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