,155	)
	(1,098	)		Nippon Telegraph & Telephone Corporation					(2,745,000	)		9/19/09					25.0				(21,960	)
	(850	)		Pfizer Inc.					(1,275,000	)		1/16/10					15.0				(112,200	)
	(448	)		Royal Dutch Shell PLC					(2,240,000	)		7/18/09					50.0				(62,720	)
	(162	)		Scholastic Corporation					(364,500	)		12/19/09					22.5				(27,135	)
	(1,733	)		Smithfield Foods Inc.					(3,032,750	)		1/16/10					17.5				(212,292	)
	(530	)		Tech Data Corporation					(1,590,000	)		1/16/10					30.0				(251,750	)
	(2,580	)		Tyson Foods, Inc.					(2,580,000	)		1/16/10					10.0				(851,400	)
	(1,587	)		UBS AG					(2,777,250	)		1/16/10					17.5				(87,285	)
	(22,071	)		Total Call Options Written (premiums received $4,560,813)					(51,347,500	)											(3,733,870	)

 

Nuveen Investments
66

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Type				Put Counterparty				Call Notional Amount				Notional Amount (14)				Expiration Date				Strike Price				Value
				Put Options Written – 0.0% (0.0% of Total Investments)
Equity Option				Pfizer Inc.(121,000)(1,815,000)1/16/10$15.0																				$	(192,995	)
				Total Put Options Written (premiums received $181,495)																					(192,995	)
				Borrowings – (15.9)% (15), (16)																					(157,000,000	)
				Other Assets Less Liabilities – 0.3%																					3,524,591
				FundPreferred Shares, at Liquidation Value – (16.8)% (15)																					(165,800,000	)
				Net Assets Applicable to Common Shares – 100%																				$	986,530,115

 

Nuveen Investments
67

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  (1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.

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

  (3)  Investment, or portion of investment, has been pledged to collateralize the net payment obligations under call options written.

  (4)  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.

  (5)  Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans may occur. As a result, the actual remaining maturity of Senior Loans held may be substantially less than the stated maturities shown.

  (6)  Senior Loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

    Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan.

  (7)  Non-income producing; denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

  (8)  Position, or portion of position, represents an unfunded Senior Loan Commitment outstanding at June 30, 2009.

  (9)  This issue is under the protection of the Federal Bankruptcy Court.

  (10)  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. Subsequent to the reporting period, the Fund's Adviser directed the Fund's custodian to "write-off" any remaining recorded balances on the Fund's records.

  (11)  This issue is under protection of the Federal Bankruptcy Court. As a result, the Adviser has concluded this issue is not likely to meet its interest payment obligations and has directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records.

  (12)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.

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

  (14)  Call Notional Amount is calculated by multiplying the Put Notional Amount by the Strike Price.

  (15)  Borrowings and FundPreferred Shares, at Liquidation Value as a percentage of Total Investments are 11.9% and 12.6%, respectively.

  (16)  The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of June 30, 2009, investments with a value of $442,958,708 have been pledged as collateral for Borrowings.

  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.

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  PPLUS  PreferredPlus Trust.

  SATURNS  Structured Asset Trust Unit Repackaging.

  TBD  Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the Borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

See accompanying notes to financial statements.

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Statement of

ASSETS & LIABILITIES

  June 30, 2009 (Unaudited)

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Assets
Investments, at value (cost $1,171,525,714 and $1,723,775,299, respectively)				$	902,854,415			$	1,316,839,114
Cash					289,175				438,557
Deposits with brokers for securities sold short and options written					6,207,937				9,464,849
Cash denominated in foreign currencies (cost $110,363 and $181,726, respectively)					109,186				180,322
Receivables:
Dividends					640,105				1,661,623
Interest					5,947,193				8,339,767
Investments sold					10,760,352				16,478,747
Reclaims					92,183				139,703
Other assets					174,136				194,547
Total assets					927,074,682				1,353,737,229
Liabilities
Borrowings					100,245,000				157,000,000
Securities sold short, at value (proceeds $4,980,887 and $7,369,470, respectively)					4,799,613				7,106,725
Call options written, at value (premiums received $3,003,785 and $4,560,813, respectively)					2,593,349				3,733,870
Put options written, at value (premiums received $0 and $181,495, respectively)					—				192,995
Payables:
Common share dividends					13,939,564				20,348,534
Common shares repurchased					55,170				91,916
FundPreferred share dividends					3,885				5,951
Investments purchased					5,760,379				11,181,404
Accrued expenses:
Interest on borrowings					15,795				24,102
Management fees					532,319				682,186
Other					374,960				1,039,431
Total liabilities					128,320,034				201,407,114
FundPreferred shares, at liquidation value					118,650,000				165,800,000
Net assets applicable to Common shares				$	680,104,648			$	986,530,115
Common shares outstanding					99,335,628				139,598,100
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)				$	6.85			$	7.07
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share				$	993,356			$	1,395,981
Paid-in surplus					1,349,885,076				1,924,027,841
Undistributed (Over-distribution of) net investment income					(13,461,250	)			(20,809,468	)
Accumulated net realized gain (loss) from investments, foreign currency and derivative transactions					(389,237,842	)			(512,236,754	)
Net unrealized appreciation (depreciation) of investments, foreign currency and derivative transactions					(268,074,692	)			(405,847,485	)
Net assets applicable to Common shares				$	680,104,648			$	986,530,115
Authorized shares:
Common					Unlimited				Unlimited
FundPreferred					Unlimited				Unlimited

 

See accompanying notes to financial statements.

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Statement of

OPERATIONS

  Six Months Ended June 30, 2009 (Unaudited)

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Investment Income
Dividends (net of foreign tax withheld of $203,825 and $301,930, respectively)				$	16,294,174			$	23,987,508
Interest					13,429,710				21,710,933
Fees					2,483,702				3,607,231
Total investment income					32,207,586				49,305,672
Expenses
Management fees					3,423,368				5,000,475
Dividend expense on securities sold short					7,929				11,528
FundPreferred shares – auction fees					130,307				181,164
FundPreferred shares – dividend disbursing agent fees					16,612				26,530
Shareholders' servicing agent fees and expenses					3,518				4,561
Interest expense on borrowings					1,556,568				2,524,125
Custodian's fees and expenses					108,569				140,506
Trustees' fees and expenses					13,693				20,280
Professional fees					58,234				72,426
Shareholders' reports – printing and mailing expenses					100,510				175,888
Stock exchange listing fees					16,906				23,765
Investor relations expense					81,752				109,065
Other expenses					52,228				71,566
Total expenses before custodian fee credit and expense reimbursement					5,570,194				8,361,878
Custodian fee credit					(27	)			(34	)
Expense reimbursement					(759,229	)			(1,360,775	)
Net expenses					4,810,938				7,001,070
Net investment income					27,396,648				42,304,602
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments, securities sold short and foreign currency					(109,965,953	)			(168,757,037	)
Interest rate swaps					(170,494	)			(231,988	)
Options written					7,506,659				10,689,551
Change in net unrealized appreciation (depreciation) of:
Investments, securities sold short and foreign currency					235,295,036				312,078,857
Interest rate swaps					164,738				224,156
Options written					(6,432,027	)			(8,916,121	)
Net realized and unrealized gain (loss)					126,397,959				145,087,418
Distributions to FundPreferred Shareholders
From and in excess of net investment income					(202,578	)			(279,846	)
Decrease in net assets applicable to Common shares from distributions to FundPreferred shareholders					(202,578	)			(279,846	)
Net increase (decrease) in net assets applicable to Common shares from operations				$	153,592,029			$	187,112,174

 

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS (Unaudited)

				Multi-Strategy Income and Growth (JPC)								Multi-Strategy Income and Growth 2 (JQC)
				Six Months Ended 6/30/09				Year Ended 12/31/08				Six Months Ended 6/30/09				Year Ended 12/31/08
Operations
Net investment income				$	27,396,648			$	85,031,178			$	42,304,602			$	120,527,947
Net realized gain (loss) from:
Investments, securities sold short and foreign currency					(109,965,953	)			(294,158,827	)			(168,757,037	)			(359,847,633	)
Futures contracts					—				120,926				—				164,214
Interest rate swaps					(170,494	)			(158,849	)			(231,988	)			(177,435	)
Options written					7,506,659				7,409,398				10,689,551				10,084,230
Change in net unrealized appreciation (depreciation) of:
Investments, securities sold short and foreign currency					235,295,036				(364,959,706	)			312,078,857				(517,460,941	)
Interest rate swaps					164,738				(750,783	)			224,156				(1,069,643	)
Options written					(6,432,027	)			7,662,991				(8,916,121	)			10,773,199
Distributions to FundPreferred shareholders:
From and in excess of net investment income					(202,578	)			—				(279,846	)			—
From net investment income					—				(14,437,529	)			—				(19,760,201	)
Net increase (decrease) in net assets applicable to Common shares from operations					153,592,029				(574,241,201	)			187,112,174				(756,766,263	)
Distributions to Common Shareholders
From and in excess of net investment income					(29,821,059	)			—				(43,316,703	)			—
From net investment income					—				(68,962,084	)			—				(100,913,728	)
Tax return of capital					—				(30,441,444	)			—				(39,376,498	)
Decrease in net assets applicable to Common shares from distributions to Common shareholders					(29,821,059	)			(99,403,528	)			(43,316,703	)			(140,290,226	)
Capital Share Transactions
Common shares repurchased					(363,971	)			—				(734,755	)			(426,558	)
Net increase (decrease) in net assets applicable to Common shares from capital share transactions					(363,971	)			—				(734,755	)			(426,558	)
Net increase (decrease) in net assets applicable to Common shares					123,406,999				(673,644,729	)			143,060,716				(897,483,047	)
Net assets applicable to Common shares at the beginning of period					556,697,649				1,230,342,378				843,469,399				1,740,952,446
Net assets applicable to Common shares at the end of period				$	680,104,648			$	556,697,649			$	986,530,115			$	843,469,399
Undistributed (Over-distribution of) net investment income at the end of period				$	(13,461,250	)		$	(10,834,261	)		$	(20,809,468	)		$	(19,517,521	)

 

See accompanying notes to financial statements.

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Statement of

CASH FLOWS

  Six Months Ended June 30, 2009 (Unaudited)

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations				$	153,592,029			$	187,112,174
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments and securities sold short					(166,568,310	)			(235,755,703	)
Proceeds from sales and maturities of investments and securities sold short					204,363,935				305,993,060
Proceeds from (Purchases of) short-term investments, net					(2,219,142	)			(15,776,934	)
Proceeds from closed foreign currency spot contracts					1,146,289				1,287,221
Cash paid for terminated options written					(4,459	)			(6,306	)
Premiums received for options written					3,024,157				4,757,293
Proceeds from (Payments for) closed interest rate swaps					(170,494	)			(231,988	)
Amortization (Accretion) of premiums and discounts, net					(1,243,112	)			(1,454,506	)
(Increase) Decrease in receivable for dividends					399,225				(167,199	)
(Increase) Decrease in receivable for interest					887,349				1,069,678
(Increase) Decrease in receivable for investments sold					(3,105,341	)			(9,297,485	)
(Increase) Decrease in receivable for reclaims					(43,860	)			(71,533	)
(Increase) Decrease in other assets					(38,043	)			(4,771	)
Increase (Decrease) in payable for FundPreferred share dividends					1,084				2,459
Increase (Decrease) in payable for investments purchased					2,280,566				5,950,724
Increase (Decrease) in accrued interest on borrowings					(6,947	)			(10,488	)
Increase (Decrease) in accrued management fees					52,280				(8,869	)
Increase (Decrease) in accrued other liabilities					(282,699	)			(189,147	)
Net realized (gain) loss from investments, securities sold short and foreign currency					109,965,953				168,757,037
Net realized (gain) loss from interest rate swaps					170,494				231,988
Net realized (gain) loss from options written					(7,506,659	)			(10,689,551	)
Net realized (gain) loss from paydowns					(354,082	)			(1,383,504	)
Change in net unrealized (appreciation) depreciation of investments, securities sold short and foreign currency					(235,295,036	)			(312,078,857	)
Change in net unrealized (appreciation) depreciation of interest rate swaps					(164,738	)			(224,156	)
Change in net unrealized (appreciation) depreciation of options written					6,432,027				8,916,121
Net cash provided by (used in) operating activities					65,312,466				96,726,758
Cash Flows from Financing Activities:
Increase (Decrease) in cash overdraft balance					(1,612,898	)			(2,041,770	)
Increase (Decrease) in borrowings					(45,300,000	)			(67,200,000	)
Increase (Decrease) in payable for FundPreferred shares noticed for redemption, at liquidation value					(92,900,000	)			(95,525,000	)
Increase (Decrease) in payable for Common shares repurchased					55,170				91,916
Cash distributions paid to Common shareholders					(15,881,495	)			(22,968,169	)
Cost of Common shares repurchased					(363,971	)			(734,755	)
Net cash provided by (used in) financing activities					(156,003,194	)			(188,377,778	)
Net Increase (Decrease) in Cash and Cash Equivalents					(90,690,728	)			(91,651,020	)
Cash and cash equivalents at the beginning of period					97,187,840				101,554,426
Cash and Cash Equivalents at the End of Period				$	6,497,112			$	9,903,406
Supplemental Disclosure of Cash Flow Information
Cash paid for interest on borrowings was $1,563,515 and $2,534,613 for Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC), respectively.

 

See accompanying notes to financial statements.

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Notes to

FINANCIAL STATEMENTS (Unaudited)

1. General Information and Significant Accounting Policies

The funds covered in this report and their corresponding Common share New York Stock Exchange symbols are Nuveen Multi-Strategy Income and Growth Fund (JPC) and Nuveen Multi-Strategy Income and Growth Fund 2 (JQC) (collectively, the "Funds"). The Funds are registered under the Investment Company Act of 1940, as amended closed-end management investment companies.

Each Fund seeks to provide high current income by investing primarily in a portfolio of preferred securities, convertible securities and related instruments, domestic and international equity securities and debt instruments including high yield debt and senior loans. Each Fund's secondary objective is total return.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their 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 security 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. Prices of fixed-income securities, senior loans and derivative instruments are provided by an independent pricing service approved by the Funds' Board of Trustees. The value of options written are based on the last sale price in the case of exchange-traded options or, in the case of options traded in the OTC market, the last asked price. 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 Funds, 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.

The senior loans in which the Funds invest are not listed on an organized exchange and the secondary market for such investments may be less liquid relative to markets for other fixed-income securities. Consequently, the value of senior loans, determined as described above, may differ significantly from the value that would have been determined had there been an active market for that senior loan.

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade date for senior loans purchased in the "secondary market" is the date on which the transaction is entered into. 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 Funds have 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, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had outstanding when-issued/delayed delivery purchase commitments of $600,000 and $1,880,000 respectively.

Investment Income

Dividend income on securities purchased and dividend expense on securities sold short are 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. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received.

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each 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 Funds 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 Funds 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.

Dividends and Distributions to Common Shareholders

Distributions to Common 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.

The Funds make quarterly cash distributions to Common shareholders of a stated dollar amount per share. Subject to approval and oversight by the Funds' Board of Trustees, each Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Fund's investment strategy through regular quarterly distributions (a "Managed Distribution Program"). Total distributions during a calendar year generally will be made from each Fund's net investment income, net realized capital gains and net unrealized capital gains in the Fund's portfolio, if any. The portion of distributions paid from net unrealized gains, if any, would be distributed from the Fund's assets and would be treated by shareholders as a non-taxable distribution for tax purposes. In the event that total distributions during a calendar year exceed a Fund's total return on net asset value, the difference will be treated as a return of capital for tax purposes and will reduce net asset value per share. If a Fund's total return on net asset value exceeds total distributions during a calendar year, the excess will be reflected as an increase in net asset value per share. The final determination of the source and character of all distributions for the fiscal year are made after the end of the fiscal year and are reflected in the financial statements contained in the annual report as of December 31 each year.

The actual character of distributions made by the Funds during the fiscal year ended December 31, 2008, is reflected in the accompanying financial statements.

The distributions made by the Funds during the six months ended June 30, 2009, are provisionally classified as being "From and in excess of net investment income," and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating "Undistributed (Over-distribution of) net investment income" as of June 30, 2009, the distribution amounts provisionally classified as "From and in excess of net investment income" were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2009, reflect an over-distribution of net investment income.

FundPreferred Shares

The Funds have issued and outstanding FundPreferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's FundPreferred shares are issued in more than one Series. The dividend rate paid by the Funds on each Series is determined

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every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of June 30, 2009, the number of FundPreferred shares outstanding, by Series and in total, for each Fund is as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Number of shares:
Series M					791				663
Series M2					—				663
Series T					791				663
Series T2					—				663
Series W					791				663
Series W2					—				664
Series TH					791				664
Series TH2					—				663
Series F					791				663
Series F2					791				663
Total					4,746				6,632

 

Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the FundPreferred shares issued by the Funds than there were offers to buy. This meant that these auctions "failed to clear," and that many FundPreferred shareholders who wanted to sell their shares in these auctions were unable to do so. FundPreferred shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions as calculated in accordance with the pre-established terms of the FundPreferred shares.

These developments have generally not affected the portfolio management or investment policies of the Funds. However, one implication of these auction failures for Common shareholders is that the Funds' cost of leverage will likely to be higher, at least temporarily, than it otherwise would have been had the auctions continued to be successful. As a result, the Funds' future Common share earnings may be lower than they otherwise would have been.

Effective May 1, 2009, auction participation fees with respect to auctions that have failed have been reduced from 25 bps (annualized) to 15 bps (annualized). All auction participants have signed new agreements incorporating this change.

As of June 30, 2009, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) redeemed $589,350,000 and $799,200,000 of their outstanding FundPreferred shares at liquidation value, respectively.

Short Sales

Each Fund is authorized to make short sales of securities. To secure its obligation to deliver securities sold short, each Fund has instructed the custodian to segregate assets of the Fund as collateral with an equivalent amount of the securities sold short. The collateral required is determined by reference to the market value of the short positions. Each Fund is obligated to pay to the party to which the securities were sold short, dividends declared on the stock by the issuer and recognizes such amounts as "Dividend expense on securities sold short" on the Statement of Operations. Short sales are valued daily and the corresponding unrealized gains or losses are recognized as a component of "Change in net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency" on the Statement of Operations.

Liabilities for securities sold short are reported at market value in the accompanying financial statements. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the related amounts shown on the Statement of Assets and Liabilities. Each Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. Each Fund's loss on a short sale is potentially unlimited because there is no upward limit on the price a borrowed security could attain. Each Fund will realize a gain if the price of the security declines between those dates.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions including foreign currency forward, futures, options and swap contracts. To the extent that a Fund invests in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund's investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and dividend and interest income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments and income and expenses are translated on the respective

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.

The realized and unrealized gains or losses resulting from changes in foreign exchange rates are recognized as a component of "Net realized gain (loss) from investments, securities sold short and foreign currency" and "Change in net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency" on the Statement of Operations.

Futures Contracts

Each Fund is authorized to invest in futures contracts in order to gain exposure to, or hedge against changes in equity markets. Upon entering into a futures contract, a 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 a 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, a 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. The Funds did not invest in futures contracts during the six months ended June 30, 2009.

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.

Interest Rate Swaps

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in interest rate swap transactions in an attempt to manage such risk. Each Fund's use of interest rate swap contracts is intended to mitigate the negative impact that an increase in short-term interest rates could have on Common share net earnings as a result of leverage. Interest rate swap contracts involve each Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment that is intended to approximate each Fund's variable rate payment obligation on FundPreferred shares or any variable rate borrowing. The payment obligation is based on the notional amount of the interest rate swap contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that each Fund is to receive. Interest rate swap positions are valued daily. Each Fund accrues the amounts to be paid or received and the variable rate payment expected to be received or paid on interest rate swap contracts on a daily basis, and recognizes the daily change in the market value of the Fund's contractual rights and obligations under the contracts. The net amount recorded for these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps" with the change during the fiscal period reflected on the Statement of Operations as "Change in net unrealized appreciation (depreciation) of interest rate swaps." Once periodic payments are settled in cash, the net amount is recognized as a component of "Net realized gain (loss) from interest rate swaps" on the Statement of Operations, in addition to net realized gain or loss recorded upon the termination of interest rate swap contracts. For tax purposes, periodic payments are treated as ordinary income or expense.

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The average notional amount balance on interest rate swap contracts outstanding during the six months ended June 30, 2009, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Interest rate swap contract average notional balance				$	23,666,667			$	32,333,333

 

Refer to Footnote 3—Derivative Instruments and Hedging Activities for further details on interest rate swap contract activity.

Options Transactions

Each Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to purchase and write (sell) call and put options on securities, futures, swaps ("swaptions") or currencies in an attempt to manage this and other possible risks. The purchase of put options involves the risk of loss of all or a part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities. The risk associated with purchasing put options is limited to the premium paid. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of "Call or Put options written, at value" on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option expires or a Fund enters into a closing purchase transaction. The changes in the value of options written during the reporting period are recognized as "Change in net unrealized appreciation (depreciation) of options written" on the Statement of Operations. When a written call or put option expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is recognized as a "Net realized gain (loss) from options written" on the Statement of Operations. Each Fund, as a writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

The average notional amount balances for options written during the six months ended June 30, 2009, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional balances for:
Call options written				$	(40,131,667	)		$	(58,123,833	)
Put options written					—				(40,333	)

 

Refer to Footnote 3—Derivative Instruments and Hedging Activities for further details on call options written.

Market and Counterparty Credit Risk

In the normal course of business each 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 each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of each 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 a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearing house, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments Inc. ("Nuveen"), 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 each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds 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 each 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.

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. Such securities are included in the Portfolios of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each 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 a Fund overdraws its account at the custodian bank.

Indemnifications

Under the Funds' organizational documents, their Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect 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 applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

In determining the value of the Funds' 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 each Fund's fair value measurements as of June 30, 2009:

Multi-Strategy Income and Growth (JPC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks				$	159,103,305			$	54,184,732			$	—			$	213,288,037
Preferred Securities*					262,908,377				166,280,417				464,000				429,652,794
Variable Rate Senior Loan Interests					—				88,484,564				—				88,484,564
Convertible Bonds					—				70,910,346				—				70,910,346
Corporate Bonds					—				69,032,341				2,469,750				71,502,091
Investment Companies					9,138,644				—				—				9,138,644
Warrants					117,401				1,726,793				—				1,844,194
Short-Term Investments					18,033,745				—				—				18,033,745
Common Stocks Sold Short					(4,799,613	)			—				—				(4,799,613	)
Options Written					(2,593,349	)			—				—				(2,593,349	)
Total				$	441,908,510			$	450,619,193			$	2,933,750			$	895,461,453

 

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Multi-Strategy Income and Growth 2 (JQC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks				$	235,309,983			$	80,711,909			$	—			$	316,021,892
Preferred Securities*					389,804,203				233,924,968				1,943,000				625,672,171
Variable Rate Senior Loan Interests					—				123,264,450				—				123,264,450
Convertible Bonds					—				101,383,933				—				101,383,933
Corporate Bonds					—				90,107,495				3,471,000				93,578,495
Investment Companies					18,741,881				—				—				18,741,881
Warrants					171,357				2,529,085				—				2,700,442
Short-Term Investments					35,475,850				—				—				35,475,850
Common Stocks Sold Short					(7,106,725	)			—				—				(7,106,725	)
Options Written					(3,926,865	)			—				—				(3,926,865	)
Total				$	668,469,684			$	631,921,840			$	5,414,000			$	1,305,805,524

 

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

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

				Multi-Strategy Income and Growth (JPC) Level 3 Investments				Multi-Strategy Income and Growth 2 (JQC) Level 3 Investments
Balance at beginning of period				$	3,508,965			$	4,931,519
Gains (losses):
Net realized gains (losses)					—				—
Net change in unrealized appreciation (depreciation)					(1,062,806	)			(1,493,673	)
Net purchases at cost (sales at proceeds)					—				—
Net discounts (premiums)					23,591				33,154
Net transfers in to (out of) at end of period fair value					464,000				1,943,000
Balance at end of period				$	2,933,750			$	5,414,000

 

Multi-Strategy Income and Growth's (JPC) and Multi-Strategy Income and Growth 2's (JQC) "Change in net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency" presented on the Statement of Operations includes $(1,062,806) and $(1,493,673), respectively, of net appreciation (depreciation) related to securities classified as Level 3 at period end.

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) "Disclosures about Derivative Instruments and Hedging Activities." The 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 Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations. Even though the Funds' 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 Funds were invested during and at the end of the reporting period, refer to each Fund's Portfolio of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

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

Multi-Strategy Income and Growth (JPC)

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Equity Price

Options

—

$

—

Call options written, at value

$

2,593,349

 

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

Multi-Strategy Income and Growth 2 (JQC)

								Location on the Statement of Assets and Liabilities
Underlying				Derivative				Asset Derivatives								Liability Derivatives
Risk Exposure				Instrument				Location				Value				Location				Value
Equity Price				Options					—			$	—			Call options written, at value				$	3,733,870
Equity Price				Options					—				—			Put options written, at value					192,995
Total												$	—							$	3,926,865

 

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 Interest Rate Swaps				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Interest Rate				$	(170,494	)		$	(231,988	)
Net Realized Gain (Loss) from Options Written				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Equity Price				$	7,506,659			$	10,689,551
Change in Net Unrealized Appreciation (Depreciation) of Interest Rate Swaps				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Interest Rate				$	164,738			$	224,156
Change in Net Unrealized Appreciation (Depreciation) of Options Written				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Equity Price				$	(6,432,027	)		$	(8,916,121	)

 

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4. Fund Shares

Common Shares

Transactions in Common shares were as follows:

				Multi-Strategy Income and Growth (JPC)								Multi-Strategy Income and Growth 2 (JQC)
				Six Months Ended 6/30/09				Year Ended 12/31/08				Six Months Ended 6/30/09				Year Ended 12/31/08
Common shares repurchased					(67,900	)			—				(133,200	)			(38,900	)
Weighted average price per Common share repurchased				$	5.34				—			$	5.50			$	10.95
Weighted average discount per Common share repurchased					20.65	%			—				21.21	%			12.44	%

 

FundPreferred Shares

Transactions in FundPreferred shares were as follows:

				Multi-Strategy Income and Growth (JPC)																Multi-Strategy Income and Growth 2 (JQC)
				Six Months Ended 6/30/09								Year Ended 12/31/08								Six Months Ended 6/30/09								Year Ended 12/31/08
				Shares				Amount				Shares				Amount				Shares				Amount				Shares				Amount
FundPreferred shares redeemed and/or noticed for redemption:
Series M					—			$	—				3,929			$	98,225,000				—			$	—				3,197			$	79,925,000
Series M2					—				—				—				—				—				—				3,197				79,925,000
Series T					—				—				3,929				98,225,000				—				—				3,197				79,925,000
Series T2					—				—				—				—				—				—				3,197				79,925,000
Series W					—				—				3,929				98,225,000				—				—				3,197				79,925,000
Series W2					—				—				—				—				—				—				3,196				79,900,000
Series TH					—				—				3,929				98,225,000				—				—				3,196				79,900,000
Series TH2					—				—				—				—				—				—				3,197				79,925,000
Series F					—				—				3,929				98,225,000				—				—				3,197				79,925,000
Series F2					—				—				3,929				98,225,000				—				—				3,197				79,925,000
					—			$	—				23,574			$	589,350,000				—			$	—				31,968			$	799,200,000

 

5. Investment Transactions

Purchases and sales (including maturities and proceeds from securities sold short, but excluding short-term investments, options written and derivative transactions) during the six months ended June 30, 2009, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Purchases				$	166,568,310			$	235,755,703
Sales and maturities					204,363,935				305,993,060

 

Transactions in options written during the six months ended June 30, 2009, were as follows:

				Multi-Strategy Income and Growth (JPC)								Multi-Strategy Income and Growth 2 (JQC)
				Number of Contracts				Premiums Received				Number of Contracts				Premiums Received
Outstanding, beginning of period					23,276			$	7,490,746				33,395			$	10,680,873
Options written					15,565				3,024,157				23,523				4,757,293
Options terminated in closing purchase transactions					(1,335	)			(352,225	)			(1,888	)			(508,353	)
Options expired					(21,322	)			(134,434	)			(30,359	)			(9,990,456	)
Options exercised					(948	)			(7,024,459	)			(1,389	)			(197,049	)
Outstanding, end of period					15,236			$	3,003,785				23,282			$	4,742,308

 

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 the treatment of paydown gains and losses, recognition of premium amortization, timing differences in the recognition of income on REIT investments 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

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

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 values of the Funds.

At June 30, 2009, the cost of investments (excluding proceeds received on securities sold short and options written) was as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Cost of investments				$	1,186,462,150			$	1,748,103,474

 

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding proceeds received on securities sold short and options written) at June 30, 2009, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Gross unrealized:
Appreciation				$	21,045,152			$	29,200,687
Depreciation					(304,652,887	)			(460,465,047	)
Net unrealized appreciation (depreciation) of investments $(					283,607,735	)		$	(431,264,360	)

 

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

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
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 Funds' last tax year ended December 31, 2008, was designated for purposes of the dividends paid deduction as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Distributions from net ordinary income *				$	83,808,086			$	121,315,972
Distributions from net long-term capital gains					—				—
Tax return of capital					30,441,444				39,376,498

 

*  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 Funds' last tax year end, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had unused capital loss carryforwards of $215,894,596 and $268,355,995, respectively, available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforward for both Funds will both expire on December 31, 2016.

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The Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through December 31, 2008, the Funds' last tax year end, ("post-October losses") in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year.

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Post-October capital losses				$	65,781,711			$	79,115,027

 

Calculation of certain of the amounts presented above (namely, undistributed net ordinary income for tax purposes) involves the application of complex aspects of the Internal Revenue Code to certain securities held by the Funds. In calculating the amount of taxable income derived from these securities, management made assumptions as to the correct tax treatment of certain of those securities and made estimates about the tax characteristics of income received from those securities, based on information currently available to the Funds. The use of these assumptions and estimates will not affect the qualification of the Funds as regulated investment companies under Subchapter M of the Internal Revenue Code, nor is it expected that these assumptions and estimates will be used in computing taxable income for purposes of preparing the federal and state income and excise tax returns.

7. Management Fees and Other Transactions with Affiliates

Each 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 each individual 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, for each Fund is based upon the average daily managed net assets of each Fund as follows:

Average Daily Managed Net Assets (1)				Fund-Level Fee Rate
For the first $500 million					.7000	%
For the next $500 million					.6750
For the next $500 million					.6500
For the next $500 million					.6250
For Managed Assets over $2 billion					.6000

 

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%.

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.

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the overall strategy and asset allocation decisions. The Adviser has entered into Sub-Advisory Agreements with Spectrum Asset Management, Inc. ("Spectrum"), Symphony Asset Management, LLC ("Symphony") and Tradewinds Global Investors, LLC ("Tradewinds"). Symphony and Tradewinds are both subsidiaries of Nuveen. Spectrum manages the portion of the Funds' investment portfolios allocated to preferred securities. Symphony manages the portion of the Funds' investment portfolios allocated to debt securities and certain equity investments. Tradewinds manages the portion of the Funds' investment portfolios allocated to global equities. Each sub-adviser is compensated for its services to the Funds from the management fees paid to the Adviser. Spectrum also receives compensation on certain portfolio transactions for providing brokerage services to the Funds.

The Funds pay 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 Funds 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.

For the first eight years of Multi-Strategy Income and Growth's (JPC) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed net assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending March 31,								Year Ending March 31,
	2003	*			.32	%			2008				.32	%
	2004				.32				2009				.24
	2005				.32				2010				.16
	2006				.32				2011				.08
	2007				.32

 

*  From the commencement of operations.

The Adviser has not agreed to reimburse Multi-Strategy Income and Growth (JPC) for any portion of its fees and expenses beyond March 31, 2011.

For the first eight years of Multi-Strategy Income and Growth 2's (JQC) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed net assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending June 30,								Year Ending June 30,
	2003	*			.32	%			2008				.32	%
	2004				.32				2009				.24
	2005				.32				2010				.16
	2006				.32				2011				.08
	2007				.32

 

*  From the commencement of operations.

The Adviser has not agreed to reimburse Multi-Strategy Income and Growth 2 (JQC) for any portion of its fees and expenses beyond June 30, 2011.

8. Senior Loan Commitments

Unfunded Commitments

Pursuant to the terms of certain of the variable rate senior loan agreements, Each Fund may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value

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at least equal to the amount of unfunded senior loan commitments. At June 30, 2009, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had unfunded senior loan commitments of $251,473 and $377,209, respectively.

Participation Commitments

With respect to the senior loans held in each Fund's portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, a Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the Borrower. As such, a Fund not only assumes the credit risk of the Borrower, but also that of the Selling Participant or other persons interpositioned between the Fund and the Borrower. At June 30, 2009, there were no such outstanding participation commitments in either Fund.

9. Borrowing Arrangements

Management determined that leveraging the Funds with debt as a replacement for preferred shares continued to benefit the Funds' shareholders.

Multi-Strategy Income and Growth (JPC) has entered into a $450 million prime brokerage facility with BNP Paribas Prime Brokerage, Inc. ("BNP"). As of June 30, 2009, the Fund's outstanding balance on this facility was $100,245,000. For the six months ended June 30, 2009, the average daily balance outstanding and average interest rate on these borrowings were $114,468,204 and 1.99%, respectively.

Multi-Strategy Income and Growth 2 (JQC) has entered into a $640 million prime brokerage facility with BNP. As of June 30, 2009, the Fund's outstanding balance on this facility was $157,000,000. For the six months ended June 30, 2009, the average daily balance outstanding and average interest rate on these borrowings were $177,947,514 and 1.99%, respectively.

In order to maintain these borrowing facilities, the Funds must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by securities held in the Funds' Portfolios of Investments.

Interest is charged at 3 Month LIBOR (London Inter-bank Offered Rate) plus .95% on the amount borrowed and .50% on the undrawn balance.

Interest expense incurred on the drawn and undrawn balances are recognized as "Interest expense on borrowings" on the Statement of Operations.

10. Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (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 Funds have performed an evaluation of subsequent events through August 27, 2009, which is the date the financial statements were issued.

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Financial

HIGHLIGHTS (Unaudited)

Selected data for a Common share outstanding throughout each period:

								Investment Operations																				Less Distributions
				Beginning Common Share Net Asset Value				Net Investment Income(a)				Net Realized/ Unrealized Gain (Loss)				Distributions from Net Investment Income to Fund- Preferred Share- holders†				Distributions from Capital Gains to Fund- Preferred Share- holders†				Total				Net Investment Income to Common Share- holders				Capital Gains to Common Share- holders				Tax Return of Capital to Common Share- holders				Total				Offering Costs and Fund- Preferred Share Underwriting Discounts
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
	2009	(b)		$	5.60			$	.28			$	1.27			$	—	*****		$	—				1.55			$	(.30	)******		$	—			$	—			$	(.30	)		$	—
	2008				12.38				.86				(6.49	)			(.15	)			—				(5.78	)			(0.69	)			—				(0.31	)			(1.00	)			—
	2007				14.26				.97				(1.34	)			(.28	)			(.09	)			(.74	)			(.77	)			(.25	)			(.12	)			(1.14	)			—
	2006				14.18				1.02				.50				(.31	)			(.03	)			1.18				(.87	)			(.08	)			(.15	)			(1.10	)			—
	2005				15.32				1.13				(.74	)			(.22	)			—				.17				(1.15	)			(.16	)			—				(1.31	)			—
	2004	(c)			14.73				.52				.85				(.04	)			(.01	)			1.32				(.50	)			(.23	)			—				(0.73	)			—
Year Ended 7/31:
	2004				14.12				1.25				0.71				(.08	)			—				1.88				(1.22	)			(.05	)			—				(1.27	)			—
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
	2009	(b)			6.04				.30				1.04				—	*****			—				1.34				(.31	)******			—				—				(.31	)			—
	2008				12.46				.86				(6.14	)			(.14	)			—				(5.42	)			(.72	)			—				(.28	)			(1.00	)			—
	2007				14.29				.97				(1.30	)			(.26	)			(.10	)			(.69	)			(.79	)			(.30	)			(.05	)			(1.14	)			—
	2006				14.20				1.04				.48				(.30	)			(.03	)			1.19				(.93	)			(.09	)			(.08	)			(1.10	)			—
	2005				15.18				1.12				(.70	)			(.21	)			(.01	)			.20				(1.09	)			(.09	)			—				(1.18	)			—
	2004	(c)			14.33				.51				.90				(.05	)			—				1.36				(.49	)			(.02	)			—				(0.51	)			—
Year Ended 7/31:
	2004				13.83				1.16				0.73				(.08	)			—				1.81				(1.17	)			—				—				(1.17	)			(0.14	)

 

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

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

(c)  For the period August 1, 2004 through December 31, 2004.

(d)  Borrowings Interest Expense includes amortization of borrowing costs. Borrowings were fully amortized and expensed as of December 31, 2009.

*  Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

  Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

**  After custodian fee credit and expense reimbursement, where applicable.

***  Rounds to less than .01%. Periods less than one-year are annualized.

****  Annualized.

*****  Rounds to less than $.01 per share and represents distributions paid "From and in excess of net investment income" for the six months ended June 30, 2009.

******  Represents distributions paid "From and in excess of net investment income" for the six months ended June 30, 2009.

†  The amounts shown are based on Common share equivalents.

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																								Ratios/Supplemental Data
												Total Returns												Ratios to Average Net Assets Applicable to Common Shares Before Credit/Reimbursement								Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement**
				Ending Common Share Net Asset Value				Ending Market Value				Based on Market Value*				Based on Common Share Net Asset Value*				Ending Net Assets Applicable to Common Shares (000)				Expenses††				Net Investment Income††				Expenses††				Net Investment Income††				Portfolio Turnover Rate
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
	2009	(b)		$	6.85			$	5.60				29.99	%			28.50	%		$	680,105				2.02	%****			9.67	%****			1.75	%****			9.95	%****			21	%
	2008				5.60				4.60				(51.80	)			(49.27	)			556,698				2.47				8.14				2.04				8.57				36
	2007				12.38				10.93				(16.28	)			(5.71	)			1,230,342				1.53				6.54				1.05				7.03				84
	2006				14.26				14.29				29.81				8.71				1,421,951				1.49				6.80				1.00				7.28				72
	2005				14.18				11.97				(7.63	)			1.32				1,419,946				1.50				7.25				1.03				7.72				37
	2004	(c)			15.32				14.33				8.06				9.07				1,533,722				1.51	****			7.66	***			1.04	****			8.13	****			13
Year Ended 7/31:
	2004				14.73				13.95				4.34				13.44				1,474,983				1.53				7.90				1.05				8.37				19
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
	2009	(b)			7.07			$	5.74				25.86	%			23.14	%			986,530				2.07	****			10.12	****			1.73	****			10.46	****			21
	2008				6.04				4.87				(49.39	)			(45.84	)			843,469				2.41				8.00				1.95				8.45				37
	2007				12.46				11.00				(14.70	)			(5.34	)			1,740,952				1.50				6.51				1.02				6.99				78
	2006				14.29				14.11				26.71				8.73				2,008,154				1.44				6.90				0.96				7.37				77
	2005				14.20				12.11				(4.40	)			1.41				2,002,079				1.46				7.25				0.99				7.72				34
	2004	(c)			15.18				13.87				6.20				9.59				2,140,563				1.47	****			7.81	****			1.00	****			8.28	****			13
Year Ended 7/31:
	2004				14.33				13.54				0.10				12.25				2,021,258				1.47				7.51				1.00				7.98				27

 

††  • Ratios do not reflect the effect of dividend payments to FundPreferred shareholders.

  • Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to FundPreferred shares and borrowings, where applicable.

  • Each ratio includes the effect of the dividend expense on securities sold short and interest expense paid on borrowings as follows:

												FundPreferred Shares at End of Period												Borrowings at End of Period
				Ratios of Dividend Expense on Securities Sold Short to Average Net Assets Applicable to Common Shares				Ratios of Borrowing Interest Expense to Average Net Assets Applicable to Common Shares(d)				Aggregate Amount Outstanding (000)				Liquidation and Market Value Per Share				Asset Coverage Per Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $1,000
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
2009(b)					—	%***			0.57	%****		$	118,650			$	25,000			$	168,301			$	100,245			$	8,968
2008					0.01				0.82				118,650				25,000				142,298				145,545				5,640
2007					—	***			—				708,000				25,000				64,444				—				—
2006					—				—				708,000				25,000				75,210				—				—
2005					0.01				—				708,000				25,000				75,139				—				—
2004(c)					.04	****			—				708,000				25,000				79,157				—				—
Year Ended 7/31:
2004					0.03				—				708,000				25,000				77,083				—				—
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
2009(b)					—	%***			0.62	%****			165,800				25,000				173,753			$	157,000			$	8,340
2008					0.01				0.83				165,800				25,000				152,182				224,200				5,502
2007					—	***			—				965,000				25,000				70,102				—				—
2006					—				—				965,000				25,000				77,025				—				—
2005					0.01				—				965,000				25,000				76,867				—				—
2004(c)					.05	****			—				965,000				25,000				80,455				—				—
Year Ended 7/31:					—
2004					0.03				—				965,000				25,000				77,364				—				—

 

See accompanying notes to financial statements.

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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 Boards of Trustees (each, a "Board" and each Trustee, a "Board Member") of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management ("NAM") and each Fund and the sub-advisory agreements between NAM and Spectrum Asset Management, Inc. ("Spectrum"), NAM and Tradewinds Global Investors, LLC ("Tradewinds") and NAM and Symphony Asset Management LLC ("Symphony") (Spectrum, Tradewinds and Symphony are each a "Sub-Adviser"). 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 applicable advisory agreements (each an "Investment Management Agreement") and sub-advisory agreements (each a "Sub-advisory Agreement," and each Investment Management Agreement and Sub-advisory Agreement, an "Advisory Agreement"), the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Advisers (NAM and the Sub-Advisers are each a "Fund Adviser"), including absolute performance, fee and expense information for the Funds 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 Funds, 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 the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into

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account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, 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 the Fund Adviser, its services and the Funds 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 Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund's Advisory Agreements. 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 Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser's services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser's organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable 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 the Fund Adviser's efforts, expertise and other actions taken to address matters as they arose that impacted the Funds. 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. With respect to closed-end funds that issued auction rate preferred shares ("ARPs") or that otherwise utilize leverage, the Independent Board Members noted, in particular, NAM's efforts in refinancing the preferred shares of such funds frozen by the collapse of the auction rate market and managing leverage during a period of rapid market declines, particularly for the non-equity funds. Such efforts included negotiating and maintaining the availability

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Annual Investment Management Agreement
Approval Process (continued)

of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs, liquidating portfolio securities during difficult times to meet leverage ratios, and seeking alternative forms of debt and other leverage that may over time reduce financing costs associated with ARPs and enable the funds that have issued ARPs to restore liquidity to ARPs holders. The Independent Board Members also noted Nuveen's continued commitment and efforts to keep investors and financial advisers informed as to its progress with the ARPs through, among other things, conference calls, emails, press releases, information posted on its website, and telephone calls and in-person meetings with financial advisers. In addition to the foregoing, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing advertising and marketing for the closed-end funds; maintaining websites; and providing educational seminars.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser'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 Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser'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 Funds' compliance policies and procedures.

The Independent Board Members also considered NAM's oversight of the performance, business activities and compliance of the Sub-Advisers. In that regard, the Independent Board Members reviewed an evaluation of each Sub-Adviser from NAM. The evaluation also included information relating to the respective Sub-Adviser's organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Funds, developments affecting each Sub-Adviser, and an analysis of each Sub-Adviser. As described in further detail below, the Board considered the performance of the portion of the investment portfolio for which each Sub-Adviser is responsible. The Board also recognized that the Sub-advisory Agreements were essentially agreements for portfolio management services only and the Sub-Advisers were not expected to supply other significant administrative services to the Funds. As part of their oversight, the Independent Board Members also continued their program of seeking to

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visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members met with Tradewinds in February 2008 and 2009 and with Spectrum in September 2008. The Independent Board Members noted that NAM recommended the renewal of the applicable Sub-advisory Agreements and considered the basis for such recommendations and any qualifications in connection therewith.

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 Funds under the respective Investment Management Agreement or Sub-advisory Agreement, as applicable, were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board considered the investment performance of each 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-, one-, three- and five-year periods ending December 31, 2008 and for the same periods ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen funds managed by each particular Sub-Adviser in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. The Independent Board Members also reviewed, among other things, the returns of each sleeve of the Funds relative to the benchmark of each sleeve and the overall benchmark for each Fund for the year 2008. 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 Funds 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 Funds.

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

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Annual Investment Management Agreement
Approval Process (continued)

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such 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. The Independent Board Members also considered, among other things, the differences in the use and type of leverage compared to the peers. In reviewing the fee schedule for a 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 (applicable, in particular, for certain closed-end funds launched since 1999).

Based on their review of the fee and expense information provided, the Independent Board Members determined that each 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 Funds 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 Funds. 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

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of services provided to the Funds (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 Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Advisers, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable. With respect to Symphony, the Independent Board Members also reviewed the fees it assesses for equity and taxable fixed-income hedge funds and hedge accounts it manages, which include a performance fee. The Independent Board Members noted that with respect to Spectrum, the Sub-Adviser that is unaffiliated with Nuveen, such fees were the result of arm's-length negotiations.

3. Profitability of Fund Advisers

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 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

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Annual Investment Management Agreement
Approval Process (continued)

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 addition, with respect to Spectrum, which is unaffiliated with Nuveen, the Independent Board Members also considered such Sub-Adviser's revenues, expenses and profitability margins (pre- and post-tax). Based on their review, the Independent Board Members were satisfied that such Sub-Adviser's level of profitability 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 a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective 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. In this regard, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio. 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 Funds' 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

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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 the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered revenues received by affiliates of NAM for serving as agent at Nuveen's trading desk.

In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, 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.

With respect to Tradewinds, the Independent Board Members considered that such Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund's portfolio transactions. The Independent Board Members further noted that this Sub-Adviser's profitability may be lower if it were required to pay for this research with hard dollars. With respect to Spectrum, the Board noted that Spectrum does not direct trades through non-affiliated broker-dealers and therefore does not have any brokerage to provide in order to receive research or related services on a soft dollar basis. Spectrum, however, may from time to time receive research from various firms with which it transacts client business, but it has no arrangements with these firms and clients do not pay higher commissions to receive such research. Spectrum, however, serves as its own broker for portfolio transactions for the Nuveen funds it advises and therefore may receive some indirect compensation. With respect to Symphony, the Board also considered that Symphony currently does not enter into soft dollar arrangements; however, it has adopted a soft dollar policy in the event it does so in the future.

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Annual Investment Management Agreement
Approval Process (continued)

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

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 Investment Management Agreements and Sub-advisory Agreements are fair and reasonable, that the respective Fund Adviser's fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-advisory Agreements be renewed.

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Reinvest Automatically
Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Dividend Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares.

By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on

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Reinvest Automatically
Easily and Conveniently (continued)

open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee.

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting dividends and/or distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

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Glossary of Terms
Used in this Report

•  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 market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

•  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.

•  Current Distribution Rate (also known as Market Yield, Dividend Yield or Current Yield): Current distribution rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a tax return of capital.

•  Net Asset Value (NAV): A Fund's NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.

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Notes

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Other Useful Information

Board of Trustees

John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth

Fund Manager

Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606

Custodian

State Street Bank & Trust Company
Boston, MA

Transfer Agent and
Shareholder Services

State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

Legal Counsel

Chapman and Cutler LLP
Chicago, IL

Independent Registered
Public Accounting Firm

Ernst & Young LLP
Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds 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 Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free 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.

CEO Certification Disclosure

Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common and Preferred Share Information

Each Fund intends to repurchase and/or redeem shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or preferred stock as shown in the accompanying table.

Fund				Common Shares Repurchased				Preferred Shares Redeemed
JPC					67,900				—
JQC					133,200				—

 

Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.

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Nuveen Investments:
Serving Investors for Generations

Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, 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 are integral to 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 approximately $128 billion of assets on June 30, 2009.

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

To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest.

Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/cef

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