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

Annual Report

December 31, 2009

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC

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Chairman's
Letter to Shareholders

Dear Shareholder,

The financial markets in which your Fund operates continue to reflect the larger economic crosscurrents. The illiquidity that infected global credit markets over the last year continues to recede but there is concern about the impact of a reduction in official liquidity support programs. The major institutions that are the linchpin of the international financial system have strengthened their capital structures, but many still struggle with losses in their various portfolios. Global trends include increasing trade and concern about the ability of the U.S. government to address its substantial budgetary deficits.

While the fixed-income and equity markets have recovered from the lows recorded in late 2008 and early 2009, identifying those developments that will define the future is never easy, and rarely is it more difficult than at present. A fundamental component of a successful investment program is a commitment to remain focused on long-term investment goals even during periods of heightened market uncertainty. Another component is to re-evaluate investment disciplines and tactics and to confirm their validity following periods of extreme volatility and market dislocation, such as we have recently experienced. Your Board carried out an intensive review of investment performance with these objectives in mind during April and May of 2009 as part of the annual management contract renewal process. I encourage you to read the description of this process in the Annual Investment Management Agreement Approval Process section of this report. Confirming the appropriateness of a long term investment strategy is as important for our shareholders as it is for our professional investment managers. For that reason, I again encourage you to remain in communication with your financial consultant on this subject.

In September 2009, Nuveen completed the refinancing at par of all the auction rate preferred shares (ARPS) issued by its taxable closed-end funds. On October 15, 2009, Nuveen announced the first successful offering of an issue of MuniFund Term Preferred Shares. This new form of preferred securities joins the Variable Rate Demand Preferred securities as vehicles for refinancing existing municipal fund ARPS. By the beginning of December 2009, six of the leveraged municipal closed-end funds had redeemed all of their outstanding ARPS. Nuveen remains committed to resolving the issues connected with outstanding auction rate preferred shares. Please consult the Nuveen web site for the most recent information on this issue and all recent developments on your Nuveen Funds 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 and Lead Independent Director
February 22, 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, Symphony Asset Management, LLC, and Tradewinds Global Investors, LLC. Symphony and Tradewinds are affiliates of Nuveen Investments.

Spectrum, an affiliate of Principal Global Investors, LLC, manages preferred securities positions within the income-oriented portion of each Fund's portfolio. Mark Lieb, Bernie Sussman and Phil Jacoby, who have more than 50 years of combined experience in the preferred securities and other debt markets, led the team at Spectrum during the year. Bernie retired as of December 31, 2009.

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

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

Here representatives from Spectrum, Symphony and Tradewinds talk about general economic and market conditions, their management strategies and the performance of both Funds for the twelve-month period ended December 31, 2009.

What were the general market conditions for the twelve-month period ending December 31, 2009?

The general market conditions during the past twelve months were among the most fluctuating and challenging on record. The financial crisis that began to accelerate in the last half of 2008 was in full force by the first quarter of 2009. For the first time since the 1930s, the United States, United Kingdom, Germany and Japan experienced recessions simultaneously.

In response, the U.S. government enacted a $787 billion economic stimulus plan early in 2009, and provided additional funds for large financial institutions under the Troubled

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Asset Relief Program (TARP) started in 2008. The Federal Reserve maintained a fed funds target range of zero to 0.25%, its lowest level in history. In addition, the Fed announced in March that it would buy $300 billion in long-term U.S. Treasury securities in an effort to support private credit markets and up to an additional $750 billion (for a total of $1.25 trillion) in agency mortgage-backed securities to bolster the housing market. The government also took steps to prevent the collapse of the American auto industry.

By the second quarter of 2009, some positive signals began to emerge. Most major banks were deemed to be adequately capitalized sufficient to withstand a deeper downturn. Domestic equity markets, as measured by the Standard & Poor's (S&P) 500 Stock Index, rocketed up from the lows experienced in March. Bond investors grew more willing to purchase municipal and corporate credit, causing the prices of oversold credit to be bid up and the prices of overbought U.S. Treasury securities to be bid down.

For the full year, the S&P 500 Index posted a return of 26.46% with most major bond indexes also showing positive performance. However, the unemployment rate at year end was over 10% and the general credit markets were still constricted, suggesting that the road to recovery would not be quick or easy.

In this generally stressful environment, the performance of preferred securities split into two distinct periods. The first quarter of 2009 was the worst on record, with the Merrill Lynch U.S. Preferred Stock Fixed Rate Index down 23%. This marked the fourth straight quarterly decline in preferred securities prices (also a record).

However, in early March, the CEOs of Citigroup, Bank of America and JPMorgan all proclaimed that their banks were making money. These statements, at a time when some financial equities were down as much as 80% from their pre-crisis highs, helped provide a bounce that prevailed over market fear and sparked a credit rally. For the full year, the Merrill Lynch U.S. Preferred Stock Fixed Rate Index closed up more than 20%.

This bounce benefited from two very powerful federal programs: 1) the U.S. Treasury's Capital Assistance Program and 2) the Public Private Investment Partnership. Both were designed to pump additional liquidity into the system and help thaw markets that essentially had been frozen. Additionally, the outcome of stress tests for systemically important banks in May reassured markets that further government capital assistance would probably be unnecessary or very limited. By mid-year, the private capital markets were sources of funding for financial entities seeking to raise fresh equity or repay some government assistance. By the end of December, Bank of America, Citigroup and Wells Fargo all had repaid their TARP funds through combinations of equity issuance and internal liquidity.

From a global perspective, central banks continued to pursue monetary policies aimed at providing liquidity to markets. Equity markets in the emerging markets and United States rallied on the prospects of continued growth in emerging economies and a re-emergence of growth in the United States. Commodities and commodity stocks rebounded significantly from their lows of earlier this year.

The senior loan market rallied in 2009, driven primarily by supply constraints. New issuance for the year was approximately $56 billion, compared to $282.9 billion on average for the previous four years (2005 through 2008). Incremental demand for senior

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loans was positive, even though fundamentals generally were negative. On the high yield side, new issuance was $132.8 billion, but strong demand kept a firm tone to the market. Defaults rose during the period, and leverage increased across most industries. However, default rates proved to be lower than originally expected, and corporate results generally were stronger than initially anticipated.

Convertibles securities benefited from the rally in both the credit and equities markets, and yield spreads between investment grade and lower grade issues tightening rapidly. Additionally, convertibles benefited from the increased leverage available to convertible arbitrage managers because the market loosened considerably after a complete seizure in late 2008 and early 2009.

Internationally, many central banks continued to pursue monetary policies aimed at providing liquidity to the markets. Equities rallied in most countries over the last nine months of 2009, with many markets reporting composite returns of more than 15% for the year. Many of the riskier parts of the markets, including financial stocks, performed well.

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

During the first quarter of 2009, the Funds were under pressure to sell some securities into a weak market in order to raise capital to help redeem a portion of their outstanding auction rate preferred shares. Within the preferred securities portion of both Funds' portfolios, our strategy was to sell issues that we believed would be under continued credit pressure or were relatively overvalued. In practice, this often meant we looked to sell higher priced issues that we believed would have less upside potential in a market recovery.

In order to maintain their structural leverage ratios at desired levels, each Fund replaced its redeemed auction rate preferred shares with bank borrowings.

The institutional preferred securities market (i.e., $1000 par issues traded over the counter) was extremely illiquid from January until April. Consequently, rather than pressure a market that was thinly traded and, in our view, grossly undervalued, we chose to sell retail-oriented, exchange-listed $25 par issues, which remained relatively liquid throughout the period.

When purchasing preferred securities, we focused on assessing the structural elements of an issue, looking for elements that we believed would reduce income risk and improve the likelihood of being paid under stressful conditions. We also invested in some seasoned Eurodollar issues where we expected the securities to be well supported and where valuations were particularly cheap. In addition, we added some REIT debt and utility preferreds to maintain adequate diversity in this portion of the portfolios.

Over the course of the last several years, the preferred market has changed from an investment grade rated market, with more than 75% of all issues rated single A or higher, to a market where over 40% of all issues are rated below-investment grade. In addition, issuer concentration has increased even further, with the largest five issuers now representing 40% of the market value of the Merrill Lynch U.S. Preferred Stock Fixed Rate

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Index. In response to these changing conditions, the Funds' Board of Trustees adopted some changes in investment policies and procedures during the course of this reporting period. Previously, all of the Funds' investments in preferred securities had to be rated investment grade at the time of purchase. The new guidelines allow each Fund to have 20% of its net assets in preferred securities rated below investment grade when purchased. However, neither Fund may purchase issues rated Caa1/CCC+ or lower, and if a portfolio holding is downgraded to that rating or below, the manager is required to sell the security as soon as practicable.

Addressing the increase in issuer concentration within the preferred securities markets, the new guidelines allow for a slightly greater concentration of higher rated securities from the same preferred issuer within a portfolio, which allows managers more flexibility given the current market conditions.

For the Funds' convertible bond, high yield and senior loan investments managed by Symphony, we maintained an overweight exposure to the senior loan market early in the reporting period. We believed that senior loans represented a catalyst-driven return opportunity with high risk-adjusted return potential when compared with both high yield bonds and convertible securities. As senior loans rallied ahead of high yield and convertibles, which both performed in-line with our expectations, we began to rotate out of senior loans and into both convertibles and high yields. We sought to capture the relative value of these two asset classes as the market rally continued to push equities higher and tightened the yield spreads between higher and lower rated fixed-income securities.

In the core domestic and international equity portions of both Funds' portfolios that are managed by Symphony, we used both quantitative and qualitative methods to evaluate opportunities. The quantitative screening process served as the starting point for the decision-making process, with the qualitative process then providing a systematic way of researching companies from a broad perspective, as fundamental analysts actively sought catalysts that we believed would drive upside price movements. Symphony 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 the Funds' portfolios 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 2009, we found that the best value opportunities were in the securities of those businesses that were the most leveraged to the growth of the global economy and that had been overly-punished in 2008. We continued to like the materials and energy sectors, which benefit from increased global demand, while we remained significantly underweight in the financials sector. During the period we decreased our exposure in fixed income, maintained both our long and short equity exposures, and continued to write

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

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

¹  Comparative benchmark performance is a blended return consisting of:

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

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

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

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

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

6) 6.7% of the Merrill Lynch All U.S. Convertibles Index consisting of approximately 575 securities with par 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 $375 billion of $U.S.-denominated high yield debt with a minimum of $75 million in par value and at least one rating below investment-grade.

8) 6.6% of the CSFB Leverage Loan Index, which includes approximately $765 billion of $U.S.-denominated Leveraged Loans at least one rating below investment-grade. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index.

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.

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 Return on Common Share Net Asset Value

For periods ended 12/31/09

				1-Year				5-Year
JPC					67.37	%			-2.49	%
JQC					63.01	%			-1.62	%
Comparative Benchmark1					34.02	%			2.14	%
Barclays Capital U.S. Aggregate Bond Index2					5.93	%			4.97	%

 

For the twelve-month period ended December 31, 2009, the total return on common share net asset value for both Funds outperformed the comparative benchmark and general market index. The generally favorable market conditions during the last three quarters of 2009, augmented by the Fund's leveraged capital structure, provided the primary catalyst for the Funds' strong performance.

In the preferred securities portions of both Funds, we made some purchases and sales between various $25 par series and from $25 par to $1000 par capital securities of the same issuer in order to pick up income and reduce risk among the Funds' investment grade holdings. We also purchased non-financial and higher quality financial names that we believed were undervalued more due to liquidity risk factors rather than credit concerns in both the secondary and IPO markets.

We reduced the Funds' exposure to ING, Delphi Financial and Developers Diversified Realty in order to rebalance overall credit exposure. We eliminated exposure in Royal Bank of Scotland, SwedBank and KBC Bank out of concern that the companies might pass on paying the dividends of the securities we held.

Overall, we stayed highly focused on credit developments and sought securities with attractive structural nuances that we believed would add value over time. For example, we negotiated privately with Lloyds Bank to exchange their non-cumulative preference shares for cumulative upper tier 2 preference shares. We believed this would increase Fund income, help protect that income and increase the valuation of the holdings.

During the second half of the period, increased trading and tender activity improved the pricing for many preferred securities in the banking sector. This helped offset ratings changes on certain issues by Moody's, Standard & Poor's and Fitch that constrained us from doing relative value switches among below investment grade securities.

The core domestic equities portion of the Funds managed by Symphony was adversely affected by the relative outperformance of low-price, low-cap, and low-quality names in the Russell 1000 Index—the largest such outperformance in over 20 years. For the year, the smallest quartile by market cap outperformed the largest by 30%, sub-$5 shares outperformed over-$10 shares by 100%, and the highest beta quartile outperformed the

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lowest by 43%. In particular during the second and third quarters, smaller cap and lower quality stocks that do not pass Symphony's screening process outperformed. Fortunately, we saw a reversal of this trend during the fourth quarter.

In the international equities portion of the portfolios managed by Symphony, the Funds benefited from a moderation of the outperformance of smaller, higher risk companies later in the year as investors appear to be refocusing on company specific fundamentals. Exposure to emerging markets and Canada continued to have a positive impact on performance, as did carrying an underweight exposure to Japanese stocks. Performance was negatively impacted by an underweight exposure to the United Kingdom and exposure to financial companies. Overall, correlations across equity markets appear to be coming down from abnormally high levels, indicating a return to an environment where company specific fundamentals carry more weight in determining stock returns—an environment that we believe should benefit Symphony's bottom-up investment process.

Within the fixed-income sleeves of both portfolios that were managed by Symphony, the overweight exposure to senior loans early in the period benefited performance overall, as the senior loan market outperformed high yield and convertibles in the first quarter of 2009. Among senior loans, the higher-beta names like Tribune Company drove most of the performance. Higher beta names such as Nortel added to performance within the convertible securities markets. Both Tribune Company and Nortel benefited from improving credit markets, which enhanced the valuation of each Firm's assets. Conversely, performance was constrained by our better-quality holdings, many of which are critical to maintaining an acceptable risk profile within the Funds' convertible securities positions.

In the global equity sleeve of the Funds managed by Tradewinds, the top long equity performer was a position in NovaGold Resources Incorporated. In early January 2009, the Funds participated in a private placement of NovaGold Resources Incorporated units, which consisted of both equity shares and warrants to purchase additional equity shares. NovaGold, which focuses on gold exploration, development, and mining, benefited as the price of gold reached over $1,200 per ounce during the year. The company's common equity share price appreciated more than 300% during the period.

Another significant contributor to performance was Lucent Technologies Capital Trust I, now Alcatel-Lucent. This company's product offerings enable its clients to deliver voice, data and video communication services to end users. Lucent Technologies' convertible preferred position appreciated due to management's guidance that Alcatel-Lucent would be at break-even on an adjusted operating basis by the end of 2009 as cost-cutting measures were on track and sales stabilized.

The worst detractor from the performance of the Tradewinds managed portions of the Funds was Nippon Telegraph & Telephone (NTT). NTT, Japan's largest telecom company, underperformed as operating profits declined 13% for its first fiscal half ended September 2009. A 5% decline in NTT's mobile division, DoCoMo, was mostly to blame, coupled with concerns about the upcoming revision of the NTT Law (Japanese government owns roughly one-third of NTT and regulates the company through the NTT Law). We remain optimistic on NTT and expect over the medium-term that capital

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investment (mainly in the form of a next-generation network upgrade) will diminish, the FTTH (fiber-to-the-home) business will turn profitable, and costs will decline from employee attrition. Moreover, management is anticipating the upcoming revision of the NTT Law will allow greater freedom to price its new services.

Although the positions were sold in early February 2009, Apex Silver Mines Limited also detracted from performance in both Funds for the period. Apex is a base metal mining company engaged in the exploration and development of silver and other mineral properties in Latin America. The company's underperformance leading up to its sale was due to several issues: zinc prices declined as a result of increased global supply, the company's production ramp-up was slower than expected due to water salinity problems, and the Bolivian government's threat to nationalize the nation's oil and gas reserves exacerbated the company's woes. In January 2009, Apex Silver filed for Chapter 11 bankruptcy.

The short equity positions managed by Tradewinds within both Funds detracted slightly from performance for the period. Among these positions, C.R. Bard, Inc. contributed most to absolute performance although its gains were more than offset by positions in AutoZone Incorporated.

The covered call writing strategy managed by Tradewinds also detracted from the Funds' performance as stock prices rallied in excess of the option strike prices, which limited the upside potential of the underlying holdings. However, given the uncertainty in the future direction of the global markets and the large market rebound, we continued to utilize this strategy throughout the period.

IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES 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. 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 volatility. 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 bond prices generally are rising.

Leverage made a significant positive contribution to these Funds' returns during 2009.

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RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURES

Shortly after their inceptions, both Funds issued auction rate preferred shares (FundPreferred) to create financial leverage. As noted in the last several shareholder reports, the auction rate preferred shares issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more auction rate preferred shares have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. This means that these auctions have "failed to clear," and that many, or all, of the auction rate preferred shareholders who wanted to sell their shares in these auctions were unable to do so. This decline in liquidity in auction rate preferred shares did not lower the credit quality of these shares, and auction rate preferred shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions, as calculated in accordance with the pre-established terms of the auction rate preferred shares.

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

Beginning in the summer of 2008, the Funds announced their intention to redeem most or all of their auction rate preferred shares and retain their leveraged structure primarily through the use of bank borrowings. Leveraging using borrowings offers common shareholders most benefits and risks as leveraging with auction rate preferred shares.

As of December 31, 2009, these Funds had redeemed all of their outstanding auction rate preferred shares. For additional information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.

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Common Share Distribution
and Share Price Information

The following information regarding your Fund's distributions is current as of December 31, 2009, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

Over the course of 2009, each Fund reduced its quarterly distribution to common shareholders during March and June and subsequently increased its quarterly distribution during September and again in December. Some of the important factors affecting the amount and composition of these distributions are summarized below.

During the twelve-month period, each Fund employed financial leverage through the use of FundPreferred shares and/or bank borrowings. As of December 31, 2009, the Funds had redeemed all of their outstanding FundPreferred shares. 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).

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•  A non-taxable distribution is a payment of a portion of a Fund's capital. When a Fund's returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when a Fund's 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 information regarding each Fund's common share distributions and total return performance for the fiscal year ended December 31, 2009. 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 12/31/09 (Common Shares)				JPC				JQC
Inception date					3/26/03				6/25/03
Calendar year ended December 31, 2009:
Per share distribution:
From net investment income				$	0.61			$	0.65
From long-term capital gains					0.00				0.00
From short-term capital gains					0.00				0.00
Tax return of capital					0.02				0.00	*
Total per share distribution				$	0.63			$	0.65
Distribution rate on NAV					7.36	%			7.22	%
Average annual total returns:
1-Year on NAV					67.37	%			63.01	%
5-Year on NAV					-2.49	%			-1.62	%
Since inception on NAV					1.38	%			1.39	%

 

*  Rounds to less than $0.01 per share.

Common Share Repurchases and Share Price Information

As of December 31, 2009, the aggregate amount of common shares repurchased by the Funds are shown in the accompanying table.

Fund				Common Shares Repurchased				% of Outstanding Common Shares
JPC					1,637,750				1.7	%
JQC					2,419,575				1.8	%

 

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During the twelve-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 Share Repurchased				Weighted Average Discount Per Share Repurchased
JPC					1,326,650			$	6.72				16.86	%
JQC					1,655,075			$	7.03				17.24	%

 

As of December 31, 2009, the Funds' common shares were trading at discounts to their common share NAVs as shown in the accompanying table.

Fund				12/31/09 Discount				Twelve-Month Average Discount
JPC					-12.50	%			-18.86	%
JQC					-14.56	%			-19.22	%

 

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JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

  as of December 31, 2009

Portfolio Allocation (as a % of total investments)²

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

2 Excluding common stocks sold short and call options written.

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

Fund Snapshot

Common Share Price				$	7.49
Common Share Net Asset Value				$	8.56
Premium/(Discount) to NAV					-12.50	%
Current Distribution Rate1					9.08	%
Net Assets Applicable to Common Shares ($000)				$	839,846

 

Average Annual Total Return

(Inception 3/26/03)

				On Share Price				On NAV
1-Year					81.73	%			67.37	%
5-Year					-2.56	%			-2.49	%
Since Inception					-0.27	%			1.38	%

 

Industries

(as a % of total investments)²

Commercial Banks					16.1	%
Insurance					12.4	%
Real Estate					8.7	%
Media					6.0	%
Oil, Gas & Consumable Fuels					4.6	%
Metals & Mining					4.3	%
Capital Markets					3.6	%
Diversified Financial Services					3.0	%
Diversified Telecommunication Services					2.7	%
Health Care Providers & Services					2.5	%
Pharmaceuticals					2.0	%
Food Products					2.0	%
Hotels, Restaurants & Leisure					1.6	%
Energy Equipment & Services					1.5	%
Electric Utilities					1.5	%
Semiconductors & Equipment					1.4	%
Multi-Utilities					1.3	%
IT Services					1.3	%
Chemicals					1.3	%
Specialty Retail					1.2	%
Health Care Equipment & Supplies					1.2	%
Short-Term Investments					1.2	%
Investment Companies					1.0	%
Other					17.6	%

 

Top Five Issuers

(as a % of total investments)³

Union Planters Corporation					2.0	%
Delphi Financial Group, Inc.					1.9	%
Deutche Bank AG					1.8	%
Wachovia Corporation					1.8	%
Barclays Public Limited Corporation					1.5	%

 

Nuveen Investments
13

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Fund Snapshot

Common Share Price				$	7.69
Common Share Net Asset Value				$	9.00
Premium/(Discount) to NAV					-14.56	%
Current Distribution Rate1					9.10	%
Net Assets Applicable to Common Shares ($000)				$	1,242,799

 

Average Annual Total Return

(Inception 6/25/03)

				On Share Price				On NAV
1-Year					76.23	%			63.01	%
5-Year					-1.62	%			-1.62	%
Since Inception					-0.64	%			1.39	%

 

Industries

(as a % of total investments)²

Commercial Banks					14.7	%
Insurance					13.3	%
Real Estate					8.6	%
Media					6.1	%
Oil, Gas & Consumable Fuels					4.8	%
Metals & Mining					4.3	%
Capital Markets					4.0	%
Diversified Telecommunication Services					3.2	%
Diversified Financial Services					2.4	%
Health Care Providers & Services					2.2	%
Electric Utilities					2.1	%
Pharmaceuticals					2.0	%
Food Products					1.9	%
Energy Equipment & Services					1.5	%
Hotels, Restaurants & Leisure					1.5	%
Investment Companies					1.4	%
Semiconductors & Equipment					1.4	%
Specialty Retail					1.3	%
Chemicals					1.2	%
IT Services					1.2	%
Short-Term Investments					1.7	%
Other					19.2	%

 

Top Five Issuers

(as a % of total investments)³

AgFirst Farm Credit Bank					1.8	%
Wachovia Corporation					1.7	%
Comcast Corporation					1.6	%
HRPT Properties Trust					1.3	%
PartnerRe Limited					1.3	%

 

JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

  as of December 31, 2009

Portfolio Allocation (as a % of total investments)²

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

2 Excluding common stocks sold short and call options written.

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

Nuveen Investments
14

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Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders
Nuveen Multi-Strategy Income and Growth Fund
Nuveen Multi-Strategy Income and Growth Fund 2

We have audited the accompanying statement of assets and liabilities, including the portfolios of investments, of Nuveen Multi-Strategy Income and Growth Fund and Nuveen Multi-Strategy Income and Growth Fund 2 (the "Funds") as of December 31, 2009, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the custodian, selling or agent banks and brokers or by other appropriate auditing procedures where replies from selling or agent banks or brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Multi-Strategy Income and Growth Fund and Nuveen Multi-Strategy Income and Growth Fund 2 at December 31, 2009, the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended in conformity with US generally accepted accounting principles.

Chicago, Illinois
February 24, 2010

Nuveen Investments
15

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JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

  December 31, 2009

Shares				Description (1)				Value
				Common Stocks – 35.9% (27.2% of Total Investments)
				Aerospace & Defense – 0.3%
	1,350			Alliant Techsystems Inc., (2)				$	119,165
	2,450			Esterline Technologies Corporation, (2)					99,887
	5,725			GeoEye, Inc., (2)					159,613
	17,665			Raytheon Company					910,101
	23,400			Thales S.A., (18)					1,202,650
				Total Aerospace & Defense					2,491,416
				Air Freight & Logistics – 0.4%
	8,680			FedEx Corporation					724,346
	273,132			Toll Holdings Limited, (18)					2,132,884
	8,650			United Parcel Service, Inc., Class B					496,251
				Total Air Freight & Logistics					3,353,481
				Auto Components – 0.0%
	1,753			Magna International Inc., Class A					88,667
				Automobiles – 0.5%
	63,589			Honda Motor Company Limited					2,123,389
	25,580			Toyota Motor Corporation					1,065,662
	8,887			Toyota Motor Corporation, Sponsored ADR					747,930
				Total Automobiles					3,936,981
				Beverages – 1.0%
	1,240			Boston Beer Company, (2)					57,784
	220,983			Coca-Cola Amatil Limited, (18)					2,278,453
	18,170			Coca-Cola Femsa SAB de CV					1,194,132
	20,150			Coca-Cola Company					1,148,550
	21,345			Coca-Cola Enterprises Inc.					452,514
	17,012			Diageo PLC, Sponsored ADR					1,180,803
	8,485			Dr. Pepper Snapple Group					240,126
	30,584			Heineken N.V., (18)					1,451,931
	7,100			Molson Coors Brewing Company, Class B					320,636
				Total Beverages					8,324,929
				Biotechnology – 0.3%
	5,515			Alnylam Pharmaceuticals, Inc., (2)					97,174
	10,960			Amgen Inc., (2)					620,007
	4,360			Biogen Idec Inc., (2)					233,260
	6,600			BioMarin Pharmaceutical Inc., (2)					124,146
	2,620			Celgene Corporation, (2)					145,882
	22,670			Gilead Sciences, Inc., (2)					981,158
	10,885			ISIS Pharmaceuticals, Inc., (2)					120,824
	4,079			Medivation, Inc., (2)					153,574
				Total Biotechnology					2,476,025
				Building Products – 0.2%
	6,780			Apogee Enterprises, Inc.					94,920
	5,990			Masco Corporation					82,722
	36,123			Masonite Worldwide Holdings, (2)					1,390,736
				Total Building Products					1,568,378

 

Nuveen Investments
16

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Shares				Description (1)				Value
				Capital Markets – 0.9%
	1,160			Affiliated Managers Group Inc., (2)				$	78,126
	3,500			Ameriprise Financial, Inc.					135,870
	26,665			Credit Suisse Group					1,319,782
	22,679			Deutsche Bank AG					1,606,717
	315,300			Endeavor Financial Corporation, Corporate Shares S, 144A, (2)					533,615
	5,915			Goldman Sachs Group, Inc.					998,689
	11,805			Invesco LTD					277,299
	3,250			Lazard Limited					123,403
	15,725			Legg Mason, Inc.					474,266
	2,360			Piper Jaffray Companies, (2)					119,440
	3,520			Stifel Financial Corporation, (2)					208,525
	3,470			T. Rowe Price Group Inc.					184,778
	113,041			UBS AG, (2), (3)					1,753,266
				Total Capital Markets					7,813,776
				Chemicals – 0.8%
	9,190			Celanese Corporation, Series A					294,999
	3,980			Eastman Chemical Company					239,755
	2,390			Lubrizol Corporation					174,351
	2,460			Minerals Technologies Inc.					133,996
	19,724			Mosaic Company					1,178,115
	82,409			Nissan Chemical Industries Limited					1,168,866
	2,420			Scotts Miracle Gro Company					95,130
	13,350			Solutia Inc., (2)					169,545
	82,687			Umicore, (18)					2,758,325
	3,750			Westlake Chemical Corporation					93,488
				Total Chemicals					6,306,570
				Commercial Banks – 2.3%
	28,939			Banco Itau Holdings Financeira, S.A.					660,967
	139,625			Banco Santander Central Hispano S.A.					2,311,841
	208,000			Bangkok Bank Public Company Limited, Foreign Shares					726,815
	23,404			Bank of Nova Scotia					1,101,444
	10,780			BB&T Corporation					273,489
	9,255			Commerce Bancshares Inc.					358,354
	7,385			Community Bank System Inc.					142,604
	76,180			Credit Agricole S.A., (18)					1,336,949
	199,562			DnB NOR ASA, (2)					2,162,858
	5,500			First Financial Bancorp.					80,080
	3,095			Hancock Holding Company					135,530
	19,004			ICICI Bank Limited, ADR					716,641
	1,850,000			Krung Thai Bank Public Company Limited, Foreign Shares					546,566
	262,942			Mitsubishi UFJ Financial Group, Inc.					1,276,102
	106,425			Nordic Baltic Holdings FDR					1,084,383
	19,765			Royal Bank of Canada					1,065,876
	108,773			Standard Chartered PLC, (18)					2,746,075
	11,373			Sumitomo Trust & Banking Company, ADR, (18)					56,069
	3,400			SunTrust Banks, Inc.					68,986
	2,040			SVB Financial Group, (2)					85,048
	77,330			Svenska Handelbanken AB, A Shares					2,207,066
	4,090			UMB Financial Corporation					160,942
	6,040			Wells Fargo & Company					163,020
				Total Commercial Banks					19,467,705
				Commercial Services & Supplies – 0.3%
	13,385			Corrections Corporation of America, (2)					328,602
	11,340			EnergySolutions Inc.					96,277
	10,591			Republic Services, Inc.					299,831
	8,167			Stericycle Inc., (2)					450,573

 

Nuveen Investments
17

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Commercial Services & Supplies (continued)
	139,300			Toppan Printing Company Limited				$	1,123,254
	4,260			Waste Management, Inc.					144,031
				Total Commercial Services & Supplies					2,442,568
				Communications Equipment – 0.4%
	18,340			CommScope Inc., (2)					486,560
	2,130			Comtech Telecom Corporation, (2)					74,657
	7,985			Interdigital Inc., (2)					211,922
	5,690			Plantronics Inc.					147,826
	17,496			QUALCOMM, Inc.					809,365
	208,481			ZTE Corporation, (18)					1,287,122
				Total Communications Equipment					3,017,452
				Computers & Peripherals – 0.8%
	12,471			Apple, Inc., (2)					2,629,635
	9,886			Hewlett-Packard Company					509,228
	13,305			International Business Machines Corporation (IBM)					1,741,625
	4,380			Network Appliance Inc., (2)					150,628
	24,885			Seagate Technology					452,658
	28,475			Western Digital Corporation, (2)					1,257,171
				Total Computers & Peripherals					6,740,945
				Construction & Engineering – 0.2%
	50,897			JGC Corporation					932,306
	14,000			Royal Boskalis Westminster NV, (18)					538,960
	2,622			Shaw Group Inc., (2)					75,383
				Total Construction & Engineering					1,546,649
				Consumer Finance – 0.1%
	12,980			American Express Company					525,950
	7,030			Capital One Financial Corporation					269,530
				Total Consumer Finance					795,480
				Containers & Packaging – 0.0%
	5,430			Packaging Corp. of America					124,944
	3,820			Rock-Tenn Company					192,566
				Total Containers & Packaging					317,510
				Diversified Financial Services – 0.4%
	59,730			Bank of America Corporation					899,534
	560			CME Group, Inc.					188,132
	40,000			JPMorgan Chase & Co.					1,666,800
	8,534			PHH Corporation, (2)					137,483
				Total Diversified Financial Services					2,891,949
				Diversified Telecommunication Services – 1.3%
	5,570			Cbeyond Inc., (2)					87,728
	4,040			CenturyTel, Inc.					146,288
	93,000			Deutsche Telekom AG, ADR, (3)					1,367,100
	37,500			KT Corporation, Sponsored ADR					630,750
	247,122			Nippon Telegraph and Telephone Corporation, (3)					4,878,188
	2,295,000			Telecom Italia S.p.A.					2,543,168
	13,968			Telefonica SA					1,166,607
	4,788			Telus Corporation					149,146
	3,940			Verizon Communications Inc.					130,532
				Total Diversified Telecommunication Services					11,099,507

 

Nuveen Investments
18

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Shares				Description (1)				Value
				Electric Utilities – 1.4%
	139,684			Centrais Electricas Brasileiras S.A., PFD B ADR, (2)				$	2,612,091
	10,170			E.ON A.G.					426,150
	27,450			E.ON A.G., ADR, (18)					1,146,038
	14,800			Electricite de France S.A, (18)					879,613
	17,051			Exelon Corporation					833,282
	10,175			FPL Group, Inc.					537,444
	4,950			Great Plains Energy Incorporated					95,981
	275,862			Korea Electric Power Corporation, Sponsored ADR, (2), (3)					4,011,033
	12,980			Progress Energy, Inc.					532,310
	8,660			Southern Company					288,551
				Total Electric Utilities					11,362,493
				Electrical Equipment – 0.3%
	51,392			ABB Limited, ADR, (2)					981,587
	67,689			ABB Limited, (2)					1,304,769
	14,225			GrafTech International Ltd., (2)					221,199
	4,570			Harbin Electric, Inc., (2)					93,868
				Total Electrical Equipment					2,601,423
				Electronic Equipment & Instruments – 1.0%
	38,600			Corning Incorporated					745,366
	41,201			Hoya Corporation					1,088,253
	5,685			Ingram Micro, Inc., Class A, (2)					99,203
	4,112			Multi Fineline Electronix, Inc., (2)					116,657
	25,613			Nidec Corporation					2,348,580
	194,336			Nippon Electric Glass Company Limited					2,652,076
	34,659			Tech Data Corporation, (2), (3)					1,617,189
				Total Electronic Equipment & Instruments					8,667,324
				Energy Equipment & Services – 0.8%
	126,281			AMEC PLC, (18)					1,608,884
	191,165			BJ Services Company, (3)					3,555,669
	9,565			Cooper Cameron Corporation, (2)					399,817
	8,455			FMC Technologies Inc., (2)					489,037
	20,475			Halliburton Company					616,093
	11,005			Pride International Inc., (2)					351,170
				Total Energy Equipment & Services					7,020,670
				Food & Staples Retailing – 1.2%
	17,558			Casino Guichard-Perrachon S.A, (18)					1,564,332
	19,310			Companhia Brasileira de Distribuicao Grupo Pao de Acucar					1,450,567
	193,960			Jeronimo Martins SGPS, (18)					1,939,776
	83,645			Koninklijke Ahold N.V., (18)					1,108,187
	8,535			Kroger Co.					175,224
	703			Seven & I Holdings, (18)					29,104
	67,427			Wal-Mart Stores, Inc., (3)					3,603,973
				Total Food & Staples Retailing					9,871,163
				Food Products – 1.6%
	6,440			Archer-Daniels-Midland Company					201,636
	17,380			Campbell Soup Company					587,444
	6,660			General Mills, Inc.					471,595
	6,990			H.J. Heinz Company					298,892
	12,335			Hershey Foods Corporation					441,470
	9,760			Kellogg Company					519,232
	12,526			Nestle S.A.					607,864
	238,160			Smithfield Foods, Inc., (2), (3)					3,617,650
	364,749			Tyson Foods, Inc., Class A, (3)					4,475,470
	65,302			Unilever PLC					2,083,134
				Total Food Products					13,304,387

 

Nuveen Investments
19

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Gas Utilities – 0.0%
	1,920			National Fuel Gas Company				$	96,000
				Health Care Equipment & Supplies – 0.4%
	20,093			Baxter International, Inc.					1,179,057
	10,680			Becton, Dickinson and Company					842,225
	9,010			Covidien PLC					431,489
	6,000			Edwards Lifesciences Corporation, (2)					521,100
	5,420			ev3, Inc., (2)					72,303
	4,320			Inverness Medical Innovation, (2)					179,323
	6,050			Masimo Corporation, (2)					184,041
	1,560			Steris Corporation					43,633
	556			Zimmer Holdings, Inc., (2)					32,865
				Total Health Care Equipment & Supplies					3,486,036
				Health Care Providers & Services – 1.0%
	43,925			Aetna Inc., (3)					1,392,423
	14,180			AmerisourceBergen Corporation					369,673
	3,930			Centene Corporation, (2)					83,198
	4,290			Community Health Systems Inc., (2)					152,724
	9,190			Coventry Health Care, Inc., (2)					223,225
	2,995			Emergency Medical Services Corporation, (2)					162,179
	12,699			Express Scripts, Inc., (2)					1,097,829
	22,083			Fresenius Medical Care, ADR					1,169,413
	36,420			Health Net Inc., (2), (3)					848,222
	10,500			HealthSouth Corporation, (2)					197,085
	2,379			Humana Inc., (2)					104,414
	1,410			Laboratory Corporation of America Holdings, (2)					105,524
	10,580			McKesson HBOC Inc.					661,250
	10,220			Medco Health Solutions, Inc., (2)					653,160
	2,274			Omnicare, Inc.					54,985
	10,466			Quest Diagnostics Incorporated					631,937
	11,320			Universal Health Services, Inc., Class B					345,260
				Total Health Care Providers & Services					8,252,501
				Hotels, Restaurants & Leisure – 0.4%
	46,885			Carnival Corporation, (2), (18)					1,597,288
	6,480			Las Vegas Sands, (2)					96,811
	14,290			Starbucks Corporation, (2)					329,527
	259,262			Thomas Cook Group PLC, (18)					957,761
				Total Hotels, Restaurants & Leisure					2,981,387
				Household Durables – 0.4%
	92,144			Electrolux AB, Class B Shares, (2)					2,157,215
	5,235			Meritage Corporation, (2)					101,193
	27,840			Newell Rubbermaid Inc.					417,878
	2,495			Sekisui House, Ltd., Sponsored ADR, (18)					23,004
	12,615			Tempur Pedic International Inc., (2)					298,092
				Total Household Durables					2,997,382
				Household Products – 0.3%
	13,890			Colgate-Palmolive Company					1,141,064
	2,310			KAO Corporation, Sponsored ADR, (18)					53,962
	6,850			Kimberly-Clark Corporation					436,414
	10,974			Reckitt and Benckiser, (18)					594,024
				Total Household Products					2,225,464
				Independent Power Producers & Energy Traders – 0.0%
	13,180			Constellation Energy Group					463,541

 

Nuveen Investments
20

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Shares				Description (1)				Value
				Industrial Conglomerates – 0.0%
	624			Siemens AG, Sponsored ADR				$	57,221
				Insurance – 1.0%
	4,125			Ace Limited					207,900
	9,490			Allstate Corporation					285,080
	1,362			Aon Corporation					52,219
	4,350			Arch Capital Group Limited, (2)					311,243
	4,820			Aspen Insurance Holdings Limited					122,669
	1,844			Axis Capital Holdings Limited					52,388
	1,858			CNA Financial Corporation, (2)					44,592
	7,510			Delphi Financial Group, Inc.					167,999
	2,753			Fairfax Financial Holdings Limited					1,079,247
	42,354			Hannover Rueckversicherung AG, (2)					1,986,039
	26,800			Loews Corporation, (3)					974,180
	299,170			Mapfre S.A.					1,255,318
	6,648			Mapfre S.A.					25,446
	2,600			Marsh & McLennan Companies, Inc.					57,408
	105,446			Prudential Corporation PLC, (18)					1,079,374
	12,030			Prudential Financial, Inc.					598,613
	6,895			Travelers Companies, Inc.					343,785
	6,080			WR Berkley Corporation					149,811
				Total Insurance					8,793,311
				Internet & Catalog Retail – 0.3%
	8,385			Amazon.com, Inc., (2)					1,127,950
	17,540			NetFlix.com Inc., (2)					967,156
	5,110			Nutri System Inc.					159,279
				Total Internet & Catalog Retail					2,254,385
				Internet Software & Services – 0.5%
	62,472			eBay Inc., (2), (3)					1,470,591
	5,880			Equinix Inc., (2)					624,162
	2,710			Google Inc., Class A, (2)					1,680,146
	10,180			Rackspace Hosting Inc., (2)					212,253
				Total Internet Software & Services					3,987,152
				IT Services – 0.5%
	132,437			CGI Group Inc., (2)					1,795,846
	3,990			MasterCard, Inc.					1,021,360
	9,915			VeriFone Holdings Inc., (2)					162,408
	13,470			Visa Inc.					1,178,086
	6,130			Wright Express Corporation, (2)					195,302
				Total IT Services					4,353,002
				Leisure Equipment & Products – 0.0%
	12,367			Hasbro, Inc.					396,486
				Life Sciences Tools & Services – 0.1%
	1,040			Bio-Rad Laboratories Inc., (2)					100,318
	11,630			Illumina Inc., (2)					356,460
	5,670			Life Technologies Corporation, (2)					296,144
	3,500			Millipore Corporation, (2)					253,225
				Total Life Sciences Tools & Services					1,006,147
				Machinery – 0.8%
	3,301			AGCO Corporation, (2)					106,754
	5,540			Caterpillar Inc.					315,725
	2,100			Cummins Inc.					96,306
	5,650			Donaldson Company, Inc.					240,351

 

Nuveen Investments
21

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Machinery (continued)
	6,415			Flowserve Corporation				$	606,410
	65,861			Kone OYJ					2,828,674
	318,334			Minebea Company Limited					1,715,828
	15,010			Oshkosh Truck Corporation					555,820
	4,910			Terex Corporation, (2)					97,267
	3,850			Timken Company					91,284
	5,130			Trinity Industries Inc.					89,467
				Total Machinery					6,743,886
				Marine – 0.1%
	7,770			Genco Shipping and Trading Limited, (2)					173,893
	40,000			Stolt-Nielsen S.A.					554,423
				Total Marine					728,316
				Media – 0.4%
	14,400			Cablevision Systems Corporation					371,808
	24,745			Comcast Corporation, Class A					417,201
	28,956			DIRECTV Group, Inc., (2)					965,683
	79,114			Net Servios de Comunicao, (2)					1,070,412
	10,430			Scripps Networks Interactive, Class A Shares					432,845
	1,464			Time Warner Cable, Class A, (2)					60,595
				Total Media					3,318,544
				Metals & Mining – 4.3%
	75,800			AngloGold Ashanti Limited, Sponsored ADR, (3)					3,045,644
	133,800			Barrick Gold Corporation, (3)					5,269,044
	44,513			BHP Billiton PLC, ADR, (18)					1,703,367
	15,180			Cliffs Natural Resources Inc.					699,646
	15,710			First Quantum Minerals Limited					1,205,608
	17,665			Freeport-McMoRan Copper & Gold, Inc., (2)					1,418,323
	121,100			Gold Fields Limited, ADR, (3)					1,587,621
	121,532			Ivanhoe Mines Ltd., (2), (3)					1,775,583
	11,278			Kinross Gold Corporation					207,515
	8,021			Lihir Gold Limited, Sponsored ADR					234,133
	1,177,200			Lihir Gold Limited, (18)					3,433,105
	1,062,500			Minara Resources Limited, (2), (18)					770,062
	102,209			Newmont Mining Corporation, (3)					4,835,508
	1,166,858			NovaGold Resources Inc., (2)					7,152,840
	1,462			Silver Standard Resources, Inc., (2)					31,974
	19,240			Steel Dynamics Inc.					340,933
	20,500			United States Steel Corporation					1,129,960
	14,430			Walter Industries Inc.					1,086,723
				Total Metals & Mining					35,927,589
				Multiline Retail – 0.3%
	6,510			Big Lots, Inc., (2)					188,660
	19,150			Federated Department Stores, Inc.					320,954
	62,011			Next PLC, (18)					2,073,406
				Total Multiline Retail					2,583,020
				Multi-Utilities – 0.3%
	36,032			Ameren Corporation, (3)					1,007,094
	4,280			PG&E Corporation					191,102
	13,592			RWE AG					1,324,188
				Total Multi-Utilities					2,522,384

 

Nuveen Investments
22

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Shares				Description (1)				Value
				Oil, Gas & Consumable Fuels – 3.5%
	11,120			Alpha Natural Resources Inc., (2)				$	482,386
	3,540			Anadarko Petroleum Corporation					220,967
	213,297			Arch Coal Inc., (3)					4,745,858
	57,683			BP PLC, Sponsored ADR, (3)					3,343,884
	10,094			Cabot Oil & Gas Corporation					439,997
	76,247			Cameco Corporation, (3)					2,452,866
	11,468			Chesapeake Energy Corporation					296,792
	16,994			Chevron Corporation, (3)					1,308,368
	18,464			Cimarex Energy Company					978,038
	2,198			Comstock Resources Inc., (2)					89,173
	2,367			ConocoPhillips					120,883
	580			CONSOL Energy Inc.					28,884
	23,100			Continental Resources Inc., (2)					990,759
	4,970			Devon Energy Corporation					365,295
	29,619			Eni S.p.A., Sponsored ADR					1,499,018
	2,910			EOG Resources, Inc.					283,143
	31,200			Gazprom OAO, ADR, (18)					787,866
	10,465			Hess Corporation					633,133
	3,945			McMoran Exploration Corporation, (2)					31,639
	5,210			Newfield Exploration Company, (2)					251,278
	40,100			Nexen Inc.					959,593
	9,665			Occidental Petroleum Corporation					786,248
	1,706			Peabody Energy Corporation					77,128
	1,545			Petrobras Energia S.A., ADR, (2)					24,148
	15,300			Petrohawk Energy Corporation, (2)					367,047
	2,108			Pioneer Natural Resources Company					101,542
	27,827			Repsol YPF S.A.					741,868
	9,775			Rosetta Resources, Inc., (2)					194,816
	35,200			Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)					2,046,176
	5,670			SandRidge Energy Inc., (2)					53,468
	8,980			Southwestern Energy Company, (2)					432,836
	47,046			StatoilHydro ASA, Sponsored ADR					1,171,916
	5,250			Stone Energy Corporation, (2)					94,763
	87,357			Tesoro Corporation, (3)					1,183,687
	8,897			Total S.A., Sponsored ADR					569,764
	7,825			Total S.A., (18)					502,599
	7,440			Valero Energy Corporation					124,620
	920			Whiting Petroleum Corporation, (2)					65,734
	18,960			Woodside Petroleum Limited, (18)					799,584
	7,150			World Fuel Services Corporation					191,549
				Total Oil, Gas & Consumable Fuels					29,839,313
				Paper & Forest Products – 0.0%
	4,640			Buckeye Technologies Inc., (2)					45,286
				Personal Products – 0.0%
	6,930			Estee Lauder Companies Inc., Class A					335,135
	3,210			Mead Johnson Nutrition Company, Class A Shares					140,277
				Total Personal Products					475,412
				Pharmaceuticals – 1.9%
	37,930			AstraZeneca Group, (18)					1,782,606
	30,742			Bristol-Myers Squibb Company					776,236
	61,791			GlaxoSmithKline PLC, (18)					1,310,334
	6,603			GlaxoSmithKline PLC, ADR					278,977
	19,870			Johnson & Johnson					1,279,827
	31,616			Novartis AG					1,726,815
	13,672			Novo-Nordisk A/S					872,957
	3,915			Perrigo Company					155,974
	145,046			Pfizer Inc., (3)					2,638,387

 

Nuveen Investments
23

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Pharmaceuticals (continued)
	30,000			Sanofi-Aventis, Sponsored ADR, (3)				$	1,178,100
	20,817			Sanofi-Aventis, SA, (18)					1,637,108
	27,500			Takeda Chemical Industries					1,130,885
	3,068			Takeda Pharmaceuticals Company Limited, (18)					63,047
	22,070			Watson Pharmaceuticals Inc., (2)					874,193
				Total Pharmaceuticals					15,705,446
				Professional Services – 0.0%
	4,765			TrueBlue Inc., (2)					70,570
				Real Estate – 0.2%
	28,790			Annaly Capital Management Inc.					499,507
	11,440			Duke Realty Corporation					139,225
	3,070			Equity Lifestyles Properties Inc.					154,943
	6,865			Hatteras Financial Corp.					191,945
	3,230			Health Care Property Investors Inc.					98,644
	11,360			Inland Real Estate Corporation					92,584
	18,370			Kimco Realty Corporation					248,546
	4,460			LaSalle Hotel Properties					94,686
	1,752			PS Business Parks Inc.					87,688
	2,979			Simon Property Group, Inc.					237,724
	4,736			Tanger Factory Outlet Centers					184,657
	4,560			Walter Investment Management Corporation					65,345
				Total Real Estate					2,095,494
				Real Estate Management & Development – 0.2%
	110,295			Sun Hung Kai Properties Limited, (18)					1,639,989
				Road & Rail – 0.1%
	1,861			Canadian Pacific Railway Limited					100,494
	10,940			CSX Corporation					530,481
	2,700			Kansas City Southern Industries, (2)					89,883
	8,390			Norfolk Southern Corporation					439,804
	2,370			Union Pacific Corporation					151,443
				Total Road & Rail					1,312,105
				Semiconductors & Equipment – 0.6%
	23,675			Broadcom Corporation, Class A, (2)					744,579
	59,250			Intel Corporation					1,208,700
	26,290			KLA-Tencor Corporation					950,646
	45,720			Marvell Technology Group Ltd., (2)					948,690
	6,631			Monolithic Power Systems, Inc., (2)					158,945
	16,000			Novellus Systems, Inc., (2)					373,440
	11,990			ON Semiconductor Corporation, (2)					105,632
	4,620			Xilinx, Inc.					115,777
				Total Semiconductors & Equipment					4,606,409
				Software – 0.3%
	1,830			Advent Software Inc., (2)					74,536
	5,360			Ansys Inc., (2)					232,946
	3,210			Citrix Systems, (2)					133,568
	8,330			CommVault Systems, Inc., (2)					197,338
	3,930			JDA Software Group, (2)					100,097
	3,030			Manhattan Associates Inc., (2)					72,811
	5,233			Microsoft Corporation					159,554
	10,720			Rovi Corporation, (2)					341,646
	8,725			Salesforce.com, Inc., (2)					643,643
	9,170			Sybase, Inc., (2)					397,978
				Total Software					2,354,117

 

Nuveen Investments
24

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Shares				Description (1)				Value
				Specialty Retail – 0.3%
	24,175			Abercrombie & Fitch Co., Class A				$	842,499
	10,060			Chico's FAS, Inc., (2)					141,343
	5,268			Guess Inc.					222,836
	24,010			Home Depot, Inc.					694,609
	3,090			J. Crew Group Inc., (2)					138,246
	4,360			PetSmart Inc.					116,367
	8,365			Stein Mart, Inc., (2)					89,170
	5,650			Williams-Sonoma Inc.					117,406
				Total Specialty Retail					2,362,476
				Textiles, Apparel & Luxury Goods – 0.1%
	3,340			Fossil Inc., (2)					112,089
	4,980			LVMH Moet Hennessy, (18)					558,395
	2,210			Steven Madden Limited, (2)					91,139
				Total Textiles, Apparel & Luxury Goods					761,623
				Thrifts & Mortgage Finance – 0.1%
	42,285			Hudson City Bancorp, Inc.					580,572
	7,310			People's United Financial, Inc.					122,076
				Total Thrifts & Mortgage Finance					702,648
				Tobacco – 0.3%
	5,660			Lorillard Inc.					454,101
	38,145			Philip Morris International					1,838,207
				Total Tobacco					2,292,308
				Trading Companies & Distributors – 0.4%
	234,288			Mitsui & Company Limited					3,297,917
				Water Utilities – 0.0%
	11,401			Companhia de Saneamento Basico do Estado de Sao Paulo, ADR, (2)					446,006
				Wireless Telecommunication Services – 0.3%
	9,745			Crown Castle International Corporation, (2)					380,444
	9,722			Millicom International Cellular S.A.					724,259
	4,175			Millicom International Cellular S.A.					307,989
	1,400			TIM Participacoes S.A.					41,593
	3,011			Turkcell Iletisim Hizmetleri A.S., ADR					52,661
	552,508			Vodafone Group PLC, (18)					1,279,449
				Total Wireless Telecommunication Services					2,786,395
				Total Common Stocks (cost $286,022,910)					301,474,716

 

Shares				Description (1)								Coupon				Ratings (4)				Value
				Convertible Preferred Securities – 1.7% (1.3% of Total Investments)
				Capital Markets – 0.0%
	5,800			AMG Capital Trust II, Convertible Bond									5.150	%		BB				$	187,050
				Commercial Banks – 0.4%
	3,750			Fifth Third Bancorp, Convertible Bond									8.500	%		Baa3					446,250
	3,150			Wells Fargo & Company, Convertible Bond									7.500	%		A-					2,891,700
				Total Commercial Banks																	3,337,950
				Communications Equipment – 0.5%
	5,525			Lucent Technologies Capital Trust I									7.750	%		B3					4,292,925
				Diversified Financial Services – 0.3%
	2,950			Bank of America Corporation									7.250	%		BB					2,593,050

 

Nuveen Investments
25

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)								Coupon				Ratings (4)				Value
				Food Products – 0.1%
	7,450			Bunge Limited, Convertible Bonds									4.875	%		Ba1				$	666,775
				Independent Power Producers & Energy Traders – 0.0%
	7,100			AES Trust III, Convertible Preferred									6.750	%		B					328,375
	203			NRG Energy Inc., Convertible Bond									4.000	%		B2					239,591
				Total Independent Power Producers & Energy Traders																	567,966
				Insurance – 0.0%
	4,000			Reinsurance Group of America Inc.									5.750	%		BBB					251,840
				Multi-Utilities – 0.1%
	7,450			CMS Energy Corporation, Convertible Bonds									4.500	%		Ba2					637,906
				Oil, Gas & Consumable Fuels – 0.2%
	400			El Paso Corporation, 144A									4.990	%		B					361,600
	450			El Paso Corporation									4.990	%		B					406,800
	3,650			Whiting Petroleum Corporation									6.250	%		B					655,759
				Total Oil, Gas & Consumable Fuels																	1,424,159
				Real Estate – 0.1%
	11,850			HRPT Properties Trust, Preferred Convertible Bonds									6.500	%		Baa3					212,115
	6,150			Simon Property Group, Inc., Series I									6.000	%		Baa1					418,200
				Total Real Estate																	630,315
				Total Convertible Preferred Securities (cost $14,815,630)																	14,589,936
Shares				Description (1)								Coupon				Ratings (4)				Value
				$25 Par (or similar) Preferred Securities – 36.4% (27.6% of Total Investments)
				Capital Markets – 3.1%
	93,700			Ameriprise Financial, Inc.									7.750	%		A				$	2,356,555
	77,500			BNY Capital Trust V, Series F									5.950	%		Aa3					1,930,525
	110,144			Credit Suisse									7.900	%		Aa3					2,828,498
	881,630			Deutsche Bank Capital Funding Trust II									6.550	%		Aa3					18,320,271
	13,800			Deutsche Bank Capital Funding Trust IX									6.625	%		Aa3					289,662
	20,300			Goldman Sachs Group Inc., Series 2004-4 (CORTS)									6.000	%		A2					425,285
	7,500			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)									6.000	%		A2					157,500
				Total Capital Markets																	26,308,296
				Commercial Banks – 5.3%
	40,900			ASBC Capital I									7.625	%		A3					810,638
	409,182			Banco Santander Finance									10.500	%		A2					11,612,585
	231,600			Banesto Holdings, Series A, 144A									10.500	%		Baa1					5,804,475
	14,600			Barclays Bank PLC									7.750	%		BBB+					347,918
	24,100			Barclays Bank PLC									7.100	%		A+					532,369
	59,300			BB&T Capital Trust VI									9.600	%		A2					1,685,306
	73,300			BB&T Capital Trust VII									8.100	%		A2					1,894,805
	107,000			Cobank Agricultural Credit Bank, 144A									7.000	%		N/R					3,989,099
	31,000			Cobank Agricultural Credit Bank									11.000	%		A					1,548,063
	564,841			HSBC Finance Corporation									6.875	%		A					13,838,605
	7,300			HSBC Finance Corporation									6.000	%		A					161,257
	22,700			HSBC Holdings PLC									6.200	%		A2					485,553
	79,592			Merrill Lynch Preferred Capital Trust V									7.280	%		Baa3					1,699,289
	400			National City Capital Trust II									6.625	%		Baa1					8,940
				Total Commercial Banks																	44,418,902

 

Nuveen Investments
26

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Shares				Description (1)								Coupon				Ratings (4)				Value
				Diversified Financial Services – 1.9%
	73,051			ING Groep N.V.									7.200	%		Ba1				$	1,406,232
	644,975			ING Groep N.V.									7.050	%		Ba1					11,970,736
	116,000			JP Morgan Chase Capital Trust XI									5.875	%		A2					2,567,080
				Total Diversified Financial Services																	15,944,048
				Diversified Telecommunication Services – 0.3%
	65,702			BellSouth Capital Funding (CORTS)									7.120	%		A					1,615,862
	18,300			BellSouth Corporation (CORTS)									7.000	%		A					447,779
	15,200			Verizon Communications (CORTS)									7.625	%		A					386,384
				Total Diversified Telecommunication Services																	2,450,025
				Electric Utilities – 0.2%
	11,970			Entergy Louisiana LLC									7.600	%		A-					308,108
	59,800			Entergy Texas Inc.									7.875	%		BBB+					1,614,600
				Total Electric Utilities																	1,922,708
				Food Products – 0.2%
	27,100			Dairy Farmers of America Inc., 144A									7.875	%		BBB-					2,051,131
				Insurance – 8.9%
	624,430			Aegon N.V.									6.375	%		BBB					11,152,320
	5,600			Arch Capital Group Limited, Series B									7.875	%		BBB-					139,720
	356,066			Arch Capital Group Limited									8.000	%		BBB-					8,908,771
	837,300			Delphi Financial Group, Inc.									8.000	%		BBB+					20,321,271
	276,457			EverestRe Capital Trust II									6.200	%		Baa1					5,672,898
	75,900			Financial Security Assurance Holdings									6.250	%		A+					1,259,469
	701,367			PartnerRe Limited, Series C									6.750	%		BBB+					16,482,125
	62,457			PLC Capital Trust III									7.500	%		BBB					1,424,644
	5,800			PLC Capital Trust IV									7.250	%		BBB					125,860
	367,251			RenaissanceRe Holdings Limited, Series B									7.300	%		BBB+					8,685,486
	26,400			RenaissanceRe Holdings Ltd									6.600	%		BBB+					554,400
				Total Insurance																	74,726,964
				Media – 4.3%
	4,000			CBS Corporation									7.250	%		BBB-					90,800
	464,395			CBS Corporation									6.750	%		BBB-					9,794,091
	481,531			Comcast Corporation									7.000	%		BBB+					12,057,536
	577,046			Viacom Inc.									6.850	%		BBB					13,820,252
				Total Media																	35,762,679
				Multi-Utilities – 1.2%
	216,300			Dominion Resources Inc.									8.375	%		BBB					5,926,620
	163,561			Xcel Energy Inc.									7.600	%		Baa2					4,350,723
				Total Multi-Utilities																	10,277,343
				Oil, Gas & Consumable Fuels – 1.3%
	429,300			Nexen Inc.									7.350	%		BB+					10,625,175
				Real Estate – 9.7%
	156,985			Developers Diversified Realty Corporation, Series G									8.000	%		Ba1					3,139,700
	87,042			Duke Realty Corpoation, Series O									8.375	%		Baa3					2,139,492
	120,367			HRPT Properties Trust, Series B									8.750	%		Baa3					2,936,955
	648,300			HRPT Properties Trust, Series C									7.125	%		Baa3					13,199,388
	340,287			Kimco Realty Corporation, Series F									6.650	%		Baa2					7,520,343
	109,832			Kimco Realty Corporation, Series G									7.750	%		Baa2					2,696,376
	32,982			Prologis Trust, Series C									8.540	%		Baa3					1,494,497
	216,310			Public Storage, Inc.									6.750	%		Baa1					5,035,697
	33,774			Public Storage, Inc., Series C									6.600	%		Baa1					763,630
	43,700			Public Storage, Inc., Series E									6.750	%		Baa1					1,011,655

 

Nuveen Investments
27

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)								Coupon				Ratings (4)				Value
				Real Estate (continued)
	9,359			Public Storage, Inc., Series H									6.950	%		Baa1				$	222,744
	208,158			Realty Income Corporation									6.750	%		Baa2					4,979,139
	117,684			Regency Centers Corporation									7.450	%		Baa3					2,754,982
	57,600			Vornado Realty LP									7.875	%		BBB					1,401,408
	862,062			Wachovia Preferred Funding Corporation									7.250	%		A-					19,163,638
	583,830			Weingarten Realty Trust, Preferred Securities									6.750	%		Baa3					12,476,447
				Total Real Estate																	80,936,091
				Wireless Telecommunication Services – 0.0%
	2,300			Telephone and Data Systems Inc.									7.600	%		Baa2					56,488
	3,200			United States Cellular Corporation									7.500	%		Baa2					79,711
				Total Wireless Telecommunication Services																	136,199
				Total $25 Par (or similar) Preferred Securities (cost $339,065,312)																	305,559,561
Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Variable Rate Senior Loan Interests – 8.6% (6.6% of Total Investments) (6)
				Aerospace & Defense – 0.2%
$	574			DAE Aviation Holdings, Inc., Term Loan B1					4.030	%			7/31/14			B				$	531,383
	561			DAE Aviation Holdings, Inc., Term Loan B2					4.040	%			7/31/14			B					518,530
	600			McKechnie Aerospace Holdings, Inc., Term Loan					5.240	%			5/11/15			N/R					498,000
	1,735			Total Aerospace & Defense																	1,547,913
				Airlines – 0.2%
	1,669			ACTS Aero Technical Support & Services, Inc., Term Loan, (7)					6.534	%			10/16/14			N/R					592,530
	975			Delta Air Lines, Inc., Term Loan					3.534	%			4/30/14			B					816,156
	2,644			Total Airlines																	1,408,686
				Automobiles – 0.1%
	1,191			Ford Motor Company, Term Loan, WI/DD					TBD				TBD			Ba3					1,106,468
				Building Products – 0.4%
	2,530			Building Materials Corporation of America, Term Loan					3.000	%			2/22/14			BB					2,352,454
	993			TFS Acquisition, Term Loan					10.000	%			8/11/13			CCC+					688,714
	3,523			Total Building Products																	3,041,168
				Chemicals – 0.4%
	401			Hercules Offshore, Inc., Term Loan					6.000	%			7/11/13			B					384,972
	463			LyondellBasell Finance Company, DIP Term Loan, (7), (8), (9)					13.000	%			2/03/10			CC					494,938
	36			LyondellBasell Finance Company, Dutch Revolving Line of Credit, (7), (9)					3.731	%			12/20/13			N/R					26,889
	82			LyondellBasell Finance Company, Dutch Tranche A, Term Loan, (7), (9)					3.731	%			12/20/13			N/R					60,865
	104			LyondellBasell Finance Company, German Tranche B1, Euro Term Loan, (7), (9)					3.981	%			12/22/14			N/R					77,196
	104			LyondellBasell Finance Company, German Tranche B2, Euro Term Loan, (7), (9)					3.981	%			12/20/14			N/R					77,196
	104			LyondellBasell Finance Company, German Tranche B3, Euro Term Loan, (7), (9)					3.981	%			12/22/14			N/R					77,196
	135			LyondellBasell Finance Company, Revolving Line of Credit, (7), (9)					3.731	%			12/20/13			N/R					100,834
	801			LyondellBasell Finance Company, Roll-Up DIP Term Loan, (7), (9)					5.794	%			2/03/10			N/R					833,885
	258			LyondellBasell Finance Company, US Tranche A, Term Loan, (7), (9)					3.731	%			12/20/13			N/R					192,117
	450			LyondellBasell Finance Company, US Tranche B1, Term Loan, (7), (9)					7.000	%			12/22/14			N/R					335,537
	450			LyondellBasell Finance Company, US Tranche B2, Term Loan, (7), (9)					7.000	%			12/22/14			N/R					334,975
	450			LyondellBasell Finance Company, US Tranche B3, Term Loan, (7), (9)					7.000	%			12/22/14			N/R					334,975
	3,838			Total Chemicals																	3,331,575
				Commercial Services & Supplies – 0.1%
	64			Aramark Corporation, Letter of Credit					2.025	%			1/26/14			BB					60,666
	970			Aramark Corporation, Term Loan					2.126	%			1/26/14			BB					922,472
	1,034			Total Commercial Services & Supplies																	983,138

 

Nuveen Investments
28

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Communications Equipment – 0.2%
$	1,995			Avaya Inc., Term Loan					3.011	%		10/26/14				B+				$	1,730,556
				Diversified Consumer Services – 0.1%
	968			Cengage Learning Acquisitions, Inc., Term Loan					2.750	%		7/05/14				B+					885,983
				Electric Utilities – 0.3%
	556			Calpine Corporation, DIP Term Loan					3.135	%		3/29/14				B+					527,455
	978			TXU Corporation, Term Loan B2					3.735	%		10/10/14				B+					798,495
	1,349			TXU Corporation, Term Loan B3					3.735	%		10/10/14				B+					1,091,775
	2,883			Total Electric Utilities																	2,417,725
				Electrical Equipment – 0.0%
	240			Allison Transmission Holdings, Inc., Term Loan					3.009	%		8/07/14				B					221,403
				Health Care Providers & Services – 0.9%
	65			Community Health Systems, Inc., Delayed Term Loan					2.511	%		7/25/14				BB					61,118
	1,309			Community Health Systems, Inc., Term Loan					2.506	%		7/25/14				BB					1,237,812
	489			Concentra, Inc., Term Loan					2.510	%		6/25/14				Ba3					457,592
	868			HCA, Inc., Term Loan A					1.751	%		11/17/12				BB					830,759
	1,625			HCA, Inc., Term Loan					2.501	%		11/18/13				BB					1,555,173
	1,518			Health Management Associates, Inc., Term Loan					2.001	%		2/28/14				BB-					1,419,087
	183			IASIS Healthcare LLC, Delayed Term Loan					2.231	%		3/14/14				Ba2					170,802
	49			IASIS Healthcare LLC, Letter of Credit					2.231	%		3/14/14				Ba2					46,241
	528			IASIS Healthcare LLC, Term Loan					2.231	%		3/14/14				Ba2					493,537
	981			Select Medical Corporation, Term Loan B2					2.267	%		2/24/12				Ba2					936,833
	585			Select Medical Corporation, Term Loan					2.267	%		2/24/12				Ba2					558,588
	8,200			Total Health Care Providers & Services																	7,767,542
				Hotels, Restaurants & Leisure – 0.8%
	1,469			CCM Merger, Inc., Term Loan B					8.500	%		7/13/12				BB-					1,438,133
	490			Cedar Fair LP, Extended US Term Loan					4.231	%		8/30/14				BB-					484,534
	185			Cedar Fair LP, Term Loan					2.231	%		8/30/12				BB-					183,180
	507			Harrah's Operating Company, Inc., Term Loan B2					3.282	%		1/28/15				B-					412,273
	134			Travelport LLC, Letter of Credit					2.751	%		8/23/13				Ba3					128,186
	669			Travelport LLC, Term Loan					2.770	%		8/23/13				Ba3					638,852
	782			Venetian Casino Resort LLC, Delayed Term Loan					2.010	%		5/23/14				B-					686,745
	2,699			Venetian Casino Resort LLC, Term Loan					2.010	%		5/23/14				B-					2,370,937
	6,935			Total Hotels, Restaurants & Leisure																	6,342,840
				Insurance – 0.2%
	1,502			Conseco, Inc., Term Loan					7.500	%		10/10/13				B-					1,425,343
				IT Services – 0.4%
	767			First Data Corporation, Term Loan B1					2.983	%		9/24/14				B+					682,765
	827			Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan					3.990	%		7/28/12				B+					748,121
	1,586			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan					3.990	%		7/28/12				B+					1,433,925
	792			SunGard Data Systems, Inc., Term Loan B					1.985	%		2/28/14				BB					750,884
	3,972			Total IT Services																	3,615,695
				Leisure Equipment & Products – 0.2%
	388			Herbst Gaming, Inc., Delayed Term Loan, (7), (9)					0.000	%		12/02/11				D					204,885
	447			Herbst Gaming, Inc., Term Loan, (7), (9)					0.000	%		12/02/11				D					235,806
	4,000			Wimar OpCo LLC, Term Loan, (7), (9)					6.500	%		1/03/12				N/R					1,245,000
	4,835			Total Leisure Equipment & Products																	1,685,691
				Media – 2.3%
	1,059			Cequel Communications LLC, Term Loan B					2.261	%		11/05/13				BB-					1,007,832
	4,335			Charter Communications Operating Holdings LLC, Term Loan, (9)					2.260	%		3/06/14				BB+					4,073,162
	1,500			Citadel Broadcasting Corporation, Term Loan, (16)					1.990	%		6/12/14				D					1,123,438

 

Nuveen Investments
29

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Media (continued)
$	1,113			Gray Television, Inc., Term Loan B					3.790	%		12/31/14				Caa1				$	973,247
	942			Idearc, Inc., Term Loan, (19)					0.000	%		11/17/14				D					493,071
	792			Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, (7)					20.500	%		4/08/12				N/R					512,122
	585			Nielsen Finance LLC, Term Loan A					2.235	%		8/09/13				Ba3					549,212
	1,243			Nielsen Finance LLC, Term Loan B					3.985	%		5/02/16				Ba3					1,176,041
	944			Philadelphia Newspapers, Term Loan, (7), (9)					7.750	%		6/29/13				N/R					188,820
	265			Reader's Digest Association, Inc., DIP Term Loan, (9)					13.500	%		3/01/14				N/R					276,553
	65			Reader's Digest Association, Inc., Euro Term Loan, (9)					7.000	%		3/03/14				N/R					33,591
	181			Reader's Digest Association, Inc., Revolving Credit Loan, (9)					4.500	%		3/02/13				D					93,666
	731			Reader's Digest Association, Inc., U.S. Term Loan, (9)					4.233	%		3/03/14				D					377,205
	5,925			Tribune Company, Term Loan B, (7), (9)					5.250	%		6/04/14				Ca					3,446,377
	890			Tribune Company, Term Loan X, (7), (9)					5.000	%		N/A				Ca					508,358
	5,400			Univision Communications, Inc., Term Loan					2.501	%		9/29/14				B2					4,711,500
	25,970			Total Media																	19,544,195
				Metals & Mining – 0.1%
	1,343			John Maneely Company, Term Loan					3.508	%		12/08/13				B					1,263,468
				Oil, Gas & Consumable Fuels – 0.2%
	1,965			CCS Income Trust, Term Loan					3.231	%		11/14/14				B					1,646,842
				Pharmaceuticals – 0.2%
	2,000			Royalty Pharma Finance Trust, Unsecured Term Loan					7.750	%		5/15/15				Baa3					1,885,000
				Real Estate Management & Development – 0.4%
	2,515			LNR Property Corporation, Term Loan B					3.480	%		7/12/11				CCC					1,798,199
	1,638			Realogy Corporation, Delayed Term Loan					3.286	%		10/10/13				Caa1					1,460,848
	4,153			Total Real Estate Management & Development																	3,259,047
				Road & Rail – 0.1%
	913			Swift Transportation Company, Inc., Term Loan					8.250	%		5/10/14				B-					832,342
				Specialty Retail – 0.8%
	2,393			Burlington Coat Factory Warehouse Corporation, Term Loan					2.510	%		5/28/13				B-					2,222,364
	997			Claire's Stores, Inc. Term Loan B, WI/DD					TBD			TBD				B-					812,921
	938			Michaels Stores, Inc., Term Loan B1					2.563	%		10/31/13				B					850,215
	1,263			Michaels Stores, Inc., Term Loan B2					4.813	%		7/31/16				B					1,191,995
	1,600			Toys "R" Us - Delaware, Inc., Term Loan B					4.481	%		7/19/12				BB-					1,570,889
	7,191			Total Specialty Retail																	6,648,384
$	89,030			Total Variable Rate Senior Loan Interests (cost $82,982,929)																	72,591,004
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Convertible Bonds – 11.8% (8.9% of Total Investments)
				Aerospace & Defense – 0.3%
$	550			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		9/15/11				BB-				$	585,750
	450			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		2/15/24				BB-					513,563
	1,200			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+					1,266,000
	2,200			Total Aerospace & Defense																	2,365,313
				Airlines – 0.4%
	2,375			JetBlue Airways Corporation					3.750	%		3/15/35				CCC					2,372,031
	948			JetBlue Airways Corporation					6.750	%		10/15/39				CCC					1,304,685
	3,323			Total Airlines																	3,676,716

 

Nuveen Investments
30

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Auto Components – 0.1%
$	500			BorgWarner Inc.					3.500	%		4/15/12				BBB				$	633,125
				Beverages – 0.1%
	600			Molson Coors Brewing Company, Senior Convertible Notes					2.500	%		7/30/13				BBB-					666,000
				Biotechnology – 0.6%
	650			Amgen Inc., 144A					0.125	%		2/01/11				A+					645,125
	2,100			Amgen Inc.					0.125	%		2/01/11				A+					2,084,250
	1,300			Amgen Inc.					0.375	%		2/01/13				A+					1,314,625
	450			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B-					483,188
	200			Invitrogen Corporation, Convertible Bond					2.000	%		8/01/23				BB+					308,750
	4,700			Total Biotechnology																	4,835,938
				Capital Markets – 0.1%
	450			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB-					446,063
	300			BlackRock Inc.					2.625	%		2/15/35				A+					701,250
	750			Total Capital Markets																	1,147,313
				Commercial Banks – 0.2%
	600			National City Corporation, Convertible Senior Notes					4.000	%		2/01/11				A					614,250
	300			SVB Financial Group, Convertible Bond, 144A					3.875	%		4/15/11				A3					315,000
	850			U.S. Bancorp, Convertible Bonds, Floating Rate					0.000	%		12/11/35				Aa3					838,313
	1,750			Total Commercial Banks																	1,767,563
				Commercial Services & Supplies – 0.2%
	500			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3					578,750
	450			Covanta Holding Corporation, Convertible Bonds					1.000	%		2/01/27				Ba3					422,438
	400			Universal City Development Partners, 144A					8.875	%		11/15/15				B3					393,500
	1,350			Total Commercial Services & Supplies																	1,394,688
				Communications Equipment – 0.3%
	400			Ciena Corporation, Convertible Bond					0.250	%		5/01/13				B					304,000
	700			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B					408,625
	350			CommScope Inc.					3.250	%		7/01/15				B					416,063
	750			Lucent Technologies Inc., Series B					2.875	%		6/15/25				B1					643,125
	400			Lucent Technologies Inc.					2.875	%		6/15/23				B1					398,500
	2,600			Total Communications Equipment																	2,170,313
				Computers & Peripherals – 0.6%
	1,000			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/11				A-					1,220,000
	600			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A-					753,750
	500			EMC Corporation, Convertible Bonds					1.750	%		12/01/11				A-					610,000
	750			EMC Corporation, Convertible Bonds					1.750	%		12/01/13				A-					942,188
	250			Maxtor Corporation, Convertible Bonds					2.375	%		8/15/12				B					296,250
	850			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				B					712,938
	3,950			Total Computers & Peripherals																	4,535,126
				Construction & Engineering – 0.0%
	200			Fluor Corporation, Convertible Bonds					1.500	%		2/15/24				A3					324,500
				Consumer Finance – 0.0%
	250			Americredit Corporation					0.750	%		9/15/11				B-					232,188
				Diversified Financial Services – 0.1%
	700			NASDAQ Stock Market Inc., Convertible Bond					2.500	%		8/15/13				Baa3					659,750

 

Nuveen Investments
31

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Diversified Telecommunication Services – 0.3%
$	1,500			Qwest Communications International Inc.					3.500	%		11/15/25				B+				$	1,563,750
	500			Time Warner Telecom Inc., Convertible Bond					2.375	%		4/01/26				B-					553,125
	2,000			Total Diversified Telecommunication Services																	2,116,875
				Electrical Equipment – 0.1%
	237			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				Ba3					207,968
	323			General Cable Corporation, Convertible Bonds					4.500	%		11/15/29				B					333,901
	350			Roper Industries Inc.					0.000	%		1/15/34				BB+					229,688
	910			Total Electrical Equipment																	771,557
				Electronic Equipment & Instruments – 0.2%
	450			Anixter International Inc., Convertible Bond					0.000	%		7/07/33				BB-					333,563
	350			Itron Inc.					2.500	%		8/01/26				B-					438,375
	650			Tech Data Corporation, Convertible Bonds					2.750	%		12/15/26				BBB-					703,625
	1,450			Total Electronic Equipment & Instruments																	1,475,563
				Energy Equipment & Services – 1.0%
	350			Exterran Holdings Inc., Convertible Bond					4.250	%		6/15/14				BB					411,250
	800			Nabors Industries Inc., Convertible Bond Series, 144A					0.940	%		5/15/11				BBB+					786,000
	950			Nabors Industries Inc., Convertible Bond					0.940	%		5/15/11				BBB+					933,375
	350			Schlumberger Limited					2.125	%		6/01/23				A+					573,125
	300			SESI LLC, Convertible Bond, 144A					1.500	%		12/15/26				BB+					276,375
	1,150			Transocean Inc., Convertible Bond					1.625	%		12/15/37				BBB+					1,144,250
	2,000			Transocean Inc., Series B					1.500	%		12/15/37				BBB+					1,940,000
	2,100			Transocean Inc., Series C					1.500	%		12/15/37				BBB+					2,031,750
	8,000			Total Energy Equipment & Services																	8,096,125
				Food Products – 0.2%
	250			Archer Daniels Midland Company, Convertible Bonds, 144A					0.875	%		2/15/14				A					263,125
	750			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					789,375
	300			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B					317,625
	200			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				B-					197,750
	500			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB					517,500
	2,000			Total Food Products																	2,085,375
				Health Care Equipment & Supplies – 0.8%
	100			Beckman Coulter Inc., Convertible Bonds, 144A					2.500	%		12/15/36				BBB					115,000
	500			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					575,000
	2,100			Hologic Inc.					2.000	%		12/15/37				BB-					1,803,375
	200			Invacare Corporation, Convertible Bond					4.125	%		2/01/27				B-					229,750
	250			Inverness Medical Innovation Inc., Convertible Bonds					3.000	%		5/15/16				B-					288,125
	600			Kinetic Concepts Inc., Convertible Bond, 144A					3.250	%		4/15/15				B+					595,500
	1,200			Medtronic, Inc., Convertible Bond					1.500	%		4/15/11				AA-					1,224,000
	2,000			Medtronic, Inc., Convertible Bond					1.625	%		4/15/13				AA-					2,097,500
	6,950			Total Health Care Equipment & Supplies																	6,928,250
				Health Care Providers & Services – 0.5%
	400			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				BB					386,000
	300			LifePoint Hospitals, Inc., Convertible Bonds					3.250	%		8/15/25				B1					277,875
	850			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					795,813
	2,585			Omnicare, Inc.					3.250	%		12/15/35				B+					2,116,469
	250			PSS World Medical Inc. Convertible Note, 144A					3.125	%		8/01/14				BB					305,938
	4,385			Total Health Care Providers & Services																	3,882,095
				Hotels, Restaurants & Leisure – 0.2%
	700			Carnival Corporation					2.000	%		4/15/21				A3					725,375
	650			International Game Technology					3.250	%		5/01/14				BBB					795,438
	1,350			Total Hotels, Restaurants & Leisure																	1,520,813

 

Nuveen Investments
32

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Household Durables – 0.2%
$	600			D.R. Horton, Inc.					2.000	%		5/15/14				BB-				$	667,500
	350			Newell Rubbermaid Inc.					5.500	%		3/15/14				BBB-					662,813
	950			Total Household Durables																	1,330,313
				Independent Power Producers & Energy Traders – 0.0%
	300			Allegheny Technologies Inc., Convetible Bond					4.250	%		6/01/14				BBB-					412,125
				Insurance – 0.0%
	250			Old Republic International Corporation					8.000	%		5/15/12				A3					282,813
				Internet & Catalog Retail – 0.1%
	50			Priceline.com Inc., Convertible Bond					0.500	%		9/30/11				BB					270,750
	150			Priceline.com Inc., Convertible Bond					0.750	%		9/30/13				BB					812,625
	35			Priceline.com Inc., Convertible Bond					2.250	%		1/15/25				BB					201,731
	235			Total Internet & Catalog Retail																	1,285,106
				Internet Software & Services – 0.1%
	350			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B-					407,750
	350			Equinix Inc.					4.750	%		6/15/16				B-					516,250
	700			Total Internet Software & Services																	924,000
				IT Services – 0.0%
	300			Verifone Holdings Inc.					1.375	%		6/15/12				B-					264,750
				Leisure Equipment & Products – 0.1%
	450			Hasbro Inc.					2.750	%		12/01/21				BBB					673,875
				Life Sciences Tools & Services – 0.2%
	350			Apogent Technologies, Inc., Convertible Bonds					0.000	%		12/15/33				A-					571,830
	400			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					391,000
	300			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BB+					348,000
	350			Invitrogen Corporation, Convertible Bond					3.250	%		6/15/25				BB+					414,750
	1,400			Total Life Sciences Tools & Services																	1,725,580
				Machinery – 0.1%
	350			Ingersoll Rand					4.500	%		4/15/12				BBB+					720,125
	200			Terex Corporation					4.000	%		6/01/15				B					289,500
	550			Total Machinery																	1,009,625
				Media – 0.4%
	400			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				Ba3					399,500
	850			Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1					4.000	%		11/15/29				BB-					439,875
	1,800			Liberty Media Corporation					3.125	%		3/30/23				BB-					1,820,250
	350			Omnicom Group, Inc.					0.000	%		7/01/38				A-					345,625
	3,400			Total Media																	3,005,250
				Metals & Mining – 0.7%
	500			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				Baa3					1,299,375
	2,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					1,355,000
	200			Newmont Mining Corp., Senior Convertible Note					1.625	%		7/15/17				BBB+					248,750
	450			Newmont Mining Corporation, 144A					1.625	%		7/15/17				BBB+					559,688
	600			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					751,500
	250			Steel Dynamics, Inc.					5.125	%		6/15/14				BB+					317,813
	650			United States Steel Corporation					4.000	%		5/15/14				BB					1,221,188
	4,650			Total Metals & Mining																	5,753,314

 

Nuveen Investments
33

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Multiline Retail – 0.0%
$	350			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				B-				$	290,938
				Oil, Gas & Consumable Fuels – 0.7%
	350			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				BB					397,250
	450			Chesapeake Energy Corporation, 144A					2.750	%		11/15/35				BB					440,438
	750			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB					675,000
	1,100			Chesapeake Energy Corporation, Convertible Bonds					2.250	%		12/15/38				BB					837,375
	750			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB-					659,063
	600			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					609,000
	300			Penn Virginia Corporation					4.500	%		11/15/12				B					285,750
	500			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BB+					539,375
	1,075			USEC Inc., Convertible Bond					3.000	%		10/01/14				Caa2					704,125
	350			Western Refining Inc., Convertible Bond					5.750	%		6/15/14				B-					278,688
	6,225			Total Oil, Gas & Consumable Fuels																	5,426,064
				Pharmaceuticals – 0.5%
	300			Allergan Inc., Convertible Bond					1.500	%		4/01/26				A					346,875
	500			King Pharmaceuticals Inc., Convertible Bonds					1.250	%		4/01/26				BB					465,625
	550			Mylan Labs, Inc., Convertible Bonds					1.250	%		3/15/12				BB-					573,375
	600			Mylan Labs, Inc., Convertible Bonds					3.750	%		9/15/15				BB-					926,250
	900			Teva Pharmaceutical Finance Company B.V., Series D					1.750	%		2/01/26				BBB+					1,113,750
	283			Teva Pharmaceutical Finance, Series B					0.250	%		2/01/24				BBB+					462,705
	275			Valeant Pharmaceuticals International Convertible Bond					4.000	%		11/15/13				B-					330,000
	3,408			Total Pharmaceuticals																	4,218,580
				Real Estate – 0.9%
	450			Boston Properties Limited Partnership, Convertible Bonds					2.875	%		2/15/37				A2					443,813
	1,250			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A-					1,245,313
	850			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A-					838,313
	250			Brandywine Operating Partnership, Convertible Bonds					3.875	%		10/15/26				BBB-					246,563
	300			Duke Realty Corporation, Series D, 144A					3.750	%		12/01/11				BBB					296,250
	450			ERP Operating LP					3.850	%		8/15/26				BBB+					445,500
	200			Health Care REIT, Inc., Convertible Bonds					4.750	%		12/01/26				Baa2					222,250
	200			Health Care REIT, Inc., Convertible Bonds					4.750	%		7/15/27				Baa2					224,250
	350			Hospitality Properties Trust, Convertible Bonds					3.800	%		3/15/27				BBB					343,438
	300			Host Hotels & Resorts Inc, Convertible Bonds, 144A					2.625	%		4/15/27				BB+					282,750
	250			Host Marriot LP, Convertible Bonds, 144A					3.250	%		4/15/24				BB+					251,250
	250			Prologis, Convertible Bonds, 144A					2.250	%		4/01/37				BBB-					233,125
	1,500			Prologis, Convertible Bonds					2.250	%		4/01/37				BBB-					1,398,750
	250			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB					266,875
	200			Ventas Inc., Convertible Bond, 144A					3.875	%		11/15/11				BBB-					224,250
	650			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					715,000
	7,700			Total Real Estate																	7,677,690
				Semiconductors & Equipment – 1.2%
	1,650			Advanced Micro Devices, Inc., Convertible Bonds, 144A					6.000	%		5/01/15				B-					1,493,249
	637			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B-					631,425
	1,300			Conexant Systems Inc., Convertible Bonds					4.000	%		3/01/26				N/R					1,197,624
	1,150			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A-					1,115,499
	1,650			Intel Corporation, Convertible Bond					3.250	%		8/01/39				A2					1,903,687
	1,650			Micron Technology, Inc.					1.875	%		6/01/14				B-					1,596,374
	750			ON Semiconductor Corporation					2.625	%		12/15/26				B+					837,187
	300			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					278,999
	450			Xilinx Inc., Convertible Bond					3.125	%		3/15/37				BB					418,499
	9,537			Total Semiconductors & Equipment																	9,472,543
				Software – 0.0%
	300			Nuance Communications Inc.					2.750	%		8/15/27				B-					322,500

 

Nuveen Investments
34

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Specialty Retail – 0.1%
$	500			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3				$	538,124
	450			United Auto Group, Inc., Convertible Bonds					3.500	%		4/01/26				B-					456,187
	950			Total Specialty Retail																	994,311
				Textiles, Apparel & Luxury Goods – 0.1%
	550			Iconix Brand Group, Inc., Convertible Notes, 144A					1.875	%		6/30/12				B					494,312
	200			Liz Claiborne Inc., Convertible Bond					6.000	%		6/15/14				B-					360,249
	750			Total Textiles, Apparel & Luxury Goods																	854,561
				Trading Companies & Distributors – 0.0%
	390			WESCO International Inc., Convertible Bond					6.000	%		9/15/29				B					477,749
				Wireless Telecommunication Services – 0.1%
	500			Liberty Media Corporation Convertible Bonds					3.750	%		2/15/30				BB-					252,499
	911			NII Holdings Inc.					3.125	%		6/15/12				B-					840,397
	1,411			Total Wireless Telecommunication Services																	1,092,896
$	94,124			Total Convertible Bonds (cost $90,910,907)																	98,779,769
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Corporate Bonds – 11.0% (8.4% of Total Investments)
				Aerospace & Defense – 0.3%
$	800			Hawker Beechcraft Acquisition Company					8.500	%		4/01/15				CCC-				$	568,000
	1,000			Hexcel Corporation, Term Loan					6.750	%		2/01/15				B+					965,000
	1,200			Vought Aircraft Industries Inc.					8.000	%		7/15/11				B3					1,189,500
	3,000			Total Aerospace & Defense																	2,722,500
				Auto Components – 0.0%
	400			TRW Automotive Inc., 144A					8.875	%		12/01/17				B-					418,000
				Chemicals – 0.5%
	1,200			Hexion US Finance Corporation					9.750	%		11/15/14				Caa1					1,182,000
	1,000			Momentive Performance Materials					9.750	%		12/01/14				Caa2					967,500
	800			NOVA Chemicals Corporation, 144A					8.625	%		11/01/19				B+					818,000
	1,400			Rockwood Specialties Group Inc., Series WI					7.500	%		11/15/14				B-					1,421,000
	4,400			Total Chemicals																	4,388,500
				Commercial Services & Supplies – 0.2%
	800			McJunkin Red Man Corporation, 144A					9.500	%		12/15/16				B					786,000
	800			Ticketmaster					10.750	%		8/01/16				BB-					866,000
	1,600			Total Commercial Services & Supplies																	1,652,000
				Construction Materials – 0.1%
	800			Headwaters Inc., 144A					11.375	%		11/01/14				B+					838,000
				Containers & Packaging – 0.2%
	1,000			Graham Packaging Company LP, GPC Capital Corporation I, 144A					8.250	%		1/01/17				CCC+					992,500
	500			Owens-Brockway Glass Containers					7.375	%		5/15/16				BB					518,750
	1,500			Total Containers & Packaging																	1,511,250
				Diversified Telecommunication Services – 0.5%
	400			Cequel Communication Holdings I, 144A					8.625	%		11/15/17				B-					406,000
	1,650			Cincinnati Bell Inc.					8.250	%		10/15/17				Ba3					1,683,000
	1,500			IntelSat Corporation					9.250	%		8/15/14				BB-					1,548,750
	800			Windstream Corporation, 144A					7.875	%		11/01/17				BB-					794,000
	4,350			Total Diversified Telecommunication Services																	4,431,750

 

Nuveen Investments
35

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Electric Utilities – 0.1%
$	1,000			Sierra Pacific Resources, Series 2006					6.750	%		8/15/17				BB				$	979,285
				Energy Equipment & Services – 0.2%
	800			Hercules Offshore LLC, 144A					10.500	%		10/15/17				B					848,000
	1,000			Pride International Inc.					7.375	%		7/15/14				BBB-					1,037,500
	1,800			Total Energy Equipment & Services																	1,885,500
				Food & Staples Retailing – 0.2%
	2,000			Stater Brothers Holdings Inc.					8.125	%		6/15/12				B+					2,030,000
				Food Products – 0.4%
	800			Dole Foods Company, 144A					8.000	%		10/01/16				B+					816,000
	2,243			Dole Foods Company					8.750	%		7/15/13				B-					2,310,290
	400			Tops Markets, 144A					10.125	%		10/15/15				B					414,000
	3,443			Total Food Products																	3,540,290
				Health Care Equipment & Supplies – 0.4%
	500			Biomet Inc.					10.000	%		10/15/17				B-					545,625
	2,750			Select Medical Corporation					7.625	%		2/01/15				B-					2,681,250
	3,250			Total Health Care Equipment & Supplies																	3,226,875
				Health Care Providers & Services – 1.0%
	2,000			Community Health Systems, Inc.					8.875	%		7/15/15				B					2,075,000
	2,000			HCA Inc., 144A					8.500	%		4/15/19				BB					2,165,000
	1,000			HCA Inc.					9.250	%		11/15/16				BB-					1,076,250
	1,400			HealthSouth Corporation					8.125	%		2/15/20				CCC+					1,386,000
	1,200			Select Medical Corporation					6.428	%		9/15/15				CCC+					1,116,000
	7,600			Total Health Care Providers & Services																	7,818,250
				Hotels, Restaurants & Leisure – 0.8%
	900			Boyd Gaming Corporation					7.750	%		12/15/12				B+					914,625
	500			Harrahs Operating Company Escrow					11.250	%		6/01/17				B-					525,625
	600			Landry's Restaurants Inc., 144A					11.625	%		12/01/15				B					639,000
	1,000			MGM Mirage Inc.					8.375	%		2/01/11				CCC-					952,500
	400			Peninsula Gaming LLC					8.375	%		8/15/15				BB					401,000
	400			Penn National Gaming Inc., 144A					8.750	%		8/15/19				BB-					411,000
	1,292			Pinnacle Entertainment Inc.					8.250	%		3/15/12				B					1,298,460
	1,750			Seminole Hard Rock Entertainment, Inc., 144A					2.757	%		3/15/14				BB					1,450,313
	6,842			Total Hotels, Restaurants & Leisure																	6,592,523
				Household Products – 0.2%
	1,650			Central Garden & Pet Company, Senior Subordinate Notes					9.125	%		2/01/13				CCC+					1,680,938
				Independent Power Producers & Energy Traders – 0.1%
	100			Dynegy Holdings, Inc., Term Loan					8.375	%		5/01/16				B					95,500
	1,000			NRG Energy Inc.					7.375	%		1/15/17				BB-					1,005,000
	1,100			Total Independent Power Producers & Energy Traders																	1,100,500
				Internet Software & Services – 0.2%
	2,000			Open Solutions Inc., 144A					9.750	%		2/01/15				CCC+					1,547,500
				IT Services – 0.7%
	2,050			First Data Corporation					9.875	%		9/24/15				B-					1,921,875
	1,625			Global Cash Access LLC					8.750	%		3/15/12				B					1,627,031
	2,250			Sungard Data Systems Inc.					9.125	%		8/15/13				B					2,317,500
	5,925			Total IT Services																	5,866,406

 

Nuveen Investments
36

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Machinery – 0.2%
$	2,000			Greenbrier Companies, Inc.					8.375	%		5/15/15				CCC				$	1,662,500
				Media – 0.6%
	3,175			Allbritton Communications Company, Series B					7.750	%		12/15/12				B-					3,139,281
	1,000			Clear Channel Communications, Inc.					6.250	%		3/15/11				CCC-					941,250
	700			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-					553,000
	350			Clear Channel Worldwide Holdings Inc., 144A					9.250	%		12/15/17				B					362,250
	1,975			Medianews Group Inc., (16)					6.375	%		4/01/14				CC					5,135
	2,000			Young Broadcasting Inc., (10)					10.000	%		3/01/11				D					7,000
	9,200			Total Media																	5,007,916
				Metals & Mining – 0.6%
	600			Essar Steel Algoma Inc., 144A					9.375	%		3/15/15				B+					594,750
	3,700			MagIndustries Corporation, (11)					11.000	%		12/14/12				N/R					3,348,500
	500			Teck Resources Limited					9.750	%		5/15/14				BB+					579,375
	4,800			Total Metals & Mining																	4,522,625
				Multiline Retail – 0.4%
	1,850			Neiman Marcus Group Inc.					10.375	%		10/15/15				CCC+					1,822,250
	1,000			Toys R Us Property Company II LLC, 144A					8.500	%		12/01/17				Ba2					1,022,500
	2,850			Total Multiline Retail																	2,844,750
				Multi-Utilities – 0.1%
	800			Bon-Ton Department Stores Inc.					10.250	%		3/15/14				CCC					742,000
				Oil, Gas & Consumable Fuels – 0.3%
	400			Chaparral Energy Inc.					8.500	%		12/01/15				CCC+					355,000
	1,200			Western Refining Inc.					11.250	%		6/15/17				BB-					1,092,000
	1,000			Whiting Petroleum Corporation					7.000	%		2/01/14				BB					1,008,750
	2,600			Total Oil, Gas & Consumable Fuels																	2,455,750
				Paper & Forest Products – 0.2%
	800			Georgia-Pacific Corporation					8.125	%		5/15/11				BB					844,000
	1,000			Georgia-Pacific Corporation					7.700	%		6/15/15				BB					1,055,000
	1,800			Total Paper & Forest Products																	1,899,000
				Personal Products – 0.2%
	1,500			Prestige Brands Inc.					9.250	%		4/15/12				B					1,528,125
	400			Revlon Consumer Products					9.750	%		11/15/15				B-					415,000
	1,900			Total Personal Products																	1,943,125
				Real Estate – 0.2%
	1,650			FelCor Lodging LP., 144A					10.000	%		10/01/14				B2					1,672,688
				Real Estate Management & Development – 0.0%
	400			Realogy Corporation					10.500	%		4/15/14				Ca					348,000
				Semiconductors & Equipment – 0.2%
	700			Avago Technologies Finance Pte Limited					11.875	%		12/01/15				Ba3					774,375
	337			NXP BV, 144A					10.000	%		7/15/13				B-					347,953
	800			Spansion LLC, 144A, (17)					3.394	%		6/01/13				D					812,000
	1,837			Total Semiconductors & Equipment																	1,934,328
				Software – 0.4%
	400			Telcordia Technologies, Inc., 144A					10.000	%		3/15/13				CCC+					358,000
	3,250			Telcordia Technologies, Inc.					4.003	%		7/15/12				B					2,994,062
	3,650			Total Software																	3,352,062

 

Nuveen Investments
37

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Specialty Retail – 0.5%
$	900			Claires Stores, Inc.					9.250	%		6/01/15				CCC+				$	769,500
	800			Michael's Stores					11.375	%		11/01/16				CCC					846,000
	2,068			Warnaco Inc., Senior Notes					8.875	%		6/15/13				BB+					2,127,454
	3,768			Total Specialty Retail																	3,742,954
				Textiles, Apparel & Luxury Goods – 0.5%
	400			Hanesbrands Inc.					8.000	%		12/15/16				B+					409,500
	3,000			Jostens IH Corporation					7.625	%		10/01/12				BB-					3,030,000
	1,200			Quiksilver Inc.					6.875	%		4/15/15				CCC					990,000
	4,600			Total Textiles, Apparel & Luxury Goods																	4,429,500
				Wireless Telecommunication Services – 0.5%
	1,500			IPCS, Inc.					2.406	%		5/01/13				BB					1,410,000
	2,450			Sprint Nextel Corporation					8.375	%		8/15/17				BB					2,511,250
	3,950			Total Wireless Telecommunication Services																	3,921,250
$	98,465			Total Corporate Bonds (cost $92,318,136)																	92,708,515
Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Capital Preferred Securities – 23.4% (17.8% of Total Investments)
				Capital Markets – 0.6%
	1,600			MUFG Capital Finance					4.850	%		7/25/56				A2				$	1,823,476
	3,200			UBS Perferred Funding Trust I					8.622	%		10/01/51				BBB-					2,978,003
				Total Capital Markets																	4,801,479
				Commercial Banks – 13.0%
	2,155			AgFirst Farm Credit Bank					8.393	%		12/15/16				A					1,664,391
	6,200			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					4,512,174
	3,384			Banco Santander Finance					10.500	%		9/29/49				A2					3,753,401
	12,628			Barclays Bank PLC, 144A					8.550	%		6/15/15				BBB+					11,744,040
	1,500			Barclays Bank PLC, 144A					7.434	%		12/15/57				BBB+					1,387,500
	3,500			Barclays Bank PLC					6.278	%		12/15/34				BBB+					2,642,500
	2,500			BBVA International Preferred S.A., Unipersonal					5.919	%		4/18/58				A2					2,015,308
	3,500			Credit Agricole, S.A, 144A					6.637	%		5/30/49				Aa3					2,887,500
	7,100			Credit Agricole, S.A					9.750	%		12/26/54				Aa3					7,543,750
	6,200			First Empire Capital Trust I					8.234	%		2/01/27				Baa1					5,558,777
	3,100			Fulton Capital Trust I					6.290	%		2/01/36				Baa2					1,958,741
	550			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A-					669,625
	5,000			LBG Capital I PLC					8.000	%		6/15/20				B+					3,875,000
	8,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa2					7,304,000
	4,500			Northgroup Preferred Capital Corporation, 144A					6.378	%		10/15/57				A1					3,946,640
	9,145			Rabobank Nederland, 144A					11.000	%		12/31/49				Aa2					11,181,043
	600			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R					441,502
	8,000			Sparebanken Rogaland, Notes, 144A					6.443	%		5/01/49				A3					6,903,488
	3,300			Standard Chartered PLC, 144A					7.014	%		7/30/37				BBB					2,841,092
	4,000			Unicredito Italiano Capital Trust, 144A					9.200	%		4/05/51				A2					3,760,000
	800			Union Bank of Norway					7.068	%		11/19/49				A2					1,118,180
	–	(12)		Union Planters Preferred Fund, 144A					7.750	%		7/15/53				BB					21,768,750
				Total Commercial Banks																	109,477,402
				Diversified Financial Services – 1.4%
	6			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB					183,825
	1,800			Bank One Capital III					8.750	%		9/01/30				A2					2,030,830
	7,500			JPM Chase Capital XX					6.550	%		9/29/36				A2					6,894,330
	2,450			JPM Chase Capital XXV					6.800	%		10/01/37				A2					2,441,770
				Total Diversified Financial Services																	11,550,755

 

Nuveen Investments
38

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Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Diversified Telecommunication Services – 1.2%
	10			Centaur Funding Corporation, Series B, 144A					9.080	%		4/21/20				BBB				$	10,143,694
				Insurance – 6.1%
	2,600			AXA S.A., 144A					6.463	%		12/14/18				BBB+					2,041,000
	8,000			Great West Life & Annuity Capital I, 144A					6.625	%		11/15/34				A-					6,044,896
	1,700			Hartford Financial Services Group Inc.					8.125	%		6/15/18				BB+					1,649,000
	2,000			Liberty Mutual Group, 144A					7.800	%		3/15/37				Baa3					1,670,000
	6,500			National Financial Services Inc.					6.750	%		5/15/37				Baa2					5,081,388
	1,150			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					728,808
	5,500			Oil Insurance Limited, 144A					7.558	%		6/30/11				Baa1					4,373,815
	2,500			Old Mutual Capital Funding, Notes, (2)					8.000	%		6/22/53				Baa3					2,125,000
	5,600			Progressive Corporation					6.700	%		6/15/67				A2					4,962,238
	10,200			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					10,914,000
	1,100			Prudential PLC					6.500	%		6/29/49				A-					902,000
	14,600			XL Capital, Limited					6.500	%		10/15/57				BBB-					11,169,000
				Total Insurance																	51,661,145
				Real Estate – 0.4%
	3			Sovereign Real Estate Investment Trust, 144A					12.000	%		10/31/50				BBB+					2,921,750
				Road & Rail – 0.7%
	6,400			Burlington Northern Santa Fe Funding Trust I					6.613	%		12/15/55				BBB-					6,159,302
				Total Capital Preferred Securities (cost $224,097,645)																	196,715,527

 

Shares				Description (1)				Value
				Investment Companies – 1.4% (1.0% of Total Investments)
	354,750			Blackrock Preferred Income Strategies Fund				$	3,331,103
	298,160			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					4,165,295
	259,567			John Hancock Preferred Income Fund III					3,916,866
				Total Investment Companies (cost $17,755,185)					11,413,264
Shares				Description (1)				Value
				Warrants – 0.0% (0.0% of Total Investments)
	262,605			Endeavor Financial Corporation, 144A				$	195,852
	1,580			Woodside Petroleum Limited, (11)					6,725
				Total Warrants (cost $34,344)					202,577

 

Principal Amount (000)				Description (1)				Coupon				Maturity				Value
				Short-Term Investments – 1.6% (1.2% of Total Investments)
$	10,240			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09,					0.000	%		1/04/10				$	10,239,617
				repurchase price $10,239,617, collateralized by $10,485,000
				U.S. Treasury Notes, 1.000%, due 12/31/11, value $10,445,681
	3,041			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $3,041,427, collateralized by: $900,000 U.S. Treasury Notes, 2.625%, due 4/30/16, value $879,750, and $2,235,000 U.S. Treasury Notes, 1.000%, due 12/31/11, value $2,226,619					0.010	%		1/04/10					3,041,427
$	13,281			Total Short-Term Investments (cost $13,281,044)													13,281,044
				Total Investments (cost $1,161,284,042) – 131.8%													1,107,315,913

 

Shares				Description (1)				Value
				Common Stocks Sold Short – (0.7)%
				Chemicals – (0.1)%
	(10,500	)		Sigma-Aldrich Corporation				$	(530,565	)

 

Nuveen Investments
39

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Diversified Consumer Services – (0.1)%
	(3,750	)		Strayer Education Inc.				$	(796,838	)
				Food Products – (0.0)%
	(3,000	)		Green Mountain Coffee Inc., (2)					(244,410	)
				Health Care Equipment & Supplies – (0.1)%
	(14,300	)		C. R. Bard, Inc.					(1,113,970	)
				Hotels, Restaurants & Leisure – (0.1)%
	(7,100	)		P.F. Changs China Bistro, Inc., (2)					(269,161	)
	(6,300	)		WMS Industries Inc., (2)					(252,000	)
				Total Hotels, Restaurants & Leisure					(521,161	)
				Internet & Catalog Retail – (0.1)%
	(2,800	)		Amazon.com, Inc., (2)					(376,656	)
				Specialty Retail – (0.2)%
	(10,100	)		AutoZone, Inc., (2)					(1,596,507	)
	(8,500	)		Urban Outfitters, Inc., (2)					(297,415	)
				Total Specialty Retail					(1,893,922	)
				Total Common Stocks Sold Short (proceeds $5,253,474)					(5,477,522	)

 

Number of Contracts				Type				Notional Amount (13)				Expiration Date				Strike Price				Value
				Call Options Written – (0.7)%
	(396	)		Aetna Inc.				$	(1,069,200	)		1/16/10				$	27.0			$	(190,080	)
	(604	)		AngloGold Ashanti Limited					(2,114,000	)		1/16/10					35.0				(323,140	)
	(1,545	)		Arch Coal Inc.					(2,472,000	)		1/16/10					16.0				(973,350	)
	(200	)		Barrick Gold Corporation					(720,000	)		1/16/10					36.0				(74,000	)
	(444	)		Barrick Gold Corporation					(2,220,000	)		1/16/10					50.0				(444	)
	(707	)		BJ Services Company					(1,060,500	)		1/16/10					15.0				(258,055	)
	(285	)		BP PLC					(1,710,000	)		1/16/10					60.0				(6,555	)
	(145	)		Cameco Corporation					(326,250	)		1/16/10					22.5				(140,650	)
	(289	)		Cameco Corporation					(867,000	)		1/16/10					30.0				(68,637	)
	(77	)		Chevron Corporation					(654,500	)		1/16/10					85.0				(193	)
	(78	)		Chevron Corporation					(780,000	)		1/16/10					100.0				(156	)
	(930	)		Deutsche Telekom AG					(1,162,500	)		1/16/10					12.5				(206,925	)
	(450	)		eBay Inc.					(900,000	)		1/16/10					20.0				(159,750	)
	(565	)		Gold Fields Limited					(706,250	)		1/16/10					12.5				(48,025	)
	(300	)		Health Net Inc.					(600,000	)		1/16/10					20.0				(102,000	)
	(630	)		Ivanhoe Mines Ltd.					(472,500	)		1/16/10					7.5				(450,450	)
	(1,342	)		Korea Electric Power Corporation					(1,677,500	)		3/20/10					12.5				(295,240	)
	(268	)		Loews Corporation					(804,000	)		1/16/10					30.0				(171,520	)
	(543	)		Newmont Mining Corporation					(2,986,500	)		1/16/10					55.0				(4,072	)
	(149	)		Nippon Telegraph & Telephone Corporation					(298,000	)		3/20/10					20.0				(9,685	)
	(745	)		Nippon Telegraph & Telephone Corporation					(1,676,250	)		3/20/10					22.5				(14,900	)
	(1,510	)		Nippon Telegraph & Telephone Corporation					(3,020,000	)		6/19/10					20.0				(139,675	)
	(1,385	)		Pfizer Inc.					(2,077,500	)		1/16/10					15.0				(446,663	)
	(187	)		Royal Dutch Shell PLC					(1,028,500	)		1/16/10					55.0				(99,110	)
	(300	)		Sanofi-Aventis					(1,050,000	)		1/16/10					35.0				(129,000	)
	(582	)		Smithfield Foods, Inc.					(727,500	)		1/16/10					12.5				(158,595	)
	(1,164	)		Smithfield Foods, Inc.					(2,037,000	)		1/16/10					17.5				(8,730	)
	(357	)		Tech Data Corporation					(1,071,000	)		1/16/10					30.0				(596,190	)
	(770	)		Tesoro Corporation					(1,078,000	)		1/16/10					14.0				(15,400	)
	(1,748	)		Tyson Foods, Inc.					(1,748,000	)		1/16/10					10.0				(402,040	)
	(1,112	)		UBS AG					(1,946,000	)		1/16/10					17.5				(11,120	)
	(434	)		Wal-Mart Stores, Inc.					(2,170,000	)		1/16/10					50.0				(152,985	)
	(20,241	)		Total Call Options Written (premiums received $3,657,228)					(43,230,450	)											(5,657,335	)
				Borrowings – (32.1)% (14), (15)																	(270,000,000	)
				Other Assets Less Liabilities – 1.7%																	13,665,356
				Net Assets Applicable to Common Shares – 100%																$	839,846,412

 

Nuveen Investments
40

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  (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 during and as of the end of the reporting period.

  (4)  Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade.

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

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

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

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

  (8)  Position, or portion of position, represents an unfunded Senior Loan Commitment outstanding at December 31, 2009.

  (9)  At or subsequent to December 31, 2009, this issue is under the protection of the Federal Bankruptcy Court.

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

  (11)  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.

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

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

  (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 December 31, 2009, investments with a value of $794,094,268 have been pledged as collateral for Borrowings.

  (16)  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 and "write-off" any remaining recorded balances on the Fund's records.

  (17)  As of March 1, 2009, this issue is under protection of the Federal Bankruptcy Court (the "Bankruptcy Court"). As a result, the Fund's Adviser concluded that the issuer was not likely to meet its future interest payment obligations and directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records. On July 1, 2009, the Fund received its June 1, 2009, interest payment and subsequently received its September 1, 2009, interest payment as directed by the Bankruptcy Court's Final Order. As of September 2, 2009, the Fund ceased accruing additional income on this issue. On December 8, 2009, the Fund received its December 1, 2009, interest payment and resumed accruing interest on this issue.

  (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.

  (19)  As of December 31, 2009, this issue is under protection of the Federal Bankruptcy Court. Subsequent to the reporting period, the Fund's Adviser concluded this issue was no longer likely to meet its future interest payment obligations and directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records. Also subsequent to the reporting period, the issue underwent reorganization and was renamed SuperMedia.

  N/A  Not applicable.

  N/R  Not rated.

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

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

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  PPLUS  PreferredPlus Trust.

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

See accompanying notes to financial statements.

Nuveen Investments
41

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2

Portfolio of INVESTMENTS

  December 31, 2009

Shares				Description (1)				Value
				Common Stocks – 35.7% (27.1% of Total Investments)
				Aerospace & Defense – 0.3%
	1,980			Alliant Techsystems Inc., (2)				$	174,775
	3,515			Esterline Technologies Corporation, (2)					143,307
	8,215			GeoEye, Inc., (2)					229,034
	25,620			Raytheon Company					1,319,942
	33,800			Thales S.A., (17)					1,737,161
				Total Aerospace & Defense					3,604,219
				Air Freight & Logistics – 0.4%
	12,620			FedEx Corporation					1,053,139
	402,899			Toll Holdings Limited, (17)					3,146,232
	12,620			United Parcel Service, Inc., Class B					724,009
				Total Air Freight & Logistics					4,923,380
				Auto Components – 0.0%
	2,600			Magna International Inc., Class A					131,508
				Automobiles – 0.5%
	94,011			Honda Motor Company Limited					3,139,252
	37,820			Toyota Motor Corporation					1,575,580
	13,103			Toyota Motor Corporation, Sponsored ADR					1,102,748
				Total Automobiles					5,817,580
				Beverages – 1.0%
	1,810			Boston Beer Company, (2)					84,346
	325,953			Coca-Cola Amatil Limited, (17)					3,360,750
	26,850			Coca-Cola Femsa SAB de CV					1,764,582
	29,610			Coca-Cola Company					1,687,770
	30,975			Coca-Cola Enterprises Inc.					656,670
	25,088			Diageo PLC, Sponsored ADR					1,741,358
	12,365			Dr. Pepper Snapple Group, (2)					349,930
	45,106			Heineken N.V., (17)					2,141,342
	10,330			Molson Coors Brewing Company, Class B					466,503
				Total Beverages					12,253,251
				Biotechnology – 0.3%
	7,945			Alnylam Pharmaceuticals, Inc., (2)					139,991
	15,820			Amgen Inc., (2)					894,937
	6,340			Biogen Idec Inc., (2)					339,190
	9,655			BioMarin Pharmaceutical Inc., (2)					181,611
	3,820			Celgene Corporation, (2)					212,698
	33,040			Gilead Sciences, Inc., (2)					1,429,971
	15,695			ISIS Pharmaceuticals, Inc., (2)					174,215
	5,879			Medivation, Inc., (2)					221,344
				Total Biotechnology					3,593,957

 

Nuveen Investments
42

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Shares				Description (1)				Value
				Building Products – 0.1%
	9,731			Apogee Enterprises, Inc.				$	136,234
	8,710			Masco Corporation					120,285
	36,123			Masonite Worldwide Holdings, (2)					1,390,736
				Total Building Products					1,647,255
				Capital Markets – 0.9%
	1,690			Affiliated Managers Group Inc., (2)					113,822
	5,110			Ameriprise Financial, Inc.					198,370
	39,325			Credit Suisse Group					1,946,387
	33,461			Deutsche Bank AG					2,370,579
	466,600			Endeavor Financial Corporation, Corporate Shares S, 144A, (2)					789,675
	8,560			Goldman Sachs Group, Inc.					1,445,270
	16,985			Invesco LTD					398,978
	4,730			Lazard Limited					179,598
	22,620			Legg Mason, Inc.					682,219
	3,400			Piper Jaffray Companies					172,074
	5,050			Stifel Financial Corporation, (2)					299,162
	5,060			T. Rowe Price Group Inc.					269,445
	161,387			UBS AG, (2), (3)					2,503,112
				Total Capital Markets					11,368,691
				Chemicals – 0.7%
	13,430			Celanese Corporation, Series A					431,103
	5,790			Eastman Chemical Company					348,790
	3,490			Lubrizol Corporation					254,596
	3,550			Minerals Technologies Inc.					193,369
	28,757			Mosaic Company					1,717,656
	121,591			Nissan Chemical Industries Limited					1,724,612
	3,540			Scotts Miracle Gro Company					139,157
	19,210			Solutia Inc., (2)					243,967
	121,973			Umicore, (17)					4,068,851
	5,375			Westlake Chemical Corporation					133,999
				Total Chemicals					9,256,100
				Commercial Banks – 2.2%
	42,682			Banco Itau Holdings Financeira, S.A.					974,857
	205,965			Banco Santander Central Hispano S.A.					3,410,266
	34,526			Bank of Nova Scotia					1,624,869
	15,400			BB&T Corporation					390,698
	13,481			Commerce Bancshares Inc.					521,984
	10,620			Community Bank System Inc.					205,072
	112,370			Credit Agricole S.A., (17)					1,972,079
	294,358			DnB NOR ASA, (2)					3,190,260
	7,920			First Financial Bancorp.					115,315
	4,440			Hancock Holding Company					194,428
	28,048			ICICI Bank Limited, ADR					1,057,690
	2,750,000			Krung Thai Bank Public Company Limited, Foreign Shares					812,463
	387,858			Mitsubishi UFJ Financial Group, Inc.					1,882,341
	156,985			Nordic Baltic Holdings FDR					1,599,548
	29,155			Royal Bank of Canada					1,572,254
	160,447			Standard Chartered PLC, (2), (17)					4,050,633
	16,873			Sumitomo Trust & Banking Company, ADR, (17)					83,184
	4,970			SunTrust Banks, Inc.					100,841
	2,940			SVB Financial Group, (2)					122,569
	114,070			Svenska Handelbanken AB, A Shares					3,255,658
	5,885			UMB Financial Corporation					231,575
	8,780			Wells Fargo & Company					236,972
				Total Commercial Banks					27,605,556

 

Nuveen Investments
43

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Commercial Services & Supplies – 0.3%
	19,150			Corrections Corporation of America, (2)				$	470,133
	16,315			EnergySolutions Inc.					138,514
	15,269			Republic Services, Inc.					432,265
	11,888			Stericycle Inc., (2)					655,861
	203,000			Toppan Printing Company Limited					1,636,903
	6,200			Waste Management, Inc.					209,622
				Total Commercial Services & Supplies					3,543,298
				Communications Equipment – 0.4%
	26,565			CommScope Inc., (2)					704,769
	3,070			Comtech Telecom Corporation, (2)					107,604
	11,510			Interdigital Inc., (2)					305,475
	8,195			Plantronics Inc.					212,906
	25,520			QUALCOMM, Inc.					1,180,555
	307,519			ZTE Corporation, (17)					1,898,563
				Total Communications Equipment					4,409,872
				Computers & Peripherals – 0.8%
	18,275			Apple, Inc., (2)					3,853,467
	14,280			Hewlett-Packard Company					735,563
	19,355			International Business Machines Corporation (IBM)					2,533,570
	6,370			Network Appliance Inc., (2)					219,064
	36,180			Seagate Technology					658,114
	41,355			Western Digital Corporation, (2)					1,825,823
				Total Computers & Peripherals					9,825,601
				Construction & Engineering – 0.2%
	75,103			JGC Corporation					1,375,699
	20,690			Royal Boskalis Westminster NV, (17)					796,506
	3,894			Shaw Group Inc., (2)					111,953
				Total Construction & Engineering					2,284,158
				Consumer Finance – 0.1%
	18,900			American Express Company					765,828
	10,220			Capital One Financial Corporation					391,835
				Total Consumer Finance					1,157,663
				Containers & Packaging – 0.0%
	7,940			Packaging Corp. of America					182,699
	5,480			Rock-Tenn Company					276,247
				Total Containers & Packaging					458,946
				Diversified Financial Services – 0.3%
	86,815			Bank of America Corporation					1,307,434
	810			CME Group, Inc.					272,120
	57,725			JPMorgan Chase & Co.					2,405,401
	12,272			PHH Corporation, (2)					197,702
				Total Diversified Financial Services					4,182,657
				Diversified Telecommunication Services – 1.3%
	8,010			Cbeyond Inc., (2)					126,158
	5,870			CenturyTel, Inc.					212,553
	138,000			Deutsche Telekom AG, ADR, (3)					2,028,600
	43,300			KT Corporation, Sponsored ADR					728,306
	369,428			Nippon Telegraph and Telephone Corporation, (3)					7,292,509
	3,270,000			Telecom Italia S.p.A.					3,623,599

 

Nuveen Investments
44

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Shares				Description (1)				Value
				Diversified Telecommunication Services (continued)
	20,602			Telefonica SA				$	1,720,679
	7,110			Telus Corporation					221,477
	5,730			Verizon Communications Inc.					189,835
				Total Diversified Telecommunication Services					16,143,716
				Electric Utilities – 1.3%
	204,942			Centrais Electricas Brasileiras S.A., PFD B ADR, (2)					3,832,415
	15,070			E.ON A.G.					631,473
	40,690			E.ON A.G., ADR, (17)					1,698,808
	22,000			Electricite de France S.A, (17)					1,307,533
	24,700			Exelon Corporation					1,207,089
	14,615			FPL Group, Inc.					771,964
	7,230			Great Plains Energy Incorporated					140,190
	393,034			Korea Electric Power Corporation, Sponsored ADR, (2), (3)					5,714,714
	18,900			Progress Energy, Inc.					775,089
	12,600			Southern Company					419,832
				Total Electric Utilities					16,499,107
				Electrical Equipment – 0.3%
	75,818			ABB Limited, ADR, (2)					1,448,124
	99,841			ABB Limited, (2)					1,924,530
	20,480			GrafTech International Ltd., (2)					318,464
	6,600			Harbin Electric, Inc.					135,564
				Total Electrical Equipment					3,826,682
				Electronic Equipment & Instruments – 1.0%
	56,120			Corning Incorporated					1,083,677
	60,899			Hoya Corporation					1,608,542
	8,444			Ingram Micro, Inc., Class A, (2)					147,348
	5,913			Multi Fineline Electronix, Inc., (2)					167,752
	37,787			Nidec Corporation					3,464,873
	286,664			Nippon Electric Glass Company Limited					3,912,063
	55,163			Tech Data Corporation, (2), (3)					2,573,906
				Total Electronic Equipment & Instruments					12,958,161
				Energy Equipment & Services – 0.9%
	186,259			AMEC PLC, (2), (17)					2,373,034
	324,628			BJ Services Company, (3)					6,038,081
	13,965			Cooper Cameron Corporation, (2)					583,737
	12,340			FMC Technologies Inc., (2)					713,746
	29,560			Halliburton Company					889,460
	15,840			Pride International Inc., (2)					505,454
				Total Energy Equipment & Services					11,103,512
				Food & Staples Retailing – 1.1%
	25,902			Casino Guichard-Perrachon S.A, (17)					2,307,742
	28,490			Companhia Brasileira de Distribuicao Grupo Pao de Acucar					2,140,169
	286,090			Jeronimo Martins SGPS, (17)					2,861,160
	123,375			Koninklijke Ahold N.V., (17)					1,634,558
	12,676			Kroger Co.					260,238
	1,042			Seven & I Holdings, (17)					43,139
	94,686			Wal-Mart Stores, Inc.					5,060,967
				Total Food & Staples Retailing					14,307,973
				Food Products – 1.6%
	9,400			Archer-Daniels-Midland Company					294,314
	25,340			Campbell Soup Company					856,492
	9,690			General Mills, Inc.					686,149

 

Nuveen Investments
45

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Food Products (continued)
	10,170			H.J. Heinz Company				$	434,869
	17,965			Hershey Foods Corporation					642,967
	14,210			Kellogg Company					755,972
	18,474			Nestle SA					896,510
	354,544			Smithfield Foods, Inc., (2), (3)					5,385,523
	537,459			Tyson Foods, Inc., Class A, (3)					6,594,622
	96,318			Unilever PLC					3,072,544
				Total Food Products					19,619,962
				Gas Utilities – 0.0%
	2,810			National Fuel Gas Company					140,500
				Health Care Equipment & Supplies – 0.4%
	29,280			Baxter International, Inc.					1,718,150
	15,570			Becton, Dickinson and Company					1,227,850
	13,080			Covidien PLC					626,401
	8,730			Edwards Lifesciences Corporation, (2)					758,201
	7,810			ev3, Inc., (2)					104,185
	6,290			Inverness Medical Innovation, (2)					261,098
	8,680			Masimo Corporation, (2)					264,046
	2,250			Steris Corporation					62,933
	826			Zimmer Holdings, Inc., (2)					48,825
				Total Health Care Equipment & Supplies					5,071,689
				Health Care Providers & Services – 1.0%
	65,423			Aetna Inc., (3)					2,073,909
	20,650			AmerisourceBergen Corporation					538,346
	5,645			Centene Corporation, (2)					119,505
	6,270			Community Health Systems Inc., (2)					223,212
	13,410			Coventry Health Care, Inc., (2)					325,729
	4,300			Emergency Medical Services Corporation, (2)					232,845
	18,498			Express Scripts, Inc., (2)					1,599,152
	32,567			Fresenius Medical Care, ADR					1,724,596
	52,534			Health Net Inc., (2), (3)					1,223,517
	14,945			HealthSouth Corporation, (2)					280,518
	3,534			Humana Inc., (2)					155,107
	2,050			Laboratory Corporation of America Holdings, (2)					153,422
	15,480			McKesson HBOC Inc.					967,500
	15,050			Medco Health Solutions, Inc., (2)					961,846
	3,377			Omnicare, Inc.					81,656
	15,200			Quest Diagnostics Incorporated					917,776
	16,500			Universal Health Services, Inc., Class B					503,250
				Total Health Care Providers & Services					12,081,886
				Hotels, Restaurants & Leisure – 0.3%
	69,165			Carnival Corporation, (17)					2,356,328
	9,430			Las Vegas Sands, (2)					140,884
	20,850			Starbucks Corporation, (2)					480,801
	382,418			Thomas Cook Group PLC, (17)					1,412,721
				Total Hotels, Restaurants & Leisure					4,390,734
				Household Durables – 0.4%
	135,916			Electrolux AB, Class B Shares, (2)					3,181,977
	7,535			Meritage Corporation, (2)					145,652
	40,170			Newell Rubbermaid Inc.					602,952
	3,705			Sekisui House, Ltd., Sponsored ADR, (17)					34,160
	18,160			Tempur Pedic International Inc., (2)					429,121
				Total Household Durables					4,393,862

 

Nuveen Investments
46

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Shares				Description (1)				Value
				Household Products – 0.3%
	20,230			Colgate-Palmolive Company				$	1,661,895
	3,430			KAO Corporation, Sponsored ADR, (17)					80,125
	9,980			Kimberly-Clark Corporation					635,826
	16,186			Reckitt and Benckiser, (17)					876,151
				Total Household Products					3,253,997
				Independent Power Producers & Energy Traders – 0.1%
	19,200			Constellation Energy Group					675,264
				Industrial Conglomerates – 0.0%
	926			Siemens AG, Sponsored ADR					84,914
				Insurance – 1.0%
	5,890			Ace Limited					296,856
	13,775			Allstate Corporation					413,801
	2,023			Aon Corporation					77,562
	6,350			Arch Capital Group Limited, (2)					454,343
	6,920			Aspen Insurance Holdings Limited					176,114
	2,739			Axis Capital Holdings Limited					77,815
	2,759			CNA Financial Corporation, (2)					66,216
	10,775			Delphi Financial Group, Inc.					241,037
	4,067			Fairfax Financial Holdings Limited					1,594,368
	62,476			Hannover Rueckversicherung AG					2,929,588
	40,000			Loews Corporation, (3)					1,454,000
	441,280			Mapfre S.A.					1,851,611
	9,806			Mapfre S.A.					37,533
	3,850			Marsh & McLennan Companies, Inc.					85,008
	155,544			Prudential Corporation PLC, (17)					1,592,190
	17,360			Prudential Financial, Inc.					863,834
	9,845			Travelers Companies, Inc.					490,872
	8,880			WR Berkley Corporation					218,803
				Total Insurance					12,921,551
				Internet & Catalog Retail – 0.3%
	12,215			Amazon.com, Inc., (2)					1,643,162
	25,530			NetFlix.com Inc., (2)					1,407,724
	7,360			Nutri System Inc.					229,411
				Total Internet & Catalog Retail					3,280,297
				Internet Software & Services – 0.7%
	210,672			eBay Inc., (2), (3)					4,959,219
	8,580			Equinix Inc., (2)					910,767
	3,950			Google Inc., Class A, (2)					2,448,921
	14,670			Rackspace Hosting Inc., (2)					305,870
				Total Internet Software & Services					8,624,777
				IT Services – 0.5%
	195,543			CGI Group Inc., (2)					2,651,563
	5,810			MasterCard, Inc.					1,487,244
	14,270			VeriFone Holdings Inc., (2)					233,743
	19,435			Visa Inc.					1,699,785
	8,830			Wright Express Corporation, (2)					281,324
				Total IT Services					6,353,659
				Leisure Equipment & Products – 0.0%
	17,825			Hasbro, Inc.					571,470

 

Nuveen Investments
47

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Life Sciences Tools & Services – 0.1%
	1,510			Bio-Rad Laboratories Inc., (2)				$	145,655
	16,840			Illumina Inc., (2)					516,146
	8,280			Life Technologies Corporation, (2)					432,464
	5,090			Millipore Corporation, (2)					368,262
				Total Life Sciences Tools & Services					1,462,527
				Machinery – 0.8%
	4,903			AGCO Corporation, (2)					158,563
	8,050			Caterpillar Inc.					458,770
	3,070			Cummins Inc.					140,790
	8,260			Donaldson Company, Inc.					351,380
	9,345			Flowserve Corporation					883,383
	97,149			Kone OYJ					4,172,468
	470,666			Minebea Company Limited					2,536,902
	21,870			Oshkosh Truck Corporation					809,846
	7,180			Terex Corporation, (2)					142,236
	5,630			Timken Company					133,487
	7,500			Trinity Industries Inc.					130,800
				Total Machinery					9,918,625
				Marine – 0.1%
	11,150			Genco Shipping and Trading Limited					249,537
	56,500			Stolt-Nielsen S.A.					783,123
				Total Marine					1,032,660
				Media – 0.4%
	20,750			Cablevision Systems Corporation					535,765
	35,425			Comcast Corporation, Class A					597,266
	42,215			DIRECTV Group, Inc.					1,407,870
	116,696			Net Servios de Comunicao, (2)					1,578,897
	15,190			Scripps Networks Interactive, Class A Shares					630,385
	2,174			Time Warner Cable, Class A, (2)					89,982
				Total Media					4,840,165
				Metals & Mining – 4.3%
	112,600			AngloGold Ashanti Limited, Sponsored ADR, (3)					4,524,268
	198,820			Barrick Gold Corporation, (3)					7,829,532
	65,667			BHP Billiton PLC, ADR, (17)					2,512,862
	22,270			Cliffs Natural Resources Inc.					1,026,424
	68,499			Crystallex International Corporation, (2)					26,030
	23,170			First Quantum Minerals Limited, (2)					1,778,098
	25,591			Freeport-McMoRan Copper & Gold, Inc.					2,054,701
	177,000			Gold Fields Limited, ADR, (3)					2,320,470
	173,365			Ivanhoe Mines Ltd., (2), (3)					2,532,863
	2,043			Kinross Gold Corporation					37,591
	11,911			Lihir Gold Limited, Sponsored ADR, (2)					347,682
	1,718,750			Lihir Gold Limited, (2), (17)					5,012,443
	1,500,000			Minara Resources Limited, (2), (17)					1,087,147
	176,660			Newmont Mining Corporation, (3)					8,357,785
	1,699,256			NovaGold Resources Inc., (2)					10,416,439
	2,171			Silver Standard Resources, Inc., (2)					47,480
	27,635			Steel Dynamics Inc.					489,692
	29,860			United States Steel Corporation					1,645,883
	21,020			Walter Industries Inc.					1,583,016
				Total Metals & Mining					53,630,406

 

Nuveen Investments
48

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Shares				Description (1)				Value
				Multiline Retail – 0.3%
	9,415			Big Lots, Inc., (2)				$	272,847
	27,850			Federated Department Stores, Inc.					466,766
	91,469			Next PLC, (2), (17)					3,058,367
				Total Multiline Retail					3,797,980
				Multi-Utilities – 0.3%
	53,285			Ameren Corporation, (3)					1,489,316
	6,260			PG&E Corporation					279,509
	20,048			RWE AG					1,953,157
				Total Multi-Utilities					3,721,982
				Oil, Gas & Consumable Fuels – 3.5%
	16,125			Alpha Natural Resources Inc., (2)					699,503
	5,140			Anadarko Petroleum Corporation					320,839
	314,814			Arch Coal Inc., (3)					7,004,612
	84,737			BP PLC, Sponsored ADR, (3)					4,912,204
	14,864			Cabot Oil & Gas Corporation					647,922
	90,904			Cameco Corporation, (3)					2,924,382
	16,711			Chesapeake Energy Corporation					432,481
	24,518			Chevron Corporation, (3)					1,887,641
	26,668			Cimarex Energy Company					1,412,604
	3,168			Comstock Resources Inc., (2)					128,526
	3,515			ConocoPhillips					179,511
	862			CONSOL Energy Inc.					42,928
	33,505			Continental Resources Inc., (2)					1,437,029
	7,230			Devon Energy Corporation					531,405
	43,691			Eni S.p.A., Sponsored ADR					2,211,202
	4,230			EOG Resources, Inc.					411,579
	46,600			Gazprom OAO, ADR, (17)					1,176,749
	15,240			Hess Corporation					922,020
	5,680			McMoran Exploration Corporation, (2)					45,554
	7,560			Newfield Exploration Company, (2)					364,619
	58,800			Nexen Inc.					1,407,084
	13,840			Occidental Petroleum Corporation					1,125,884
	2,529			Peabody Energy Corporation					114,336
	2,295			Petrobras Energia S.A., ADR, (2)					35,871
	22,295			Petrohawk Energy Corporation, (2)					534,857
	3,130			Pioneer Natural Resources Company					150,772
	41,053			Repsol YPF S.A.					1,094,473
	14,070			Rosetta Resources, Inc., (2)					280,415
	53,600			Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)					3,115,768
	8,290			SandRidge Energy Inc., (2)					78,175
	13,220			Southwestern Energy Company, (2)					637,204
	69,386			StatoilHydro ASA, Sponsored ADR					1,728,405
	7,560			Stone Energy Corporation, (2)					136,458
	130,381			Tesoro Corporation, (3)					1,766,663
	13,113			Total S.A., Sponsored ADR					839,757
	11,535			Total S.A., (17)					740,892
	10,625			Valero Energy Corporation					177,969
	1,330			Whiting Petroleum Corporation, (2)					95,029
	27,960			Woodside Petroleum Limited, (17)					1,179,134
	10,280			World Fuel Services Corporation					275,401
				Total Oil, Gas & Consumable Fuels					43,207,857
				Paper & Forest Products – 0.0%
	6,675			Buckeye Technologies Inc., (2)					65,148

 

Nuveen Investments
49

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Personal Products – 0.1%
	10,130			Estee Lauder Companies Inc., Class A				$	489,887
	4,690			Mead Johnson Nutrition Company, Class A Shares					204,953
				Total Personal Products					694,840
				Pharmaceuticals – 1.9%
	55,950			AstraZeneca Group, (17)					2,629,497
	44,465			Bristol-Myers Squibb Company					1,122,741
	91,149			GlaxoSmithKline PLC, (17)					1,932,897
	9,737			GlaxoSmithKline PLC, ADR					411,388
	29,095			Johnson & Johnson					1,874,009
	46,634			Novartis AG					2,547,074
	20,178			Novo-Nordisk A/S					1,288,365
	5,730			Perrigo Company					228,283
	215,722			Pfizer Inc., (3)					3,923,983
	45,000			Sanofi-Aventis, Sponsored ADR, (3)					1,767,150
	30,703			Sanofi-Aventis, SA, (17)					2,414,571
	41,200			Takeda Chemical Industries					1,694,272
	4,546			Takeda Pharmaceuticals Company Limited, (17)					93,420
	31,840			Watson Pharmaceuticals Inc., (2)					1,261,182
				Total Pharmaceuticals					23,188,832
				Professional Services – 0.0%
	6,860			TrueBlue Inc., (2)					101,597
				Real Estate – 0.2%
	41,945			Annaly Capital Management Inc.					727,746
	16,730			Duke Realty Corporation					203,604
	4,420			Equity Lifestyles Properties Inc.					223,077
	9,850			Hatteras Financial Corp.					275,406
	4,730			Health Care Property Investors Inc.					144,454
	16,390			Inland Real Estate Corporation					133,579
	26,760			Kimco Realty Corporation					362,063
	6,430			LaSalle Hotel Properties					136,509
	2,540			PS Business Parks Inc.					127,127
	4,348			Simon Property Group, Inc.					346,970
	6,812			Tanger Factory Outlet Centers					265,600
	6,640			Walter Investment Management Corporation					95,151
				Total Real Estate					3,041,286
				Real Estate Management & Development – 0.2%
	162,705			Sun Hung Kai Properties Limited, (17)					2,419,280
				Road & Rail – 0.2%
	2,764			Canadian Pacific Railway Limited					149,256
	15,960			CSX Corporation					773,900
	3,950			Kansas City Southern Industries, (2)					131,496
	12,190			Norfolk Southern Corporation					639,000
	3,520			Union Pacific Corporation					224,928
				Total Road & Rail					1,918,580
				Semiconductors & Equipment – 0.5%
	34,540			Broadcom Corporation, Class A, (2)					1,086,283
	86,275			Intel Corporation					1,760,010
	38,440			KLA-Tencor Corporation					1,389,990
	66,640			Marvell Technology Group Ltd., (2)					1,382,780
	9,516			Monolithic Power Systems, Inc., (2)					228,099
	23,360			Novellus Systems, Inc., (2)					545,222
	17,255			ON Semiconductor Corporation, (2)					152,017
	6,750			Xilinx, Inc.					169,155
				Total Semiconductors & Equipment					6,713,556

 

Nuveen Investments
50

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Shares				Description (1)				Value
				Software – 0.3%
	2,660			Advent Software Inc., (2)				$	108,342
	7,715			Ansys Inc., (2)					335,294
	4,680			Citrix Systems, (2)					194,735
	11,985			CommVault Systems, Inc., (2)					283,925
	5,645			JDA Software Group, (2)					143,778
	4,370			Manhattan Associates Inc., (2)					105,011
	7,772			Microsoft Corporation					236,968
	15,650			Rovi Corporation, (2)					498,765
	12,740			Salesforce.com, Inc., (2)					939,829
	13,380			Sybase, Inc., (2)					580,691
				Total Software					3,427,338
				Specialty Retail – 0.3%
	34,810			Abercrombie & Fitch Co., Class A					1,213,128
	14,650			Chico's FAS, Inc., (2)					205,831
	7,538			Guess Inc.					318,855
	34,555			Home Depot, Inc.					999,674
	4,440			J. Crew Group Inc., (2)					198,644
	6,330			PetSmart Inc.					168,946
	12,050			Stein Mart, Inc., (2)					128,451
	8,260			Williams-Sonoma Inc.					171,641
				Total Specialty Retail					3,405,170
				Textiles, Apparel & Luxury Goods – 0.1%
	4,810			Fossil Inc., (2)					161,422
	7,360			LVMH Moet Hennessy, (17)					825,258
	3,190			Steven Madden Limited, (2)					131,554
				Total Textiles, Apparel & Luxury Goods					1,118,234
				Thrifts & Mortgage Finance – 0.1%
	61,190			Hudson City Bancorp, Inc.					840,137
	10,640			People's United Financial, Inc.					177,686
				Total Thrifts & Mortgage Finance					1,017,823
				Tobacco – 0.3%
	8,250			Lorillard Inc.					661,896
	55,285			Philip Morris International					2,664,182
				Total Tobacco					3,326,078
				Trading Companies & Distributors – 0.4%
	345,112			Mitsui & Company Limited					4,857,912
				Water Utilities – 0.0%
	16,824			Companhia de Saneamento Basico do Estado de Sao Paulo, ADR					658,153
				Wireless Telecommunication Services – 0.3%
	14,070			Crown Castle International Corporation, (2)					549,291
	14,343			Millicom International Cellular S.A.					1,068,510
	6,165			Millicom International Cellular S.A.					454,791
	2,079			TIM Participacoes S.A.					61,766
	4,343			Turkcell Iletisim Hizmetleri A.S., ADR					75,958
	814,962			Vodafone Group PLC, (17)					1,887,219
				Total Wireless Telecommunication Services					4,097,535
				Total Common Stocks (cost $419,274,792)					444,030,969

 

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)								Coupon				Ratings (4)				Value
				Convertible Preferred Securities – 1.8% (1.3% of Total Investments)
				Capital Markets – 0.0%
	8,150			AMG Capital Trust II, Convertible Bond									5.150	%		BB				$	262,838
				Commercial Banks – 0.4%
	5,300			Fifth Third Bancorp, Convertible Bond									8.500	%		Baa3					630,700
	4,450			Wells Fargo & Company, Convertible Bond									7.500	%		A-					4,085,100
				Total Commercial Banks																	4,715,800
				Communications Equipment – 0.5%
	8,250			Lucent Technologies Capital Trust I									7.750	%		B3					6,410,250
				Diversified Financial Services – 0.3%
	4,100			Bank of America Corporation									7.250	%		BB					3,603,900
				Food Products – 0.1%
	10,450			Bunge Limited, Convertible Bonds									4.875	%		Ba1					935,275
				Independent Power Producers & Energy Traders – 0.1%
	9,950			AES Trust III, Convertible Preferred									6.750	%		B					460,188
	304			NRG Energy Inc., Convertible Bond									4.000	%		B2					358,796
				Total Independent Power Producers & Energy Traders																	818,984
				Insurance – 0.0%
	5,600			Reinsurance Group of America Inc.									5.750	%		BBB					352,576
				Multi-Utilities – 0.1%
	10,400			CMS Energy Corporation, Convertible Bonds									4.500	%		Ba2					890,500
				Oil, Gas & Consumable Fuels – 0.2%
	600			El Paso Corporation, 144A									4.990	%		B					542,400
	600			El Paso Corporation									4.990	%		B					542,400
	5,150			Whiting Petroleum Corporation									6.250	%		B					925,248
				Total Oil, Gas & Consumable Fuels																	2,010,048
				Real Estate – 0.1%
	16,600			HRPT Properties Trust, Preferred Convertible Bonds									6.500	%		Baa3					297,140
	8,550			Simon Property Group, Inc., Series I									6.000	%		Baa1					581,400
				Total Real Estate																	878,540
				Total Convertible Preferred Securities (cost $21,339,912)																	20,878,711
Shares				Description (1)								Coupon				Ratings (4)				Value
				$25 Par (or similar) Preferred Securities – 38.2% (28.9% of Total Investments)
				Capital Markets – 4.0%
	61,800			Ameriprise Financial, Inc.									7.750	%		A				$	1,554,270
	171,100			BNY Capital Trust V, Series F									5.950	%		Aa3					4,262,101
	725,702			Credit Suisse									7.900	%		Aa3					18,636,027
	1,175,757			Deutsche Bank Capital Funding Trust II									6.550	%		Aa3					24,432,230
	7,000			Deutsche Bank Capital Funding Trust IX									6.625	%		Aa3					146,930
	16,600			Goldman Sachs Group Inc., Series 2004-4 (CORTS)									6.000	%		A2					347,770
	18,600			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)									6.000	%		A2					390,600
	15,900			Morgan Stanley Capital Trust V									5.750	%		A3					312,435
	2,500			Morgan Stanley Capital Trust VII									6.600	%		A3					54,850
				Total Capital Markets																	50,137,213
				Commercial Banks – 4.7%
	76,400			ASBC Capital I									7.625	%		A3					1,514,248
	992,672			Banco Santander Finance									10.500	%		A2					28,172,031
	28,800			Banesto Holdings, Series A, 144A									10.500	%		Baa1					721,800
	28,400			Barclays Bank PLC									7.750	%		BBB+					676,772

 

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52

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Shares				Description (1)								Coupon				Ratings (4)				Value
				Commercial Banks (continued)
	1,300			Barclays Bank PLC									7.100	%		A+				$	28,717
	170,400			BB&T Capital Trust VI									9.600	%		A2					4,842,768
	38,600			BB&T Capital Trust VII									8.100	%		A2					997,810
	146,500			Cobank Agricultural Credit Bank, 144A									7.000	%		N/R					5,461,710
	48,000			Cobank Agricultural Credit Bank									11.000	%		A					2,397,000
	45,812			HSBC Finance Corporation									6.875	%		A					1,122,394
	1,400			HSBC Holdings PLC									6.200	%		A2					29,946
	15,100			HSBC USA Inc., Series F									2.858	%		A-					671,950
	150,200			Merrill Lynch Preferred Capital Trust V									7.280	%		Baa3					3,206,770
	355,241			National City Capital Trust II									6.625	%		Baa1					7,939,636
	9,700			Wells Fargo Capital Trust VII									5.850	%		A-					216,407
				Total Commercial Banks																	57,999,959
				Diversified Financial Services – 1.4%
	188,023			ING Groep N.V.									7.200	%		Ba1					3,619,443
	755,475			ING Groep N.V.									7.050	%		Ba1					14,021,616
	4,825			National Rural Utilities Cooperative Finance Corporation									6.100	%		A3					117,006
				Total Diversified Financial Services																	17,758,065
				Diversified Telecommunication Services – 0.7%
	109,405			AT&T Inc.									6.375	%		A					2,920,019
	38,500			BellSouth Capital Funding (CORTS)									7.120	%		A					946,861
	30,500			BellSouth Corporation (CORTS)									7.000	%		A					746,298
	25,000			Verizon Communications (CORTS)									7.625	%		A					635,500
	142,306			Verizon Communications, Series 2004-1 (SATURNS)									6.125	%		A					3,429,575
				Total Diversified Telecommunication Services																	8,678,253
				Electric Utilities – 0.6%
	4,293			Entergy Louisiana LLC									7.600	%		A-					110,502
	259,300			Entergy Texas Inc.									7.875	%		BBB+					7,001,100
				Total Electric Utilities																	7,111,602
				Food Products – 0.2%
	35,100			Dairy Farmers of America Inc., 144A									7.875	%		BBB-					2,656,631
				Insurance – 9.9%
	1,146,570			Aegon N.V.									6.375	%		BBB					20,477,740
	192,234			Arch Capital Group Limited, Series B									7.875	%		BBB-					4,796,238
	379,873			Arch Capital Group Limited									8.000	%		BBB-					9,504,422
	590,900			Berkley WR Corporation, Capital Trust II									6.750	%		BBB-					13,543,428
	675,001			Delphi Financial Group, Inc.									8.000	%		BBB+					16,382,274
	26,700			Delphi Financial Group, Inc.									7.376	%		BBB-					475,260
	199,472			EverestRe Capital Trust II									6.200	%		Baa1					4,093,165
	5,800			Financial Security Assurance Holdings									6.250	%		A+					96,244
	825,500			Lincoln National Capital VI, Series F									6.750	%		BBB-					18,573,750
	89,600			Markel Corporation									7.500	%		BBB					2,307,200
	882,951			PartnerRe Limited, Series C									6.750	%		BBB+					20,749,349
	143,600			PLC Capital Trust III									7.500	%		BBB					3,275,516
	14,000			PLC Capital Trust IV									7.250	%		BBB					303,800
	24,017			Protective Life Corporation									7.250	%		BBB					523,571
	136,730			Prudential Financial Inc.									9.000	%		BBB+					3,630,182
	27,082			Prudential PLC									6.750	%		A-					649,968
	121,800			RenaissanceRe Holdings Limited, Series B									7.300	%		BBB+					2,880,570
	35,900			RenaissanceRe Holdings Limited, Series C									6.080	%		BBB+					702,563
				Total Insurance																	122,965,240
				IT Services – 0.0%
	5,100			Vertex Industries Inc. (PPLUS)									7.625	%		A					129,693

 

Nuveen Investments
53

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)								Coupon				Ratings (4)				Value
				Media – 4.4%
	32,700			CBS Corporation									7.250	%		BBB-				$	742,290
	600,321			CBS Corporation									6.750	%		BBB-					12,660,770
	1,014,662			Comcast Corporation									7.000	%		BBB+					25,407,136
	647,540			Viacom Inc.									6.850	%		BBB					15,508,583
				Total Media																	54,318,779
				Multi-Utilities – 0.8%
	131,800			Dominion Resources Inc.									8.375	%		BBB					3,611,320
	233,000			Xcel Energy Inc.									7.600	%		Baa2					6,197,800
				Total Multi-Utilities																	9,809,120
				Oil, Gas & Consumable Fuels – 1.2%
	613,300			Nexen Inc.									7.350	%		BB+					15,179,175
				Pharmaceuticals – 0.1%
	43,800			Bristol Myers Squibb Company (CORTS)									6.250	%		A+					1,110,768
				Real Estate – 9.8%
	331,813			Developers Diversified Realty Corporation, Series H									7.375	%		Ba1					6,155,131
	7,300			Duke Realty Corporation, Series K									6.500	%		Baa3					137,605
	72,830			Duke Realty Corporation, Series L, (2)									6.600	%		Baa3					1,380,129
	22,700			Duke Realty Corporation, Series N									7.250	%		Baa3					481,240
	365,177			Duke Realty Corporation, Series O									8.375	%		Baa3					8,976,051
	122,700			Duke-Weeks Realty Corporation									6.625	%		Baa3					2,342,343
	151,515			Equity Residential Properties Trust, Series N									6.480	%		BBB-					3,412,118
	400,883			HRPT Properties Trust, Series B									8.750	%		Baa3					9,781,545
	531,900			HRPT Properties Trust, Series C									7.125	%		Baa3					10,829,484
	586,116			Kimco Realty Corporation, Series G									7.750	%		Baa2					14,389,148
	3,997			Prologis Trust, Series C									8.540	%		Baa3					181,114
	51,275			Prologis Trust, Series G									6.750	%		Baa3					1,058,829
	236,606			Public Storage, Inc.									6.750	%		Baa1					5,508,188
	27,632			Public Storage, Inc., Series C									6.600	%		Baa1					624,760
	149,500			Public Storage, Inc., Series E									6.750	%		Baa1					3,460,925
	69,911			Public Storage, Inc., Series H									6.950	%		Baa1					1,663,882
	32,903			Realty Income Corporation									6.750	%		Baa2					787,040
	136,189			Regency Centers Corporation									7.450	%		Baa3					3,188,184
	626,351			Vornado Realty LP									7.875	%		BBB					15,239,120
	1,227,443			Wachovia Preferred Funding Corporation									7.250	%		A-					27,286,058
	7,000			Weingarten Realty Trust									8.100	%		BBB					153,650
	117,000			Weingarten Realty Trust									6.950	%		Baa3					2,503,800
	103,225			Weingarten Realty Trust									6.500	%		Baa3					2,141,919
				Total Real Estate																	121,682,263
				Wireless Telecommunication Services – 0.4%
	176,900			Telephone and Data Systems Inc.									7.600	%		Baa2					4,344,664
	11,900			United States Cellular Corporation									7.500	%		Baa2					296,430
				Total Wireless Telecommunication Services																	4,641,094
				Total $25 Par (or similar) Preferred Securities (cost $513,891,056)																	474,177,855
Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Variable Rate Senior Loan Interests – 8.2% (6.3% of Total Investments) (6)
				Aerospace & Defense – 0.1%
$	574			DAE Aviation Holdings, Inc., Term Loan B1					4.030	%			7/31/14			B				$	531,383
	561			DAE Aviation Holdings, Inc., Term Loan B2					4.040	%			7/31/14			B					518,530
	900			McKechnie Aerospace Holdings, Inc., Term Loan					5.240	%			5/11/15			N/R					747,000
	2,035			Total Aerospace & Defense																	1,796,913

 

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Airlines – 0.2%
$	2,504			ACTS Aero Technical Support & Services, Inc., Term Loan, (7)					6.534	%		10/16/14				N/R				$	888,794
	1,950			Delta Air Lines, Inc., Term Loan					3.534	%		4/30/14				B					1,632,312
	4,454			Total Airlines																	2,521,106
				Automobiles – 0.1%
	1,786			Ford Motor Company, Term Loan, WI/DD					TBD			TBD				Ba3					1,659,702
				Building Products – 0.3%
	3,506			Building Materials Corporation of America, Term Loan					3.000	%		2/22/14				BB					3,259,159
	993			TFS Acquisition, Term Loan					10.000	%		8/11/13				CCC+					688,714
	4,499			Total Building Products																	3,947,873
				Chemicals – 0.4%
	602			Hercules Offshore, Inc., Term Loan					6.000	%		7/11/13				B					577,459
	695			LyondellBasell Finance Company, DIP Term Loan, (7), (8), (9)					13.000	%		2/03/10				CC					742,407
	54			LyondellBasell Finance Company, Dutch Revolving Line of Credit, (7), (9)					3.731	%		12/20/13				N/R					40,334
	123			LyondellBasell Finance Company, Dutch Tranche A, Term Loan, (7), (9)					3.731	%		12/20/13				N/R					91,297
	155			LyondellBasell Finance Company, German Tranche B1, Euro Term Loan, (7), (9)					3.981	%		12/22/14				N/R					115,794
	155			LyondellBasell Finance Company, German Tranche B2, Euro Term Loan, (7), (9)					3.981	%		12/20/14				N/R					115,794
	155			LyondellBasell Finance Company, German Tranche B3, Euro Term Loan, (7), (9)					3.981	%		12/22/14				N/R					115,794
	203			LyondellBasell Finance Company, Revolving Line of Credit, (7), (9)					3.731	%		12/20/13				N/R					151,251
	1,201			LyondellBasell Finance Company, Roll-Up DIP Term Loan, (7), (9)					5.794	%		2/03/10				N/R					1,250,828
	387			LyondellBasell Finance Company, US Tranche A, Term Loan, (7), (9)					3.731	%		12/20/13				N/R					288,176
	674			LyondellBasell Finance Company, US Tranche B1, Term Loan, (7), (9)					7.000	%		12/22/14				N/R					503,306
	674			LyondellBasell Finance Company, US Tranche B2, Term Loan, (7), (9)					7.000	%		12/22/14				N/R					502,463
	674			LyondellBasell Finance Company, US Tranche B3, Term Loan, (7), (9)					7.000	%		12/22/14				N/R					502,463
	5,752			Total Chemicals																	4,997,366
				Commercial Services & Supplies – 0.1%
	69			Aramark Corporation, Letter of Credit					2.025	%		1/26/14				BB					65,963
	1,055			Aramark Corporation, Term Loan					2.126	%		1/26/14				BB					1,003,015
	1,124			Total Commercial Services & Supplies																	1,068,978
				Communications Equipment – 0.2%
	2,992			Avaya Inc., Term Loan					3.011	%		10/26/14				B+					2,595,834
				Diversified Consumer Services – 0.1%
	958			Cengage Learning Acquisitions, Inc., Term Loan					2.750	%		7/05/14				B+					876,942
				Electric Utilities – 0.4%
	899			Calpine Corporation, DIP Term Loan					3.135	%		3/29/14				B+					852,545
	1,955			TXU Corporation, Term Loan B2					3.735	%		10/10/14				B+					1,596,991
	2,527			TXU Corporation, Term Loan B3					3.735	%		10/10/14				B+					2,045,355
	5,381			Total Electric Utilities																	4,494,891
				Electrical Equipment – 0.1%
	1,683			Allison Transmission Holdings, Inc., Term Loan					3.009	%		8/07/14				B					1,549,821
				Health Care Providers & Services – 0.7%
	124			Community Health Systems, Inc., Delayed Term Loan					2.511	%		7/25/14				BB					117,531
	2,500			Community Health Systems, Inc., Term Loan					2.506	%		7/25/14				BB					2,362,842
	489			Concentra, Inc., Term Loan					2.510	%		6/25/14				Ba3					457,592
	32			HCA, Inc., Term Loan A					1.751	%		11/17/12				BB					30,336
	1,761			HCA, Inc., Term Loan					2.501	%		11/18/13				BB					1,685,477
	2,070			Health Management Associates, Inc., Term Loan					2.001	%		2/28/14				BB-					1,934,639
	274			IASIS Healthcare LLC, Delayed Term Loan					2.231	%		3/14/14				Ba2					256,203
	74			IASIS Healthcare LLC, Letter of Credit					2.231	%		3/14/14				Ba2					69,361
	792			IASIS Healthcare LLC, Term Loan					2.231	%		3/14/14				Ba2					740,305
	1,123			Select Medical Corporation, Term Loan B2					2.267	%		2/24/12				Ba2					1,072,116
	585			Select Medical Corporation, Term Loan					2.267	%		2/24/12				Ba2					558,588
	9,824			Total Health Care Providers & Services																	9,284,990

 

Nuveen Investments
55

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Hotels, Restaurants & Leisure – 0.8%
$	2,204			CCM Merger, Inc., Term Loan B					8.500	%		7/13/12				BB-				$	2,157,200
	741			Cedar Fair LP, Extended US Term Loan					4.231	%		8/30/14				BB-					733,433
	372			Cedar Fair LP, Term Loan					2.231	%		8/30/12				BB-					369,149
	991			Harrah's Operating Company, Inc., Term Loan B2					3.282	%		1/28/15				B-					805,714
	978			Orbitz Worldwide, Inc., Term Loan					3.237	%		7/25/14				B+					900,522
	1,960			Travelport LLC, Delayed Term Loan					2.781	%		8/23/13				Ba3					1,875,283
	134			Travelport LLC, Letter of Credit					2.751	%		8/23/13				Ba3					128,186
	669			Travelport LLC, Term Loan					2.770	%		8/23/13				Ba3					638,852
	581			Venetian Casino Resort LLC, Delayed Term Loan					2.010	%		5/23/14				B-					510,882
	1,708			Venetian Casino Resort LLC, Term Loan					2.010	%		5/23/14				B-					1,500,549
	10,338			Total Hotels, Restaurants & Leisure																	9,619,770
				Insurance – 0.2%
	2,236			Conseco, Inc., Term Loan					7.500	%		10/10/13				B-					2,122,732
				IT Services – 0.5%
	2,128			First Data Corporation, Term Loan B1					2.983	%		9/24/14				B+					1,894,123
	1,199			Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan					3.990	%		7/28/12				B+					1,083,916
	2,297			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan					3.990	%		7/28/12				B+					2,077,547
	1,188			SunGard Data Systems, Inc., Term Loan B					1.985	%		2/28/14				BB					1,126,326
	6,812			Total IT Services																	6,181,912
				Leisure Equipment & Products – 0.2%
	583			Herbst Gaming, Inc., Delayed Term Loan, (7), (9)					0.000	%		12/02/11				D					307,328
	671			Herbst Gaming, Inc., Term Loan, (7), (9)					0.000	%		12/02/11				D					353,709
	6,000			Wimar OpCo LLC, Term Loan, (7), (9)					6.500	%		1/03/12				N/R					1,867,500
	7,254			Total Leisure Equipment & Products																	2,528,537
				Media – 2.0%
	2,244			Cequel Communications LLC, Term Loan B					2.261	%		11/05/13				BB-					2,134,814
	4,629			Charter Communications Operating Holdings LLC, Term Loan, (9)					2.260	%		3/06/14				BB+					4,349,599
	2,500			Citadel Broadcasting Corporation, Term Loan, (15)					1.990	%		6/12/14				D					1,872,396
	1,883			Gray Television, Inc., Term Loan B					3.790	%		12/31/14				Caa1					1,647,033
	956			Idearc, Inc., Term Loan, (18)					0.000	%		11/17/14				D					500,580
	3,142			Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, (7)					20.500	%		4/08/12				N/R					2,032,281
	882			Nielsen Finance LLC, Term Loan A					2.235	%		8/09/13				Ba3					827,337
	1,873			Nielsen Finance LLC, Term Loan B					3.985	%		5/02/16				Ba3					1,771,595
	944			Philadelphia Newspapers, Term Loan, (7), (9)					7.750	%		6/29/13				N/R					188,820
	530			Reader's Digest Association, Inc., DIP Term Loan, (9)					13.500	%		3/01/14				N/R					553,106
	130			Reader's Digest Association, Inc., Euro Term Loan, (9)					7.000	%		3/03/14				N/R					67,182
	363			Reader's Digest Association, Inc., Revolving Credit Loan, (9)					4.500	%		3/02/13				D					187,331
	1,461			Reader's Digest Association, Inc., U.S. Term Loan, (9)					4.233	%		3/03/14				D					754,410
	5,925			Tribune Company, Term Loan B, (7), (9)					5.250	%		6/04/14				Ca					3,446,377
	1,256			Tribune Company, Term Loan X, (7), (9)					5.000	%		N/A				Ca					717,272
	5,600			Univision Communications, Inc., Term Loan					2.501	%		9/29/14				B2					4,886,000
	34,318			Total Media																	25,936,133
				Metals & Mining – 0.2%
	2,014			John Maneely Company, Term Loan					3.508	%		12/08/13				B					1,895,203
				Oil, Gas & Consumable Fuels – 0.3%
	2,947			CCS Income Trust, Term Loan					3.231	%		11/14/14				B					2,470,263
	1,978			Venoco, Inc., Term Loan					4.250	%		5/07/14				BB-					1,786,948
	4,925			Total Oil, Gas & Consumable Fuels																	4,257,211
				Pharmaceuticals – 0.1%
	2,000			Royalty Pharma Finance Trust, Unsecured Term Loan					7.750	%		5/15/15				Baa3					1,885,000

 

Nuveen Investments
56

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Real Estate Management & Development – 0.3%
$	3,403			LNR Property Corporation, Term Loan B					3.480	%		7/12/11				CCC				$	2,433,301
	1,723			Realogy Corporation, Delayed Term Loan					3.286	%		10/10/13				Caa1					1,535,899
	5,126			Total Real Estate Management & Development																	3,969,200
				Road & Rail – 0.1%
	913			Swift Transportation Company, Inc., Term Loan					8.250	%		5/10/14				B-					832,342
				Software – 0.1%
	904			IPC Systems, Inc., Term Loan					2.493	%		5/31/14				B1					768,783
				Specialty Retail – 0.7%
	2,346			Burlington Coat Factory Warehouse Corporation, Term Loan					2.510	%		5/28/13				B-					2,177,987
	1,985			Claire's Stores, Inc. Term Loan B					3.060	%		5/29/14				B-					1,617,557
	1,109			Michaels Stores, Inc., Term Loan B1					2.563	%		10/31/13				B					1,004,940
	1,492			Michaels Stores, Inc., Term Loan B2					4.813	%		7/31/16				B					1,408,917
	2,400			Toys "R" Us – Delaware, Inc., Term Loan B					4.481	%		7/19/12				BB-					2,356,333
	9,332			Total Specialty Retail																	8,565,734
$	126,660			Total Variable Rate Senior Loan Interests (cost $116,405,901)																	103,356,973
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Convertible Bonds – 11.1% (8.5% of Total Investments)
				Aerospace & Defense – 0.3%
$	800			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		9/15/11				BB-				$	852,000
	650			Alliant Techsystems, Inc., Convertible Bonds					2.750	%		2/15/24				BB-					741,813
	1,700			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+					1,793,500
	3,150			Total Aerospace & Defense																	3,387,313
				Airlines – 0.4%
	3,375			JetBlue Airways Corporation					3.750	%		3/15/35				CCC					3,370,781
	790			JetBlue Airways Corporation					6.750	%		10/15/39				CCC					1,087,238
	4,165			Total Airlines																	4,458,019
				Auto Components – 0.1%
	700			BorgWarner Inc.					3.500	%		4/15/12				BBB					886,375
				Beverages – 0.1%
	900			Molson Coors Brewing Company, Senior Convertible Notes					2.500	%		7/30/13				BBB-					999,000
				Biotechnology – 0.5%
	925			Amgen Inc., 144A					0.125	%		2/01/11				A+					918,063
	2,950			Amgen Inc.					0.125	%		2/01/11				A+					2,927,875
	1,825			Amgen Inc.					0.375	%		2/01/13				A+					1,845,531
	600			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B-					644,250
	250			Invitrogen Corporation, Convertible Bond					2.000	%		8/01/23				BB+					385,938
	6,550			Total Biotechnology																	6,721,657
				Capital Markets – 0.1%
	600			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB-					594,750
	400			BlackRock Inc.					2.625	%		2/15/35				A+					935,000
	1,000			Total Capital Markets																	1,529,750
				Commercial Banks – 0.2%
	850			National City Corporation, Convertible Senior Notes					4.000	%		2/01/11				A					870,188
	450			SVB Financial Group, Convertible Bond, 144A					3.875	%		4/15/11				A3					472,500
	1,150			U.S. Bancorp, Convertible Bonds, Floating Rate					0.000	%		12/11/35				Aa3					1,134,188
	2,450			Total Commercial Banks																	2,476,876

 

Nuveen Investments
57

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Commercial Services & Supplies – 0.2%
$	700			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3				$	810,250
	600			Covanta Holding Corporation, Convertible Bonds					1.000	%		2/01/27				Ba3					563,250
	600			Universal City Development Partners, 144A					8.875	%		11/15/15				B3					590,250
	1,900			Total Commercial Services & Supplies																	1,963,750
				Communications Equipment – 0.3%
	600			Ciena Corporation, Convertible Bond					0.250	%		5/01/13				B					456,000
	950			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B					554,563
	450			CommScope Inc.					3.250	%		7/01/15				B					534,938
	1,050			Lucent Technologies Inc., Series B					2.875	%		6/15/25				B1					900,375
	600			Lucent Technologies Inc.					2.875	%		6/15/23				B1					597,750
	3,650			Total Communications Equipment																	3,043,626
				Computers & Peripherals – 0.5%
	1,400			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/11				A-					1,708,000
	700			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A-					879,375
	700			EMC Corporation, Convertible Bonds					1.750	%		12/01/11				A-					854,000
	1,200			EMC Corporation, Convertible Bonds					1.750	%		12/01/13				A-					1,507,500
	400			Maxtor Corporation, Convertible Bonds					2.375	%		8/15/12				B					474,000
	1,250			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				B					1,048,438
	5,650			Total Computers & Peripherals																	6,471,313
				Construction & Engineering – 0.0%
	250			Fluor Corporation, Convertible Bonds					1.500	%		2/15/24				A3					405,625
				Consumer Finance – 0.0%
	350			Americredit Corporation					0.750	%		9/15/11				B-					325,063
				Diversified Financial Services – 0.1%
	1,000			NASDAQ Stock Market Inc., Convertible Bond					2.500	%		8/15/13				Baa3					942,500
				Diversified Telecommunication Services – 0.2%
	2,050			Qwest Communications International Inc.					3.500	%		11/15/25				B+					2,137,125
	700			Time Warner Telecom Inc., Convertible Bond					2.375	%		4/01/26				B-					774,375
	2,750			Total Diversified Telecommunication Services																	2,911,500
				Electrical Equipment – 0.1%
	300			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				Ba3					263,250
	462			General Cable Corporation, Convertible Bonds					4.500	%		11/15/29				B					477,593
	550			Roper Industries Inc.					0.000	%		1/15/34				BB+					360,938
	1,312			Total Electrical Equipment																	1,101,781
				Electronic Equipment & Instruments – 0.2%
	600			Anixter International Inc., Convertible Bond					0.000	%		7/07/33				BB-					444,750
	500			Itron Inc.					2.500	%		8/01/26				B-					626,250
	900			Tech Data Corporation, Convertible Bonds					2.750	%		12/15/26				BBB-					974,250
	2,000			Total Electronic Equipment & Instruments																	2,045,250
				Energy Equipment & Services – 1.0%
	450			Exterran Holdings Inc., Convertible Bond					4.250	%		6/15/14				BB					528,750
	1,200			Nabors Industries Inc. Convertible Bond Series 144A					0.940	%		5/15/11				BBB+					1,179,000
	1,300			Nabors Industries Inc. Convertible Bond					0.940	%		5/15/11				BBB+					1,277,250
	500			Schlumberger Limited					2.125	%		6/01/23				A+					818,750
	450			SESI LLC, Convertible Bond, 144A					1.500	%		12/15/26				BB+					414,563
	1,600			Transocean Inc., Convertible Bond					1.625	%		12/15/37				BBB+					1,592,000
	2,800			Transocean Inc., Series B					1.500	%		12/15/37				BBB+					2,716,000
	2,975			Transocean Inc., Series C					1.500	%		12/15/37				BBB+					2,878,313
	11,275			Total Energy Equipment & Services																	11,404,626

 

Nuveen Investments
58

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Food Products – 0.2%
$	400			Archer Daniels Midland Company, Convertible Bonds, 144A					0.875	%		2/15/14				A				$	421,000
	1,000			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					1,052,500
	450			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B					476,438
	250			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				B-					247,188
	700			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB					724,500
	2,800			Total Food Products																	2,921,626
				Health Care Equipment & Supplies – 0.8%
	200			Beckman Coulter Inc., Convertible Bonds, 144A					2.500	%		12/15/36				BBB					230,000
	700			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					805,000
	3,000			Hologic Inc.					2.000	%		12/15/37				BB-					2,576,250
	300			Invacare Corporation, Convertible Bond					4.125	%		2/01/27				B-					344,625
	300			Inverness Medical Innovation Inc., Convertible Bonds					3.000	%		5/15/16				B-					345,750
	850			Kinetic Concepts Inc., Convertible Bond, 144A					3.250	%		4/15/15				B+					843,625
	1,650			Medtronic, Inc., Convertible Bond					1.500	%		4/15/11				AA-					1,683,000
	2,750			Medtronic, Inc., Convertible Bond					1.625	%		4/15/13				AA-					2,884,063
	9,750			Total Health Care Equipment & Supplies																	9,712,313
				Health Care Providers & Services – 0.4%
	550			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				BB					530,750
	450			LifePoint Hospitals, Inc., Convertible Bonds					3.250	%		8/15/25				B1					416,813
	1,175			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					1,100,094
	3,715			Omnicare, Inc.					3.250	%		12/15/35				B+					3,041,656
	400			PSS World Medical Inc. Convertible Note, 144A					3.125	%		8/01/14				BB					489,500
	6,290			Total Health Care Providers & Services																	5,578,813
				Hotels, Restaurants & Leisure – 0.2%
	1,000			Carnival Corporation					2.000	%		4/15/21				A3					1,036,250
	900			International Game Technology					3.250	%		5/01/14				BBB					1,101,375
	1,900			Total Hotels, Restaurants & Leisure																	2,137,625
				Household Durables – 0.1%
	850			D.R. Horton, Inc.					2.000	%		5/15/14				BB-					945,625
	450			Newell Rubbermaid Inc.					5.500	%		3/15/14				BBB-					852,188
	1,300			Total Household Durables																	1,797,813
				Independent Power Producers & Energy Traders – 0.0%
	450			Allegheny Technologies Inc., Convetible Bond					4.250	%		6/01/14				BBB-					618,188
				Insurance – 0.0%
	400			Old Republic International Corporation					8.000	%		5/15/12				A3					452,500
				Internet & Catalog Retail – 0.2%
	50			Priceline.com Inc., Convertible Bond					0.500	%		9/30/11				BB					270,750
	250			Priceline.com Inc., Convertible Bond					0.750	%		9/30/13				BB					1,354,375
	50			Priceline.com Inc., Convertible Bond					2.250	%		1/15/25				BB					288,188
	350			Total Internet & Catalog Retail																	1,913,313
				Internet Software & Services – 0.1%
	450			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B-					524,250
	550			Equinix Inc.					4.750	%		6/15/16				B-					811,250
	1,000			Total Internet Software & Services																	1,335,500
				IT Services – 0.0%
	450			Verifone Holdings Inc.					1.375	%		6/15/12				B-					397,125
				Leisure Equipment & Products – 0.1%
	650			Hasbro Inc.					2.750	%		12/01/21				BBB					973,375

 

Nuveen Investments
59

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Life Sciences Tools & Services – 0.2%
$	550			Apogent Technologies, Inc., Convertible Bonds					0.000	%		12/15/33				A-				$	898,590
	550			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					537,625
	450			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BB+					522,000
	500			Invitrogen Corporation, Convertible Bond					3.250	%		6/15/25				BB+					592,500
	2,050			Total Life Sciences Tools & Services																	2,550,715
				Machinery – 0.1%
	450			Ingersoll Rand					4.500	%		4/15/12				BBB+					925,875
	250			Terex Corporation					4.000	%		6/01/15				B					361,875
	700			Total Machinery																	1,287,750
				Media – 0.3%
	600			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				Ba3					599,250
	1,200			Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1					4.000	%		11/15/29				BB-					621,000
	2,550			Liberty Media Corporation					3.125	%		3/30/23				BB-					2,578,688
	500			Omnicom Group, Inc.					0.000	%		7/01/38				A-					493,750
	4,850			Total Media																	4,292,688
				Metals & Mining – 0.7%
	650			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				Baa3					1,689,188
	3,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					2,032,500
	250			Newmont Mining Corp., Senior Convertible Note					1.625	%		7/15/17				BBB+					310,938
	650			Newmont Mining Corporation, 144A					1.625	%		7/15/17				BBB+					808,438
	900			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					1,127,250
	350			Steel Dynamics, Inc.					5.125	%		6/15/14				BB+					444,938
	950			United States Steel Corporation					4.000	%		5/15/14				BB					1,784,813
	6,750			Total Metals & Mining																	8,198,065
				Multiline Retail – 0.0%
	450			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				B-					374,063
				Oil, Gas & Consumable Fuels – 0.6%
	500			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				BB					567,500
	600			Chesapeake Energy Corporation, Convertible Bonds					2.750	%		11/15/35				BB					587,250
	1,100			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB					990,000
	1,600			Chesapeake Energy Corporation, Convertible Bonds					2.250	%		12/15/38				BB					1,218,000
	1,000			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB-					878,750
	900			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					913,500
	450			Penn Virginia Corporation					4.500	%		11/15/12				B					428,625
	700			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BB+					755,125
	1,550			USEC Inc., Convertible Bond					3.000	%		10/01/14				Caa2					1,015,250
	550			Western Refining Inc., Convertible Bond					5.750	%		6/15/14				B-					437,938
	8,950			Total Oil, Gas & Consumable Fuels																	7,791,938
				Pharmaceuticals – 0.5%
	475			Allergan Inc., Convertible Bond					1.500	%		4/01/26				A					549,219
	750			King Pharmaceuticals Inc., Convertible Bonds					1.250	%		4/01/26				BB					698,438
	750			Mylan Labs, Inc., Convertible Bonds					1.250	%		3/15/12				BB-					781,875
	850			Mylan Labs, Inc., Convertible Bonds					3.750	%		9/15/15				BB-					1,312,188
	1,300			Teva Pharmaceutical Finance Company B.V., Series D					1.750	%		2/01/26				BBB+					1,608,750
	417			Teva Pharmaceutical Finance, Series B					0.250	%		2/01/24				BBB+					681,795
	400			Valeant Pharmaceuticals International Convertible Bond					4.000	%		11/15/13				B-					480,000
	4,942			Total Pharmaceuticals																	6,112,265
				Real Estate – 0.9%
	600			Boston Properties Limited Partnership, Convertible Bonds					2.875	%		2/15/37				A2					591,750
	1,700			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A-					1,693,625
	1,250			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A-					1,232,813
	300			Brandywine Operating Partnership, Convertible Bonds					3.875	%		10/15/26				BBB-					295,875

 

Nuveen Investments
60

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Real Estate (continued)
$	450			Duke Realty Corporation, Series D, 144A					3.750	%		12/01/11				BBB				$	444,375
	600			ERP Operating LP					3.850	%		8/15/26				BBB+					594,000
	250			Health Care REIT, Inc., Convertible Bonds					4.750	%		12/01/26				Baa2					277,813
	300			Health Care REIT, Inc., Convertible Bonds					4.750	%		7/15/27				Baa2					336,375
	450			Hospitality Properties Trust, Convertible Bonds					3.800	%		3/15/27				BBB					441,563
	400			Host Hotels & Resorts Inc, Convertible Bonds, 144A					2.625	%		4/15/27				BB+					377,000
	350			Host Marriot LP, Convertible Bonds, 144A					3.250	%		4/15/24				BB+					351,750
	350			Prologis Trust, Convertible Bonds, 144A					2.250	%		4/01/37				BBB-					326,375
	2,050			Prologis Trust, Convertible Bonds					2.250	%		4/01/37				BBB-					1,911,625
	400			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB					427,000
	250			Ventas Inc., Convertible Bond, 144A					3.875	%		11/15/11				BBB-					280,312
	950			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					1,044,999
	10,650			Total Real Estate																	10,627,250
				Semiconductors & Equipment – 1.1%
	2,350			Advanced Micro Devices, Inc., Convertible Bonds, 144A					6.000	%		5/01/15				B-					2,126,749
	924			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B-					915,914
	1,875			Conexant Systems Inc., Convertible Bonds					4.000	%		3/01/26				N/R					1,727,343
	1,650			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A-					1,600,499
	2,350			Intel Corporation, Convertible Bond					3.250	%		8/01/39				A2					2,711,312
	2,300			Micron Technology, Inc.					1.875	%		6/01/14				B-					2,225,249
	1,000			ON Semiconductor Corporation					2.625	%		12/15/26				B+					1,116,249
	450			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					418,499
	650			Xilinx Inc., Convertible Bond					3.125	%		3/15/37				BB					604,499
	13,549			Total Semiconductors & Equipment																	13,446,313
				Software – 0.0%
	450			Nuance Communications Inc.					2.750	%		8/15/27				B-					483,749
				Specialty Retail – 0.1%
	700			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					753,374
	600			United Auto Group, Inc., Convertible Bonds					3.500	%		4/01/26				B-					608,249
	1,300			Total Specialty Retail																	1,361,623
				Textiles, Apparel & Luxury Goods – 0.1%
	800			Iconix Brand Group, Inc., Convertible Notes, 144A					1.875	%		6/30/12				B					718,999
	250			Liz Claiborne Inc., Convertible Bond					6.000	%		6/15/14				B-					450,312
	1,050			Total Textiles, Apparel & Luxury Goods																	1,169,311
				Trading Companies & Distributors – 0.0%
	536			WESCO International Inc., Convertible Bond					6.000	%		9/15/29				B					656,599
				Wireless Telecommunication Services – 0.1%
	650			Liberty Media Corporation Convertible Bonds					3.750	%		2/15/30				BB-					328,249
	1,341			NII Holdings Inc.					3.125	%		6/15/12				B-					1,237,072
	1,991			Total Wireless Telecommunication Services																	1,565,321
$	132,610			Total Convertible Bonds (cost $127,809,380)																	138,829,865

 

Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Corporate Bonds – 10.3% (7.8% of Total Investments)
				Aerospace & Defense – 0.3%
$	1,200			Hawker Beechcraft Acquisition Company									8.500	%		4/01/15				CCC-				$	852,000
	1,000			Hexcel Corporation, Term Loan									6.750	%		2/01/15				B+					965,000
	1,800			Vought Aircraft Industries Inc.									8.000	%		7/15/11				B3					1,784,250
	4,000			Total Aerospace & Defense																					3,601,250

 

Nuveen Investments
61

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Auto Components – 0.0%
$	600			TRW Automotive Inc., 144A									8.875	%		12/01/17				B-				$	627,000
				Chemicals – 0.5%
	1,800			Hexion US Finance Corporation									9.750	%		11/15/14				Caa1					1,773,000
	1,000			Momentive Performance Materials									9.750	%		12/01/14				Caa2					967,500
	1,200			NOVA Chemicals Corporation, 144A									8.625	%		11/01/19				B+					1,227,000
	2,100			Rockwood Specialties Group Inc., Series WI									7.500	%		11/15/14				B-					2,131,500
	6,100			Total Chemicals																					6,099,000
				Commercial Services & Supplies – 0.2%
	1,200			McJunkin Red Man Corporation, 144A									9.500	%		12/15/16				B					1,179,000
	1,200			Ticketmaster									10.750	%		8/01/16				BB-					1,299,000
	2,400			Total Commercial Services & Supplies																					2,478,000
				Construction Materials – 0.1%
	1,200			Headwaters Inc., 144A									11.375	%		11/01/14				B+					1,257,000
				Containers & Packaging – 0.2%
	1,500			Graham Packaging Company LP, GPC Capital Corporation I, 144A									8.250	%		1/01/17				CCC+					1,488,750
	500			Owens-Brockway Glass Containers									7.375	%		5/15/16				BB					518,750
	2,000			Total Containers & Packaging																					2,007,500
				Diversified Telecommunication Services – 0.4%
	600			Cequel Communication Holdings I, 144A									8.625	%		11/15/17				B-					609,000
	2,350			Cincinnati Bell Inc.									8.250	%		10/15/17				Ba3					2,397,000
	1,500			IntelSat Corporation									9.250	%		8/15/14				BB-					1,548,750
	1,200			Windstream Corporation, 144A									7.875	%		11/01/17				BB-					1,191,000
	5,650			Total Diversified Telecommunication Services																					5,745,750
				Electric Utilities – 0.1%
	1,000			Sierra Pacific Resources, Series 2006									6.750	%		8/15/17				BB					979,285
				Energy Equipment & Services – 0.2%
	1,200			Hercules Offshore LLC, 144A									10.500	%		10/15/17				B					1,272,000
	1,000			Pride International Inc.									7.375	%		7/15/14				BBB-					1,037,500
	2,200			Total Energy Equipment & Services																					2,309,500
				Food & Staples Retailing – 0.2%
	2,000			Stater Brothers Holdings Inc.									8.125	%		6/15/12				B+					2,030,000
				Food Products – 0.4%
	1,200			Dole Foods Company, 144A									8.000	%		10/01/16				B+					1,224,000
	2,700			Dole Foods Company									8.750	%		7/15/13				B-					2,781,000
	600			Tops Markets, 144A									10.125	%		10/15/15				B					621,000
	4,500			Total Food Products																					4,626,000
				Health Care Equipment & Supplies – 0.4%
	500			Biomet Inc.									10.000	%		10/15/17				B-					545,625
	4,050			Select Medical Corporation									7.625	%		2/01/15				B-					3,948,750
	4,550			Total Health Care Equipment & Supplies																					4,494,375
				Health Care Providers & Services – 0.7%
	2,000			Community Health Systems, Inc.									8.875	%		7/15/15				B					2,075,000
	2,000			HCA Inc., 144A									8.500	%		4/15/19				BB					2,165,000
	1,000			HCA Inc.									9.250	%		11/15/16				BB-					1,076,250
	2,100			HealthSouth Corporation									8.125	%		2/15/20				CCC+					2,079,000
	1,800			Select Medical Corporation									6.428	%		9/15/15				CCC+					1,674,000
	8,900			Total Health Care Providers & Services																					9,069,250

 

Nuveen Investments
62

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Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Hotels, Restaurants & Leisure – 0.7%
$	1,875			Boyd Gaming Corporation									7.750	%		12/15/12				B+				$	1,905,469
	500			Harrahs Operating Company Escrow									11.250	%		6/01/17				B-					525,625
	900			Landry's Restaurants Inc., 144A									11.625	%		12/01/15				B					958,500
	1,000			MGM Mirage Inc.									8.375	%		2/01/11				CCC-					952,500
	600			Peninsula Gaming LLC									8.375	%		8/15/15				BB					601,500
	600			Penn National Gaming Inc., 144A									8.750	%		8/15/19				BB-					616,500
	1,292			Pinnacle Entertainment Inc.									8.250	%		3/15/12				B					1,298,460
	1,750			Seminole Hard Rock Entertainment, Inc., 144A									2.757	%		3/15/14				BB					1,450,313
	8,517			Total Hotels, Restaurants & Leisure																					8,308,867
				Independent Power Producers & Energy Traders – 0.1%
	900			Dynegy Holdings, Inc., Term Loan									8.375	%		5/01/16				B					859,500
	1,000			NRG Energy Inc.									7.375	%		1/15/17				BB-					1,005,000
	1,900			Total Independent Power Producers & Energy Traders																					1,864,500
				Internet Software & Services – 0.1%
	2,000			Open Solutions Inc., 144A									9.750	%		2/01/15				CCC+					1,547,500
				IT Services – 0.6%
	2,950			First Data Corporation									9.875	%		9/24/15				B-					2,765,625
	1,950			Global Cash Access LLC									8.750	%		3/15/12				B					1,952,438
	2,250			Sungard Data Systems Inc.									9.125	%		8/15/13				B					2,317,500
	7,150			Total IT Services																					7,035,563
				Machinery – 0.2%
	3,000			Greenbrier Companies, Inc.									8.375	%		5/15/15				CCC					2,493,750
				Media – 0.9%
	5,450			Allbritton Communications Company, Series B									7.750	%		12/15/12				B-					5,388,688
	2,000			AMC Entertainment Inc.									8.000	%		3/01/14				CCC+					1,920,000
	1,500			Clear Channel Communications, Inc.									6.250	%		3/15/11				CCC-					1,411,875
	1,050			Clear Channel Communications, Inc.									10.750	%		8/01/16				CCC-					829,500
	450			Clear Channel Worldwide Holdings Inc., 144A									9.250	%		12/15/17				B					465,750
	2,198			Dex Media West LLC, (15)									9.875	%		8/15/13				D					697,865
	4,000			Medianews Group Inc., (15)									6.375	%		4/01/14				CC					10,400
	3,500			Young Broadcasting Inc., (10)									10.000	%		3/01/11				D					12,250
	2,000			Young Broadcasting Inc., (10)									8.750	%		1/15/14				D					7,000
	22,148			Total Media																					10,743,328
				Metals & Mining – 0.5%
	900			Essar Steel Algoma Inc., 144A									9.375	%		3/15/15				B+					892,125
	5,200			MagIndustries Corporation, (11)									11.000	%		12/14/12				N/R					4,706,000
	500			Teck Resources Limited									9.750	%		5/15/14				BB+					579,375
	6,600			Total Metals & Mining																					6,177,500
				Multiline Retail – 0.3%
	2,650			Neiman Marcus Group Inc.									10.375	%		10/15/15				CCC+					2,610,250
	1,500			Toys R Us Property Company II LLC, 144A									8.500	%		12/01/17				Ba2					1,533,750
	4,150			Total Multiline Retail																					4,144,000
				Multi-Utilities – 0.1%
	1,200			Bon-Ton Department Stores Inc.									10.250	%		3/15/14				CCC					1,113,000
	500			Northwestern Corporation									5.875	%		11/01/14				A-					519,185
	1,700			Total Multi-Utilities																					1,632,185
				Oil, Gas & Consumable Fuels – 0.4%
	600			Chaparral Energy Inc.									8.500	%		12/01/15				CCC+					532,500
	2,000			Premcor Refining Group Inc.									7.500	%		6/15/15				BBB					1,987,485
	1,800			Western Refining Inc.									11.250	%		6/15/17				BB-					1,638,000
	1,500			Whiting Petroleum Corporation									7.000	%		2/01/14				BB					1,513,125
	5,900			Total Oil, Gas & Consumable Fuels																					5,671,110

 

Nuveen Investments
63

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Paper & Forest Products – 0.2%
$	1,200			Georgia-Pacific Corporation									8.125	%		5/15/11				BB				$	1,266,000
	1,000			Georgia-Pacific Corporation									7.700	%		6/15/15				BB					1,055,000
	2,200			Total Paper & Forest Products																					2,321,000
				Personal Products – 0.2%
	1,600			Prestige Brands Inc.									9.250	%		4/15/12				B					1,630,000
	600			Revlon Consumer Products									9.750	%		11/15/15				B-					622,500
	2,200			Total Personal Products																					2,252,500
				Real Estate – 0.2%
	2,350			FelCor Lodging LP., 144A									10.000	%		10/01/14				B2					2,382,313
				Real Estate Management & Development – 0.0%
	600			Realogy Corporation									10.500	%		4/15/14				Ca					522,000
				Semiconductors & Equipment – 0.2%
	755			Avago Technologies Finance Pte Limited									11.875	%		12/01/15				Ba3					835,218
	337			NXP BV, 144A									10.000	%		7/15/13				B-					347,952
	1,200			Spansion LLC, 144A, (16)									3.394	%		6/01/13				D					1,218,000
	2,292			Total Semiconductors & Equipment																					2,401,170
				Software – 0.3%
	600			Telcordia Technologies, Inc., 144A									10.000	%		3/15/13				CCC+					537,000
	3,250			Telcordia Technologies, Inc.									4.003	%		7/15/12				B					2,994,062
	3,850			Total Software																					3,531,062
				Specialty Retail – 0.6%
	1,350			Claires Stores, Inc.									9.250	%		6/01/15				CCC+					1,154,250
	1,200			Michael's Stores									11.375	%		11/01/16				CCC					1,269,000
	4,825			Warnaco Inc., Senior Notes									8.875	%		6/15/13				BB+					4,963,719
	7,375			Total Specialty Retail																					7,386,969
				Textiles, Apparel & Luxury Goods – 0.5%
	600			Hanesbrands Inc.									8.000	%		12/15/16				B+					614,250
	4,000			Jostens IH Corporation									7.625	%		10/01/12				BB-					4,040,000
	1,800			Quiksilver Inc.									6.875	%		4/15/15				CCC					1,485,000
	6,400			Total Textiles, Apparel & Luxury Goods																					6,139,250
				Wireless Telecommunication Services – 0.5%
	1,500			IPCS, Inc.									2.406	%		5/01/13				BB					1,410,000
	3,550			Sprint Nextel Corporation									8.375	%		8/15/17				BB					3,638,750
	750			Syniverse Technologies Inc., Series B									7.750	%		8/15/13				B					749,062
	5,800			Total Wireless Telecommunication Services																					5,797,812
$	141,232			Total Corporate Bonds (cost $133,737,494)																					127,676,289

 

Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Capital Preferred Securities – 22.4% (17.0% of Total Investments)
				Capital Markets – 0.2%
	2,200			MUFG Capital Finance					4.850	%		7/25/56				A2				$	2,507,279
				Commercial Banks – 11.9%
	39,700			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					28,892,469
	2,720			Banco Santander Finance					10.500	%		9/29/49				A2					3,016,918
	13,400			Barclays Bank PLC, 144A					8.550	%		6/15/15				BBB+					12,462,000
	6,000			Barclays Bank PLC, 144A					7.434	%		12/15/57				BBB+					5,550,000
	1,000			Barclays Bank PLC					6.278	%		12/15/34				BBB+					755,000

 

Nuveen Investments
64

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Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Commercial Banks (continued)
	1,750			BBVA International Unipersonal					5.919	%		4/18/58				A2				$	1,410,715
	4,100			BNP Paribas, 144A					7.195	%		12/25/57				A					3,813,000
	1,420			Credit Agricole, S.A, 144A					6.637	%		5/30/49				Aa3					1,171,500
	900			Credit Agricole, S.A					9.750	%		12/26/54				Aa3					956,250
	5,750			First Empire Capital Trust I					8.234	%		2/01/27				Baa1					5,155,318
	3,500			First Union Capital Trust II, Series A					7.950	%		11/15/29				A-					3,409,021
	4,800			Fulton Capital Trust I					6.290	%		2/01/36				Baa2					3,032,890
	1,300			HSBC America Capital Trust I, 144A					7.808	%		12/15/26				A2					1,283,750
	9,300			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A-					11,322,750
	4,000			KeyCorp Capital III					7.750	%		7/15/29				Baa2					3,362,956
	7,800			LBG Capital I PLC					8.000	%		6/15/20				B+					6,045,000
	10,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa2					9,130,000
	6,000			Northgroup Preferred Capital Corporation, 144A					6.378	%		10/15/57				A1					5,262,186
	14,240			Rabobank Nederland, 144A					11.000	%		12/31/49				Aa2					17,410,394
	2,000			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R					1,471,674
	3,100			Standard Chartered PLC, 144A					6.409	%		1/30/17				BBB					2,463,824
	6,500			Standard Chartered PLC, 144A					7.014	%		7/30/37				BBB					5,596,091
	15,290			Unicredito Italiano Capital Trust, 144A					9.200	%		4/05/51				A2					14,372,600
	600			Union Bank of Norway					7.068	%		11/19/49				A2					838,635
				Total Commercial Banks																	148,184,941
				Diversified Financial Services – 1.1%
	8			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB					254,775
	7,870			Bank One Capital III					8.750	%		9/01/30				A2					8,879,241
	4,300			JPM Chase Capital XXV					6.800	%		10/01/37				A2					4,285,556
				Total Diversified Financial Services																	13,419,572
				Diversified Telecommunication Services – 1.6%
	19			Centaur Funding Corporation, Series B, 144A					9.080	%		4/21/20				BBB					19,437,750
				Electric Utilities – 0.4%
	5,000			Dominion Resources Inc.					7.500	%		6/30/66				BBB					4,856,100
				Insurance – 6.4%
	2,000			Allstate Corporation					0.000	%		5/15/57				Baa1					1,740,000
	4,000			AXA S.A., 144A					6.463	%		12/14/18				BBB+					3,140,000
	1,000			AXA S.A., 144A					6.379	%		12/14/36				BBB+					810,000
	4,000			Everest Reinsurance Holdings, Inc.					6.600	%		5/15/37				Baa1					2,980,000
	750			Great West Life and Annuity Insurance Company, 144A					7.153	%		5/16/46				A-					667,500
	6,000			Hartford Financial Services Group Inc.					8.125	%		6/15/18				BB+					5,820,000
	3,500			Liberty Mutual Group, 144A					7.800	%		3/15/37				Baa3					2,922,500
	4,000			National Financial Services Inc.					6.750	%		5/15/37				Baa2					3,127,008
	1,550			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					982,306
	7,600			Oil Insurance Limited, 144A					7.558	%		6/30/11				Baa1					6,043,816
	21,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					18,275,000
	2,700			Progressive Corporation					6.700	%		6/15/67				A2					2,392,508
	5,100			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					5,457,000
	10,000			Prudential PLC					6.500	%		6/29/49				A-					8,200,000
	22,200			XL Capital, Limited					6.500	%		10/15/57				BBB-					16,983,000
				Total Insurance																	79,540,638
				Real Estate – 0.2%
	3			Sovereign Real Estate Investment Trust, 144A					12.000	%		10/31/50				BBB+					2,921,749
				Road & Rail – 0.6%
	7,600			Burlington Northern Santa Fe Funding Trust I					6.613	%		12/15/55				BBB-					7,314,172
				Total Capital Preferred Securities (cost $314,565,399)																	278,182,201

 

Nuveen Investments
65

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

Shares				Description (1)				Value
				Investment Companies – 1.9% (1.4% of Total Investments)
	682,749			Blackrock Preferred Income Strategies Fund				$	6,411,013
	49,293			Blackrock Preferred Opportunity Trust					506,239
	679,959			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					9,499,027
	469,287			John Hancock Preferred Income Fund III					7,081,541
				Total Investment Companies (cost $37,452,153)					23,497,820
Shares				Description (1)				Value
				Warrants – 0.0% (0.0% of Total Investments)
	383,295			Endeavor Financial Corporation, 144A					285,863
	2,330			Woodside Petroleum Limited, (11)					9,918
				Total Warrants (cost $50,128)					295,781

 

Principal Amount (000)				Description (1)								Coupon				Maturity				Value
				Short-Term Investments – 2.3% (1.7% of Total Investments)
$	28,589			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/09, repurchase price $28,589,311, collateralized by: $21,475,000 U.S. Treasury Notes, 0.875%, due 1/31/11, value $21,609,219, and $7,525,000 U.S. Treasury Notes, 0.875%, due 3/31/11, value $7,553,219									0.000	%		1/04/10				$	28,589,311
$	28,589			Total Short-Term Investments (cost $28,589,311)																	28,589,311
				Total Investments (cost $1,713,115,526) – 131.9%																	1,639,515,775

 

Shares				Description (1)				Value
				Common Stocks Sold Short – (0.7)%
				Chemicals – (0.1)%
	(15,600	)		Sigma-Aldrich Corporation				$	(788,268	)
				Diversified Consumer Services – (0.1)%
	(5,550	)		Strayer Education Inc.					(1,179,320	)
				Food Products – (0.0)%
	(4,200	)		Green Mountain Coffee Inc., (2)					(342,174	)
				Health Care Equipment & Supplies – (0.1)%
	(20,600	)		C. R. Bard, Inc.					(1,604,740	)
				Hotels, Restaurants & Leisure – (0.1)%
	(10,500	)		P.F. Changs China Bistro, Inc., (2)					(398,055	)
	(9,400	)		WMS Industries Inc., (2)					(376,000	)
				Total Hotels, Restaurants & Leisure					(774,055	)
				Internet & Catalog Retail – (0.1)%
	(4,100	)		Amazon.com, Inc., (2)					(551,532	)
				Specialty Retail – (0.2)%
	(15,200	)		AutoZone, Inc., (2)					(2,402,664	)
	(12,700	)		Urban Outfitters, Inc., (2)					(444,373	)
				Total Specialty Retail					(2,847,037	)
				Total Common Stocks Sold Short (proceeds $7,755,849)					(8,087,126	)

 

Nuveen Investments
66

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Number of Contracts				Type				Notional Amount (12)				Expiration Date				Strike Price				Value
				Call Options Written – (0.7)%
	(590	)		Aetna Inc.				$	(1,593,000	)		1/16/10				$	27.0			$	(283,200	)
	(888	)		AngloGold Ashanti Limited					(3,108,000	)		1/16/10					35.0				(475,080	)
	(2,280	)		Arch Coal Inc.					(3,648,000	)		1/16/10					16.0				(1,436,400	)
	(223	)		Barrick Gold Corporation					(802,800	)		1/16/10					36.0				(82,510	)
	(734	)		Barrick Gold Corporation					(3,670,000	)		1/16/10					50.0				(734	)
	(1,537	)		BJ Services Company					(2,305,500	)		1/16/10					15.0				(561,005	)
	(417	)		BP PLC					(2,502,000	)		1/16/10					60.0				(9,591	)
	(426	)		Cameco Corporation					(1,278,000	)		1/16/10					30.0				(101,175	)
	(111	)		Chevron Corporation					(943,500	)		1/16/10					85.0				(277	)
	(112	)		Chevron Corporation					(1,120,000	)		1/16/10					100.0				(224	)
	(1,380	)		Deutsche Telekom AG					(1,725,000	)		1/16/10					12.5				(307,050	)
	(1,552	)		eBay Inc.					(3,104,000	)		1/16/10					20.0				(550,960	)
	(825	)		Gold Fields Limited					(1,031,250	)		1/16/10					12.5				(70,125	)
	(430	)		Health Net Inc.					(860,000	)		1/16/10					20.0				(146,200	)
	(900	)		Ivanhoe Mines Ltd.					(675,000	)		1/16/10					7.5				(643,500	)
	(1,910	)		Korea Electric Power Corporation					(2,387,500	)		3/20/10					12.5				(420,200	)
	(400	)		Loews Corporation					(1,200,000	)		1/16/10					30.0				(256,000	)
	(54	)		Newmont Mining Corporation					(243,000	)		1/16/10					45.0				(15,471	)
	(798	)		Newmont Mining Corporation					(4,389,000	)		1/16/10					55.0				(5,985	)
	(288	)		Nippon Telegraph & Telephone Corporation					(576,000	)		3/20/10					20.0				(18,720	)
	(1,098	)		Nippon Telegraph & Telephone Corporation					(2,470,500	)		3/20/10					22.5				(21,960	)
	(2,210	)		Nippon Telegraph & Telephone Corporation					(4,420,000	)		6/19/10					20.0				(204,425	)
	(2,060	)		Pfizer Inc.					(3,090,000	)		1/16/10					15.0				(664,350	)
	(3	)		Royal Dutch Shell PLC					(15,000	)		1/16/10					50.0				(3,060	)
	(288	)		Royal Dutch Shell PLC					(1,584,000	)		1/16/10					55.0				(152,640	)
	(450	)		Sanofi-Aventis					(1,575,000	)		1/16/10					35.0				(193,500	)
	(866	)		Smithfield Foods, Inc.					(1,082,500	)		1/16/10					12.5				(235,985	)
	(1,733	)		Smithfield Foods, Inc.					(3,032,750	)		1/16/10					17.5				(12,998	)
	(530	)		Tech Data Corporation					(1,590,000	)		1/16/10					30.0				(885,100	)
	(1,150	)		Tesoro Corporation					(1,610,000	)		1/16/10					14.0				(23,000	)
	(2,580	)		Tyson Foods, Inc.					(2,580,000	)		1/16/10					10.0				(593,400	)
	(1,587	)		UBS AG					(2,777,250	)		1/16/10					17.5				(15,870	)
	(596	)		Wal-Mart Stores, Inc.					(2,980,000	)		1/16/10					50.0				(210,090	)
	(31,006	)		Total Call Options Written (premiums received $5,757,622)					(65,968,550	)											(8,600,785	)
				Borrowings – (32.2)% (13), (14)																	(400,000,000	)
				Other Assets Less Liabilities – 1.7%																	19,970,663
				Net Assets Applicable to Common Shares – 100%																$	1,242,798,527

 

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JQC

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

Portfolio of INVESTMENTS December 31, 2009

  (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 during and as of the end of the reporting period.

  (4)  Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade.

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

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

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

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

  (8)  Position, or portion of position, represents an unfunded Senior Loan Commitment outstanding at December 31, 2009.

  (9)  At or subsequent to December 31, 2009, this issue was under the protection of the Federal Bankruptcy Court.

  (10)  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 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)  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.

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

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

  (14)  The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of December 31, 2009, investments with a value of $1,107,806,072 have been pledged as collateral for Borrowings.

  (15)  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 and "write-off" any remaining recorded balances on the Fund's records.

  (16)  As of March 1, 2009, this issue is under protection of the Federal Bankruptcy Court (the "Bankruptcy Court"). As a result, the Fund's Adviser concluded that the issuer was not likely to meet its future interest payment obligations and directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records. On July 1, 2009, the Fund received its June 1, 2009, interest payment and subsequently received its September 1, 2009, interest payment as directed by the Bankruptcy Court's Final Order. As of September 2, 2009, the Fund ceased accruing additional income on this issue. On December 8, 2009, the Fund received its December 1, 2009, interest payment and resumed accruing interest on this issue.

  (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.

  (18)  As of December 31, 2009, this issue is under protection of the Federal Bankruptcy Court. Subsequent to the reporting period, the Fund's Adviser concluded this issue was no longer likely to meet its future interest payment obligations and directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records. Also subsequent to the reporting period, the issue underwent reorganization and was renamed SuperMedia.

  N/A  Not applicable.

  N/R  Not rated.

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

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

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  PPLUS  PreferredPlus Trust.

  SATURNS  Structured Asset Trust Unit Repackaging

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

See accompanying notes to financial statements.

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Statement of

ASSETS & LIABILITIES

  December 31, 2009

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Assets
Investments, at value (cost $1,161,284,042 and $1,713,115,526, respectively)				$	1,107,315,913			$	1,639,515,775
Deposits with brokers for securities sold short and options written					7,223,933				9,475,108
Cash					578,421				—
Cash denominated in foreign currencies (cost $0 and $59,476, respectively)					—				58,275
Receivables:
Dividends					858,185				1,819,165
Interest					5,054,783				7,157,696
Investments sold					2,356,746				4,088,611
Reclaims					74,202				109,042
Other assets					157,163				202,396
Total assets					1,123,619,346				1,662,426,068
Liabilities
Borrowings					270,000,000				400,000,000
Cash overdraft					—				40,037
Cash overdraft denominated in foreign currencies (cost $2,848 and $0, respectively)					2,868				—
Securities sold short, at value (proceeds $5,253,474 and $7,755,849, respectively)					5,477,522				8,087,126
Call options written, at value (premiums received $3,657,228 and $5,757,622, respectively)					5,657,335				8,600,785
Payable for investments purchased					1,551,620				1,375,394
Accrued expenses:
Interest on borrowings					27,014				40,021
Management fees					666,718				967,631
Other					389,857				516,547
Total liabilities					283,772,934				419,627,541
Net assets applicable to Common shares				$	839,846,412			$	1,242,798,527
Common shares outstanding					98,076,878				138,076,225
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)				$	8.56			$	9.00
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share				$	980,769			$	1,380,762
Paid-in surplus					1,338,751,646				1,912,798,305
Undistributed (Over-distribution of) net investment income					(15,289,950	)			(26,017,406	)
Accumulated net realized gain (loss) from investments, foreign currency, options written and derivative transactions					(428,401,924	)			(568,585,489	)
Net unrealized appreciation (depreciation) of investments, foreign currency, options written and derivative transactions					(56,194,129	)			(76,777,645	)
Net assets applicable to Common shares				$	839,846,412			$	1,242,798,527
Authorized shares:
Common					Unlimited				Unlimited
FundPreferred					Unlimited				Unlimited

 

See accompanying notes to financial statements.

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Statement of

OPERATIONS

  Year Ended December 31, 2009

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Investment Income
Dividends (net of foreign tax withheld of $268,225 and $398,067, respectively)				$	33,904,058			$	48,842,485
Interest					30,359,913				47,584,907
Total investment income					64,263,971				96,427,392
Expenses
Management fees					7,953,734				11,578,244
Dividend expense on securities sold short					20,524				29,994
FundPreferred shares – auction fees					141,735				195,954
FundPreferred shares – dividend disbursing agent fees					47,359				35,618
Shareholders' servicing agent fees and expenses					6,786				8,712
Interest expense on borrowings					3,018,793				4,124,736
Custodian's fees and expenses					284,195				368,858
Trustees' fees and expenses					27,201				40,162
Professional fees					110,777				151,455
Shareholders' reports – printing and mailing expenses					230,180				343,632
Stock exchange listing fees					34,092				47,923
Investor relations expense					157,889				197,930
Other expenses					82,612				136,965
Total expenses before custodian fee credit and expense reimbursement					12,115,877				17,260,183
Custodian fee credit					(41	)			(45	)
Expense reimbursement					(1,584,594	)			(2,575,870	)
Net expenses					10,531,242				14,684,268
Net investment income					53,732,729				81,743,124
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments, securities sold short and foreign currency					(148,673,757	)			(224,800,478	)
Interest rate swaps					(170,494	)			(231,988	)
Options written					8,437,654				12,008,939
Change in net unrealized appreciation (depreciation) of:
Investments, securities sold short and foreign currency					449,586,142				644,807,303
Interest rate swaps					164,738				224,156
Options written					(8,842,570	)			(12,574,727	)
Net realized and unrealized gain (loss)					300,501,713				419,433,205
Distributions to FundPreferred Shareholders
From net investment income					(272,564	)			(376,424	)
Decrease in net assets applicable to Common shares from distributions to FundPreferred shareholders					(272,564	)			(376,424	)
Net increase (decrease) in net assets applicable to Common shares from operations				$	353,961,878			$	500,799,905

 

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS

				Multi-Strategy Income and Growth (JPC)								Multi-Strategy Income and Growth 2 (JQC)
				Year Ended 12/31/09				Year Ended 12/31/08				Year Ended 12/31/09				Year Ended 12/31/08
Operations
Net investment income				$	53,732,729			$	85,031,178			$	81,743,124			$	120,527,947
Net realized gain (loss) from:
Investments, securities sold short and foreign currency					(148,673,757	)			(294,158,827	)			(224,800,478	)			(359,847,633	)
Futures contracts					—				120,926				—				164,214
Interest rate swaps					(170,494	)			(158,849	)			(231,988	)			(177,435	)
Options written					8,437,654				7,409,398				12,008,939				10,084,230
Change in net unrealized appreciation (depreciation) of:
Investments, securities sold short and foreign currency					449,586,142				(364,959,706	)			644,807,303				(517,460,941	)
Interest rate swaps					164,738				(750,783	)			224,156				(1,069,643	)
Options written					(8,842,570	)			7,662,991				(12,574,727	)			10,773,199
Distributions to FundPreferred shareholders:
From net investment income					(272,564	)			(14,437,529	)			(376,424	)			(19,760,201	)
Net increase (decrease) in net assets applicable to Common shares from operations					353,961,878				(574,241,201	)			500,799,905				(756,766,263	)
Distributions to Common Shareholders
From net investment income					(59,406,423	)			(68,962,084	)			(89,637,676	)			(100,913,728	)
Tax return of capital					(2,458,931	)			(30,441,444	)			(165,530	)			(39,376,498	)
Decrease in net assets applicable to Common shares from distributions to Common shareholders					(61,865,354	)			(99,403,528	)			(89,803,206	)			(140,290,226	)
Capital Share Transactions
Common shares repurchased					(8,947,761	)			—				(11,667,571	)			(426,558	)
Net increase (decrease) in net assets applicable to Common shares from capital share transactions					(8,947,761	)			—				(11,667,571	)			(426,558	)
Net increase (decrease) in net assets applicable to Common shares					283,148,763				(673,644,729	)			399,329,128				(897,483,047	)
Net assets applicable to Common shares at the beginning of year					556,697,649				1,230,342,378				843,469,399				1,740,952,446
Net assets applicable to Common shares at the end of year				$	839,846,412			$	556,697,649			$	1,242,798,527			$	843,469,399
Undistributed (Over-distribution of) net investment income at the end of year				$	(15,289,950	)		$	(10,834,261	)		$	(26,017,406	)		$	(19,517,521	)

 

See accompanying notes to financial statements.

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Statement of

CASH FLOWS

  Year Ended December 31, 2009

				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				$	353,961,878			$	500,799,905
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					(449,563,006	)			(722,223,075	)
Proceeds from sales and maturities of investments and securities sold short					455,716,509				742,314,473
Proceeds from (Purchases of) short-term investments, net					2,533,559				(8,890,395	)
Proceeds from (Payments for) cash denominated in foreign currencies, net					1,256,652				1,409,471
Cash paid for terminated options written					(24,767	)			(35,845	)
Premiums received for options written					4,628,903				7,121,534
Proceeds from (Payments for) terminated interest rate swaps					(170,494	)			(231,988	)
Amortization (Accretion) of premiums and discounts, net					(2,508,634	)			(3,633,689	)
(Increase) Decrease in deposits with brokers for securities sold short and options written					89,963,907				92,079,318
(Increase) Decrease in receivable for dividends					181,145				(324,741	)
(Increase) Decrease in receivable for interest					1,779,759				2,251,749
(Increase) Decrease in receivable for investments sold					5,298,265				3,092,651
(Increase) Decrease in receivable for reclaims					(25,879	)			(40,872	)
(Increase) Decrease in other assets					(21,070	)			(12,620	)
Increase (Decrease) in payable for investments purchased					(1,928,193	)			(3,855,286	)
Increase (Decrease) in payable for FundPreferred share dividends					(2,801	)			(3,492	)
Increase (Decrease) in accrued interest on borrowings					4,272				5,431
Increase (Decrease) in accrued management fees					186,679				276,576
Increase (Decrease) in accrued other liabilities					(267,802	)			(712,031	)
Net realized (gain) loss from investments, securities sold short and foreign currency					148,673,757				224,800,478
Net realized (gain) loss from interest rate swaps					170,494				231,988
Net realized (gain) loss from options written					(8,437,654	)			(12,008,939	)
Net realized (gain) loss from paydowns					(400,603	)			(956,359	)
Change in net unrealized (appreciation) depreciation of investments, securities sold short and foreign currency					(449,586,142	)			(644,807,303	)
Change in net unrealized (appreciation) depreciation of interest rate swaps					(164,738	)			(224,156	)
Change in net unrealized (appreciation) depreciation of options written					8,842,570				12,574,727
Net cash provided by (used in) operating activities					160,096,566				188,997,510
Cash Flows from Financing Activities:
Increase (Decrease) in cash overdraft balance					(1,612,898	)			(2,001,733	)
Increase (Decrease) in cash overdraft denominated in foreign currencies					2,868				—
Increase (Decrease) in borrowings					124,455,000				175,800,000
Increase (Decrease) in payable for FundPreferred shares noticed for redemption, at liquidation value					(92,900,000	)			(95,525,000	)
Increase (Decrease) in FundPreferred shares					(118,650,000	)			(165,800,000	)
Cash distributions paid to Common shareholders					(61,865,354	)			(89,803,206	)
Cost of Common shares repurchased					(8,947,761	)			(11,667,571	)
Net cash provided by (used in) financing activities					(159,518,145	)			(188,997,510	)
Net Increase (Decrease) in Cash					578,421				—
Cash at the beginning of year					—				—
Cash at the End of Year				$	578,421			$	—
Supplemental Disclosure of Cash Flow Information
Cash paid for interest on borrowings was $3,014,521 and $4,535,304 for Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC), respectively.

 

See accompanying notes to financial statements.

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Notes to

FINANCIAL STATEMENTS

1. General Information and Significant Accounting Policies

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

In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification^TM (the "Codification") as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The Codification supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification did not have a material effect on the Funds' financial statements.

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

Investment Valuation

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

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

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade date for senior loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains and losses from investment transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement

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Notes to

FINANCIAL STATEMENTS (continued)

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 December 31, 2009, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had outstanding when-issued/delayed delivery purchase commitments of $1,515,399 and $1,375,394, respectively.

Investment Income

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

Income Taxes

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

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

Dividends and Distributions to Common Shareholders

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

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

FundPreferred Shares

During the fiscal year ended December 31, 2009, the Funds had outstanding auction rate preferred shares ("FundPreferred"), $25,000 stated liquidation value per share, as a means of effecting financial leverage. The dividend rate paid by the Fund on each Series was determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and was payable at the end of each rate period.

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

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

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

During the fiscal years ended December 31, 2009 and December 31, 2008, 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 each Fund invests in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund's investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and dividend and interest income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments and income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.

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

Futures Contracts

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the "initial margin." Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as "Deposits with brokers for open futures contracts" on the Statement of Assets and Liabilities. Subsequent payments ("variation margin") are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for "Variation margin on futures contracts" on the Statement of Assets and Liabilities, when applicable.

During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by "marking-to-market" on a daily basis to reflect the changes in market value of the contract and is recognized as "Change in net unrealized appreciation (depreciation) of futures contracts" on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as "Net realized gain (loss) from futures contracts" on the Statement of Operations.

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Notes to

FINANCIAL STATEMENTS (continued)

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. The Funds did not invest in futures contracts during the fiscal year ended December 31, 2009.

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 average notional amount of interest rate swap contracts outstanding during the fiscal year ended December 31, 2009, was as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional amount of interest rate swap contracts outstanding*				$	14,200,000			$	19,400,000

 

*   The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. The Funds were not invested in interest rate swaps at the end of the current fiscal year.

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

Options Transactions

Each Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to purchase and write (sell) call and put options on securities, futures, swaps ("swaptions") or currencies in an attempt to manage this and other possible risks. The purchase of put options involves the risk of loss of all or a part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities. The risk associated with purchasing put options is limited to the premium paid. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of "Call 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 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

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(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 fiscal year ended December 31, 2009. The average notional amount for options written during the fiscal year ended December 31, 2009, was as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional amounts:
Call options written				$	(41,193,190	)		$	(60,963,770	)
Put options written					—				(24,200	)*

 

*   The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. The Fund was not invested in put options written at the end of the current fiscal year.

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

Market and Counterparty Credit Risk

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

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties 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. Such securities are included in the Portfolios of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Custodian Fee Credit

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

Indemnifications

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

Use of Estimates

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

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Notes to

FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements

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

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

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of December 31, 2009:

Multi-Strategy Income and Growth (JPC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks*				$	254,763,032			$	46,711,684			$	—			$	301,474,716
Preferred Securities**					295,146,475				221,718,549				—				516,865,024
Variable Rate Senior Loan Interests					—				72,591,004				—				72,591,004
Convertible Bonds					—				98,779,769				—				98,779,769
Corporate Bonds					—				89,360,015				3,348,500				92,708,515
Investment Companies					11,413,264				—				—				11,413,264
Warrants					195,852				—				6,725				202,577
Short-Term Investments					13,281,044				—				—				13,281,044
Common Stocks Sold Short					(5,477,522	)			—				—				(5,477,522	)
Call Options Written					(5,657,335	)			—				—				(5,657,335	)
Total				$	563,664,810			$	529,161,021			$	3,355,225			$	1,096,181,056
Multi-Strategy Income and Growth 2 (JQC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks*				$	375,228,283			$	68,802,686			$	—			$	444,030,969
Preferred Securities**					471,906,448				301,332,319				—				773,238,767
Variable Rate Senior Loan Interests					—				103,356,973				—				103,356,973
Convertible Bonds					—				138,829,865				—				138,829,865
Corporate Bonds					—				122,970,289				4,706,000				127,676,289
Investment Companies					23,497,820				—				—				23,497,820
Warrants					285,863				—				9,918				295,781
Short-Term Investments					28,589,311				—				—				28,589,311
Common Stocks Sold Short					(8,087,126	)			—				—				(8,087,126	)
Call Options Written					(8,600,785	)			—				—				(8,600,785	)
Total				$	882,819,814			$	735,292,132			$	4,715,918			$	1,622,827,864

 

*  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.

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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 beginning of year				$	3,508,965			$	—			$	3,508,965
Gains (losses):
Net realized gains (losses)					—				—				—
Net change in unrealized appreciation (depreciation)					(209,497	)			6,725				(202,772	)
Net purchases at cost (sales at proceeds)					—				—				—
Net discounts (premiums)					49,032				—				49,032
Net transfers in to (out of) at end of period fair value					—				—				—
Balance at end of year				$	3,348,500			$	6,725			$	3,355,225
Multi-Strategy Income and Growth 2 (JQC)				Level 3 Corporate Bonds				Level 3 Warrants				Level 3 Total
Balance at beginning of year				$	4,931,519			$	—			$	4,931,519
Gains (losses):
Net realized gains (losses)					—				—				—
Net change in unrealized appreciation (depreciation)					(294,429	)			9,918				(284,511	)
Net purchases at cost (sales at proceeds)					—				—				—
Net discounts (premiums)					68,910				—				68,910
Net transfers in to (out of) at end of period fair value					—				—				—
Balance at end of year				$	4,706,000			$	9,918			$	4,715,918

 

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 $(202,772) and $(284,511), respectively, of net appreciation (depreciation) related to securities classified as Level 3 at period end.

3. Derivative Instruments and Hedging Activities

During the current fiscal period, the Funds adopted amendments to authoritative guidance under GAAP on disclosures about derivative instruments and hedging activities. This guidance is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund's financial position, results of operations and cash flows, if any. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, under this guidance they are considered to be non-hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was 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 December 31, 2009, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Multi-Strategy Income and Growth (JPC)

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Equity Price

Options

—

$

—

Call options written, at value

$

5,657,335

 

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

$

8,600,785

 

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Notes to

FINANCIAL STATEMENTS (continued)

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 2009, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Interest Rate Swaps				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Interest Rate				$	(170,494	)		$	(231,988	)
Net Realized Gain (Loss) from Options Written				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Equity Price				$	8,437,654			$	12,008,939
Change in Net Unrealized Appreciation (Depreciation) of Interest Rate Swaps				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Interest Rate				$	164,738			$	224,156
Change in Net Unrealized Appreciation (Depreciation) of Options Written				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Equity Price				$	(8,842,570	)		$	(12,574,727	)

 

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)
				Year Ended 12/31/09				Year Ended 12/31/08				Year Ended 12/31/09				Year Ended 12/31/08
Common shares repurchased					(1,326,650	)			—				(1,655,075	)			(38,900	)
Weighted average price per Common share repurchased				$	6.72				—			$	7.03			$	10.95
Weighted average discount per Common share repurchased					16.86	%			—				17.24	%			12.44	%

 

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FundPreferred Shares

Transactions in FundPreferred shares were as follows:

				Multi-Strategy Income and Growth (JPC)																Multi-Strategy Income and Growth 2 (JQC)
				Year Ended 12/31/09								Year Ended 12/31/08								Year Ended 12/31/09								Year Ended 12/31/08
				Shares				Amount				Shares				Amount				Shares				Amount				Shares				Amount
FundPreferred shares redeemed and/or noticed for redemption:
Series M					791			$	19,775,000				3,929			$	98,225,000				663			$	16,575,000				3,197			$	79,925,000
Series M2					—				—				—				—				663				16,575,000				3,197				79,925,000
Series T					791				19,775,000				3,929				98,225,000				663				16,575,000				3,197				79,925,000
Series T2					—				—				—				—				663				16,575,000				3,197				79,925,000
Series W					791				19,775,000				3,929				98,225,000				663				16,575,000				3,197				79,925,000
Series W2					—				—				—				—				664				16,600,000				3,196				79,900,000
Series TH					791				19,775,000				3,929				98,225,000				664				16,600,000				3,196				79,900,000
Series TH2					—				—				—				—				663				16,575,000				3,197				79,925,000
Series F					791				19,775,000				3,929				98,225,000				663				16,575,000				3,197				79,925,000
Series F2					791				19,775,000				3,929				98,225,000				663				16,575,000				3,197				79,925,000
					4,746			$	118,650,000				23,574			$	589,350,000				6,632			$	165,800,000				31,968			$	799,200,000

 

5. Investment Transactions

Purchases and sales (including maturities and proceeds from securities sold short, but excluding short-term investments, options and derivative transactions) during the fiscal year ended December 31, 2009, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Purchases				$	449,563,006			$	722,223,075
Sales, maturities and proceeds from securities sold short					455,716,509				742,314,473

 

Transactions in options written during the fiscal year ended December 31, 2009, were as follows:

				Multi-Strategy Income and Growth (JPC)								Multi-Strategy Income and Growth 2 (JQC)
				Number of Contracts				Premiums Received				Number of Contracts				Premiums Received
Outstanding, beginning of year					23,276			$	7,490,746				33,395			$	10,680,873
Options written					24,887				4,628,903				37,275				7,121,534
Options terminated in closing purchase transactions					(1,643	)			(489,941	)			(2,336	)			(708,666	)
Options expired					(22,990	)			(7,262,220	)			(32,813	)			(10,340,002	)
Options exercised					(3,289	)			(710,260	)			(4,515	)			(996,117	)
Outstanding, end of year					20,241			$	3,657,228				31,006			$	5,757,622

 

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 December 31, 2009, the cost of investments (excluding securities sold short and options written) was as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Cost of investments				$	1,178,803,552			$	1,741,631,368

 

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Notes to

FINANCIAL STATEMENTS (continued)

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding securities sold short and options written) at December 31, 2009, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Gross unrealized:
Appreciation				$	62,837,173			$	100,363,872
Depreciation					(134,324,812	)			(202,479,465	)
Net unrealized appreciation (depreciation) of investments				$	(71,487,639	)		$	(102,115,593	)

 

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2009, the Funds' 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' tax years ended December 31, 2009 and December 31, 2008, was designated for purposes of the dividends paid deduction as follows:

2009				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					—				—
Tax return of capital					2,458,931				165,530
2008				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Distributions from net ordinary income *				$	83,808,086			$	121,315,972
Distributions from net long-term capital gains					—				—
Tax return of capital					30,441,444				39,376,498

 

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

At December 31, 2009, the Funds' 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 carryforward 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' 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 following 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, which is additive to the fund-level fee, is calculated according to the following schedule:

Complex-Level Asset 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 assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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 December 31, 2009, the complex-level fee rate was .1887%.

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Notes to

FINANCIAL STATEMENTS (continued)

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

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

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

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

 

*  From the commencement of operations.

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

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

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

 

*  From the commencement of operations.

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

8. Senior Loan Commitments

Unfunded Commitments

Pursuant to the terms of certain of the 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

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amount of unfunded senior loan commitments. At December 31, 2009, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had unfunded senior loan commitments of $231,472 and $347,209, respectively.

Participation Commitments

With respect to the senior loans held in each Fund's portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, a Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the Borrower. As such, a Fund not only assumes the credit risk of the Borrower, but also that of the Selling Participant or other persons interpositioned between the Fund and the Borrower. At December 31, 2009, there were no such outstanding participation commitments in either Fund.

9. Borrowing Arrangements

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

Multi-Strategy Income and Growth (JPC) has entered into a $270 million prime brokerage facility (amended from $450 million) with BNP Paribas Prime Brokerage, Inc. ("BNP"). As of December 31, 2009, the Fund's outstanding balance on this facility was $270,000,000. For the fiscal year ended December 31, 2009, the average daily balance outstanding and average interest rate on these borrowings were $156,452,438 and 1.64%, respectively.

Multi-Strategy Income and Growth 2 (JQC) has entered into a $400 million prime brokerage facility (amended from $640 million) with BNP. As of December 31, 2009, the Fund's outstanding balance on this facility was $400,000,000. For the fiscal year ended December 31, 2009, the average daily balance outstanding and average interest rate on these borrowings were $236,369,863 and 1.64%, 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.

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

10. New Accounting Pronouncements

On January 21, 2010, FASB issued changes to the authoritative guidance under 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 to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown 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, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time the Funds are evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

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Financial

HIGHLIGHTS

Selected data for a Common share outstanding throughout each period:

								Investment Operations																				Less Distributions
				Beginning Common Share Net Asset Value				Net Investment Income(a)				Net Realized/ Unrealized Gain (Loss)				Distributions from Net Investment Income to Fund- Preferred Share- holders†				Distributions from Capital Gains to Fund- Preferred Share- holders†				Total				Net Investment Income to Common Share- holders				Capital Gains to Common Share- holders				Tax Return of Capital to Common Share- holders				Total
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
	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:
	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)  Borrowings Interest Expense includes amortization of borrowing costs. Borrowing costs were fully amortized and expensed as of December 31, 2008.

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

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

**  After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

***  Rounds to less than .01%.

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

†  The amounts shown are based on Common share equivalents.

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																												Ratios/Supplemental Data
																Total Returns												Ratios to Average Net Assets Applicable to Common Shares Before Reimbursement								Ratios to Average Net Assets Applicable to Common Shares After Reimbursement**
				Discount from Common Share Repurchases				Ending Common Share Net Asset Value				Ending Market Value				Based on Market Value*				Based on Common Share Net Asset Value*				Ending Net Assets Applicable to Common Shares (000)				Expenses††				Net Investment Income††				Expenses††				Net Investment Income††				Portfolio Turnover Rate
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
	2009			$	.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:
	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.

  • 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(b)				Aggregate Amount Outstanding (000)				Liquidation and Market Value Per Share				Asset Coverage Per Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $1,000
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
2009					—	%***			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:
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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Board Members & Officers

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at nine. None of the board members who are not "interested" persons of the Funds (referred to herein as "independent board members") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

INDEPENDENT BOARD MEMBERS:

g ROBERT P. BREMNER

8/22/40 333 W. Wacker Drive Chicago, IL 60606

Chairman of the Board and Board Member

1997 Class III

Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.

199

g JACK B. EVANS

10/22/48 333 W. Wacker Drive Chicago, IL 60606

Board Member

1999 Class III

President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.

199

g WILLIAM C. HUNTER

3/6/48 333 W. Wacker Drive Chicago, IL 60606

Board Member

2004 Class I

Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Director (1997- 2007), Credit Research Center at Georgetown University.

199

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

INDEPENDENT BOARD MEMBERS (continued):

g DAVID J. KUNDERT

10/28/42 333 W. Wacker Drive Chicago, IL 60606

Board Member

2005 Class II

Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation.

199

g WILLIAM J. SCHNEIDER

9/24/44 333 W. Wacker Drive Chicago, IL 60606

Board Member

1997 Class III

Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller- Valentine Group; member, University of Dayton Business School Advisory Council; member, Dayton Philharmonic Orchestra Association formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank; formerly, Director, Dayton Development Coalition.

199

g JUDITH M. STOCKDALE

12/29/47 333 W. Wacker Drive Chicago, IL 60606

Board Member

1997 Class I

Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994).

199

g CAROLE E. STONE

6/28/47 333 W. Wacker Drive Chicago, IL 60606

Board Member

2007 Class I

Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair, New York Racing Association Oversight Board (2005-2007).

199

g TERENCE J. TOTH

9/29/59 333 W. Wacker Drive Chicago, IL 60606

Board Member

2008 Class II

Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Musso Capital Management (since 2008); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2004-2007); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Boards (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).

199

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

INTERESTED BOARD MEMBER:

g JOHN P. AMBOIAN(2)

6/14/61 333 W. Wacker Drive Chicago, IL 60606

Board Member

2008 Class II

Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisors, Inc.

199

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

OFFICERS of the FUNDS:

g GIFFORD R. ZIMMERMAN

9/9/56 333 W. Wacker Drive Chicago, IL 60606

Chief Administrative Officer

1988

Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director, Associate General Counsel and Assistant Secretary, of Nuveen Asset Management (since 2002); and of Symphony Asset Management LLC, (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Chartered Financial Analyst.

199

g WILLIAM ADAMS IV

6/9/55 333 W. Wacker Drive Chicago, IL 60606

Vice President

2007

Executive Vice President of Nuveen Investments, Inc.; Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC, (since 1999), prior thereto, Managing Director of Structured Investments.

123

g MARK J.P. ANSON

6/10/59 333 W. Wacker Drive Chicago, IL 60606

Vice President

2009

President and Executive Director of Nuveen Investments, Inc. (since 2007); President of Nuveen Investments Institutional Services Group LLC (since 2007); previously, Chief Executive Officer of the British Telecom Pension Scheme (2006-2007) and Chief Investment Officer of Calpers (1999-2006); PhD, Chartered Financial Analyst Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor.

199

g CEDRIC H. ANTOSIEWICZ

1/11/62 333 W. Wacker Drive Chicago, IL 60606

Vice President

2007

Managing Director, (since 2004) previously, Vice President (1993-2004) of Nuveen Investments, LLC.

123

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

OFFICERS of the FUNDS (continued):

g NIZIDA ARRIAGA

6/1/68 333 W. Wacker Drive Chicago, IL 60606

Vice President

2009

Vice President (since 2007) of Nuveen Investments, LLC; previously, Portfolio Manager, Allstate Investments, LLC (1996-2006); Chartered Financial Analyst.

199

g MICHAEL T. ATKINSON

2/3/66 333 W. Wacker Drive Chicago, IL 60606

Vice President and Assistant Secretary

2000

Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005).

199

g MARGO L. COOK

4/11/64 333 W. Wacker Drive Chicago, IL 60606

Vice President

2009

Executive Vice President (since Oct 2008) of Nuveen Investments, Inc.; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.

199

g LORNA C. FERGUSON

10/24/45 333 W. Wacker Drive Chicago, IL 60606

Vice President

1998

Managing Director (since 2004) of Nuveen Investments, LLC and Managing Director (since 2005) of Nuveen Asset Management.

199

g STEPHEN D. FOY

5/31/54 333 W. Wacker Drive Chicago, IL 60606

Vice President and Controller

1998

Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.

199

g SCOTT S. GRACE

8/20/70 333 W. Wacker Drive Chicago, IL 60606

Vice President and Treasurer

2009

Managing Director, Corporate Finance & Development, Treasurer (since September 2009) of Nuveen Investments, LLC, formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc,; formerly. Senior Associate in Morgan Stanley's Global Financial Services Group (2000-2003); Chartered Accountant Designation.

199

g WILLIAM T. HUFFMAN

5/7/69 333 W. Wacker Drive Chicago, IL 60606

Vice President

2009

Chief Operating Officer, Municipal Fixed Income (since 2008) of Nuveen Asset Management; previously, Chairman, President and Chief Executive Officer (2002-2007) of Northern Trust Global Advisors, Inc. and Chief Executive Officer (2007) of Northern Trust Global Investments Limited; Certified Public Accountant.

134

g WALTER M. KELLY

2/24/70 333 W. Wacker Drive Chicago, IL 60606

Chief Compliance Officer and Vice President

2003

Senior Vice President (since 2008), Vice President (2006-2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2008) of Nuveen Asset Management.

199

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

OFFICERS of the FUNDS (continued):

g DAVID J. LAMB

3/22/63 333 W. Wacker Drive Chicago, IL 60606

Vice President

2000

Senior Vice President (since 2009), formerly, Vice President (2000-2009) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; Certified Public Accountant.

199

g TINA M. LAZAR

8/27/61 333 W. Wacker Drive Chicago, IL 60606

Vice President

2002

Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Vice President of Nuveen Asset Management (since 2005).

199

g LARRY W. MARTIN

7/27/51 333 W. Wacker Drive Chicago, IL 60606

Vice President and Assistant Secretary

1988

Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007).

199

g KEVIN J. MCCARTHY

3/26/66 333 W. Wacker Drive Chicago, IL 60606

Vice President and Secretary

2007

Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Managing Director (since 2008), formerly, Vice President, and Assistant Secretary, Nuveen Asset Management, and Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ InvestmentManagement Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).

199

g JOHN V. MILLER

4/10/67 333 W. Wacker Drive Chicago, IL 60606

Vice President

2007

Chief Investment Officer and Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Investments, LLC; Chartered Financial Analyst.

134

g GREGORY MINO

1/4/71 333 W. Wacker Drive Chicago, IL 60606

Vice President

2009

Vice President of Nuveen Investments, LLC (since 2008); previously, Director (2004-2007) and Executive Director (2007-2008) of UBS Global Asset Management; previously, Vice President (2000-2003) and Director (2003-2004) of Merrill Lynch Investment Managers; Chartered Financial Analyst.

199

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

OFFICERS of the FUNDS (continued):

g CHRISTOPHER M. ROHRBACHER

8/1/71 333 W. Wacker Drive Chicago, IL 60606

Vice President and Assistant Secretary

2008

Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008).

199

g JAMES F. RUANE

7/3/62 333 W. Wacker Drive Chicago, IL 60606

Vice President and Assistant Secretary

2007

Vice President, Nuveen Investments, LLC (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant.

199

g MARK L. WINGET

12/21/68 333 W. Wacker Drive Chicago, IL 60606

Vice President and Assistant Secretary

2008

Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, Vedder Price P.C. (1997-2007).

199

 

(1)  Board Members serve three year terms. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the Board Member was first elected or appointed to any fund in the Nuveen Complex.

(2)  Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3)  Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

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Annual Investment Management
Agreement Approval Process

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

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

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

A. Nature, Extent and Quality of Services

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

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

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Annual Investment Management Agreement
Approval Process (continued)

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

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

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

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

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

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

B. The Investment Performance of the Funds and Fund Advisers

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

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

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

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Annual Investment Management Agreement
Approval Process (continued)

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

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

2. Comparisons with the Fees of Other Clients

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

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

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

3. Profitability of Fund Advisers

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

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

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Annual Investment Management Agreement
Approval Process (continued)

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

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

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

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

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

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

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

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

E. Indirect Benefits

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

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

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

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Annual Investment Management Agreement
Approval Process (continued)

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

F. Other Considerations

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

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Reinvest Automatically
Easily and Conveniently

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

Nuveen Closed-End Funds 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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Reinvest Automatically
Easily and Conveniently (continued)

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

Flexible

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

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your 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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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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Notes

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Notes

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Notes

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Other Useful Information

Board of Trustees

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

Fund Manager

Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606

Custodian

State Street Bank & Trust Company
Boston, MA

Transfer Agent and
Shareholder Services

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

Legal Counsel

Chapman and Cutler LLP
Chicago, IL

Independent Registered
Public Accounting Firm

Ernst & Young LLP
Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

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

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

CEO Certification Disclosure

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

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

Distribution Information

Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) hereby designate 12.22% and 9.23%, respectively, of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 35.35% and 31.63%, respectively, as qualified dividend income for individuals under Section 1 (h)(11) of the Internal Revenue Code. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Common and Preferred Share Information

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

Fund				Common Shares Repurchased				Preferred Shares Redeemed
JPC					1,326,650				4,746
JQC					1,655,075				6,632

 

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

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Nuveen Investments:
Serving Investors for Generations

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

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions 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 $141 billion of assets on September 30, 2009.

Find out how we can help you.

To learn more about how 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

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