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

811-21333

 

Nuveen Multi-Strategy Income and Growth Fund 2

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(312) 917-7700

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

June 30, 2009

 

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, Date: 27-AUG-2009 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 BOC30124of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. SS. 3507.

 



 

ITEM 1. REPORTS TO STOCKHOLDERS.

 



Closed-End Funds

Nuveen Investments

Closed-End Funds

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

Semi-Annual Report

June 30, 2009

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC



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Chairman's
Letter to Shareholders

Dear Shareholder,

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

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

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

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

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

Sincerely,

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

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Portfolio Managers' Comments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1  Comparative benchmark performance is a blended return consisting of:

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

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

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

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

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

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

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

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

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

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

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

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

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

How did the Funds perform over the reporting period?

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

Average Annual Total Return on Common Share Net Asset Value*

For periods ended 6/30/09

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

 

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

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

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

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

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

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

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

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

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

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

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

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

RECENT DEVELOPMENTS REGARDING THE FUND'S LEVERAGED CAPITAL STRUCTURE

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

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

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

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

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

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

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

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

 

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

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Common Share Dividend
and Share Price Information

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

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

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

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

Important points to understand about the managed distribution program are:

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

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

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

•  net investment income (regular interest and dividends),

•  realized capital gains, and

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

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

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

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

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

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

 

Common Share Repurchases and Share Price Information

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

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

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

 

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

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

 

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

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

 

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JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

  as of June 30, 2009

Portfolio Allocation (as a % of total investments)2

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

2 Excluding common stocks sold short and call options written.

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

Fund Snapshot

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

 

Average Annual Total Return

(Inception 3/26/03)

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

 

Industries

(as a % of total investments)2

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

 

Top Five Issuers

(as a % of total investments)3

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

 

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Fund Snapshot

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

 

Average Annual Total Return

(Inception 6/25/03)

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

 

Industries

(as a % of total investments)2

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

 

Top Five Issuers

(as a % of total investments)3

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

 

JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

  as of June 30, 2009

Portfolio Allocation (as a % of total investments)2

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

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

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

Nuveen Investments
12




JPC

JQC

Shareholder MEETING REPORT

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

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

 

Nuveen Investments
13




JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

  June 30, 2009 (Unaudited)

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

 

Nuveen Investments
14



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

 

Nuveen Investments
15



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
16



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

 

Nuveen Investments
17



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
18



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

 

Nuveen Investments
19



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
20



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

 

Nuveen Investments
21



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
22



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

 

Nuveen Investments
23



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
24



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

 

Nuveen Investments
25



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
26



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

 

Nuveen Investments
27



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
28



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

 

Nuveen Investments
29



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
30



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

 

Nuveen Investments
31



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
32



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

 

Nuveen Investments
33



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
34



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

 

Nuveen Investments
35



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
36



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

 

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

 

Nuveen Investments
37



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

Shares   Description (1)     Value  
    Warrants – 0.3% (0.2% of Total Investments)  
  262,605     Endeavor Financil Corporation                 $ 117,401    
  489,329     NovaGold Resources Inc                   1,726,793    
  Total Warrants (cost $132,210)     1,844,194    
Principal
Amount (000)
  Description (1)     Coupon   Maturity   Value  
    Short-Term Investments – 2.7% (2.0% of Total Investments)  
  $16,684

    Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09,
repurchase price $16,683,790, collateralized by $16,175,000
U.S. Treasury Notes, 3.875%, due 7/15/10, value $17,017,718
        0.000%

    7/01/09

      $16,683,790

   
  1,350

    Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/09,
repurchase price $1,349,955, collateralized by $1,310,000
U.S. Treasury Notes, 3.875%, due 7/15/10, value $1,378,251
        0.000%

    7/01/09

      1,349,955

   
$ 18,034     Total Short-Term Investments (cost $18,033,745)     18,033,745    
  Total Investments (cost $1,171,525,714) – 132.8%     902,854,415    
Shares   Description (1)     Value  
    Common Stocks Sold Short – (0.7)%  
    Chemicals – (0.1)%  
  (10,500 )   Sigma-Aldrich Corporation                 $ (520,380 )  
    Diversified Consumer Services – (0.1)%  
  (3,750 )   Strayer Education Inc.                   (817,913 )  
    Health Care Equipment & Supplies – (0.2)%  
  (14,300 )   C. R. Bard, Inc.                   (1,064,635 )  
    Hotels, Restaurants & Leisure – (0.0)%  
  (7,100 )   P.F. Changs China Bistro, Inc., (2)                   (227,626 )  
    Internet & Catalog Retail – (0.0)%  
  (2,800 )   Amazon.com, Inc., (2)                   (234,248 )  
    Personal Products – (0.1)%  
  (6,000 )   Chattem Inc., (2)                   (408,600 )  
    Specialty Retail – (0.2)%  
  (10,100 )   AutoZone, Inc., (2)                   (1,526,211 )  
  Total Common Stocks Sold Short (proceeds $4,980,887)     (4,799,613 )  
Number of
Contracts
  Type   Notional
Amount (14)
  Expiration
Date
  Strike
Price
  Value  
    Call Options Written – (0.4)%  
  (318 )   Ameren Corporation   $ (954,000 )   9/19/09   $ 30.0     $ (4,770 )  
  (604 )   AngloGold Ashanti Limited     (2,114,000 )   1/16/10     35.0       (392,600 )  
  (444 )   Barrick Gold Corporation     (2,220,000 )   1/16/10     50.0       (31,080 )  
  (1,157 )   BJ Services Company     (1,735,500 )   1/16/10     15.0       (185,120 )  
  (285 )   BP PLC     (1,425,000 )   1/16/10     50.0       (75,525 )  
  (285 )   BP PLC     (1,710,000 )   1/16/10     60.0       (14,250 )  
  (578 )   Cameco Corporation     (1,300,500 )   1/16/10     22.5       (312,120 )  
  (77 )   Chevron Corporation     (654,500 )   1/16/10     85.0       (5,005 )  
  (78 )   Chevron Corporation     (780,000 )   1/16/10     100.0       (780 )  
  (930 )   Deutsche Telekom AG     (1,162,500 )   1/16/10     12.5       (76,725 )  
  (450 )   eBay Inc.     (900,000 )   1/16/10     20.0       (41,400 )  
  (605 )   Gold Fields Limited     (756,250 )   7/18/09     12.5       (22,688 )  
  (300 )   Health Net Inc.     (600,000 )   1/16/10     20.0       (27,750 )  

 

Nuveen Investments
38



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

 

Nuveen Investments
39



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

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

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

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

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

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

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

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

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

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

  (10)  The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. Subsequent to the reporting period, the Fund's Adviser directed the Fund's custodian to "write-off" any remaining recorded balances on the Fund's records.

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

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

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

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

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

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

  N/R  Not rated.

  WI/DD  Purchased on a when-issued or delayed delivery basis.

  144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  PPLUS  PreferredPlus Trust.

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

See accompanying notes to financial statements.

Nuveen Investments
40




JQC

Nuveen Multi-Strategy Income and Growth Fund 2

Portfolio of INVESTMENTS

  June 30, 2009 (Unaudited)

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

 

Nuveen Investments
41



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
42



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

 

Nuveen Investments
43



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
44



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

 

Nuveen Investments
45



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
46



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

 

Nuveen Investments
47



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
48



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

 

Nuveen Investments
49



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

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

 

Nuveen Investments
50



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

 

Nuveen Investments
51



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
52



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

 

Nuveen Investments
53



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
54



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

 

Nuveen Investments
55



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
56



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

 

Nuveen Investments
57



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
58



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

 

Nuveen Investments
59



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
60



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

 

Nuveen Investments
61



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
62



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

 

Nuveen Investments
63



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

Nuveen Investments
64



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

 

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

 

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

 

Nuveen Investments
65



JQC

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

Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

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

 

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

 

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66



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

 

Nuveen Investments
67



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

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

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

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

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

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

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

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

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

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

  (10)  The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. Subsequent to the reporting period, the Fund's Adviser directed the Fund's custodian to "write-off" any remaining recorded balances on the Fund's records.

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

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

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

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

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

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

  N/R  Not rated.

  WI/DD  Purchased on a when-issued or delayed delivery basis.

  144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  PPLUS  PreferredPlus Trust.

  SATURNS  Structured Asset Trust Unit Repackaging.

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

See accompanying notes to financial statements.

Nuveen Investments
68




Statement of

ASSETS & LIABILITIES

  June 30, 2009 (Unaudited)

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

 

See accompanying notes to financial statements.

Nuveen Investments
69



Statement of

OPERATIONS

  Six Months Ended June 30, 2009 (Unaudited)

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

 

See accompanying notes to financial statements.

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70



Statement of

CHANGES in NET ASSETS (Unaudited)

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

 

See accompanying notes to financial statements.

Nuveen Investments
71



Statement of

CASH FLOWS

  Six Months Ended June 30, 2009 (Unaudited)

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

 

See accompanying notes to financial statements.

Nuveen Investments
72




Notes to

FINANCIAL STATEMENTS (Unaudited)

1. General Information and Significant Accounting Policies

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

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

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with US generally accepted accounting principles.

Investment Valuation

Exchange-listed securities are generally valued at the last sales price on the security exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices of fixed-income securities, senior loans and derivative instruments are provided by an independent pricing service approved by the Funds' Board of Trustees. The value of options written are based on the last sale price in the case of exchange-traded options or, in the case of options traded in the OTC market, the last asked price. Futures contracts are valued using the closing settlement price or, in the absence of such a price, at the mean of the bid and asked prices. When market price quotes are not readily available, the pricing service or in the absence of a pricing service for a particular investment or derivative instrument, the Board of Trustees of the Funds, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. Short-term investments are valued at amortized cost, which approximates value.

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

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade date for senior loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains and losses from investment transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At June 30, 2009, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had outstanding when-issued/delayed delivery purchase commitments of $600,000 and $1,880,000 respectively.

Investment Income

Dividend income on securities purchased and dividend expense on securities sold short are recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also includes paydown gains and losses, if any. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received.

Nuveen Investments
73



Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Common Shareholders

Distributions to Common shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from US generally accepted accounting principles.

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

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

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

FundPreferred Shares

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

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

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

 

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

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

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

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

Short Sales

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

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

Foreign Currency Transactions

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

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

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

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

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

Futures Contracts

Each Fund is authorized to invest in futures contracts in order to gain exposure to, or hedge against changes in equity markets. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the "initial margin." Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as "Deposits with brokers for open futures contracts" on the Statement of Assets and Liabilities. Subsequent payments ("variation margin") are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for "Variation margin on futures contracts" on the Statement of Assets and Liabilities, when applicable.

During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by "marking-to-market" on a daily basis to reflect the changes in market value of the contract and is recognized as "Change in net unrealized appreciation (depreciation) of futures contracts" on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as "Net realized gain (loss) from futures contracts" on the Statement of Operations. The Funds did not invest in futures contracts during the six months ended June 30, 2009.

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

Interest Rate Swaps

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

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

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

 

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

Options Transactions

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

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

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

 

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

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearing house, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments Inc. ("Nuveen"), believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

Zero Coupon Securities

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

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

Indemnifications

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

Use of Estimates

The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

In determining the value of the Funds' investments various inputs are used. These inputs are summarized in the three broad levels listed below:

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

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of June 30, 2009:

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

 

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

 

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

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

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

 

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

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) "Disclosures about Derivative Instruments and Hedging Activities." The standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund's financial position, results of operations and cash flows, if any. The Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations. Even though the Funds' investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes. For additional information on the derivative instruments in which the Funds were invested during and at the end of the reporting period, refer to each Fund's Portfolio of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

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

Multi-Strategy Income and Growth (JPC)

        Location on the Statement of Assets and Liabilities  
Underlying   Derivative   Asset Derivatives   Liability Derivatives  
Risk Exposure   Instrument   Location   Value   Location   Value  
Equity Price   Options         $     Call options written, at value   $ 2,593,349    

 

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

Multi-Strategy Income and Growth 2 (JQC)

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

 

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2009, on derivative instruments, as well as the primary risk exposure associated with each.

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

 

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4. Fund Shares

Common Shares

Transactions in Common shares were as follows:

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

 

FundPreferred Shares

Transactions in FundPreferred shares were as follows:

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

 

5. Investment Transactions

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

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

 

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

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

 

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, recognition of premium amortization, timing differences in the recognition of income on REIT investments and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

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

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

 

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

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

 

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

    Multi-Strategy
Income and
Growth (JPC)
  Multi-Strategy
Income and
Growth 2 (JQC)
 
Undistributed net ordinary income *   $     $    
Undistributed net long-term capital gains              

 

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

The tax character of distributions paid during the Funds' last tax year ended December 31, 2008, was designated for purposes of the dividends paid deduction as follows:

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

 

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

At December 31, 2008, the Funds' last tax year end, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had unused capital loss carryforwards of $215,894,596 and $268,355,995, respectively, available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforward for both Funds will both expire on December 31, 2016.

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

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

 

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

7. Management Fees and Other Transactions with Affiliates

Each Fund's management fee is separated into two components — a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser, and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is based upon the average daily managed net assets of each Fund as follows:

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

 

The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of June 30, 2009, the complex-level fee rate was .1970%.

The complex-level fee schedule is as follows:

Complex-Level Net Asset Breakpoint Level (1)    Effective Rate at Breakpoint Level  
$55 billion     .2000 %  
$56 billion     .1996    
$57 billion     .1989    
$60 billion     .1961    
$63 billion     .1931    
$66 billion     .1900    
$71 billion     .1851    
$76 billion     .1806    
$80 billion     .1773    
$91 billion     .1691    
$125 billion     .1599    
$200 billion     .1505    
$250 billion     .1469    
$300 billion     .1445    

 

(1)  The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fee components, daily managed net assets include assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed net assets in certain circumstances.

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Notes to

FINANCIAL STATEMENTS (continued) (Unaudited)

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

The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to its Officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.

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

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

 

*  From the commencement of operations.

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

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

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

 

*  From the commencement of operations.

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

8. Senior Loan Commitments

Unfunded Commitments

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

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

Participation Commitments

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

9. Borrowing Arrangements

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

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

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

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

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

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

10. Subsequent Events

In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (SFAS No. 165) "Subsequent Events." SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date — that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Funds have performed an evaluation of subsequent events through August 27, 2009, which is the date the financial statements were issued.

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Financial

HIGHLIGHTS (Unaudited)

Selected data for a Common share outstanding throughout each period:

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

 

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

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

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

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

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

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

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

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

****  Annualized.

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

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

†  The amounts shown are based on Common share equivalents.

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

 

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

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

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

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

 

See accompanying notes to financial statements.

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Annual Investment Management
Agreement Approval Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund's board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or "interested persons" of any parties (the "Independent Board Members"), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund's board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the "May Meeting"), the Boards of Trustees (each, a "Board" and each Trustee, a "Board Member") of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management ("NAM") and each Fund and the sub-advisory agreements between NAM and Spectrum Asset Management, Inc. ("Spectrum"), NAM and Tradewinds Global Investors, LLC ("Tradewinds") and NAM and Symphony Asset Management LLC ("Symphony") (Spectrum, Tradewinds and Symphony are each a "Sub-Adviser"). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the "April Meeting"). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the applicable advisory agreements (each an "Investment Management Agreement") and sub-advisory agreements (each a "Sub-advisory Agreement," and each Investment Management Agreement and Sub-advisory Agreement, an "Advisory Agreement"), the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Advisers (NAM and the Sub-Advisers are each a "Fund Adviser"), including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Funds, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. ("Winslow Capital"), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into

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account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund's Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser's services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser's organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered the Fund Adviser's efforts, expertise and other actions taken to address matters as they arose that impacted the Funds. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM's continuous review of the Nuveen funds' investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. With respect to closed-end funds that issued auction rate preferred shares ("ARPs") or that otherwise utilize leverage, the Independent Board Members noted, in particular, NAM's efforts in refinancing the preferred shares of such funds frozen by the collapse of the auction rate market and managing leverage during a period of rapid market declines, particularly for the non-equity funds. Such efforts included negotiating and maintaining the availability

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Annual Investment Management Agreement
Approval Process (continued)

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

As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser's investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser's ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM's compliance program, including the report of the chief compliance officer regarding the Funds' compliance policies and procedures.

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

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

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Funds under the respective Investment Management Agreement or Sub-advisory Agreement, as applicable, were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board considered the investment performance of each Fund, including the Fund's historic performance as well as its performance compared to funds with similar investment objectives (the "Performance Peer Group") based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks. The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund's Performance Peer Group and recognized and/or customized benchmarks for the quarter-, one-, three- and five-year periods ending December 31, 2008 and for the same periods ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen funds managed by each particular Sub-Adviser in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. The Independent Board Members also reviewed, among other things, the returns of each sleeve of the Funds relative to the benchmark of each sleeve and the overall benchmark for each Fund for the year 2008. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In comparing a fund's performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund's investment objectives and strategies thereby hindering a meaningful comparison of the fund's performance with that of the Performance Peer Group. The Independent Board Members further considered the performance of the Funds in the context of the volatile market conditions during the past year, and their impact on various asset classes and the portfolio management of the Funds.

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

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Annual Investment Management Agreement
Approval Process (continued)

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund's gross management fees, net management fees and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the fee and expenses of a comparable universe of unaffiliated funds based on data provided by an independent fund data provider (the "Peer Universe") and in certain cases, to a more focused subset of funds in the Peer Universe (the "Peer Group").

The Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. The Independent Board Members also considered, among other things, the differences in the use and type of leverage compared to the peers. In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999).

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen's investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range

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of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

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

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen's wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

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

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Annual Investment Management Agreement
Approval Process (continued)

methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen's investment in its fund business.

Based on their review, the Independent Board Members concluded that Nuveen's level of profitability for its advisory activities was reasonable in light of the services provided. In addition, with respect to Spectrum, which is unaffiliated with Nuveen, the Independent Board Members also considered such Sub-Adviser's revenues, expenses and profitability margins (pre- and post-tax). Based on their review, the Independent Board Members were satisfied that such Sub-Adviser's level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. In this regard, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio. While economies of scale result when costs can be spread over a larger asset base, the Independent Board Members also recognized that the asset levels generally declined in 2008 due to, among other things, the market downturn. Accordingly, for funds with a reduction in assets under management, advisory fee levels may have increased as breakpoints in the fee schedule were no longer surpassed.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the

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benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen's revenue because total complex fund assets have consistently grown in prior years. As noted, however, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered revenues received by affiliates of NAM for serving as agent at Nuveen's trading desk.

In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating "commissions," NAM intends to comply with the applicable safe harbor provisions.

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

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Annual Investment Management Agreement
Approval Process (continued)

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

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreements and Sub-advisory Agreements are fair and reasonable, that the respective Fund Adviser's fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-advisory Agreements be renewed.

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Reinvest Automatically
Easily and Conveniently

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

Nuveen Closed-End Funds Dividend Reinvestment Plan

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

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

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

Easy and convenient

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

How shares are purchased

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

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Reinvest Automatically
Easily and Conveniently (continued)

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

Flexible

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

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

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

Call today to start reinvesting dividends and/or distributions

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

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Glossary of Terms
Used in this Report

•  Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

•  Collateralized Debt Obligations (CDOs): Collateralized debt obligations are a type of asset-backed security constructed from a portfolio of fixed-income assets. CDOs usually are divided into different tranches having different ratings and paying different interest rates. Losses, if any, are applied in reverse order of seniority and so junior tranches generally offer higher coupons to compensate for added default risk.

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

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

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Notes

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Other Useful Information

Board of Trustees

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

Fund Manager

Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606

Custodian

State Street Bank & Trust Company
Boston, MA

Transfer Agent and
Shareholder Services

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

Legal Counsel

Chapman and Cutler LLP
Chicago, IL

Independent Registered
Public Accounting Firm

Ernst & Young LLP
Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

CEO Certification Disclosure

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

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

Common and Preferred Share Information

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

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

 

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

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Nuveen Investments:
Serving Investors for Generations

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

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.

We offer many different investing solutions for our clients' different needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed approximately $128 billion of assets on June 30, 2009.

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

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

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

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

•  Share prices

•  Fund details

•  Daily financial news

•  Investor education

•  Interactive planning tools

ESA-F-0609D




 

ITEM 2. CODE OF ETHICS.

 

Not applicable to this filing.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable to this filing.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable to this filing.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable to this filing.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

See Portfolio of Investments in Item 1.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to this filing.

 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to this filing.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

 

 

 

 

(b)

 

(c)

 

(d)*

 

 

 

(a)

 

AVERAGE

 

TOTAL NUMBER OF SHARES

 

MAXIMUM NUMBER (OR

 

 

 

TOTAL NUMBER OF

 

PRICE

 

(OR UNITS) PURCHASED AS

 

APPROXIMATE DOLLAR VALUE) OF

 

 

 

SHARES (OR

 

PAID PER

 

PART OF PUBLICLY

 

SHARES (OR UNITS) THAT MAY YET

 

 

 

UNITS)

 

SHARE (OR

 

ANNOUNCED PLANS OR

 

BE PURCHASED UNDER THE PLANS OR

 

Period*

 

PURCHASED

 

UNIT)

 

PROGRAMS

 

PROGRAMS

 

JANUARY 1-31, 2009

 

0

 

 

 

0

 

13,975,000

 

 

 

 

 

 

 

 

 

 

 

FEBRUARY 1-28, 2009

 

0

 

 

 

0

 

13,975,000

 

 

 

 

 

 

 

 

 

 

 

MARCH 1-31, 2009

 

0

 

 

 

0

 

13,975,000

 

 

 

 

 

 

 

 

 

 

 

APRIL 1-30, 2009

 

0

 

 

 

0

 

13,975,000

 

 

 

 

 

 

 

 

 

 

 

MAY 1-31, 2009

 

0

 

 

 

0

 

13,975,000

 

 

 

 

 

 

 

 

 

 

 

JUNE 1-30, 2009

 

133,200

 

5.50

 

133,200

 

13,841,800

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

133,200

 

 

 

 

 

 

 

 


* The registrant’s repurchase program, which authorized the repurchase of 13,975,000 shares, was announced August 7, 2008.  Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.

 

ITEM 11. CONTROLS AND PROCEDURES.

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 12. EXHIBITS.

 

File the exhibits listed below as part of this Form.

 

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

 

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto.

 

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

 

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

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

 

By (Signature and Title)*

/s/ Kevin J. McCarthy

 

 

Kevin J. McCarthy

 

Vice President and Secretary

 

Date: September 8, 2009

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By (Signature and Title)*

/s/ Gifford R. Zimmerman

 

 

Gifford R. Zimmerman

 

Chief Administrative Officer

 

(principal executive officer)

 

Date: September 8, 2009

 

 

By (Signature and Title)*

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

Vice President and Controller

 

(principal financial officer)

 

Date: September 8, 2009

 


* Print the name and title of each signing officer under his or her signature.