Edgar Filing: Nuveen Multi-Strategy Income & Growth Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21293

Nuveen Multi-Strategy Income and Growth Fund
(Exact name of registrant as specified in charter)

Nuveen Investments 333 West Wacker Drive Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end:	December 31

Date of reporting period:		June 30, 2009

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

Nuveen Investments

Closed-End Funds

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

Semi-Annual Report

June 30, 2009

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC

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Chairman's
Letter to Shareholders

Dear Shareholder,

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

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

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

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

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

Sincerely,

Robert P. Bremner
Chairman of the Nuveen Fund Board
August 24, 2009

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Portfolio Managers' Comments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

¹ Comparative benchmark performance is a blended return consisting of:

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

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

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

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

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

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

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

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

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

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

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

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

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

How did the Funds perform over the reporting period?

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

Average Annual Total Return on Common Share Net Asset Value*

For periods ended 6/30/09

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

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

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

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

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

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

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

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

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

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

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

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

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

RECENT DEVELOPMENTS REGARDING THE FUND'S LEVERAGED CAPITAL STRUCTURE

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

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

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

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

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

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

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

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

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

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Common Share Dividend
and Share Price Information

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

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

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

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

Important points to understand about the managed distribution program are:

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

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

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

• net investment income (regular interest and dividends),

• realized capital gains, and

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

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

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

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

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

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

Common Share Repurchases and Share Price Information

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

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

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

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

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

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

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

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JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

as of June 30, 2009

Portfolio Allocation (as a % of total investments)²

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

2 Excluding common stocks sold short and call options written.

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

Fund Snapshot

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

Average Annual Total Return

(Inception 3/26/03)

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

Industries

(as a % of total investments)²

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

Top Five Issuers

(as a % of total investments)³

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

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Fund Snapshot

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

Average Annual Total Return

(Inception 6/25/03)

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

Industries

(as a % of total investments)²

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

Top Five Issuers

(as a % of total investments)³

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

JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

as of June 30, 2009

Portfolio Allocation (as a % of total investments)²

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

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

Nuveen Investments
12

JPC

JQC

Shareholder MEETING REPORT

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

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

Nuveen Investments
13

JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

June 30, 2009 (Unaudited)

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

Nuveen Investments
14

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

Nuveen Investments
15

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

Nuveen Investments
16

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

Nuveen Investments
17

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

Nuveen Investments
18

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

Nuveen Investments
19

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

Nuveen Investments
20

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

Nuveen Investments
21

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

Nuveen Investments
22

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

Nuveen Investments
23

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

Nuveen Investments
24

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

Nuveen Investments
25

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

Nuveen Investments
26

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

Nuveen Investments
27

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

Nuveen Investments
28

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