Nuveen Multi-Strategy Income and 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, 2008
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 SHAREHOLDERS
 
 
       
Semi-Annual
Report
June 30, 2008
    Nuveen Investments
Closed-End Funds
 
     
COVER PHOTO  



NUVEEN
MULTI-STRATEGY
INCOME AND GROWTH FUND
JPC

NUVEEN
MULTI-STRATEGY
INCOME AND GROWTH FUND 2
JQC
 
Attractive Distributions from a Portfolio of
Preferred and Convertible Securities,
Domestic and Foreign Equities, and Debt Instruments
 
       
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Chairman’s
LETTER TO SHAREHOLDERS
 

             
(ROBERT P. BREMNER PHOTO)     ï Robert P. Bremner            ï            Chairman of the Board
Dear Fellow Shareholders:
 
I’d like to use my initial letter to you to accomplish several things. First, I want to report that after fourteen years of service on your Fund’s Board, including the last twelve as chairman, Tim Schwertfeger retired from the Board in June. The Board has elected me to replace him as the chairman, the first time this role has been filled by someone who is not an employee of Nuveen Investments. Electing an independent chairman marks a significant milestone in the management of your Fund, and it aligns us with what is now considered a “best practice” in the fund industry. Further, it demonstrates the independence with which your Board has always acted on your behalf.
 
Following Tim will not be easy. During my eleven previous years on the Nuveen Fund Board, I found that Tim always set a very high standard by combining insightful industry and market knowledge and sound, clear judgment. While the Board will miss his wise counsel, I am certain we will retain the primary commitment Tim shared with all of us—an unceasing dedication to creating and retaining value for Nuveen Fund shareholders. This focus on value over time is a touchstone that I and all the other Board members will continue to use when making decisions on your behalf.
 
Second, I also want to report that we are very fortunate to be welcoming two new Board members to our team. John Amboian, the current chairman and CEO of Nuveen Investments, has agreed to replace Tim as Nuveen’s representative on the Board. John’s presence will allow the independent Board members to benefit not only from his leadership role at Nuveen but also his broad understanding of the fund industry and Nuveen’s role within it. We also are adding Terry Toth as an independent director. A former CEO of the Northern Trust Company’s asset management group, Terry will bring extensive experience in the fund industry to our deliberations.
 
Third, on behalf of the entire Board, I would like to acknowledge the effort the whole Nuveen organization is making to resolve the auction rate preferred share situation in a satisfactory manner. As you know, we are actively pursuing a number of possible 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’ve worked through the many details involved.
 
Finally, I urge you to take the time to review the Portfolio Managers’ Comments, the Common Share Distribution and Share Price Information, and the Performance Overview sections of this report. All of us are grateful that you have chosen Nuveen Investments as a partner as you pursue your financial goals, and, on behalf of myself and the other members of your Fund’s Board, let me say we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
(ROBERT P. BREMNER SIG)
Robert P. Bremner
Chairman of the Board
August 22, 2008


 

 
 Portfolio Managers’ COMMENTS
 

 
       
Nuveen Investments Closed-End Funds
    JPC, 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 CapitalSM, manages the 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 had 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 and Lenny Mason, who have more than 25 years of combined investment management experience. The Symphony team responsible for managing domestic equity investments is led by Praveen Gottipalli and David Wang, while the group overseeing the Funds’ international equity exposure is led by Eric Olson. On a combined basis, these three equity portfolio managers have more than 25 years of investment management experience.
 
Tradewinds manages the portion of the Funds’ assets invested in global equities. The Tradewinds 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, 2008.
 
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THIS REPORTING PERIOD?
 
The volatility caused by the sub-prime mortgage crisis and general illiquidity in the credit markets severely impacted preferred securities during this period. Our main focus was to control concentration risk, and we reduced credit exposure to the brokerage, regional bank and monoline insurance sectors. Although new issuance was heavy, market liquidity was

 
Discussions of specific investments are for illustrative purposes only and are not intended as recommendations of individual investments. The views expressed in this commentary represent those of the portfolio managers’ as of the date of this report and are subject to change at any time, based on market conditions and other factors. The Funds’ disclaim any obligation to advise shareholders of such changes.

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extremely limited which put downward pressure on the secondary market prices. In addition, the relative value differentials between the individual investor-oriented $25 par preferred market and the institution-oriented $1000 par capital securities sector oscillated with unusual dispersion during the period. The $25 par sector outperformed capital securities by 5%, and the $25 par concentration was increased by approximately 2%. Additionally, we did find a few opportunities to sell some holdings and reinvest the proceeds into deeper discount or better structured capital securities.
 
For the Funds’ convertible bond, high yield and senior loan investments, Symphony continued to manage the portfolio using fundamental analysis to select issues that we believed offered strong asset coverage and attractive risk-adjusted returns. During this period, we avoided many loans issued by autos and homebuilders, companies that generally require a confident U.S. consumer and healthy U.S. economy to perform well. We also avoided many smaller loans that were done to finance leveraged buyouts. We didn’t believe there was sufficient value in these loans to compensate for the potential illiquidity and volatility if the earnings of the companies issuing loans remained challenged.
 
Throughout the year, we focused on adding to both Funds issues that we judged to be of relatively high quality for their asset class. These often were priced at a discount to par and structured with strong covenant protection. We also continued to avoid the vast majority of second lien loans. Similar to smaller loans, we didn’t believe that second lien loans offered sufficient additional yield to compensate investors for potentially increased volatility and lower recovery rates.
 
To manage the core domestic equity portion of both Funds, Symphony used both quantitative and qualitative methods to evaluate securities. The quantitative screening process served as the starting point for the decision making process. The qualitative process then provided a systematic way of researching companies from a broad perspective, ensuring the stocks selected for the portfolio were attractive in all important respects.
 
For the international equity holdings managed by Tradewinds, the basic investment philosophy continued to focus on finding good or improving business franchises around the globe whose securities were selling below their intrinsic value. In the first half of 2008, we found that the best value opportunities were in the securities of those businesses that were most leveraged to the growth of local economies. We continued to like materials, food, health care and energy stocks, which we believed would benefit from increased global demand. Conversely, we were rewarded for not holding financial and retail stocks in the developed markets, as these sectors experienced sizable corrections during the period.

5


 

 
 
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.
 
HOW DID THE FUNDS PERFORM OVER THIS SIX-MONTH PERIOD?
 
The performance of JPC and JQC, as well as a comparative benchmark, is presented in the accompanying table.
 
Cumulative Total Returns on Common Share Net Asset Value
For the six months ended 6/30/08
 
         
JPC     -6.23%  
JQC     -4.30%  
Comparative Benchmark1     -4.93%  
 
For the six months ended June 30, 2008, JQC outperformed the comparative benchmark, while JPC underperformed.
 
One of the key factors in the performance of these Funds, relative to that of the unleveraged benchmark, was the Funds’ use of financial leverage. Although leveraging provides opportunities for additional income and total returns for common shareholders, it can also expose shareholders to additional risk—especially when market conditions are unfavorable. With the steep decrease in prices among many of the Funds’ holdings during this period, the impact of these valuation changes was magnified by the use of leverage. However, we firmly believe that the use of this strategy should work to the benefit of the Funds’ common shareholders over the long term.
 
 
1 Comparative benchmark performance is a blended return consisting of: 1) 33% 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) 27% of the Lehman 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) 30% 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.; and 4) 10% of the CSFB High Yield Index, which includes approximately $375 billion of U.S.-Dollar-denominated high yield debt with a minimum of $75 million in par value and at least one rating below investment-grade. Index returns do not include the effects of any management fees or fund expenses. It is not possible to invest directly in an index.
 
6
 
The current preferred securities market is highly concentrated (about 80%) in financial issuers, whose issues were subject to significant selling pressure and price declines through much of the period. There also were some rather severe devaluations in the REIT mortgage sector, which in turn caused several of the Funds’ holdings to lose value.
 
Not all the news was bad. Approximately 2.5% of the Funds’ preferred securities were retired during the period (called, put back to the issuer or tendered by the issuer) at significantly higher prices than where they were trading. This boosted price performance and provided capital to invest at significantly higher yields.
 
Another factor weighing on performance was senior loans, which experienced a broad sell-off. One larger individual position which constrained results was Michael Stores. However, there were a few bright spots as we saw relative outperformance in a few of our larger loan positions, such as Tribune Company and Alltel.
 
The Funds’ exposure to core domestic equities, managed by Symphony, detracted from total returns due to the broad-based decline in the equity market. However, on a relative basis, the domestic equities held in the Funds’ outperformed the Russell 3000 Index. These results were driven mainly by strong stock in virtually every sector except telecommunications services and health care. The strongest individual contributors to performance were crop nutrient producer/distributor Mosaic, oil and natural gas producer Chesapeake Energy, natural gas-focused energy company Questar and international freight transportation company, CSX Corp.

6


 

 
The international equities managed by Symphony also detracted from the overall Funds’ returns as the international market declined in concert with the turmoil in the U.S. markets. Relative to the MSCI EAFE, the international equities underperformed as a result of weak stock selection in financials and consumer discretionary sectors. Babcock & Brown, Deutsche Boerse and Icici Bank—all financial companies—were some of the worst performers and bottom contributors to absolute performance for the first half of 2008.
 
For the global equity portion managed by Tradewinds, our holdings in the energy, industrials and information technology sectors were the largest contributors to positive performance. In particular, the strongest individual contributors to performance were global integrated energy giants StatoilHydro, Royal Dutch Shell and BP PLC, Japan’s largest telecom provider Nippon Telegraph and U.S. based gold mining companies Newmont Mining. Relative to the benchmark, the financial, energy and industrial sectors were the top contributors. Our global focus allowed us to participate in the several fast growing world markets and benefit from the declining value of the dollar. Our covered call writing strategy generated positive cash flow, which also enhanced the Fund’s performance.
 
The worst performers were zinc and copper mining company Apex Silver, U.S., pork and beef supplier Smithfield Foods, and Swiss global financial services firm UBS. Although their performance was disappointing, we believe that all three companies have upside potential.
 
RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED SECURITIES (ARPS) MARKETS
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the preferred shares issued by these Funds than there were offers to buy. This meant that these auctions “failed to clear” and that many or all auction preferred shareholders who wanted to sell their shares in these auctions were unable to do so. This decline in liquidity in auction preferred shares did not lower the credit quality of these shares, and auction 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 preferred shares. As approved by each Fund’s Board of Trustees, JPC and JQC redeemed $450 million and $640 million of their outstanding FundPreferred shares, respectively, at liquidation value, during the six months ended June 30, 2008. Proceeds for the redemptions were provided through a prime brokerage facility with a major bank.
 
For current, up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.

7


 

 
Common Share
Distribution and Share Price
INFORMATION
 

 
We are providing you with information regarding your Fund’s distributions. This information is as of June 30, 2008, and likely will vary over time based on the Fund’s investment activities and portfolio investment value changes.
 
The Funds employ financial leverage through the issuance 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 a managed distribution program is to provide common shareholders with relatively consistent and predictable cash flow by systematically converting its 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 realized as a taxable capital gain. In periods when a Fund’s return falls short of distributions, it 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.

8


 

•  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, 2008. The distribution information is presented on a tax basis rather than on 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 6/30/08 (Common Shares)   JPC     JQC  
Inception date
    3/26/03       6/25/03  
Six months ended June 30, 2008:
               
Per share distribution:
               
From net investment income
    $0.37       $0.38  
From realized capital gains
           
From return of capital
    0.20       0.19  
                 
Total per share distribution
    $0.57       $0.57  
                 
                 
Distribution rate on NAV
    5.16%       5.02%  
                 
Annualized total returns:
               
Six-Month (Cumulative) on NAV
    -6.23%       -4.30%  
1-Year on NAV
    -13.29%       -11.58%  
5-Year on NAV
    2.92%       3.50%  
Since inception on NAV
    3.72%       3.46%  
                 
 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
On November 21, 2007, the Funds’ Board of Trustees approved an open market share repurchase program, as part of a broad, ongoing effort designed to support the market prices of the Funds’ common shares. Repurchases not only help to support the market price but, because such purchases are made at a discount to NAV, they have the effect of augmenting NAV. Under the terms of the program, each Fund may repurchase up to 10% of its outstanding common shares. During the six months ended June 30, 2008, JQC repurchased 38,900 shares. As of June 30, 2008, JPC had repurchased 311,100 common shares and JQC had repurchased 764,500 common shares, representing approximately 0.3% and 0.5% of each Fund’s total common shares outstanding, respectively.

9


 

As of June 30, 2008, the Funds’ share prices were trading relative to their common share NAVs as shown in the accompanying table:
 
         
    6/30/08
  6-Month Average
    Discount   Discount
JPC
  -12.86%   -11.90%
JQC
  -13.04%   -12.42%
         

10


 

     
Fund Snapshot    
Common Share Price   $9.62
     
Common Share Net Asset Value   $11.04
     
Premium/(Discount) to NAV   -12.86%
     
Current Distribution Rate1   11.85%
     
Net Assets Applicable to Common Shares ($000)   $1,097,542
     
 
               
Average Annual
Total Return
(Inception 3/26/03)
    On Share
   
    Price   On NAV
6-Month (cumulative)
    -6.86 %     -6.23%
               
1-Year
    -19.16 %     -13.29%
               
5-Year
    0.01 %     2.92%
               
Since Inception
    0.84 %     3.72%
               
 
     
Industries
   
(as a % of total investments)2    
Commercial Banks   16.7%
     
Insurance   10.2%
     
Real Estate   8.5%
     
Capital Markets   6.0%
     
Media   5.2%
     
Oil, Gas & Consumable Fuels   4.3%
     
Diversified Financial Services   3.9%
     
Metals & Mining   3.5%
     
Electric Utilities   2.4%
     
Health Care Providers & Services   2.3%
     
Diversified Telecommunication Services   2.0%
     
Hotels, Restaurants & Leisure   1.6%
     
Energy Equipment & Services   1.5%
     
Pharmaceuticals   1.5%
     
Thrifts & Mortgage Finance   1.5%
     
Investment Companies   1.5%
     
Food Products   1.4%
     
Chemicals   1.2%
     
Communications Equipment   1.1%
     
Short-Term Investments   4.7%
     
Other   19.0%
     
 
     
Top Five Issuers
(as a % of total investments)3
Citigroup Inc.   1.6%
     
ING Groep N.V.   1.5%
     
Delphi Financial Group, Inc.   1.5%
     
Wachovia Corporation   1.5%
     
HSBC Corporation   1.4%
     
       
JPC
Performance
OVERVIEW
    Nuveen Multi-Strategy
Income and
Growth Fund
               as of June 30, 2008
 
Portfolio Allocation (as a % of total investments)2
 
(PORTFOLIO ALLOCATION PIE CHART)
 
2007-2008 Distributions Per Common Share
 
(MONTHLY DISTRIBUTIONS BAR CHART)
 
Common Share Price Performance—Weekly Closing Price
 
(SHARE PRICE CHART)
 
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.
 
Excluding common stocks sold short and derivative transactions.
 
Excluding short-term investments, common stocks sold short and derivative transactions.

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Fund Snapshot    
Common Share Price   $9.87
     
Common Share Net Asset Value   $11.35
     
Premium/(Discount) to NAV   -13.04%
     
Current Distribution Rate1   11.55%
     
Net Assets Applicable to Common Shares ($000)   $1,585,893
     
 
               
Average Annual
Total Return
(Inception 6/25/03)
    On Share
   
    Price   On NAV
6-Month (cumulative)
    -5.10 %     -4.30%
               
1-Year
    -17.38 %     -11.58%
               
5-Year
    0.41 %     3.50%
               
Since Inception
    0.42 %     3.46%
               
 
     
Industries
   
(as a % of total investments)2    
Commercial Banks   17.2%
     
Insurance   10.2%
     
Real Estate   8.1%
     
Media   5.5%
     
Diversified Financial Services   4.8%
     
Capital Markets   4.6%
     
Oil, Gas & Consumable Fuels   4.3%
     
Metals & Mining   3.4%
     
Diversified Telecommunication Services   2.7%
     
Electric Utilities   2.2%
     
Health Care Providers & Services   2.0%
     
Energy Equipment & Services   1.6%
     
Hotels, Restaurants & Leisure   1.6%
     
Thrifts & Mortgage Finance   1.5%
     
Food Products   1.5%
     
Pharmaceuticals   1.5%
     
Investment Companies   1.5%
     
Chemicals   1.3%
     
Short-Term Investments   5.2%
     
Other   19.3%
     
 
     
Top Five Issuers
(as a % of total investments)3
Citigroup Inc.   1.7%
     
Wachovia Corporation   1.6%
     
Banco Santander S.A.    1.6%
     
AgFirst Farm Credit Bank    1.5%
     
ING Groep N.V.    1.5%
     
       
JQC
Performance
OVERVIEW
    Nuveen Multi-Strategy
Income and
Growth Fund 2
               as of June 30, 2008
 
Portfolio Allocation (as a % of total investments)2
 
(PORTFOLIO ALLOCATION PIE CHART)
 
2007-2008 Distributions Per Common Share
 
(MONTHLY DISTRIBUTIONS BAR CHART)
 
Common Share Price Performance—Weekly Closing Price
 
(SHARE PRICE CHART)
 
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.
 
Excluding common stocks sold short and derivative transactions.
 
Excluding short-term investments, common stocks sold short and derivative transactions.

12


 

 
Shareholder Meeting Report
 
The Annual Meeting of Shareholders was held in the offices of Nuveen Investments on June 30, 2008.
 
                                   
    JPC       JQC  
Approval of the Board Members was reached as follows:                          
    Common and
            Common and
       
    FundPreferred
    FundPreferred
      FundPreferred
    FundPreferred
 
    shares voting
    shares voting
      shares voting
    shares voting
 
    together
    together
      together
    together
 
    as a class     as a class       as a class     as a class  
John P. Amboian
                                 
For
    88,415,521               122,953,167        
Withhold
    2,073,952               2,918,028        
                                   
Total
    90,489,473               125,871,195        
                                   
William C. Hunter
                                 
For
          14,807               31,893  
Withhold
          383               1,125  
                                   
Total
          15,190               33,018  
                                   
David J. Kundert
                                 
For
    88,417,657               122,923,080        
Withhold
    2,071,816               2,948,115        
                                   
Total
    90,489,473               125,871,195        
                                   
William J. Schneider
                                 
For
          14,780               31,770  
Withhold
          410               1,248  
                                   
Total
          15,190               33,018  
                                   
Terence J. Toth
                                 
For
    88,420,397               122,947,878        
Withhold
    2,069,076               2,923,317        
                                   
Total
    90,489,473               125,871,195        
                                   

13


 

 
     
     
  JPC
  Nuveen Multi-Strategy Income and Growth Fund
Portfolio of INVESTMENTS
                                                                                                        June 30, 2008 (Unaudited)
 
                                           
Shares     Description (1)                     Value   
        Common Stocks 43.2% (25.7% of Total Investments)
        Aerospace & Defense – 0.5%
  12,890    
Boeing Company
                          $ 847,131    
  3,060    
Esterline Technologies Corporation, (2)
                            150,736    
  12,930    
Finmeccanica S.p.A.
                            339,566    
  11,836    
Lockheed Martin Corporation
                            1,167,740    
  12,100    
Orbital Sciences Corporation, (2)
                            285,076    
  43,900    
Thales S.A.
                            2,502,086    
                                           
       
Total Aerospace & Defense
                            5,292,335    
        Airlines – 0.0%
  21,450    
Lufthansa AG
                            462,676    
        Auto Components – 0.3%
  40,810    
Aisin Seiki Company Limited
                            1,337,466    
  24,730    
Magna International Inc., Class A
                            1,465,005    
                                           
       
Total Auto Components
                            2,802,471    
        Automobiles – 0.5%
  24,530    
Daimler-Chrysler AG
                            1,512,765    
  37,160    
Honda Motor Company Limited
                            1,264,555    
  1,140    
S.A. D’Ieteren N.V.
                            314,821    
  18,340    
Toyota Motor Corporation
                            1,723,960    
  41,300    
Yamaha Motor Company Limited
                            772,831    
                                           
       
Total Automobiles
                            5,588,932    
        Beverages – 1.2%
  3,000    
Boston Beer Company, (2)
                            122,040    
  99,780    
Coca Cola Amatil Limited
                            670,535    
  52,780    
Coca-Cola Company
                            2,743,504    
  19,200    
Diageo PLC, Sponsored ADR
                            1,418,304    
  48,210    
Fomento Economico Mexicano S.A.
                            2,194,037    
  66,280    
Heineken N.V.
                            3,383,177    
  22,840    
Molson Coors Brewing Company, Class B
                            1,240,897    
  29,970    
Pepsi Bottling Group, Inc.
                            836,762    
  8,270    
SABMiller PLC
                            189,764    
                                           
       
Total Beverages
                            12,799,020    
        Biotechnology – 0.7%
  11,890    
Alnylam Pharmaceuticals, Inc.
                            317,820    
  69,500    
Amgen Inc., (2), (10)
                            3,277,620    
  17,050    
Cephalon, Inc., (2)
                            1,137,065    
  7,150    
Genentech, Inc., (2)
                            542,685    
  17,780    
Genzyme Corporation, (2)
                            1,280,516    
  13,880    
Novo-Nordisk A/S
                            916,080    
                                           
       
Total Biotechnology
                            7,471,786    
        Capital Markets – 0.9%
  36,630    
Bank of New York Company, Inc.
                            1,385,713    
  12,410    
BGC Partners Inc., Class A, (2)
                            93,696    
  11,340    
Calamos Asset Management, Inc. Class A
                            193,120    
  26,740    
Credit Suisse Group
                            1,211,589    
  12,290    
Credit Suisse Group
                            564,242    
  161,390    
Daiwa Securities Group Inc.
                            1,483,417    
  39,130    
Invesco LTD
                            938,337    
  25,030    
JPMorgan Chase & Co.
                            858,779    
  62,940    
Man Group PLC
                            778,673    
  111,272    
UBS AG, (10)
                            2,298,880    
                                           
       
Total Capital Markets
                                 

14


 

                                           
Shares     Description (1)                     Value   
        Chemicals – 1.6%
  9,820    
Air Products & Chemicals Inc.
                          $ 970,805    
  720    
Bayer AG
                            60,509    
  9,160    
Bayer AG
                            768,835    
  1,440    
CF Industries Holdings, Inc.
                            220,032    
  14,190    
Eastman Chemical Company
                            977,123    
  207,300    
Mitusi Chemicals
                            1,021,028    
  30,420    
Mosaic Company, (2)
                            4,401,774    
  265,760    
Nissan Chemical Industries Limited
                            3,268,659    
  280    
Potash Corporation of Saskatchewan
                            64,000    
  16,640    
Potash Corporation of Saskatchewan
                            3,860,473    
  24,960    
Shin-Etsu Chemical Company Limited
                            1,546,704    
  12,250    
Terra Industries, Inc., (2)
                            604,538    
                                           
       
Total Chemicals
                            17,764,480    
        Commercial Banks – 2.2%
  350    
Allied Irish Banks
                            10,777    
  77,570    
Allinaz S.E.
                            1,353,597    
  1,500    
Banco Bilbao Vizcaya Argentaria S.A.
                            28,455    
  2,295    
Banco Bradesco S.A., ADR
                            46,956    
  2,325    
Banco Itau Holdings Financeira, S.A.
                            47,221    
  41,230    
Banco Santander Central S.A.
                            749,974    
  7,150    
Bank of Montreal
                            294,795    
  1,510    
Barclays PLC
                            34,957    
  51,620    
Barclays PLC
                            299,718    
  22,020    
BB&T Corporation
                            501,395    
  25,720    
BNP Paribas S.A.
                            2,330,075    
  9,490    
Community Bank System Inc.
                            195,684    
  31,950    
Credit Agricole S.A.
                            652,942    
  246,750    
DnB NOR ASA
                            3,139,362    
  111,360    
Hang Seng Bank
                            2,349,382    
  15,520    
ICICI Bank Limited, ADR
                            446,355    
  53,680    
IntesaSanpaolo SpA
                            306,626    
  1,370    
KBC Group NV
                            152,133    
  5,230    
Kookmin Bank
                            306,007    
  23,880    
Lloyds TSB Group PLC, Sponsored ADR
                            589,120    
  23,770    
Marshall and Ilsley Corporation
                            364,394    
  11,960    
National Australia Bank Limited, Sponsored ADR
                            303,834    
  2,704    
National Bank of Greece S.A.
                            121,844    
  31,136    
National Bank of Greece S.A.
                            278,048    
  859,260    
Nishi-Nippon City Bank Limited
                            2,557,105    
  10,980    
Nordic Baltic Holdings FDR
                            151,506    
  22,830    
Northern Trust Corporation
                            1,565,453    
  9,830    
PNC Financial Services Group, Inc.
                            561,293    
  4,410    
Prosperity Bancshares, Inc.
                            117,879    
  60,158    
Royal Bank of Scotland, PLC
                            257,625    
  46,010    
Standard Chartered PLC
                            1,310,523    
  4,540    
SVB Financial Group, (2)
                            218,419    
  20,920    
Sydbank A/S
                            797,209    
  5,250    
UMB Financial Corporation
                            269,168    
  54,910    
United Overseas Bank Limited
                            751,479    
  18,780    
Wachovia Corporation
                            291,653    
                                           
       
Total Commercial Banks
                            23,752,963    
        Commercial Services & Supplies – 0.9%
  327,800    
Allied Waste Industries, Inc., (2), (10)
                            4,136,836    
  2,246    
Consolidated Graphics Inc., (2)
                            110,660    
  25,890    
Corrections Corporation of America, (2)
                            711,198    
  1,850    
Dun and Bradstreet Inc.
                            162,134    
  36,940    
Michael Page International PLC
                            171,991    
  26,410    
Randstad Holding N.V.
                            923,104    
  293,300    
Toppan Printing Company Limited
                            3,228,965    
                                           
       
Total Commercial Services & Supplies
                            9,444,888    
                                           
                                           

15


 

 
     
     
   JPC
  Nuveen Multi-Strategy Income and Growth Fund (continued)
Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

                                           
Shares     Description (1)                     Value   
        Communications Equipment – 0.8%
  4,380    
Comtech Telecom Corporation, (2)
                          $ 214,620    
  76,950    
Corning Incorporated
                            1,773,698    
  6,330    
Interdigital Inc., (2)
                            153,946    
  170,000    
LM Ericsson Telefonaktiebolget, (10)
                            1,768,000    
  52,490    
Nokia Oyj, Sponsored ADR
                            1,286,005    
  75,230    
QUALCOMM Inc.
                            3,337,955    
  30,760    
Telemex Internacional SAB de CV
                            495,236    
                                           
       
Total Communications Equipment
                            9,029,460    
        Computers & Peripherals – 0.9%
  20,811    
Apple, Inc., (2)
                            3,484,592    
  60,630    
Hewlett-Packard Company
                            2,680,452    
  21,720    
International Business Machines Corporation (IBM)
                            2,574,472    
  7,950    
NCR Corporation, (2)
                            200,340    
  60,613    
Netwwork Appliance Inc., (2)
                            1,312,878    
                                           
       
Total Computers & Peripherals
                            10,252,734    
        Construction & Engineering – 0.8%
  226,020    
AMEC PLC
                            4,006,760    
  9,140    
Fluor Corporation
                            1,700,771    
  151,790    
JGC Corporation
                            2,987,626    
  4,900    
Perini Corporation, (2)
                            161,945    
                                           
       
Total Construction & Engineering
                            8,857,102    
        Consumer Finance – 0.4%
  7,600    
MasterCard, Inc.
                            2,017,952    
  16,080    
Visa Inc.
                            1,307,465    
  48,840    
Western Union Company
                            1,207,325    
                                           
       
Total Consumer Finance
                            4,532,742    
        Containers & Packaging – 0.0%
  10,400    
Owens-Illinois, Inc., (2)
                            433,576    
        Distributors – 0.1%
  56,170    
Jardine Cycle & Carriage Limited
                            701,841    
  22,010    
Unilever PLC
                            626,482    
                                           
       
Total Distributors
                            1,328,323    
        Diversified Consumer Services – 0.1%
  7,270    
Apollo Group, Inc., (2)
                            321,770    
  5,720    
ITT Educational Services, Inc., (2)
                            472,644    
                                           
       
Total Diversified Consumer Services
                            794,414    
        Diversified Financial Services – 0.5%
  71,070    
Citigroup Inc.
                            1,191,133    
  21,380    
Deutsche Boerse AG
                            2,413,212    
  16,690    
Eaton Vance Corporation
                            663,594    
  18,070    
ING Groep N.V., Ordinary Shares
                            576,261    
  23,420    
ING Groep N.V.
                            738,901    
  2,120    
Orix Corporation
                            303,271    
                                           
       
Total Diversified Financial Services
                            5,886,372    
        Diversified Telecommunication Services – 1.6%
  36,630    
AT&T Inc.
                            1,234,065    
  7,160    
Cbeyond Inc., (2)
                            114,703    
  21,180    
France Telecom S.A.
                            627,563    
  69,440    
KT Corporation, Sponsored ADR, (10)
                            1,480,461    
  390,620    
Nippon Telegraph and Telephone Corporation, ADR, (10)
                            10,710,269    
  455,000    
Telecom Italia S.p.A.
                            737,866    
  24,830    
Telefonica SA
                            1,975,971    
  30,760    
Telefonos de Mexico SA, Series L
                            728,397    
                                           
       
Total Diversified Telecommunication Services
                            17,609,295    
                                           
                                           

16


 

                                           
Shares     Description (1)                     Value   
        Electric Utilities – 2.1%
  37,600    
Ameren Corporation, (10)
                          $ 1,587,848    
  5,800    
Black Hills Corporation
                            185,948    
  263,700    
Centrais Electricas Brasileiras S.A., ADR
                            4,338,893    
  40,640    
E.ON A.G
                            2,731,146    
  32,310    
Edison International
                            1,660,088    
  8,760    
El Paso Electric Company, (2)
                            173,448    
  15,260    
FPL Group, Inc.
                            1,000,751    
  100,500    
IdaCorp, Inc., (10)
                            2,903,445    
  268,500    
Korea Electric Power Corporation, Sponsored ADR
                            3,901,305    
  148,600    
PNM Resources Inc.
                            1,777,256    
  49,330    
Progress Energy, Inc., (10)
                            2,063,474    
  45,600    
Reliant Energy Inc., (2)
                            969,912    
                                           
       
Total Electric Utilities
                            23,293,514    
        Electrical Equipment – 0.7%
  88,450    
ABB Limited
                            2,516,134    
  37,400    
Emerson Electric Co.
                            1,849,430    
  1,630    
First Solar Inc., (2)
                            444,697    
  17,770    
Nidec Corporation
                            1,183,161    
  18,930    
Nikon Corporation
                            552,649    
  33,700    
Prysmian SPA
                            853,719    
                                           
       
Total Electrical Equipment
                            7,399,790    
        Electronic Equipment & Instruments – 0.7%
  39,470    
Au Optronic Corporation
                            625,205    
  1,624    
Itron Inc., (2)
                            159,720    
  73,760    
LG Philips LCD Company Limited, Sponsored ADR
                            1,377,837    
  11,500    
MEMC Electronic Materials, (2)
                            707,710    
  7,030    
Mettler-Toledo International Inc., (2)
                            666,866    
  60,500    
Tech Data Corporation, (2), (10)
                            2,050,345    
  3,387    
Teledyne Technologies Inc., (2)
                            165,252    
  31,500    
Thermo Fisher Scientific, Inc., (2)
                            1,755,495    
                                           
       
Total Electronic Equipment & Instruments
                            7,508,430    
        Energy Equipment & Services – 1.6%
  1,030    
Atwood Oceanics Inc., (2)
                            128,070    
  231,500    
BJ Services Company, (10)
                            7,394,110    
  26,660    
Cooper Cameron Corporation, (2)
                            1,475,631    
  1,950    
Dawson Geophysical Company, (2)
                            115,947    
  9,530    
Dresser Rand Group, Inc., (2)
                            372,623    
  17,590    
FMC Technologies Inc., (2)
                            1,353,199    
  42,390    
Global Industries, Limited, (2)
                            760,053    
  7,500    
Matrix Service Company, (2)
                            172,950    
  9,780    
National-Oilwell Varco Inc., (2)
                            867,682    
  14,970    
Noble Corporation
                            972,451    
  23,160    
Patterson-UTI Energy, Inc.
                            834,686    
  20,310    
Pride International Inc., (2)
                            960,460    
  10,600    
Technip S.A.
                            981,157    
  5,080    
Transocean Inc., (2)
                            774,141    
                                           
       
Total Energy Equipment & Services
                            17,163,160    
        Food & Staples Retailing – 0.5%
  18,600    
Casino Guichard-Perrachon S.A.
                            2,108,505    
  3,830    
Koninklijke Ahold N.V., (2)
                            51,533    
  36,920    
Kroger Co.
                            1,065,880    
  3,470    
Nash Finch Company
                            118,917    
  36,240    
Safeway Inc.
                            1,034,652    
  20,100    
Wal-Mart Stores, Inc.
                            1,129,620    
  58,780    
William Morrison Supermarkets PLC
                            311,728    
                                           
       
Total Food & Staples Retailing
                            5,820,835    
        Food Products – 1.7%
  13,600    
Dean Foods Company, (2)
                            266,832    
  2,130    
Diamond Foods Inc.
                            49,075    
  15,935    
Flowers Foods Inc.
                            451,598    

17


 

 
     
     
   JPC
  Nuveen Multi-Strategy Income and Growth Fund (continued)
Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

                                           
Shares     Description (1)                     Value   
        Food Products (continued)
                                           
  10,840    
General Mills, Inc.
                          $ 658,747    
  32,080    
H.J. Heinz Company
                            1,535,028    
  198,950    
Jeronimo Martins SGPS
                            1,445,589    
  9,010    
Monsanto Company
                            1,139,224    
  410    
Nestle S.A.
                            46,450    
  267,000    
Smithfield Foods, Inc., (2), (10)
                            5,307,960    
  51,140    
Tingyi Holding Corporation
                            63,226    
  481,100    
Tyson Foods, Inc., Class A, (10)
                            7,187,634    
  71,870    
Unilever PLC
                            2,041,827    
                                           
       
Total Food Products
                            20,193,190    
        Gas Utilities – 0.7%
  1,050    
BG PLC
                            136,560    
  4,850    
E.ON AG
                            978,565    
  23,780    
Energen Corporation
                            1,855,553    
  8,030    
Equitable Resources Inc.
                            554,552    
  40,890    
Questar Corporation
                            2,904,826    
  25,720    
Spectra Energy Corporation
                            739,193    
                                           
       
Total Gas Utilities
                            7,169,249    
        Health Care Equipment & Supplies – 0.8%
  20,050    
Alfresa Holdings Corporation
                            1,431,266    
  2,230    
Analogic Corporation
                            140,646    
  28,090    
Baxter International Inc.
                            1,796,075    
  534    
Fresenius Medical Care, ADR
                            29,311    
  31,920    
Fresenius Medical Care, ADR
                            1,759,479    
  109,400    
Paramount Bed Company Limited
                            1,617,535    
  9,100    
Patterson Companies Inc., (2)
                            267,449    
  26,120    
Saint Jude Medical Inc., (2)
                            1,067,786    
  4,172    
Surmodics Inc., (2)
                            187,072    
                                           
       
Total Health Care Equipment & Supplies
                            8,296,619    
        Health Care Providers & Services – 0.3%
  31,394    
Express Scripts, Inc., (2)
                            1,969,032    
  30,000    
Health Net Inc., (2), (10)
                            721,800    
  4,640    
Mentor Corporation
                            129,085    
                                           
       
Total Health Care Providers & Services
                            2,819,917    
        Hotels, Restaurants & Leisure – 0.3%
  2,160    
Bally Technologies, Inc., (2)
                            73,008    
  19,360    
Burger King Holdings Inc.
                            518,654    
  880    
Carnival Corporation
                            28,098    
  23,410    
McDonald’s Corporation
                            1,316,110    
  2,680    
WMS Industries Inc., (2)
                            79,784    
  16,160    
Wynn Resorts Ltd
                            1,314,616    
                                           
       
Total Hotels, Restaurants & Leisure
                            3,330,270    
        Household Durables – 0.3%
  15,390    
Desarrolladora Homex SAB de C.V., Sponsored ADR, (2)
                            901,546    
  14,040    
Jarden Corporation, (2)
                            256,090    
  3,160    
Matsushita Electric Industrial Co., Ltd, ADR
                            67,687    
  87,610    
Matsushita Electric Industrial Co., Ltd, ADR
                            1,889,409    
  4,540    
Tupperware Corporation
                            155,359    
                                           
       
Total Household Durables
                            3,270,091    
        Household Products – 0.3%
  29,150    
Colgate-Palmolive Company
                            2,014,265    
  56,000    
KAO Corporation
                            1,468,757    
                                           
       
Total Household Products
                            3,483,022    
        Independent Power Producers & Energy Traders – 0.1%
  21,980    
NRG Energy Inc., (2)
                            942,942    
                                           
                                           

18


 

                                           
Shares     Description (1)                     Value   
        Industrial Conglomerates – 0.4%
  19,860    
East Asiatic Co LTD
                          $ 1,375,265    
  153,840    
Keppel Corporation
                            1,259,621    
  24,020    
Mitsubishi Corporation
                            791,731    
  4,140    
Siemens AG, Sponsored ADR
                            455,938    
  3,240    
Teleflex Inc.
                            180,112    
                                           
       
Total Industrial Conglomerates
                            4,062,667    
        Insurance – 0.9%
  772    
Aegon N.V.
                            10,121    
  40,725    
AFLAC Incorporated
                            2,557,530    
  10,140    
Amtrust Financial Services, Inc.
                            127,764    
  16,480    
Aon Corporation
                            757,091    
  12,930    
Arch Capital Group Limited, (2)
                            857,518    
  3,940    
Aspen Insurance Holdings Limited, (2)
                            93,260    
  11,860    
Assurant Inc.
                            782,286    
  8,550    
Axis Capital Holdings Limited
                            254,876    
  254,800    
Benfield Group, Limited
                            1,240,894    
  1,130    
Fairfax Financial Holdings Limited
                            286,907    
  5,880    
First Mercury Financial Corporation
                            103,723    
  9,720    
HCC Insurance Holdings Inc.
                            205,481    
  301,310    
Mapfre S.A.
                            1,442,169    
  5,250    
Philadelphia Consolidated Holding Corporation, (2)
                            178,343    
  8,190    
Seabright Insurance Holdings Inc., (2)
                            118,591    
  6,280    
Sun Life Financial Inc.
                            257,166    
  25,840    
WR Berkley Corporation
                            624,294    
  1,280    
Zurich Financial Services AG
                            327,659    
                                           
       
Total Insurance
                            10,225,673    
        Internet Software & Services – 0.2%
  60,000    
eBay Inc., (2), (10)
                            1,639,800    
  3,890    
Sohu.com Inc.
                            274,012    
  8,810    
Switch & Data Facilities Company, Inc.
                            149,682    
                                           
       
Total Internet Software & Services
                            2,063,494    
        IT Services – 0.4%
  33,160    
Accenture Limited
                            1,350,275    
  12,400    
CGI Group Inc., (2)
                            123,628    
  100,000    
Electronic Data Systems Corporation, (10)
                            2,464,000    
  12,560    
TNS Inc., (2)
                            300,938    
                                           
       
Total IT Services
                            4,238,841    
        Leisure Equipment & Products – 0.2%
  1,690    
Canon Inc.
                            86,545    
  30    
Fuji Photo Film Co., Ltd.
                            1,031    
  780    
FujiFilm Holdings Corporation, ADR
                            26,731    
  41,390    
Hasbro, Inc.
                            1,478,451    
  10,850    
Marvel Entertainment Inc., (2)
                            348,719    
                                           
       
Total Leisure Equipment & Products
                            1,941,477    
        Life Sciences Tools & Services – 0.1%
  2,630    
Dionex Corporation, (2)
                            174,553    
  5,470    
Illumina Inc., (2)
                            476,492    
                                           
       
Total Life Sciences Tools & Services
                            651,045    
        Machinery – 0.7%
  57,690    
ABB Limited
                            1,633,781    
  28,620    
AGCO Corporation, (2)
                            1,499,974    
  4,570    
Badger Meter Inc.
                            230,922    
  7,980    
Deere & Company
                            575,597    
  5,200    
Eaton Corporation
                            441,844    
  19,946    
Harsco Corporation
                            1,085,262    
  420    
Hitachi Limited
                            30,106    
  3,000    
ITT Industries Inc.
                            189,990    
  11,620    
MAN AG
                            1,289,989    
  6,810    
Manitowoc Company Inc.
                            221,529    

19


 

 
     
     
   JPC
  Nuveen Multi-Strategy Income and Growth Fund (continued)
Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

                                           
Shares     Description (1)                     Value   
        Machinery (continued)
                                           
  5,580    
Parker Hannifin Corporation
                          $ 397,966    
  7,790    
RBC Bearings Inc., (2)
                            259,563    
  6,620    
Robbins & Myers, Inc.
                            330,139    
                                           
       
Total Machinery
                            8,186,662    
        Marine – 0.3%
  181,660    
Kawasaki Kisen Kaisha Limited
                            1,705,655    
  79,650    
Nippon Yusen Kabushki Kaisha
                            765,858    
  40,000    
Stolt-Nielsen S.A.
                            911,019    
                                           
       
Total Marine
                            3,382,532    
        Media – 0.5%
  36,320    
Cablevision Systems Corporation, (2)
                            820,832    
  54,610    
DIRECTV Group, Inc., (2)
                            1,414,945    
  61,000    
Scholastic Corporation, (2), (10)
                            1,748,260    
  1,110    
Shaw Communication Inc.
                            22,600    
  16,180    
Shaw Communication Inc.
                            330,360    
  7,180    
Thomson Corporation
                            231,124    
  24,290    
Walt Disney Company
                            757,848    
  780    
WPP Group PLC
                            37,300    
                                           
       
Total Media
                            5,363,269    
        Metals & Mining – 5.1%
  244,668    
AngloGold Ashanti Limited, Sponsored ADR, (10)
                            8,304,032    
  204,700    
Apex Silver Mines Limited, (2)
                            1,005,077    
  198,000    
Barrick Gold Corporation, (10)
                            9,009,000    
  12,710    
BHP Billiton PLC
                            486,075    
  10,090    
BHP Billiton PLC
                            781,773    
  60,500    
BHP Billiton PLC
                            2,534,526    
  3,750    
Cleveland-Cliffs Inc.
                            446,963    
  3,350    
Compass Minerals International, Inc.
                            269,876    
  88,020    
Cookson Group
                            1,100,149    
  235,600    
Crystallex International Corporation, (2)
                            263,872    
  18,830    
Freeport-McMoRan Copper & Gold, Inc.
                            2,206,688    
  202,500    
Gold Fields Limited, (10)
                            2,561,625    
  126,000    
Ivanhoe Mines Ltd., (2), (10)
                            1,374,660    
  1,824,600    
Lihir Gold Limited, (2)
                            5,754,710    
  431,790    
Mitsubishi Materials
                            1,846,143    
  182,300    
Newmont Mining Corporation, (10)
                            9,508,768    
  188,200    
NovaGold Resources Inc., (2), (10)
                            1,402,090    
  4,450    
Olympic Steel Inc.
                            337,844    
  4,360    
Rio Tinto PLC, Sponsored ADR
                            2,158,200    
  35,570    
SSAB Svenskt Stal AB
                            1,151,716    
  6,520    
United States Steel Corporation
                            1,204,766    
  23,460    
Xstrata PLC
                            1,880,366    
                                           
       
Total Metals & Mining
                            55,588,919    
        Multiline Retail – 0.5%
  32,040    
Big Lots, Inc., (2)
                            1,000,930    
  40,340    
Costco Wholesale Corporation
                            2,829,448    
  8,610    
Dollar Tree Stores Inc., (2)
                            281,461    
  9,840    
Family Dollar Stores, Inc.
                            196,210    
  80,510    
Next PLC
                            1,554,727    
                                           
       
Total Multiline Retail
                            5,862,776    
        Oil, Gas & Consumable Fuels – 4.3%
  1,950    
Alpha Natural Resources Inc.
                            203,366    
  15,500    
Arch Coal Inc., (10)
                            1,162,965    
  49,190    
BG Group PLC
                            1,269,809    
  123,640    
BP Amoco PLC, (10)
                            8,601,635    
  7,020    
Cabot Oil & Gas Corporation
                            475,465    
  2,380    
Carrizo Oil & Gas, Inc., (2)
                            162,054    
  25,290    
Chesapeake Energy Corporation
                            1,668,128    

20


 

                                           
Shares     Description (1)                     Value   
        Oil, Gas & Consumable Fuels (continued)
                                           
  17,310    
Chevron Corporation
                          $ 1,715,940    
  2,768    
Comstock Resources Inc., (2)
                            233,702    
  27,020    
Continental Resources Inc., (2)
                            1,873,026    
  20,800    
Denbury Resources Inc., (2)
                            759,200    
  2,730    
Devon Energy Corporation
                            328,037    
  30,200    
Eni S.p.A., Sponsored ADR
                            2,241,746    
  7,940    
EOG Resources, Inc.
                            1,041,728    
  18,270    
Hess Corporation
                            2,305,491    
  6,090    
Massey Energy Company
                            570,938    
  21,300    
Murphy Oil Corporation
                            2,088,465    
  60,100    
Nexen Inc., (10)
                            2,388,975    
  20,670    
Occidental Petroleum Corporation
                            1,857,406    
  2,840    
Patriot Coal Corporation, (2)
                            435,344    
  6,590    
Petrohawk Energy Corporation, (2)
                            305,183    
  18,230    
Petroleo Brasileiras S.A.
                            1,291,231    
  10,110    
Petroquest Energy Inc., (2)
                            271,959    
  5,796    
Pioneer Drilling Company, (2)
                            109,023    
  38,280    
Repsol YPF S.A.
                            1,503,256    
  82,100    
Royal Dutch Shell PLC, Class B, Sponsored ADR, (10)
                            6,577,031    
  72,950    
Singapore Petroleum
                            353,879    
  50,269    
Statoil ASA
                            1,879,055    
  21,400    
Total S.A., Sponsored ADR
                            1,824,778    
  7,900    
Total S.A.
                            674,148    
  1,170    
Whiting Petroleum Corporation
                            124,114    
  5,850    
XTO Energy, Inc.
                            400,784    
                                           
       
Total Oil, Gas & Consumable Fuels
                            46,697,861    
        Paper & Forest Products – 0.3%
  216,400    
AbitibiBowater Inc., (2), (10)
                            2,019,012    
  5,960    
Buckeye Technologies Inc., (2)
                            50,422    
  7,020    
Potlatch Corporation
                            316,742    
  71,710    
Sonae Industria-SPGS S.A., (2)
                            292,421    
  24,850    
Votorantim Celulose e Papel S.A.
                            663,744    
                                           
       
Total Paper & Forest Products
                            3,342,341    
        Personal Products – 0.0%
  4,120    
Herbalife, Limited
                            159,650    
        Pharmaceuticals – 1.7%
  17,900    
Astellas Pharma Inc.
                            758,582    
  130,970    
AstraZeneca Group, (10)
                            5,570,154    
  53,820    
Daiichi Sankyo Company Limited
                            1,482,540    
  20,180    
Eli Lilly and Company
                            931,509    
  6,720    
GlaxoSmithKline PLC, ADR
                            297,158    
  20,870    
H. Lundbeck A/S
                            475,860    
  98,000    
Kissei Pharmaceuticals Company Limited
                            2,191,929    
  22,790    
Merck & Co. Inc.
                            858,955    
  30,450    
Novartis AG
                            1,676,680    
  2,960    
Novo Nordisk A/S
                            193,725    
  189,800    
Patheon Inc., (2)
                            765,007    
  47,160    
Pfizer Inc.
                            823,885    
  8,450    
Pozen Inc., (2)
                            91,936    
  61,350    
Sanofi-Aventis, ADR, (10)
                            2,038,661    
  35,760    
Shionogi & Company Limited
                            705,535    
  39,640    
Warner Chilcott Limited, (2)
                            671,898    
                                           
       
Total Pharmaceuticals
                            19,534,014    
        Real Estate – 0.3%
  22,200    
Annaly Capital Management Inc.
                            344,322    
  5,530    
Essex Property Trust Inc.
                            588,945    
  6,396    
LaSalle Hotel Properties
                            160,731    
  7,700    
Lexington Corporate Properties Trust
                            104,951    
  17,450    
Rayonier Inc.
                            740,927    
  7,431    
SL Green Realty Corporation
                            614,692    

21


 

 
     
     
   JPC
  Nuveen Multi-Strategy Income and Growth Fund (continued)
Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

                                           
Shares     Description (1)                     Value   
        Real Estate (continued)
                                           
  9,921    
Tanger Factory Outlet Centers
                          $ 356,462    
  14,953    
Taubman Centers Inc.
                            727,463    
                                           
       
Total Real Estate
                            3,638,493    
        Road & Rail – 0.5%
  900    
Canadian National Railways Company
                            43,272    
  46,130    
CSX Corporation
                            2,897,425    
  15,700    
Kansas City Southern Industries, (2)
                            690,643    
  14,570    
Landstar System
                            804,555    
  7,180    
Ryder System, Inc.
                            494,558    
  11,900    
Union Pacific Corporation
                            898,450    
                                           
       
Total Road & Rail
                            5,828,903    
        Semiconductors & Equipment – 0.4%
  12,180    
Amkor Technology Inc., (2)
                            126,794    
  25,030    
Broadcom Corporation, Class A, (2)
                            683,069    
  69,890    
Marvell Technology Group Ltd., (2)
                            1,234,257    
  6,240    
Monolithic Power Systems, Inc., (2)
                            134,909    
  68,520    
National Semiconductor Corporation
                            1,407,401    
  15,460    
ON Semiconductor Corporation
                            141,768    
  4,870    
Rubicon Technology Inc., (2)
                            98,958    
  8,500    
Semtech Corporation, (2)
                            119,595    
  84,930    
Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR
                            926,586    
                                           
       
Total Semiconductors & Equipment
                            4,873,337    
        Software – 1.0%
  21,850    
Activision Inc., (2)
                            744,430    
  38,760    
Adobe Systems Incorporated, (2)
                            1,526,756    
  6,510    
Ansys Inc., (2)
                            306,751    
  42,780    
Autodesk, Inc., (2)
                            1,446,392    
  5,690    
Blackboard, Inc., (2)
                            217,529    
  46,000    
Microsoft Corporation, (10)
                            1,265,460    
  500    
Nintendo Co., Ltd., ADR
                            35,317    
  3,980    
Nintendo Co., Ltd.
                            2,245,157    
  21,690    
Salesforce.com, Inc., (2)
                            1,479,909    
  5,640    
SPSS Inc., (2)
                            205,127    
  56,560    
Symantec Corporation, (2)
                            1,094,436    
                                           
       
Total Software
                            10,567,264    
        Specialty Retail – 0.1%
  6,235    
Aeropostale, Inc., (2)
                            195,343    
  2,610    
Hennes & Mauritz AB
                            141,498    
  6,750    
J. Crew Group Inc., (2)
                            222,818    
  4,990    
NetFlix.com Inc., (2)
                            130,089    
  540    
Sony Corporation
                            23,620    
  16,630    
TJX Companies, Inc.
                            523,346    
                                           
       
Total Specialty Retail
                            1,236,714    
        Textiles, Apparel & Luxury Goods – 0.1%
  2,030    
Deckers Outdoor Corporation, (2)
                            282,576    
  620    
Gildan Activewear Inc, Sponsored ADR, (2)
                            16,046    
  12,068    
Guess Inc.
                            451,947    
                                           
       
Total Textiles, Apparel & Luxury Goods
                            750,569    
        Thrifts & Mortgage Finance – 0.2%
  159,310    
Hudson City Bancorp, Inc.
                            2,657,291    
        Tobacco – 0.4%
  16,600    
Altria Group, Inc.
                            341,296    
  11,760    
British American Tobacco PLC
                            814,380    
  80    
Japan Tobacco, Inc., (2)
                            341,291    
  38,840    
Philip Morris International, (2)
                            1,918,308    
  22,280    
UST Inc.
                            1,216,711    
                                           
       
Total Tobacco
                            4,631,986    
                                           
                                           

22


 

                                           
Shares     Description (1)                     Value   
        Transportation Infrastructure – 0.2%
  885,990    
Macquarie Airports
                          $ 1,749,669    
        Wireless Telecommunication Services – 0.3%
  9,360    
Millicom International Cellular S.A.
                            976,028    
  16,960    
Millicom International Cellular S.A., (2)
                            1,755,360    
  1,050    
Mobile Telesystems, Sponsored ADR
                            80,441    
  1,150    
Vodafone Group PLC, Sponsored ADR
                            33,879    
                                           
       
Total Wireless Telecommunication Services
                            2,845,708    
                                           
       
Total Common Stocks (cost $478,904,661)
                            474,682,199    
                                           
Shares     Description (1)   Coupon           Ratings (3)     Value   
        Convertible Preferred Securities – 1.8% (1.1% of Total Investments)
        Automobiles – 0.2%
  30,200    
General Motors Corporation, Convertible Bonds
    1.500%               B     $ 649,904    
  45,150    
General Motors Corporation, Convertible Notes, Senior Debentures, Series B
    5.250%               B       618,555    
  81,350    
General Motors Corporation
    6.250%               B       1,078,701    
                                           
       
Total Automobiles
                            2,347,160    
        Capital Markets – 0.0%
  11,300    
AMG Capital Trust II, Convertible Bond
    5.150%               BB       397,619    
        Commercial Banks – 0.0%
  14,750    
Sovereign Capital Trust IV, Convertible Security
    4.375%               Baa2       457,250    
        Communications Equipment – 0.8%
  9,800    
Lucent Technologies Capital Trust I
    7.750%               B2       7,448,000    
        Diversified Financial Services – 0.3%
  2,350    
Bank of America Corporation
    7.250%               A+       2,079,750    
  35,350    
Citigroup Inc., Series T
    6.500%               A       1,537,725    
                                           
       
Total Diversified Financial Services
                            3,617,475    
        Electric Utilities – 0.1%
  12,300    
Centerpoint Energy Inc. 
    2.000%               BBB–       356,282    
  4,000    
CMS Energy Corporation, Convertible Bonds
    4.500%               Ba2       313,250    
                                           
       
Total Electric Utilities
                            669,532    
        Food Products – 0.1%
  4,200    
Bunge Limited, Convertible Bonds
    4.875%               BB       552,300    
        Household Durables – 0.0%
  7,600    
Newell Financial Trust I
    5.250%               N/R       343,900    
                                           
        Independent Power Producers & Energy Traders – 0.0%
  200    
NRG Energy Inc., Convertible Bond
    4.000%               B2       435,412    
                                           
        Metals & Mining – 0.2%
  800    
Freeport McMoran Copper & Gold, Inc. 
    5.500%               BB       2,013,200    
                                           
        Oil, Gas & Consumable Fuels – 0.1%
  400    
El Paso Corporation
    4.990%               B       689,600    
        Real Estate – 0.0%
  6,950    
Simon Property Group, Inc., Series I
    6.000%               BBB+       507,350    
        Thrifts & Mortgage Finance – 0.0%
  21,800    
Washington Mutual, Inc., Unit 1 Trust
    5.375%               A3       523,200    
        U.S. Agency – 0.0%
  5    
Federal National Mortgage Association
    5.375%               AA–       301,250    
                                           
       
Total Convertible Preferred Securities (cost $23,645,550)
                            20,303,248    
                                           
                                           

23


 

 
     
     
   JPC
  Nuveen Multi-Strategy Income and Growth Fund (continued)
Portfolio of INVESTMENTS June 30, 2008 (Unaudited)

                                           
Shares     Description (1)   Coupon           Ratings (3)     Value   
       
$25 Par (or similar) Preferred Securities – 52.2% (31.1% of Total Investments)
                                 
        Capital Markets – 6.4%
  224,904    
BNY Capital Trust V, Series F
    5.950%               A     $ 4,655,513    
  950,117    
Deutsche Bank Capital Funding Trust II
    6.550%               A+       18,764,811    
  99,200    
Deutsche Bank Contingent Capital Trust III
    7.600%               A+       2,268,704    
  34,300    
First Union Institutional Capital II (CORTS)
    8.200%               A1       770,035    
  3,900    
Goldman Sachs Capital I, Series A (CORTS)
    6.000%               A1       79,950    
  4,700    
Goldman Sachs Group Inc. (SATURNS)
    5.750%               AA–       92,120    
  300    
Goldman Sachs Group Inc., Series 2004-06 (SATURNS)
    6.000%               A1       6,066    
  41,500    
Goldman Sachs Group Inc., Series 2004-4 (CORTS)
    6.000%               A1       780,200    
  7,500    
Goldman Sachs Group Inc., Series GSC-3 (PPLUS)
    6.000%               A1       140,250    
  1,500    
Goldman Sachs Group Inc., Series GSG-2 (PPLUS)
    5.750%               AA–       29,745    
  6,400,000    
JP Morgan Chase & Company
    7.900%               A1       6,018,752    
  478,288    
Lehman Brothers Holdings Capital Trust III, Series K
    6.375%               A2       8,040,021    
  101,461    
Merrill Lynch Preferred Capital Trust III
    7.000%               A2       1,800,933    
  115,400    
Merrill Lynch Preferred Capital Trust IV
    7.120%               A2       2,121,052    
  341,000    
Merrill Lynch Preferred Capital Trust V
    7.280%               A2       6,441,490    
  307,334    
Morgan Stanley Capital Trust III
    6.250%               A–       5,550,452    
  458,907    
Morgan Stanley Capital Trust IV
    6.250%               A1       8,163,956    
  5,400    
Morgan Stanley Capital Trust V
    5.750%               A1       91,530    
  234,129    
Morgan Stanley Capital Trust VII
    6.600%               A1       4,322,021    
                                           
       
Total Capital Markets
                            70,137,601    
        Commercial Banks – 10.6%
  69,570    
ABN AMRO Capital Fund Trust V
    5.900%               A       1,177,124    
  90,400    
Allianz SE
    8.375%               A+       2,250,960    
  74,400    
ASBC Capital I
    7.625%               A3       1,733,520    
  57,955    
BAC Capital Trust II
    7.000%               Aa3       1,287,760    
  190,500    
BAC Capital Trust III
    7.000%               Aa3       4,181,475    
  10,000    
BAC Capital Trust IV
    5.875%               Aa3       191,500    
  9,100    
BAC Capital Trust V
    6.000%               A+       174,629    
  12,100    
BAC Capital Trust VIII
    6.000%               Aa3       228,085    
  358,086    
Banco Santander Finance
    6.800%               Aa3       7,863,569    
  323,506    
Banco Santander Finance
    6.500%               A+       6,825,977    
  231,600    
Banesto Holdings, Series A, 144A
    10.500%               A1       7,027,624    
  63,700    
Bank One Capital Trust VI
    7.200%               Aa3       1,490,580    
  288,600    
Barclays Bank PLC
    8.125%               Aa3       7,096,674    
  2,000    
Barclays Bank PLC
    7.100%               Aa3       42,120    
  197,758    
Citizens Funding Trust I
    7.500%               Baa1       2,145,674    
  107,000    
Cobank Agricultural Credit Bank
    7.000%               N/R       4,963,195    
  397,900    
Credit Suisse
    7.900%               A       9,788,340    
  347,358    
Fifth Third Capital Trust VI
    7.250%               A–       5,613,305    
  338,400    
Fleet Capital Trust VIII
    7.200%               Aa3       7,360,200    
  702,220    
HSBC Finance Corporation
    6.875%               AA–       15,982,527    
  136,400    
KeyCorp Capital Trust IX
    6.750%               A3       1,909,600    
  134,200    
National Bank of Greece SA
    9.000%               AAA–       3,415,390    
  514,249    
National City Capital Trust II
    6.625%               BBB+       6,438,397    
  46,750    
PNC Capital Trust
    6.125%               A2       946,220    
  15,500    
Royal Bank of Scotland Group PLC
    6.600%               Aa3       288,610    
  18,129    
Royal Bank of Scotland Group PLC, Series L
    5.750%               A1       292,239    
  97,395    
Royal Bank of Scotland Group PLC, Series N
    6.350%               A1       1,757,006    
  11,400    
Royal Bank of Scotland Group PLC, Series P
    6.250%               A1       197,676    
  7,000    
Royal Bank of Scotland Group PLC, Series T
    7.250%               Aa3       143,150    
  58,600    
SunTrust Capital Trust IX
    7.875%               A–       1,244,078    
  165,327    
USB Capital Trust XI
    6.600%               A+       3,499,973    
  24,320    
VNB Capital Trust I
    7.750%               BBB       600,704    
  129,348    
Wachovia Capital Trust IX
    6.375%               A1       2,223,492    
  143,417    
Wachovia Trust IV
    6.375%               A1       2,508,363    
  86,002    
Wells Fargo Capital Trust VII
    5.850%               AA–       1,788,842    
  81,700    
Zions Capital Trust B
    8.000%               Baa1       1,797,400    
                                           
       
Total Commercial Banks
                            116,475,978    
        Computers & Peripherals – 0.0%
  4,447    
IBM Inc., Trust Certificates, Series 2001-2
    7.100%               A+       109,707    
                                           
                                           

24


 

                                           
Shares     Description (1)   Coupon           Ratings (3)     Value   
        Diversified Financial Services – 5.2%
  20,600    
Allied Capital Corporation
    6.875%               BBB+     $ 307,970    
  6,000    
American International Group, CORTS
    6.125%               A1       100,500    
  37,630    
BAC Capital Trust XII
    6.875%               A+       824,097    
  51,300    
Citigroup Capital Trust VII
    7.125%               A1       1,064,475    
  241,654    
Citigroup Capital Trust VIII
    6.950%               A1       4,835,497    
  29,700    
Citigroup Capital Trust IX
    6.000%               A1       509,652    
  15,900    
Citigroup Capital Trust XI
    6.000%               A1       272,685    
  2,600    
Citigroup Capital X
    6.100%               A       45,110    
  68,755    
Citigroup Capital XV
    6.500%               A1       1,274,030    
  48,801    
Citigroup Capital XVI
    6.450%               A1       897,938    
  22,200    
Citigroup Capital XVII
    6.350%               A1       392,274    
  333,300    
Citigroup Capital XIX
    7.250%               A1       7,052,628    
  63,900    
Citigroup Capital XX
    7.875%               A       1,519,702    
  85,000    
Citigroup Inc., Series M
    8.125%               A       1,904,000    
  8,000,000    
Citigroup Inc.
    8.400%               A       7,614,880    
  13,900    
General Electric Capital Corporation
    6.050%               AAA       350,002    
  12,000    
ING Groep N.V.
    7.375%               A1       262,320    
  533,018    
ING Groep N.V.
    7.200%               A1       11,475,878    
  731,175    
ING Groep N.V.
    7.050%               A       15,332,740    
  21,700    
ING Groep N.V.
    6.375%               A       404,054    
  2,800    
ING Groep N.V.
    6.125%               A       49,840    
  5,000    
Royal Bank of Scotland Group PLC, Series R
    6.125%               A1       85,400    
                                           
       
Total Diversified Financial Services
                            56,575,672    
        Diversified Telecommunication Services – 0.4%
  67,000    
AT&T Inc. 
    6.375%               A       1,675,670    
  95,968    
BellSouth Capital Funding (CORTS)
    7.120%               A       2,147,284    
  18,300    
BellSouth Corporation (CORTS)
    7.000%               A       419,756    
  17,500    
Verizon Communications (CORTS)
    7.625%               A       437,675    
  7,200    
Verizon Communications, Series 2004-1 (SATURNS)
    6.125%               A       167,688    
  1,800    
Verizon Global Funding Corporation Trust III, Series III (CORTS)
    6.250%               A       43,092    
                                           
       
Total Diversified Telecommunication Services
                            4,891,165    
        Electric Utilities – 1.0%
  19,600    
DTE Energy Trust I
    7.800%               Baa3       492,156    
  40,670    
Entergy Louisiana LLC
    7.600%               A–       1,015,530    
  135,100    
FPL Group Capital Inc. 
    6.600%               BBB+       3,343,725    
  700    
Georgia Power Company
    5.750%               A       16,702    
  8,200    
National Rural Utilities Cooperative Finance Corporation
    6.100%               A3       180,400    
  7,900    
National Rural Utilities Cooperative Finance Corporation
    5.950%               A3       173,879    
  234,561    
Xcel Energy Inc. 
    7.600%               BBB–       5,786,620    
                                           
       
Total Electric Utilities
                            11,009,012    
        Electrical Equipment – 0.1%
  105,630    
Hitachi Limited
    0.000%               N/R       761,996    
        Food Products – 0.2%
  27,100    
Dairy Farmers of America Inc., 144A
    7.875%               BBB–       2,212,038    
        Insurance – 9.3%
  2,000    
Aegon N.V. 
    6.875%               A–       36,200    
  982,600    
Aegon N.V. 
    6.375%               A–       16,802,460    
  6,700    
Aegon N.V.
    7.250%               A–       132,660    
  2,567