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, 2010

 

 

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, 2010

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC



NUVEEN INVESTMENTS ANNOUNCES STRATEGIC COMBINATION WITH FAF ADVISORS

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

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

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

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




Chairman's
Letter to Shareholders

Dear Shareholder,

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

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

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

Sincerely,

Robert P. Bremner
Chairman of the Board
August 17, 2010

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Portfolio Managers' Comments

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

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

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

Spectrum, a wholly-owned subsidiary of Principal Global Investors, LLC, manages the preferred securities positions within the income-oriented portion of each Fund's portfolio. Mark Lieb and Phil Jacoby, who have more than 40 years of combined experience in the preferred securities and other debt markets, lead the team at Spectrum.

Symphony has primary responsibility for investments in convertible, high yield and senior loan securities, and for domestic and international equity investments. The team at Symphony managing the convertible, high yield and senior loan portions of each portfolio is led by Gunther Stein, the firm's Chief Investment Officer, who has more than 20 years of investment management experience. The Symphony team responsible for managing domestic and international equity investments is led by Ross Sakamoto, who has more than 20 years of investment management experience. Ross took over the domestic equity investment duties from David Wang in June 2010, and international equity investment oversight from Eric Olson in July 2010, after the end of this reporting period.

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

Here representatives from Spectrum, Symphony and Tradewinds talk about their management strategies and the performance of both Funds for the six-month period ended June 30, 2010.

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

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

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

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

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

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

In the core domestic and international equity portions of each Fund's portfolio that is managed by Symphony, we used both quantitative and qualitative methods to evaluate opportunities. The quantitative screening process served as the starting point for decision-making, with the qualitative process then providing a systematic way of researching companies from a broad perspective, as fundamental analysts actively sought catalysts that we believed would drive upside price movements. Symphony's uses a "bottom-up" approach to stock picking, seeking to maximize return per unit of risk while obeying limits on position size, industry weights, beta, and other portfolio constraints. Quantitative tools provide the risk diagnostic measurements which guide these limits and keep forecasted risk within acceptable tolerances. The overall result is an investment process which is disciplined, repeatable, and we think blends the most effective elements of both quantitative and qualitative investing.

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

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Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.

For additional information, see the individual Performance Overview for your Fund in this report.

1.  Comparative Benchmark performance is a blended return consisting of: 1) 27.5% of the Merrill Lynch Preferred Stock Hybrid Securities Index, an unmanaged index of investment-grade, exchange traded preferred issues with outstanding market values of at least $100 million and at least one year to maturity. 2) 22.5% of the Barclays Capital Tier 1 Capital Securities Index, an unmanaged index that includes securities that can generally be viewed as hybrid fixed-income securities that either receive regulatory capital treatment or a degree of "equity credit" from a rating agency. 3) 10.0% of the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. 4) 10.0% of the MSCI EAFE Index. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. 5) 10.0% of the MSCI ACWI Index. The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. 6) 6.7% of the Merrill Lynch All U.S. Convertibles Index consisting of approximately 595 securities with par values greater than $50 million that were issued by U.S. companies or non-U.S. based issuers that have a significant business presence in the U.S. 7) 6.7% of the CSFB High Yield Index, which includes approximately $515 billion of U.S.-denominated high yield debt with a minimum of $75 million in par value and at least one rating below investment-grade. 8) 6.6% of the CSFB Leverage Loan Index, which includes approximately $611 billion of U.S.-denominated Leveraged Loans at least one rating below investment-grade. Benchmark returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in this benchmark.

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

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

How did the Funds perform over the reporting period?

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

Average Annual Total Returns on Common Share Net Asset Value

For periods ended 6/30/10

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

IMPACT OF LEVERAGE ON PERFORMANCE

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

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

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

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

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

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

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

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Common Share Distribution
and Share Price Information

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

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

The Funds employ financial leverage through the use of bank borrowings. Financial leverage provides the potential for higher earnings (net investment income), total returns and distributions over time, but—as noted earlier—also increases the variability of common shareholders' net asset value per share in response to changing market conditions. During the current reporting period, each Fund's financial leverage contributed positively to common share income and common share net asset value price return.

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

Important points to understand about the managed distribution program are:

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

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

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

•  net investment income (regular interest and dividends),

•  realized capital gains, and

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

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

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

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

The following table provides estimated information regarding each Fund's common share distributions and total return performance for the six months ended June 30, 2010. The distribution information is presented on a tax basis rather than a generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Fund's returns for the specified time period were sufficient to meet each Fund's distributions.

As of 6/30/10 (Common Shares)   JPC   JQC  
Inception date     3/26/03       6/25/03    
Six months ended June 30, 2010:  
Per share distribution:  
From net investment income   $ 0.28     $ 0.29    
From realized capital gains     0.00       0.00    
Return of capital     0.06       0.06    
Total per share distribution   $ 0.34     $ 0.35    
Annualized distribution rate on NAV     8.15 %     7.93 %  
Average annual total returns:  
Six-Month (Cumulative) on NAV     1.28 %     1.77 %  
1-Year on NAV     31.94 %     34.75 %  
5-Year on NAV     -2.10 %     -1.12 %  
Since inception on NAV     1.46 %     1.54 %  

 

Common Share Repurchases and Share Price Information

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

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

 

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

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

 

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

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

 

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JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

  as of June 30, 2010

Portfolio Allocation (as a % of total investments)2

2009-2010 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

2 Excluding common stocks sold short and investments in derivatives.

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

Fund Snapshot

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

 

Average Annual Total Return

(Inception 3/26/03)

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

 

Portfolio Composition

(as a % of total investments)2

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

 

Top Five Issuers

(as a % of total investments)3

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

 

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Fund Snapshot

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

 

Average Annual Total Return

(Inception 6/25/03)

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

 

Portfolio Composition

(as a % of total investments)2

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

 

Top Five Issuers

(as a % of total investments)3

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

 

JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

  as of June 30, 2010

Portfolio Allocation (as a % of total investments)2

2009-2010 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

2 Excluding common stocks sold short and investments in derivatives.

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

Nuveen Investments
12




JPC

JQC

Shareholder MEETING REPORT

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

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

 

Nuveen Investments
13




JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

  June 30, 2010 (Unaudited)

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

 

Nuveen Investments
14



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

 

Nuveen Investments
15



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
16



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

 

Nuveen Investments
17



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
18



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

 

Nuveen Investments
19



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
20



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

 

Nuveen Investments
21



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
22



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

 

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

 

Nuveen Investments
23



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
24



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

 

Nuveen Investments
25



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
26



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

 

Nuveen Investments
27



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
28



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

 

Nuveen Investments
29



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
30



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

 

Nuveen Investments
31



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
32



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

 

Nuveen Investments
33



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
34



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

 

Nuveen Investments
35



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
36



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

 

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

 

Nuveen Investments
37



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

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

 

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

 

Nuveen Investments
38



Investments in Derivatives

Call Options Written outstanding at June 30, 2010:

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

 

Nuveen Investments
39



JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

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

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

  (3)  Investment, or portion of investment, has been pledged as collateral for call options written.

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

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

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

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

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

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

  (9)  The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

  (10)  At or subsequent to June 30, 2010, the Fund's Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records.

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

  (12)  This issue is under protection of the Federal Bankruptcy Court. As a result, the Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

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

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

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

  (16)  The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of June 30, 2010, investments with a value of $665,371,309 have been pledged as collateral for Borrowings.

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

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

  N/R  Not rated.

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

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

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  PPLUS  PreferredPlus Trust.

See accompanying notes to financial statements.

Nuveen Investments
40




JQC

Nuveen Multi–Strategy Income and Growth Fund 2

Portfolio of INVESTMENTS

  June 30, 2010 (Unaudited)

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

 

Nuveen Investments
41



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
42



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

 

Nuveen Investments
43



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
44



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

 

Nuveen Investments
45



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
46



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

 

Nuveen Investments
47



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
48



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

 

Nuveen Investments
49



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

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

 

Nuveen Investments
50



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

 

Nuveen Investments
51



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
52



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

 

Nuveen Investments
53



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
54



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

 

Nuveen Investments
55



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
56



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

 

Nuveen Investments
57



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
58



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

 

Nuveen Investments
59



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
60



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

 

Nuveen Investments
61



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

Nuveen Investments
62



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

 

Nuveen Investments
63



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

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

 

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

 

Nuveen Investments
64



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

 

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

 

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

 

Nuveen Investments
65



JQC

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

Portfolio of INVESTMENTS June 30, 2010 (Unaudited)

Investments in Derivatives

Call Options Written outstanding at June 30, 2010:

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

 

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66



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

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

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

  (3)  Investment, or portion of investment, has been pledged as collateral for call options written.

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

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

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

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

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

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

  (9)  The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

  (10)  At or subsequent to June 30, 2010, the Fund's Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records.

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

  (12)  This issue is under protection of the Federal Bankruptcy Court. As a result, the Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

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

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

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

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

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

  N/R  Not rated.

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

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

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  PPLUS  PreferredPlus Trust.

  SATURNS  Structured Asset Trust Unit Repackaging.

See accompanying notes to financial statements.

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67




Statement of

ASSETS & LIABILITIES

  June 30, 2010 (Unaudited)

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

 

See accompanying notes to financial statements.

Nuveen Investments
68



Statement of

OPERATIONS

  Six Months Ended June 30, 2010 (Unaudited)

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

 

See accompanying notes to financial statements.

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69



Statement of

CHANGES in NET ASSETS (Unaudited)

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

 

See accompanying notes to financial statements.

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70



Statement of

CASH FLOWS

  Six Months Ended June 30, 2010 (Unaudited)

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

 

See accompanying notes to financial statements.

Nuveen Investments
71




Notes to

FINANCIAL STATEMENTS (Unaudited)

1. General Information and Significant Accounting Policies

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

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

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

Investment Valuation

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

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

Like most fixed income instruments, the senior loans in which the Funds invest are not listed on an organized exchange. The secondary market of senior loans may be less liquid relative to markets for other fixed-income securities. Consequently, the value of senior loans, determined as described above, may differ significantly from the value that would have been determined had there been an active market for that senior loan. These securities are generally classified as Level 2.

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

Nuveen Investments
72



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

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

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

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade date for senior loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains and losses from investment transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At June 30, 2010, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had outstanding when-issued/delayed delivery purchase commitments of $545,198 and $793,826, respectively.

Investment Income

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

Income Taxes

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

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

Dividends and Distributions to Common Shareholders

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

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

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

return of capital for tax purposes and will reduce net asset value per share. If a Fund's total return on net asset value exceeds total distributions during a calendar year, the excess will be reflected as an increase in net asset value per share. The final determination of the source and character of all distributions for the fiscal year are made after the end of the fiscal year and are reflected in the financial statements contained in the annual report as of December 31 each year.

The actual character of distributions made by the Funds during the fiscal year ended December 31, 2009, is reflected in the accompanying financial statements.

The distributions made by the Funds during the six months ended June 30, 2010, are provisionally classified as being "From and in excess of net investment income," and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating "Undistributed (Over-distribution of) net investment income" as of June 30, 2010, the distribution amounts provisionally classified as "From and in excess of net investment income" were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2010, reflect an over-distribution of net investment income.

FundPreferred Shares

The Funds are authorized to issue Fund Preferred shares. As of December 31, 2009, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) redeemed all of their outstanding FundPreferred shares, at liquidation values of $708,000,000 and $965,000,000, respectively.

Short Sales

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

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

Foreign Currency Transactions

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

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign

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currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.

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

Interest Rate Swaps

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in interest rate swap transactions in an attempt to manage such risk. Each Fund's use of interest rate swap contracts is intended to mitigate the negative impact that an increase in short-term interest rates could have on Common share net earnings as a result of leverage. Interest rate swap contracts involve each Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment that is intended to approximate each Fund's variable rate payment obligation on FundPreferred shares or any variable rate borrowing. The payment obligation is based on the notional amount of the interest rate swap contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that each Fund is to receive. Interest rate swap positions are valued daily. Each Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on interest rate swap contracts on a daily basis, and recognizes the daily change in the market value of the Fund's contractual rights and obligations under the contracts. The net amount recorded for these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps" with the change during the fiscal period reflected on the Statement of Operations as "Change in net unrealized appreciation (depreciation) of interest rate swaps." Once periodic payments are settled in cash, the net amount is recognized as "Net realized gain (loss) from interest rate swaps" on the Statement of Operations, in addition to net realized gain or loss recorded upon the termination of interest rate swap contracts. For tax purposes, periodic payments are treated as ordinary income or expense. The Funds did not invest in interest rate swaps transactions during the six months ended June 30, 2010.

Options Transactions

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

The Funds did not purchase call or put options during the six months ended June 30, 2010. The average notional amount of call options written during the six months ended June 30, 2010, was as follows:

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

 

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

Market and Counterparty Credit Risk

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

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

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

Repurchase Agreements

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

Zero Coupon Securities

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

Custodian Fee Credit

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

Indemnifications

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

Use of Estimates

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

2. Fair Value Measurements

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

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

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

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

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The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of June 30, 2010:

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

 

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

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

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

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

 

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

Multi-Strategy Income and Growth's (JPC) and Multi-Strategy Income and Growth 2's (JQC) "Change in net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency" presented on the Statement of Operations includes $202,057 and $283,972, respectively, of net unrealized appreciation (depreciation) related to securities classified as Level 3 at period end.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which the Funds were invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Funds as of June 30, 2010, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Multi-Strategy Income and Growth (JPC)

        Location on the Statement of Assets and Liabilities  
Underlying   Derivative   Asset Derivatives   Liability Derivatives  
Risk Exposure   Instrument   Location   Value   Location   Value  
Equity Price   Options         $     Call options written, at value   $ 5,051,272    

 

Multi-Strategy Income and Growth 2 (JQC)

        Location on the Statement of Assets and Liabilities  
Underlying   Derivative   Asset Derivatives   Liability Derivatives  
Risk Exposure   Instrument   Location   Value   Location   Value  
Equity Price   Options         $     Call options written, at value   $ 8,047,005    

 

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2010, on derivative instruments, as well as the primary risk exposure associated with each.

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

 

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4. Fund Shares

Common Shares

Transactions in Common shares were as follows:

    Multi-Strategy
Income and Growth (JPC)
  Multi-Strategy
Income and Growth 2 (JQC)
 
    Six Months
Ended
6/30/10
  Year
Ended
12/31/09
  Six Months
Ended
6/30/10
  Year
Ended
12/31/09
 
Common shares repurchased and retired     (272,000 )     (1,326,650 )     (584,900 )     (1,655,075 )  
Weighted average:  
Price per Common share repurchased and retired   $ 7.41     $ 6.72     $ 7.75     $ 7.03    
Discount per Common share repurchased and retired     14.96 %     16.86 %     15.74 %     17.24 %  

 

FundPreferred Shares

Transactions in FundPreferred shares were as follows:

    Multi-Strategy
Income and Growth (JPC)
  Multi-Strategy
Income and Growth 2 (JQC)
 
    Six Months
Ended
6/30/10
  Year Ended
12/31/09
  Six Months
Ended
6/30/10
  Year Ended
12/31/09
 
    Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount  
FundPreferred shares redeemed:  
Series M   N/A   N/A     791     $ 19,775,000     N/A   N/A     663     $ 16,575,000    
Series M2   N/A   N/A               N/A   N/A     663       16,575,000    
Series T   N/A   N/A     791       19,775,000     N/A   N/A     663       16,575,000    
Series T2   N/A   N/A               N/A   N/A     663       16,575,000    
Series W   N/A   N/A     791       19,775,000     N/A   N/A     663       16,575,000    
Series W2   N/A   N/A               N/A   N/A     664       16,600,000    
Series TH   N/A   N/A     791       19,775,000     N/A   N/A     664       16,600,000    
Series TH2   N/A   N/A               N/A   N/A     663       16,575,000    
Series F   N/A   N/A     791       19,775,000     N/A   N/A     663       16,575,000    
Series F2   N/A   N/A     791       19,775,000     N/A   N/A     663       16,575,000    
    N/A   N/A     4,746     $ 118,650,000     N/A   N/A     6,632     $ 165,800,000    

 

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

5. Investment Transactions

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

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

 

Transactions in call options written during the six months ended June 30, 2010, were as follows:

    Multi-Strategy
Income and Growth (JPC)
  Multi-Strategy
Income and Growth 2 (JQC)
 
    Number of
Contracts
  Premiums
Received
  Number of
Contracts
  Premiums
Received
 
Outstanding, beginning of period     20,241     $ 3,657,228       31,006     $ 5,757,622    
Options written     29,112       7,129,348       44,501       10,824,476    
Options terminated in closing purchase transactions     (2,455 )     (406,641 )     (3,753 )     (617,462 )  
Options exercised     (14,566 )     (2,434,303 )     (22,077 )     (3,827,881 )  
Options expired     (4,163 )     (997,903 )     (6,173 )     (1,506,898 )  
Outstanding, end of period     28,169     $ 6,947,729       43,504     $ 10,629,857    

 

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, recognition of premium amortization, timing differences in the recognition of income on REIT investments and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At June 30, 2010, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

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

 

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2009, the Funds' last tax year end, were as follows:

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

 

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

The tax character of distributions paid during the Funds' last tax year ended December 31, 2009, was designated for purposes of the dividends paid deduction as follows:

    Multi-Strategy
Income and
Growth (JPC)
  Multi-Strategy
Income and
Growth 2 (JQC)
 
Distributions from net ordinary income *   $ 59,681,788     $ 90,017,592    
Distributions from net long-term capital gains              
Return of capital     2,458,931       165,530    

 

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

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

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

 

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The Funds have elected to defer net realized losses from investments incurred from November 1, 2009 through December 31, 2009, the Funds' last tax year end, ("post-October losses") in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year:

    Multi-Strategy
Income and
Growth (JPC)
  Multi-Strategy
Income and
Growth 2 (JQC)
 
Post-October capital losses   $ 4,905,484     $ 7,070,587    
Post-October currency losses     5,846       855,212    

 

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

7. Management Fees and Other Transactions with Affiliates

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

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

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

 

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

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

 

*  The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fees, daily managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed assets in certain circumstances. As of June 30, 2010, the complex-level fee rate was .1857%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the overall investment strategy and asset allocation decisions. The Adviser has entered into Sub-Advisory Agreements with Spectrum Asset Management, Inc. ("Spectrum"), Symphony Asset Management, LLC ("Symphony") and Tradewinds Global Investors, LLC ("Tradewinds"). Symphony and Tradewinds are both subsidiaries of Nuveen. Spectrum manages the portion of the Funds' investment portfolios allocated to preferred securities. Symphony manages the portion of the

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

Funds' investment portfolios allocated to debt securities and certain equity investments. Tradewinds manages the portion of the Funds' investment portfolios allocated to global equities. Each sub-adviser is compensated for its services to the Funds from the management fees paid to the Adviser. Spectrum also receives compensation on certain portfolio transactions for providing brokerage services to the Funds.

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

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

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

 

*  From the commencement of operations.

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

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

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

 

*  From the commencement of operations.

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

8. Senior Loan Commitments

Unfunded Commitments

Pursuant to the terms of certain of the senior loan agreements, each Fund may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. At June 30, 2010, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had no unfunded senior loan commitments.

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Participation Commitments

With respect to the senior loans held in each Fund's portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, a Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the Borrower. As such, a Fund not only assumes the credit risk of the Borrower, but also that of the Selling Participant or other persons interpositioned between the Fund and the Borrower. At June 30, 2010, there were no such outstanding participation commitments in either Fund.

9. Borrowing Arrangements

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

Multi-Strategy Income and Growth 2 (JQC) has entered into a $400 million prime brokerage facility with BNP. As of June 30, 2010, the Fund's outstanding balance on this facility was the entire $400 million. For the six months ended June 30, 2010, the average daily balance outstanding and average interest rate on these borrowings were $400 million and 1.31%, respectively.

In order to maintain these borrowing facilities, the Funds must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by securities held in the Funds' Portfolios of Investments. Interest is charged on these borrowings at 3-Month LIBOR (London Inter-bank Offered Rate) plus .95% on the amount borrowed and .50% on the undrawn balance.

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

10. New Accounting Standards

Fair Value Measurements

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

11. Subsequent Events

Other Matters

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

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Financial

HIGHLIGHTS (Unaudited)

Selected data for a Common share outstanding throughout each period:

       
        Investment Operations   Less Distributions  
    Beginning
Common
Share
Net Asset
Value
  Net
Investment
Income(a)
  Net
Realized/
Unrealized
Gain (Loss)
  Distributions
from Net
Investment
Income to
Fund-
Preferred
Share-
holders(b)
  Distributions
from Capital
Gains to
Fund-
Preferred
Share-
holders(b)
  Total   Net
Investment
Income to
Common
Share-
holders
  Capital
Gains to
Common
Share-
holders
  Return of
Capital to
Common
Share-
holders
  Total  
Multi-Strategy Income and Growth (JPC)      
Year Ended 12/31:  
  2010 (e)   $ 8.56     $ .25     $ (.13 )   $     $ —          .12     $ (.34 )*   $           $ (.34 )  
  2009       5.60       .54       3.03       ***           3.57       (.61 )           (.02 )     (.63 )  
  2008       12.38       .86       (6.49 )     (.15 )           (5.78 )     (.69 )           (.31 )     (1.00 )  
  2007       14.26       .97       (1.34 )     (.28 )     (.09 )     (.74 )     (.77 )     (.25 )     (.12 )     (1.14 )  
  2006       14.18       1.02       .50       (.31 )     (.03 )     1.18       (.87 )     (.08 )     (.15 )     (1.10 )  
  2005       15.32       1.13       (.74 )     (.22 )           .17       (1.15 )     (.16 )           (1.31 )  
Multi-Strategy Income and Growth 2 (JQC)      
Year Ended 12/31:  
  2010 (e)     9.00       .26       (.08 )                 .18       (.35 )*                 (.35 )  
  2009       6.04       .59       3.01       ***           3.60       (.65 )           ***     (.65 )  
  2008       12.46       .86       (6.14 )     (.14 )           (5.42 )     (.72 )           (.28 )     (1.00 )  
  2007       14.29       .97       (1.30 )     (.26 )     (.10 )     (.69 )     (.79 )     (.30 )     (.05 )     (1.14 )  
  2006       14.20       1.04       .48       (.30 )     (.03 )     1.19       (.93 )     (.09 )     (.08 )     (1.10 )  
  2005       15.18       1.12       (.70 )     (.21 )     (.01 )     .20       (1.09 )     (.09 )           (1.18 )  

 

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

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

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

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

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

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

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

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

**  Annualized.

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

****  Rounds to less than .01%.

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

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            Ratios/Supplemental Data  
                Total Returns       Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement
  Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(d)
     
    Discount
from
Common
Shares
Repurchased
and Retired
  Ending
Common
Share
Net Asset
Value
  Ending
Market
Value
  Based
on
Market
Value(c)
  Based
on
Common
Share
Net
Asset
Value(c)
  Ending Net
Assets
Applicable to
Common
Shares (000)
  Expenses†   Net
Investment
Income†
  Expenses†   Net
Investment
Income†
  Portfolio
Turnover
Rate
 
Multi-Strategy Income and Growth (JPC)  
Year Ended 12/31:  
  2010 (e)   $ ***   $ 8.34     $ 7.34       2.41 %     1.28 %   $ 815,455       1.70 %**     5.55 %**     1.54 %**     5.71 %**     26 %  
  2009       .02       8.56       7.49       81.73       67.37       839,846       1.80       7.76       1.57       7.99       50    
  2008       ***     5.60       4.60       (51.80 )     (49.27 )     556,698       2.47       8.14       2.04       8.57       36    
  2007       ***     12.38       10.93       (16.28 )     (5.71 )     1,230,342       1.53       6.54       1.05       7.03       84    
  2006       ***     14.26       14.29       29.81       8.71       1,421,951       1.49       6.80       1.00       7.28       72    
  2005             14.18       11.97       (7.63 )     1.32       1,419,946       1.50       7.25       1.03       7.72       37    
Multi-Strategy Income and Growth 2 (JQC)  
Year Ended 12/31:  
  2010 (e)     ***     8.83     $ 7.78       5.62 %     1.77 %     1,213,424       1.66 **     5.57 **     1.45 **     5.78 **     26    
  2009       .01       9.00       7.69       76.23       63.01       1,242,799       1.75       8.01       1.48       8.27       55    
  2008       ***     6.04       4.87       (49.39 )     (45.84 )     843,469       2.41       8.00       1.95       8.45       37    
  2007       ***     12.46       11.00       (14.70 )     (5.34 )     1,740,952       1.50       6.51       1.02       6.99       78    
  2006       ***     14.29       14.11       26.71       8.73       2,008,154       1.44       6.90       .96       7.37       77    
  2005             14.20       12.11       (4.40 )     1.41       2,002,079       1.46       7.25       .99       7.72       34    

 

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

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

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

            FundPreferred Shares at End of Period   Borrowings at End of Period  
    Ratios of Dividend Expense
on Securities Sold Short
to Average Net Assets Applicable
to Common Shares
  Ratios of Borrowings
Interest Expense to Average
Net Assets Applicable
to Common Shares(f)
  Aggregate
Amount
Outstanding
(000)
  Liquidation
and Market
Value
Per Share
  Asset
Coverage
Per Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $1,000
 
Multi-Strategy Income and Growth (JPC)      
Year Ended 12/31:  
  2010 (e)     %*****     0.41 %   $     $     $     $ 270,000     $ 4,020    
  2009       ****     0.45                         270,000       4,111    
  2008       0.01       0.82       118,650       25,000       142,298       145,545       5,640    
  2007       ****           708,000       25,000       64,444                
  2006                   708,000       25,000       75,210                
  2005       0.01             708,000       25,000       75,139                
Multi-Strategy Income and Growth 2 (JQC)      
Year Ended 12/31:  
  2010 (e)     *****     0.41                         400,000       4,034    
  2009       ****     0.46                         400,000       4,107    
  2008       0.01       0.83       165,800       25,000       152,182       224,200       5,502    
  2007       ****           965,000       25,000       70,102                
  2006                   965,000       25,000       77,025                
  2005       0.01             965,000       25,000       76,867                

 

See accompanying notes to financial statements.

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Annual Investment Management
Agreement Approval Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund's board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or "interested persons" of any parties (the "Independent Board Members"), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund's board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 25-26, 2010 (the "May Meeting"), the Boards of Trustees (each, a "Board," and each Trustee, a "Board Member") of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management ("NAM") and each Fund and the sub-advisory agreements between NAM and Spectrum Asset Management, Inc. ("Spectrum"), NAM and Tradewinds Global Investors, LLC ("Tradewinds") and NAM and Symphony Asset Management LLC ("Symphony") (Spectrum, Tradewinds and Symphony are each a "Sub-Adviser"). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2010 (the "April Meeting"). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the applicable advisory agreements (each, an "Investment Management Agreement") and sub-advisory agreements (each, a "Sub-advisory Agreement," and each Investment Management Agreement and Sub-advisory Agreement, an "Advisory Agreement"), the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Advisers (NAM and the Sub-Advisers are each a "Fund Adviser"), including absolute and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal

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

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser's services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser's organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen's efforts in refinancing preferred shares. In addition to the foregoing, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.

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

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Annual Investment Management Agreement
Approval Process (continued)

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

The Independent Board Members also considered NAM's oversight of the performance, business activities and compliance of the Sub-Advisers. In that regard, the Independent Board Members reviewed an evaluation of each Sub-Adviser from NAM. The evaluation also included information relating to the respective Sub-Adviser's organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Funds, developments affecting each Sub-Adviser, and an analysis of each Sub-Adviser. As described in further detail below, the Board also considered the performance of the portion of the investment portfolio for which each Sub-Adviser is responsible. In addition, the Board recognized that the Sub-advisory Agreements were essentially agreements for portfolio management services only and the Sub-Advisers were not expected to supply other significant administrative services to the Funds. As part of their oversight, the Independent Board Members also continued their program of seeking to visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members met with Tradewinds in 2009 and 2010 and Symphony in 2010. The Independent Board Members noted that NAM recommended the renewal of the Sub-advisory Agreements and considered the basis for such recommendations.

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

B. The Investment Performance of the Funds and Fund Advisers

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

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

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

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and/or Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). The Independent Board Members noted that each Fund had a net management fee and/or net expense ratio below the peer average of its respective Peer Group or Peer Universe.

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Annual Investment Management Agreement
Approval Process (continued)

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

2. Comparisons with the Fees of Other Clients

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

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

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen's wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep

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

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

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

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

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

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level

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Annual Investment Management Agreement
Approval Process (continued)

breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time to time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio.

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

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

E. Indirect Benefits

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

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

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

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such research. Spectrum also serves as its own broker for portfolio transactions for the Nuveen funds it advises and therefore may receive some indirect compensation. With respect to Symphony, the Board considered that Symphony currently does not enter into soft dollar arrangements; however, it has adopted a soft dollar policy in the event it does so in the future.

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

F. Other Considerations

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

Nuveen Investments
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Reinvest Automatically
Easily and Conveniently

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

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.

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

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

Easy and convenient

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

How shares are purchased

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

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

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.

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

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

Call today to start reinvesting distributions

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

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95



Glossary of Terms
Used in this Report

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

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

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

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

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

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Other Useful Information

Board of Trustees

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

Fund Manager

Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606

Custodian

State Street Bank & Trust Company
Boston, MA

Transfer Agent and
Shareholder Services

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

Legal Counsel

Chapman and Cutler LLP
Chicago, IL

Independent Registered
Public Accounting Firm

Ernst & Young LLP
Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

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

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

CEO Certification Disclosure

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

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

Common Share Information

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

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

 

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

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Nuveen Investments:
Serving Investors for Generations

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

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $150 billion of assets on June 30, 2010.

Find out how we can help you.

To learn more about the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

Nuveen makes things e-simple.

It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.

Free e-Reports right to your e-mail!

www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.

OR

www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.

ESA-F-0610D




 

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.

 

a) See Portfolio of Investments in Item 1.

 

b) Not applicable.

 

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, 2010

 

170,100

 

7.80

 

170,100

 

12,429,600

 

 

 

 

 

 

 

 

 

 

 

FEBRUARY 1-28, 2010

 

86,900

 

7.52

 

86,900

 

12,342,700

 

 

 

 

 

 

 

 

 

 

 

MARCH 1-31, 2010

 

4,300

 

8.17

 

4,300

 

12,338,400

 

 

 

 

 

 

 

 

 

 

 

APRIL 1-30, 2010

 

26,200

 

8.33

 

26,200

 

12,312,200

 

 

 

 

 

 

 

 

 

 

 

MAY 1-31, 2009

 

277,500

 

7.73

 

277,500

 

12,034,700

 

 

 

 

 

 

 

 

 

 

 

JUNE 1-30, 2009

 

19,900

 

7.66

 

19,900

 

12,014,800

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

584,900

 

 

 

 

 

 

 

 


* The registrant’s repurchase program, which authorized the repurchase of 13,940,000 shares, was announced October 3, 2009.  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, 2010

 

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, 2010

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

Vice President and Controller

 

(principal financial officer)

 

Date: September 8, 2010