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, 2010

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC

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NUVEEN INVESTMENTS ANNOUNCES STRATEGIC COMBINATION WITH FAF ADVISORS

On July 29, 2010, Nuveen Investments, Inc. announced that U.S. Bancorp will receive a 9.5% stake in Nuveen Investments and cash consideration in exchange for the long-term asset business of U.S. Bancorp's FAF Advisors (FAF). Nuveen Investments is the parent of Nuveen Asset Management (NAM), the investment adviser for the Funds included in this report.

FAF Advisors, which currently manages about $25 billion of long-term assets and serves as the advisor of the First American Funds, will be combined with NAM, which currently manages about $75 billion in municipal fixed income assets. Upon completion of the transaction, Nuveen Investments, which currently manages about $150 billion of assets across several high-quality affiliates, will manage a combined total of about $175 billion in institutional and retail assets.

This combination will not affect the investment objectives, strategies or policies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors, Winslow Capital and Nuveen HydePark.

The transaction is expected to close late in 2010, subject to customary conditions.

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Chairman's
Letter to Shareholders

Dear Shareholder,

The economic environment in which your Fund operates reflects continuing but uneven economic recovery. The U.S. and other major industrial countries are experiencing steady but comparatively low levels of economic growth, while emerging market countries are seeing a resumption of relatively strong economic expansion. The potential impact of steps being considered by many governments to counteract the extraordinary governmental spending and credit expansion to deal with the recent financial and economic crisis is injecting uncertainty into global financial markets. The implications for future tax rates, government spending, interest rates and the pace of economic recovery in the U.S. and other leading economies are extremely difficult to predict at the present time. The long term health of the global economy depends on restoring some measure of fiscal discipline around the world, but since all of the corrective steps require economic pain, it is not surprising that governments are reluctant to undertake them.

In the near term, governments remain committed to furthering economic recovery and realizing a meaningful reduction in their national unemployment rates. Such an environment should produce continued economic growth and, consequently, attractive investment opportunities. Over the longer term, the larger uncertainty mentioned earlier carries the risk of unexpected potholes in the road to sustained recovery. For this reason, Nuveen's investment management teams are working hard to balance return and risk by building well-diversified portfolios, among other strategies. I encourage you to read the following commentary on the management of your Fund. As always, I also encourage you to contact your financial consultant if you have any questions about your Nuveen Fund investment. Please consult the Nuveen website for the most recent information on your Nuveen Fund at: www.nuveen.com.

On behalf of 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 Board
August 17, 2010

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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 sub-advisers include Spectrum Asset Management, Inc., Symphony Asset Management, LLC, and Tradewinds Global Investors, LLC. Symphony and Tradewinds are affiliates of Nuveen Investments.

Spectrum, a wholly-owned subsidiary of Principal Global Investors, LLC, manages the preferred securities positions within the income-oriented portion of each Fund's portfolio. Mark Lieb and Phil Jacoby, who have more than 40 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 and international equity investments is led by Ross Sakamoto, who has more than 20 years of investment management experience. Ross took over the domestic equity investment duties from David Wang in June 2010, and international equity investment oversight from Eric Olson in July 2010, after the end of this reporting period.

Tradewinds invests its portion of each Fund's assets in global equities. The Tradewinds team is led by Dave Iben, who is Chief Investment Officer of that firm and 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, 2010.

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

The primary investment objective for both Funds is high current income, with a secondary objective of total return. In seeking to achieve these objectives, each Fund invests in preferred securities (both tax-advantaged and taxable), convertible securities and related instruments, common stocks, and debt instruments, including high yield debt and senior loans. The Funds seek to maintain strategic exposure targets of approximately 70% in

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income-oriented securities and 30% in equities and equity-like securities. Portfolio composition will vary over time based on market conditions.

Within the preferred securities portion of both Funds' portfolios managed by Spectrum, we increased our U.S. banking concentrations by about 2.4% over the period. We also slightly increased the Funds' holdings of real estate investment trusts (REITS). Additionally, we sold securities that we believed were trading at relatively attractive prices, and we used the proceeds to buy discounted preferred securities to in an effort to preserve the capital of the Funds.

We also sought during this period to rebalance each Funds' foreign concentrations of preferred securities. Specifically, we reduced our Spanish banking concentrations 3% by closing the Banesto and Sovereign Bank positions. We also eliminated our exposure to Italy by selling our UniCredito holdings, and we eliminated our Mitsubishi UFJ Financial Group MUFG positions to remove Japanese exposure. Conversely, we did increase French exposure by about 2%. As a result of all these activities, we slightly reduced our overall foreign issuer concentrations

In the senior loan and other debt portion of each Fund's portfolio managed by Symphony, we focused on macro, technical, and fundamental factors. While the market consensus is that fundamentals will remain stable for the next several quarters, with below-average default rates and some level of growth in the economy, we continue to look at the whole picture to assess risk. In second half of 2012 and 2013, the senior loan market will see significant maturities. How companies deal with this "wall" of maturities will be a function both of the economic environment at the time as well as company-specific factors. Monitoring both will be critical to navigating the market, which we believe may hold significant value for income-seeking investors who are concerned about rising interest rates. Regardless of future trends, we believe that floating rate senior loans will continue to play a critical role in the credit market as companies look to refinance, de-leverage, or in some cases expand their businesses.

In the core domestic and international equity portions of each Fund's portfolio that is managed by Symphony, we used both quantitative and qualitative methods to evaluate opportunities. The quantitative screening process served as the starting point for decision-making, with the qualitative process then providing a systematic way of researching companies from a broad perspective, as fundamental analysts actively sought catalysts that we believed would drive upside price movements. Symphony's uses a "bottom-up" approach to stock picking, seeking 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 forecasted risk within acceptable tolerances. The overall result is an investment process which is disciplined, repeatable, and we think blends the most effective elements of both quantitative and qualitative investing.

For the global equity portion of each Fund's portfolio managed by Tradewinds, our basic investment philosophy continued to focus on buying good or improving business franchises around the globe whose securities were selling below their intrinsic value. In the first half of 2010, we were pleased that the best value opportunities were found in the

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Past performance is not predictive of 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.

^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 $100 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 U.S. & Canada. 5) 10.0% of the MSCI ACWI 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 595 securities with par values 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 $515 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, which includes approximately $611 billion of U.S.-denominated Leveraged Loans at least one rating below investment-grade. Benchmark returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in this benchmark.

^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.

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 a general fixed income index, is presented in the accompanying table.

Average Annual Total Returns on Common Share Net Asset Value

For periods ended 6/30/10

				6-Month				1-Year				5-Year
JPC					1.28	%			31.94	%			-2.10	%
JQC					1.77	%			34.75	%			-1.12	%
Comparative Benchmark1					0.04	%			21.51	%			1.40	%
Barclays Capital U.S. Aggregate Bond Index2					5.33	%			9.50	%			5.54	%

 

Six-month returns are cumulative; all other returns are annualized.

For the six-month period ended June 30, 2010, the total return on common share net asset value for both Funds outperformed the comparative benchmark, but underperformed the general market index.

Among the largest positive contributors in the preferred securities portion of both Funds over the six-month period were Agfirst Farm Credit, CoBank, Kimco Realty, CapitalOne and Wachovia. In general, the U.S. bank trust preferred sector benefited performance as a number of market observers believed that banks are likely to be gradually redeeming their preferred securities in response to certain provisions in the recently enacted financial sector reform bill.

Proactively, we closed out all of the Funds' Euro currency denominated issues in advance of their protracted weakness during the period. As a result, the Funds benefited on a relative basis from their reduced exposure. However, the Funds' remaining holdings of foreign preferred securities constrained performance, due to concerns over slow growth and the commensurate fiscal challenges of many countries.

Our insurance holdings also detracted from performance. Investors sold insurance-related names in May, right at the same time that many dealers were looking to sell new issues. This caused securities from companies like XL, Aegon and Hartford to underperform.

The senior loan and high yield sleeves of both Funds performed well relative to the broader credit market, largely as a result of the higher quality profile of the Funds' assets. The selloff in the senior loan and high yield market during the period was focused primarily on "higher beta" names, which are often lower quality, have lower coupons, and are debt of companies which were targets of leveraged buyout offers in 2005-2007. While we do believe that these assets in many cases may represent buying opportunities, we will continue to focus on better quality assets in an effort to offset the floating rate financing of the Funds' leveraged capital structures. Some of the higher

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quality names that performed well during the period on a relative basis were Warner Chilcott and Reynolds Brands.

While the senior loan and high yield sell off was largely focused on 2005-2007 vintage paper, this unfortunately represented roughly half of the secondary market and was difficult to completely avoid. During the quarter, our exposure to issuers such as Univision and TXU hindered performance. Also hurting was the Funds' exposure to convertible bonds, which have a much higher beta than many equity market issues as a result of the convertible nature of these securities.

The core domestic equities portion of the Funds managed by Symphony offered a measure of downside protection during the period, as we remained invested in companies with relatively strong fundamentals. Looking at the market generally, as represented by the Russell Mid Cap Index, low beta sectors like utilities and consumer staples held up the best, declining -5.6% and -7.4%, respectively. Higher beta sectors like energy and materials were down -13.4% and -13.0%, respectively.

While our domestic equity sector selection remained relatively tight to the benchmark weightings, our overweight exposure to medical providers and specialty retail companies detracted modestly from overall performance. On the other hand, our underweight exposure to electrical equipment manufactures and defense and aerospace industries helped to compensate for this underperformance. Our emphasis on selecting companies with good growth characteristics and sound fundamentals worked well during this period. Our top performers included Sybase, an enterprise software company, Netflix, and Cimarex, an oil exploration and production company. The worst performance came from United State Steel, Lamar Advertising and Oshkosh Corporation, a medium and heavy duty truck company.

In the international equities portion of the portfolios managed by Symphony, the Funds' benefited from a general underweighting of European countries. The top performers included AstraZeneca, Silver Wheaton Corporation and Cia Brasiliera de Distuica. Our holdings of Canadian companies, which are exposed to the materials sector, negatively impacted performance. The Funds also were hurt by an underweight position to the relatively outperforming Japanese stock market. Also detracting from performance was our overweight exposure to electronic component companies, which detracted modestly from performance. Other securities adversely effecting performance were AXA, BHP Billiton and Canon Inc. Our overweight exposure to the automobile industry helped compensate for this underperformance. Overall, our emphasis on selecting companies with good growth characteristics and sound fundamentals struggled in this period.

In the global equity sleeve of the Funds managed by Tradewinds, the long equity holdings in the materials sector were the largest and most significant contributor to positive performance in the period as our holdings in this area continued to be significantly overweight versus the benchmark. Newmont Mining, one of the world's largest gold producers with significant assets and operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, Bolivia, New Zealand, and Mexico, was each Fund's top contributor to performance. Other positive contributors to performance were the

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equities of protein provider Tyson Foods Incorporated and gold producer Barrick Gold Corporation.

Each Fund's worst performer for the period was the long equity position in BP Plc (ADS), the fourth largest oil producer in the world, and one of the largest oil and gas producers in the United States. Shares of the company plunged under mounting political pressure by U.S. government officials as well as continued difficulties in "plugging" its leaking well in the Gulf of Mexico. Other underperformers included long equity positions in the world's largest uranium producer, Cameco Corporation, and Thales S.A., a French manufacturer of aerospace systems and industrial electronics products.

The majority of the short equity positions were limited in their contribution. However, primarily due to share price appreciation in auto specialty retailer AutoZone Incorporated, the group as a whole detracted from performance.

IMPACT OF LEVERAGE ON PERFORMANCE

One important factor impacting the returns of these Funds relative to the comparative Index and benchmark was the Funds' use of financial leverage, primarily through bank borrowings. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total returns for common shareholders. However, use of leverage also can expose common shareholders to additional risk — especially when market conditions are unfavorable. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of portfolio holdings generally are rising.

Over the course of this six-month period, leverage made a positive contribution to the returns of both Funds.

RECENT EVENTS CONCERNING THE FUNDS' REDEMPTION OF AUCTION RATE PREFERRED SHARES

Shortly after their inceptions, each Fund issued auction rate preferred shares (ARPS) to create financial leverage. As noted in past shareholder reports, the weekly auctions for those ARPS shares began in February 2008 to consistently fail, causing the Funds to pay the so-called "maximum rate" to ARPS shareholders under the terms of the ARPS in the Funds' charter documents. With the goal of lowering the relative cost of leverage over time for common shareholders and providing liquidity at par for preferred shareholders, the Funds sought to refinance all of their outstanding ARPS beginning shortly thereafter. The Funds completed this refinancing process during 2009 and since then have relied upon bank borrowings to create financial leverage.

In April and May 2010, 30 Nuveen leveraged closed-end funds, including these Funds, received a demand letter from a law firm on behalf of a purported holder of common shares of each fund, alleging that Nuveen and the fund's officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the fund's ARPS. In response, the Board established an ad hoc Demand Committee

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consisting of disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation.

Upon completion of its review, the Demand Committee found that it was not in the best interests of the Funds or its shareholders to take the actions suggested in the demand letters and recommended that the full Board reject the demands made in the demand letter. After reviewing the findings and recommendations of the Demand Committee, the Board of Trustees for the Funds unanimously adopted the Demand Committee's recommendation to reject the demands contained in the letters. At the time this report was produced, lawsuits pursuing claims made in the demand letter had been filed on behalf of shareholders of several funds, including these Funds, against Nuveen Asset Management, the Nuveen holding company, the majority owner of the holding company, the lone interested trustee, and current and former officers of the various funds. Nuveen Investments and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. The Funds believe that these lawsuits will not have a material effect on the Funds, or on Nuveen Investment Management's ability to serve as investment adviser to the Funds.

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Common Share Distribution
and Share Price Information

The following information regarding your Fund's distributions is current as of June 30, 2010, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

During the six-month reporting period, the Funds did not make any changes to their quarterly distribution to common shareholders. Some of the important factors affecting the amount and composition of these distributions are summarized below.

The Funds employ financial leverage through the use of 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. During the current reporting period, each Fund's financial leverage contributed positively to common share income and common share net asset value price 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 returns fall 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, 2010. The distribution information is presented on a tax basis rather than a 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 6/30/10 (Common Shares)				JPC				JQC
Inception date					3/26/03				6/25/03
Six months ended June 30, 2010:
Per share distribution:
From net investment income				$	0.28			$	0.29
From realized capital gains					0.00				0.00
Return of capital					0.06				0.06
Total per share distribution				$	0.34			$	0.35
Annualized distribution rate on NAV					8.15	%			7.93	%
Average annual total returns:
Six-Month (Cumulative) on NAV					1.28	%			1.77	%
1-Year on NAV					31.94	%			34.75	%
5-Year on NAV					-2.10	%			-1.12	%
Since inception on NAV					1.46	%			1.54	%

 

Common Share Repurchases and Share Price Information

As of June 30, 2010, and since the inception of the Funds' repurchase program, the cumulative amount of common shares repurchased by the Funds are as shown in the accompanying table.

Fund				Common Shares Repurchased				% of Outstanding Common Shares
JPC					1,909,750				2.0	%
JQC					3,004,475				2.2	%

 

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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				Common Shares Repurchased				Weighted Average Price Per Common Share Repurchased				Weighted Average Discount Per Common Share Repurchased
JPC					272,000			$	7.41				14.96	%
JQC					584,900			$	7.75				15.74	%

 

As of June 30, 2010, the Funds' common share prices were trading at (–) discounts to their common share NAVs as shown in the accompanying table.

Fund				6/30/10 (–) Discount				Six-Month Average (–) Discount
JPC					-11.99	%			-12.84	%
JQC					-11.89	%			-13.76	%

 

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JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

  as of June 30, 2010

Portfolio Allocation (as a % of total investments)²

2009-2010 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 investments in derivatives.

3 Excluding short-term investments, common stocks sold short and investments in derivatives.

Fund Snapshot

Common Share Price				$	7.34
Common Share Net Asset Value				$	8.34
Premium/(Discount) to NAV					-11.99	%
Current Distribution Rate1					9.26	%
Net Assets Applicable to Common Shares ($000)				$	815,455

 

Average Annual Total Return

(Inception 3/26/03)

				On Share Price				On NAV
6-Month (cumulative)					2.41	%			1.28	%
1-Year					43.21	%			31.94	%
5-Year					-1.53	%			-2.10	%
Since Inception					0.08	%			1.46	%

 

Portfolio Composition

(as a % of total investments)²

Commercial Banks					15.6	%
Insurance					12.7	%
Real Estate					8.4	%
Media					5.9	%
Oil, Gas & Consumable Fuels					5.0	%
Metals & Mining					4.2	%
Capital Markets					3.2	%
Diversified Financial Services					3.1	%
Diversified Telecommunication Services					2.6	%
Health Care Providers & Services					2.2	%
Pharmaceuticals					2.1	%
Food Products					2.1	%
Semiconductors & Equipment					1.9	%
Hotels, Restaurants & Leisure					1.8	%
IT Services					1.6	%
Multi-Utilities					1.5	%
Electric Utilities					1.3	%
Aerospace & Defense					1.2	%
Chemicals					1.2	%
Short-Term Investments					3.3	%
Other					19.1	%

 

Top Five Issuers

(as a % of total investments)³

Wachovia Corporation					1.9	%
Deutsche Bank AG					1.7	%
Union Planters Corporation					1.6	%
Partners Re Limited					1.5	%
Comcast Corporation					1.4	%

 

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Fund Snapshot

Common Share Price				$	7.78
Common Share Net Asset Value				$	8.83
Premium/(Discount) to NAV					-11.89	%
Current Distribution Rate1					9.00	%
Net Assets Applicable to Common Shares ($000)				$	1,213,424

 

Average Annual Total Return

(Inception 6/25/03)

				On Share Price				On NAV
6-Month (cumulative)					5.62	%			1.77	%
1-Year					47.92	%			34.75	%
5-Year					-0.18	%			-1.12	%
Since Inception					0.19	%			1.54	%

 

Portfolio Composition

(as a % of total investments)²

Commercial Banks					14.6	%
Insurance					14.2	%
Real Estate					7.7	%
Media					5.6	%
Oil, Gas & Consumable Fuels					5.1	%
Metals & Mining					4.3	%
Capital Markets					3.6	%
Diversified Telecommunication Services					3.2	%
Diversified Financial Services					2.4	%
Electric Utilities					2.1	%
Pharmaceuticals					2.1	%
Health Care Providers & Services					2.0	%
Food Products					2.0	%
Semiconductors & Equipment					1.8	%
Hotels, Restaurants & Leisure					1.8	%
IT Services					1.5	%
Investment Companies					1.5	%
Chemicals					1.2	%
Short-Term Investments					3.3	%
Other					20.0	%

 

Top Five Issuers

(as a % of total investments)³

Wachovia Corporation					1.8	%
Deutsche Bank AG					1.6	%
Comcast Corporation					1.7	%
Aegon N.V.					1.3	%
Centaur Funding Corporation					1.3	%

 

JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

  as of June 30, 2010

Portfolio Allocation (as a % of total investments)²

2009-2010 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 investments in derivatives.

3 Excluding short-term investments, common stocks sold short and investments in derivatives.

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JPC

JQC

Shareholder MEETING REPORT

The annual meeting of shareholders was held in the offices of Nuveen Investments on April 6, 2010; at this meeting the shareholders were asked to vote on the election of Board Members.

				JPC				JQC
				Common Shares				Common Shares
Approval of the Board Members was reached as follows:
William C. Hunter
For					84,202,009				117,919,409
Withhold					5,650,506				6,947,526
Total					89,852,515				124,866,935
Judith M. Stockdale
For					84,109,527				117,793,911
Withhold					5,742,988				7,073,024
Total					89,852,515				124,866,935
Carole E. Stone
For					84,118,758				117,779,275
Withhold					5,733,757				7,087,660
Total					89,852,515				124,866,935
William J. Schneider
For					84,220,235				117,904,489
Withhold					5,632,280				6,962,446
Total					89,852,515				124,866,935

 

Nuveen Investments
13

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JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

  June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Common Stocks – 34.8% (25.9% of Total Investments)
				Aerospace & Defense – 0.8%
	29,962			Aveos Fleet Performance Inc., (2), (18)				$	531,826
	2,290			Esterline Technologies Corporation, (2)					108,661
	5,505			GeoEye, Inc., (2)					171,426
	29,179			Lockheed Martin Corporation, (3)					2,173,836
	17,245			Raytheon Company					834,486
	82,550			Thales S.A., (18)					2,665,051
				Total Aerospace & Defense					6,485,286
				Air Freight & Logistics – 0.1%
	8,500			United Parcel Service, Inc., Class B					483,565
				Auto Components – 0.1%
	31,020			Johnson Controls, Inc.					833,507
				Automobiles – 0.3%
	63,589			Honda Motor Company Limited					1,867,790
	25,580			Toyota Motor Corporation, (18)					878,894
				Total Automobiles					2,746,684
				Beverages – 0.6%
	220,983			Coca-Cola Amatil Limited, (18)					2,212,662
	24,381			Coca-Cola Femsa SAB de CV					1,526,007
	19,910			Coca-Cola Company					997,889
	13,615			Dr. Pepper Snapple Group					509,065
				Total Beverages					5,245,623
				Biotechnology – 0.2%
	5,315			Alnylam Pharmaceuticals, Inc., (2)					79,831
	10,690			Amgen Inc., (2)					562,294
	6,450			BioMarin Pharmaceutical Inc., (2)					122,292
	2,570			Celgene Corporation, (2)					130,607
	1,471			Cubist Pharmaceuticals Inc., (2)					30,303
	14,270			Gilead Sciences, Inc., (2)					489,176
	10,495			ISIS Pharmaceuticals, Inc., (2)					100,437
				Total Biotechnology					1,514,940
				Building Products – 0.2%
	36,123			Masonite Worldwide Holdings, (2), (18)					1,589,412
				Capital Markets – 0.5%
	1,130			Affiliated Managers Group Inc., (2)					68,670
	3,410			Ameriprise Financial, Inc.					123,203
	4,610			Calamos Asset Management, Inc. Class A					42,781
	21,610			Invesco LTD					363,696
	15,295			Legg Mason, Inc.					428,719
	262,861			Nomura Securities Company, (18)					1,436,136
	2,270			Piper Jaffray Companies, (2)					73,139
	3,410			T. Rowe Price Group Inc.					151,370
	111,272			UBS AG, (2), (3)					1,471,016
				Total Capital Markets					4,158,730

 

Nuveen Investments
14

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Shares				Description (1)				Value
				Chemicals – 0.8%
	9,080			Celanese Corporation, Series A				$	226,183
	3,980			Eastman Chemical Company					212,373
	2,330			Lubrizol Corporation					187,122
	59,590			LyondellBasell Industries NV, (2)					962,379
	54,616			LyondellBasell Industries NV, (2)					882,048
	3,170			Minerals Technologies Inc.					150,702
	21,540			Mosaic Company					839,629
	27,125			Nitto Denko Corporation, (18)					889,792
	12,710			Solutia Inc., (2)					166,501
	69,857			Umicore, (18)					2,015,458
	3,530			Westlake Chemical Corporation					65,552
				Total Chemicals					6,597,739
				Commercial Banks – 2.4%
	71,343			Associated Banc-Corp.					874,665
	77,919			Banco Itau Holdings Financeira, S.A.					1,403,321
	139,625			Banco Santander Central Hispano S.A., (18)					1,464,133
	137,500			Bangkok Bank Public Company Limited, Foreign Shares, (18)					537,640
	8,437			Bank of East Asia Ltd, ADR (18)					30,964
	42,454			Bank of Nova Scotia					1,956,102
	10,470			BB&T Corporation					275,466
	4,410			Columbia Banking Systems Inc.					80,527
	9,045			Commerce Bancshares Inc.					325,530
	6,985			Community Bank System Inc.					153,880
	199,562			DnB NOR ASA, (18)					1,919,427
	83,960			Fifth Third Bancorp.					1,031,868
	5,260			First Financial Bancorp.					78,637
	4,335			Hancock Holding Company					144,616
	49,018			ICICI Bank Limited, ADR					1,771,511
	647,600			Krung Thai Bank Public Company Limited, Foreign Shares, (18)					251,922
	27,835			Royal Bank of Canada					1,325,663
	108,773			Standard Chartered PLC, (18)					2,648,667
	11,373			Sumitomo Trust & Banking Company, ADR, (18)					58,230
	4,300			SunTrust Banks, Inc.					100,190
	3,110			SVB Financial Group, (2)					128,225
	28,890			Toronto-Dominion Bank					1,871,995
	27,620			U.S. Bancorp					617,307
	11,190			Umpqua Holdings Corporation					128,461
	15,500			Wells Fargo & Company					396,800
				Total Commercial Banks					19,575,747
				Commercial Services & Supplies – 0.3%
	27,660			Aggreko PLC, (18)					580,661
	1,010			Clean Harbors, Inc., (2)					67,074
	8,315			Republic Services, Inc.					247,205
	7,957			Stericycle Inc., (2)					521,820
	139,300			Toppan Printing Company Limited, (18)					1,101,524
	4,170			Waste Management, Inc.					130,479
				Total Commercial Services & Supplies					2,648,763
				Communications Equipment – 0.2%
	2,040			Comtech Telecom Corporation, (2)					61,057
	7,665			Interdigital Inc., (2)					189,249
	119,000			Nokia Corporation, ADR (3)					969,850
	6,630			Plantronics Inc.					189,618
				Total Communications Equipment					1,409,774
				Computers & Peripherals – 0.6%
	11,771			Apple, Inc., (2)					2,960,760

 

Nuveen Investments
15

---

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Computers & Peripherals (continued)
	9,546			Hewlett-Packard Company				$	413,151
	4,250			Network Appliance Inc., (2)					158,568
	24,425			Seagate Technology, (2)					318,502
	30,505			Western Digital Corporation, (2)					920,031
				Total Computers & Peripherals					4,771,012
				Construction & Engineering – 0.2%
	27,130			Royal Boskalis Westminster NV, (18)					1,054,108
	28,433			Shaw Group Inc., (2)					972,977
				Total Construction & Engineering					2,027,085
				Consumer Finance – 0.1%
	18,090			American Express Company					718,173
	11,540			Capital One Financial Corporation					465,062
				Total Consumer Finance					1,183,235
				Containers & Packaging – 0.0%
	3,600			Rock-Tenn Company					178,812
				Diversified Consumer Services – 0.0%
	8,060			Bridgepoint Education Inc., (2)					127,429
				Diversified Financial Services – 0.2%
	74,150			Bank of America Corporation					1,065,536
	750			CME Group, Inc.					211,163
	2,425			Guoco Group Ltd, ADR (18)					47,700
	4,300			Nasdaq Stock Market, Inc., (2)					76,454
	8,114			PHH Corporation, (2)					154,491
				Total Diversified Financial Services					1,555,344
				Diversified Telecommunication Services – 1.1%
	4,040			CenturyTel, Inc.					134,572
	95,000			Deutsche Telekom AG, ADR, (3), (18)					1,108,650
	37,500			KT Corporation, Sponsored ADR					718,875
	100,167			Nippon Telegraph and Telephone Corporation, ADR, (3)					2,037,397
	198,200			Portugal telecom SGPS S.A, (18)					1,980,997
	1,900,000			Telecom Italia S.p.A., (18)					1,735,572
	19,315			Telus Corporation, (3)					699,203
	3,850			Verizon Communications Inc.					107,877
				Total Diversified Telecommunication Services					8,523,143
				Electric Utilities – 1.1%
	142,454			Centrais Electricas Brasileiras S.A., PFD B ADR					2,255,047
	20,200			Electricite de France S.A., (3), (18)					768,541
	16,751			Exelon Corporation					636,035
	141,662			Korea Electric Power Corporation, Sponsored ADR, (3)					1,824,607
	69,910			Progress Energy, Inc., (3)					2,741,870
	18,620			Southern Company					619,674
				Total Electric Utilities					8,845,774
				Electrical Equipment – 0.7%
	51,392			ABB Limited, ADR					888,054
	67,689			ABB Limited, (18)					1,178,506
	1,850			Areva CI, (18)					768,341
	13,515			GrafTech International Ltd., (2)					197,589
	4,940			Harbin Electric, Inc., (2)					82,251
	25,613			Nidec Corporation, (18)					2,144,246
	8,070			Rockwell Automation, Inc.					396,156
				Total Electrical Equipment					5,655,143

 

Nuveen Investments
16

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Shares				Description (1)				Value
				Electronic Equipment & Instruments – 0.4%
	59,801			Hoya Corporation, (18)				$	1,272,425
	5,685			Ingram Micro, Inc., Class A, (2)					86,355
	158,232			Nippon Electric Glass Company Limited, (18)					1,812,474
	1,459			Tech Data Corporation, (2)					51,970
				Total Electronic Equipment & Instruments					3,223,224
				Energy Equipment & Services – 0.5%
	75,240			ACERGY S.A., ADR, (18)					1,114,007
	126,281			AMEC PLC, (18)					1,547,113
	1,867			Baker Hughes Incorporated					77,611
	9,455			Cooper Cameron Corporation, (2)					307,477
	9,805			FMC Technologies Inc., (2)					516,331
	9,125			Halliburton Company					224,019
	3,610			Oil States International Inc., (2)					142,884
				Total Energy Equipment & Services					3,929,442
				Food & Staples Retailing – 0.9%
	193,960			Jeronimo Martins SGPS, (18)					1,777,102
	83,645			Koninklijke Ahold N.V., (18)					1,034,679
	20,545			Kroger Co.					404,531
	86,600			Wal-Mart Stores, Inc., (3)					4,162,862
				Total Food & Staples Retailing					7,379,174
				Food Products – 1.8%
	6,330			Archer-Daniels-Midland Company					163,441
	11,540			Campbell Soup Company					413,478
	13,030			General Mills, Inc.					462,826
	12,340			H.J. Heinz Company					533,335
	12,195			Hershey Foods Corporation					584,506
	9,550			Kellogg Company					480,365
	19,010			Mead Johnson Nutrition Company, Class A Shares					952,781
	31,966			Nestle S.A., (18)					1,541,363
	2,893			Sanderson Farms Inc.					146,791
	177,872			Smithfield Foods, Inc., (2), (3)					2,650,293
	206,900			Tyson Foods, Inc., Class A, (3)					3,391,091
	38,382			Unilever PLC					1,025,951
	76,130			Unilever PLC, ADR, (18)					2,035,108
				Total Food Products					14,381,329
				Gas Utilities – 0.0%
	1,890			National Fuel Gas Company					86,713
				Health Care Equipment & Supplies – 0.3%
	11,340			Align Technology, Inc., (2)					168,626
	12,250			Becton, Dickinson and Company					828,345
	5,370			Covidien PLC					215,767
	11,740			Edwards Lifesciences Corporation, (2)					657,675
	14,500			Hologic Inc., (2)					201,985
	4,700			Hospira Inc., (2)					270,015
	5,500			Masimo Corporation					130,955
	2,520			Steris Corporation					78,322
	556			Zimmer Holdings, Inc., (2)					30,052
				Total Health Care Equipment & Supplies					2,581,742
				Health Care Providers & Services – 1.1%
	79,681			Aetna Inc., (3)					2,101,985
	30,240			AmerisourceBergen Corporation					960,120
	8,340			Centene Corporation, (2)					179,310
	4,190			Community Health Systems, Inc., (2)					141,664

 

Nuveen Investments
17

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Health Care Providers & Services (continued)
	24,818			Express Scripts, Inc., (2)				$	1,166,942
	39,243			Fresenius Medical Care, ADR, (18)					2,117,337
	9,940			HealthSouth Corporation, (2)					185,977
	8,959			Lincare Holdings					291,257
	13,860			McKesson HBOC Inc.					930,838
	10,120			Medco Health Solutions, Inc., (2)					557,410
	2,274			Omnicare, Inc.					53,894
	4,920			Quest Diagnostics Incorporated					244,868
				Total Health Care Providers & Services					8,931,602
				Hotels, Restaurants & Leisure – 0.4%
	46,885			Carnival Corporation, (18)					1,518,670
	2,330			Chipotle Mexican Grill, (2)					318,767
	23,010			Las Vegas Sands, (2)					509,441
	14,590			Shuffle Master Inc., (2)					116,866
	14,030			Starbucks Corporation					340,929
				Total Hotels, Restaurants & Leisure					2,804,673
				Household Durables – 0.1%
	7,220			Lennar Corporation, Class A					100,430
	5,015			Meritage Corporation, (2)					81,644
	26,990			Newell Rubbermaid Inc.					395,134
	2,495			Sekisui House, Ltd., Sponsored ADR, (18)					21,108
	4,865			Tempur Pedic International Inc., (2)					149,599
				Total Household Durables					747,915
				Household Products – 0.2%
	10,700			Colgate-Palmolive Company					842,732
	10,190			Kimberly-Clark Corporation					617,820
				Total Household Products					1,460,552
				Independent Power Producers & Energy Traders – 0.1%
	18,970			Constellation Energy Group					611,783
				Industrial Conglomerates – 0.1%
	289			Siemens AG, Sponsored ADR					25,874
	273,890			Tomkins PLC, (18)					919,909
				Total Industrial Conglomerates					945,783
				Insurance – 0.8%
	3,900			AFLAC Incorporated					166,413
	9,390			Allstate Corporation					269,775
	1,362			Aon Corporation					50,557
	1,844			Axis Capital Holdings Limited					54,804
	231,793			China Life Insurance Company Limited, (18)					1,012,221
	1,858			CNA Financial Corporation, (2)					47,490
	7,090			Delphi Financial Group, Inc.					173,067
	42,354			Hannover Rueckversicherung AG, (18)					1,815,098
	34,742			Lincoln National Corporation					843,883
	5,759			Marsh & McLennan Companies, Inc.					129,865
	29,901			Old Republic International Corporation					362,699
	105,446			Prudential Corporation PLC, (18)					795,338
	6,440			Prudential Financial, Inc.					345,570
	5,930			WR Berkley Corporation					156,908
				Total Insurance					6,223,688

 

Nuveen Investments
18

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Shares				Description (1)				Value
				Internet & Catalog Retail – 0.2%
	8,215			Amazon.com, Inc., (2)				$	897,571
	7,460			NetFlix.com Inc., (2)					810,529
				Total Internet & Catalog Retail					1,708,100
				Internet Software & Services – 0.4%
	66,472			eBay Inc., (2), (3)					1,303,516
	5,770			Equinix Inc., (2)					468,639
	2,370			Google Inc., Class A, (2)					1,054,532
	10,520			Rackspace Hosting Inc., (2)					192,937
	25,145			Tencent Holdings Limited, (18)					416,583
				Total Internet Software & Services					3,436,207
				IT Services – 0.8%
	71,507			CGI Group Inc., (2)					1,067,600
	4,510			CSG Systems International Inc., (2)					82,668
	9,170			Global Payments Inc.					335,072
	12,985			International Business Machines Corporation (IBM)					1,603,388
	3,900			MasterCard, Inc.					778,167
	2,050			Maximus Inc.					118,634
	43,180			Patni Computer Systems Limited					985,799
	10,215			VeriFone Holdings Inc., (2)					193,370
	12,910			Visa Inc.					913,383
	5,215			Wright Express Corporation, (2)					154,886
				Total IT Services					6,232,967
				Life Sciences Tools & Services – 0.1%
	990			Bio-Rad Laboratories Inc., (2)					85,625
	7,780			Life Technologies Corporation, (2)					367,605
	6,150			Waters Corporation, (2)					397,905
				Total Life Sciences Tools & Services					851,135
				Machinery – 0.7%
	3,873			AGCO Corporation, (2)					104,455
	5,370			Caterpillar Inc.					322,576
	11,610			Cummins Inc.					756,159
	5,650			Donaldson Company, Inc.					240,973
	60,361			Kone OYJ, (18)					2,403,292
	2,470			Nordson Corporation					138,518
	15,120			Oshkosh Truck Corporation, (2)					471,139
	10,620			Parker Hannifin Corporation					588,985
	3,770			Timken Company					97,982
	5,540			Vallourec SA, (18)					955,164
				Total Machinery					6,079,243
				Marine – 0.1%
	8,950			Genco Shipping and Trading Limited, (2)					134,161
	68,000			Stolt-Nielsen S.A., (18)					790,988
				Total Marine					925,149
				Media – 0.6%
	13,900			Cablevision Systems Corporation					333,739
	23,615			Comcast Corporation, Class A					410,193
	34,276			DIRECTV Group, Inc., (2)					1,162,642
	8,470			Lamar Advertising Company, (2)					207,684
	3,600			Madison Square Garden Inc., (2)					70,812
	16,449			Readers Digest Association Inc., (2), (18)					337,205
	10,180			Scripps Networks Interactive, Class A Shares					410,661
	1,771			SuperMedia Inc., (2)					32,392

 

Nuveen Investments
19

---

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Media (continued)
	1,218			Time Warner Cable, Class A				$	63,433
	184,860			WPP Group PLC, (18)					1,741,470
				Total Media					4,770,231
				Metals & Mining – 4.2%
	31,000			AngloGold Ashanti Limited, Sponsored ADR, (3)					1,338,580
	133,296			Barrick Gold Corporation, (3)					6,052,971
	44,513			BHP Billiton PLC, ADR, (18)					1,384,780
	8,880			Cliffs Natural Resources Inc.					418,781
	17,235			Freeport-McMoRan Copper & Gold, Inc.					1,019,106
	220,631			Gold Fields Limited, ADR, (3)					2,949,836
	33,111			Ivanhoe Mines Ltd., (2), (3)					431,767
	12,309			Kinross Gold Corporation					210,361
	2,700			Lihir Gold Limited, Sponsored ADR					97,173
	762,000			Lihir Gold Limited, (18)					2,741,370
	1,062,500			Minara Resources Limited, (18)					576,164
	2,110			Newcrest Mining Limited, Sponsored ADR, (18)					62,245
	18,000			Newcrest Mining Limited, (18)					525,177
	114,016			Newmont Mining Corporation, (3)					7,039,348
	538,658			NovaGold Resources Inc., 144A, (2), (3)					3,759,833
	181,183			NovaGold Resources Inc., (2), (3)					1,264,657
	13,150			POSCO, ADR					1,240,308
	3,675			Silver Standard Resources, Inc., (2)					65,599
	18,730			Steel Dynamics Inc.					247,049
	97,730			Sterlite Industries India Ltd., ADR					1,391,675
	20,000			United States Steel Corporation					771,000
	14,130			Walter Industries Inc.					859,811
				Total Metals & Mining					34,447,591
				Multiline Retail – 0.3%
	6,210			Big Lots, Inc., (2)					199,279
	18,700			Macy's, Inc.					334,730
	62,011			Next PLC, (18)					1,848,827
				Total Multiline Retail					2,382,836
				Multi-Utilities – 0.5%
	136,191			Ameren Corporation, (3)					3,237,260
	7,970			Consolidated Edison, Inc.					343,507
	15,280			Dominion Resources, Inc.					591,947
	1,380			OGE Energy Corp.					50,453
	4,180			PG&E Corporation					171,798
				Total Multi-Utilities					4,394,965
				Office Electronics – 0.1%
	23,343			Canon Inc., (18)					869,981
				Oil, Gas & Consumable Fuels – 4.0%
	56,522			Arch Coal Inc., (3)					1,119,701
	66,040			BG Group PLC, (18)					982,203
	159,723			BP PLC Sponsored ADR, (3)					4,612,800
	198,118			Cameco Corporation, (3)					4,215,951
	11,208			Chesapeake Energy Corporation					234,808
	45,694			Chevron Corporation, (3)					3,100,795
	24,879			ConocoPhillips, (3)					1,221,310
	22,890			Continental Resources Inc., (2)					1,021,352
	4,830			Devon Energy Corporation					294,244
	34,890			EnCana Corporation					1,056,647
	66,200			Gazprom OAO, ADR, (18)					1,246,432

 

Nuveen Investments
20

---

Shares				Description (1)				Value
				Oil, Gas & Consumable Fuels (continued)
	10,345			Hess Corporation				$	520,767
	9,670			Newfield Exploration Company, (2)					472,476
	40,100			Nexen Inc., (3)					788,767
	5,905			Occidental Petroleum Corporation					455,571
	1,706			Peabody Energy Corporation					66,756
	7,492			Petrobras Energia S.A., ADR					107,960
	13,500			Petrohawk Energy Corporation, (2)					229,095
	1,700,000			PT Medco Energi Internasional TBK, (18)					546,946
	9,285			Rosetta Resources, Inc., (2)					183,936
	35,200			Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)					1,699,456
	3,300			SM Energy Company					132,528
	61,190			StatoilHydro ASA, (18)					1,178,814
	47,046			StatoilHydro ASA, Sponsored ADR					900,931
	5,010			Stone Energy Corporation, (2)					55,912
	73,651			Suncor Energy, Inc., (3)					2,168,285
	187,805			Tesoro Corporation, (3)					2,191,684
	7,825			Total S.A., (18)					349,298
	870			Whiting Petroleum Corporation, (2)					68,225
	6,840			World Fuel Services Corporation					177,430
	508,213			Yanzhou Coal Mining Company, (18)					978,490
				Total Oil, Gas & Consumable Fuels					32,379,570
				Paper & Forest Products – 0.1%
	629			Domtar Corporation					30,915
	24,070			International Paper Company					544,704
				Total Paper & Forest Products					575,619
				Personal Products – 0.0%
	6,800			Estee Lauder Companies Inc., Class A					378,964
				Pharmaceuticals – 1.9%
	37,930			AstraZeneca Group, (18)					1,788,241
	50,200			AstraZeneca Group, Sponsored ADR, (3)					2,365,926
	30,052			Bristol-Myers Squibb Company					749,497
	40,200			Forest Laboratories, Inc., (2), (3)					1,102,686
	22,560			Johnson & Johnson					1,332,394
	21,236			Novartis AG, (18)					1,029,162
	12,720			Novo Nordisk A/S, (18)					1,027,683
	9,105			Perrigo Company					537,832
	170,658			Pfizer Inc., (3)					2,433,583
	20,817			Sanofi-Aventis, S.A., (18)					1,253,750
	27,500			Takeda Pharmaceutical Co Ltd., (18)					1,181,197
	3,068			Takeda Pharmaceutical Co Ltd., ADR, (18)					65,287
	21,610			Watson Pharmaceuticals Inc., (2)					876,718
				Total Pharmaceuticals					15,743,956
				Professional Services – 0.0%
	6,590			Acacia Research, (2)					93,776
				Real Estate – 0.3%
	7,410			Boston Properties, Inc.					528,629
	8,180			Digital Realty Trust Inc.					471,822
	11,180			Duke Realty Corporation					126,893
	2,930			Equity Lifestyles Properties Inc.					141,314
	1,430			Essex Property Trust Inc.					139,482
	15,280			Inland Real Estate Corporation					121,018
	18,250			Kimco Realty Corporation					245,280
	5,860			LaSalle Hotel Properties					120,540

 

Nuveen Investments
21

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Real Estate (continued)
	2,422			PS Business Parks Inc.				$	135,099
	2,909			Simon Property Group, Inc.					234,902
	7,550			Taubman Centers Inc.					284,107
	4,460			Walter Investment Management Corporation					72,921
				Total Real Estate					2,622,007
				Real Estate Management & Development – 0.1%
	67,160			Brookfield Properties Corporation					943,161
				Road & Rail – 0.1%
	1,145			Canadian Pacific Railway Limited					61,395
	12,140			Kansas City Southern Industries, (2)					441,289
	8,320			Norfolk Southern Corporation					441,376
	857			Union Pacific Corporation					59,570
				Total Road & Rail					1,003,630
				Semiconductors & Equipment – 1.0%
	84,910			ASM Lithography Holding NV, (18)					2,336,711
	32,185			Broadcom Corporation, Class A					1,061,139
	58,220			Intel Corporation					1,132,379
	27,290			KLA-Tencor Corporation					760,845
	56,840			Marvell Technology Group Ltd., (2)					895,798
	12,110			Micron Technology, Inc., (2)					102,814
	21,600			Novellus Systems, Inc., (2)					547,776
	11,470			ON Semiconductor Corporation, (2)					73,179
	104,020			Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR					1,015,235
	4,510			Xilinx, Inc.					113,923
				Total Semiconductors & Equipment					8,039,799
				Software – 0.3%
	1,750			Advent Software Inc., (2)					82,180
	5,360			Ansys Inc., (2)					217,455
	8,420			CommVault Systems, Inc., (2)					189,450
	4,800			JDA Software Group, (2)					105,504
	2,950			Manhattan Associates Inc., (2)					81,273
	60,028			Microsoft Corporation, (3)					1,381,244
	10,530			Rovi Corporation, (2)					399,192
	3,755			Salesforce.com, Inc., (2)					322,254
				Total Software					2,778,552
				Specialty Retail – 0.3%
	7,020			Best Buy Co., Inc.					237,697
	3,640			DSW Inc., (2)					81,754
	4,228			Guess Inc.					132,083
	14,630			Home Depot, Inc.					410,664
	2,940			J. Crew Group Inc., (2)					108,221
	9,950			OfficeMax Inc., (2)					129,947
	4,220			PetSmart Inc.					127,317
	38,710			Williams-Sonoma Inc.					960,782
				Total Specialty Retail					2,188,465
				Textiles, Apparel & Luxury Goods – 0.4%
	1,030			Deckers Outdoor Corporation, (2)					147,156
	3,250			Fossil Inc., (2)					112,775
	8,890			Jones Apparel Group, Inc.					140,907
	9,710			LVMH Moet Hennessy, (18)					1,056,863
	516,358			Yue Yuen Industrial Holdings Limited, (18)					1,599,409
				Total Textiles, Apparel & Luxury Goods					3,057,110

 

Nuveen Investments
22

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Shares				Description (1)				Value
				Thrifts & Mortgage Finance – 0.0%
	7,150			People's United Financial, Inc.				$	96,524
				Tobacco – 0.5%
	33,910			British American Tobacco PLC, (18)					1,076,160
	20,690			Lorillard Inc.					1,489,265
	30,795			Philip Morris International					1,411,642
				Total Tobacco					3,977,067
				Trading Companies & Distributors – 0.3%
	193,464			Mitsui & Company Limited, (18)					2,256,907
				Water Utilities – 0.0%
	823			Companhia de Saneamento Basico do Estado de Sao Paulo, ADR					34,022
				Wireless Telecommunication Services – 0.3%
	9,722			Millicom International Cellular S.A., (18)					788,856
	19,414			Millicom International Cellular S.A.					1,573,892
	1,400			TIM Participacoes S.A., ADR					37,995
	4,123			Turkcell Iletisim Hizmetleri A.S., ADR					53,516
				Total Wireless Telecommunication Services					2,454,259
				Total Common Stocks (cost $292,746,185)					284,186,160

 

Shares				Description (1)								Coupon				Ratings (4)				Value
				Convertible Preferred Securities – 1.5% (1.1% of Total Investments)
				Capital Markets – 0.1%
	7,200			Affiliated Managers Group Inc., Convertible Bond									5.100	%		BB				$	272,160
	5,800			AMG Capital Trust II, Convertible Bond									5.150	%		BB					187,775
				Total Capital Markets																	459,935
				Commercial Banks – 0.4%
	5,150			Fifth Third Bancorp, Convertible Bond									8.500	%		Ba1					652,814
	3,000			Wells Fargo & Company, Convertible Bond									7.500	%		A-					2,793,000
				Total Commercial Banks																	3,445,814
				Communications Equipment – 0.2%
	2,775			Lucent Technologies Capital Trust I									7.750	%		B3					2,010,488
				Diversified Financial Services – 0.2%
	2,950			Bank of America Corporation									7.250	%		BB					2,678,600
				Food Products – 0.1%
	5,300			Bunge Limited, Convertible Bonds									4.875	%		Ba1					420,025
				Health Care Providers & Services – 0.1%
	13,250			Omnicare Capital Trust II, Series B									4.000	%		B					471,700
				Independent Power Producers & Energy Traders – 0.1%
	13,000			AES Trust III, Convertible Preferred									6.750	%		B					563,550
				Insurance – 0.0%
	4,000			Reinsurance Group of America Inc.									5.750	%		BBB					235,980
				Multi-Utilities – 0.1%
	7,450			CMS Energy Corporation, Convertible Bonds									4.500	%		Ba2					614,159

 

Nuveen Investments
23

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)								Coupon				Ratings (4)				Value
				Oil, Gas & Consumable Fuels – 0.1%
	400			El Paso Corporation, 144A									4.990	%		B				$	385,100
	100			El Paso Corporation									4.990	%		B					96,275
	2,600			Whiting Petroleum Corporation									6.250	%		B					503,594
				Total Oil, Gas & Consumable Fuels																	984,969
				Real Estate – 0.1%
	27,400			HRPT Properties Trust, Preferred Convertible Bonds									6.500	%		Baa3					511,284
				Tobacco – 0.0%
	200			Universal Corporation, Convertible Preferred									6.750	%		BB					189,550
				Total Convertible Preferred Securities (cost $12,473,631)																	12,586,054
Shares				Description (1)								Coupon				Ratings (4)				Value
				$25 Par (or similar) Preferred Securities – 36.7% (27.2% of Total Investments)
				Capital Markets – 3.2%
	91,000			Ameriprise Financial, Inc.									7.750	%		A					2,416,960
	77,500			BNY Capital Trust V, Series F									5.950	%		A1					1,949,125
	110,144			Credit Suisse									7.900	%		A3					2,803,165
	881,630			Deutsche Bank Capital Funding Trust II									6.550	%		BBB+					18,196,843
	13,800			Deutsche Bank Capital Funding Trust IX									6.625	%		BBB+					294,078
	20,300			Goldman Sachs Group Inc., Series 2004-4 (CORTS)									6.000	%		A3					410,669
	7,500			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)									6.000	%		A3					150,975
	600			Morgan Stanley Capital Trust III									6.250	%		BBB					12,984
	2,700			Morgan Stanley Capital Trust IV									6.250	%		BBB					57,564
				Total Capital Markets																	26,292,363
				Commercial Banks – 5.1%
	75,900			Assured Guaranty Municipal Holdings									6.250	%		A+					1,357,092
	409,182			Banco Santander Finance									10.500	%		A-					10,908,792
	14,600			Barclays Bank PLC									7.750	%		A-					342,078
	24,100			Barclays Bank PLC									7.100	%		A+					530,923
	59,300			BB&T Capital Trust VI									9.600	%		A3					1,614,146
	73,300			BB&T Capital Trust VII									8.100	%		A3					1,907,999
	107,000			Cobank Agricultural Credit Bank, 144A									7.000	%		N/R					4,697,974
	31,000			Cobank Agricultural Credit Bank									11.000	%		A					1,692,408
	2,000,000			HSBC Bank PLC									1.000	%		A					1,215,000
	564,841			HSBC Finance Corporation									6.875	%		A					13,787,769
	7,200			HSBC Finance Corporation									6.000	%		A					158,256
	15,000			HSBC Holdings PLC									8.000	%		A-					378,282
	22,700			HSBC Holdings PLC									6.200	%		A-					486,915
	79,592			Merrill Lynch Preferred Capital Trust V									7.280	%		Baa3					1,774,902
	500,000			National Australia Bank									8.000	%		A+					518,125
	400			National City Capital Trust II									6.625	%		BBB					9,296
				Total Commercial Banks																	41,379,957
				Diversified Financial Services – 2.1%
	1,200			General Electric Capital Corporation									6.100	%		AAA					29,952
	73,051			ING Groep N.V.									7.200	%		Ba1					1,360,940
	644,975			ING Groep N.V.									7.050	%		Ba1					11,790,143
	100,000			JPMorgan Chase & Company									7.900	%		Baa1					103,410
	115,500			JPMorgan Chase Capital Trust XI									5.875	%		A2					2,654,190
	38,700			JPMorgan Chase Capital Trust XXIX									6.700	%		A2					917,577
				Total Diversified Financial Services																	16,856,212

 

Nuveen Investments
24

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Shares				Description (1)								Coupon				Ratings (4)				Value
				Diversified Telecommunication Services – 0.3%
	65,702			BellSouth Capital Funding (CORTS)									7.120	%		A				$	1,654,869
	18,300			BellSouth Corporation (CORTS)									7.000	%		A					456,929
				Total Diversified Telecommunication Services																	2,111,798
				Electric Utilities – 0.2%
	59,800			Entergy Texas Inc.									7.875	%		BBB+					1,665,430
	3,600			FPL Group Capital Inc.									6.600	%		BBB					91,548
				Total Electric Utilities																	1,756,978
				Food Products – 0.3%
	25,000			Dairy Farmers of America Inc., 144A									7.875	%		BBB-					2,111,720
				Insurance – 8.2%
	624,430			Aegon N.V.									6.375	%		BBB					10,977,479
	16,100			Allianz SE									8.375	%		A+					408,035
	6,500			Arch Capital Group Limited, Series B									7.875	%		BBB-					164,190
	356,466			Arch Capital Group Limited									8.000	%		BBB-					8,986,508
	3,000			Credit Suisse First Boston Debenture Backed Structured Asset Trust									0.000	%		Aa1					73,800
	561,287			Delphi Financial Group, Inc.									8.000	%		BBB					14,133,207
	277,157			EverestRe Capital Trust II									6.200	%		Baa1					5,626,287
	681,467			PartnerRe Limited, Series C									6.750	%		BBB+					15,435,228
	62,457			PLC Capital Trust III									7.500	%		BBB					1,493,971
	5,800			PLC Capital Trust IV									7.250	%		BBB					139,954
	367,251			RenaissanceRe Holdings Limited, Series B									7.300	%		BBB+					8,817,697
	2,000			RenaissanceRe Holdings Limited, Series C									6.080	%		BBB+					39,180
	32,400			RenaissanceRe Holdings Limited, Series D									6.600	%		BBB+					698,220
				Total Insurance																	66,993,756
				Media – 4.9%
	6,900			CBS Corporation									7.250	%		BBB-					168,429
	464,395			CBS Corporation									6.750	%		BBB-					11,071,177
	481,531			Comcast Corporation									7.000	%		BBB+					12,221,257
	97,000			Comcast Corporation									6.625	%		BBB+					2,371,650
	577,046			Viacom Inc.									6.850	%		BBB					14,374,216
				Total Media																	40,206,729
				Multi-Utilities – 1.3%
	216,300			Dominion Resources Inc.									8.375	%		BBB					6,013,140
	168,661			Xcel Energy Inc.									7.600	%		BBB					4,503,249
				Total Multi-Utilities																	10,516,389
				Oil, Gas & Consumable Fuels – 1.3%
	429,300			Nexen Inc.									7.350	%		BB+					10,603,710
				Real Estate – 9.8%
	99,785			Developers Diversified Realty Corporation, Series G									8.000	%		Ba1					2,273,102
	1,400			Harris Preferred Capital Corporation, Series A									7.375	%		A-					34,832
	647,700			HRPT Properties Trust									7.125	%		Baa3					14,754,606
	340,287			Kimco Realty Corporation, Series F									6.650	%		Baa2					8,027,370
	109,832			Kimco Realty Corporation, Series G									7.750	%		Baa2					2,793,028
	32,982			Prologis Trust, Series C									8.540	%		Baa3					1,576,952
	33,774			Public Storage, Inc., Series C									6.600	%		Baa1					811,927
	43,700			Public Storage, Inc., Series E									6.750	%		Baa1					1,071,961
	9,359			Public Storage, Inc., Series H									6.950	%		Baa1					234,162
	216,310			Public Storage, Inc.									6.750	%		Baa1					5,301,758
	208,158			Realty Income Corporation									6.750	%		Baa2					4,997,874
	117,684			Regency Centers Corporation									7.450	%		Baa3					2,812,059
	103,728			Vornado Realty LP									7.875	%		BBB					2,605,647

 

Nuveen Investments
25

---

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)								Coupon				Ratings (4)				Value
				Real Estate (continued)
	857,862			Wachovia Preferred Funding Corporation									7.250	%		A-				$	19,850,927
	583,830			Weingarten Realty Trust, Preferred Securities									6.750	%		Baa3					13,013,571
				Total Real Estate																	80,159,776
				Wireless Telecommunication Services – 0.0%
	2,300			Telephone and Data Systems Inc.									7.600	%		Baa2					57,430
	3,200			United States Cellular Corporation									7.500	%		Baa2					79,647
				Total Wireless Telecommunication Services																	137,077
				Total $25 Par (or similar) Preferred Securities (cost $323,157,494)																	299,126,465
Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Variable Rate Senior Loan Interests – 7.5% (5.6% of Total Investments) (6)
				Aerospace & Defense – 0.3%
$	276			Aveos Fleet Performance, Inc., ABL Term Loan					11.250	%			3/12/13			B				$	272,240
	278			Aveos Fleet Performance, Inc., Term Loan					8.500	%			3/12/15			B					270,008
	574			DAE Aviation Holdings, Inc., Term Loan B1					4.090	%			7/31/14			B					519,894
	558			DAE Aviation Holdings, Inc., Term Loan B2					4.090	%			7/31/14			B					504,724
	600			McKechnie Aerospace Holdings, Inc., Term Loan					5.350	%			5/11/15			N/R					550,395
	2,286			Total Aerospace & Defense																	2,117,261
				Airlines – 0.1%
	970			Delta Air Lines, Inc., Term Loan					3.548	%			4/30/14			B					869,363
				Automobiles – 0.1%
	1,182			Ford Motor Company, Term Loan					3.331	%			12/15/13			Ba1					1,118,983
				Building Products – 0.4%
	2,518			Building Materials Corporation of America, Term Loan					3.125	%			2/22/14			BBB-					2,428,983
	1,008			TFS Acquisition, Term Loan					10.000	%			8/11/13			B-					985,106
	3,526			Total Building Products																	3,414,089
				Chemicals – 0.0%
	398			Hercules Offshore, Inc., Term Loan					6.000	%			7/11/13			B2					348,545
				Communications Equipment – 0.2%
	1,980			Avaya, Inc., Term Loan					3.260	%			10/24/14			B1					1,698,255
				Diversified Consumer Services – 0.1%
	963			Cengage Learning Acquisitions, Inc., Term Loan					3.030	%			7/03/14			B+					834,039
				Electric Utilities – 0.3%
	503			Calpine Corporation, DIP Term Loan					3.415	%			3/29/14			B+					461,795
	972			TXU Corporation, Term Loan B2					3.975	%			10/10/14			B+					721,473
	1,342			TXU Corporation, Term Loan B3					3.851	%			10/10/14			B+					995,241
	2,817			Total Electric Utilities																	2,178,509
				Electrical Equipment – 0.0%
	234			Allison Transmission Holdings, Inc., Term Loan					3.099	%			8/07/14			B					213,917
				Health Care Providers & Services – 0.6%
	65			Community Health Systems, Inc., Delayed Term Loan					2.788	%			7/25/14			BB					60,461
	1,305			Community Health Systems, Inc., Term Loan					2.788	%			7/25/14			BB					1,219,888
	472			Concentra, Inc., Term Loan					2.790	%			6/25/14			Ba3					439,760
	736			HCA, Inc., Term Loan A					1.783	%			11/16/12			BB					697,148
	515			Health Management Associates, Inc., Term Loan					2.283	%			2/28/14			BB-					480,594

 

Nuveen Investments
26

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Health Care Providers & Services (continued)
$	182			IASIS Healthcare LLC, Delayed Term Loan					2.347	%		3/14/14				Ba2				$	170,738
	49			IASIS Healthcare LLC, Letter of Credit					2.347	%		3/14/14				Ba2					46,459
	525			IASIS Healthcare LLC, Term Loan					2.347	%		3/14/14				Ba2					493,319
	981			Select Medical Corporation, Term Loan B2					2.484	%		2/24/12				Ba2					950,267
	585			Select Medical Corporation, Term Loan					2.484	%		2/24/12				Ba2					566,598
	5,415			Total Health Care Providers & Services																	5,125,232
				Hotels, Restaurants & Leisure – 0.8%
	1,446			CCM Merger, Inc., Term Loan B					8.500	%		7/13/12				BB-					1,423,317
	487			Cedar Fair LP, Extended US Term Loan					4.347	%		8/30/14				BB-					482,731
	169			Cedar Fair LP, Term Loan					2.347	%		8/30/12				BB-					166,445
	507			Harrah's Operating Company, Inc., Term Loan B2					3.316	%		1/28/15				B					423,026
	134			Travelport LLC, Letter of Credit					3.033	%		8/23/13				Ba3					125,875
	669			Travelport LLC, Term Loan					2.811	%		8/23/13				Ba3					627,332
	778			Venetian Casino Resort LLC, Delayed Draw Term Loan					2.100	%		5/23/14				B-					689,447
	2,685			Venetian Casino Resort LLC, Term Loan					2.100	%		5/23/14				B-					2,380,141
	6,875			Total Hotels, Restaurants & Leisure																	6,318,314
				Insurance – 0.2%
	1,502			Conseco, Inc., Term Loan					7.500	%		10/10/13				B2					1,455,220
				IT Services – 0.4%
	763			First Data Corporation, Term Loan B1					3.097	%		9/24/14				B+					643,761
	823			Infor Global Solutions Intermediate Holdings, Ltd., Extended Delayed Draw Term Loan					6.100	%		7/28/15				B+					768,428
	1,577			Infor Global Solutions Intermediate Holdings, Ltd., Holdco PIK Term Loan					6.100	%		7/28/15				B+					1,473,835
	790			SunGard Data Systems, Inc., Term Loan B					2.100	%		2/28/14				BB					745,370
	3,953			Total IT Services																	3,631,394
				Leisure Equipment & Products – 0.1%
	388			Herbst Gaming, Inc., Delayed Term Loan, (8)					10.500	%		12/02/11				N/R					245,688
	447			Herbst Gaming, Inc., Term Loan, (8)					10.500	%		12/02/11				N/R					282,743
	835			Total Leisure Equipment & Products																	528,431
				Media – 2.0%
	559			Cequel Communications LLC, Term Loan B					2.292	%		11/05/13				BB-					533,518
	2,954			Charter Communications Operating Holdings LLC, Term Loan C					3.790	%		9/06/16				BB+					2,758,164
	364			Charter Communications Operating Holdings LLC, Term Loan					2.350	%		3/06/14				BB+					338,204
	549			Citadel Broadcasting Corporation, Term Loan, (9)					11.000	%		6/03/15				N/R					575,033
	687			Gray Television, Inc., Term Loan B					3.804	%		12/31/14				B					643,464
	790			Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, (10)					18.500	%		4/09/12				N/R					360,320
	582			Nielsen Finance LLC, Term Loan A					2.350	%		8/09/13				Ba3					548,032
	1,237			Nielsen Finance LLC, Term Loan B					4.100	%		5/02/16				Ba3					1,193,054
	944			Philadelphia Newspapers, Term Loan, (7), (8)					6.500	%		6/29/13				N/R					287,950
	357			SuperMedia, Term Loan					8.000	%		12/31/15				B-					307,464
	5,925			Tribune Company, Term Loan B, (7), (8)					3.000	%		6/04/14				Ca					3,623,137
	890			Tribune Company, Term Loan X, (7), (8)					2.750	%		6/04/09				Ca					539,133
	5,366			Univision Communications, Inc., Term Loan					2.597	%		9/29/14				B2					4,517,074
	21,204			Total Media																	16,224,547
				Metals & Mining – 0.2%
	1,304			John Maneely Company, Term Loan					3.552	%		12/09/13				B					1,232,261
				Oil, Gas & Consumable Fuels – 0.2%
	1,955			CCS Income Trust, Term Loan					3.347	%		11/14/14				B					1,622,555
				Pharmaceuticals – 0.2%
	2,000			Royalty Pharma Finance Trust, Unsecured Term Loan					7.750	%		5/15/15				Baa3					1,909,999

 

Nuveen Investments
27

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Real Estate Management & Development – 0.5%
$	2,443			LNR Property Corporation, Term Loan B					7.750	%		7/12/11				CCC				$	2,364,058
	1,634			Realogy Corporation, Delayed Term Loan					3.293	%		10/10/13				Caa1					1,393,106
	4,077			Total Real Estate Management & Development																	3,757,164
				Road & Rail – 0.1%
	900			Swift Transportation Company, Inc., Term Loan					8.250	%		5/12/14				B-					834,871
				Specialty Retail – 0.7%
	1,600			Toys "R" Us - Delaware, Inc., Term Loan B					4.597	%		7/19/12				BB-					1,577,713
	2,360			Burlington Coat Factory Warehouse Corporation, Term Loan					2.666	%		5/28/13				B-					2,205,400
	887			Michaels Stores, Inc., Term Loan B1					2.761	%		10/31/13				B					825,668
	1,194			Michaels Stores, Inc., Term Loan B2					5.011	%		7/31/16				B					1,137,092
	6,041			Total Specialty Retail																	5,745,873
$	70,417			Total Variable Rate Senior Loan Interests (cost $65,892,871)																	61,178,822
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Convertible Bonds – 11.3% (8.4% of Total Investments)
				Aerospace & Defense – 0.2%
$	550			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		9/15/11				BB-				$	536,938
	250			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		2/15/24				BB-					238,125
	900			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+					904,500
	1,700			Total Aerospace & Defense																	1,679,563
				Auto Components – 0.1%
	500			BorgWarner Inc.					3.500	%		4/15/12				BBB					647,500
				Beverages – 0.0%
	250			Molson Coors Brewing Company, Senior Convertible Notes					2.500	%		7/30/13				BBB-					269,375
				Biotechnology – 0.4%
	1,800			Amgen Inc.					0.375	%		2/01/13				A+					1,786,500
	600			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B-					642,750
	300			Invitrogen Corporation, Convertible Bond					2.000	%		8/01/23				BBB-					417,000
	2,700			Total Biotechnology																	2,846,250
				Capital Markets – 0.1%
	450			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB-					441,000
				Commercial Banks – 0.4%
	1,790			National City Corporation, Convertible Senior Notes					4.000	%		2/01/11				A					1,812,375
	300			SVB Financial Group, Convertible Bond, 144A					3.875	%		4/15/11				A3					305,250
	850			US Bancorp, Convertible Bonds, Floating Rate					0.000	%		12/11/35				Aa3					842,053
	2,940			Total Commercial Banks																	2,959,678
				Commercial Services & Supplies – 0.1%
	300			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3					321,000
	500			Covanta Holding Corporation, Convertible Bonds					1.000	%		2/01/27				Ba3					466,250
	400			Universal City Development Partners, 144A					8.875	%		11/15/15				B3					404,000
	1,200			Total Commercial Services & Supplies																	1,191,250
				Communications Equipment – 0.2%
	400			Ciena Corporation, Convertible Bond					0.250	%		5/01/13				B					325,500
	400			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B					250,500
	350			CommScope Inc.					3.250	%		7/01/15				B					382,813

 

Nuveen Investments
28

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Communications Equipment (continued)
$	1,000			Liberty Media Corporation, Senior Debentures, Exchangeable for Motorola Common Stock					3.500	%		1/15/31				BB-				$	443,990
	750			Lucent Technologies Inc., Series B					2.875	%		6/15/25				B1					635,625
	2,900			Total Communications Equipment																	2,038,428
				Computers & Peripherals – 0.6%
	1,000			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/11				A-					1,218,750
	600			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A-					762,750
	500			EMC Corporation, Convertible Bonds					1.750	%		12/01/11				A-					609,375
	750			EMC Corporation, Convertible Bonds					1.750	%		12/01/13				A-					953,438
	250			Maxtor Corporation, Convertible Bonds					2.375	%		8/15/12				B					252,500
	850			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				BB-					759,688
	3,950			Total Computers & Peripherals																	4,556,501
				Construction & Engineering – 0.0%
	200			Fluor Corporation, Convertible Bonds					1.500	%		2/15/24				A3					306,750
				Consumer Finance – 0.0%
	250			Americredit Corporation					0.750	%		9/15/11				B-					233,750
				Diversified Consumer Services – 0.0%
	250			Sotheby's Holdings Inc., Convertible Bond					3.125	%		6/15/13				B1					243,750
				Diversified Financial Services – 0.1%
	800			NASDAQ Stock Market Inc., Convertible Bond					2.500	%		8/15/13				BBB					763,000
	350			PHH Corporation					4.000	%		4/15/12				Ba2					383,688
	1,150			Total Diversified Financial Services																	1,146,688
				Diversified Telecommunication Services – 0.2%
	850			Qwest Communications International Inc.					3.500	%		11/15/25				B+					945,625
	350			Time Warner Telecom Inc., Convertible Bond					2.375	%		4/01/26				B-					380,625
	1,200			Total Diversified Telecommunication Services																	1,326,250
				Electrical Equipment – 0.1%
	237			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				Ba3					207,375
	323			General Cable Corporation, Convertible Bonds					4.500	%		11/15/29				B					304,428
	350			Roper Industries Inc.					0.000	%		1/15/34				BB+					245,000
	910			Total Electrical Equipment																	756,803
				Electronic Equipment & Instruments – 0.2%
	450			Anixter International Inc., Convertible Bond					0.000	%		7/07/33				B+					290,813
	350			Itron Inc.					2.500	%		8/01/26				B-					386,313
	650			Tech Data Corporation, Convertible Bonds					2.750	%		12/15/26				BBB-					654,875
	1,450			Total Electronic Equipment & Instruments																	1,332,001
				Energy Equipment & Services – 0.9%
	350			Cameron International Corporation, Convertible Bonds					2.500	%		6/15/26				BBB+					393,750
	350			Exterran Holdings Inc., Convertible Bond					4.250	%		6/15/14				BB					459,375
	800			Nabors Industries Inc., 144A					0.940	%		5/15/11				BBB+					788,000
	950			Nabors Industries Inc.					0.940	%		5/15/11				BBB+					935,750
	750			SESI LLC, Convertible Bond, 144A					1.500	%		12/15/26				BB+					691,875
	900			Transocean Inc., Convertible Bond					1.625	%		12/15/37				BBB+					876,375
	2,000			Transocean Inc.					1.500	%		12/15/37				BBB+					1,785,000
	1,950			Transocean Inc.					1.500	%		12/15/37				BBB+					1,623,375
	8,050			Total Energy Equipment & Services																	7,553,500

 

Nuveen Investments
29

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Food Products – 0.3%
$	250			Archer Daniels Midland Company, Convertible Bonds, 144A					0.875	%		2/15/14				A				$	236,875
	750			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					710,625
	300			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B					261,000
	350			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				B-					341,688
	500			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB					586,250
	2,150			Total Food Products																	2,136,438
				Health Care Equipment & Supplies – 0.8%
	100			Beckman Coulter Inc., Convertible Bonds, 144A					2.500	%		12/15/36				BBB					109,500
	500			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					547,500
	1,850			Hologic Inc.					2.000	%		12/15/37				BB-					1,584,063
	200			Invacare Corporation, Convertible Bond					4.125	%		2/01/27				B-					214,750
	250			Inverness Medical Innovation Inc., Convertible Bonds					3.000	%		5/15/16				B-					216,250
	600			Kinetic Concepts Inc., Convertible Bond, 144A					3.250	%		4/15/15				BB-					580,500
	1,200			Medtronic, Inc., Convertible Bond					1.500	%		4/15/11				AA-					1,198,500
	2,000			Medtronic, Inc., Convertible Bond					1.625	%		4/15/13				AA-					2,015,000
	6,700			Total Health Care Equipment & Supplies																	6,466,063
				Health Care Providers & Services – 0.5%
	400			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				BB					406,500
	300			LifePoint Hospitals, Inc., Convertible Bond					3.250	%		8/15/25				B1					282,375
	650			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					603,688
	3,185			Omnicare, Inc.					3.250	%		12/15/35				B+					2,651,513
	250			PSS World Medical Inc. Convertible Note, 144A					3.125	%		8/01/14				BB					288,125
	4,785			Total Health Care Providers & Services																	4,232,201
				Hotels, Restaurants & Leisure – 0.3%
	900			Carnival Corporation					2.000	%		4/15/21				A3					936,000
	250			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.500	%		10/15/29				BB+					283,590
	800			International Game Technology					3.250	%		5/01/14				BBB					880,000
	100			Wyndham Worldwide Corporation, Convertible Bond					3.500	%		5/01/12				BBB-					163,125
	2,050			Total Hotels, Restaurants & Leisure																	2,262,715
				Household Durables – 0.2%
	400			D.R. Horton, Inc.					2.000	%		5/15/14				BB-					408,500
	250			Lennar Corporation					2.000	%		12/01/20				BB-					220,938
	350			Newell Rubbermaid Inc.					5.500	%		3/15/14				BBB-					637,438
	1,000			Total Household Durables																	1,266,876
				Independent Power Producers & Energy Traders – 0.0%
	300			Allegheny Technologies Inc., Convetible Bond					4.250	%		6/01/14				BBB-					387,375
				Industrial Conglomerates – 0.1%
	500			Textron Inc.					4.500	%		5/01/13				BBB-					726,250
				Insurance – 0.1%
	450			Old Republic International Corporation					8.000	%		5/15/12				BBB+					536,625
				Internet Software & Services – 0.2%
	500			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B-					469,375
	650			Equinix Inc.					4.750	%		6/15/16				B-					771,875
	1,150			Total Internet Software & Services																	1,241,250
				IT Services – 0.1%
	150			Macrovision Corporation, Convertible Bonds					2.625	%		8/15/11				BB-					208,313
	500			Verifone Holdings Inc.					1.375	%		6/15/12				B					463,125
	650			Total IT Services																	671,438

 

Nuveen Investments
30

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Life Sciences Tools & Services – 0.1%
$	400			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+				$	384,500
	300			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BBB-					331,125
	300			Millipore Corporation, Convertible Bonds					3.750	%		6/01/26				BB-					376,125
	1,000			Total Life Sciences Tools & Services																	1,091,750
				Machinery – 0.2%
	600			Danaher Corporation, Convertible Bonds					0.000	%		1/22/21				A+					647,250
	350			Ingersoll Rand					4.500	%		4/15/12				BBB+					689,500
	300			Navistar International Corporation, Convertible Bond					3.000	%		10/15/14				B1					353,250
	200			Terex Corporation					4.000	%		6/01/15				B					271,500
	1,450			Total Machinery																	1,961,500
				Media – 0.2%
	800			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				BB					805,000
	350			Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1					4.000	%		11/15/29				BB-					181,125
	550			Omnicom Group Inc., Convertible Bond					0.000	%		7/01/38				Baa1					522,500
	1,700			Total Media																	1,508,625
				Metals & Mining – 0.7%
	500			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				Baa3					856,250
	2,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					1,442,500
	350			Newmont Mining Corp., Senior Convertible Note					1.625	%		7/15/17				BBB+					506,188
	450			Newmont Mining Corporation, 144A					1.625	%		7/15/17				BBB+					650,813
	750			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					1,072,500
	250			Steel Dynamics, Inc.					5.125	%		6/15/14				BB+					269,688
	650			United States Steel Corporation					4.000	%		5/15/14				BB					912,438
	4,950			Total Metals & Mining																	5,710,377
				Multiline Retail – 0.0%
	350			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				B+					304,500
				Oil, Gas & Consumable Fuels – 0.7%
	400			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				BB					412,000
	450			Chesapeake Energy Corporation, Convertible					2.750	%		11/15/35				BB					394,313
	750			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB					587,813
	800			Chesapeake Energy Corporation, Convertible Bonds					2.250	%		12/15/38				BB					581,000
	920			Goodrich Petroleum Corporation, Convertible					5.000	%		10/01/29				N/R					730,940
	750			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB-					627,188
	800			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					784,000
	300			Penn Virginia Corporation					4.500	%		11/15/12				B					281,250
	500			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BB+					600,625
	1,075			USEC Inc., Convertible Bond					3.000	%		10/01/14				Caa2					779,375
	6,745			Total Oil, Gas & Consumable Fuels																	5,778,504
				Pharmaceuticals – 0.6%
	600			Allergan Inc., Convertible Bond					1.500	%		4/01/26				A					657,000
	750			King Pharmaceuticals Inc., Convertible Bonds					1.250	%		4/01/26				BB					653,438
	600			Mylan Labs, Inc., Convertible Bonds, 144A					3.750	%		9/15/15				BB-					856,500
	550			Mylan Labs, Inc., Convertible Bonds					1.250	%		3/15/12				BB-					550,000
	1,200			Teva Pharmaceutical Finance Company B.V., Series D					1.750	%		2/01/26				A-					1,380,000
	350			Teva Pharmaceutical Finance Company LLC, Convertible Bonds					0.250	%		2/01/26				A-					409,500
	275			Valeant Pharmaceuticals International Convertible Bond					4.000	%		11/15/13				B					461,656
	4,325			Total Pharmaceuticals																	4,968,094
				Real Estate – 1.0%
	1,250			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A-					1,243,750
	850			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A-					842,563

 

Nuveen Investments
31

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Real Estate (continued)
$	450			Boston Properties Limited Partnership, Convertible Bonds					2.875	%		2/15/37				A2				$	446,063
	250			Brandywine Operating Partnership, Convertible Bonds					3.875	%		10/15/26				BBB-					250,625
	300			Duke Realty Corporation, Series D, 144A					3.750	%		12/01/11				BBB-					300,375
	450			ERP Operating LP					3.850	%		8/15/26				BBB+					453,375
	200			Health Care REIT, Inc., Convertible Bonds					4.750	%		12/01/26				Baa2					212,750
	200			Health Care REIT, Inc., Convertible Bonds					4.750	%		7/15/27				Baa2					214,000
	1,050			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.625	%		4/15/27				BB+					1,000,125
	450			Host Marriot LP, Convertible Bonds, 144A					3.250	%		4/15/24				BB+					461,250
	250			Prologis Trust, Convertible Bonds, 144A					2.250	%		4/01/37				BBB-					236,563
	1,500			Prologis Trust, Convertible Bonds					2.250	%		4/01/37				BBB-					1,419,375
	250			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB					259,688
	200			Ventas Inc., Convertible Bond, 144A					3.875	%		11/15/11				BBB-					230,750
	800			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					864,000
	8,450			Total Real Estate																	8,435,252
				Semiconductors & Equipment – 1.3%
	3,750			Advanced Micro Devices, Inc., Convertible Bonds, 144A					6.000	%		5/01/15				B-					3,581,249
	637			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B-					628,240
	1,600			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A-					1,527,999
	1,850			Intel Corporation, Convertible Bond					3.250	%		8/01/39				A2					2,092,812
	1,750			Micron Technology, Inc.					1.875	%		6/01/14				B					1,546,562
	900			ON Semiconductor Corporation					2.625	%		12/15/26				B+					847,124
	300			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					274,874
	100			Xilinx Inc., Convertible Bond					3.125	%		3/15/37				BB					91,624
	10,887			Total Semiconductors & Equipment																	10,590,484
				Software – 0.0%
	300			Nuance Communications Inc.					2.750	%		8/15/27				B-					314,999
				Specialty Retail – 0.1%
	500			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					521,249
	250			United Auto Group, Inc., Convertible Bonds					3.500	%		4/01/26				B-					252,187
	750			Total Specialty Retail																	773,436
				Textiles, Apparel & Luxury Goods – 0.1%
	550			Iconix Brand Group, Inc., Convertible Notes, 144A					1.875	%		6/30/12				B					514,249
	100			Liz Claiborne Inc., Convertible Bond					6.000	%		6/15/14				B2					141,124
	650			Total Textiles, Apparel & Luxury Goods																	655,373
				Trading Companies & Distributors – 0.0%
	190			WESCO International Inc., Convertible Bond					6.000	%		9/15/29				B					269,562
				Wireless Telecommunication Services – 0.1%
	508			NII Holdings Inc.					3.125	%		6/15/12				B-					481,964
$	92,040			Total Convertible Bonds (cost $89,709,276)																	92,300,688
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Corporate Bonds – 12.1% (9.0% of Total Investments)
				Aerospace & Defense – 0.4%
$	400			Bombardier Inc., CLass B Shares, 144A					7.500	%		3/15/18				BB+				$	414,000
	800			Hawker Beechcraft Acquisition Company					8.500	%		4/01/15				CCC-					645,000
	1,000			Hexcel Corporation, Term Loan					6.750	%		2/01/15				B+					985,000
	1,200			Vought Aircraft Industries Inc.,					8.000	%		7/15/11				N/R					1,206,000
	3,400			Total Aerospace & Defense																	3,250,000
				Airlines – 0.1%
	600			United Airlines Inc., 144A					12.000	%		11/01/13				CCC					627,000

 

Nuveen Investments
32

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Auto Components – 0.2%
$	800			Cooper Standard Automitve					8.500	%		5/01/18				B+				$	810,000
	400			TRW Automotive Inc., 144A					8.875	%		12/01/17				B+					414,000
	1,200			Total Auto Components																	1,224,000
				Automobiles – 0.2%
	2,650			General Motors Corporation, Senior Debentures, (11)					8.375	%		7/15/33				B-					861,250
				Building Products – 0.1%
	400			Libbey Glass Inc., 144A					10.000	%		2/15/15				B					416,000
				Chemicals – 0.8%
	1,950			Hexion US Finance Corporation					8.875	%		2/01/18				B3					1,769,625
	1,550			Momentive Performance Materials					9.750	%		12/01/14				Caa2					1,472,500
	800			NOVA Chemicals Corporation					8.625	%		11/01/19				B+					796,000
	350			Phibro Animal Health Corporation, 144A, WI/DD					9.250	%		7/01/18				B					350,000
	1,400			Rockwood Specialties Group Inc., Series WI					7.500	%		11/15/14				B-					1,417,500
	400			Solutia Inc.					7.875	%		3/15/20				B+					401,000
	6,450			Total Chemicals																	6,206,625
				Commercial Services & Supplies – 0.4%
	600			Avis Budget Car Rental					9.625	%		3/15/18				B					609,000
	300			International Lease Finance Corporation, 144A					8.625	%		9/15/15				BB+					285,000
	1,850			International Lease Finance Corporation, 144A					8.750	%		3/15/17				BB+					1,757,500
	800			Ticketmaster					10.750	%		8/01/16				B1					866,000
	3,550			Total Commercial Services & Supplies																	3,517,500
				Communications Equipment – 0.1%
	800			IntelSat Bermuda Limited					11.250	%		2/04/17				CCC+					814,000
				Construction Materials – 0.1%
	1,200			Headwaters Inc.					11.375	%		11/01/14				B+					1,218,000
				Consumer Finance – 0.0%
	200			GMAC Inc.					8.000	%		3/15/20				B					196,000
				Diversified Financial Services – 0.0%
	350			CIT Group Inc.					7.000	%		5/01/17				B+					316,750
				Diversified Telecommunication Services – 0.8%
	800			Cequel Communication Holdings I, 144A					8.625	%		11/15/17				B-					801,000
	1,650			Cincinnati Bell Inc.					8.250	%		10/15/17				B2					1,551,000
	750			Cincinnati Bell Inc.					8.750	%		3/15/18				B-					684,375
	200			Insight Communications, 144A, WI/DD					9.375	%		7/15/18				B-					200,000
	1,500			IntelSat Corporation					9.250	%		8/15/14				BB-					1,541,250
	800			New Communications Holdings, 144A					8.500	%		4/15/20				BB					806,000
	800			Windstream Corporation					7.875	%		11/01/17				Ba3					785,000
	6,500			Total Diversified Telecommunication Services																	6,368,625
				Electric Utilities – 0.2%
	1,000			Sierra Pacific Resources, Series 2006					6.750	%		8/15/17				BB					1,012,409
	1,200			Texas Competitive Electric Holdings, Series A					10.250	%		11/01/15				CCC					798,000
	2,200			Total Electric Utilities																	1,810,409
				Electrical Equipment – 0.1%
	600			Energy Future Holdings					10.000	%		1/15/20				B+					600,000

 

Nuveen Investments
33

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Electronic Equipment & Instruments – 0.1%
$	800			Kemet Corporation, Convertible Bonds, 144A					10.500	%		5/01/18				B1				$	796,000
				Energy Equipment & Services – 0.1%
	800			Hercules Offshore LLC, 144A					10.500	%		10/15/17				B2					714,000
				Food & Staples Retailing – 0.3%
	400			C&S Group Enterprises LLC, 144A					8.375	%		5/01/17				BB-					390,000
	2,000			Stater Brothers Holdings Inc.					8.125	%		6/15/12				B+					2,010,000
	2,400			Total Food & Staples Retailing																	2,400,000
				Food Products – 0.4%
	800			Dole Foods Company, 144A					8.000	%		10/01/16				B+					806,000
	2,243			Dole Foods Company					8.750	%		7/15/13				B-					2,321,505
	400			Tops Markets, 144A					10.125	%		10/15/15				B					414,000
	3,443			Total Food Products																	3,541,505
				Health Care Equipment & Supplies – 0.4%
	500			Biomet Inc.					10.000	%		10/15/17				B-					540,000
	2,750			Select Medical Corporation					7.625	%		2/01/15				B-					2,598,750
	3,250			Total Health Care Equipment & Supplies																	3,138,750
				Health Care Providers & Services – 0.7%
	350			Capella Healthcare Inc., 144A					9.250	%		7/01/17				B					354,375
	2,000			Community Health Systems, Inc.					8.875	%		7/15/15				B					2,067,500
	1,000			HCA Inc.					9.250	%		11/15/16				BB-					1,062,500
	1,200			HCA Inc.					8.500	%		4/15/19				BB					1,278,000
	1,200			Select Medical Corporation					6.143	%		9/15/15				CCC+					1,044,000
	5,750			Total Health Care Providers & Services																	5,806,375
				Hotels, Restaurants & Leisure – 1.0%
	900			Boyd Gaming Corporation					7.750	%		12/15/12				B-					895,500
	800			GWR Operating Partnership, 144A					10.875	%		4/01/17				BB-					799,000
	1,550			Harrah's Operating Company, Inc.					11.250	%		6/01/17				B					1,639,125
	800			Isle of Capri Casinos, Inc.					7.000	%		3/01/14				CCC+					724,000
	600			Landry's Restaurants Inc.					11.625	%		12/01/15				B					624,000
	200			MGM Mirage Inc., 144A					9.000	%		3/15/20				B1					206,500
	300			MGM Mirage Inc.					6.750	%		9/01/12				CCC+					280,500
	400			Peninsula Gaming LLC					8.375	%		8/15/15				BB					400,500
	400			Penn National Gaming Inc.					8.750	%		8/15/19				BB-					413,000
	800			Pinnacle Entertainment Inc., 144A					8.750	%		5/15/20				B					745,000
	1,750			Seminole Hard Rock Entertainment, Inc., 144A					3.037	%		3/15/14				BB					1,500,625
	8,500			Total Hotels, Restaurants & Leisure																	8,227,750
				Household Products – 0.1%
	1,150			Central Garden & Pet Company, Senior Subordinate Notes					8.250	%		3/01/18				B					1,145,688
				Independent Power Producers & Energy Traders – 0.1%
	100			Dynegy Holdings, Inc., Term Loan					8.375	%		5/01/16				B-					79,625
	1,000			NRG Energy Inc.					7.375	%		1/15/17				BB-					992,500
	1,100			Total Independent Power Producers & Energy Traders																	1,072,125
				Internet Software & Services – 0.2%
	2,000			Open Solutions Inc., 144A					9.750	%		2/01/15				CCC+					1,510,000
				IT Services – 0.9%
	842			First Data Corporation					10.550	%		9/24/15				B-					621,123
	2,050			First Data Corporation					9.875	%		9/24/15				B-					1,568,250

 

Nuveen Investments
34

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				IT Services (continued)
$	1,359			Global Cash Access LLC					8.750	%		3/15/12				B				$	1,367,494
	400			ManTech International Company, 144A					7.250	%		4/15/18				BB+					406,000
	750			Seagate HDD Cayman					6.875	%		5/01/20				Ba1					716,250
	2,250			Sungard Data Systems Inc.					9.125	%		8/15/13				B					2,297,813
	7,651			Total IT Services																	6,976,930
				Machinery – 0.2%
	2,000			Greenbrier Companies, Inc.					8.375	%		5/15/15				CCC					1,895,000
				Media – 0.2%
	400			Allbritton Communications Company, 144A					8.000	%		5/15/18				B					398,000
	300			Cablevision Systems Corporation					7.750	%		4/15/18				B+					301,500
	200			Cablevision Systems Corporation					8.000	%		4/15/20				B+					203,500
	700			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-					495,250
	350			Clear Channel Worldwide Holdings Inc., 144A					9.250	%		12/15/17				B					353,500
	1,975			Medianews Group Inc., (9)					6.375	%		4/01/14				CC					197
	200			NexStar Mission Broadcast, 144A					8.875	%		4/15/17				B-					202,000
	2,000			Young Broadcasting Inc., (12)					10.000	%		3/01/11				D					6,200
	6,125			Total Media																	1,960,147
				Metals & Mining – 0.6%
	400			Consol Energy Inc., 144A					8.000	%		4/01/17				BB					415,000
	400			Consol Energy Inc., 144A					8.250	%		4/01/20				BB					419,000
	600			Essar Steel Algoma Inc., 144A					9.375	%		3/15/15				B+					573,000
	3,700			MagIndustries Corporation, (13)					11.000	%		12/14/12				N/R					3,577,345
	5,100			Total Metals & Mining																	4,984,345
				Multiline Retail – 0.5%
	2,150			Neiman Marcus Group Inc., Term Loan					9.000	%		10/15/15				B-					2,166,124
	800			Sprectum Brands Inc., 144A					9.500	%		6/15/18				B					826,000
	1,000			Toys R Us Property Company II LLC, 144A					8.500	%		12/01/17				Ba2					1,030,000
	3,950			Total Multiline Retail																	4,022,124
				Multi-Utilities – 0.1%
	800			Bon-Ton Department Stores Inc.					10.250	%		3/15/14				CCC+					790,000
				Oil, Gas & Consumable Fuels – 0.5%
	400			Chaparral Energy Inc.					8.500	%		12/01/15				B+					374,000
	1,650			Chaparral Energy Inc.					8.875	%		2/01/17				B+					1,526,250
	300			Western Refining Inc., 144A					10.750	%		6/15/14				BB-					271,500
	800			Western Refining Inc.					11.250	%		6/15/17				B+					732,000
	1,000			Whiting Petroleum Corporation					7.000	%		2/01/14				BB					1,025,000
	4,150			Total Oil, Gas & Consumable Fuels																	3,928,750
				Paper & Forest Products – 0.2%
	400			Boise Paper Holdings Company					8.000	%		4/01/20				BB-					401,000
	1,000			Georgia-Pacific Corporation					7.700	%		6/15/15				BB					1,047,500
	1,400			Total Paper & Forest Products																	1,448,500
				Personal Products – 0.2%
	1,200			Prestige Brands Inc.					8.250	%		4/01/18				B+					1,215,000
	400			Revlon Consumer Products					9.750	%		11/15/15				B-					412,000
	1,600			Total Personal Products																	1,627,000
				Pharmaceuticals – 0.1%
	400			Mylan Inc., 144A					7.875	%		7/15/20				BB-					410,000

 

Nuveen Investments
35

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Real Estate – 0.1%
$	800			Entertainment Properties Trust, 144A					7.750	%		7/15/20				Baa3				$	806,000
				Real Estate Management & Development – 0.0%
	400			Realogy Corporation					10.500	%		4/15/14				Ca					341,000
				Road & Rail – 0.1%
	1,200			Swift Transportation Company, 144A					8.186	%		5/15/15				CCC-					1,092,000
				Semiconductors & Equipment – 0.2%
	350			Amkor Technology Inc., 144A					7.375	%		5/01/18				Ba3					341,250
	1,600			Freescale Semiconductor Inc.					9.250	%		4/15/18				B2					1,588,000
	1,950			Total Semiconductors & Equipment																	1,929,250
				Specialty Retail – 0.3%
	600			Brookstone Company Inc.					12.000	%		10/15/12				Caa3					492,000
	900			Claires Stores, Inc.					9.250	%		6/01/15				CCC+					776,250
	400			Claires Stores, Inc.					10.500	%		6/01/17				CCC					330,000
	800			Michael's Stores					11.375	%		11/01/16				CCC					836,000
	2,700			Total Specialty Retail																	2,434,250
				Textiles, Apparel & Luxury Goods – 0.4%
	200			Express LLC, 144A					8.750	%		3/01/18				B					204,500
	400			Hanesbrands Inc.					8.000	%		12/15/16				B+					407,500
	3,000			Jostens IH Corporation					7.625	%		10/01/12				BB-					3,015,000
	3,600			Total Textiles, Apparel & Luxury Goods																	3,627,000
				Wireless Telecommunication Services – 0.6%
	800			Clearwire Communications Finance					12.000	%		12/01/15				B-					801,000
	1,500			IPCS, Inc.					2.374	%		5/01/13				Ba2					1,410,000
	2,450			Sprint Nextel Corporation					8.375	%		8/15/17				BB-					2,462,250
	4,750			Total Wireless Telecommunication Services																	4,673,250
$	107,869			Total Corporate Bonds (cost $100,498,388)																	98,723,898
Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Capital Preferred Securities – 24.7% (18.3% of Total Investments)
				Capital Markets – 0.5%
$	1,500			Credit Suisse Guernsey					1.126	%		5/15/17				A3				$	1,068,075
	3,200			UBS Perferred Funding Trust I					8.622	%		10/01/51				BBB-					3,125,110
				Total Capital Markets																	4,193,185
				Commercial Banks – 12.8%
	2,155			AgFirst Farm Credit Bank					8.393	%		12/15/11				A					2,106,513
	6,200			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					5,460,607
	2,784			Banco Santander Finance					10.500	%		9/29/49				A-					2,927,437
	1,500			Barclays Bank PLC, 144A					7.434	%		12/15/17				A-					1,350,000
	3,500			Barclays Bank PLC					6.278	%		12/15/34				A-					2,660,000
	300			BB&T Capital Trust IV					6.820	%		6/12/37				A3					274,125
	3,350			BBVA International Unipersonal					5.919	%		4/18/17				A-					2,435,534
	2,300			BNP Paribas, 144A					7.195	%		12/25/37				A					2,024,000
	2,025			Credit Agricole SA, 144A					8.375	%		12/31/49				A-					1,923,750
	9,336			Credit Agricole, S.A					9.750	%		12/26/54				A-					9,616,080
	500			Credit Suisse thru Claudius Limited					8.250	%		6/27/49				A3					518,750
	6,200			First Empire Capital Trust I					8.234	%		2/01/27				Baa2					5,764,766
	600			First Union Institutional Capital II					7.850	%		1/01/27				A-					601,695

 

Nuveen Investments
36

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Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Commercial Banks (continued)
	3,100			Fulton Capital Trust I					6.290	%		2/01/36				BBB-				$	2,048,737
	1,000			HSBC Bank PLC					0.850	%		6/11/49				A					610,000
	550			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A-					661,375
	5,000			LBG Capital I PLC					8.000	%		6/15/20				B+					3,925,000
	4,200			Nordea Bank AB					8.375	%		3/25/15				A-					4,452,000
	8,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa3					7,840,000
	2,000			Northgroup Preferred Capital Corporation, 144A					6.378	%		10/15/57				A					1,799,774
	9,145			Rabobank Nederland, 144A					11.000	%		6/30/19				AA-					11,325,845
	600			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R					464,990
	11,624			Societe Generale					8.750	%		10/07/49				BBB+					11,732,057
	2,000			Sparebanken Rogaland, Notes, 144A					6.443	%		5/01/49				Ba1					1,799,672
	3,300			Standard Chartered PLC, 144A					7.014	%		7/30/37				BBB					2,948,860
	–	(14)		Union Planters Preferred Fund, 144A					7.750	%		7/15/53				Ba3					17,130,344
				Total Commercial Banks																	104,401,911
				Diversified Financial Services – 1.5%
	6			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB					208,819
	1,800			Bank One Capital III					8.750	%		9/01/30				A2					2,117,862
	7,500			JP Morgan Chase Capital Trust XX Ser T					6.550	%		9/29/36				A2					7,192,448
	2,450			JP Morgan Chase Capital XXV					6.800	%		10/01/37				A2					2,428,950
				Total Diversified Financial Services																	11,948,079
				Diversified Telecommunication Services – 1.3%
	10			Centaur Funding Corporation, Series B					9.080	%		4/21/20				BBB					10,380,173
				Insurance – 7.9%
	2,193			Allstate Corporation					6.125	%		5/15/17				Baa1					1,943,545
	2,600			AXA SA, 144A					6.463	%		12/14/18				Baa1					2,050,750
	1,000			AXA SA, 144A					6.379	%		12/14/36				Baa1					793,750
	2,700			Catlin Insurance Company Limited					7.249	%		1/19/17				BBB+					2,180,250
	8,000			Great West Life & Annuity Capital I, 144A					6.625	%		11/15/34				A-					7,705,800
	1,700			Hartford Financial Services Group Inc.					8.125	%		6/15/18				BB+					1,555,500
	2,000			Liberty Mutual Group, 144A					7.800	%		3/15/37				Baa3					1,660,000
	3,500			Lincoln National Corporation					6.050	%		4/20/17				BBB					2,660,000
	5,400			MetLife Capital Trust IV, 144A					7.875	%		12/15/37				BBB					5,211,000
	7,000			National Financial Services Inc.					6.750	%		5/15/37				Baa2					5,279,820
	1,150			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					741,393
	3,900			Oil Insurance Limited, 144A					7.558	%		6/30/11				Baa1					3,404,917
	2,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					2,187,500
	10,200			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					10,863,000
	6,200			Prudential PLC					6.500	%		6/29/49				A-					5,161,500
	13,600			XL Capital, Limited					6.500	%		10/15/57				BBB-					9,520,000
	1,300			ZFS Finance USA Trust II, 144A					6.450	%		12/15/65				A					1,176,500
				Total Insurance																	64,095,225
				Road & Rail – 0.7%
	6,400			Burlington Northern Santa Fe Funding Trust I					6.613	%		1/15/26				BBB					6,110,893
				Total Capital Preferred Securities (cost $223,208,211)																	201,129,466

 

Shares				Description (1)				Value
				Investment Companies – 1.5% (1.1% of Total Investments)
	354,750			BlackRock Credit Allocation Income Trust II				$	3,487,192
	298,160			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					4,657,259
	259,567			John Hancock Preferred Income Fund III					4,005,119
				Total Investment Companies (cost $17,741,875)					12,149,570

 

Nuveen Investments
37

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Warrants – 0.1% (0.1% of Total Investments)
	32,027			Citadel Broadcasting Corporation				$	832,702
				Total Warrants (cost $976,023)					832,702

 

Principal Amount (000)				Description (1)				Coupon				Maturity				Value
				Short-Term Investments – 4.5% (3.3% of Total Investments)
$	26,456			Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/10, repurchase price $26,455,872, collateralized by $27,090,000 U.S. Treasury Notes, 2.500%, due 6/30/17, value $26,988,413					0.000	%		7/01/10				$	26,455,872
	10,138			Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/10, repurchase price $10,138,062, collateralized by $9,885,000 U.S. Treasury Notes, 3.000%, due 2/28/17, value $10,342,181					0.000	%		7/01/10					10,138,062
$	36,594			Total Short-Term Investments (cost $36,593,934)													36,593,934
				Total Investments (cost $1,162,997,888) – 134.7%													1,098,807,759

 

Shares				Description (1)				Value
				Common Stocks Sold Short – (0.7)%
				Chemicals – (0.1)%
	(10,500	)		Sigma-Aldrich Corporation				$	(523,215	)
				Diversified Consumer Services – (0.1)%
	(3,750	)		Strayer Education Inc.					(779,588	)
				Food Products – (0.0)%
	(9,000	)		Green Mountain Coffee Roasters Inc., (2)					(231,300	)
				Health Care Equipment & Supplies – (0.1)%
	(14,300	)		C. R. Bard, Inc.					(1,108,679	)
				Hotels, Restaurants & Leisure – (0.1)%
	(7,100	)		P.F. Changs China Bistro, Inc.					(281,515	)
	(6,300	)		WMS Industries Inc., (2)					(247,275	)
				Total Hotels, Restaurants & Leisure					(528,790	)
				Internet & Catalog Retail – (0.0)%
	(2,800	)		Amazon.com, Inc., (2)					(305,928	)
				Specialty Retail – (0.3)%
	(10,100	)		AutoZone, Inc., (2)					(1,951,522	)
	(8,500	)		Urban Outfitters, Inc., (2)					(292,315	)
				Total Specialty Retail					(2,243,837	)
				Total Common Stocks Sold Short (proceeds $5,253,474)					(5,721,337	)
				Borrowings – (33.1)% (15), (16)					(270,000,000	)
				Other Assets Less Liabilities – (0.9)%					(7,631,328	)
				Net Assets Applicable to Common Shares – 100%				$	815,455,094

 

Nuveen Investments
38

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Investments in Derivatives

Call Options Written outstanding at June 30, 2010:

Number of Contracts				Type				Notional Amount (17)				Expiration Date				Strike Price				Value
	(745	)		Aetna Inc.				$	(2,235,000	)		1/22/11				$	30.0			$	(114,730	)
	(1,288	)		Ameren Corporation					(3,220,000	)		9/18/10					25.0				(67,620	)
	(155	)		AngloGold Ashanti Limited					(620,000	)		1/22/11					40.0				(100,750	)
	(386	)		Arch Coal Inc.					(965,000	)		1/22/11					25.0				(52,110	)
	(502	)		AstraZeneca Group					(2,259,000	)		1/22/11					45.0				(240,960	)
	(638	)		Barrick Gold Corporation					(2,552,000	)		1/22/11					40.0				(521,565	)
	(720	)		BP PLC					(2,520,000	)		1/22/11					35.0				(246,600	)
	(543	)		BP PLC					(2,986,500	)		1/22/11					55.0				(16,561	)
	(142	)		BP PLC					(923,000	)		1/22/11					65.0				(1,775	)
	(831	)		Cameco Corporation					(2,077,500	)		1/22/11					25.0				(83,100	)
	(600	)		Cameco Corporation					(2,100,000	)		1/22/11					35.0				(4,500	)
	(442	)		Chevron Corporation					(2,873,000	)		1/22/11					65.0				(325,975	)
	(218	)		ConocoPhillips					(981,000	)		1/22/11					45.0				(152,600	)
	(950	)		Deutsche Telekom AG					(950,000	)		1/22/11					10.0				(244,625	)
	(640	)		eBay, Inc.					(1,920,000	)		1/22/11					30.0				(9,280	)
	(202	)		Electricite de France S.A.					(848,400	)		12/18/10					42.0				(3,335	)
	(402	)		Forest Laboratories, Inc.					(1,206,000	)		1/22/11					30.0				(64,320	)
	(1,040	)		Gold Fields Limited					(1,300,000	)		1/22/11					12.5				(204,360	)
	(565	)		Gold Fields Limited					(847,500	)		1/22/11					15.0				(50,002	)
	(312	)		Ivanhoe Mines Ltd.					(624,000	)		1/22/11					20.0				(13,260	)
	(1,007	)		Korea Electric Power Corporation					(1,510,500	)		12/18/10					15.0				(62,938	)
	(280	)		Lockheed Martin Corporation					(2,100,000	)		1/22/11					75.0				(155,400	)
	(360	)		Microsoft Corporation					(1,116,000	)		10/16/10					31.0				(2,340	)
	(550	)		Newmont Mining Corporation					(2,750,000	)		1/22/11					50.0				(781,000	)
	(401	)		Nexen Inc.					(1,002,500	)		9/18/10					25.0				(6,015	)
	(925	)		Nippon Telegraph & Telephone Corporation					(2,081,250	)		12/18/10					22.5				(46,250	)
	(1,190	)		Nokia Corporation					(1,071,000	)		1/22/11					9.0				(87,465	)
	(1,739	)		NovaGold Resources, Inc.					(869,500	)		9/18/10					5.0				(360,842	)
	(1,600	)		Pfizer Inc.					(2,800,000	)		1/22/11					17.5				(46,400	)
	(572	)		Progress Energy, Inc.					(2,288,000	)		10/16/10					40.0				(54,340	)
	(176	)		Royal Dutch Shell PLC					(1,056,000	)		7/17/10					60.0				(2,640	)
	(176	)		Royal Dutch Shell PLC					(1,056,000	)		10/16/10					60.0				(2,640	)
	(1,746	)		Smithfield Foods, Inc.					(3,055,500	)		1/22/11					17.5				(187,695	)
	(537	)		Suncor Energy, Inc.					(1,611,000	)		1/22/11					30.0				(185,265	)
	(139	)		Telus Corporation					(417,000	)		9/18/10					30.0				(90,350	)
	(1,408	)		Tesoro Corporation					(1,760,000	)		1/22/11					12.5				(190,080	)
	(347	)		Tesoro Corporation					(520,500	)		1/22/11					15.0				(21,688	)
	(1,755	)		Tyson Foods, Inc.					(3,510,000	)		1/22/11					20.0				(122,850	)
	(1,112	)		UBS AG					(1,946,000	)		1/22/11					17.5				(41,700	)
	(394	)		Wal-Mart Stores, Inc.					(2,068,500	)		1/22/11					52.5				(52,796	)
	(434	)		Wal-Mart Stores, Inc.					(2,387,000	)		1/22/11					55.0				(32,550	)
	(28,169	)		Total Call Options Written (premiums received $6,947,729)				$	(70,984,150	)										$	(5,051,272	)

 

Nuveen Investments
39

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

  (1)  All percentages shown in the Portfolio of Investments are based on net assets 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 as collateral for call options written.

  (4)  Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investor Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade.

  (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 security, in the case of a Senior Loan, denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

  (8)  At or subsequent to June 30, 2010, this issue was under the protection of the Federal Bankruptcy Court.

  (9)  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.

  (10)  At or subsequent to June 30, 2010, the Fund's Adviser 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 and "write-off" any remaining recorded balances on the Fund's records.

  (11)  Non-income producing security, in the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

  (12)  This issue is under protection of the Federal Bankruptcy Court. As a result, 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.

  (13)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 – Fair Value Measurements for more information.

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

  (15)  Borrowings as a percentage of Total Investments is 24.6%.

  (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, 2010, investments with a value of $665,371,309 have been pledged as collateral for Borrowings.

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

  (18)  For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 2 – Fair Value Measurements for more information.

  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.

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, 2010 (Unaudited)

Shares				Description (1)				Value
				Common Stocks – 34.9% (25.9% of Total Investments)
				Aerospace & Defense – 0.8%
	44,943			Aveos Fleet Performance Inc., (2), (17)				$	797,738
	3,285			Esterline Technologies Corporation, (2)					155,873
	7,885			GeoEye, Inc., (2)					245,539
	44,602			Lockheed Martin Corporation, (3)					3,322,849
	25,110			Raytheon Company					1,215,073
	126,200			Thales S.A., (17)					4,074,250
				Total Aerospace & Defense					9,811,322
				Air Freight & Logistics – 0.1%
	12,340			United Parcel Service, Inc., Class B					702,023
				Auto Components – 0.1%
	45,300			Johnson Controls, Inc.					1,217,211
				Automobiles – 0.3%
	94,011			Honda Motor Company Limited					2,761,370
	37,820			Toyota Motor Corporation, (17)					1,299,444
				Total Automobiles					4,060,814
				Beverages – 0.6%
	325,953			Coca-Cola Amatil Limited, (17)					3,263,708
	35,779			Coca-Cola Femsa SAB de CV					2,239,408
	29,490			Coca-Cola Company					1,478,039
	19,665			Dr. Pepper Snapple Group					735,274
				Total Beverages					7,716,429
				Biotechnology – 0.2%
	7,615			Alnylam Pharmaceuticals, Inc., (2)					114,377
	15,460			Amgen Inc., (2)					813,196
	9,345			BioMarin Pharmaceutical Inc., (2)					177,181
	3,820			Celgene Corporation, (2)					194,132
	2,241			Cubist Pharmaceuticals Inc., (2)					46,165
	21,230			Gilead Sciences, Inc., (2)					727,764
	15,045			ISIS Pharmaceuticals, Inc., (2)					143,981
				Total Biotechnology					2,216,796
				Building Products – 0.1%
	36,123			Masonite Worldwide Holdings, (2), (17)					1,589,412
				Capital Markets – 0.5%
	1,640			Affiliated Managers Group Inc., (2)					99,663
	4,950			Ameriprise Financial, Inc.					178,844
	6,590			Calamos Asset Management, Inc. Class A					61,155
	31,180			Invesco LTD					524,759
	22,050			Legg Mason, Inc.					618,062
	385,939			Nomura Securities Company, (17)					2,108,571
	3,250			Piper Jaffray Companies, (2)					104,715
	4,960			T. Rowe Price Group Inc.					220,174
	158,760			UBS AG, (2), (3)					2,098,807
				Total Capital Markets					6,014,750

 

Nuveen Investments
41

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Chemicals – 0.8%
	13,210			Celanese Corporation, Series A				$	329,061
	5,790			Eastman Chemical Company					308,954
	3,380			Lubrizol Corporation					271,448
	89,386			LyondellBasell Industries NV, (2)					1,443,584
	81,924			LyondellBasell Industries NV, (2)					1,323,073
	4,540			Minerals Technologies Inc.					215,832
	31,790			Mosaic Company					1,239,174
	39,242			Nitto Denko Corporation, (17)					1,287,270
	18,220			Solutia Inc., (2)					238,682
	102,573			Umicore, (17)					2,959,353
	5,055			Westlake Chemical Corporation					93,871
				Total Chemicals					9,710,302
				Commercial Banks – 2.3%
	104,516			Associated Banc-Corp.					1,281,366
	114,352			Banco Itau Holdings Financeira, S.A.					2,059,480
	205,965			Banco Santander Central Hispano S.A., (17)					2,159,786
	12,917			Bank of East Asia Ltd, ADR (17)					47,405
	62,296			Bank of Nova Scotia					2,870,338
	15,070			BB&T Corporation					396,492
	6,320			Columbia Banking Systems Inc.					115,403
	13,371			Commerce Bancshares Inc.					481,222
	10,020			Community Bank System Inc.					220,741
	294,358			DnB NOR ASA, (17)					2,831,193
	123,550			Fifth Third Bancorp.					1,518,430
	7,540			First Financial Bancorp.					112,723
	6,220			Hancock Holding Company					207,499
	71,932			ICICI Bank Limited, ADR					2,599,622
	962,700			Krung Thai Bank Public Company Limited Foreign Shares, (17)					374,499
	40,845			Royal Bank of Canada					1,945,274
	160,447			Standard Chartered PLC, (17)					3,906,950
	16,873			Sumitomo Trust & Banking Company, ADR, (17)					86,390
	6,240			SunTrust Banks, Inc.					145,392
	4,520			SVB Financial Group, (2)					186,360
	42,400			Toronto-Dominion Bank					2,747,407
	39,850			U.S. Bancorp					890,648
	16,040			Umpqua Holdings Corporation					184,139
	22,780			Wells Fargo & Company					583,168
				Total Commercial Banks					27,951,927
				Commercial Services & Supplies – 0.3%
	40,610			Aggreko PLC, (17)					852,517
	1,460			Clean Harbors, Inc., (2)					96,959
	11,985			Republic Services, Inc.					356,314
	11,698			Stericycle Inc., (2)					767,155
	203,000			Toppan Printing Company Limited, (17)					1,605,237
	6,200			Waste Management, Inc.					193,998
				Total Commercial Services & Supplies					3,872,180
				Communications Equipment – 0.2%
	2,920			Comtech Telecom Corporation, (2)					87,396
	10,990			Interdigital Inc., (2)					271,343
	182,000			Nokia Corporation, ADR (3)					1,483,300
	9,495			Plantronics Inc.					271,557
				Total Communications Equipment					2,113,596

 

Nuveen Investments
42

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Shares				Description (1)				Value
				Computers & Peripherals – 0.6%
	17,265			Apple, Inc., (2)				$	4,342,665
	13,800			Hewlett-Packard Company					597,264
	6,150			Network Appliance Inc., (2)					229,457
	35,170			Seagate Technology, (2)					458,617
	44,525			Western Digital Corporation, (2)					1,342,874
				Total Computers & Peripherals					6,970,877
				Construction & Engineering – 0.3%
	39,730			Royal Boskalis Westminster NV, (17)					1,543,668
	41,905			Shaw Group Inc., (2)					1,433,989
				Total Construction & Engineering					2,977,657
				Consumer Finance – 0.1%
	26,910			American Express Company					1,068,327
	16,620			Capital One Financial Corporation					669,786
				Total Consumer Finance					1,738,113
				Containers & Packaging – 0.0%
	5,160			Rock-Tenn Company					256,297
				Diversified Consumer Services – 0.0%
	11,690			Bridgepoint Education Inc., (2)					184,819
				Diversified Financial Services – 0.2%
	107,735			Bank of America Corporation					1,548,152
	1,080			CME Group, Inc.					304,074
	3,703			Guoco Group Ltd, ADR (17)					72,838
	6,240			Nasdaq Stock Market, Inc., (2)					110,947
	11,632			PHH Corporation, (2)					221,473
				Total Diversified Financial Services					2,257,484
				Diversified Telecommunication Services – 1.2%
	5,870			CenturyTel, Inc.					195,530
	144,000			Deutsche Telekom AG, ADR, (3), (17)					1,680,480
	43,300			KT Corporation, Sponsored ADR					830,061
	162,763			Nippon Telegraph and Telephone Corporation, ADR, (3)					3,310,599
	289,900			Portugal telecom SGPS S.A, (17)					2,897,532
	2,900,000			Telecom Italia S.p.A., (17)					2,649,031
	68,573			Telus Corporation, (3)					2,482,343
	5,730			Verizon Communications Inc.					160,555
				Total Diversified Telecommunication Services					14,206,131
				Electric Utilities – 1.1%
	209,454			Centrais Electricas Brasileiras S.A., PFD B ADR					3,315,657
	31,000			Electricite de France S.A., (3), (17)					1,179,444
	24,240			Exelon Corporation					920,393
	202,034			Korea Electric Power Corporation, Sponsored ADR, (3)					2,602,198
	106,500			Progress Energy, Inc., (3)					4,176,930
	27,700			Southern Company					921,856
				Total Electric Utilities					13,116,478
				Electrical Equipment – 0.7%
	75,818			ABB Limited, ADR					1,310,135
	99,841			ABB Limited, ADR, (17)					1,738,292
	2,810			Areva CI, (17)					1,167,047
	19,370			GrafTech International Ltd., (2)					283,189
	7,170			Harbin Electric, Inc., (2)					119,381
	37,787			Nidec Corporation, (17)					3,163,418
	11,610			Rockwell Automation, Inc.					569,935
				Total Electrical Equipment					8,351,397

 

Nuveen Investments
43

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Electronic Equipment & Instruments – 0.4%
	87,704			Hoya Corporation, (17)				$	1,866,136
	8,444			Ingram Micro, Inc., Class A, (2)					128,264
	231,468			Nippon Electric Glass Company Limited, (17)					2,651,358
	2,163			Tech Data Corporation, (2)					77,046
				Total Electronic Equipment & Instruments					4,722,804
				Energy Equipment & Services – 0.5%
	110,490			ACERGY S.A., ADR, (17)					1,635,920
	186,259			AMEC PLC, (17)					2,281,924
	2,774			Baker Hughes Incorporated					115,315
	13,725			Cooper Cameron Corporation, (2)					446,337
	14,260			FMC Technologies Inc., (2)					750,932
	13,140			Halliburton Company					322,587
	5,240			Oil States International Inc., (2)					207,399
				Total Energy Equipment & Services					5,760,414
				Food & Staples Retailing – 0.9%
	286,090			Jeronimo Martins SGPS, (17)					2,621,216
	123,375			Koninklijke Ahold N.V., (17)					1,526,134
	30,006			Kroger Co.					590,818
	132,429			Wal-Mart Stores, Inc., (3)					6,365,862
				Total Food & Staples Retailing					11,104,030
				Food Products – 1.7%
	9,190			Archer-Daniels-Midland Company					237,286
	17,160			Campbell Soup Company					614,843
	19,380			General Mills, Inc.					688,378
	18,150			H.J. Heinz Company					784,443
	17,715			Hershey Foods Corporation					849,080
	14,210			Kellogg Company					714,763
	27,560			Mead Johnson Nutrition Company, Class A Shares					1,381,307
	46,904			Nestle S.A., (17)					2,261,656
	4,150			Sanderson Farms Inc.					210,571
	265,000			Smithfield Foods, Inc., (2), (3)					3,948,500
	303,711			Tyson Foods, Inc., Class A, (3)					4,977,823
	56,138			Unilever PLC					1,500,569
	111,340			Unilever PLC, ADR, (17)					2,976,342
				Total Food Products					21,145,561
				Gas Utilities – 0.0%
	2,740			National Fuel Gas Company					125,711
				Health Care Equipment & Supplies – 0.3%
	16,460			Align Technology, Inc., (2)					244,760
	17,970			Becton, Dickinson and Company					1,215,131
	7,730			Covidien PLC					310,591
	17,460			Edwards Lifesciences Corporation, (2)					978,109
	20,890			Hologic Inc., (2)					290,998
	6,810			Hospira Inc., (2)					391,235
	7,890			Masimo Corporation					187,861
	3,610			Steris Corporation					112,199
	826			Zimmer Holdings, Inc., (2)					44,645
				Total Health Care Equipment & Supplies					3,775,529
				Health Care Providers & Services – 1.1%
	121,938			Aetna Inc., (3)					3,216,724
	44,410			AmerisourceBergen Corporation					1,410,018
	11,955			Centene Corporation, (2)					257,033

 

Nuveen Investments
44

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Shares				Description (1)				Value
				Health Care Providers & Services (continued)
	6,070			Community Health Systems, Inc., (2)				$	205,227
	36,296			Express Scripts, Inc., (2)					1,706,638
	57,637			Fresenius Medical Care, ADR, (17)					3,109,776
	14,245			HealthSouth Corporation, (2)					266,524
	12,954			Lincare Holdings					421,135
	20,160			McKesson HBOC Inc.					1,353,946
	15,050			Medco Health Solutions, Inc., (2)					828,954
	3,377			Omnicare, Inc.					80,035
	7,320			Quest Diagnostics Incorporated					364,316
				Total Health Care Providers & Services					13,220,326
				Hotels, Restaurants & Leisure – 0.3%
	69,165			Carnival Corporation, (17)					2,240,351
	3,390			Chipotle Mexican Grill, (2)					463,786
	33,390			Las Vegas Sands, (2)					739,255
	20,910			Shuffle Master Inc., (2)					167,489
	20,380			Starbucks Corporation					495,234
				Total Hotels, Restaurants & Leisure					4,106,115
				Household Durables – 0.1%
	10,470			Lennar Corporation, Class A					145,638
	7,185			Meritage Corporation, (2)					116,972
	38,960			Newell Rubbermaid Inc.					570,374
	3,705			Sekisui House, Ltd., Sponsored ADR, (17)					31,344
	6,970			Tempur Pedic International Inc., (2)					214,328
				Total Household Durables					1,078,656
				Household Products – 0.2%
	15,850			Colgate-Palmolive Company					1,248,346
	15,160			Kimberly-Clark Corporation					919,151
				Total Household Products					2,167,497
				Independent Power Producers & Energy Traders – 0.1%
	27,380			Constellation Energy Group					883,005
				Industrial Conglomerates – 0.1%
	488			Siemens AG, Sponsored ADR					43,691
	401,940			Tomkins PLC, (17)					1,349,988
				Total Industrial Conglomerates					1,393,679
				Insurance – 0.8%
	5,680			AFLAC Incorporated					242,366
	13,525			Allstate Corporation					388,573
	2,023			Aon Corporation					75,094
	2,739			Axis Capital Holdings Limited					81,403
	340,149			China Life Insurance Company Limited, (17)					1,485,402
	2,759			CNA Financial Corporation, (2)					70,520
	10,165			Delphi Financial Group, Inc.					248,128
	62,476			Hannover Rueckversicherung AG, (17)					2,677,434
	50,631			Lincoln National Corporation					1,229,827
	8,737			Marsh & McLennan Companies, Inc.					197,019
	43,070			Old Republic International Corporation					522,439
	155,544			Prudential Corporation PLC, (17)					1,173,207
	9,280			Prudential Financial, Inc.					497,965
	8,590			WR Berkley Corporation					227,291
				Total Insurance					9,116,668

 

Nuveen Investments
45

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Internet & Catalog Retail – 0.2%
	12,065			Amazon.com, Inc., (2)				$	1,318,222
	10,950			NetFlix.com Inc., (2)					1,189,718
				Total Internet & Catalog Retail					2,507,940
				Internet Software & Services – 0.4%
	101,672			eBay Inc., (2), (3)					1,993,788
	8,380			Equinix Inc., (2)					680,624
	3,500			Google Inc., Class A, (2)					1,557,325
	15,070			Rackspace Hosting Inc., (2)					276,384
	36,925			Tencent Holdings Limited, (17)					611,745
				Total Internet Software & Services					5,119,866
				IT Services – 0.8%
	104,933			CGI Group Inc., (2)					1,566,650
	6,540			CSG Systems International Inc., (2)					119,878
	13,300			Global Payments Inc.					485,982
	19,095			International Business Machines Corporation (IBM)					2,357,851
	5,710			MasterCard, Inc.					1,139,316
	2,940			Maximus Inc.					170,138
	63,370			Patni Computer Systems Limited					1,446,737
	14,650			VeriFone Holdings Inc., (2)					277,325
	18,655			Visa Inc.					1,319,841
	7,470			Wright Express Corporation, (2)					221,859
				Total IT Services					9,105,577
				Life Sciences Tools & Services – 0.1%
	1,410			Bio-Rad Laboratories Inc., (2)					121,951
	11,300			Life Technologies Corporation, (2)					533,925
	8,950			Waters Corporation, (2)					579,065
				Total Life Sciences Tools & Services					1,234,941
				Machinery – 0.7%
	5,921			AGCO Corporation, (2)					159,689
	7,730			Caterpillar Inc.					464,341
	17,050			Cummins Inc.					1,110,467
	8,260			Donaldson Company, Inc.					352,289
	88,619			Kone OYJ, (17)					3,528,392
	3,540			Nordson Corporation					198,523
	21,810			Oshkosh Truck Corporation, (2)					679,600
	15,330			Parker Hannifin Corporation					850,202
	5,460			Timken Company					141,905
	8,100			Vallourec SA, (17)					1,396,539
				Total Machinery					8,881,947
				Marine – 0.1%
	12,830			Genco Shipping and Trading Limited, (2)					192,322
	104,500			Stolt-Nielsen S.A., (17)					1,215,562
				Total Marine					1,407,884
				Media – 0.6%
	20,060			Cablevision Systems Corporation					481,641
	34,015			Comcast Corporation, Class A					590,841
	24,385			Dex One Corporation, (2)					463,315
	50,165			DIRECTV Group, Inc., (2)					1,701,597
	12,240			Lamar Advertising Company, (2)					300,125
	5,187			Madison Square Garden Inc., (2)					102,028
	32,898			Readers Digest Association Inc., (2), (17)					674,409

 

Nuveen Investments
46

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Shares				Description (1)				Value
				Media (continued)
	14,780			Scripps Networks Interactive, Class A Shares				$	596,225
	1,797			SuperMedia Inc., (2)					32,867
	1,861			Time Warner Cable, Class A					96,921
	271,480			WPP Group PLC, (17)					2,557,472
				Total Media					7,597,441
				Metals & Mining – 4.4%
	48,000			AngloGold Ashanti Limited, Sponsored ADR, (3)					2,072,640
	203,301			Barrick Gold Corporation, (3)					9,231,898
	65,667			BHP Billiton PLC, ADR, (17)					2,042,871
	13,020			Cliffs Natural Resources Inc.					614,023
	25,211			Freeport-McMoRan Copper & Gold, Inc.					1,490,726
	410,173			Gold Fields Limited, ADR, (3)					5,484,013
	50,903			Ivanhoe Mines Ltd., (2), (3)					663,775
	18,812			Kinross Gold Corporation					321,497
	4,123			Lihir Gold Limited, Sponsored ADR					148,387
	1,163,000			Lihir Gold Limited, (17)					4,184,007
	1,500,000			Minara Resources Limited, (17)					813,408
	55,500			Newcrest Mining Limited, (17)					1,619,297
	176,548			Newmont Mining Corporation, (3)					10,900,074
	823,356			NovaGold Resources Inc., 144A, (2), (3)					5,747,025
	260,844			NovaGold Resources Inc., (2), (3)					1,820,691
	19,240			POSCO, ADR					1,814,717
	5,614			Silver Standard Resources, Inc., (2)					100,210
	27,015			Steel Dynamics Inc.					356,328
	143,420			Sterlite Industries India Ltd., ADR					2,042,301
	29,450			United States Steel Corporation					1,135,298
	20,770			Walter Industries Inc.					1,263,855
				Total Metals & Mining					53,867,041
				Multiline Retail – 0.3%
	8,955			Big Lots, Inc., (2)					287,366
	26,990			Macy's, Inc.					483,121
	91,469			Next PLC, (17)					2,727,102
				Total Multiline Retail					3,497,589
				Multi-Utilities – 0.6%
	208,290			Ameren Corporation, (3)					4,951,053
	11,860			Consolidated Edison, Inc.					511,166
	22,730			Dominion Resources, Inc.					880,560
	2,010			OGE Energy Corp.					73,486
	6,060			PG&E Corporation					249,066
				Total Multi-Utilities					6,665,331
				Office Electronics – 0.1%
	34,257			Canon Inc., (17)					1,276,739
				Oil, Gas & Consumable Fuels – 4.0%
	83,619			Arch Coal Inc., (3)					1,656,492
	96,910			BG Group PLC, (17)					1,441,327
	243,117			BP PLC Sponsored ADR, (3)					7,021,219
	303,175			Cameco Corporation, (3)					6,451,564
	16,211			Chesapeake Energy Corporation					339,620
	69,818			Chevron Corporation, (3)					4,737,849
	38,106			ConocoPhillips, (3)					1,870,624
	33,465			Continental Resources Inc., (2)					1,493,208
	6,960			Devon Energy Corporation					424,003
	51,040			EnCana Corporation					1,545,751
	101,600			Gazprom OAO, ADR, (17)					1,912,953

 

Nuveen Investments
47

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Oil, Gas & Consumable Fuels (continued)
	15,190			Hess Corporation				$	764,665
	13,920			Newfield Exploration Company, (2)					680,131
	58,800			Nexen Inc., (3)					1,156,596
	8,500			Occidental Petroleum Corporation					655,775
	2,529			Peabody Energy Corporation					98,960
	10,567			Petrobras Energia S.A., ADR					152,270
	19,640			Petrohawk Energy Corporation, (2)					333,291
	2,600,000			PT Medco Energi Internasional TBK, (17)					836,506
	13,310			Rosetta Resources, Inc., (2)					263,671
	53,700			Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)					2,592,636
	4,780			SM Energy Company					191,965
	89,780			StatoilHydro ASA, (17)					1,729,595
	69,386			StatoilHydro ASA, Sponsored ADR					1,328,742
	7,180			Stone Energy Corporation, (2)					80,129
	112,732			Suncor Energy, Inc., (3)					3,318,830
	286,798			Tesoro Corporation, (3)					3,346,933
	11,535			Total S.A., (17)					514,908
	1,240			Whiting Petroleum Corporation, (2)					97,241
	9,810			World Fuel Services Corporation					254,471
	745,787			Yanzhou Coal Mining Company, (17)					1,435,904
				Total Oil, Gas & Consumable Fuels					48,727,829
				Paper & Forest Products – 0.1%
	965			Domtar Corporation					47,430
	35,000			International Paper Company					792,050
				Total Paper & Forest Products					839,480
				Personal Products – 0.0%
	9,880			Estee Lauder Companies Inc., Class A					550,612
				Pharmaceuticals – 1.9%
	55,950			AstraZeneca Group, (17)					2,637,809
	77,000			AstraZeneca Group, Sponsored ADR, (3)					3,629,010
	43,875			Bristol-Myers Squibb Company					1,094,243
	61,200			Forest Laboratories, Inc., (2), (3)					1,678,716
	33,275			Johnson & Johnson					1,965,222
	31,154			Novartis AG, (17)					1,509,819
	18,670			Novo Nordisk A/S, (17)					1,508,400
	13,220			Perrigo Company					780,905
	260,352			Pfizer Inc., (3)					3,712,620
	30,703			Sanofi-Aventis, SA, (17)					1,849,157
	41,200			Takeda Pharmaceutical Co Ltd., (17)					1,769,648
	4,546			Takeda Pharmaceutical Co Ltd., ADR, (17)					96,739
	31,650			Watson Pharmaceuticals Inc., (2)					1,284,041
				Total Pharmaceuticals					23,516,329
				Professional Services – 0.0%
	9,570			Acacia Research, (2)					136,181
				Real Estate – 0.3%
	10,840			Boston Properties, Inc.					773,326
	11,890			Digital Realty Trust Inc.					685,815
	16,200			Duke Realty Corporation					183,870
	4,200			Equity Lifestyles Properties Inc.					202,566
	2,070			Essex Property Trust Inc.					201,908
	21,910			Inland Real Estate Corporation					173,527
	26,520			Kimco Realty Corporation					356,429
	8,400			LaSalle Hotel Properties					172,788

 

Nuveen Investments
48

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Shares				Description (1)				Value
				Real Estate (continued)
	3,520			PS Business Parks Inc.				$	196,346
	4,228			Simon Property Group, Inc.					341,411
	10,890			Taubman Centers Inc.					409,790
	6,640			Walter Investment Management Corporation					108,564
				Total Real Estate					3,806,340
				Real Estate Management & Development – 0.1%
	98,560			Brookfield Properties Corporation					1,384,127
				Road & Rail – 0.1%
	1,749			Canadian Pacific Railway Limited					93,781
	17,650			Kansas City Southern Industries, (2)					641,578
	11,980			Norfolk Southern Corporation					635,539
	1,309			Union Pacific Corporation					90,989
				Total Road & Rail					1,461,887
				Semiconductors & Equipment – 1.0%
	124,610			ASM Lithography Holding NV, (17)					3,429,249
	47,050			Broadcom Corporation, Class A					1,551,239
	84,245			Intel Corporation					1,638,565
	39,910			KLA-Tencor Corporation					1,112,691
	83,230			Marvell Technology Group Ltd., (2)					1,311,705
	17,580			Micron Technology, Inc., (2)					149,254
	31,380			Novellus Systems, Inc., (2)					795,797
	16,435			ON Semiconductor Corporation, (2)					104,855
	152,150			Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR					1,484,984
	6,530			Xilinx, Inc.					164,948
				Total Semiconductors & Equipment					11,743,287
				Software – 0.3%
	2,510			Advent Software Inc., (2)					117,870
	7,715			Ansys Inc., (2)					312,998
	12,065			CommVault Systems, Inc., (2)					271,463
	6,885			JDA Software Group, (2)					151,332
	4,220			Manhattan Associates Inc., (2)					116,261
	90,206			Microsoft Corporation, (3)					2,075,640
	15,280			Rovi Corporation, (2)					579,265
	5,470			Salesforce.com, Inc., (2)					469,435
				Total Software					4,094,264
				Specialty Retail – 0.3%
	10,450			Best Buy Co., Inc.					353,837
	5,220			DSW Inc., (2)					117,241
	6,128			Guess Inc.					191,439
	21,445			Home Depot, Inc.					601,961
	4,220			J. Crew Group Inc., (2)					155,338
	14,440			OfficeMax Inc., (2)					188,586
	6,110			PetSmart Inc.					184,339
	56,540			Williams-Sonoma Inc.					1,403,323
				Total Specialty Retail					3,196,064
				Textiles, Apparel & Luxury Goods – 0.4%
	1,470			Deckers Outdoor Corporation, (2)					210,019
	4,650			Fossil Inc., (2)					161,355
	12,920			Jones Apparel Group, Inc.					204,782
	14,220			LVMH Moet Hennessy, (17)					1,547,745
	754,667			Yue Yuen Industrial Holdings Limited, (17)					2,337,568
				Total Textiles, Apparel & Luxury Goods					4,461,469

 

Nuveen Investments
49

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)				Value
				Thrifts & Mortgage Finance – 0.0%
	10,640			People's United Financial, Inc.				$	143,640
				Tobacco – 0.5%
	49,760			British American Tobacco PLC, (17)					1,579,174
	30,200			Lorillard Inc.					2,173,796
	45,205			Philip Morris International					2,072,197
				Total Tobacco					5,825,167
				Trading Companies & Distributors – 0.3%
	284,013			Mitsui & Company Limited, (17)					3,313,232
				Water Utilities – 0.0%
	1,222			Companhia de Saneamento Basico do Estado de Sao Paulo, ADR					50,517
				Wireless Telecommunication Services – 0.3%
	14,343			Millicom International Cellular S.A., (17)					1,163,811
	28,509			Millicom International Cellular S.A.					2,311,224
	2,079			TIM Participacoes S.A., ADR					56,423
	6,298			Turkcell Iletisim Hizmetleri A.S., ADR					81,747
				Total Wireless Telecommunication Services					3,613,205
				Total Common Stocks (cost $434,854,922)					423,661,936

 

Shares				Description (1)								Coupon				Ratings (4)				Value
				Convertible Preferred Securities – 1.5% (1.1% of Total Investments)
				Capital Markets – 0.1%
	10,100			Affiliated Managers Group Inc., Convertible Bond									5.100	%		BB				$	381,780
	8,150			AMG Capital Trust II, Convertible Bond									5.150	%		BB					263,856
				Total Capital Markets																	645,636
				Commercial Banks – 0.4%
	7,200			Fifth Third Bancorp, Convertible Bond									8.500	%		Ba1					912,672
	4,150			Wells Fargo & Company, Convertible Bond									7.500	%		A-					3,863,650
				Total Commercial Banks																	4,776,322
				Communications Equipment – 0.2%
	4,250			Lucent Technologies Capital Trust I									7.750	%		B3					3,079,125
				Diversified Financial Services – 0.3%
	4,150			Bank of America Corporation									7.250	%		BB					3,768,200
				Food Products – 0.0%
	7,450			Bunge Limited, Convertible Bonds									4.875	%		Ba1					590,413
				Health Care Providers & Services – 0.1%
	18,550			Omnicare Capital Trust II, Series B									4.000	%		B					660,380
				Independent Power Producers & Energy Traders – 0.1%
	18,150			AES Trust III, Convertible Preferred									6.750	%		B					786,803
				Insurance – 0.0%
	5,600			Reinsurance Group of America Inc.									5.750	%		BBB					330,372
				Multi-Utilities – 0.1%
	10,400			CMS Energy Corporation, Convertible Bonds									4.500	%		Ba2					857,350

 

Nuveen Investments
50

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Shares				Description (1)								Coupon				Ratings (4)				Value
				Oil, Gas & Consumable Fuels – 0.1%
	600			El Paso Corporation, 144A									4.990	%		B				$	577,650
	100			El Paso Corporation									4.990	%		B					96,275
	3,600			Whiting Petroleum Corporation									6.250	%		B					697,284
				Total Oil, Gas & Consumable Fuels																	1,371,209
				Real Estate – 0.1%
	38,350			HRPT Properties Trust, Preferred Convertible Bonds									6.500	%		Baa3					715,611
				Tobacco – 0.0%
	300			Universal Corporation, Convertible Preferred									6.750	%		BB					284,324
				Total Convertible Preferred Securities (cost $17,817,014)																	17,865,745
Shares				Description (1)								Coupon				Ratings (4)				Value
				$25 Par (or similar) Preferred Securities – 38.6% (28.6% of Total Investments)
				Capital Markets – 4.2%
	58,500			Ameriprise Financial, Inc.									7.750	%		A				$	1,553,760
	171,100			BNY Capital Trust V, Series F									5.950	%		A1					4,303,165
	725,702			Credit Suisse									7.900	%		A3					18,469,116
	1,175,757			Deutsche Bank Capital Funding Trust II									6.550	%		BBB+					24,267,624
	7,000			Deutsche Bank Capital Funding Trust IX									6.625	%		BBB+					149,170
	68,200			Deutsche Bank Contingent Capital Trust III									7.600	%		BBB+					1,589,742
	15,300			Goldman Sachs Group Inc., Series 2004-4 (CORTS)									6.000	%		A3					309,519
	18,600			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)									6.000	%		A3					374,418
	15,900			Morgan Stanley Capital Trust V									5.750	%		Baa2					318,477
	2,500			Morgan Stanley Capital Trust VII									6.600	%		BBB					54,600
				Total Capital Markets																	51,389,591
				Commercial Banks – 5.0%
	829,600			Banco Santander Finance									10.500	%		A-					22,117,136
	28,400			Barclays Bank PLC									7.750	%		A-					665,412
	1,300			Barclays Bank PLC									7.100	%		A+					28,639
	170,400			BB&T Capital Trust VI									9.600	%		A3					4,638,288
	38,400			BB&T Capital Trust VII									8.100	%		A3					999,552
	146,500			Cobank Agricultural Credit Bank, 144A									7.000	%		N/R					6,432,273
	48,000			Cobank Agricultural Credit Bank									11.000	%		A					2,620,502
	1,000,000			HSBC Bank PLC									1.000	%		A					607,500
	45,812			HSBC Finance Corporation									6.875	%		A					1,118,271
	367,100			HSBC Holdings PLC									8.000	%		A-					9,257,821
	1,400			HSBC Holdings PLC									6.200	%		A-					30,030
	15,100			HSBC USA Inc., Series F									2.858	%		A-					599,017
	150,200			Merrill Lynch Preferred Capital Trust V									7.280	%		Baa3					3,349,460
	355,241			National City Capital Trust II									6.625	%		BBB					8,255,801
	9,700			Wells Fargo Capital Trust VII									5.850	%		A-					222,421
				Total Commercial Banks																	60,942,123
				Diversified Financial Services – 1.4%
	188,023			ING Groep N.V.									7.200	%		Ba1					3,502,868
	755,475			ING Groep N.V.									7.050	%		Ba1					13,810,083
	4,325			National Rural Utilities Cooperative Finance Corporation									6.100	%		A3					107,736
				Total Diversified Financial Services																	17,420,687
				Diversified Telecommunication Services – 0.7%
	99,005			AT&T Inc.									6.375	%		A					2,623,633
	38,500			BellSouth Capital Funding (CORTS)									7.120	%		A					969,719
	30,500			BellSouth Corporation (CORTS)									7.000	%		A					761,548
	142,306			Verizon Communications, Series 2004-1 (SATURNS)									6.125	%		A					3,577,573
				Total Diversified Telecommunication Services																	7,932,473

 

Nuveen Investments
51

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Shares				Description (1)								Coupon				Ratings (4)				Value
				Electric Utilities – 0.6%
	259,300			Entergy Texas Inc.									7.875	%		BBB+				$	7,221,505
				Food Products – 0.2%
	33,100			Dairy Farmers of America Inc., 144A									7.875	%		BBB-					2,795,917
				Insurance – 10.2%
	1,143,070			Aegon N.V.									6.375	%		BBB					20,095,171
	25,000			Allianz SE									8.375	%		A+					633,595
	192,234			Arch Capital Group Limited, Series B									7.875	%		BBB-					4,855,831
	379,873			Arch Capital Group Limited									8.000	%		BBB-					9,576,598
	577,558			Delphi Financial Group, Inc.									8.000	%		BBB					14,542,910
	26,700			Delphi Financial Group, Inc.									7.376	%		BB+					527,325
	199,472			EverestRe Capital Trust II									6.200	%		Baa1					4,049,282
	771,900			Lincoln National Capital VI, Series F									6.750	%		BBB					17,792,295
	88,900			Markel Corporation									7.500	%		BBB					2,303,399
	860,491			PartnerRe Limited, Series C									6.750	%		BBB+					19,490,121
	3,200			PartnerRe Limited, Series D									6.500	%		BBB+					70,080
	143,600			PLC Capital Trust III									7.500	%		BBB					3,434,912
	14,000			PLC Capital Trust IV									7.250	%		BBB					337,820
	24,017			Protective Life Corporation									7.250	%		BBB					574,006
	136,730			Prudential Financial Inc.									9.000	%		BBB+					3,716,321
	27,082			Prudential Financial Inc.									6.750	%		A-					625,323
	121,800			RenaissanceRe Holdings Limited, Series B									7.300	%		BBB+					2,924,418
	35,900			RenaissanceRe Holdings Limited, Series C									6.080	%		BBB+					703,281
	165,400			RenaissanceRe Holdings Limited, Series D									6.600	%		BBB+					3,564,370
	590,900			W. R. Berkley Corporation, Capital Trust II									6.750	%		BBB-					14,311,598
				Total Insurance																	124,128,656
				Media – 4.7%
	31,800			CBS Corporation									7.250	%		BBB-					776,238
	599,221			CBS Corporation									6.750	%		BBB-					14,285,429
	1,012,662			Comcast Corporation									7.000	%		BBB+					25,701,362
	30,000			Comcast Corporation									6.625	%		BBB+					733,500
	647,540			Viacom Inc.									6.850	%		BBB					16,130,221
				Total Media																	57,626,750
				Multi-Utilities – 0.8%
	125,800			Dominion Resources Inc.									8.375	%		BBB					3,497,240
	228,300			Xcel Energy Inc.									7.600	%		BBB					6,095,610
				Total Multi-Utilities																	9,592,850
				Oil, Gas & Consumable Fuels – 1.3%
	612,600			Nexen Inc.									7.350	%		BB+					15,131,220
				Pharmaceuticals – 0.1%
	42,300			Bristol Myers Squibb Company (CORTS)									6.250	%		A+					1,073,151
				Real Estate – 9.0%
	199,813			Developers Diversified Realty Corporation, Series H									7.375	%		Ba1					4,118,146
	7,300			Duke Realty Corporation, Series K									6.500	%		Baa3					150,599
	72,830			Duke Realty Corporation, Series L									6.600	%		Baa3					1,501,026
	22,700			Duke Realty Corporation, Series N									7.250	%		Baa3					505,302
	122,700			Duke-Weeks Realty Corporation									6.625	%		Baa3					2,549,706
	152,215			Equity Residential Properties Trust, Series N									6.480	%		BBB-					3,502,467
	93,201			HRPT Properties Trust									8.750	%		Baa3					2,349,597
	59,800			HRPT Properties Trust									7.500	%		BBB					1,183,442
	534,000			HRPT Properties Trust									7.125	%		Baa3					12,164,520
	584,216			Kimco Realty Corporation, Series G									7.750	%		Baa2					14,856,613

 

Nuveen Investments
52

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Shares				Description (1)								Coupon				Ratings (4)				Value
				Real Estate (continued)
	3,997			Prologis Trust, Series C									8.540	%		Baa3				$	191,107
	51,275			Prologis Trust, Series G									6.750	%		Baa3					1,007,041
	27,632			Public Storage, Inc., Series C									6.600	%		Baa1					664,273
	149,500			Public Storage, Inc., Series E									6.750	%		Baa1					3,667,235
	69,911			Public Storage, Inc., Series H									6.950	%		Baa1					1,749,173
	236,606			Public Storage, Inc.									6.750	%		Baa1					5,799,213
	28,103			Realty Income Corporation									6.750	%		Baa2					674,753
	136,189			Regency Centers Corporation									7.450	%		Baa3					3,254,236
	626,351			Vornado Realty LP									7.875	%		BBB					15,733,937
	1,227,443			Wachovia Preferred Funding Corporation									7.250	%		A-					28,403,031
	6,700			Weingarten Realty Trust									8.100	%		BBB					148,874
	117,000			Weingarten Realty Trust									6.950	%		Baa3					2,609,100
	102,725			Weingarten Realty Trust									6.500	%		Baa3					2,239,406
				Total Real Estate																	109,022,797
				Wireless Telecommunication Services – 0.4%
	175,900			Telephone and Data Systems Inc.									7.600	%		Baa2					4,392,224
	11,900			United States Cellular Corporation									7.500	%		Baa2					296,192
				Total Wireless Telecommunication Services																	4,688,416
				Total $25 Par (or similar) Preferred Securities (cost $496,887,726)																	468,966,136
Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Variable Rate Senior Loan Interests – 7.1% (5.3% of Total Investments) (6)
				Aerospace & Defense – 0.2%
$	415			Aveos Fleet Performance, Inc., ABL Term Loan					11.250	%			3/12/13			B				$	408,361
	418			Aveos Fleet Performance, Inc., Term Loan					8.500	%			3/12/15			B					405,012
	574			DAE Aviation Holdings, Inc., Term Loan B1					4.090	%			7/31/14			B					519,894
	558			DAE Aviation Holdings, Inc., Term Loan B2					4.090	%			7/31/14			B					504,724
	900			McKechnie Aerospace Holdings, Inc., Term Loan					5.350	%			5/11/15			N/R					825,592
	2,865			Total Aerospace & Defense																	2,663,583
				Airlines – 0.1%
	1,940			Delta Air Lines, Inc., Term Loan					3.548	%			4/30/14			B					1,738,725
				Automobiles – 0.1%
	1,772			Ford Motor Company, Term Loan					3.331	%			12/15/13			Ba1					1,678,474
				Building Products – 0.4%
	3,488			Building Materials Corporation of America, Term Loan					3.125	%			2/22/14			BBB-					3,365,185
	1,008			TFS Acquisition, Term Loan					10.000	%			8/11/13			B-					985,106
	4,496			Total Building Products																	4,350,291
				Chemicals – 0.0%
	597			Hercules Offshore, Inc., Term Loan					6.000	%			7/11/13			B2					522,817
				Communications Equipment – 0.2%
	2,969			Avaya, Inc., Term Loan					3.260	%			10/24/14			B1					2,547,382
				Diversified Consumer Services – 0.1%
	953			Cengage Learning Acquisitions, Inc., Term Loan					3.030	%			7/03/14			B+					825,528
				Electric Utilities – 0.3%
	814			Calpine Corporation, DIP Term Loan					3.415	%			3/29/14			B+					746,416
	1,945			TXU Corporation, Term Loan B2					3.975	%			10/10/14			B+					1,442,947

 

Nuveen Investments
53

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Electric Utilities (continued)
$	2,514			TXU Corporation, Term Loan B3					3.851	%		10/10/14				B+				$	1,864,508
	5,273			Total Electric Utilities																	4,053,871
				Electrical Equipment – 0.1%
	1,639			Allison Transmission Holdings, Inc., Term Loan					3.099	%		8/07/14				B					1,497,419
				Health Care Providers & Services – 0.5%
	124			Community Health Systems, Inc., Delayed Term Loan					2.788	%		7/25/14				BB					116,269
	2,490			Community Health Systems, Inc., Term Loan					2.788	%		7/25/14				BB					2,328,627
	472			Concentra, Inc., Term Loan					2.790	%		6/25/14				Ba3					439,760
	27			HCA, Inc., Term Loan A					1.783	%		11/16/12				BB					25,457
	1,064			Health Management Associates, Inc., Term Loan					2.283	%		2/28/14				BB-					992,163
	273			IASIS Healthcare LLC, Delayed Term Loan					2.347	%		3/14/14				Ba2					256,107
	74			IASIS Healthcare LLC, Letter of Credit					2.347	%		3/14/14				Ba2					69,689
	788			IASIS Healthcare LLC, Term Loan					2.347	%		3/14/14				Ba2					739,979
	1,123			Select Medical Corporation, Term Loan B2					2.484	%		2/24/12				Ba2					1,087,490
	585			Select Medical Corporation, Term Loan					2.484	%		2/24/12				Ba2					566,598
	7,020			Total Health Care Providers & Services																	6,622,139
				Hotels, Restaurants & Leisure – 0.8%
	2,168			CCM Merger, Inc., Term Loan B					8.500	%		7/13/12				BB-					2,134,975
	737			Cedar Fair LP, Extended US Term Loan					4.347	%		8/30/14				BB-					730,703
	341			Cedar Fair LP, Term Loan					2.347	%		8/30/12				BB-					335,425
	991			Harrah's Operating Company, Inc., Term Loan B2					3.316	%		1/28/15				B					826,730
	939			Orbitz Worldwide, Inc., Term Loan					3.396	%		7/25/14				B+					881,687
	1,950			Travelport LLC, Delayed Term Loan					2.790	%		8/23/13				Ba3					1,830,022
	134			Travelport LLC, Letter of Credit					3.033	%		8/23/13				Ba3					125,875
	669			Travelport LLC, Term Loan					2.811	%		8/23/13				Ba3					627,332
	579			Venetian Casino Resort LLC, Delayed Draw Term Loan					2.100	%		5/23/14				B-					512,892
	1,699			Venetian Casino Resort LLC, Term Loan					2.100	%		5/23/14				B-					1,506,374
	10,207			Total Hotels, Restaurants & Leisure																	9,512,015
				Insurance – 0.2%
	2,236			Conseco, Inc., Term Loan					7.500	%		10/10/13				B2					2,167,228
				IT Services – 0.5%
	2,117			First Data Corporation, Term Loan B1					3.097	%		9/24/14				B+					1,785,918
	1,192			Infor Global Solutions Intermediate Holdings, Ltd., Extended Delayed Draw Term Loan					6.100	%		7/28/15				B+					1,113,339
	2,285			Infor Global Solutions Intermediate Holdings, Ltd., Holdco PIK Term Loan					6.100	%		7/28/15				B+					2,135,371
	1,185			SunGard Data Systems, Inc., Term Loan B					2.100	%		2/28/14				BB					1,118,055
	6,779			Total IT Services																	6,152,683
				Leisure Equipment & Products – 0.1%
	583			Herbst Gaming, Inc., Delayed Term Loan, (8)					10.500	%		12/02/11				N/R					368,502
	671			Herbst Gaming, Inc., Term Loan, (8)					10.500	%		12/02/11				N/R					424,116
	1,254			Total Leisure Equipment & Products																	792,618
				Media – 1.6%
	744			Cequel Communications LLC, Term Loan B					2.292	%		11/05/13				BB-					709,683
	3,215			Charter Communications Operating Holdings LLC, Term Loan C					3.790	%		9/06/16				BB+					3,001,484
	396			Charter Communications Operating Holdings LLC, Term Loan					2.350	%		3/06/14				BB+					368,041
	915			Citadel Broadcasting Corporation, Term Loan, (9)					11.000	%		6/03/15				N/R					958,390
	1,162			Gray Television, Inc., Term Loan B					3.804	%		12/31/14				B					1,088,941
	3,134			Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, (10)					18.500	%		4/09/12				N/R					1,429,880
	876			Nielsen Finance LLC, Term Loan A					2.350	%		8/09/13				Ba3					825,560
	1,864			Nielsen Finance LLC, Term Loan B					4.100	%		5/02/16				Ba3					1,797,225
	944			Philadelphia Newspapers, Term Loan, (7), (8)					6.500	%		6/29/13				N/R					287,951
	363			SuperMedia, Term Loan					8.000	%		12/31/15				B-					312,147
	5,925			Tribune Company, Term Loan B, (7), (8)					3.000	%		6/04/14				Ca					3,623,138
	1,256			Tribune Company, Term Loan X, (7), (8)					2.750	%		6/04/09				Ca					760,695
	5,565			Univision Communications, Inc., Term Loan					2.597	%		9/29/14				B2					4,684,374
	26,359			Total Media																	19,847,509

 

Nuveen Investments
54

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Metals & Mining – 0.2%
$	1,955			John Maneely Company, Term Loan					3.552	%		12/09/13				B				$	1,848,393
				Oil, Gas & Consumable Fuels – 0.3%
	2,932			CCS Income Trust, Term Loan					3.347	%		11/14/14				B					2,433,835
	1,891			Venoco, Inc., Term Loan					4.377	%		5/07/14				BB-					1,689,468
	4,823			Total Oil, Gas & Consumable Fuels																	4,123,303
				Pharmaceuticals – 0.2%
	2,000			Royalty Pharma Finance Trust, Unsecured Term Loan					7.750	%		5/15/15				Baa3					1,910,000
				Real Estate Management & Development – 0.4%
	3,306			LNR Property Corporation, Term Loan B					7.750	%		7/12/11				CCC					3,199,017
	1,718			Realogy Corporation, Delayed Term Loan					3.293	%		10/10/13				Caa1					1,464,679
	5,024			Total Real Estate Management & Development																	4,663,696
				Road & Rail – 0.1%
	900			Swift Transportation Company, Inc., Term Loan					8.250	%		5/12/14				B-					834,872
				Software – 0.1%
	904			IPC Systems, Inc., Term Loan					2.709	%		6/02/14				B1					789,133
				Specialty Retail – 0.6%
	2,400			Toys "R" Us - Delaware, Inc., Term Loan B					4.597	%		7/19/12				BB-					2,366,569
	2,312			Burlington Coat Factory Warehouse Corporation, Term Loan					2.666	%		5/28/13				B-					2,161,362
	1,049			Michaels Stores, Inc., Term Loan B1					2.761	%		10/31/13				B					975,925
	1,411			Michaels Stores, Inc., Term Loan B2					5.011	%		7/31/16				B					1,344,021
	7,172			Total Specialty Retail																	6,847,877
$	99,137			Total Variable Rate Senior Loan Interests (cost $91,510,178)																	85,989,556
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Convertible Bonds – 10.7% (7.9% of Total Investments)
				Aerospace & Defense – 0.2%
$	800			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		9/15/11				BB-				$	781,000
	400			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		2/15/24				BB-					381,000
	1,270			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+					1,276,350
	2,470			Total Aerospace & Defense																	2,438,350
				Auto Components – 0.1%
	700			BorgWarner Inc.					3.500	%		4/15/12				BBB					906,500
				Beverages – 0.0%
	400			Molson Coors Brewing Company, Senior Convertible Notes					2.500	%		7/30/13				BBB-					431,000
				Biotechnology – 0.3%
	2,575			Amgen Inc.					0.375	%		2/01/13				A+					2,555,688
	850			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B-					910,563
	450			Invitrogen Corporation, Convertible Bond					2.000	%		8/01/23				BBB-					625,500
	3,875			Total Biotechnology																	4,091,751
				Capital Markets – 0.0%
	600			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB-					588,000
				Commercial Banks – 0.3%
	2,460			National City Corporation, Convertible Senior Notes					4.000	%		2/01/11				A					2,490,750
	450			SVB Financial Group, Convertible Bond, 144A					3.875	%		4/15/11				A3					457,875
	1,150			U.S. Bancorp, Convertible Bonds, Floating Rate					0.000	%		12/11/35				Aa3					1,139,248
	4,060			Total Commercial Banks																	4,087,873

 

Nuveen Investments
55

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Commercial Services & Supplies – 0.2%
$	450			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3				$	481,500
	750			Covanta Holding Corporation, Convertible Bonds					1.000	%		2/01/27				Ba3					699,375
	600			Universal City Development Partners, 144A					8.875	%		11/15/15				B3					606,000
	1,800			Total Commercial Services & Supplies																	1,786,875
				Communications Equipment – 0.2%
	600			Ciena Corporation, Convertible Bond					0.250	%		5/01/13				B					488,250
	600			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B					375,750
	450			CommScope Inc.					3.250	%		7/01/15				B					492,188
	1,400			Liberty Media Corporation, Senior Debentures, Exchangeable for Motorola Common Stock					3.500	%		1/15/31				BB-					621,586
	1,050			Lucent Technologies Inc., Series B					2.875	%		6/15/25				B1					889,875
	4,100			Total Communications Equipment																	2,867,649
				Computers & Peripherals – 0.5%
	1,400			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/11				A-					1,706,250
	700			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A-					889,875
	700			EMC Corporation, Convertible Bonds					1.750	%		12/01/11				A-					853,125
	1,200			EMC Corporation, Convertible Bonds					1.750	%		12/01/13				A-					1,525,500
	400			Maxtor Corporation, Convertible Bonds					2.375	%		8/15/12				B					404,000
	1,250			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				BB-					1,117,188
	5,650			Total Computers & Peripherals																	6,495,938
				Construction & Engineering – 0.0%
	250			Fluor Corporation, Convertible Bonds					1.500	%		2/15/24				A3					383,438
				Consumer Finance – 0.0%
	350			Americredit Corporation					0.750	%		9/15/11				B-					327,250
				Diversified Consumer Services – 0.0%
	400			Sotheby's Holdings Inc., Convertible Bond					3.125	%		6/15/13				B1					390,000
				Diversified Financial Services – 0.1%
	1,150			NASDAQ Stock Market Inc., Convertible Bond					2.500	%		8/15/13				BBB					1,096,813
	500			PHH Corporation					4.000	%		4/15/12				Ba2					548,125
	1,650			Total Diversified Financial Services																	1,644,938
				Diversified Telecommunication Services – 0.2%
	1,200			Qwest Communications International Inc.					3.500	%		11/15/25				B+					1,335,000
	450			Time Warner Telecom Inc., Convertible Bond					2.375	%		4/01/26				B-					489,375
	1,650			Total Diversified Telecommunication Services																	1,824,375
				Electrical Equipment – 0.1%
	300			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				Ba3					262,500
	462			General Cable Corporation, Convertible Bonds					4.500	%		11/15/29				B					435,435
	550			Roper Industries Inc.					0.000	%		1/15/34				BB+					385,000
	1,312			Total Electrical Equipment																	1,082,935
				Electronic Equipment & Instruments – 0.2%
	600			Anixter International Inc., Convertible Bond					0.000	%		7/07/33				B+					387,750
	500			Itron Inc.					2.500	%		8/01/26				B-					551,875
	900			Tech Data Corporation, Convertible Bonds					2.750	%		12/15/26				BBB-					906,750
	2,000			Total Electronic Equipment & Instruments																	1,846,375
				Energy Equipment & Services – 0.9%
	550			Cameron International Corporation, Convertible Bonds					2.500	%		6/15/26				BBB+					618,750
	450			Exterran Holdings Inc., Convertible Bond					4.250	%		6/15/14				BB					590,625
	1,200			Nabors Industries Inc., 144A					0.940	%		5/15/11				BBB+					1,182,000

 

Nuveen Investments
56

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Energy Equipment & Services (continued)
$	1,300			Nabors Industries Inc.					0.940	%		5/15/11				BBB+				$	1,280,500
	1,100			SESI LLC, Convertible Bond, 144A					1.500	%		12/15/26				BB+					1,014,750
	1,300			Transocean Inc., Convertible Bond					1.625	%		12/15/37				BBB+					1,265,875
	2,800			Transocean Inc.					1.500	%		12/15/37				BBB+					2,499,000
	2,675			Transocean Inc.					1.500	%		12/15/37				BBB+					2,226,938
	11,375			Total Energy Equipment & Services																	10,678,438
				Food Products – 0.3%
	400			Archer Daniels Midland Company, Convertible Bonds, 144A					0.875	%		2/15/14				A					379,000
	1,000			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					947,500
	450			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B					391,500
	550			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				B-					536,938
	700			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB					820,750
	3,100			Total Food Products																	3,075,688
				Health Care Equipment & Supplies – 0.8%
	200			Beckman Coulter Inc., Convertible Bonds, 144A					2.500	%		12/15/36				BBB					219,000
	700			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					766,500
	2,600			Hologic Inc.					2.000	%		12/15/37				BB-					2,226,250
	300			Invacare Corporation, Convertible Bond					4.125	%		2/01/27				B-					322,125
	300			Inverness Medical Innovation Inc., Convertible Bonds					3.000	%		5/15/16				B-					259,500
	850			Kinetic Concepts Inc., Convertible Bond, 144A					3.250	%		4/15/15				BB-					822,375
	1,650			Medtronic, Inc., Convertible Bond					1.500	%		4/15/11				AA-					1,647,938
	2,750			Medtronic, Inc., Convertible Bond					1.625	%		4/15/13				AA-					2,770,625
	9,350			Total Health Care Equipment & Supplies																	9,034,313
				Health Care Providers & Services – 0.4%
	550			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				BB					558,938
	450			LifePoint Hospitals, Inc., Convertible Bond					3.250	%		8/15/25				B1					423,563
	875			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					812,656
	3,365			Omnicare, Inc.					3.250	%		12/15/35				B+					2,801,363
	400			PSS World Medical Inc. Convertible Note, 144A					3.125	%		8/01/14				BB					461,000
	5,640			Total Health Care Providers & Services																	5,057,520
				Hotels, Restaurants & Leisure – 0.3%
	1,250			Carnival Corporation					2.000	%		4/15/21				A3					1,300,000
	300			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.500	%		10/15/29				BB+					340,308
	1,150			International Game Technology					3.250	%		5/01/14				BBB					1,265,000
	200			Wyndham Worldwide Corporation, Convertible Bond					3.500	%		5/01/12				BBB-					326,250
	2,900			Total Hotels, Restaurants & Leisure																	3,231,558
				Household Durables – 0.1%
	500			D.R. Horton, Inc.					2.000	%		5/15/14				BB-					510,625
	400			Lennar Corporation					2.000	%		12/01/20				BB-					353,500
	450			Newell Rubbermaid Inc.					5.500	%		3/15/14				BBB-					819,563
	1,350			Total Household Durables																	1,683,688
				Independent Power Producers & Energy Traders – 0.0%
	450			Allegheny Technologies Inc., Convetible Bond					4.250	%		6/01/14				BBB-					581,063
				Industrial Conglomerates – 0.1%
	650			Textron Inc.					4.500	%		5/01/13				BBB-					944,125
				Insurance – 0.1%
	600			Old Republic International Corporation					8.000	%		5/15/12				BBB+					715,500
				Internet Software & Services – 0.2%
	750			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B-					704,063
	900			Equinix Inc.					4.750	%		6/15/16				B-					1,068,750
	1,650			Total Internet Software & Services																	1,772,813

 

Nuveen Investments
57

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				IT Services – 0.1%
$	250			Macrovision Corporation, Convertible Bonds					2.625	%		8/15/11				BB-				$	347,188
	750			Verifone Holdings Inc.					1.375	%		6/15/12				B					694,688
	1,000			Total IT Services																	1,041,876
				Life Sciences Tools & Services – 0.1%
	550			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					528,688
	450			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BBB-					496,688
	400			Millipore Corporation, Convertible Bonds					3.750	%		6/01/26				BB-					501,500
	1,400			Total Life Sciences Tools & Services																	1,526,876
				Machinery – 0.2%
	900			Danaher Corporation, Convertible Bonds					0.000	%		1/22/21				A+					970,875
	450			Ingersoll Rand					4.500	%		4/15/12				BBB+					886,500
	400			Navistar International Corporation, Convertible Bond					3.000	%		10/15/14				B1					471,000
	250			Terex Corporation					4.000	%		6/01/15				B					339,375
	2,000			Total Machinery																	2,667,750
				Media – 0.2%
	1,150			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				BB					1,157,188
	450			Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1					4.000	%		11/15/29				BB-					232,875
	750			Omnicom Group Inc., Convertible Bond					0.000	%		7/01/38				Baa1					712,500
	2,350			Total Media																	2,102,563
				Metals & Mining – 0.7%
	650			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				Baa3					1,113,125
	3,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					2,163,750
	450			Newmont Mining Corp., Senior Convertible Note					1.625	%		7/15/17				BBB+					650,813
	650			Newmont Mining Corporation, 144A					1.625	%		7/15/17				BBB+					940,063
	1,100			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					1,573,000
	350			Steel Dynamics, Inc.					5.125	%		6/15/14				BB+					377,563
	950			United States Steel Corporation					4.000	%		5/15/14				BB					1,333,563
	7,150			Total Metals & Mining																	8,151,877
				Multiline Retail – 0.0%
	450			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				B+					391,500
				Oil, Gas & Consumable Fuels – 0.7%
	550			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				BB					566,500
	600			Chesapeake Energy Corporation, Convertible					2.750	%		11/15/35				BB					525,750
	1,100			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB					862,125
	1,100			Chesapeake Energy Corporation, Convertible Bonds					2.250	%		12/15/38				BB					798,875
	1,620			Goodrich Petroleum Corporation, Convertible					5.000	%		10/01/29				N/R					1,287,090
	1,100			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB-					919,875
	1,150			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					1,127,000
	450			Penn Virginia Corporation					4.500	%		11/15/12				B					421,875
	700			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BB+					840,875
	1,550			USEC Inc., Convertible Bond					3.000	%		10/01/14				Caa2					1,123,750
	9,920			Total Oil, Gas & Consumable Fuels																	8,473,715
				Pharmaceuticals – 0.6%
	825			Allergan Inc., Convertible Bond					1.500	%		4/01/26				A					903,375
	1,000			King Pharmaceuticals Inc., Convertible Bonds					1.250	%		4/01/26				BB					871,250
	850			Mylan Labs, Inc., Convertible Bonds, 144A					3.750	%		9/15/15				BB-					1,213,375
	750			Mylan Labs, Inc., Convertible Bonds					1.250	%		3/15/12				BB-					750,000
	1,650			Teva Pharmaceutical Finance Company B.V., Series D					1.750	%		2/01/26				A-					1,897,500
	450			Teva Pharmaceutical Finance Company LLC, Convertible Bonds					0.250	%		2/01/26				A-					526,500
	400			Valeant Pharmaceuticals International Convertible Bond					4.000	%		11/15/13				B					671,500
	5,925			Total Pharmaceuticals																	6,833,500

 

Nuveen Investments
58

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Real Estate – 1.0%
$	1,700			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A-				$	1,691,500
	1,250			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A-					1,239,063
	600			Boston Properties Limited Partnership, Convertible Bonds					2.875	%		2/15/37				A2					594,750
	300			Brandywine Operating Partnership, Convertible Bonds					3.875	%		10/15/26				BBB-					300,750
	450			Duke Realty Corporation, Series D, 144A					3.750	%		12/01/11				BBB-					450,563
	600			ERP Operating LP					3.850	%		8/15/26				BBB+					604,500
	250			Health Care REIT, Inc., Convertible Bonds					4.750	%		12/01/26				Baa2					265,938
	300			Health Care REIT, Inc., Convertible Bonds					4.750	%		7/15/27				Baa2					321,000
	1,450			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.625	%		4/15/27				BB+					1,381,125
	600			Host Marriot LP, Convertible Bonds, 144A					3.250	%		4/15/24				BB+					615,000
	350			Prologis Trust, Convertible Bonds, 144A					2.250	%		4/01/37				BBB-					331,188
	2,100			Prologis Trust, Convertible Bonds					2.250	%		4/01/37				BBB-					1,987,125
	400			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB					415,500
	250			Ventas Inc., Convertible Bond, 144A					3.875	%		11/15/11				BBB-					288,437
	1,150			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					1,241,999
	11,750			Total Real Estate																	11,728,438
				Semiconductors & Equipment – 1.2%
	5,250			Advanced Micro Devices, Inc., Convertible Bonds, 144A					6.000	%		5/01/15				B-					5,013,749
	924			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B-					911,294
	2,200			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A-					2,100,999
	2,550			Intel Corporation, Convertible Bond					3.250	%		8/01/39				A2					2,884,687
	2,400			Micron Technology, Inc.					1.875	%		6/01/14				B					2,120,999
	1,300			ON Semiconductor Corporation					2.625	%		12/15/26				B+					1,223,624
	450			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					412,312
	150			Xilinx Inc., Convertible Bond					3.125	%		3/15/37				BB					137,437
	15,224			Total Semiconductors & Equipment																	14,805,101
				Software – 0.0%
	450			Nuance Communications Inc.					2.750	%		8/15/27				B-					472,499
				Specialty Retail – 0.1%
	700			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					729,749
	350			United Auto Group, Inc., Convertible Bonds					3.500	%		4/01/26				B-					353,062
	1,050			Total Specialty Retail																	1,082,811
				Textiles, Apparel & Luxury Goods – 0.1%
	800			Iconix Brand Group, Inc., Convertible Notes, 144A					1.875	%		6/30/12				B					747,999
	100			Liz Claiborne Inc., Convertible Bond					6.000	%		6/15/14				B2					141,124
	900			Total Textiles, Apparel & Luxury Goods																	889,123
				Trading Companies & Distributors – 0.0%
	286			WESCO International Inc., Convertible Bond					6.000	%		9/15/29				B					405,762
				Wireless Telecommunication Services – 0.1%
	748			NII Holdings Inc.					3.125	%		6/15/12				B-					709,664
$	128,935			Total Convertible Bonds (cost $125,488,133)																	129,251,008
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Corporate Bonds – 11.5% (8.5% of Total Investments)
				Aerospace & Defense – 0.4%
$	600			Bombardier Inc., CLass B Shares, 144A					7.500	%		3/15/18				BB+				$	621,000
	1,200			Hawker Beechcraft Acquisition Company					8.500	%		4/01/15				CCC-					967,500
	1,000			Hexcel Corporation, Term Loan					6.750	%		2/01/15				B+					985,000
	1,800			Vought Aircraft Industries Inc.,					8.000	%		7/15/11				N/R					1,809,000
	4,600			Total Aerospace & Defense																	4,382,500
				Airlines – 0.1%
	900			United Airlines Inc., 144A					12.000	%		11/01/13				CCC					940,500

 

Nuveen Investments
59

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Auto Components – 0.2%
$	1,200			Cooper Standard Automitve					8.500	%		5/01/18				B+				$	1,215,000
	600			TRW Automotive Inc., 144A					8.875	%		12/01/17				B+					621,000
	1,800			Total Auto Components																	1,836,000
				Automobiles – 0.1%
	3,850			General Motors Corporation, Senior Debentures, (11)					8.375	%		7/15/33				B-					1,251,250
				Building Products – 0.1%
	600			Libbey Glass Inc., 144A					10.000	%		2/15/15				B					624,000
				Chemicals – 0.7%
	2,850			Hexion US Finance Corporation					8.875	%		2/01/18				B3					2,586,375
	2,250			Momentive Performance Materials					9.750	%		12/01/14				Caa2					2,137,500
	1,200			NOVA Chemicals Corporation					8.625	%		11/01/19				B+					1,194,000
	450			Phibro Animal Health Corporation, 144A, WI/DD					9.250	%		7/01/18				B					450,000
	2,100			Rockwood Specialties Group Inc., Series WI					7.500	%		11/15/14				B-					2,126,250
	600			Solutia Inc.					7.875	%		3/15/20				B+					601,500
	9,450			Total Chemicals																	9,095,625
				Commercial Services & Supplies – 0.4%
	900			Avis Budget Car Rental					9.625	%		3/15/18				B					913,500
	450			International Lease Finance Corporation, 144A					8.625	%		9/15/15				BB+					427,500
	2,650			International Lease Finance Corporation, 144A					8.750	%		3/15/17				BB+					2,517,500
	1,200			Ticketmaster					10.750	%		8/01/16				B1					1,299,000
	5,200			Total Commercial Services & Supplies																	5,157,500
				Communications Equipment – 0.1%
	1,200			IntelSat Bermuda Limited					11.250	%		2/04/17				CCC+					1,221,000
				Construction Materials – 0.2%
	1,800			Headwaters Inc.					11.375	%		11/01/14				B+					1,827,000
				Consumer Finance – 0.0%
	300			GMAC Inc.					8.000	%		3/15/20				B					294,000
				Diversified Financial Services – 0.0%
	450			CIT Group Inc.					7.000	%		5/01/17				B+					407,250
				Diversified Telecommunication Services – 0.7%
	1,200			Cequel Communication Holdings I, 144A					8.625	%		11/15/17				B-					1,201,500
	2,350			Cincinnati Bell Inc.					8.250	%		10/15/17				B2					2,209,000
	1,050			Cincinnati Bell Inc.					8.750	%		3/15/18				B-					958,125
	350			Insight Communications, 144A, WI/DD					9.375	%		7/15/18				B-					350,000
	1,500			IntelSat Corporation					9.250	%		8/15/14				BB-					1,541,250
	1,200			New Communications Holdings, 144A					8.500	%		4/15/20				BB					1,209,000
	1,200			Windstream Corporation					7.875	%		11/01/17				Ba3					1,177,500
	8,850			Total Diversified Telecommunication Services																	8,646,375
				Electric Utilities – 0.2%
	1,000			Sierra Pacific Resources, Series 2006					6.750	%		8/15/17				BB					1,012,409
	1,800			Texas Competitive Electric Holdings, Series A					10.250	%		11/01/15				CCC					1,197,000
	2,800			Total Electric Utilities																	2,209,409
				Electrical Equipment – 0.1%
	900			Energy Future Holdings					10.000	%		1/15/20				B+					900,000
				Electronic Equipment & Instruments – 0.1%
	1,200			Kemet Corporation, Convertible Bonds, 144A					10.500	%		5/01/18				B1					1,194,000

 

Nuveen Investments
60

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Energy Equipment & Services – 0.1%
$	1,200			Hercules Offshore LLC, 144A					10.500	%		10/15/17				B2				$	1,071,000
				Food & Staples Retailing – 0.2%
	600			C&S Group Enterprises LLC, 144A					8.375	%		5/01/17				BB-					585,000
	2,000			Stater Brothers Holdings Inc.					8.125	%		6/15/12				B+					2,010,000
	2,600			Total Food & Staples Retailing																	2,595,000
				Food Products – 0.4%
	1,200			Dole Foods Company, 144A					8.000	%		10/01/16				B+					1,209,000
	2,700			Dole Foods Company					8.750	%		7/15/13				B-					2,794,500
	600			Tops Markets, 144A					10.125	%		10/15/15				B					621,000
	4,500			Total Food Products																	4,624,500
				Health Care Equipment & Supplies – 0.4%
	500			Biomet Inc.					10.000	%		10/15/17				B-					540,000
	4,050			Select Medical Corporation					7.625	%		2/01/15				B-					3,827,250
	4,550			Total Health Care Equipment & Supplies																	4,367,250
				Health Care Providers & Services – 0.6%
	450			Capella Healthcare Inc., 144A					9.250	%		7/01/17				B					455,625
	2,000			Community Health Systems, Inc.					8.875	%		7/15/15				B					2,067,500
	1,000			HCA Inc.					9.250	%		11/15/16				BB-					1,062,500
	1,800			HCA Inc.					8.500	%		4/15/19				BB					1,917,000
	1,800			Select Medical Corporation					6.143	%		9/15/15				CCC+					1,566,000
	7,050			Total Health Care Providers & Services																	7,068,625
				Hotels, Restaurants & Leisure – 1.0%
	1,875			Boyd Gaming Corporation					7.750	%		12/15/12				B-					1,865,625
	1,200			GWR Operating Partnership, 144A					10.875	%		4/01/17				BB-					1,198,500
	2,250			Harrah's Operating Company, Inc.					11.250	%		6/01/17				B					2,379,375
	1,200			Isle of Capri Casinos, Inc.					7.000	%		3/01/14				CCC+					1,086,000
	900			Landry's Restaurants Inc.					11.625	%		12/01/15				B					936,000
	300			MGM Mirage Inc., 144A					9.000	%		3/15/20				B1					309,750
	450			MGM Mirage Inc.					6.750	%		9/01/12				CCC+					420,750
	600			Peninsula Gaming LLC					8.375	%		8/15/15				BB					600,750
	600			Penn National Gaming Inc.					8.750	%		8/15/19				BB-					619,500
	1,200			Pinnacle Entertainment Inc., 144A					8.750	%		5/15/20				B					1,117,500
	1,750			Seminole Hard Rock Entertainment, Inc., 144A					3.037	%		3/15/14				BB					1,500,625
	12,325			Total Hotels, Restaurants & Leisure																	12,034,375
				Household Products – 0.1%
	1,650			Central Garden & Pet Company, Senior Subordinate Notes					8.250	%		3/01/18				B					1,643,813
				Independent Power Producers & Energy Traders – 0.1%
	900			Dynegy Holdings, Inc., Term Loan					8.375	%		5/01/16				B-					716,625
	1,000			NRG Energy Inc.					7.375	%		1/15/17				BB-					992,500
	1,900			Total Independent Power Producers & Energy Traders																	1,709,125
				Internet Software & Services – 0.1%
	2,000			Open Solutions Inc., 144A					9.750	%		2/01/15				CCC+					1,510,000
				IT Services – 0.7%
	1,263			First Data Corporation					10.550	%		9/24/15				B-					931,684
	2,950			First Data Corporation					9.875	%		9/24/15				B-					2,256,750
	1,631			Global Cash Access LLC					8.750	%		3/15/12				B					1,641,194
	600			ManTech International Company, 144A					7.250	%		4/15/18				BB+					609,000
	1,050			Seagate HDD Cayman					6.875	%		5/01/20				Ba1					1,002,750
	2,250			Sungard Data Systems Inc.					9.125	%		8/15/13				B					2,297,813
	9,744			Total IT Services																	8,739,191

 

Nuveen Investments
61

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Machinery – 0.2%
$	3,000			Greenbrier Companies, Inc.					8.375	%		5/15/15				CCC				$	2,842,500
				Media – 0.4%
	600			Allbritton Communications Company, 144A					8.000	%		5/15/18				B					597,000
	2,000			AMC Entertainment Inc.					8.000	%		3/01/14				CCC+					1,935,000
	450			Cablevision Systems Corporation					7.750	%		4/15/18				B+					452,250
	300			Cablevision Systems Corporation					8.000	%		4/15/20				B+					305,250
	1,050			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-					742,875
	450			Clear Channel Worldwide Holdings Inc., 144A					9.250	%		12/15/17				B					454,500
	4,000			Medianews Group Inc., (9)					6.375	%		4/01/14				CC					400
	300			NexStar Mission Broadcast, 144A					8.875	%		4/15/17				B-					303,000
	3,500			Young Broadcasting Inc., (12)					10.000	%		3/01/11				D					10,850
	2,000			Young Broadcasting Inc., (12)					8.750	%		1/15/14				D					6,200
	14,650			Total Media																	4,807,325
				Metals & Mining – 0.6%
	600			Consol Energy Inc., 144A					8.000	%		4/01/17				BB					622,500
	600			Consol Energy Inc., 144A					8.250	%		4/01/20				BB					628,500
	900			Essar Steel Algoma Inc., 144A					9.375	%		3/15/15				B+					859,500
	5,200			MagIndustries Corporation, (13)					11.000	%		12/14/12				N/R					5,027,620
	7,300			Total Metals & Mining																	7,138,120
				Multiline Retail – 0.5%
	3,150			Neiman Marcus Group Inc., Term Loan					9.000	%		10/15/15				B-					3,173,625
	1,200			Sprectum Brands Inc., 144A					9.500	%		6/15/18				B					1,239,000
	1,500			Toys R Us Property Company II LLC, 144A					8.500	%		12/01/17				Ba2					1,545,000
	5,850			Total Multiline Retail																	5,957,625
				Multi-Utilities – 0.1%
	1,200			Bon-Ton Department Stores Inc.					10.250	%		3/15/14				CCC+					1,185,000
				Oil, Gas & Consumable Fuels – 0.5%
	600			Chaparral Energy Inc.					8.500	%		12/01/15				B+					561,000
	2,400			Chaparral Energy Inc.					8.875	%		2/01/17				B+					2,220,000
	450			Western Refining Inc., 144A					10.750	%		6/15/14				BB-					407,250
	1,200			Western Refining Inc.					11.250	%		6/15/17				B+					1,098,000
	1,500			Whiting Petroleum Corporation					7.000	%		2/01/14				BB					1,537,500
	6,150			Total Oil, Gas & Consumable Fuels																	5,823,750
				Paper & Forest Products – 0.1%
	600			Boise Paper Holdings Company					8.000	%		4/01/20				BB-					601,500
	1,000			Georgia-Pacific Corporation					7.700	%		6/15/15				BB					1,047,500
	1,600			Total Paper & Forest Products																	1,649,000
				Personal Products – 0.2%
	1,800			Prestige Brands Inc.					8.250	%		4/01/18				B+					1,822,500
	600			Revlon Consumer Products					9.750	%		11/15/15				B-					618,000
	2,400			Total Personal Products																	2,440,500
				Pharmaceuticals – 0.1%
	600			Mylan Inc., 144A					7.875	%		7/15/20				BB-					615,000
				Real Estate – 0.1%
	1,200			Entertainment Properties Trust, 144A					7.750	%		7/15/20				Baa3					1,209,000
				Real Estate Management & Development – 0.0%
	600			Realogy Corporation					10.500	%		4/15/14				Ca					511,500

 

Nuveen Investments
62

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Road & Rail – 0.1%
$	1,800			Swift Transportation Company, 144A					8.186	%		5/15/15				CCC-				$	1,638,000
				Semiconductors & Equipment – 0.2%
	450			Amkor Technology Inc., 144A					7.375	%		5/01/18				Ba3					438,750
	2,300			Freescale Semiconductor Inc.					9.250	%		4/15/18				B2					2,282,750
	2,750			Total Semiconductors & Equipment																	2,721,500
				Specialty Retail – 0.3%
	900			Brookstone Company Inc.					12.000	%		10/15/12				Caa3					738,000
	1,350			Claires Stores, Inc.					9.250	%		6/01/15				CCC+					1,164,374
	600			Claires Stores, Inc.					10.500	%		6/01/17				CCC					495,000
	1,200			Michael's Stores					11.375	%		11/01/16				CCC					1,254,000
	4,050			Total Specialty Retail																	3,651,374
				Textiles, Apparel & Luxury Goods – 0.4%
	300			Express LLC, 144A					8.750	%		3/01/18				B					306,750
	600			Hanesbrands Inc.					8.000	%		12/15/16				B+					611,250
	4,000			Jostens IH Corporation					7.625	%		10/01/12				BB-					4,020,000
	4,900			Total Textiles, Apparel & Luxury Goods																	4,938,000
				Wireless Telecommunication Services – 0.6%
	1,200			Clearwire Communications Finance					12.000	%		12/01/15				B-					1,201,500
	1,500			IPCS, Inc.					2.374	%		5/01/13				Ba2					1,410,000
	3,550			Sprint Nextel Corporation					8.375	%		8/15/17				BB-					3,567,749
	750			Syniverse Technologies Inc., Series B					7.750	%		8/15/13				B					735,000
	7,000			Total Wireless Telecommunication Services																	6,914,249
$	156,469			Total Corporate Bonds (cost $146,603,754)																	139,391,731
Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Capital Preferred Securities – 24.0% (17.8% of Total Investments)
				Capital Markets – 0.0%
	400			Goldman Sachs Group, Inc.					6.345	%		2/15/34				A3				$	359,946
				Commercial Banks – 11.6%
	18,700			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					16,469,894
	2,320			Banco Santander Finance					10.500	%		9/29/49				A-					2,439,531
	7,675			Barclays Bank PLC, 144A					7.434	%		12/15/17				A-					6,907,500
	1,000			Barclays Bank PLC					6.278	%		12/15/34				A-					760,000
	2,700			BB&T Capital Trust IV					6.820	%		6/12/37				A3					2,467,125
	3,650			BBVA International Unipersonal					5.919	%		4/18/17				A-					2,653,641
	4,100			BNP Paribas, 144A					7.195	%		12/25/37				A					3,608,000
	2,350			Credit Agricole SA, 144A					8.375	%		12/31/49				A-					2,232,500
	10,950			Credit Agricole, S.A					9.750	%		12/26/54				A-					11,278,500
	5,750			First Empire Capital Trust I					8.234	%		2/01/27				Baa2					5,346,356
	3,500			First Union Capital Trust II, Series A					7.950	%		11/15/29				A-					3,893,292
	4,800			Fulton Capital Trust I					6.290	%		2/01/36				BBB-					3,172,238
	1,450			HBOS Capital Funding LP, 144A					6.071	%		6/30/14				BB-					1,015,000
	1,300			HSBC America Capital Trust I, 144A					7.808	%		12/15/26				A-					1,231,750
	1,000			HSBC Bank PLC					0.850	%		6/11/49				A					610,000
	9,300			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A-					11,183,250
	4,000			KeyCorp Capital III					7.750	%		7/15/29				Baa3					3,968,860
	7,800			LBG Capital I PLC					8.000	%		6/15/20				B+					6,123,000
	10,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa3					9,800,000
	3,100			Northgroup Preferred Capital Corporation, 144A					6.378	%		10/15/57				A					2,789,650
	13,240			Rabobank Nederland, 144A					11.000	%		6/30/19				AA-					16,397,396

 

Nuveen Investments
63

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Commercial Banks (continued)
	2,000			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R				$	1,549,966
	15,910			Societe Generale					8.750	%		10/07/49				BBB+					16,057,899
	3,100			Standard Chartered PLC, 144A					6.409	%		1/30/17				BBB					2,711,480
	6,500			Standard Chartered PLC, 144A					7.014	%		7/30/37				BBB					5,808,361
	500			Wachovia Capital Trust V, 144A					7.965	%		6/01/27				A-					500,216
				Total Commercial Banks																	140,975,405
				Consumer Finance – 0.4%
	5,500			Capital One Capital IV Corporation					6.745	%		2/17/32				Baa3					4,647,500
				Diversified Financial Services – 1.1%
	9			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB					289,756
	7,870			Bank One Capital III					8.750	%		9/01/30				A2					9,259,763
	4,300			JPMorgan Chase Capital XXV					6.800	%		10/01/37				A2					4,263,054
				Total Diversified Financial Services																	13,812,573
				Diversified Telecommunication Services – 1.6%
	19			Centaur Funding Corporation, Series B					9.080	%		4/21/20				BBB					19,890,900
				Electric Utilities – 0.7%
	8,200			Dominion Resources Inc.					7.500	%		6/30/16				BBB					8,086,569
				Insurance – 8.0%
	3,000			Allstate Corporation					6.125	%		5/15/17				Baa1					2,658,750
	1,500			Allstate Corporation					6.500	%		5/15/37				Baa1					1,353,750
	4,000			AXA SA, 144A					6.463	%		12/14/18				Baa1					3,155,000
	3,650			AXA SA, 144A					6.379	%		12/14/36				Baa1					2,897,188
	2,215			Catlin Insurance Company Limited					7.249	%		1/19/17				BBB+					1,788,613
	4,000			Everest Reinsurance Holdings, Inc.					6.600	%		5/15/37				Baa1					3,540,000
	750			Great West Life and Annuity Insurance Company, 144A					7.153	%		5/16/16				A-					667,500
	6,000			Hartford Financial Services Group Inc.					8.125	%		6/15/18				BB+					5,490,000
	3,500			Liberty Mutual Group, 144A					7.800	%		3/15/37				Baa3					2,905,000
	10,270			MetLife Capital Trust IV, 144A					7.875	%		12/15/37				BBB					9,910,550
	9,200			National Financial Services Inc.					6.750	%		5/15/37				Baa2					6,939,192
	1,550			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					999,270
	5,500			Oil Insurance Limited, 144A					7.558	%		6/30/11				Baa1					4,801,808
	21,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					18,812,500
	5,100			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					5,431,500
	10,000			Prudential PLC					6.500	%		6/29/49				A-					8,325,000
	1,700			Swiss Re Capital I					6.854	%		5/25/16				A-					1,402,500
	22,200			XL Capital, Limited					6.500	%		10/15/57				BBB-					15,540,000
				Total Insurance																	96,618,121
				Road & Rail – 0.6%
	7,600			Burlington Northern Santa Fe Funding Trust I					6.613	%		1/15/26				BBB					7,256,685
				Total Capital Preferred Securities (cost $318,032,269)																	291,647,699

 

Shares				Description (1)				Value
				Investment Companies – 2.0% (1.5% of Total Investments)
	682,749			BlackRock Credit Allocation Income Trust II				$	6,711,423
	679,959			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					10,620,960
	469,287			John Hancock Preferred Income Fund III					7,241,098
				Total Investment Companies (cost $36,387,988)					24,573,481

 

Nuveen Investments
64

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Shares				Description (1)				Value
				Warrants – 0.1% (0.1% of Total Investments)
	53,378			Citadel Broadcasting Corporation				$	1,387,828
				Total Warrants (cost $1,626,695)					1,387,828

 

Principal Amount (000)				Description (1)				Coupon				Maturity				Value
				Short-Term Investments – 4.5% (3.3% of Total Investments)
$	40,939			Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/10, repurchase price $40,938,261, collateralized by $41,915,000 U.S. Treasury Notes, 2.500%, due 6/30/17, value $41,757,819					0.000	%		7/01/10				$	40,938,261
	13,557			Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/10, repurchase price $13,557,545, collateralized by $13,220,000 U.S. Treasury Notes, 3.000%, due 2/28/17, value $13,831,425					0.000	%		7/01/10					13,557,545
$	54,496			Total Short-Term Investments (cost $54,495,806)													54,495,806
				Total Investments (cost $1,723,704,485) – 134.9%													1,637,230,926

 

Shares				Description (1)				Value
				Common Stocks Sold Short – (0.7)%
				Chemicals – (0.1)%
	(15,600	)		Sigma-Aldrich Corporation				$	(777,348	)
				Diversified Consumer Services – (0.1)%
	(5,550	)		Strayer Education Inc.					(1,153,790	)
				Food Products – (0.0)%
	(12,600	)		Green Mountain Coffee Roasters Inc., (2)					(323,820	)
				Health Care Equipment & Supplies – (0.1)%
	(20,600	)		C. R. Bard, Inc.					(1,597,118	)
				Hotels, Restaurants & Leisure – (0.1)%
	(10,500	)		P.F. Changs China Bistro, Inc.					(416,325	)
	(9,400	)		WMS Industries Inc., (2)					(368,950	)
				Total Hotels, Restaurants & Leisure					(785,275	)
				Internet & Catalog Retail – (0.0)%
	(4,100	)		Amazon.com, Inc., (2)					(447,966	)
				Specialty Retail – (0.3)%
	(15,200	)		AutoZone, Inc., (2)					(2,936,944	)
	(12,700	)		Urban Outfitters, Inc., (2)					(436,753	)
				Total Specialty Retail					(3,373,697	)
				Total Common Stocks Sold Short (proceeds $7,755,849)					(8,459,014	)
				Borrowings – (32.9)% (14)(15)					(400,000,000	)
				Other Assets Less Liabilities – (1.3)%					(15,347,520	)
				Net Assets Applicable to Common Shares – 100%				$	1,213,424,392

 

Nuveen Investments
65

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JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Investments in Derivatives

Call Options Written outstanding at June 30, 2010:

Number of Contracts				Type				Notional Amount (16)				Expiration Date				Strike Price				Value
	(1,140	)		Aetna Inc.				$	(3,420,000	)		1/22/11				$	30.0			$	(175,560	)
	(1,970	)		Ameren Corporation					(4,925,000	)		9/18/10					25.0				(103,425	)
	(240	)		AngloGold Ashanti Limited					(960,000	)		1/22/11					40.0				(156,000	)
	(570	)		Arch Coal Inc.					(1,425,000	)		1/22/11					25.0				(76,950	)
	(770	)		AstraZeneca Group					(3,465,000	)		1/22/11					45.0				(369,600	)
	(973	)		Barrick Gold Corporation					(3,892,000	)		1/22/11					40.0				(795,427	)
	(1,103	)		BP PLC					(3,860,500	)		1/22/11					35.0				(377,778	)
	(839	)		BP PLC					(4,614,500	)		1/22/11					55.0				(25,590	)
	(208	)		BP PLC					(1,352,000	)		1/22/11					65.0				(2,600	)
	(1,275	)		Cameco Corporation					(3,187,500	)		1/22/11					25.0				(127,500	)
	(915	)		Cameco Corporation					(3,202,500	)		1/22/11					35.0				(6,863	)
	(676	)		Chevron Corporation					(4,394,000	)		1/22/11					65.0				(498,550	)
	(334	)		ConocoPhillips					(1,503,000	)		1/22/11					45.0				(233,800	)
	(1,440	)		Deutsche Telekom AG					(1,440,000	)		1/22/11					10.0				(370,800	)
	(980	)		eBay, Inc.					(2,940,000	)		1/22/11					30.0				(14,210	)
	(310	)		Electricite de France S.A.					(1,302,000	)		12/18/10					42.0				(5,118	)
	(612	)		Forest Laboratories, Inc.					(1,836,000	)		1/22/11					30.0				(97,920	)
	(2,175	)		Gold Fields Limited					(2,718,750	)		1/22/11					12.5				(427,387	)
	(825	)		Gold Fields Limited					(1,237,500	)		1/22/11					15.0				(73,013	)
	(480	)		Ivanhoe Mines Ltd.					(960,000	)		1/22/11					20.0				(20,400	)
	(1,433	)		Korea Electric Power Corporation					(2,149,500	)		12/18/10					15.0				(89,563	)
	(428	)		Lockheed Martin Corporation					(3,210,000	)		1/22/11					75.0				(237,540	)
	(550	)		Microsoft Corporation					(1,705,000	)		10/16/10					31.0				(3,574	)
	(852	)		Newmont Mining Corporation					(4,260,000	)		1/22/11					50.0				(1,209,840	)
	(588	)		Nexen Inc.					(1,470,000	)		9/18/10					25.0				(8,820	)
	(1,510	)		Nippon Telegraph & Telephone Corporation					(3,397,500	)		12/18/10					22.5				(75,500	)
	(1,820	)		Nokia Corporation					(1,638,000	)		1/22/11					9.0				(133,770	)
	(2,497	)		NovaGold Resources, Inc.					(1,248,500	)		9/18/10					5.0				(518,127	)
	(2,440	)		Pfizer Inc.					(4,270,000	)		1/22/11					17.5				(70,760	)
	(876	)		Progress Energy, Inc.					(3,504,000	)		10/16/10					40.0				(83,220	)
	(266	)		Royal Dutch Shell PLC					(1,596,000	)		7/17/10					60.0				(3,990	)
	(271	)		Royal Dutch Shell PLC					(1,626,000	)		10/16/10					60.0				(4,065	)
	(2,600	)		Smithfield Foods, Inc.					(4,550,000	)		1/22/11					17.5				(279,500	)
	(822	)		Suncor Energy, Inc.					(2,466,000	)		1/22/11					30.0				(283,590	)
	(603	)		Telus Corporation					(1,809,000	)		9/18/10					30.0				(391,950	)
	(2,105	)		Tesoro Corporation					(2,631,250	)		1/22/11					12.5				(284,175	)
	(575	)		Tesoro Corporation					(862,500	)		1/22/11					15.0				(35,937	)
	(2,580	)		Tyson Foods, Inc.					(5,160,000	)		1/22/11					20.0				(180,600	)
	(1,587	)		UBS AG					(2,777,250	)		1/22/11					17.5				(59,513	)
	(670	)		Wal-Mart Stores, Inc.					(3,517,500	)		1/22/11					52.5				(89,780	)
	(596	)		Wal-Mart Stores, Inc.					(3,278,000	)		1/22/11					55.0				(44,700	)
	(43,504	)		Total Call Options Written (premiums received $10,629,857)				$	(109,761,250	)										$	(8,047,005	)

 

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

  (1)  All percentages shown in the Portfolio of Investments are based on net assets 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 as collateral for call options written.

  (4)  Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investor Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade.

  (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 security, in the case of a Senior Loan, denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

  (8)  At or subsequent to June 30, 2010, this issue was under the protection of the Federal Bankruptcy Court.

  (9)  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.

  (10)  At or subsequent to June 30, 2010, the Fund's Adviser 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 and "write-off" any remaining recorded balances on the Fund's records.

  (11)  Non-income producing security, in the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

  (12)  This issue is under protection of the Federal Bankruptcy Court. As a result, 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.

  (13)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 – Fair Value Measurements for more information.

  (14)  Borrowings as a percentage of Total Investments is 24.4%.

  (15)  The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of June 30, 2010, investments with a value of $980,227,992 have been pledged as collateral for Borrowings.

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

  (17)  For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 2 – Fair Value Measurements for more information.

  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.

See accompanying notes to financial statements.

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Statement of

ASSETS & LIABILITIES

  June 30, 2010 (Unaudited)

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Assets
Investments, at value (cost $1,162,997,888 and $1,723,704,485, respectively)				$	1,098,807,759			$	1,637,230,926
Deposits with brokers for securities sold short and options written					8,006,064				13,634,567
Cash					147,386				207,845
Cash denominated in foreign currencies (cost $177,985 and $279,407, respectively)					178,441				280,171
Receivables:
Dividends					952,583				1,791,303
Interest					5,227,296				7,318,054
Investments sold					12,694,183				12,028,744
Reclaims					121,633				192,112
Other assets					192,635				252,100
Total assets					1,126,327,980				1,672,935,822
Liabilities
Borrowings					270,000,000				400,000,000
Securities sold short, at value (proceeds $5,253,474 and $7,755,849, respectively)					5,721,337				8,459,014
Call options written, at value (premiums received $6,947,729 and $10,629,857, respectively)					5,051,272				8,047,005
Payables:
Common share dividends					16,167,816				23,459,665
Investments purchased					12,753,862				18,008,211
Accrued expenses:
Interest on borrowings					22,270				32,993
Management fees					714,491				935,258
Other					441,838				569,284
Total liabilities					310,872,886				459,511,430
Net assets applicable to Common shares				$	815,455,094			$	1,213,424,392
Common shares outstanding					97,804,878				137,491,325
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)				$	8.34			$	8.83
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share				$	978,049			$	1,374,913
Paid-in surplus					1,336,733,907				1,908,262,133
Undistributed (Over-distribution of) net investment income					(24,314,051	)			(37,725,231	)
Accumulated net realized gain (loss)					(435,181,995	)			(573,893,914	)
Net unrealized appreciation (depreciation)					(62,760,816	)			(84,593,509	)
Net assets applicable to Common shares				$	815,455,094			$	1,213,424,392
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, 2010 (Unaudited)

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Investment Income
Dividends (net of foreign tax withheld of $326,110 and $468,322, respectively)				$	17,848,210			$	26,013,927
Interest					12,957,422				19,604,138
Total investment income					30,805,632				45,618,065
Expenses
Management fees					4,866,677				7,110,161
Dividend expense on securities sold short					15,054				22,106
Shareholders' servicing agent fees and expenses					3,695				4,747
Interest expense on borrowings					1,749,791				2,592,283
Custodian's fees and expenses					196,138				256,064
Trustees' fees and expenses					30,752				45,745
Professional fees					31,652				40,135
Shareholders' reports – printing and mailing expenses					171,533				210,054
Stock exchange listing fees					16,444				23,151
Investor relations expense					81,752				109,065
Other expenses					46,424				61,796
Total expenses before custodian fee credit and expense reimbursement					7,209,912				10,475,307
Custodian fee credit					(625	)			(745	)
Expense reimbursement					(669,763	)			(1,328,264	)
Net expenses					6,539,524				9,146,298
Net investment income					24,266,108				36,471,767
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments, securities sold short and foreign currency					(10,272,886	)			(10,748,429	)
Options written					3,492,815				5,440,004
Change in net unrealized appreciation (depreciation) of:
Investments, securities sold short and foreign currency					(10,463,251	)			(13,241,879	)
Options written					3,896,564				5,426,015
Net realized and unrealized gain (loss)					(13,346,758	)			(13,124,289	)
Net increase (decrease) in net assets applicable to Common shares from operations				$	10,919,350			$	23,347,478

 

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 6/30/10				Year Ended 12/31/09				Six Months Ended 6/30/10				Year Ended 12/31/09
Operations
Net investment income				$	24,266,108			$	53,732,729			$	36,471,767			$	81,743,124
Net realized gain (loss) from:
Investments, securities sold short and foreign currency					(10,272,886	)			(148,673,757	)			(10,748,429	)			(224,800,478	)
Interest rate swaps					—				(170,494	)			—				(231,988	)
Options written					3,492,815				8,437,654				5,440,004				12,008,939
Change in net unrealized appreciation (depreciation) of:
Investments, securities sold short and foreign currency					(10,463,251	)			449,586,142				(13,241,879	)			644,807,303
Interest rate swaps					—				164,738				—				224,156
Options written					3,896,564				(8,842,570	)			5,426,015				(12,574,727	)
Distributions to FundPreferred shareholders:
From net investment income					—				(272,564	)			—				(376,424	)
Net increase (decrease) in net assets applicable to Common shares from operations					10,919,350				353,961,878				23,347,478				500,799,905
Distributions to Common Shareholders
From and in excess of net investment income					(33,290,209	)			—				(48,179,592	)			—
From net investment income					—				(59,406,423	)			—				(89,637,676	)
Return of capital					—				(2,458,931	)			—				(165,530	)
Decrease in net assets applicable to Common shares from distributions to Common shareholders					(33,290,209	)			(61,865,354	)			(48,179,592	)			(89,803,206	)
Capital Share Transactions
Common shares repurchased and retired					(2,020,459	)			(8,947,761	)			(4,542,021	)			(11,667,571	)
Net increase (decrease) in net assets applicable to Common shares from capital share transactions					(2,020,459	)			(8,947,761	)			(4,542,021	)			(11,667,571	)
Net increase (decrease) in net assets applicable to Common shares					(24,391,318	)			283,148,763				(29,374,135	)			399,329,128
Net assets applicable to Common shares at the beginning of period					839,846,412				556,697,649				1,242,798,527				843,469,399
Net assets applicable to Common shares at the end of period				$	815,455,094			$	839,846,412			$	1,213,424,392			$	1,242,798,527
Undistributed (Over-distribution of) net investment income at the end of period				$	(24,314,051	)		$	(15,289,950	)		$	(37,725,231	)		$	(26,017,406	)

 

See accompanying notes to financial statements.

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Statement of

CASH FLOWS

  Six Months Ended June 30, 2010 (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				$	10,919,350			$	23,347,478
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					(287,695,346	)			(429,044,505	)
Proceeds from sales and maturities of investments and securities sold short					297,874,319				432,220,659
Proceeds from (Purchases of) short-term investments, net					(23,312,890	)			(25,906,495	)
Proceeds from (Payments for) cash denominated in foreign currencies, net					(177,985	)			(219,931	)
Cash paid for call options exercised, terminated and expired					(346,032	)			(512,237	)
Premiums received for options written					7,129,348				10,824,476
Amortization (Accretion) of premiums and discounts, net					(1,463,080	)			(2,235,311	)
(Increase) Decrease in deposits with brokers for securities sold short and options written					(782,131	)			(4,159,459	)
(Increase) Decrease in receivable for dividends					(94,398	)			27,862
(Increase) Decrease in receivable for interest					(172,513	)			(160,358	)
(Increase) Decrease in receivable for investments sold					(10,337,437	)			(7,940,133	)
(Increase) Decrease in receivable for reclaims					(47,431	)			(83,070	)
(Increase) Decrease in other assets					(35,472	)			(49,704	)
Increase (Decrease) in payable for investments purchased					11,202,242				16,632,817
Increase (Decrease) in accrued interest on borrowings					(4,744	)			(7,028	)
Increase (Decrease) in accrued management fees					47,773				(32,373	)
Increase (Decrease) in accrued other liabilities					51,981				52,737
Net realized (gain) loss from investments, securities sold short and foreign currency					10,272,886				10,748,429
Net realized (gain) loss from options written					(3,492,815	)			(5,440,004	)
Net realized (gain) loss from paydowns					2,612,373				3,630,116
Change in net unrealized (appreciation) depreciation of investments, securities sold short and foreign currency					10,463,251				13,241,879
Change in net unrealized (appreciation) depreciation of options written					(3,896,564	)			(5,426,015	)
Net cash provided by (used in) operating activities					18,714,685				29,509,830
Cash Flows from Financing Activities:
Increase (Decrease) in cash overdraft balance					—				(40,037	)
Increase (Decrease) in cash overdraft denominated in foreign currencies					(2,868	)			—
Cash distributions paid to Common shareholders					(17,122,393	)			(24,719,927	)
Cost of Common shares repurchased and retired					(2,020,459	)			(4,542,021	)
Net cash provided by (used in) financing activities					(19,145,720	)			(29,301,985	)
Net Increase (Decrease) in Cash					(431,035	)			207,845
Cash at the beginning of period					578,421				—
Cash at the End of Period				$	147,386			$	207,845
Supplemental Disclosure of Cash Flow Information
Cash paid for interest on borrowings was $1,754,535 and $2,599,311 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 ("NYSE") 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, as closed-end management investment companies.

Each Fund seeks to provide high current income by maintaining a portfolio exposure target of approximately 70% in income-oriented debt securities (preferred securities and fixed- and floating-rate debt including high yield debt and senior loans), and 30% in equities and equity-like securities (convertibles and domestic and international equities). The exact portfolio composition will vary over time as a result of market changes as well as Nuveen Asset Management's (the "Adviser"), a wholly-owned subsidiary of Nuveen Investment Inc. ("Nuveen"), view of the portfolio composition that best enables the Funds to achieve their investment objectives consistent with a strategic 70%/30% income/equity mix. 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 U.S. generally accepted accounting principles ("U.S. GAAP").

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the mean between the quoted bid and ask prices. Prices of certain American Depository Receipts ("ADR") held by the Fund that trade in only limited volume in the United States are valued based on the mean between the most recent bid and ask prices of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the NYSE. These securities generally represent a transfer from a Level 1 to a Level 2 security.

Prices of fixed-income securities, senior loans and interest rate swaps are provided by a pricing service approved by the Funds' Board of Trustees. Fixed-income securities are valued by a pricing service that values portfolio securities at the mean between the quoted bid and ask prices or the yield equivalent when quotations are readily available. These securities are generally classified as Level 2. Securities for which quotations are not readily available are valued at fair value as determined by the pricing service using methods that may include consideration of the following: 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. The pricing service may employ electronic data processing techniques and/or a matrix system to determine valuations. These securities are generally classified as Level 2. Highly rated zero coupon fixed-income securities, like U.S. Treasury Bills, issued with maturities of one year or less, are valued using the amortized cost method when 60 days or less remain until maturity. With amortized cost, any discount or premium is amortized each day, regardless of the impact of fluctuating rates on the market value of the security. These securities will generally be classified as Level 1 or Level 2.

Like most fixed income instruments, the senior loans in which the Funds invest are not listed on an organized exchange. The secondary market of senior loans 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. These securities are generally classified as Level 2.

The value of exchange-traded options are based on the last sale price or, in the absence of such a price, at the mean of the bid and ask prices. Exchange-traded options are generally classified as Level 1. Options traded in the over-the-counter market are valued using market implied volatilities and are generally classified as Level 2.

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Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates market value. These securities are generally classified as Level 1.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds' Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; fixed-income securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of an issue of securities would appear to be the amount that the owner might reasonably expect to receive for them in a current sale. A variety of factors may be considered in determining the fair value of these securities, which may include consideration of the following: 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. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds' Board of Trustees or its designee.

Refer to Footnote 2—Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

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, 2010, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had outstanding when-issued/delayed delivery purchase commitments of $545,198 and $793,826, 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, and fee income, 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.

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 U.S. GAAP.

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

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

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, 2009, is reflected in the accompanying financial statements.

The distributions made by the Funds during the six months ended June 30, 2010, 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, 2010, 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, 2010, reflect an over-distribution of net investment income.

FundPreferred Shares

The Funds are authorized to issue Fund Preferred shares. As of December 31, 2009, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) redeemed all of their outstanding FundPreferred shares, at liquidation values of $708,000,000 and $965,000,000, 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, which are then held at the applicable broker, 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. Gains and losses from securities sold short are recognized as a component of "Net realized gain (loss) from investments, securities sold short and foreign currency" on the Statement of Operations.

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 the Funds invest 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, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign

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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, when applicable.

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 fixed rate payment expected 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 "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. The Funds did not invest in interest rate swaps transactions during the six months ended June 30, 2010.

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 market risk associated with purchasing put options is limited to the premium paid. The counterparty credit risk of purchasing options, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. 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 and/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 fiscal period are recognized as "Change in net unrealized appreciation (depreciation) of options written" on the Statement of Operations. When a written call and/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 executing a closing purchase transaction, including commission, is recognized as "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 Funds did not purchase call or put options during the six months ended June 30, 2010. The average notional amount of call options written during the six months ended June 30, 2010, was as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional amount of call options written				$	(53,488,867	)		$	(82,028,933	)

 

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, when applicable. 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, when applicable, 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.

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of 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.

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. 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 U.S. GAAP 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 each Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).

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The inputs or methodologies 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, 2010:

Multi-Strategy Income and Growth (JPC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks*				$	196,857,493			$	87,328,667			$	—			$	284,186,160
Preferred Securities**					292,995,443				219,846,542				—				512,841,985
Variable Rate Senior Loan Interests					—				61,178,822				—				61,178,822
Convertible Bonds					—				92,300,688				—				92,300,688
Corporate Bonds					—				95,146,553				3,577,345				98,723,898
Investment Companies					12,149,570				—				—				12,149,570
Warrants					—				832,702				—				832,702
Short-Term Investments					36,593,934				—				—				36,593,934
Common Stocks Sold Short					(5,721,337	)			—				—				(5,721,337	)
Derivatives:
Call Options Written					(5,051,272	)			—				—				(5,051,272	)
Total				$	527,823,831			$	556,633,974			$	3,577,345			$	1,088,035,150
Multi-Strategy Income and Growth 2 (JQC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks*				$	295,177,188			$	128,484,748			$	—			$	423,661,936
Preferred Securities**					456,812,905				321,666,675				—				778,479,580
Variable Rate Senior Loan Interests					—				85,989,556				—				85,989,556
Convertible Bonds					—				129,251,008				—				129,251,008
Corporate Bonds					—				134,364,111				5,027,620				139,391,731
Investment Companies					24,573,481				—				—				24,573,481
Warrants					—				1,387,828				—				1,387,828
Short-Term Investments					54,495,806				—				—				54,495,806
Common Stocks Sold Short					(8,459,014	)			—				—				(8,459,014	)
Derivatives:
Call Options Written					(8,047,005	)			—				—				(8,047,005	)
Total				$	814,553,361			$	801,143,926			$	5,027,620			$	1,620,724,907

 

*  Refer to the Fund's Portfolio of Investments for industry breakdown of Common Stocks classified as Level 2.

**  Preferred Securities includes Convertible Preferred Securities, $25 Par (or similar) Preferred Securities and Capital Preferred Securities held by the Fund at the end of the reporting period, if any.

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 Corporate Bonds				Level 3 Warrants				Level 3 Total
Balance at the beginning of period				$	3,348,500			$	6,725			$	3,355,255
Gains (losses):
Net realized gains (losses)					—				1,206				1,206
Net change in unrealized appreciation (depreciation)					202,057				(6,725	)			195,332
Net purchases at cost (sales at proceeds)					—				(1,206	)			(1,206	)
Net discounts (premiums)					26,788				—				26,788
Net transfers in to (out of) at end of period fair value					—				—				—
Balance at the end of period				$	3,577,345			$	—			$	3,577,345
Multi-Strategy Income and Growth 2 (JQC)				Level 3 Corporate Bonds				Level 3 Warrants				Level 3 Total
Balance at the beginning of period				$	4,706,000			$	9,918			$	4,715,918
Gains (losses):
Net realized gains (losses)					—				1,779				1,779
Net change in unrealized appreciation (depreciation)					283,972				(9,918	)			274,054
Net purchases at cost (sales at proceeds)					—				(1,779	)			(1,779	)
Net discounts (premiums)					37,648				—				37,648
Net transfers in to (out of) at end of period fair value					—				—				—
Balance at the end of period				$	5,027,620			$	—			$	5,027,620

 

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

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 $202,057 and $283,972, respectively, of net unrealized appreciation (depreciation) related to securities classified as Level 3 at period end.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting 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 the Portfolios 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, 2010, 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

$

5,051,272

 

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

$

8,047,005

 

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, 2010, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Options Written				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Equity Price				$	3,492,815			$	5,440,004
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				$	3,896,564			$	5,426,015

 

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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 6/30/10				Year Ended 12/31/09				Six Months Ended 6/30/10				Year Ended 12/31/09
Common shares repurchased and retired					(272,000	)			(1,326,650	)			(584,900	)			(1,655,075	)
Weighted average:
Price per Common share repurchased and retired				$	7.41			$	6.72			$	7.75			$	7.03
Discount per Common share repurchased and retired					14.96	%			16.86	%			15.74	%			17.24	%

 

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 6/30/10								Year Ended 12/31/09								Six Months Ended 6/30/10								Year Ended 12/31/09
				Shares				Amount				Shares				Amount				Shares				Amount				Shares				Amount
FundPreferred shares redeemed:
Series M				N/A				N/A					791			$	19,775,000			N/A				N/A					663			$	16,575,000
Series M2				N/A				N/A					—				—			N/A				N/A					663				16,575,000
Series T				N/A				N/A					791				19,775,000			N/A				N/A					663				16,575,000
Series T2				N/A				N/A					—				—			N/A				N/A					663				16,575,000
Series W				N/A				N/A					791				19,775,000			N/A				N/A					663				16,575,000
Series W2				N/A				N/A					—				—			N/A				N/A					664				16,600,000
Series TH				N/A				N/A					791				19,775,000			N/A				N/A					664				16,600,000
Series TH2				N/A				N/A					—				—			N/A				N/A					663				16,575,000
Series F				N/A				N/A					791				19,775,000			N/A				N/A					663				16,575,000
Series F2				N/A				N/A					791				19,775,000			N/A				N/A					663				16,575,000
				N/A				N/A					4,746			$	118,650,000			N/A				N/A					6,632			$	165,800,000

 

N/A—Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) redeemed all $708,000,000 and $965,000,000 of their outstanding Fund Preferred shares, respectively, as of December 31, 2009.

5. Investment Transactions

Purchases and sales (including maturities and proceeds from securities sold short, but excluding short-term investments, and derivative transactions) during the six months ended June 30, 2010, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Purchases				$	287,695,346			$	429,044,505
Sales, maturities and proceeds from securities sold short					297,874,319				432,220,659

 

Transactions in call options written during the six months ended June 30, 2010, 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					20,241			$	3,657,228				31,006			$	5,757,622
Options written					29,112				7,129,348				44,501				10,824,476
Options terminated in closing purchase transactions					(2,455	)			(406,641	)			(3,753	)			(617,462	)
Options exercised					(14,566	)			(2,434,303	)			(22,077	)			(3,827,881	)
Options expired					(4,163	)			(997,903	)			(6,173	)			(1,506,898	)
Outstanding, end of period					28,169			$	6,947,729				43,504			$	10,629,857

 

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to 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 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, 2010, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Cost of investments				$	1,171,727,193			$	1,736,607,972
Gross unrealized:
Appreciation				$	45,409,532			$	69,121,644
Depreciation					(118,328,966	)			(168,498,690	)
Net unrealized appreciation (depreciation) of investments				$	(72,919,434	)		$	(99,377,046	)

 

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2009, 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, 2009, 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 *				$	59,681,788			$	90,017,592
Distributions from net long-term capital gains					—				—
Return of capital					2,458,931				165,530

 

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

At December 31, 2009, the Funds' last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards for both Funds will both expire as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Expiration:
December 31, 2016				$	215,894,596			$	268,355,995
December 31, 2017					204,895,930				289,143,715
Total				$	420,790,526			$	557,499,710

 

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The Funds have elected to defer net realized losses from investments incurred from November 1, 2009 through December 31, 2009, 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				$	4,905,484			$	7,070,587
Post-October currency losses					5,846				855,212

 

Calculation of certain of the amounts presented above (namely, undistributed net ordinary income) 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 fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Average Daily Managed Assets*				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 for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Asset Managed Breakpoint Level*				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

 

*  The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed 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 fees, daily managed assets include closed-end fund 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 certain 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 a 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 assets in certain circumstances. As of June 30, 2010, the complex-level fee rate was .1857%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the overall investment 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

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

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 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 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 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 at least equal to the amount of unfunded senior loan commitments. At June 30, 2010, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had no unfunded senior loan commitments.

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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, 2010, there were no such outstanding participation commitments in either Fund.

9. Borrowing Arrangements

Multi-Strategy Income and Growth (JPC) has entered into a $270 million prime brokerage facility with BNP Paribas Prime Brokerage, Inc. ("BNP"). As of June 30, 2010, the Fund's outstanding balance on this facility was the entire $270 million. For the six months ended June 30, 2010, the average daily balance outstanding and average interest rate on these borrowings were $270 million and 1.31%, respectively.

Multi-Strategy Income and Growth 2 (JQC) has entered into a $400 million prime brokerage facility with BNP. As of June 30, 2010, the Fund's outstanding balance on this facility was the entire $400 million. For the six months ended June 30, 2010, the average daily balance outstanding and average interest rate on these borrowings were $400 million and 1.31%, 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 on these borrowings at 3-Month LIBOR (London Inter-bank Offered Rate) plus .95% on the amount borrowed and .50% on the undrawn balance.

Amounts borrowed on each Fund's prime brokerage facility are recognized as "Borrowings" on the Statement of Assets and Liabilities. Interest expense incurred on the amounts borrowed and undrawn balances are recognized as "Interest expense on borrowings" on the Statement of Operations.

10. New Accounting Standards

Fair Value Measurements

On January 21, 2010, the Financial Accounting Standards Board issued changes to the authoritative guidance under U.S. GAAP for fair value measurements. The objective of which is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities disclose Level 3 activity for purchases, sales, issuances and settlements in the Level 3 roll-forward on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

11. Subsequent Events

Other Matters

As discussed in the Portfolio Managers' Comments section of this report, lawsuits pursuing claims made in the demand letter alleging that the Funds' Board of Trustees breached their fiduciary duties related to the redemption at par of the Funds' FundPreferred shares had been filed on behalf of shareholders of the Funds, against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested trustee, and current and former officers of the Funds. Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. The Funds believe that these lawsuits will not have a material effect on the Funds or on the Adviser's ability to serve as investment adviser to the Funds.

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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(b)				Distributions from Capital Gains to Fund- Preferred Share- holders(b)				Total				Net Investment Income to Common Share- holders				Capital Gains to Common Share- holders				Return of Capital to Common Share- holders				Total
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
	2010	(e)		$	8.56			$	.25			$	(.13	)		$	—			$	—				.12			$	(.34	)*		$	—				—			$	(.34	)
	2009				5.60				.54				3.03				—	***			—				3.57				(.61	)			—				(.02	)			(.63	)
	2008				12.38				.86				(6.49	)			(.15	)			—				(5.78	)			(.69	)			—				(.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	)
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
	2010	(e)			9.00				.26				(.08	)			—				—				.18				(.35	)*			—				—				(.35	)
	2009				6.04				.59				3.01				—	***			—				3.60				(.65	)			—				—	***			(.65	)
	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	)

 

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

(b)  The amounts shown are based on Common share equivalents.

(c)  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.

(d)  After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

(e)  For the six months ended June 30, 2010.

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

*  Represents distributions paid "From and in excess of net investment income" for the six months ended June 30, 2010.

**  Annualized.

***  Rounds to less than $.01 per share.

****  Rounds to less than .01%.

*****  Annualized and rounds to less than .01% per share.

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																												Ratios/Supplemental Data
																Total Returns												Ratios to Average Net Assets Applicable to Common Shares Before Reimbursement								Ratios to Average Net Assets Applicable to Common Shares After Reimbursement(d)
				Discount from Common Shares Repurchased and Retired				Ending Common Share Net Asset Value				Ending Market Value				Based on Market Value(c)				Based on Common Share Net Asset Value(c)				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:
	2010	(e)		$	—	***		$	8.34			$	7.34				2.41	%			1.28	%		$	815,455				1.70	%**			5.55	%**			1.54	%**			5.71	%**			26	%
	2009				.02				8.56				7.49				81.73				67.37				839,846				1.80				7.76				1.57				7.99				50
	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
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
	2010	(e)			—	***			8.83			$	7.78				5.62	%			1.77	%			1,213,424				1.66	**			5.57	**			1.45	**			5.78	**			26
	2009				.01				9.00				7.69				76.23				63.01				1,242,799				1.75				8.01				1.48				8.27				55
	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				.96				7.37				77
	2005				—				14.20				12.11				(4.40	)			1.41				2,002,079				1.46				7.25				.99				7.72				34

 

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

  • Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to FundPreferred shares and/or 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 Borrowings Interest Expense to Average Net Assets Applicable to Common Shares(f)				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:
	2010	(e)			—	%*****			0.41	%		$	—			$	—			$	—			$	270,000			$	4,020
	2009				—	****			0.45				—				—				—				270,000				4,111
	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				—				—
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
	2010	(e)			—	*****			0.41				—				—				—				400,000				4,034
	2009				—	****			0.46				—				—				—				400,000				4,107
	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				—				—

 

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 25-26, 2010 (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, 2010 (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 and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), 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 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

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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, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen's efforts in refinancing preferred shares. 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 marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.

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.

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Annual Investment Management Agreement
Approval Process (continued)

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 also 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 also considered the performance of the portion of the investment portfolio for which each Sub-Adviser is responsible. In addition, the Board 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 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 2009 and 2010 and Symphony in 2010. The Independent Board Members noted that NAM recommended the renewal of the Sub-advisory Agreements and considered the basis for such recommendations.

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 performance results of each Fund over various time periods. The Board reviewed, among other things, each Fund's historic investment performance as well as information comparing the Fund's performance information with that of other funds (the "Performance Peer Group") based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks. In this regard, the performance information the Board reviewed included the Fund's total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2009 and for the same periods ending March 31, 2010. In addition, the Independent Board Members also reviewed, among other things, the returns of each sleeve of each Fund relative to the benchmark of such sleeve for the quarter, one- and three-year periods ending December 31, 2009 and for the same periods ending March 31, 2010. Moreover, the Board reviewed the peer ranking of the Nuveen funds sub-advised by each Sub-Adviser, respectively, in the aggregate. The Independent

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Board Members also reviewed historic premium and discount levels, including a summary of actions taken to date for each Fund. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In reviewing peer comparison information, the Independent Board Members recognized that the Performance Peer Group of certain funds may not adequately represent the objectives and strategies of the funds, thereby limiting the usefulness of comparing a fund's performance with that of its Performance Peer Group. In this regard, the Independent Board Members considered that the Performance Peer Groups of certain funds (including the Funds) were classified as having significant differences from such funds based on considerations such as special fund objectives, potential investable universe and the composition of the peer set (e.g., the number and size of competing funds and number of competing managers).

Based on their review, the Independent Board Members determined that each Fund's investment performance over time had been satisfactory. The Independent Board Members noted that although each Fund underperformed the performance of its respective benchmark for the three-year period, it outperformed the performance of its respective benchmark for the one-year period.

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 net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of 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") and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and/or 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 limited 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; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting the ability to make a meaningful comparison with 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). The Independent Board Members noted that each Fund had a net management fee and/or net expense ratio below the peer average of its respective Peer Group or Peer Universe.

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Annual Investment Management Agreement
Approval Process (continued)

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees 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), foreign investment funds offered by Nuveen 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 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 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) 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 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

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them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

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

Based on their review, the Independent Board Members concluded that Nuveen's level of profitability for its advisory activities was reasonable in light of the services provided. In 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 a 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

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Annual Investment Management Agreement
Approval Process (continued)

breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, 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.

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 are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement 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 any revenues received by affiliates of NAM for serving as agent at Nuveen's trading desk and as co-manager in initial public offerings of new closed-end funds.

In addition to the above, the Independent Board Members considered whether each 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 this Sub-Adviser 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

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such research. Spectrum also 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 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.

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 a Fund 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 Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest 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 compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on 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 quarter you'll receive a statement showing your total 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. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on 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 distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid

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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.

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 financial 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 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.

•  Beta: Beta is a measure describing the relationship between a security's return and the return of the security's asset class as a whole. Higher beta securities often show greater volatility than the general market, while lower beta securities have less perceived volatility.

•  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: 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 debt and 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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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, 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 Share Information

Each Fund intends to repurchase shares of its own common 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 shares of their common stock as shown in the accompanying table.

Fund				Common Shares Repurchased
JPC					272,000
JQC					584,900

 

Any future repurchases 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 through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor 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. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $150 billion of assets on June 30, 2010.

Find out how we can help you.

To learn more about the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain 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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www.nuveen.com/accountaccess
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