Edgar Filing: Nuveen Multi-Strategy Income & Growth Fund 2

Nuveen Multi-Strategy Income and Growth Fund 2

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21333

Nuveen Multi-Strategy Income and Growth Fund 2

(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: December 31

Date of reporting period: June 30, 2008

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. SS. 3507.

ITEM 1. REPORTS TO SHAREHOLDERS


Semi-Annual Report June 30, 2008			Nuveen Investments Closed-End Funds


		NUVEEN MULTI-STRATEGY INCOME AND GROWTH FUND JPC NUVEEN MULTI-STRATEGY INCOME AND GROWTH FUND 2 JQC

Attractive Distributions from a Portfolio of

Preferred and Convertible Securities,

Domestic and Foreign Equities, and Debt Instruments


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

Free e-Reports right to your e-mail!


www.investordelivery.com If you received your Nuveen Fund dividends and statements from your financial advisor or brokerage account.		OR		www.nuveen.com/accountaccess If you received your Nuveen Fund dividends and statements directly from Nuveen.

Chairman’s

LETTER TO SHAREHOLDERS


			ï Robert P. Bremner ï Chairman of the Board

Dear Fellow Shareholders:

I’d like to use my initial letter to you to accomplish several things. First, I want to report that after fourteen years of service on your Fund’s Board, including the last twelve as chairman, Tim Schwertfeger retired from the Board in June. The Board has elected me to replace him as the chairman, the first time this role has been filled by someone who is not an employee of Nuveen Investments. Electing an independent chairman marks a significant milestone in the management of your Fund, and it aligns us with what is now considered a “best practice” in the fund industry. Further, it demonstrates the independence with which your Board has always acted on your behalf.

Following Tim will not be easy. During my eleven previous years on the Nuveen Fund Board, I found that Tim always set a very high standard by combining insightful industry and market knowledge and sound, clear judgment. While the Board will miss his wise counsel, I am certain we will retain the primary commitment Tim shared with all of us—an unceasing dedication to creating and retaining value for Nuveen Fund shareholders. This focus on value over time is a touchstone that I and all the other Board members will continue to use when making decisions on your behalf.

Second, I also want to report that we are very fortunate to be welcoming two new Board members to our team. John Amboian, the current chairman and CEO of Nuveen Investments, has agreed to replace Tim as Nuveen’s representative on the Board. John’s presence will allow the independent Board members to benefit not only from his leadership role at Nuveen but also his broad understanding of the fund industry and Nuveen’s role within it. We also are adding Terry Toth as an independent director. A former CEO of the Northern Trust Company’s asset management group, Terry will bring extensive experience in the fund industry to our deliberations.

Third, on behalf of the entire Board, I would like to acknowledge the effort the whole Nuveen organization is making to resolve the auction rate preferred share situation in a satisfactory manner. As you know, we are actively pursuing a number of possible solutions, all with the goal of providing liquidity for preferred shareholders while preserving the potential benefits of leverage for common shareholders. We appreciate the patience you have shown as we’ve worked through the many details involved.

Finally, I urge you to take the time to review the Portfolio Managers’ Comments, the Common Share Distribution and Share Price Information, and the Performance Overview sections of this report. All of us are grateful that you have chosen Nuveen Investments as a partner as you pursue your financial goals, and, on behalf of myself and the other members of your Fund’s Board, let me say we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner
Chairman of the Board
August 22, 2008

Portfolio Managers’ COMMENTS


Nuveen Investments Closed-End Funds			JPC, JQC

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

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

Symphony had primary responsibility for investments in convertible, high yield and senior loan securities, and for domestic and international equity investments. The team at Symphony managing the convertible, high yield and senior loan portions of each portfolio is led by Gunther Stein and Lenny Mason, who have more than 25 years of combined investment management experience. The Symphony team responsible for managing domestic equity investments is led by Praveen Gottipalli and David Wang, while the group overseeing the Funds’ international equity exposure is led by Eric Olson. On a combined basis, these three equity portfolio managers have more than 25 years of investment management experience.

Tradewinds manages the portion of the Funds’ assets invested in global equities. The Tradewinds team is led by Dave Iben, who has more than 25 years of investment management experience.

Here representatives from Spectrum, Symphony and Tradewinds talk about their management strategies and the performance of both Funds for the six-month period ended June 30, 2008.

WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THIS REPORTING PERIOD?

The volatility caused by the sub-prime mortgage crisis and general illiquidity in the credit markets severely impacted preferred securities during this period. Our main focus was to control concentration risk, and we reduced credit exposure to the brokerage, regional bank and monoline insurance sectors. Although new issuance was heavy, market liquidity was

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

extremely limited which put downward pressure on the secondary market prices. In addition, the relative value differentials between the individual investor-oriented $25 par preferred market and the institution-oriented $1000 par capital securities sector oscillated with unusual dispersion during the period. The $25 par sector outperformed capital securities by 5%, and the $25 par concentration was increased by approximately 2%. Additionally, we did find a few opportunities to sell some holdings and reinvest the proceeds into deeper discount or better structured capital securities.

For the Funds’ convertible bond, high yield and senior loan investments, Symphony continued to manage the portfolio using fundamental analysis to select issues that we believed offered strong asset coverage and attractive risk-adjusted returns. During this period, we avoided many loans issued by autos and homebuilders, companies that generally require a confident U.S. consumer and healthy U.S. economy to perform well. We also avoided many smaller loans that were done to finance leveraged buyouts. We didn’t believe there was sufficient value in these loans to compensate for the potential illiquidity and volatility if the earnings of the companies issuing loans remained challenged.

Throughout the year, we focused on adding to both Funds issues that we judged to be of relatively high quality for their asset class. These often were priced at a discount to par and structured with strong covenant protection. We also continued to avoid the vast majority of second lien loans. Similar to smaller loans, we didn’t believe that second lien loans offered sufficient additional yield to compensate investors for potentially increased volatility and lower recovery rates.

To manage the core domestic equity portion of both Funds, Symphony used both quantitative and qualitative methods to evaluate securities. The quantitative screening process served as the starting point for the decision making process. The qualitative process then provided a systematic way of researching companies from a broad perspective, ensuring the stocks selected for the portfolio were attractive in all important respects.

For the international equity holdings managed by Tradewinds, the basic investment philosophy continued to focus on finding good or improving business franchises around the globe whose securities were selling below their intrinsic value. In the first half of 2008, we found that the best value opportunities were in the securities of those businesses that were most leveraged to the growth of local economies. We continued to like materials, food, health care and energy stocks, which we believed would benefit from increased global demand. Conversely, we were rewarded for not holding financial and retail stocks in the developed markets, as these sectors experienced sizable corrections during the period.

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

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

HOW DID THE FUNDS PERFORM OVER THIS SIX-MONTH PERIOD?

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

Cumulative Total Returns on Common Share Net Asset Value

For the six months ended 6/30/08


JPC			-6.23%
JQC			-4.30%
Comparative Benchmark¹			-4.93%

For the six months ended June 30, 2008, JQC outperformed the comparative benchmark, while JPC underperformed.

One of the key factors in the performance of these Funds, relative to that of the unleveraged benchmark, was the Funds’ use of financial leverage. Although leveraging provides opportunities for additional income and total returns for common shareholders, it can also expose shareholders to additional risk—especially when market conditions are unfavorable. With the steep decrease in prices among many of the Funds’ holdings during this period, the impact of these valuation changes was magnified by the use of leverage. However, we firmly believe that the use of this strategy should work to the benefit of the Funds’ common shareholders over the long term.

1 Comparative benchmark performance is a blended return consisting of: 1) 33% of the Merrill Lynch Preferred Stock Hybrid Securities Index, an unmanaged index of investment-grade, exchange traded preferred issues with outstanding market values of at least $30 million and at least one year to maturity; 2) 27% of the Lehman Tier 1 Capital Securities Index, an unmanaged index that includes securities that can generally be viewed as hybrid fixed-income securities that either receive regulatory capital treatment or a degree of “equity credit” from a rating agency; 3) 30% of the Merrill Lynch All U.S. Convertibles Index consisting of approximately 575 securities with par value greater than $50 million that were issued by U.S. companies or non-U.S. based issuers that have a significant business presence in the U.S.; and 4) 10% of the CSFB High Yield Index, which includes approximately $375 billion of U.S.-Dollar-denominated high yield debt with a minimum of $75 million in par value and at least one rating below investment-grade. Index returns do not include the effects of any management fees or fund expenses. It is not possible to invest directly in an index.

The current preferred securities market is highly concentrated (about 80%) in financial issuers, whose issues were subject to significant selling pressure and price declines through much of the period. There also were some rather severe devaluations in the REIT mortgage sector, which in turn caused several of the Funds’ holdings to lose value.

Not all the news was bad. Approximately 2.5% of the Funds’ preferred securities were retired during the period (called, put back to the issuer or tendered by the issuer) at significantly higher prices than where they were trading. This boosted price performance and provided capital to invest at significantly higher yields.

Another factor weighing on performance was senior loans, which experienced a broad sell-off. One larger individual position which constrained results was Michael Stores. However, there were a few bright spots as we saw relative outperformance in a few of our larger loan positions, such as Tribune Company and Alltel.

The Funds’ exposure to core domestic equities, managed by Symphony, detracted from total returns due to the broad-based decline in the equity market. However, on a relative basis, the domestic equities held in the Funds’ outperformed the Russell 3000 Index. These results were driven mainly by strong stock in virtually every sector except telecommunications services and health care. The strongest individual contributors to performance were crop nutrient producer/distributor Mosaic, oil and natural gas producer Chesapeake Energy, natural gas-focused energy company Questar and international freight transportation company, CSX Corp.

The international equities managed by Symphony also detracted from the overall Funds’ returns as the international market declined in concert with the turmoil in the U.S. markets. Relative to the MSCI EAFE, the international equities underperformed as a result of weak stock selection in financials and consumer discretionary sectors. Babcock & Brown, Deutsche Boerse and Icici Bank—all financial companies—were some of the worst performers and bottom contributors to absolute performance for the first half of 2008.

For the global equity portion managed by Tradewinds, our holdings in the energy, industrials and information technology sectors were the largest contributors to positive performance. In particular, the strongest individual contributors to performance were global integrated energy giants StatoilHydro, Royal Dutch Shell and BP PLC, Japan’s largest telecom provider Nippon Telegraph and U.S. based gold mining companies Newmont Mining. Relative to the benchmark, the financial, energy and industrial sectors were the top contributors. Our global focus allowed us to participate in the several fast growing world markets and benefit from the declining value of the dollar. Our covered call writing strategy generated positive cash flow, which also enhanced the Fund’s performance.

The worst performers were zinc and copper mining company Apex Silver, U.S., pork and beef supplier Smithfield Foods, and Swiss global financial services firm UBS. Although their performance was disappointing, we believe that all three companies have upside potential.

RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED SECURITIES (ARPS) MARKETS

Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the preferred shares issued by these Funds than there were offers to buy. This meant that these auctions “failed to clear” and that many or all auction preferred shareholders who wanted to sell their shares in these auctions were unable to do so. This decline in liquidity in auction preferred shares did not lower the credit quality of these shares, and auction preferred shareholders unable to sell their shares received distributions at the “maximum rate” applicable to failed auctions as calculated in accordance with the pre-established terms of the auction preferred shares. As approved by each Fund’s Board of Trustees, JPC and JQC redeemed $450 million and $640 million of their outstanding FundPreferred shares, respectively, at liquidation value, during the six months ended June 30, 2008. Proceeds for the redemptions were provided through a prime brokerage facility with a major bank.

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

Common Share

Distribution and Share Price

INFORMATION

We are providing you with information regarding your Fund’s distributions. This information is as of June 30, 2008, and likely will vary over time based on the Fund’s investment activities and portfolio investment value changes.

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

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

Important points to understand about the managed distribution program are:


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

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

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


	•	net investment income (regular interest and dividends),

	•	realized capital gains, and

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

•

A non-taxable distribution is a payment of a portion of a Fund’s capital. When a Fund’s returns exceed distributions, it may represent portfolio gains generated but not realized as a taxable capital gain. In periods when a Fund’s return falls short of distributions, it will represent a portion of your original principal unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when a Fund’s total return exceeds distributions.

•

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

The following table provides estimated information regarding each Fund’s common share distributions and total return performance for the six months ended June 30, 2008. The distribution information is presented on a tax basis rather than on a generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Fund’s returns for the specified time period were sufficient to meet each Fund’s distributions.


As of 6/30/08 (Common Shares)	JPC		JQC
Inception date		3/26/03		6/25/03
Six months ended June 30, 2008:
Per share distribution:
From net investment income		$0.37		$0.38
From realized capital gains		—		—
From return of capital		0.20		0.19

Total per share distribution		$0.57		$0.57


Distribution rate on NAV		5.16%		5.02%

Annualized total returns:
Six-Month (Cumulative) on NAV		-6.23%		-4.30%
1-Year on NAV		-13.29%		-11.58%
5-Year on NAV		2.92%		3.50%
Since inception on NAV		3.72%		3.46%

COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION

On November 21, 2007, the Funds’ Board of Trustees approved an open market share repurchase program, as part of a broad, ongoing effort designed to support the market prices of the Funds’ common shares. Repurchases not only help to support the market price but, because such purchases are made at a discount to NAV, they have the effect of augmenting NAV. Under the terms of the program, each Fund may repurchase up to 10% of its outstanding common shares. During the six months ended June 30, 2008, JQC repurchased 38,900 shares. As of June 30, 2008, JPC had repurchased 311,100 common shares and JQC had repurchased 764,500 common shares, representing approximately 0.3% and 0.5% of each Fund’s total common shares outstanding, respectively.

As of June 30, 2008, the Funds’ share prices were trading relative to their common share NAVs as shown in the accompanying table:


	6/30/08	6-Month Average
	Discount	Discount
JPC	-12.86%	-11.90%
JQC	-13.04%	-12.42%


Fund Snapshot
Common Share Price		$9.62

Common Share Net Asset Value		$11.04

Premium/(Discount) to NAV		-12.86%

Current Distribution Rate¹		11.85%

Net Assets Applicable to Common Shares ($000)		$1,097,542


Average Annual
Total Return
(Inception 3/26/03)
	On Share
	Price			On NAV
6-Month (cumulative)		-6.86	%		-6.23%

1-Year		-19.16	%		-13.29%

5-Year		0.01	%		2.92%

Since Inception		0.84	%		3.72%


Industries
(as a % of total investments)²
Commercial Banks		16.7%

Insurance		10.2%

Real Estate		8.5%

Capital Markets		6.0%

Media		5.2%

Oil, Gas & Consumable Fuels		4.3%

Diversified Financial Services		3.9%

Metals & Mining		3.5%

Electric Utilities		2.4%

Health Care Providers & Services		2.3%

Diversified Telecommunication Services		2.0%

Hotels, Restaurants & Leisure		1.6%

Energy Equipment & Services		1.5%

Pharmaceuticals		1.5%

Thrifts & Mortgage Finance		1.5%

Investment Companies		1.5%

Food Products		1.4%

Chemicals		1.2%

Communications Equipment		1.1%

Short-Term Investments		4.7%

Other		19.0%


Top Five Issuers
(as a % of total investments)³
Citigroup Inc.		1.6%

ING Groep N.V.		1.5%

Delphi Financial Group, Inc.		1.5%

Wachovia Corporation		1.5%

HSBC Corporation		1.4%


JPC Performance OVERVIEW			Nuveen Multi-Strategy Income and Growth Fund as of June 30, 2008

Portfolio Allocation (as a % of total investments)²

2007-2008 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 derivative transactions.

3	Excluding short-term investments, common stocks sold short and derivative transactions.


Fund Snapshot
Common Share Price		$9.87

Common Share Net Asset Value		$11.35

Premium/(Discount) to NAV		-13.04%

Current Distribution Rate¹		11.55%

Net Assets Applicable to Common Shares ($000)		$1,585,893


Average Annual
Total Return
(Inception 6/25/03)
	On Share
	Price			On NAV
6-Month (cumulative)		-5.10	%		-4.30%

1-Year		-17.38	%		-11.58%

5-Year		0.41	%		3.50%

Since Inception		0.42	%		3.46%


Industries
(as a % of total investments)²
Commercial Banks		17.2%

Insurance		10.2%

Real Estate		8.1%

Media		5.5%

Diversified Financial Services		4.8%

Capital Markets		4.6%

Oil, Gas & Consumable Fuels		4.3%

Metals & Mining		3.4%

Diversified Telecommunication Services		2.7%

Electric Utilities		2.2%

Health Care Providers & Services		2.0%

Energy Equipment & Services		1.6%

Hotels, Restaurants & Leisure		1.6%

Thrifts & Mortgage Finance		1.5%

Food Products		1.5%

Pharmaceuticals		1.5%

Investment Companies		1.5%

Chemicals		1.3%

Short-Term Investments		5.2%

Other		19.3%


Top Five Issuers
(as a % of total investments)³
Citigroup Inc.		1.7%

Wachovia Corporation		1.6%

Banco Santander S.A.		1.6%

AgFirst Farm Credit Bank		1.5%

ING Groep N.V.		1.5%


JQC Performance OVERVIEW			Nuveen Multi-Strategy Income and Growth Fund 2 as of June 30, 2008

Portfolio Allocation (as a % of total investments)²

2007-2008 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 derivative transactions.

3	Excluding short-term investments, common stocks sold short and derivative transactions.

Shareholder Meeting Report

The Annual Meeting of Shareholders was held in the offices of Nuveen Investments on June 30, 2008.


	JPC				JQC
Approval of the Board Members was reached as follows:
	Common and				Common and
	FundPreferred		FundPreferred		FundPreferred		FundPreferred
	shares voting		shares voting		shares voting		shares voting
	together		together		together		together
	as a class		as a class		as a class		as a class
John P. Amboian
For		88,415,521		—		122,953,167		—
Withhold		2,073,952		—		2,918,028		—

Total		90,489,473		—		125,871,195		—

William C. Hunter
For		—		14,807		—		31,893
Withhold		—		383		—		1,125

Total		—		15,190		—		33,018

David J. Kundert
For		88,417,657		—		122,923,080		—
Withhold		2,071,816		—		2,948,115		—

Total		90,489,473		—		125,871,195		—

William J. Schneider
For		—		14,780		—		31,770
Withhold		—		410		—		1,248

Total		—		15,190		—		33,018

Terence J. Toth
For		88,420,397		—		122,947,878		—
Withhold		2,069,076		—		2,923,317		—

Total		90,489,473		—		125,871,195		—



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


Shares		Description (1)	Value
		Common Stocks 43.2% (25.7% of Total Investments)
		Aerospace & Defense – 0.5%
	12,890	Boeing Company	$	847,131
	3,060	Esterline Technologies Corporation, (2)		150,736
	12,930	Finmeccanica S.p.A.		339,566
	11,836	Lockheed Martin Corporation		1,167,740
	12,100	Orbital Sciences Corporation, (2)		285,076
	43,900	Thales S.A.		2,502,086

		Total Aerospace & Defense		5,292,335
		Airlines – 0.0%
	21,450	Lufthansa AG		462,676
		Auto Components – 0.3%
	40,810	Aisin Seiki Company Limited		1,337,466
	24,730	Magna International Inc., Class A		1,465,005

		Total Auto Components		2,802,471
		Automobiles – 0.5%
	24,530	Daimler-Chrysler AG		1,512,765
	37,160	Honda Motor Company Limited		1,264,555
	1,140	S.A. D’Ieteren N.V.		314,821
	18,340	Toyota Motor Corporation		1,723,960
	41,300	Yamaha Motor Company Limited		772,831

		Total Automobiles		5,588,932
		Beverages – 1.2%
	3,000	Boston Beer Company, (2)		122,040
	99,780	Coca Cola Amatil Limited		670,535
	52,780	Coca-Cola Company		2,743,504
	19,200	Diageo PLC, Sponsored ADR		1,418,304
	48,210	Fomento Economico Mexicano S.A.		2,194,037
	66,280	Heineken N.V.		3,383,177
	22,840	Molson Coors Brewing Company, Class B		1,240,897
	29,970	Pepsi Bottling Group, Inc.		836,762
	8,270	SABMiller PLC		189,764

		Total Beverages		12,799,020
		Biotechnology – 0.7%
	11,890	Alnylam Pharmaceuticals, Inc.		317,820
	69,500	Amgen Inc., (2), (10)		3,277,620
	17,050	Cephalon, Inc., (2)		1,137,065
	7,150	Genentech, Inc., (2)		542,685
	17,780	Genzyme Corporation, (2)		1,280,516
	13,880	Novo-Nordisk A/S		916,080

		Total Biotechnology		7,471,786
		Capital Markets – 0.9%
	36,630	Bank of New York Company, Inc.		1,385,713
	12,410	BGC Partners Inc., Class A, (2)		93,696
	11,340	Calamos Asset Management, Inc. Class A		193,120
	26,740	Credit Suisse Group		1,211,589
	12,290	Credit Suisse Group		564,242
	161,390	Daiwa Securities Group Inc.		1,483,417
	39,130	Invesco LTD		938,337
	25,030	JPMorgan Chase & Co.		858,779
	62,940	Man Group PLC		778,673
	111,272	UBS AG, (10)		2,298,880

		Total Capital Markets


Shares		Description (1)	Value
		Chemicals – 1.6%
	9,820	Air Products & Chemicals Inc.	$	970,805
	720	Bayer AG		60,509
	9,160	Bayer AG		768,835
	1,440	CF Industries Holdings, Inc.		220,032
	14,190	Eastman Chemical Company		977,123
	207,300	Mitusi Chemicals		1,021,028
	30,420	Mosaic Company, (2)		4,401,774
	265,760	Nissan Chemical Industries Limited		3,268,659
	280	Potash Corporation of Saskatchewan		64,000
	16,640	Potash Corporation of Saskatchewan		3,860,473
	24,960	Shin-Etsu Chemical Company Limited		1,546,704
	12,250	Terra Industries, Inc., (2)		604,538

		Total Chemicals		17,764,480
		Commercial Banks – 2.2%
	350	Allied Irish Banks		10,777
	77,570	Allinaz S.E.		1,353,597
	1,500	Banco Bilbao Vizcaya Argentaria S.A.		28,455
	2,295	Banco Bradesco S.A., ADR		46,956
	2,325	Banco Itau Holdings Financeira, S.A.		47,221
	41,230	Banco Santander Central S.A.		749,974
	7,150	Bank of Montreal		294,795
	1,510	Barclays PLC		34,957
	51,620	Barclays PLC		299,718
	22,020	BB&T Corporation		501,395
	25,720	BNP Paribas S.A.		2,330,075
	9,490	Community Bank System Inc.		195,684
	31,950	Credit Agricole S.A.		652,942
	246,750	DnB NOR ASA		3,139,362
	111,360	Hang Seng Bank		2,349,382
	15,520	ICICI Bank Limited, ADR		446,355
	53,680	IntesaSanpaolo SpA		306,626
	1,370	KBC Group NV		152,133
	5,230	Kookmin Bank		306,007
	23,880	Lloyds TSB Group PLC, Sponsored ADR		589,120
	23,770	Marshall and Ilsley Corporation		364,394
	11,960	National Australia Bank Limited, Sponsored ADR		303,834
	2,704	National Bank of Greece S.A.		121,844
	31,136	National Bank of Greece S.A.		278,048
	859,260	Nishi-Nippon City Bank Limited		2,557,105
	10,980	Nordic Baltic Holdings FDR		151,506
	22,830	Northern Trust Corporation		1,565,453
	9,830	PNC Financial Services Group, Inc.		561,293
	4,410	Prosperity Bancshares, Inc.		117,879
	60,158	Royal Bank of Scotland, PLC		257,625
	46,010	Standard Chartered PLC		1,310,523
	4,540	SVB Financial Group, (2)		218,419
	20,920	Sydbank A/S		797,209
	5,250	UMB Financial Corporation		269,168
	54,910	United Overseas Bank Limited		751,479
	18,780	Wachovia Corporation		291,653

		Total Commercial Banks		23,752,963
		Commercial Services & Supplies – 0.9%
	327,800	Allied Waste Industries, Inc., (2), (10)		4,136,836
	2,246	Consolidated Graphics Inc., (2)		110,660
	25,890	Corrections Corporation of America, (2)		711,198
	1,850	Dun and Bradstreet Inc.		162,134
	36,940	Michael Page International PLC		171,991
	26,410	Randstad Holding N.V.		923,104
	293,300	Toppan Printing Company Limited		3,228,965

		Total Commercial Services & Supplies		9,444,888



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


Shares		Description (1)	Value
		Communications Equipment – 0.8%
	4,380	Comtech Telecom Corporation, (2)	$	214,620
	76,950	Corning Incorporated		1,773,698
	6,330	Interdigital Inc., (2)		153,946
	170,000	LM Ericsson Telefonaktiebolget, (10)		1,768,000
	52,490	Nokia Oyj, Sponsored ADR		1,286,005
	75,230	QUALCOMM Inc.		3,337,955
	30,760	Telemex Internacional SAB de CV		495,236

		Total Communications Equipment		9,029,460
		Computers & Peripherals – 0.9%
	20,811	Apple, Inc., (2)		3,484,592
	60,630	Hewlett-Packard Company		2,680,452
	21,720	International Business Machines Corporation (IBM)		2,574,472
	7,950	NCR Corporation, (2)		200,340
	60,613	Netwwork Appliance Inc., (2)		1,312,878

		Total Computers & Peripherals		10,252,734
		Construction & Engineering – 0.8%
	226,020	AMEC PLC		4,006,760
	9,140	Fluor Corporation		1,700,771
	151,790	JGC Corporation		2,987,626
	4,900	Perini Corporation, (2)		161,945

		Total Construction & Engineering		8,857,102
		Consumer Finance – 0.4%
	7,600	MasterCard, Inc.		2,017,952
	16,080	Visa Inc.		1,307,465
	48,840	Western Union Company		1,207,325

		Total Consumer Finance		4,532,742
		Containers & Packaging – 0.0%
	10,400	Owens-Illinois, Inc., (2)		433,576
		Distributors – 0.1%
	56,170	Jardine Cycle & Carriage Limited		701,841
	22,010	Unilever PLC		626,482

		Total Distributors		1,328,323
		Diversified Consumer Services – 0.1%
	7,270	Apollo Group, Inc., (2)		321,770
	5,720	ITT Educational Services, Inc., (2)		472,644

		Total Diversified Consumer Services		794,414
		Diversified Financial Services – 0.5%
	71,070	Citigroup Inc.		1,191,133
	21,380	Deutsche Boerse AG		2,413,212
	16,690	Eaton Vance Corporation		663,594
	18,070	ING Groep N.V., Ordinary Shares		576,261
	23,420	ING Groep N.V.		738,901
	2,120	Orix Corporation		303,271

		Total Diversified Financial Services		5,886,372
		Diversified Telecommunication Services – 1.6%
	36,630	AT&T Inc.		1,234,065
	7,160	Cbeyond Inc., (2)		114,703
	21,180	France Telecom S.A.		627,563
	69,440	KT Corporation, Sponsored ADR, (10)		1,480,461
	390,620	Nippon Telegraph and Telephone Corporation, ADR, (10)		10,710,269
	455,000	Telecom Italia S.p.A.		737,866
	24,830	Telefonica SA		1,975,971
	30,760	Telefonos de Mexico SA, Series L		728,397

		Total Diversified Telecommunication Services		17,609,295


Shares		Description (1)	Value
		Electric Utilities – 2.1%
	37,600	Ameren Corporation, (10)	$	1,587,848
	5,800	Black Hills Corporation		185,948
	263,700	Centrais Electricas Brasileiras S.A., ADR		4,338,893
	40,640	E.ON A.G		2,731,146
	32,310	Edison International		1,660,088
	8,760	El Paso Electric Company, (2)		173,448
	15,260	FPL Group, Inc.		1,000,751
	100,500	IdaCorp, Inc., (10)		2,903,445
	268,500	Korea Electric Power Corporation, Sponsored ADR		3,901,305
	148,600	PNM Resources Inc.		1,777,256
	49,330	Progress Energy, Inc., (10)		2,063,474
	45,600	Reliant Energy Inc., (2)		969,912

		Total Electric Utilities		23,293,514
		Electrical Equipment – 0.7%
	88,450	ABB Limited		2,516,134
	37,400	Emerson Electric Co.		1,849,430
	1,630	First Solar Inc., (2)		444,697
	17,770	Nidec Corporation		1,183,161
	18,930	Nikon Corporation		552,649
	33,700	Prysmian SPA		853,719

		Total Electrical Equipment		7,399,790
		Electronic Equipment & Instruments – 0.7%
	39,470	Au Optronic Corporation		625,205
	1,624	Itron Inc., (2)		159,720
	73,760	LG Philips LCD Company Limited, Sponsored ADR		1,377,837
	11,500	MEMC Electronic Materials, (2)		707,710
	7,030	Mettler-Toledo International Inc., (2)		666,866
	60,500	Tech Data Corporation, (2), (10)		2,050,345
	3,387	Teledyne Technologies Inc., (2)		165,252
	31,500	Thermo Fisher Scientific, Inc., (2)		1,755,495

		Total Electronic Equipment & Instruments		7,508,430
		Energy Equipment & Services – 1.6%
	1,030	Atwood Oceanics Inc., (2)		128,070
	231,500	BJ Services Company, (10)		7,394,110
	26,660	Cooper Cameron Corporation, (2)		1,475,631
	1,950	Dawson Geophysical Company, (2)		115,947
	9,530	Dresser Rand Group, Inc., (2)		372,623
	17,590	FMC Technologies Inc., (2)		1,353,199
	42,390	Global Industries, Limited, (2)		760,053
	7,500	Matrix Service Company, (2)		172,950
	9,780	National-Oilwell Varco Inc., (2)		867,682
	14,970	Noble Corporation		972,451
	23,160	Patterson-UTI Energy, Inc.		834,686
	20,310	Pride International Inc., (2)		960,460
	10,600	Technip S.A.		981,157
	5,080	Transocean Inc., (2)		774,141

		Total Energy Equipment & Services		17,163,160
		Food & Staples Retailing – 0.5%
	18,600	Casino Guichard-Perrachon S.A.		2,108,505
	3,830	Koninklijke Ahold N.V., (2)		51,533
	36,920	Kroger Co.		1,065,880
	3,470	Nash Finch Company		118,917
	36,240	Safeway Inc.		1,034,652
	20,100	Wal-Mart Stores, Inc.		1,129,620
	58,780	William Morrison Supermarkets PLC		311,728

		Total Food & Staples Retailing		5,820,835
		Food Products – 1.7%
	13,600	Dean Foods Company, (2)		266,832
	2,130	Diamond Foods Inc.		49,075
	15,935	Flowers Foods Inc.		451,598



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


Shares		Description (1)	Value
		Food Products (continued)

	10,840	General Mills, Inc.	$	658,747
	32,080	H.J. Heinz Company		1,535,028
	198,950	Jeronimo Martins SGPS		1,445,589
	9,010	Monsanto Company		1,139,224
	410	Nestle S.A.		46,450
	267,000	Smithfield Foods, Inc., (2), (10)		5,307,960
	51,140	Tingyi Holding Corporation		63,226
	481,100	Tyson Foods, Inc., Class A, (10)		7,187,634
	71,870	Unilever PLC		2,041,827

		Total Food Products		20,193,190
		Gas Utilities – 0.7%
	1,050	BG PLC		136,560
	4,850	E.ON AG		978,565
	23,780	Energen Corporation		1,855,553
	8,030	Equitable Resources Inc.		554,552
	40,890	Questar Corporation		2,904,826
	25,720	Spectra Energy Corporation		739,193

		Total Gas Utilities		7,169,249
		Health Care Equipment & Supplies – 0.8%
	20,050	Alfresa Holdings Corporation		1,431,266
	2,230	Analogic Corporation		140,646
	28,090	Baxter International Inc.		1,796,075
	534	Fresenius Medical Care, ADR		29,311
	31,920	Fresenius Medical Care, ADR		1,759,479
	109,400	Paramount Bed Company Limited		1,617,535
	9,100	Patterson Companies Inc., (2)		267,449
	26,120	Saint Jude Medical Inc., (2)		1,067,786
	4,172	Surmodics Inc., (2)		187,072

		Total Health Care Equipment & Supplies		8,296,619
		Health Care Providers & Services – 0.3%
	31,394	Express Scripts, Inc., (2)		1,969,032
	30,000	Health Net Inc., (2), (10)		721,800
	4,640	Mentor Corporation		129,085

		Total Health Care Providers & Services		2,819,917
		Hotels, Restaurants & Leisure – 0.3%
	2,160	Bally Technologies, Inc., (2)		73,008
	19,360	Burger King Holdings Inc.		518,654
	880	Carnival Corporation		28,098
	23,410	McDonald’s Corporation		1,316,110
	2,680	WMS Industries Inc., (2)		79,784
	16,160	Wynn Resorts Ltd		1,314,616

		Total Hotels, Restaurants & Leisure		3,330,270
		Household Durables – 0.3%
	15,390	Desarrolladora Homex SAB de C.V., Sponsored ADR, (2)		901,546
	14,040	Jarden Corporation, (2)		256,090
	3,160	Matsushita Electric Industrial Co., Ltd, ADR		67,687
	87,610	Matsushita Electric Industrial Co., Ltd, ADR		1,889,409
	4,540	Tupperware Corporation		155,359

		Total Household Durables		3,270,091
		Household Products – 0.3%
	29,150	Colgate-Palmolive Company		2,014,265
	56,000	KAO Corporation		1,468,757

		Total Household Products		3,483,022
		Independent Power Producers & Energy Traders – 0.1%
	21,980	NRG Energy Inc., (2)		942,942


Shares		Description (1)	Value
		Industrial Conglomerates – 0.4%
	19,860	East Asiatic Co LTD	$	1,375,265
	153,840	Keppel Corporation		1,259,621
	24,020	Mitsubishi Corporation		791,731
	4,140	Siemens AG, Sponsored ADR		455,938
	3,240	Teleflex Inc.		180,112

		Total Industrial Conglomerates		4,062,667
		Insurance – 0.9%
	772	Aegon N.V.		10,121
	40,725	AFLAC Incorporated		2,557,530
	10,140	Amtrust Financial Services, Inc.		127,764
	16,480	Aon Corporation		757,091
	12,930	Arch Capital Group Limited, (2)		857,518
	3,940	Aspen Insurance Holdings Limited, (2)		93,260
	11,860	Assurant Inc.		782,286
	8,550	Axis Capital Holdings Limited		254,876
	254,800	Benfield Group, Limited		1,240,894
	1,130	Fairfax Financial Holdings Limited		286,907
	5,880	First Mercury Financial Corporation		103,723
	9,720	HCC Insurance Holdings Inc.		205,481
	301,310	Mapfre S.A.		1,442,169
	5,250	Philadelphia Consolidated Holding Corporation, (2)		178,343
	8,190	Seabright Insurance Holdings Inc., (2)		118,591
	6,280	Sun Life Financial Inc.		257,166
	25,840	WR Berkley Corporation		624,294
	1,280	Zurich Financial Services AG		327,659

		Total Insurance		10,225,673
		Internet Software & Services – 0.2%
	60,000	eBay Inc., (2), (10)		1,639,800
	3,890	Sohu.com Inc.		274,012
	8,810	Switch & Data Facilities Company, Inc.		149,682

		Total Internet Software & Services		2,063,494
		IT Services – 0.4%
	33,160	Accenture Limited		1,350,275
	12,400	CGI Group Inc., (2)		123,628
	100,000	Electronic Data Systems Corporation, (10)		2,464,000
	12,560	TNS Inc., (2)		300,938

		Total IT Services		4,238,841
		Leisure Equipment & Products – 0.2%
	1,690	Canon Inc.		86,545
	30	Fuji Photo Film Co., Ltd.		1,031
	780	FujiFilm Holdings Corporation, ADR		26,731
	41,390	Hasbro, Inc.		1,478,451
	10,850	Marvel Entertainment Inc., (2)		348,719

		Total Leisure Equipment & Products		1,941,477
		Life Sciences Tools & Services – 0.1%
	2,630	Dionex Corporation, (2)		174,553
	5,470	Illumina Inc., (2)		476,492

		Total Life Sciences Tools & Services		651,045
		Machinery – 0.7%
	57,690	ABB Limited		1,633,781
	28,620	AGCO Corporation, (2)		1,499,974
	4,570	Badger Meter Inc.		230,922
	7,980	Deere & Company		575,597
	5,200	Eaton Corporation		441,844
	19,946	Harsco Corporation		1,085,262
	420	Hitachi Limited		30,106
	3,000	ITT Industries Inc.		189,990
	11,620	MAN AG		1,289,989
	6,810	Manitowoc Company Inc.		221,529



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


Shares		Description (1)	Value
		Machinery (continued)

	5,580	Parker Hannifin Corporation	$	397,966
	7,790	RBC Bearings Inc., (2)		259,563
	6,620	Robbins & Myers, Inc.		330,139

		Total Machinery		8,186,662
		Marine – 0.3%
	181,660	Kawasaki Kisen Kaisha Limited		1,705,655
	79,650	Nippon Yusen Kabushki Kaisha		765,858
	40,000	Stolt-Nielsen S.A.		911,019

		Total Marine		3,382,532
		Media – 0.5%
	36,320	Cablevision Systems Corporation, (2)		820,832
	54,610	DIRECTV Group, Inc., (2)		1,414,945
	61,000	Scholastic Corporation, (2), (10)		1,748,260
	1,110	Shaw Communication Inc.		22,600
	16,180	Shaw Communication Inc.		330,360
	7,180	Thomson Corporation		231,124
	24,290	Walt Disney Company		757,848
	780	WPP Group PLC		37,300

		Total Media		5,363,269
		Metals & Mining – 5.1%
	244,668	AngloGold Ashanti Limited, Sponsored ADR, (10)		8,304,032
	204,700	Apex Silver Mines Limited, (2)		1,005,077
	198,000	Barrick Gold Corporation, (10)		9,009,000
	12,710	BHP Billiton PLC		486,075
	10,090	BHP Billiton PLC		781,773
	60,500	BHP Billiton PLC		2,534,526
	3,750	Cleveland-Cliffs Inc.		446,963
	3,350	Compass Minerals International, Inc.		269,876
	88,020	Cookson Group		1,100,149
	235,600	Crystallex International Corporation, (2)		263,872
	18,830	Freeport-McMoRan Copper & Gold, Inc.		2,206,688
	202,500	Gold Fields Limited, (10)		2,561,625
	126,000	Ivanhoe Mines Ltd., (2), (10)		1,374,660
	1,824,600	Lihir Gold Limited, (2)		5,754,710
	431,790	Mitsubishi Materials		1,846,143
	182,300	Newmont Mining Corporation, (10)		9,508,768
	188,200	NovaGold Resources Inc., (2), (10)		1,402,090
	4,450	Olympic Steel Inc.		337,844
	4,360	Rio Tinto PLC, Sponsored ADR		2,158,200
	35,570	SSAB Svenskt Stal AB		1,151,716
	6,520	United States Steel Corporation		1,204,766
	23,460	Xstrata PLC		1,880,366

		Total Metals & Mining		55,588,919
		Multiline Retail – 0.5%
	32,040	Big Lots, Inc., (2)		1,000,930
	40,340	Costco Wholesale Corporation		2,829,448
	8,610	Dollar Tree Stores Inc., (2)		281,461
	9,840	Family Dollar Stores, Inc.		196,210
	80,510	Next PLC		1,554,727

		Total Multiline Retail		5,862,776
		Oil, Gas & Consumable Fuels – 4.3%
	1,950	Alpha Natural Resources Inc.		203,366
	15,500	Arch Coal Inc., (10)		1,162,965
	49,190	BG Group PLC		1,269,809
	123,640	BP Amoco PLC, (10)		8,601,635
	7,020	Cabot Oil & Gas Corporation		475,465
	2,380	Carrizo Oil & Gas, Inc., (2)		162,054
	25,290	Chesapeake Energy Corporation		1,668,128


Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)

	17,310	Chevron Corporation	$	1,715,940
	2,768	Comstock Resources Inc., (2)		233,702
	27,020	Continental Resources Inc., (2)		1,873,026
	20,800	Denbury Resources Inc., (2)		759,200
	2,730	Devon Energy Corporation		328,037
	30,200	Eni S.p.A., Sponsored ADR		2,241,746
	7,940	EOG Resources, Inc.		1,041,728
	18,270	Hess Corporation		2,305,491
	6,090	Massey Energy Company		570,938
	21,300	Murphy Oil Corporation		2,088,465
	60,100	Nexen Inc., (10)		2,388,975
	20,670	Occidental Petroleum Corporation		1,857,406
	2,840	Patriot Coal Corporation, (2)		435,344
	6,590	Petrohawk Energy Corporation, (2)		305,183
	18,230	Petroleo Brasileiras S.A.		1,291,231
	10,110	Petroquest Energy Inc., (2)		271,959
	5,796	Pioneer Drilling Company, (2)		109,023
	38,280	Repsol YPF S.A.		1,503,256
	82,100	Royal Dutch Shell PLC, Class B, Sponsored ADR, (10)		6,577,031
	72,950	Singapore Petroleum		353,879
	50,269	Statoil ASA		1,879,055
	21,400	Total S.A., Sponsored ADR		1,824,778
	7,900	Total S.A.		674,148
	1,170	Whiting Petroleum Corporation		124,114
	5,850	XTO Energy, Inc.		400,784

		Total Oil, Gas & Consumable Fuels		46,697,861
		Paper & Forest Products – 0.3%
	216,400	AbitibiBowater Inc., (2), (10)		2,019,012
	5,960	Buckeye Technologies Inc., (2)		50,422
	7,020	Potlatch Corporation		316,742
	71,710	Sonae Industria-SPGS S.A., (2)		292,421
	24,850	Votorantim Celulose e Papel S.A.		663,744

		Total Paper & Forest Products		3,342,341
		Personal Products – 0.0%
	4,120	Herbalife, Limited		159,650
		Pharmaceuticals – 1.7%
	17,900	Astellas Pharma Inc.		758,582
	130,970	AstraZeneca Group, (10)		5,570,154
	53,820	Daiichi Sankyo Company Limited		1,482,540
	20,180	Eli Lilly and Company		931,509
	6,720	GlaxoSmithKline PLC, ADR		297,158
	20,870	H. Lundbeck A/S		475,860
	98,000	Kissei Pharmaceuticals Company Limited		2,191,929
	22,790	Merck & Co. Inc.		858,955
	30,450	Novartis AG		1,676,680
	2,960	Novo Nordisk A/S		193,725
	189,800	Patheon Inc., (2)		765,007
	47,160	Pfizer Inc.		823,885
	8,450	Pozen Inc., (2)		91,936
	61,350	Sanofi-Aventis, ADR, (10)		2,038,661
	35,760	Shionogi & Company Limited		705,535
	39,640	Warner Chilcott Limited, (2)		671,898

		Total Pharmaceuticals		19,534,014
		Real Estate – 0.3%
	22,200	Annaly Capital Management Inc.		344,322
	5,530	Essex Property Trust Inc.		588,945
	6,396	LaSalle Hotel Properties		160,731
	7,700	Lexington Corporate Properties Trust		104,951
	17,450	Rayonier Inc.		740,927
	7,431	SL Green Realty Corporation		614,692



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


Shares		Description (1)	Value
		Real Estate (continued)

	9,921	Tanger Factory Outlet Centers	$	356,462
	14,953	Taubman Centers Inc.		727,463

		Total Real Estate		3,638,493
		Road & Rail – 0.5%
	900	Canadian National Railways Company		43,272
	46,130	CSX Corporation		2,897,425
	15,700	Kansas City Southern Industries, (2)		690,643
	14,570	Landstar System		804,555
	7,180	Ryder System, Inc.		494,558
	11,900	Union Pacific Corporation		898,450

		Total Road & Rail		5,828,903
		Semiconductors & Equipment – 0.4%
	12,180	Amkor Technology Inc., (2)		126,794
	25,030	Broadcom Corporation, Class A, (2)		683,069
	69,890	Marvell Technology Group Ltd., (2)		1,234,257
	6,240	Monolithic Power Systems, Inc., (2)		134,909
	68,520	National Semiconductor Corporation		1,407,401
	15,460	ON Semiconductor Corporation		141,768
	4,870	Rubicon Technology Inc., (2)		98,958
	8,500	Semtech Corporation, (2)		119,595
	84,930	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		926,586

		Total Semiconductors & Equipment		4,873,337
		Software – 1.0%
	21,850	Activision Inc., (2)		744,430
	38,760	Adobe Systems Incorporated, (2)		1,526,756
	6,510	Ansys Inc., (2)		306,751
	42,780	Autodesk, Inc., (2)		1,446,392
	5,690	Blackboard, Inc., (2)		217,529
	46,000	Microsoft Corporation, (10)		1,265,460
	500	Nintendo Co., Ltd., ADR		35,317
	3,980	Nintendo Co., Ltd.		2,245,157
	21,690	Salesforce.com, Inc., (2)		1,479,909
	5,640	SPSS Inc., (2)		205,127
	56,560	Symantec Corporation, (2)		1,094,436

		Total Software		10,567,264
		Specialty Retail – 0.1%
	6,235	Aeropostale, Inc., (2)		195,343
	2,610	Hennes & Mauritz AB		141,498
	6,750	J. Crew Group Inc., (2)		222,818
	4,990	NetFlix.com Inc., (2)		130,089
	540	Sony Corporation		23,620
	16,630	TJX Companies, Inc.		523,346

		Total Specialty Retail		1,236,714
		Textiles, Apparel & Luxury Goods – 0.1%
	2,030	Deckers Outdoor Corporation, (2)		282,576
	620	Gildan Activewear Inc, Sponsored ADR, (2)		16,046
	12,068	Guess Inc.		451,947

		Total Textiles, Apparel & Luxury Goods		750,569
		Thrifts & Mortgage Finance – 0.2%
	159,310	Hudson City Bancorp, Inc.		2,657,291
		Tobacco – 0.4%
	16,600	Altria Group, Inc.		341,296
	11,760	British American Tobacco PLC		814,380
	80	Japan Tobacco, Inc., (2)		341,291
	38,840	Philip Morris International, (2)		1,918,308
	22,280	UST Inc.		1,216,711

		Total Tobacco		4,631,986


Shares		Description (1)					Value
		Transportation Infrastructure – 0.2%
	885,990	Macquarie Airports					$	1,749,669
		Wireless Telecommunication Services – 0.3%
	9,360	Millicom International Cellular S.A.						976,028
	16,960	Millicom International Cellular S.A., (2)						1,755,360
	1,050	Mobile Telesystems, Sponsored ADR						80,441
	1,150	Vodafone Group PLC, Sponsored ADR						33,879

		Total Wireless Telecommunication Services						2,845,708

		Total Common Stocks (cost $478,904,661)						474,682,199

Shares		Description (1)	Coupon		Ratings (3)		Value
		Convertible Preferred Securities – 1.8% (1.1% of Total Investments)
		Automobiles – 0.2%
	30,200	General Motors Corporation, Convertible Bonds		1.500%		B	$	649,904
	45,150	General Motors Corporation, Convertible Notes, Senior Debentures, Series B		5.250%		B		618,555
	81,350	General Motors Corporation		6.250%		B		1,078,701

		Total Automobiles						2,347,160
		Capital Markets – 0.0%
	11,300	AMG Capital Trust II, Convertible Bond		5.150%		BB		397,619
		Commercial Banks – 0.0%
	14,750	Sovereign Capital Trust IV, Convertible Security		4.375%		Baa2		457,250
		Communications Equipment – 0.8%
	9,800	Lucent Technologies Capital Trust I		7.750%		B2		7,448,000
		Diversified Financial Services – 0.3%
	2,350	Bank of America Corporation		7.250%		A+		2,079,750
	35,350	Citigroup Inc., Series T		6.500%		A		1,537,725

		Total Diversified Financial Services						3,617,475
		Electric Utilities – 0.1%
	12,300	Centerpoint Energy Inc.		2.000%		BBB–		356,282
	4,000	CMS Energy Corporation, Convertible Bonds		4.500%		Ba2		313,250

		Total Electric Utilities						669,532
		Food Products – 0.1%
	4,200	Bunge Limited, Convertible Bonds		4.875%		BB		552,300
		Household Durables – 0.0%
	7,600	Newell Financial Trust I		5.250%		N/R		343,900

		Independent Power Producers & Energy Traders – 0.0%
	200	NRG Energy Inc., Convertible Bond		4.000%		B2		435,412

		Metals & Mining – 0.2%
	800	Freeport McMoran Copper & Gold, Inc.		5.500%		BB		2,013,200

		Oil, Gas & Consumable Fuels – 0.1%
	400	El Paso Corporation		4.990%		B		689,600
		Real Estate – 0.0%
	6,950	Simon Property Group, Inc., Series I		6.000%		BBB+		507,350
		Thrifts & Mortgage Finance – 0.0%
	21,800	Washington Mutual, Inc., Unit 1 Trust		5.375%		A3		523,200
		U.S. Agency – 0.0%
	5	Federal National Mortgage Association		5.375%		AA–		301,250

		Total Convertible Preferred Securities (cost $23,645,550)						20,303,248



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


Shares		Description (1)	Coupon		Ratings (3)		Value
		$25 Par (or similar) Preferred Securities – 52.2% (31.1% of Total Investments)
		Capital Markets – 6.4%
	224,904	BNY Capital Trust V, Series F		5.950%		A	$	4,655,513
	950,117	Deutsche Bank Capital Funding Trust II		6.550%		A+		18,764,811
	99,200	Deutsche Bank Contingent Capital Trust III		7.600%		A+		2,268,704
	34,300	First Union Institutional Capital II (CORTS)		8.200%		A1		770,035
	3,900	Goldman Sachs Capital I, Series A (CORTS)		6.000%		A1		79,950
	4,700	Goldman Sachs Group Inc. (SATURNS)		5.750%		AA–		92,120
	300	Goldman Sachs Group Inc., Series 2004-06 (SATURNS)		6.000%		A1		6,066
	41,500	Goldman Sachs Group Inc., Series 2004-4 (CORTS)		6.000%		A1		780,200
	7,500	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)		6.000%		A1		140,250
	1,500	Goldman Sachs Group Inc., Series GSG-2 (PPLUS)		5.750%		AA–		29,745
	6,400,000	JP Morgan Chase & Company		7.900%		A1		6,018,752
	478,288	Lehman Brothers Holdings Capital Trust III, Series K		6.375%		A2		8,040,021
	101,461	Merrill Lynch Preferred Capital Trust III		7.000%		A2		1,800,933
	115,400	Merrill Lynch Preferred Capital Trust IV		7.120%		A2		2,121,052
	341,000	Merrill Lynch Preferred Capital Trust V		7.280%		A2		6,441,490
	307,334	Morgan Stanley Capital Trust III		6.250%		A–		5,550,452
	458,907	Morgan Stanley Capital Trust IV		6.250%		A1		8,163,956
	5,400	Morgan Stanley Capital Trust V		5.750%		A1		91,530
	234,129	Morgan Stanley Capital Trust VII		6.600%		A1		4,322,021

		Total Capital Markets						70,137,601
		Commercial Banks – 10.6%
	69,570	ABN AMRO Capital Fund Trust V		5.900%		A		1,177,124
	90,400	Allianz SE		8.375%		A+		2,250,960
	74,400	ASBC Capital I		7.625%		A3		1,733,520
	57,955	BAC Capital Trust II		7.000%		Aa3		1,287,760
	190,500	BAC Capital Trust III		7.000%		Aa3		4,181,475
	10,000	BAC Capital Trust IV		5.875%		Aa3		191,500
	9,100	BAC Capital Trust V		6.000%		A+		174,629
	12,100	BAC Capital Trust VIII		6.000%		Aa3		228,085
	358,086	Banco Santander Finance		6.800%		Aa3		7,863,569
	323,506	Banco Santander Finance		6.500%		A+		6,825,977
	231,600	Banesto Holdings, Series A, 144A		10.500%		A1		7,027,624
	63,700	Bank One Capital Trust VI		7.200%		Aa3		1,490,580
	288,600	Barclays Bank PLC		8.125%		Aa3		7,096,674
	2,000	Barclays Bank PLC		7.100%		Aa3		42,120
	197,758	Citizens Funding Trust I		7.500%		Baa1		2,145,674
	107,000	Cobank Agricultural Credit Bank		7.000%		N/R		4,963,195
	397,900	Credit Suisse		7.900%		A		9,788,340
	347,358	Fifth Third Capital Trust VI		7.250%		A–		5,613,305
	338,400	Fleet Capital Trust VIII		7.200%		Aa3		7,360,200
	702,220	HSBC Finance Corporation		6.875%		AA–		15,982,527
	136,400	KeyCorp Capital Trust IX		6.750%		A3		1,909,600
	134,200	National Bank of Greece SA		9.000%		AAA–		3,415,390
	514,249	National City Capital Trust II		6.625%		BBB+		6,438,397
	46,750	PNC Capital Trust		6.125%		A2		946,220
	15,500	Royal Bank of Scotland Group PLC		6.600%		Aa3		288,610
	18,129	Royal Bank of Scotland Group PLC, Series L		5.750%		A1		292,239
	97,395	Royal Bank of Scotland Group PLC, Series N		6.350%		A1		1,757,006
	11,400	Royal Bank of Scotland Group PLC, Series P		6.250%		A1		197,676
	7,000	Royal Bank of Scotland Group PLC, Series T		7.250%		Aa3		143,150
	58,600	SunTrust Capital Trust IX		7.875%		A–		1,244,078
	165,327	USB Capital Trust XI		6.600%		A+		3,499,973
	24,320	VNB Capital Trust I		7.750%		BBB		600,704
	129,348	Wachovia Capital Trust IX		6.375%		A1		2,223,492
	143,417	Wachovia Trust IV		6.375%		A1		2,508,363
	86,002	Wells Fargo Capital Trust VII		5.850%		AA–		1,788,842
	81,700	Zions Capital Trust B		8.000%		Baa1		1,797,400

		Total Commercial Banks						116,475,978
		Computers & Peripherals – 0.0%
	4,447	IBM Inc., Trust Certificates, Series 2001-2		7.100%		A+		109,707


Shares		Description (1)	Coupon		Ratings (3)		Value
		Diversified Financial Services – 5.2%
	20,600	Allied Capital Corporation		6.875%		BBB+	$	307,970
	6,000	American International Group, CORTS		6.125%		A1		100,500
	37,630	BAC Capital Trust XII		6.875%		A+		824,097
	51,300	Citigroup Capital Trust VII		7.125%		A1		1,064,475
	241,654	Citigroup Capital Trust VIII		6.950%		A1		4,835,497
	29,700	Citigroup Capital Trust IX		6.000%		A1		509,652
	15,900	Citigroup Capital Trust XI		6.000%		A1		272,685
	2,600	Citigroup Capital X		6.100%		A		45,110
	68,755	Citigroup Capital XV		6.500%		A1		1,274,030
	48,801	Citigroup Capital XVI		6.450%		A1		897,938
	22,200	Citigroup Capital XVII		6.350%		A1		392,274
	333,300	Citigroup Capital XIX		7.250%		A1		7,052,628
	63,900	Citigroup Capital XX		7.875%		A		1,519,702
	85,000	Citigroup Inc., Series M		8.125%		A		1,904,000
	8,000,000	Citigroup Inc.		8.400%		A		7,614,880
	13,900	General Electric Capital Corporation		6.050%		AAA		350,002
	12,000	ING Groep N.V.		7.375%		A1		262,320
	533,018	ING Groep N.V.		7.200%		A1		11,475,878
	731,175	ING Groep N.V.		7.050%		A		15,332,740
	21,700	ING Groep N.V.		6.375%		A		404,054
	2,800	ING Groep N.V.		6.125%		A		49,840
	5,000	Royal Bank of Scotland Group PLC, Series R		6.125%		A1		85,400

		Total Diversified Financial Services						56,575,672
		Diversified Telecommunication Services – 0.4%
	67,000	AT&T Inc.		6.375%		A		1,675,670
	95,968	BellSouth Capital Funding (CORTS)		7.120%		A		2,147,284
	18,300	BellSouth Corporation (CORTS)		7.000%		A		419,756
	17,500	Verizon Communications (CORTS)		7.625%		A		437,675
	7,200	Verizon Communications, Series 2004-1 (SATURNS)		6.125%		A		167,688
	1,800	Verizon Global Funding Corporation Trust III, Series III (CORTS)		6.250%		A		43,092

		Total Diversified Telecommunication Services						4,891,165
		Electric Utilities – 1.0%
	19,600	DTE Energy Trust I		7.800%		Baa3		492,156
	40,670	Entergy Louisiana LLC		7.600%		A–		1,015,530
	135,100	FPL Group Capital Inc.		6.600%		BBB+		3,343,725
	700	Georgia Power Company		5.750%		A		16,702
	8,200	National Rural Utilities Cooperative Finance Corporation		6.100%		A3		180,400
	7,900	National Rural Utilities Cooperative Finance Corporation		5.950%		A3		173,879
	234,561	Xcel Energy Inc.		7.600%		BBB–		5,786,620

		Total Electric Utilities						11,009,012
		Electrical Equipment – 0.1%
	105,630	Hitachi Limited		0.000%		N/R		761,996
		Food Products – 0.2%
	27,100	Dairy Farmers of America Inc., 144A		7.875%		BBB–		2,212,038
		Insurance – 9.3%
	2,000	Aegon N.V.		6.875%		A–		36,200
	982,600	Aegon N.V.		6.375%		A–		16,802,460
	6,700	Aegon N.V.		7.250%		A–		132,660
	2,567	AMBAC Financial Group Inc.		5.950%		A		18,996
	3,000	American International Group, Inc.		6.450%		A1		54,870
	2,000	American International Group		7.700%		A		44,780
	25,700	Arch Capital Group Limited, Series B		7.875%		BBB–		596,240
	408,100	Arch Capital Group Limited		8.000%		BBB–		9,504,649
	15,900	Berkley WR Corporation, Capital Trust II		6.750%		BBB–		347,415
	1,221,900	Delphi Financial Group, Inc.		8.000%		BBB+		27,969,291
	3,000,000	Everest Reinsurance Holdings, Inc.		6.600%		Baa1		2,143,635
	326,955	EverestRe Capital Trust II		6.200%		BBB		6,087,902
	82,200	Financial Security Assurance Holdings		6.250%		AA		1,348,080
	1,800	Markel Corporation		7.500%		Baa2		43,272
	809,050	PartnerRe Limited, Series C		6.750%		BBB+		16,553,163
	82,200	PLC Capital Trust III		7.500%		BBB+		1,773,054



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


Shares		Description (1)	Coupon		Ratings (3)		Value
		Insurance (continued)

	32,200	PLC Capital Trust IV		7.250%		BBB+	$	683,928
	8,700	PLC Capital Trust V		6.125%		BBB+		169,563
	48,300	Protective Life Corporation		7.250%		BBB		1,021,062
	260,600	Prudential Financial Inc.		9.000%		A–		6,488,940
	37,400	Prudential PLC		6.750%		A–		714,340
	377,051	RenaissanceRe Holdings Limited, Series B		7.300%		BBB		7,838,890
	75,000	RenaissanceRe Holdings Ltd		6.600%		NA		1,435,500

		Total Insurance						101,808,890
		Media – 3.3%
	13,400	CBS Corporation		7.250%		BBB		306,994
	414,172	CBS Corporation		6.750%		BBB		8,739,029
	586,200	Comcast Corporation		7.000%		BBB+		13,599,840
	605,900	Viacom Inc.		6.850%		BBB		13,238,915

		Total Media						35,884,778
		Oil, Gas & Consumable Fuels – 1.0%
	477,800	Nexen Inc.		7.350%		Baa3		11,495,868
		Real Estate – 12.5%
	7,700	AvalonBay Communities, Inc., Series H		8.700%		BBB		192,654
	15,266	BRE Properties, Series C		6.750%		BBB–		316,006
	658,185	Developers Diversified Realty Corporation, Series G		8.000%		BBB–		15,118,509
	75,300	Developers Diversified Realty Corporation, Series H		7.375%		BBB–		1,571,511
	119,500	Duke Realty Corporation, Series O		8.375%		BBB		2,834,540
	16,500	Duke Realty Corporation, Series K		6.500%		BBB		324,225
	76,400	Duke Realty Corporation, Series L		6.600%		BBB		1,467,644
	38,128	Duke-Weeks Realty Corporation		6.950%		BBB		763,323
	386,970	Equity Residential Properties Trust, Series N		6.480%		BBB		8,219,243
	8,500	First Industrial Realty Trust, Inc., Series J		7.250%		BBB–		179,775
	267,400	First Industrial Realty Trust, Inc., Series J		7.250%		BBB–		5,615,400
	135,567	HRPT Properties Trust, Series B		8.750%		BBB–		3,271,232
	653,700	HRPT Properties Trust, Series C		7.125%		BBB–		13,708,089
	450,487	Kimco Realty Corporation, Series F		6.650%		BBB+		9,617,897
	212,100	Kimco Realty Corporation, Series G		7.750%		BBB+		4,997,076
	32,982	Prologis Trust, Series C		8.540%		BBB		1,709,912
	12,500	Prologis Trust, Series G		6.750%		BBB		261,250
	19,900	PS Business Parks, Inc.		7.000%		BBB–		405,960
	6,000	PS Business Parks, Inc.		6.700%		BBB–		116,100
	48,200	PS Business Parks, Inc., Series I		6.875%		BBB–		930,260
	2,000	PS Business Parks, Inc., Series K		7.950%		BBB–		47,080
	26,400	PS Business Parks, Inc., Series O		7.375%		BBB–		540,936
	228,400	Public Storage, Inc.		6.750%		BBB+		4,602,260
	99,295	Public Storage, Inc., Series C		6.600%		BBB+		1,966,041
	51,900	Public Storage, Inc., Series E		6.750%		BBB+		1,050,975
	15,000	Public Storage, Inc., Series F		6.450%		BBB+		288,450
	9,359	Public Storage, Inc., Series H		6.950%		BBB+		194,386
	74,400	Public Storage, Inc., Series I		7.250%		BBB+		1,666,560
	1,700	Public Storage, Inc., Series K		7.250%		BBB+		37,502
	328,741	Public Storage, Inc., Series M		6.625%		BBB+		6,532,084
	32,300	Public Storage, Inc., Series V		7.500%		BBB+		794,580
	320,700	Realty Income Corporation		6.750%		BBB–		7,023,330
	216,495	Regency Centers Corporation		7.450%		BBB		4,825,674
	9,200	Regency Centers Corporation		7.250%		N/R		198,260
	16,800	Vornado Realty Trust, Series G		6.625%		BBB–		331,800
	3,400	Vornado Realty Trust, Series H		6.750%		BBB–		67,218
	54,900	Vornado Realty Trust, Series I		6.625%		BBB–		1,065,609
	1,110,545	Wachovia Preferred Funding Corporation		7.250%		A2		21,266,937
	13,800	Weingarten Realty Investors Series F		6.500%		BBB		275,310
	606,030	Weingarten Realty Trust, Preferred Securities		6.750%		A–		12,878,138

		Total Real Estate						137,273,736


Shares		Description (1)	Coupon				Ratings (3)		Value
		Thrifts & Mortgage Finance – 1.3%
	99,600	Countrywide Capital Trust III (PPLUS)		8.050%				Ba1	$	1,663,320
	619,240	Countrywide Capital Trust IV		6.750%				Ba1		10,985,318
	78,737	Countrywide Capital Trust V		7.000%				A+		1,377,110

		Total Thrifts & Mortgage Finance								14,025,748
		U.S. Agency – 0.8%
	129,000	Federal Home Loan Mortgage Corporation		0.000%				AA–		3,134,700
	60,800	Federal Home Loan Mortgage Corporation, Notes		5.570%				AA–		1,093,792
	31,400	Federal Home Loan Mortgage Corporation		6.550%				AA–		617,010
	99,500	Federal National Mortgage Association		0.000%				AA–		4,716,927

		Total U.S. Agency								9,562,429
		Wireless Telecommunication Services – 0.1%
	33,900	United States Cellular Corporation		8.750%				Baa3		839,364

		Total $25 Par (or similar) Preferred Securities (cost $691,783,046)								573,063,982

			Weighted
Principal			Average
Amount (000)		Description (1)	Coupon		Maturity (4)		Ratings (3)		Value
		Variable Rate Senior Loan Interests – 14.5% (8.6% of Total Investments) (5)
		Aerospace & Defense – 0.1%
$	574	DAE Aviation Holdings, Inc., Term Loan B-1		6.585%		7/31/14		BB–	$	556,516
	571	DAE Aviation Holdings, Inc., Term Loan B-2		6.650%		7/31/14		BB–		552,778

	1,145	Total Aerospace & Defense								1,109,294

		Airlines – 0.3%
	1,669	ACTS Aero Technical Support & Services Inc., Term Loan		5.959%		10/01/14		N/R		1,443,769
	987	American Airlines, Inc., Term Loan		5.239%		12/17/10		BB–		873,825
	990	Delta Air Lines, Inc., Term Loan		6.149%		4/30/14		B		659,588

	3,646	Total Airlines								2,977,182
		Building Products – 0.5%
	2,569	Building Materials Corporation of America, Term Loan		5.688%		2/22/14		B+		2,293,813
	989	Stile Acquisition Corporation, Canadian Term Loan		4.893%		4/05/13		BB–		918,491
	991	Stile Acquisition Corporation, Term Loan B		4.892%		4/05/13		BB–		920,055
	983	TFS Acquisition, Term Loan		6.301%		8/11/13		B+		923,550

	5,532	Total Building Products								5,055,909
		Chemicals – 0.3%
	992	Celanese Holdings LLC, Term Loan		4.188%		4/02/14		BB+		946,114
	1,985	Hercules Offshore, Inc., Term Loan		4.450%		7/11/13		BB		1,932,067

	2,977	Total Chemicals								2,878,181
		Commercial Services & Supplies – 0.2%
	159	Aramark Corporation, Letter of Credit		4.875%		1/24/14		BB		150,717
	2,509	Aramark Corporation, Term Loan		4.676%		1/24/14		BB		2,372,384

	2,668	Total Commercial Services & Supplies								2,523,101
		Communications Equipment – 0.1%
	1,200	CommScope Inc., Term Loan B, WI/DD		TBD		TBD		Ba3		1,156,500
		Diversified Consumer Services – 0.3%
	194	Laureate Education, Inc., Delayed Draw, Term Loan B, (6), (7)		1.000%		8/17/14		B		(13,226	)
	1,300	Laureate Education Inc., Term Loan B		5.733%		8/17/14		B1		1,211,091
	1,985	Thomson Learning Center, Term Loan		4.980%		7/05/14		B+		1,807,839

	3,479	Total Diversified Consumer Services								3,005,704
		Diversified Telecommunication Services – 0.3%
	1,985	Alltel Communications, Inc., Term Loan B3		5.232%		5/18/15		BB–		1,975,075
	500	Intelsat Limited, Tranche B2-A		5.184%		1/03/14		BB–		475,851
	499	Intelsat Limited, Tranche B2-B		5.184%		1/03/14		BB–		475,708
	499	Intelsat Limited, Tranche B2-C		5.184%		1/03/14		BB–		475,708

	3,483	Total Diversified Telecommunication Services								3,402,342



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


			Weighted
Principal			Average
Amount (000)		Description (1)	Coupon		Maturity (4)		Ratings (3)		Value
		Electric Utilities – 0.7%
$	4,275	Calpine Corporation, DIP Term Loan		5.685%		3/31/14		B+	$	4,095,298
	995	TXU Corporation, Term Loan B-2		6.235%		10/10/14		Ba3		923,069
	2,978	TXU Corporation, Term Loan B-3		6.262%		10/10/14		Ba3		2,760,236

	8,248	Total Electric Utilities								7,778,603
		Electrical Equipment – 0.0%
	249	Allison Transmission Holdings, Inc., Term Loan		5.333%		8/07/14		BB–		222,628
		Energy Equipment & Services – 0.2%
	1,907	PGS Finance, Inc., Term Loan		4.550%		6/29/15		Ba2		1,844,700
		Health Care Equipment & Supplies – 0.4%
	80	Bausch & Lomb, Delayed Draw Term Loan		4.130%		4/24/15		BB–		46,575
	318	Bausch & Lomb, Inc., Term Loan		5.946%		4/24/15		BB–		312,729
	3,970	Biomet, Inc., Term Loan		5.801%		3/24/15		BB–		3,897,492

	4,368	Total Health Care Equipment & Supplies								4,256,796
		Health Care Providers & Services – 2.1%
	336	Community Health Systems, Inc., Delayed Draw, Term Loan, (6), (7)		1.000%		7/25/14		BB		(18,813	)
	6,565	Community Health Systems, Inc., Term Loan		4.859%		7/25/14		BB		6,197,598
	495	Concentra, Inc., Term Loan		5.051%		6/25/14		B+		446,738
	1,174	HCA, Inc., Term Loan		4.301%		11/18/12		BB		1,101,797
	5,915	HCA, Inc., Term Loan A		5.051%		11/18/13		BB		5,563,475
	2,083	Health Management Associates, Inc., Term Loan		4.551%		2/28/14		BB–		1,941,778
	477	IASIS Healthcare Corporation, Delayed Term Loan		4.483%		3/14/14		Ba2		453,299
	127	IASIS Healthcare Corporation, Letter of Credit		2.371%		3/14/14		Ba2		120,880
	1,378	IASIS Healthcare LLC, Term Loan		4.483%		3/14/14		Ba2		1,310,071
	747	LifePoint Hospitals, Inc., Term Loan B		4.274%		4/18/12		BB		729,270
	1,835	Select Medical Corporation, Term Loan		4.682%		2/24/12		Ba2		1,712,490
	986	Select Medical Corporation, Term Loan B-2		4.630%		2/24/12		Ba2		919,839
	251	Sun Healthcare Group, Inc., Delayed Term Loan		5.042%		4/12/14		Ba2		235,073
	404	Sun Healthcare Group, Inc., Synthetic Letter of Credit		4.701%		4/19/14		Ba2		377,909
	1,799	Sun Healthcare Group, Inc., Term Loan		4.789%		4/19/14		Ba2		1,681,617
	988	Vanguard Health Holding Company II LLC, Replacement Term Loan		5.051%		9/23/11		Ba3		955,467

	25,560	Total Health Care Providers & Services								23,728,488
		Hotels, Restaurants & Leisure – 0.9%
	980	Cedar Fair LP, Term Loan		4.483%		8/30/12		BB		931,272
	1,197	Harrahs Entertainment Inc., Term Loan B2, WI/DD		TBD		TBD		BB		1,095,921
	899	Intrawest Corporation, Term Loan		5.810%		10/23/08		N/R		858,930
	141	Isle of Capri Casinos Inc, Delayed Draw Term Loan A		4.551%		11/25/13		BB		125,888
	468	Isle of Capri Casinos, Inc., Delayed Term Loan A		4.551%		11/25/13		BB		417,519
	187	Isle of Capri Casinos, Inc., Delayed Term Loan B		4.551%		11/25/13		BB		167,008
	669	Travelport LLC, Delayed Term Loan		4.733%		8/23/13		BB–		603,151
	134	Travelport LLC, Letter of Credit		5.051%		8/23/13		BB–		121,023
	1,200	Venetian Casino Resort Delayed Term Loan		4.560%		5/23/14		BB		1,095,917
	4,752	Venetian Casino Resort LLC, Term Loan		4.550%		5/23/14		BB		4,339,831

	10,627	Total Hotels, Restaurants & Leisure								9,756,460
		Independent Power Producers & Energy Traders – 0.3%
	1,084	NRG Energy Inc., Credit Linked Deposit		2.701%		2/01/13		Ba1		1,034,833
	2,212	NRG Energy Inc., Term Loan		4.301%		2/01/13		Ba1		2,112,603

	3,296	Total Independent Power Producers & Energy Traders								3,147,436
		Insurance – 0.2%
	1,983	Conseco, Inc., Term Loan		4.483%		10/10/13		Ba3		1,730,342
		Internet Software & Services – 0.1%
	1,000	Sabre, Inc., Term Loan		4.899%		9/30/14		B+		828,929


			Weighted
Principal			Average
Amount (000)		Description (1)	Coupon		Maturity (4)		Ratings (3)		Value
		IT Services – 0.3%
$	1,985	First Data Corporation, Term Loan B-1		5.261%		9/24/14		BB–	$	1,827,193
	411	Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan, WI/DD		TBD		TBD		B+		351,771
	787	Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, WI/DD		TBD		TBD		B+		672,530

	3,183	Total IT Services								2,851,494
		Leisure Equipment & Products – 0.4%
	391	Herbst Gaming Inc., Delayed Term Loan		9.750%		12/02/11		CCC–		301,107
	450	Hernst Gaming Inc., Term Loan		9.750%		12/02/11		CCC–		346,556
	4,000	Wimar OpCo LLC, Term Loan		8.250%		1/03/12		N/R		3,870,626

	4,841	Total Leisure Equipment & Products								4,518,289
		Machinery – 0.4%
	2,993	LyondellBasell, Term Loan B2		7.000%		12/22/14		Ba2		2,618,438
	1,955	Oshkosh Truck Corporation, Term Loan		4.414%		12/06/13		BBB–		1,840,958

	4,948	Total Machinery								4,459,396
		Media – 2.9%
	4,159	Cequel Communications LLC, Term Loan B		4.724%		11/05/13		BB–		3,908,354
	4,055	Charter Communications Operating Holdings, LLC, Term Loan		4.900%		3/06/14		B+		3,569,451
	1,500	Citadel Broadcasting Corporation, Term Loan		4.284%		6/12/14		BB–		1,303,125
	3,960	Discovery Communications Holdings LLC, Term Loan		4.801%		5/14/14		N/R		3,892,680
	1,202	Gray Television Inc., Term Loan B		4.190%		12/31/14		B+		1,081,934
	975	Idearc, Inc., Term Loan		4.787%		11/17/14		BB		782,518
	2,952	Neilsen Finance LLC, Term Loan		4.734%		8/09/13		Ba3		2,758,437
	947	Philadelphia Newspapers, Term Loan		9.500%		6/29/13		N/R		653,092
	988	Readers Digest Association, Inc., Term Loan		4.602%		3/02/14		B1		863,445
	5,940	Tribune Company, Term Loan B		5.482%		6/04/14		B		4,492,125
	2,433	Tribune Company, Term Loan X		5.478%		6/04/09		B		2,337,013
	7,000	Univision Communications, Inc., Term Loan		5.149%		9/29/14		Ba3		5,779,375
	286	Valassis Communications, Inc. Delayed Term Loan		4.210%		3/02/14		BB		273,556
	864	Valassis Communications, Inc. Tranche B, Term Loan		4.560%		3/02/14		BB		825,156

	37,261	Total Media								32,520,261
		Metals & Mining – 0.1%
	798	John Maneely Company, Term Loan		5.975%		12/08/13		B+		748,199
		Oil, Gas & Consumable Fuels – 0.4%
	1,995	CCS Income Trust, Term Loan		5.483%		11/14/14		BB–		1,802,139
	2,394	Western Refining, Term Loan, WI/DD		TBD		TBD		BB–		2,238,348

	4,389	Total Oil, Gas & Consumable Fuels								4,040,487
		Paper & Forest Products – 0.3%
	2,960	Georgia-Pacific Corporation, Term Loan B		4.449%		12/21/12		BB+		2,799,130
		Pharmaceuticals – 0.1%
	2,000	Royalty Pharma Finance Trust, Term Loan		7.750%		5/21/15		Baa3		1,920,000
		Real Estate Management & Development – 0.3%
	880	LNR Property Corporation, Term Loan B		6.030%		7/12/11		BB		739,750
	2,970	Realogy Corporation, Delayed Term Loan		5.625%		10/01/13		BB–		2,535,155

	3,850	Total Real Estate Management & Development								3,274,905
		Road & Rail – 0.4%
	5,419	Swift Transportation Company, Inc., Term Loan		6.125%		5/10/14		B+		4,368,750
		Software – 0.3%
	2,680	Dealer Computer Services, Inc., Term Loan		4.801%		10/26/12		BB		2,558,132
	1,256	Intergraph Corporation, Term Loan		4.646%		5/29/14		BB–		1,208,969

	3,936	Total Software								3,767,101



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


			Weighted
Principal			Average
Amount (000)		Description (1)	Coupon		Maturity (4)		Ratings (3)		Value
		Specialty Retail – 1.2%
$	3,166	Blockbuster, Inc., Tranche B Term Loan, WI/DD		TBD		TBD		B	$	3,011,525
	4,442	Burlington Coat Factory Warehouse Corporation, Term Loan		4.900%		5/28/13		B2		3,707,486
	3,442	Michaels Stores, Inc., Term Loan		4.872%		10/31/13		B		2,874,710
	1,500	TRU 2005 RE Holding Co I LLC, Term Loan		5.459%		12/08/08		B3		1,415,625
	2,400	TRU 2005 RE Holding Co I LLC, Term Loan B, WI/DD		TBD		TBD		BB–		2,329,000

	14,950	Total Specialty Retail								13,338,346
		Wireless Telecommunication Services – 0.4%
	4,000	Asurion Corporation, Term Loan		5.784%		7/03/14		N/R		3,726,666
	990	Cricket Communications, Term Loan		6.301%		6/17/13		Ba2		977,388

	4,990	Total Wireless Telecommunication Services								4,704,054

$	174,893	Total Variable Rate Senior Loan Interests (cost $170,142,035)								158,713,007

Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Convertible Bonds – 9.0% (5.3% of Total Investments)
		Aerospace & Defense – 0.2%
$	250	Alliant Techsystems, Inc., Convertible Bonds		2.750%		9/15/11		BB–	$	303,125
	250	Alliant Techsystems, Inc., Convertible Bonds		2.750%		2/15/24		BB–		333,125
	300	DRS Technologies, Inc., Convertible Bonds, 144A		2.000%		2/01/26		BB–		408,750
	300	L-3 Communications Corporation, Convertible Bond		3.000%		8/01/35		BB+		333,375
	500	Lockheed Martin Corporation		2.428%		8/15/33		A–		682,450

	1,600	Total Aerospace & Defense								2,060,825

		Airlines – 0.1%
	2,375	JetBlue Airways Corporation		3.750%		3/15/35		CCC		1,520,000
		Beverages – 0.0%
	300	Molson Coors Brewing Company, Senior Convertible Notes		2.500%		7/30/13		BBB		366,375
		Biotechnology – 0.2%
	1,300	Amgen Inc., 144A		0.125%		2/01/11		A+		1,186,250
	750	Genzyme Corporation		1.250%		12/01/23		BBB+		833,438

	2,050	Total Biotechnology								2,019,688
		Capital Markets – 0.0%
	250	BlackRock Inc.		2.625%		2/15/35		A+		447,500
		Commercial Banks – 0.2%
	1,600	National City Corporation, Convertible Senior Notes		4.000%		2/01/11		A		1,302,000
	550	U.S. Bancorp, Convertible Bonds		1.354%		12/11/35		AA		540,408

	2,150	Total Commercial Banks								1,842,408
		Commercial Services & Supplies – 0.4%
	4,050	Allied Waste Industries Inc., Convertible Debentures		4.250%		4/15/34		B+		3,867,750
		Communications Equipment – 0.3%
	600	Ciena Corporation, Convertible Bond		0.875%		6/15/17		B+		484,500
	100	CommScope Inc.		1.000%		3/15/24		B		244,375
	660	Liberty Media Corporation, Senior Debentures Exchangeable for Motorola Common Stock		3.500%		1/15/31		BB+		319,023
	1,050	Lucent Technologies Inc., Series B		2.875%		6/15/25		BB–		836,063
	750	Lucent Technologies Inc.		2.875%		6/15/23		BB–		687,188
	450	Nortel Networks Corp.		1.750%		4/15/12		B–		339,188
	250	Nortel Networks Corp.		1.750%		4/15/12		B–		188,438
	600	Nortel Networks Corp.		2.125%		4/15/14		B–		405,000

	4,460	Total Communications Equipment								3,503,775
		Computers & Peripherals – 0.2%
	1,250	EMC Corporation, Convertible Bonds, 144A		1.750%		12/01/11		A–		1,429,688
	600	EMC Corporation, Convertible Bonds, 144A		1.750%		12/01/13		A–		687,750
	150	EMC Corporation, Convertible Bonds, 144A		1.750%		12/01/13		A–		171,938
	600	Sandisk Corporation, Convertible Bond		1.000%		5/15/13		BB–		414,750

	2,600	Total Computers & Peripherals								2,704,126


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Construction & Engineering – 0.1%
$	200	Fluor Corporation, Convertible Bonds		1.500%		2/15/24		A3	$	666,250
	250	Quanta Services, Inc., Convertible Bonds		4.500%		10/01/23		BB		750,000

	450	Total Construction & Engineering								1,416,250
		Containers & Packaging – 0.0%
	350	Sealed Air Corporation, 144A		3.000%		6/30/33		BBB–		336,438
		Diversified Financial Services – 0.1%
	250	Leucadia National Corporation, Convertible Bonds		3.750%		4/15/14		BB–		538,125
	400	NASDAQ Stock Market Inc., Convertible Bond		2.500%		8/15/13		BB+		349,500

	650	Total Diversified Financial Services								887,625
		Diversified Telecommunication Services – 0.1%
	600	Qwest Communications International Inc., Convertible Bond		3.500%		11/15/25		B+		593,250
		Electric Utilities – 0.0%
	300	Covanta Holding Corporation, Convertible Bonds		1.000%		2/01/27		B1		319,875
		Electrical Equipment – 0.0%
	450	General Cable Corporation, Convertible Bonds		1.000%		10/15/12		B+		446,625
		Electronic Equipment & Instruments – 0.1%
	300	Anixter International Inc., Convertible Bond		0.000%		7/07/33		BB–		277,125
	250	Itron Inc.		2.500%		8/01/26		B–		406,563
	300	Tech Data Corporation, Convertible Bonds		2.750%		12/15/26		BBB–		279,375
	300	Vishay Intertechnology Inc.		3.625%		8/01/23		B+		299,625

	1,150	Total Electronic Equipment & Instruments								1,262,688
		Energy Equipment & Services – 1.0%
	250	Cooper Cameron Corporation		1.500%		5/15/24		BBB+		803,438
	650	Halliburton Company, Convertible Bond		3.125%		7/15/23		A		1,844,375
	1,250	Nabors Industries Inc., Convertible Bond Series 144A		0.940%		5/15/11		BBB+		1,543,750
	350	Nabors Industries Inc., Convertible Bond Series 144A		0.940%		5/15/11		BBB+		432,250
	200	Schlumberger Limited		2.125%		6/01/23		A+		540,750
	250	SESI LLC, Convertible Bond, 144A		1.500%		12/15/26		BB		337,813
	700	Transocean Inc., Convertible Bond		1.625%		12/15/37		BBB+		789,250
	1,800	Transocean Inc.		1.500%		12/15/37		BBB+		2,043,000
	1,000	Transocean Inc.		1.500%		12/15/37		BBB+		1,142,500

	6,450	Total Energy Equipment & Services								9,477,126
		Food Products – 0.0%
	250	Archer Daniels Midland Company, Convertible Bonds		0.875%		2/15/14		A		252,813
		Health Care Equipment & Supplies – 0.6%
	350	Advanced Medical Optics		2.500%		7/15/24		B–		319,813
	550	Advanced Medical Optics		3.250%		8/01/26		B–		403,563
	350	American Medical Systems Holdings, Convertible Bond		3.250%		7/01/36		B		343,000
	350	Beckman Coulter Inc., Convertible Bonds, 144A		2.500%		12/15/36		BBB		388,938
	1,100	Hologic Inc.		2.000%		12/15/37		B+		935,000
	350	Kinetic Concepts Inc., Convertible Bond		3.250%		4/15/15		B+		356,563
	2,300	Medtronic, Inc., Convertible Bond		1.500%		4/15/11		AA–		2,455,250
	250	Medtronic, Inc.		1.500%		4/15/11		AA–		266,875
	725	Saint Jude Medical, Inc., Convertible Bonds		1.220%		12/15/08		A–		721,375

	6,325	Total Health Care Equipment & Supplies								6,190,377
		Health Care Providers & Services – 0.6%
	700	Health Management Associates Inc.		1.500%		8/01/23		Baa3		700,875
	400	Laboratory Corporation of America Holdings		0.000%		9/11/21		BBB–		384,000
	250	LifePoint Hospitals Inc., Convertible Bond		3.250%		8/15/25		B		207,813
	500	LifePoint Hospitals, Inc., Convertible Bonds		3.500%		5/15/14		B		428,125
	6,350	Omnicare, Inc.		3.250%		12/15/35		B+		4,778,375
	225	Saint Jude Medical, Inc., Convertible Bonds		1.220%		12/15/08		A–		223,875

	8,425	Total Health Care Providers & Services								6,723,063



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


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Hotels, Restaurants & Leisure – 0.2%
$	600	Carnival Corporation		2.000%		4/15/21		A–	$	614,250
	500	International Game Technology		2.600%		12/15/36		BBB		482,500
	900	Punch Taverns Corporation, Convertible Bonds		5.000%		12/14/10		N/R		1,477,824

	2,000	Total Hotels, Restaurants & Leisure								2,574,574
		Insurance – 0.2%
	2,750	Prudential Financial Inc., Convertible Bond		0.296%		12/12/36		A+		2,692,250
		Internet & Catalog Retail – 0.1%
	150	Priceline.com, Inc., Convertible Bonds		0.500%		9/30/11		BB–		434,063
	150	Priceline.com, Inc., Convertible Bonds		0.750%		9/30/13		BB–		429,563

	300	Total Internet & Catalog Retail								863,626
		IT Services – 0.1%
	600	Electronic Data Systems Corporation, Convertible Bonds		3.875%		7/15/23		BBB–		601,500

		Leisure Equipment & Products – 0.0%
	300	Eastman Kodak Company		3.375%		10/15/33		B		284,250

		Life Sciences Tools & Services – 0.1%
	250	Apogent Technologies, Inc., Convertible Bonds		1.564%		12/15/33		BBB+		481,483
	200	Charles River Laboratories International, Inc.		2.250%		6/15/13		BB+		285,000
	150	Fisher Scientific International, Inc., Convertible Bonds		2.500%		10/01/23		BBB+		357,375

	600	Total Life Sciences Tools & Services								1,123,858
		Machinery – 0.1%
	600	Danaher Corporation, Convertible Bonds		0.000%		1/22/21		A+		684,750
	500	Trinity Industries Inc., Convertible Bonds		3.875%		6/01/36		Ba2		480,000

	1,100	Total Machinery								1,164,750
		Media – 0.7%
	200	ELF Special Financing Limited, Convertible Bonds, 144A		6.308%		6/15/09		Ba3		215,146
	400	ELF Special Financing Limited, Convertible Bonds, 144A		3.164%		6/15/09		Ba3		392,952
	1,050	Getty Images, Inc., Convertible Bonds		0.500%		6/09/23		Ba2		1,055,250
	300	Hasbro Inc.		2.750%		12/01/21		BBB		498,375
	250	Interpublic Group Companies Inc., Convertible Notes		4.750%		3/15/23		Ba3		257,500
	300	Interpublic Group Companies Inc., Convertible Notes		4.250%		3/15/23		Ba3		305,250
	650	Liberty Media Corporation, Senior Debentures, Exchangeable for Class B Viacom Common Stock		3.250%		3/15/31		BB+		419,250
	750	Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1		4.000%		11/15/29		BB+		417,188
	1,200	Liberty Media Corporation		0.750%		3/30/23		BB+		1,257,000
	750	Omnicom Group, Inc.		0.000%		7/31/32		A–		757,500
	550	Omnicom Group, Inc.		0.000%		7/01/38		A–		574,750
	850	Omnicom Group, Inc.		0.000%		2/07/31		A–		846,813
	250	Sinclair Broadcast Group, Inc., Convertible Bonds		3.000%		5/15/27		B		230,625

	7,500	Total Media								7,227,599
		Metals & Mining – 0.2%
	2,000	Gold Reserve, Inc., Convertible Bonds		5.500%		6/15/22		N/R		1,120,000
	650	Newmont Mining Corporation		1.625%		7/15/17		BBB+		840,125

	2,650	Total Metals & Mining								1,960,125
		Multiline Retail – 0.0%
	250	Saks, Inc., Convertible Bonds		2.000%		3/15/24		BB–		265,938
		Oil, Gas & Consumable Fuels – 0.7%
	150	Alpha Natural Resouces Inc., Convertible Bond		2.375%		4/15/15		B		312,000
	800	Chesapeake Energy Corporation, 144A		2.750%		11/15/35		BB		1,442,000
	850	Chesapeake Energy Corporation, Convertible Bonds		2.500%		5/15/37		BB		1,511,938
	450	Chesapeake Energy Corporation, Convertible Bonds		2.250%		12/15/38		BB		519,188
	500	Devon Energy Corporation		4.900%		8/15/08		BBB+		931,250
	600	Peabody Energy Corp., Convertible Bond		4.750%		12/15/66		Ba3		993,750
	350	Pioneer Natural Resouces Company, Convertible Bond		2.875%		1/15/38		BB+		546,438
	1,075	USEC Inc., Convertible Bond		3.000%		10/01/14		CCC		808,938

	4,775	Total Oil, Gas & Consumable Fuels								7,065,502


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Pharmaceuticals – 0.5%
$	350	Allergan Inc., Convertible Bond		1.500%		4/01/26		A	$	370,563
	750	Bristol-Myers Squibb Company, Convertible Bond		2.314%		9/15/23		A+		749,535
	650	Myland Labs, Inc., Convertible Bonds		1.250%		3/15/12		B+		547,625
	900	Teva Pharmaceutical Finance Company B.V., Series D		1.750%		2/01/26		BBB+		1,004,625
	500	Teva Pharmaceutical Finance, Series A		0.500%		2/01/24		BBB+		613,750
	700	Teva Pharmaceutical Finance, Series B		0.250%		2/01/24		BBB+		938,000
	550	Watson Pharmaceuticals Inc., Convertible Bond		1.750%		3/15/23		BB+		526,625
	1,100	Wyeth, Convertible Bond		3.581%		1/15/24		A+		1,128,820

	5,500	Total Pharmaceuticals								5,879,543
		Real Estate – 0.8%
	1,050	Boston Properties Limited Partnership, Convertible Bonds, 144A		2.875%		2/15/37		A–		973,875
	250	Brandywine Operating Partnership, Convertible Bonds		3.875%		10/15/26		BBB–		219,375
	550	BRE Properties Inc., Convertible Bond		4.125%		8/15/26		BBB		519,750
	500	Developers Diversified Realty Corporation, Convertible Bonds		3.000%		3/15/12		N/R		439,375
	500	Duke Realty Corporation, Series D		3.750%		12/01/11		BBB+		451,250
	350	Health Care REIT, Inc., Convertible Bonds		4.750%		12/01/26		Baa2		374,063
	550	Hospitality Properties Trust, Convertible Bonds		3.800%		3/15/27		BBB		460,625
	300	Host Marriot LP, Convertible Bonds, 144A		3.250%		4/15/24		Ba1		306,750
	1,300	Prologis, Convertible Bonds, 144A		2.250%		4/01/37		BBB+		1,194,375
	900	Prologis, Convertible Bonds, 144A		1.875%		11/15/37		BBB+		783,000
	1,600	Vornado Realty Trust, Convertible Bonds		2.850%		4/01/27		BBB		1,422,000
	600	Vornado Realty, Convertible Bond		3.875%		4/15/25		BBB		681,000
	650	Weingarten Realty Investment Trust, Convertible Bonds		3.950%		8/01/26		BBB+		601,250

	9,100	Total Real Estate								8,426,688
		Road & Rail – 0.0%
	150	CSX Corporation		0.000%		10/30/21		BBB–		334,875
		Semiconductors & Equipment – 0.6%
	1,000	Advanced Micro Devices, Inc., Convertible Bonds		5.750%		8/15/12		B		741,250
	150	Advanced Micro Devices, Inc., Convertible Bonds		5.750%		8/15/12		B		111,188
	1,000	Advanced Micro Devices, Inc., Convertible Bonds		6.000%		5/01/15		B		635,000
	400	Advanced Micro Devices, Inc., Convertible Bonds		6.000%		5/01/15		B		254,000
	1,300	Intel Corporation, Convertible Bond		2.950%		12/15/35		A–		1,272,375
	1,450	Micron Technology, Inc.		1.875%		6/01/14		BB–		1,029,500
	400	ON Semiconductor Corporation		2.625%		12/15/26		B+		439,500
	2,500	Qimonda Finance LLC, Convertible Bond		6.750%		3/22/13		N/R		1,809,375
	300	Xilinx Inc., Convertible Bond, 144A		3.125%		3/15/37		BB		285,000

	8,500	Total Semiconductors & Equipment								6,577,188
		Software – 0.1%
	350	Amdocs Limited		0.500%		3/15/24		BBB		344,750
	250	Computer Associates International Inc., Convertible Bond, Series 144A		1.625%		12/15/09		BB+		312,188
	300	Red Hat Inc., Convertible Bond		0.500%		1/15/24		BB–		305,250

	900	Total Software								962,188
		Specialty Retail – 0.1%
	400	Best Buy Co., Inc.		2.250%		1/15/22		BBB–		419,000
	350	Charming Shoppes Inc., Convertible Bond		1.125%		5/01/14		B–		213,938
	500	TJX Companies, Inc.		0.000%		2/13/21		A–		529,375
	200	United Auto Group, Inc., Convertible Bonds		3.500%		4/01/26		B+		186,500

	1,450	Total Specialty Retail								1,348,813
		Textiles, Apparel & Luxury Goods – 0.0%
	300	Iconix Brand Group, Inc., Convertible Notes		1.875%		6/30/12		B		229,500
		Thrifts & Mortgage Finance – 0.1%
	1,000	Countrywide Financial Corporation, Convertible Bonds, 144A		0.000%		4/15/37		Baa3		968,750



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


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Wireless Telecommunication Services – 0.2%
$	300	American Tower Corporation		3.000%		8/15/12		BB+	$	626,250
	650	Liberty Media Corporation Convertible Bonds		3.750%		2/15/30		BB+		335,563
	750	Nextel Communications, Inc., Convertible Senior Notes		5.250%		1/15/10		Baa3		727,500

	1,700	Total Wireless Telecommunication Services								1,689,313

$	96,660	Total Convertible Bonds (cost $98,892,472)								98,479,407


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Corporate Bonds – 9.6% (5.7% of Total Investments)
		Aerospace & Defense – 0.1%
$	1,000	Hexcel Corporation, Term Loan		6.750%		2/01/15		B+	$	977,500

		Chemicals – 0.2%
	1,000	Momentive Performance Materials		9.750%		12/01/14		B		860,000
	1,500	Rockwood Specialties Group Inc., Series WI		7.500%		11/15/14		BB–		1,481,250

	2,500	Total Chemicals								2,341,250
		Containers & Packaging – 0.4%
	2,000	Owens-Brockway Glass Containers, Guaranteed Senior Note		8.250%		5/15/13		BB		2,060,000
	2,000	Owens-Illinois Inc.		7.800%		5/15/18		B+		2,040,000

	4,000	Total Containers & Packaging								4,100,000
		Electric Utilities – 0.1%
	1,000	Sierra Pacific Resources, Series 2006		6.750%		8/15/17		BB		976,615
		Energy Equipment & Services – 0.1%
	1,500	Pride International Inc.		7.375%		7/15/14		BB+		1,503,750
		Food & Staples Retailing – 0.2%
	2,000	Stater Brothers Holdings Inc.		8.125%		6/15/12		B+		2,020,000
		Food Products – 0.2%
	2,243	Dole Foods Company		8.750%		7/15/13		B–		1,985,055
		Health Care Providers & Services – 0.8%
	500	Biomet Inc.		10.000%		10/15/17		N/R		536,250
	3,000	Community Health Systems, Inc.		8.875%		7/15/15		B		3,033,750
	1,700	HCA Inc.		9.125%		11/15/14		BB–		1,742,500
	700	HCA Inc.		9.250%		11/15/16		BB–		722,750
	2,500	US Oncology Inc.		10.750%		8/15/14		B3		2,493,750

	8,400	Total Health Care Providers & Services								8,529,000
		Hotels, Restaurants & Leisure – 1.3%
	2,000	Boyd Gaming Corporation		7.750%		12/15/12		BB		1,735,000
	1,400	Jacobs Entertainment Inc.		9.750%		6/15/14		B		1,057,000
	2,000	Landry’s Restaurants Inc.		9.500%		12/15/14		B3		1,970,000
	1,600	Park Place Entertainment		8.125%		5/15/11		B–		1,288,000
	2,000	Pinnacle Entertainment Inc.		8.250%		3/15/12		B+		1,975,000
	750	Pinnacle Entertainment Inc.		8.750%		10/01/13		B+		753,750
	1,750	Seminole Hard Rock Entertainment, Inc.		5.177%		3/15/14		BB		1,478,750
	4,000	Universal City Development Partners		11.750%		4/01/10		B+		4,120,000

	15,500	Total Hotels, Restaurants & Leisure								14,377,500
		Household Products – 0.1%
	1,650	Central Garden & Pet Company, Senior Subordinate Notes		9.125%		2/01/13		CCC+		1,443,750
		Independent Power Producers & Energy Traders – 0.1%
	500	Mirant North America LLC		7.375%		12/31/13		B1		498,125
	400	NRG Energy Inc.		7.250%		2/01/14		B1		383,000
	400	NRG Energy Inc.		7.375%		2/01/16		B1		377,500

	1,300	Total Independent Power Producers & Energy Traders								1,258,625


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		IT Services – 0.9%
$	3,500	First Data Corporation		9.875%		9/24/15		B	$	3,049,375
	1,625	Global Cash Access LLC		8.750%		3/15/12		B		1,604,688
	4,750	Sungard Data Systems Inc.		9.125%		8/15/13		B+		4,821,250

	9,875	Total IT Services								9,475,313
		Machinery – 0.2%
	2,000	Greenbrier Companies, Inc.		8.375%		5/15/15		B		1,915,000
		Media – 1.3%
	4,000	Allbritton Communications Company, Series B		7.750%		12/15/12		B+		3,910,000
	1,000	Cablevision Systems Corporation, Series B		8.125%		8/15/09		BB		1,010,000
	5,000	Cablevision Systems Corporation		7.250%		7/15/08		BB		5,012,500
	1,975	Medianews Group Inc.		6.375%		4/01/14		Caa2		819,625
	4,000	R.H. Donnelley Corporation		8.875%		10/15/17		B–		2,400,000
	2,000	Young Broadcasting Inc., Senior Subordinated Note		10.000%		3/01/11		Caa2		1,130,000

	17,975	Total Media								14,282,125
		Metals & Mining – 0.3%
	3,700	MagIndustries Corporation,		11.000%		12/14/12		N/R		3,440,134
		Multi-Utilities – 0.1%
	1,600	Dynegy Holdings, Inc., Term Loan		8.375%		5/01/16		B		1,560,000
		Oil, Gas & Consumable Fuels – 0.8%
	2,400	Baytex Energy Ltd		9.625%		7/15/10		B		2,460,000
	400	Chaparral Energy Inc.		8.500%		12/01/15		B–		349,000
	2,345	Chesapeake Energy Corporation		7.750%		1/15/15		BB		2,444,663
	1,000	Hilcorp Energy I LP/Hilcorp Finance Company, Series 144A		7.750%		11/01/15		BB–		965,000
	2,000	SemGroup LP, 144A		8.750%		11/15/15		B1		1,950,000
	1,000	Whiting Petroleum Corporation		7.000%		2/01/14		BB–		986,250

	9,145	Total Oil, Gas & Consumable Fuels								9,154,913
		Paper & Forest Products – 0.6%
	5,000	Georgia-Pacific Corporation		8.125%		5/15/11		B+		4,962,500
	2,000	Georgia-Pacific Corporation		7.700%		6/15/15		B+		1,900,000

	7,000	Total Paper & Forest Products								6,862,500
		Personal Products – 0.1%
	1,500	Prestige Brands Inc.		9.250%		4/15/12		B–		1,507,500
		Real Estate – 0.4%
	3,000	Felcor Lodging Trust Inc., 144A		4.803%		12/01/11		Ba3		2,715,000
	1,000	Trustreet Properties, Inc.		7.500%		4/01/15		AAA		1,067,628
	500	Ventas Realty LP, Series WI		7.125%		6/01/15		BBB–		490,625

	4,500	Total Real Estate								4,273,253
		Semiconductors & Equipment – 0.3%
	1,600	Avago Technologies Finance Pte Limited		10.125%		12/01/13		BB–		1,704,000
	2,000	NXP BV		5.463%		10/15/13		BB–		1,767,500

	3,600	Total Semiconductors & Equipment								3,471,500
		Software – 0.3%
	3,250	Telcorida Technologies, Inc., (11)		6.564%		7/15/12		B		2,819,375
		Specialty Retail – 0.3%
	3,000	Warnaco Inc., Senior Notes		8.875%		6/15/13		BB		3,127,500
		Textiles, Apparel & Luxury Goods – 0.3%
	3,000	Jostens IH Corporation		7.625%		10/01/12		B+		2,962,500
		Wireless Telecommunication Services – 0.1%
	1,500	IPCS, Inc.		4.975%		5/01/13		B1		1,357,500

$	112,738	Total Corporate Bonds (cost $113,825,958)								105,722,158



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


Principal
Amount (000)/
Shares			Description (1)	Coupon		Maturity		Ratings (3)		Value
			Capital Preferred Securities – 27.2% (16.3% of Total Investments)
			Capital Markets – 2.7%
	6,100		C.A. Preferred Funding Trust		7.000%		1/30/49		A1	$	5,696,516
	10,700		Dresdner Funding Trust I, 144A		8.151%		6/30/31		A1		8,949,469
	4,070		JPM Chase Capital XXV		6.800%		10/01/37		Aa3		3,663,989
	1,600		Kleinwort Benson Group PLC		3.392%		12/31/99		N/R		999,306
	1,600		MUFG Capital Finance		4.850%		7/25/56		BBB+		1,939,119
	8,000		UBS Preferred Funding Trust I		8.622%		10/29/49		Aa3		8,042,760

			Total Capital Markets								29,291,159
			Commercial Banks – 15.2%
	3,000		AB Svensk Exportkredit, 144A		6.375%		10/27/49		AA–		2,991,042
	9,050		Abbey National Capital Trust I		8.963%		6/30/50		A+		9,937,144
	2,155		AgFirst Farm Credit Bank		8.393%		12/15/16		A		2,111,734
	6,500		AgFirst Farm Credit Bank		7.300%		12/15/53		A		6,026,696
	3,000		Bank One Capital III		8.750%		9/01/30		Aa3		3,312,045
	2,000		BanPonce Trust I, Series A		8.327%		2/01/27		Baa1		1,909,414
	13,030		Barclays Bank PLC, 144A		8.550%		6/15/49		Aa3		12,671,675
	1,500		Barclays Bank PLC		7.434%		12/15/57		Aa3		1,409,283
	1,500		BBVA International Preferred S.A., Unipersonal		5.919%		4/18/58		Aa3		1,227,129
	4,000		BNP Paribas		7.195%		12/25/57		AA–		3,627,332
	700		Capital One Capital IV Corporation		6.745%		2/17/37		Baa1		524,369
	3,000		Centura Capital Trust I, 144A		8.845%		6/01/27		A2		3,065,412
	3,500		Credit Agricole SA		6.637%		5/29/49		Aa3		2,919,371
	1,500		DBS Capital Funding Corporation, 144A		7.657%		3/15/49		Aa3		1,517,528
	6,200		First Empire Capital Trust I		8.234%		2/01/27		A3		6,185,306
	2,000		First Midwest Bancorp Inc.		6.950%		12/01/33		Baa1		1,580,068
	800		HBOS Capital Funding LP, Notes		6.850%		3/23/49		A1		645,266
	13,400		HBOS PLC, Series 144A		6.413%		4/01/49		A1		9,385,628
	3,000		HBOS PLC, Series 144A		6.657%		11/21/57		A1		2,107,437
	2,400		HSBC Capital Funding LP, 144A		9.547%		12/31/49		A1		2,505,247
	5,750		HSBC Capital Funding LP, Debt		10.176%		6/30/50		A1		7,071,385
	11,000		KBC Bank Fund Trust III, 144A		9.860%		5/02/50		A1		11,606,067
	1,800		Lloyds TSB Bank PLC, Subordinated Note		6.900%		11/22/49		Aa2		1,666,885
	11,500		Mizuho Financial Group		8.375%		4/27/49		Aa3		11,524,921
	8,000		North Fork Capital Trust II		8.000%		12/15/27		Baa1		7,055,072
	4,500		Northgroup Preferred Capital Corporation, 144A		6.378%		10/15/57		A1		3,101,891
	600		Reliance Capital Trust I, Series B		8.170%		5/01/28		N/R		502,439
	2,000		Royal Bank of Scotland Group PLC, Series U		7.640%		3/31/49		A1		1,831,576
	2,500		Shinsei Finance II Cayman Limited, Perpetual Maturity, 144A		7.160%		7/25/49		Baa2		1,765,625
	8,000		Sparebanken Rogaland, Notes, 144A		6.443%		5/01/49		A2		7,930,008
	4,000		Standard Chartered PLC, 144A		7.014%		1/30/58		BBB+		3,454,716
	9,450		Swedbank ForeningsSparbanken AB, 144A		9.000%		9/17/50		A1		9,585,362
	4,000		Unicredito Italiano Capital Trust, 144A		9.200%		4/05/51		A1		4,103,412
	800		Union Bank of Norway		7.068%		11/19/49		A		1,210,942
	— (8	)	Union Planters Preferred Fund, 144A		7.750%		7/15/53		A3		18,215,625

			Total Commercial Banks								166,285,052
			Diversified Financial Services – 0.4%
	3,100		Fulton Capital Trust I		6.290%		2/01/36		A3		2,149,230
	2,800		Old Mutual Capital Funding, Notes		8.000%		6/22/53		Baa2		2,666,999

			Total Diversified Financial Services								4,816,229
			Diversified Telecommunication Services – 0.9%
	10		Centaur Funding Corporation, Series B, 144A		9.080%		4/21/20		BBB		9,848,095
			Insurance – 6.5%
	1,000		AMBAC Financial Group Inc.		6.150%		2/15/87		BBB+		160,621
	2,300		American General Capital II		8.500%		7/01/30		A1		2,386,994
	11,000		American International Group		8.175%		5/15/58		A1		10,379,852
	6,400		AXA S.A., 144A		6.463%		12/14/49		BBB+		5,128,831
	8,000		Great West Life & Annuity Capital I		6.625%		11/15/34		A–		6,273,967
	2,000		Hartford Financial Services Group Inc.		8.125%		6/15/68		AAA		1,949,763
	2,000		Liberty Mutual Group		7.800%		3/15/37		Baa3		1,600,629


Principal
Amount (000)/
Shares			Description (1)	Coupon		Maturity		Ratings (3)		Value
			Insurance (continued)

	4,000		MetLife Capital Trust X		9.250%		4/08/68		BBB+	$	4,318,671
	1,150		Nationwide Financial Services Capital Trust		7.899%		3/01/37		Baa1		1,019,532
	6,500		Nationwide Financial Services Inc.		6.750%		5/15/67		Baa1		5,162,358
	5,500		Oil Insurance Limited, 144A		7.558%		12/30/49		Baa1		4,695,168
	7,600		Progressive Corporation		6.700%		6/15/37		A2		6,674,965
	3,000		Prudential Financial Inc.		8.875%		6/15/38		A–		3,004,046
	1,100		Prudential PLC		6.500%		6/29/49		A		938,795
	9,900		QBE Capital Funding Trust II, 144A		6.797%		6/01/49		BBB		8,312,425
	14,600		XL Capital, Limited		6.500%		10/15/57		BBB		9,869,687

			Total Insurance								71,876,304
			Real Estate – 0.2%
	8,000		CBG Florida REIT Corporation		7.114%		11/15/49		BB+		2,173,888
			Road & Rail – 0.5%
	6,400		Burlington Northern Santa Fe Funding Trust I		6.613%		12/15/55		BBB		5,803,034
			Thrifts & Mortgage Finance – 0.8%
	14,200		Washington Mutual Preferred Funding Cayman, Series A-1, 144A		7.250%		3/15/49		BB+		8,030,511
	1,500		Washington Mutual Preferred Funding Trust II		6.665%		3/15/57		BB+		811,105

			Total Thrifts & Mortgage Finance								8,841,616

			Total Capital Preferred Securities (cost $366,893,366)								298,935,377

Shares			Description (1)							Value
			Investment Companies – 2.5% (1.5% of Total Investments)
	65,094		Blackrock Preferred and Corporate Income Strategies Fund							$	994,635
	504,716		Blackrock Preferred Income Strategies Fund								7,681,777
	59,226		Blackrock Preferred Opportunity Trust								1,039,415
	542,663		Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.								7,564,721
	1,797		Flaherty and Crumrine/Claymore Total Return Fund Inc.								1,225,318
	50,586		John Hancock Preferred Income Fund								957,592
	52,411		John Hancock Preferred Income Fund II								980,085
	388,926		John Hancock Preferred Income Fund III								6,483,395

			Total Investment Companies (cost $35,729,339)								26,926,938

Principal
Amount (000)			Description (1)	Coupon		Maturity				Value
			Short-Term Investments – 8.0% (4.7% of Total Investments)
$	44,090		Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $44,092,083, collateralized by $34,710,000 U.S. Treasury Bonds, 6.250%, due 8/25/23, value $42,129,263, $1,210,000 U.S. Treasury Bonds, 6.625%, due 2/15/27, value $1,547,288 and $1,200,000 U.S. Treasury Notes, 5.000%, due 8/15/11, value $1,296,000		1.350%		7/01/08			$	44,090,430
	43,318		Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $43,320,045, collateralized by $1,925,000 U.S. Treasury Notes, 5.000%, due 8/15/11, value $2,079,000, $805,000 U.S. Treasury Notes, 4.875%, due 5/15/09, value $827,138, $33,265,000 U.S. Treasury Notes, 4.750%, due 12/31/08, value $33,639,231, $4,065,000 U.S. Treasury Notes, 4.750%, due 2/15/10, value $4,278,413 and $3,275,000 U.S. Treasury Notes, 4.500%, due 3/31/09, value $3,365,063		1.350%		7/01/08				43,318,421

$	87,408		Total Short-Term Investments (cost $87,408,851)								87,408,851

			Total Investments (cost $2,067,225,278) – 168.0%								1,844,235,167

Shares			Description (1)							Value
			Common Stocks Sold Short – (0.8)%
			Chemicals – (0.1)%
	(21,200	)	Sigma-Aldrich Corporation							$	(1,141,832	)

			Computers & Peripherals – (0.1)%
	(4,600	)	Apple, Inc., (2)								(770,224	)



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


Shares			Description (1)								Value
			Health Care Equipment & Supplies – (0.2)%
	(9,200	)	C. R. Bard, Inc.								$	(809,140	)
	(6,000	)	Chattem Inc., (2)									(390,300	)

			Total Health Care Equipment & Supplies									(1,199,440	)

			Hotels, Restaurants & Leisure – (0.0)%
	(12,400	)	Tim Hortons Inc.									(355,756	)
			Internet Software & Services – (0.1)%
	(15,140	)	Bankrate Inc., (2)									(591,520	)
			Pharmaceuticals – (0.2)%
	(32,000	)	Abbott Laboratories									(1,695,897	)
	(19,800	)	Allergan, Inc.									(1,030,590	)

			Total Pharmaceuticals									(2,726,487	)
			Specialty Retail – (0.1)%
	(8,600	)	AutoZone, Inc., (2)									(1,040,686	)
	(14,100	)	Urban Outfitters, Inc., (2)									(439,779	)

			Total Specialty Retail									(1,480,465	)

			Total Common Stocks Sold Short (proceeds $9,112,809)									(8,265,724	)

Number of				Notional			Expiration		Strike
Contracts			Type	Amount (9)			Date		Price		Value
			Call Options Written – (1.0)%
	(2,445	)	Allied Waste Industries	$	(2,445,000	)		1/17/09	$	10.0	$	(806,850	)
	(833	)	Allied Waste Industries		(1,041,250	)		1/17/09		12.5		(116,620	)
	(376	)	Ameren Corporation		(1,692,000	)		12/20/08		45.0		(46,060	)
	(249	)	Amgen, Inc.		(1,245,000	)		1/17/09		50.0		(77,190	)
	(446	)	Amgen, Inc.		(2,453,000	)		1/17/09		55.0		(67,569	)
	(981	)	AngloGold Limited		(3,924,000	)		1/17/09		40.0		(191,295	)
	(155	)	Arch Coal Inc.		(852,500	)		1/17/09		55.0		(379,750	)
	(560	)	AstraZeneca Group		(2,520,000	)		7/19/08		45.0		(18,200	)
	(734	)	AstraZeneca Group		(3,670,000	)		1/17/09		50.0		(80,740	)
	(1,980	)	Barrick Gold Corporation		(9,900,000	)		1/17/09		50.0		(811,800	)
	(2,315	)	BJ Services Company		(5,208,750	)		1/17/09		22.5		(2,384,450	)
	(2,164	)	AbitibiBowater, Inc.		(2,705,000	)		1/17/09		12.5		(232,630	)
	(910	)	BP Amoco, PLC		(6,370,000	)		1/17/09		70.0		(473,200	)
	(600	)	eBay, Inc.		(1,800,000	)		1/17/09		30.0		(127,800	)
	(1,000	)	Electronic Data Systems Corporation		(2,000,000	)		1/17/09		20.0		(505,000	)
	(1,012	)	Gold Fields Limited		(1,771,000	)		7/19/08		17.5		(5,060	)
	(300	)	Health Net Inc.		(900,000	)		10/18/08		30.0		(19,500	)
	(370	)	IdaCorp Inc.		(1,110,000	)		11/22/08		30.0		(37,000	)
	(1,260	)	Ivanhoe Mines Ltd.		(1,575,000	)		1/17/09		12.5		(204,750	)
	(375	)	KT Corporation		(937,500	)		7/19/08		25.0		(7,500	)
	(1,700	)	LM Ericsson Telephone Company		(1,921,000	)		1/17/09		11.3		(170,000	)
	(460	)	Microsoft Corporation		(1,380,000	)		1/17/09		30.0		(65,550	)
	(1,823	)	Newmont Mining Corporation		(9,115,000	)		1/17/09		50.0		(1,285,215	)
	(601	)	Nexen Inc.		(1,803,000	)		1/17/09		30.0		(679,130	)
	(2,516	)	Nippon Telegraph & Telephone Corporation		(6,290,000	)		12/20/08		25.0		(371,110	)
	(411	)	Progress Energy, Inc.		(1,644,000	)		1/17/09		40.0		(124,328	)
	(615	)	Royal Dutch Shell PLC		(4,305,000	)		7/19/08		70.0		(627,300	)
	(400	)	Sanofi-Aventis		(1,700,000	)		9/20/08		42.5		(3,000	)
	(610	)	Scholastic Corporation		(1,830,000	)		9/20/08		30.0		(79,300	)
	(1,335	)	Smithfield Foods, Inc.		(4,005,000	)		1/17/09		30.0		(46,725	)
	(450	)	Tech Data Corporation		(1,800,000	)		1/17/09		40.0		(40,500	)
	(106	)	Technip S.A.		(636,000	)		12/20/08		60.0		(101,637	)
	(3,608	)	Tyson Foods, Inc.		(5,412,000	)		1/17/09		15.0		(685,520	)
	(1,203	)	Tyson Foods, Inc.		(2,105,250	)		1/17/09		17.5		(117,293	)
	(380	)	UBS AG		(1,140,000	)		1/17/09		30.0		(25,650	)
	(405	)	UBS AG		(1,620,000	)		1/17/09		40.0		(4,050	)

	(35,688	)	Total Call Options Written (premiums received $(10,461,853))		(100,826,250	)						(11,019,271	)

Borrowings Payable – (41.0)% (12), (13)

(450,000,000

)

Other Assets Less Liabilities – (1.7)%

(19,407,679

)

FundPreferred Shares, at Liquidation Value – (23.5)% (12)

(258,000,000

)

Net Assets Applicable to Common Shares – 100%

1,097,542,493

Interest Rate Swaps outstanding at June 30, 2008:

Fund

Fixed Rate

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Termination

Appreciation

Counterparty

Amount

Floating Rate

Index

(Annualized)

Frequency

Date

(Depreciation)

Morgan Stanley

71,000,000

Receive

1-Month USD-LIBOR

3.406

Monthly

1/22/09

(138,013

)

USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)


(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.
(3)		Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.
(4)		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.
(5)		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.
(6)		Position or portion of position represents an unfunded Senior Loan commitment outstanding at June 30, 2008.
(7)		Negative value represents unrealized depreciation on unfunded Senior Loan commitment outstanding at June 30, 2008.
(8)		Principal Amount (000) rounds to less than $1,000.
(9)		For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.
(10)		Portion of investments, with an aggregate market value of $98,148,478, has been pledged to collateralize the net payment obligations under call options written.
(11)		Portion of investment, with an aggregate market value of $303,625, has been pledged to collateralize the net payment obligations under interest rate swap contracts.
(12)		Borrowings and FundPreferred Shares, at Liquidation Value as a percentage of total investments are (24.4)% and (14.0)%, respectively.
(13)		The Fund may pledge up to 100% of its eligible securities in the Portfolio of Investments as collateral for Borrowings.
N/R		Not rated.
WI/DD		Purchased on a when-issued or delayed delivery basis.
144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
ADR		American Depositary Receipt.
CORTS		Corporate Backed Trust Securities.
PPLUS		PreferredPlus Trust.
SATURNS		Structured Asset Trust Unit Repackaging.
TBD		Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the Borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

See accompanying notes to financial statements.



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 Portfolio of INVESTMENTS
		June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Common Stocks – 41.4% (25.2% of Total Investments)
		Aerospace & Defense – 0.5%
	17,680	Boeing Company	$	1,161,930
	4,190	Esterline Technologies Corporation, (2)		206,399
	17,420	Finmeccanica S.p.A.		457,481
	16,222	Lockheed Martin Corporation		1,600,463
	16,570	Orbital Sciences Corporation, (2)		390,389
	59,500	Thales S.A.		3,391,210

		Total Aerospace & Defense		7,207,872
		Airlines – 0.0%
	29,720	Lufthansa AG		641,060
		Auto Components – 0.2%
	56,190	Aisin Seiki Company Limited		1,841,514
	33,860	Magna International Inc., Class A		2,005,866

		Total Auto Components		3,847,380
		Automobiles – 0.5%
	33,570	Daimler-Chrysler AG		2,070,262
	51,200	Honda Motor Company Limited		1,742,336
	1,566	S.A. D’Ieteren N.V.		432,465
	25,110	Toyota Motor Corporation		2,360,340
	57,400	Yamaha Motor Company Limited		1,074,105

		Total Automobiles		7,679,508
		Beverages – 1.1%
	4,120	Boston Beer Company, (2)		167,602
	134,440	Coca Cola Amatil Limited		903,455
	72,530	Coca-Cola Company		3,770,109
	26,850	Diageo PLC, Sponsored ADR		1,983,410
	67,460	Fomento Economico Mexicano S.A.		3,070,105
	91,030	Heineken N.V.		4,646,508
	31,530	Molson Coors Brewing Company, Class B		1,713,025
	41,342	Pepsi Bottling Group, Inc.		1,154,269
	11,460	SABMiller PLC		262,962

		Total Beverages		17,671,445
		Biotechnology – 0.7%
	16,290	Alnylam Pharmaceuticals, Inc.		435,432
	99,100	Amgen Inc., (2), (9)		4,673,556
	23,470	Cephalon, Inc., (2)		1,565,214
	9,810	Genentech, Inc., (2)		744,579
	24,390	Genzyme Corporation, (2)		1,756,568
	19,020	Novo-Nordisk A/S		1,255,320

		Total Biotechnology		10,430,669
		Capital Markets – 0.9%
	50,470	Bank of New York Company, Inc.		1,909,280
	17,000	BGC Partners Inc., Class A, (2)		128,350
	15,664	Calamos Asset Management, Inc. Class A		266,758
	37,180	Credit Suisse Group		1,684,626
	17,010	Credit Suisse Group		780,940
	223,610	Daiwa Securities Group Inc.		2,055,313
	53,910	Invesco LTD		1,292,762
	34,490	JPMorgan Chase & Co.		1,183,352
	87,210	Man Group PLC		1,073,242
	158,760	UBS AG, (9)		3,279,982

		Total Capital Markets		13,654,605


Shares		Description (1)	Value
		Chemicals – 1.5%
	13,530	Air Products & Chemicals Inc.	$	1,337,576
	1,000	Bayer AG		84,040
	12,700	Bayer AG		1,065,962
	1,970	CF Industries Holdings, Inc.		301,016
	19,600	Eastman Chemical Company		1,349,656
	285,700	Mitusi Chemicals		1,407,177
	41,900	Mosaic Company, (2)		6,062,930
	368,240	Nissan Chemical Industries Limited		4,529,090
	400	Potash Corporation of Saskatchewan		91,428
	23,050	Potash Corporation of Saskatchewan		5,347,591
	34,940	Shin – Etsu Chemical Company Limited		2,165,138
	16,900	Terra Industries, Inc., (2)		834,015

		Total Chemicals		24,575,619
		Commercial Banks – 2.0%
	490	Allied Irish Banks		15,087
	104,590	Allinaz S.E.		1,825,096
	2,080	Banco Bilbao Vizcaya Argentaria S.A.		39,458
	3,195	Banco Bradesco SA, ADR		65,370
	3,237	Banco Itau Holdings Financeira, S.A.		65,743
	55,640	Banco Santander Central S.A.		1,012,092
	9,940	Bank of Montreal		409,826
	2,100	Barclays PLC		48,615
	71,530	Barclays PLC		415,320
	30,350	BB&T Corporation		691,070
	35,620	BNP Paribas S.A.		3,226,955
	13,000	Community Bank System Inc.		268,060
	43,980	Credit Agricole S.A.		898,792
	341,600	DnB NOR ASA		4,346,124
	154,940	Hang Seng Bank		3,268,797
	21,500	ICICI Bank Limited, ADR		618,340
	1,890	KBC Group NV		209,877
	7,270	Kookmin Bank		425,368
	32,740	Lloyds TSB Group PLC, Sponsored ADR		807,696
	32,750	Marshall and Ilsley Corporation		502,058
	16,570	National Australia Bank Limited, Sponsored ADR		420,948
	3,650	National Bank of Greece S.A.		164,472
	42,692	National Bank of Greece S.A.		381,240
	1,189,740	Nishi-Nippon City Bank Limited		3,540,593
	15,220	Nordic Baltic Holdings FDR		210,011
	31,510	Northern Trust Corporation		2,160,641
	13,540	PNC Financial Services Group, Inc.		773,134
	6,043	Prosperity Bancshares, Inc.		161,529
	82,616	Royal Bank of Scotland, PLC		353,801
	63,990	Standard Chartered PLC		1,822,656
	6,210	SVB Financial Group, (2)		298,763
	28,170	Sydbank A/S		1,073,488
	7,200	UMB Financial Corporation		369,144
	76,090	United Overseas Bank Limited		1,041,340
	25,880	Wachovia Corporation		401,916

		Total Commercial Banks		32,333,420
		Commercial Services & Supplies – 0.8%
	444,100	Allied Waste Industries, Inc., (2), (9)		5,604,542
	3,078	Consolidated Graphics Inc., (2)		151,653
	35,820	Corrections Corporation of America, (2)		983,975
	2,560	Dun and Bradstreet Inc.		224,358
	51,141	Michael Page International PLC		238,110
	36,580	Randstad Holding N.V.		1,278,574
	435,000	Toppan Printing Company Limited		4,788,953

		Total Commercial Services & Supplies		13,270,165
		Communications Equipment – 0.8%
	6,000	Comtech Telecom Corporation, (2)		294,000
	105,690	Corning Incorporated		2,436,155



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Communications Equipment (continued)

	8,670	Interdigital Inc., (2)	$	210,854
	244,600	LM Ericsson Telefonaktiebolget, (9)		2,543,840
	72,750	Nokia Oyj, Sponsored ADR		1,782,375
	103,370	QUALCOMM Inc.		4,586,527
	42,750	Telemex Internacional SAB de CV		688,275

		Total Communications Equipment		12,542,026
		Computers & Peripherals – 0.9%
	28,600	Apple, Inc., (2)		4,788,784
	83,230	Hewlett-Packard Company		3,679,598
	29,860	International Business Machines Corporation (IBM)		3,539,306
	10,920	NCR Corporation, (2)		275,184
	83,614	Netwwork Appliance Inc., (2)		1,811,079

		Total Computers & Peripherals		14,093,951
		Construction & Engineering – 0.8%
	313,170	AMEC PLC		5,551,708
	12,610	Fluor Corporation		2,346,469
	210,210	JGC Corporation		4,137,486
	6,710	Perini Corporation, (2)		221,766

		Total Construction & Engineering		12,257,429
		Consumer Finance – 0.4%
	10,470	MasterCard, Inc.		2,779,994
	22,150	Visa Inc.		1,801,017
	67,290	Western Union Company		1,663,409

		Total Consumer Finance		6,244,420
		Containers & Packaging – 0.0%
	14,270	Owens-Illinois, Inc., (2)		594,916
		Distributors – 0.1%
	77,830	Jardine Cycle & Carriage Limited		972,482
	30,490	Unilever PLC		867,853

		Total Distributors		1,840,335
		Diversified Consumer Services – 0.1%
	10,060	Apollo Group, Inc., (2)		445,256
	7,920	ITT Educational Services, Inc., (2)		654,430

		Total Diversified Consumer Services		1,099,686
		Diversified Financial Services – 0.5%
	97,910	Citigroup Inc.		1,640,972
	29,600	Deutsche Boerse AG		3,341,023
	22,960	Eaton Vance Corporation		912,890
	25,120	ING Groep N.V., Ordinary Shares		801,090
	31,710	ING Groep N.V.		1,000,451
	2,930	Orix Corporation		419,143

		Total Diversified Financial Services		8,115,569
		Diversified Telecommunication Services – 1.5%
	50,470	AT&T Inc.		1,700,334
	9,810	Cbeyond Inc., (2)		157,156
	29,170	France Telecom S.A.		864,307
	87,690	KT Corporation, Sponsored ADR, (9)		1,869,551
	528,160	Nippon Telegraph and Telephone Corporation, ADR, (9)		12,834,288
	350	Nippon Telegraph and Telephone Corporation, ADR		1,713,990
	650,000	Telecom Italia S.p.A.		1,054,095
	33,990	Telefonica SA		2,704,924
	42,750	Telefonos de Mexico SA, Series L		1,012,320

		Total Diversified Telecommunication Services		23,910,965
		Electric Utilities – 2.1%
	53,800	Ameren Corporation, (9)		2,271,974
	7,950	Black Hills Corporation		254,877


Shares		Description (1)	Value
		Electric Utilities (continued)

	357,200	Centrais Electricas Brasileiras S.A., ADR	$	5,877,333
	55,670	E.ON A.G		3,741,213
	44,570	Edison International		2,290,007
	12,000	El Paso Electric Company, (2)		237,600
	21,030	FPL Group, Inc.		1,379,147
	146,000	IdaCorp, Inc., (9)		4,217,940
	382,100	Korea Electric Power Corporation, Sponsored ADR		5,551,913
	211,100	PNM Resources Inc.		2,524,756
	69,880	Progress Energy, Inc., (9)		2,923,080
	62,990	Reliant Energy Inc., (2)		1,339,797

		Total Electric Utilities		32,609,637
		Electrical Equipment – 0.7%
	122,960	ABB Limited		3,497,839
	51,384	Emerson Electric Co.		2,540,939
	2,240	First Solar Inc., (2)		611,117
	146,370	Hitachi Limited		1,055,888
	24,630	Nidec Corporation		1,639,912
	26,070	Nikon Corporation		761,096
	46,850	Prysmian SPA		1,186,847

		Total Electrical Equipment		11,293,638
		Electronic Equipment & Instruments – 0.7%
	54,690	Au Optronic Corporation		866,290
	2,234	Itron Inc., (2)		219,714
	103,190	LG Philips LCD Company Limited, Sponsored ADR		1,927,589
	15,870	MEMC Electronic Materials, (2)		976,640
	9,690	Mettler-Toledo International Inc., (2)		919,193
	89,700	Tech Data Corporation, (2), (9)		3,039,933
	4,641	Teledyne Technologies Inc., (2)		226,434
	43,410	Thermo Fisher Scientific, Inc., (2)		2,419,239

		Total Electronic Equipment & Instruments		10,595,032
		Energy Equipment & Services – 1.5%
	1,420	Atwood Oceanics Inc., (2)		176,563
	328,000	BJ Services Company, (9)		10,476,320
	36,560	Cooper Cameron Corporation, (2)		2,023,596
	2,680	Dawson Geophysical Company, (2)		159,353
	13,190	Dresser Rand Group, Inc., (2)		515,729
	24,170	FMC Technologies Inc., (2)		1,859,398
	58,260	Global Industries, Limited, (2)		1,044,602
	10,270	Matrix Service Company, (2)		236,826
	13,460	National-Oilwell Varco Inc., (2)		1,194,171
	20,670	Noble Corporation		1,342,723
	31,980	Patterson-UTI Energy, Inc.		1,152,559
	28,030	Pride International Inc., (2)		1,325,539
	14,300	Technip S.A.		1,323,636
	6,990	Transocean Inc., (2)		1,065,206

		Total Energy Equipment & Services		23,896,221
		Food & Staples Retailing – 0.5%
	25,040	Casino Guichard-Perrachon S.A		2,838,546
	5,330	Koninklijke Ahold N.V., (2)		71,716
	50,780	Kroger Co.		1,466,019
	4,750	Nash Finch Company		162,783
	50,030	Safeway Inc.		1,428,357
	27,580	Wal-Mart Stores, Inc.		1,549,996
	82,250	William Morrison Supermarkets PLC		436,196

		Total Food & Staples Retailing		7,953,613
		Food Products – 1.8%
	18,810	Dean Foods Company, (2)		369,052
	2,910	Diamond Foods Inc.		67,046
	21,830	Flowers Foods Inc.		618,662



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Food Products (continued)

	14,930	General Mills, Inc.	$	907,296
	44,110	H.J. Heinz Company		2,110,664
	267,890	Jeronimo Martins SGPS		1,946,513
	12,350	Monsanto Company		1,561,534
	580	Nestle S.A.		65,710
	377,700	Smithfield Foods, Inc., (2), (9)		7,508,676
	70,860	Tingyi Holding Corporation		87,607
	679,300	Tyson Foods, Inc., Class A, (9)		10,148,742
	98,390	Unilever PLC		2,795,260

		Total Food Products		28,186,762
		Gas Utilities – 0.6%
	1,460	BG PLC		189,884
	6,530	E.ON AG		1,317,531
	32,803	Energen Corporation		2,559,618
	11,060	Equitable Resources Inc.		763,804
	56,290	Questar Corporation		3,998,842
	35,440	Spectra Energy Corporation		1,018,546

		Total Gas Utilities		9,848,225
		Health Care Equipment & Supplies – 0.7%
	27,550	Alfresa Holdings Corporation		1,966,653
	3,060	Analogic Corporation		192,994
	38,520	Baxter International Inc.		2,462,969
	753	Fresenius Medical Care, ADR		41,332
	44,670	Fresenius Medical Care, ADR		2,462,279
	155,500	Paramount Bed Company Limited		2,299,148
	12,480	Patterson Companies Inc., (2)		366,787
	35,840	Saint Jude Medical Inc., (2)		1,465,139
	5,719	Surmodics Inc., (2)		256,440

		Total Health Care Equipment & Supplies		11,513,741
		Health Care Providers & Services – 0.2%
	43,188	Express Scripts, Inc., (2)		2,708,751
	43,000	Health Net Inc., (2), (9)		1,034,580
	6,350	Mentor Corporation		176,657

		Total Health Care Providers & Services		3,919,988
		Hotels, Restaurants & Leisure – 0.3%
	2,950	Bally Technologies, Inc., (2)		99,710
	26,800	Burger King Holdings Inc.		717,972
	1,220	Carnival Corporation		38,955
	32,100	McDonald’s Corporation		1,804,662
	3,680	WMS Industries Inc., (2)		109,554
	22,240	Wynn Resorts Ltd		1,809,224

		Total Hotels, Restaurants & Leisure		4,580,077
		Household Durables – 0.3%
	21,380	Desarrolladora Homex SAB de C.V., Sponsored ADR, (2)		1,252,440
	19,430	Jarden Corporation, (2)		354,403
	4,400	Matsushita Electric Industrial Co., Ltd, ADR		94,248
	121,390	Matsushita Electric Industrial Co., Ltd, ADR		2,617,913
	6,210	Tupperware Corporation		212,506

		Total Household Durables		4,531,510
		Household Products – 0.3%
	40,070	Colgate-Palmolive Company		2,768,837
	82,000	KAO Corporation		2,150,680

		Total Household Products		4,919,517
		Independent Power Producers & Energy Traders – 0.1%
	30,280	NRG Energy Inc., (2)		1,299,012


Shares		Description (1)	Value
		Industrial Conglomerates – 0.4%
	27,790	East Asiatic Co LTD	$	1,924,401
	213,160	Keppel Corporation		1,745,325
	33,280	Mitsubishi Corporation		1,096,953
	5,730	Siemens AG, Sponsored ADR		631,045
	4,480	Teleflex Inc.		249,043

		Total Industrial Conglomerates		5,646,767
		Insurance – 0.9%
	1,071	Aegon N.V.		14,041
	56,018	AFLAC Incorporated		3,517,930
	13,890	Amtrust Financial Services, Inc.		175,014
	22,710	Aon Corporation		1,043,297
	17,870	Arch Capital Group Limited, (2)		1,185,138
	5,400	Aspen Insurance Holdings Limited, (2)		127,818
	16,330	Assurant Inc.		1,077,127
	11,780	Axis Capital Holdings Limited		351,162
	345,100	Benfield Group, Limited		1,680,662
	1,580	Fairfax Financial Holdings Limited		401,162
	8,060	First Mercury Financial Corporation		142,178
	13,440	HCC Insurance Holdings Inc.		284,122
	418,810	Mapfre S.A.		2,004,563
	7,270	Philadelphia Consolidated Holding Corporation, (2)		246,962
	11,210	Seabright Insurance Holdings Inc., (2)		162,321
	8,740	Sun Life Financial Inc.		357,903
	35,750	WR Berkley Corporation		863,720
	1,730	Zurich Financial Services AG		442,852

		Total Insurance		14,077,972
		Internet Software & Services – 0.2%
	90,000	eBay Inc., (2), (9)		2,459,700
	5,380	Sohu.com Inc.		378,967
	12,060	Switch & Data Facilities Company, Inc.		204,899

		Total Internet Software & Services		3,043,566
		IT Services – 0.4%
	45,470	Accenture Limited		1,851,538
	16,970	CGI Group Inc., (2)		169,191
	140,000	Electronic Data Systems Corporation, (9)		3,449,600
	17,180	TNS Inc., (2)		411,633

		Total IT Services		5,881,962
		Leisure Equipment & Products – 0.2%
	2,350	Canon Inc.		120,344
	30	Fuji Photo Film Co., Ltd.		1,031
	1,070	FujiFilm Holdings Corporation, ADR		36,669
	56,994	Hasbro, Inc.		2,035,826
	14,860	Marvel Entertainment Inc., (2)		477,600

		Total Leisure Equipment & Products		2,671,470
		Life Sciences Tools & Services – 0.1%
	3,600	Dionex Corporation, (2)		238,932
	7,490	Illumina Inc., (2)		652,454

		Total Life Sciences Tools & Services		891,386
		Machinery – 0.7%
	77,850	ABB Limited		2,204,712
	39,330	AGCO Corporation, (2)		2,061,285
	6,260	Badger Meter Inc.		316,318
	10,990	Deere & Company		792,709
	7,190	Eaton Corporation		610,934
	27,448	Harsco Corporation		1,493,446
	590	Hitachi Limited		42,291
	4,140	ITT Industries Inc.		262,186
	16,260	MAN AG		1,805,097
	9,430	Manitowoc Company Inc.		306,758



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Machinery (continued)

	7,737	Parker Hannifin Corporation	$	551,803
	10,670	RBC Bearings Inc., (2)		355,524
	9,070	Robbins & Myers, Inc.		452,321

		Total Machinery		11,255,384
		Marine – 0.3%
	250,340	Kawasaki Kisen Kaisha Limited		2,350,511
	110,350	Nippon Yusen Kabushki Kaisha		1,061,048
	56,500	Stolt-Nielsen S.A.		1,286,814

		Total Marine		4,698,373
		Media – 0.5%
	50,170	Cablevision Systems Corporation, (2)		1,133,842
	74,890	DIRECTV Group, Inc., (2)		1,940,400
	87,000	Scholastic Corporation, (2), (9)		2,493,420
	1,550	Shaw Communication Inc.		31,558
	22,490	Shaw Communication Inc.		459,196
	9,830	Thomson Corporation		316,428
	33,400	Walt Disney Company		1,042,080
	1,080	WPP Group PLC		51,646

		Total Media		7,468,570
		Metals & Mining – 4.8%
	345,502	AngloGold Ashanti Limited, Sponsored ADR, (9)		11,726,338
	276,900	Apex Silver Mines Limited, (2)		1,359,579
	281,300	Barrick Gold Corporation, (9)		12,799,150
	17,590	BHP Billiton PLC		672,703
	13,840	BHP Billiton PLC		1,072,323
	83,770	BHP Billiton PLC		3,509,376
	5,190	Cleveland-Cliffs Inc.		618,596
	4,580	Compass Minerals International, Inc.		368,965
	122,340	Cookson Group		1,529,110
	319,100	Crystallex International Corporation, (2)		357,392
	25,890	Freeport-McMoRan Copper & Gold, Inc.		3,034,049
	286,100	Gold Fields Limited, (9)		3,619,165
	180,000	Ivanhoe Mines Ltd., (2), (9)		1,963,800
	2,595,500	Lihir Gold Limited, (2)		8,186,096
	604,210	Mitsubishi Materials		2,583,334
	235,100	Newmont Mining Corporation, (9)		12,262,816
	265,900	NovaGold Resources Inc., (2), (9)		1,980,955
	6,086	Olympic Steel Inc.		462,049
	6,010	Rio Tinto PLC, Sponsored ADR		2,974,950
	49,280	SSAB Svenskt Stal AB		1,595,630
	9,000	United States Steel Corporation		1,663,020
	32,510	Xstrata PLC		2,605,742

		Total Metals & Mining		76,945,138
		Multiline Retail – 0.5%
	44,150	Big Lots, Inc., (2)		1,379,246
	55,450	Costco Wholesale Corporation		3,889,263
	11,830	Dollar Tree Stores Inc., (2)		386,723
	13,620	Family Dollar Stores, Inc.		271,583
	111,910	Next PLC		2,161,092

		Total Multiline Retail		8,087,907
		Oil, Gas & Consumable Fuels – 4.0%
	2,670	Alpha Natural Resources Inc.		278,454
	22,100	Arch Coal Inc., (9)		1,658,163
	68,150	BG Group PLC		1,759,249
	167,780	BP Amoco PLC, (9)		11,672,455
	9,720	Cabot Oil & Gas Corporation		658,336
	3,260	Carrizo Oil & Gas, Inc., (2)		221,973
	34,830	Chesapeake Energy Corporation		2,297,387
	23,850	Chevron Corporation		2,364,251


Shares		Description (1)	Value
		Oil, Gas & Consumable Fuels (continued)

	3,793	Comstock Resources Inc., (2)	$	320,243
	37,270	Continental Resources Inc., (2)		2,583,556
	28,530	Denbury Resources Inc., (2)		1,041,345
	3,770	Devon Energy Corporation		453,003
	41,340	Eni S.p.A., Sponsored ADR		3,068,668
	10,940	EOG Resources, Inc.		1,435,328
	25,210	Hess Corporation		3,181,250
	8,350	Massey Energy Company		782,813
	29,400	Murphy Oil Corporation		2,882,670
	86,500	Nexen Inc., (9)		3,438,375
	28,500	Occidental Petroleum Corporation		2,561,010
	3,930	Patriot Coal Corporation, (2)		602,430
	9,030	Petrohawk Energy Corporation, (2)		418,179
	25,270	Petroleo Brasileiras S.A.		1,789,874
	13,860	Petroquest Energy Inc., (2)		372,834
	7,937	Pioneer Drilling Company, (2)		149,295
	52,440	Repsol YPF S.A.		2,059,319
	111,100	Royal Dutch Shell PLC, Class B, Sponsored ADR, (9)		8,900,221
	101,050	Singapore Petroleum		490,191
	70,323	Statoil ASA		2,628,674
	28,880	Total S.A., Sponsored ADR		2,462,598
	10,940	Total S.A.		933,568
	1,610	Whiting Petroleum Corporation		170,789
	8,020	XTO Energy, Inc.		549,450

		Total Oil, Gas & Consumable Fuels		64,185,951
		Paper & Forest Products – 0.2%
	170,300	AbitibiBowater Inc., (2), (9)		1,588,899
	8,170	Buckeye Technologies Inc., (2)		69,118
	9,610	Potlatch Corporation		433,603
	99,352	Sonae Industria-SPGS S.A., (2)		405,140
	34,440	Votorantim Celulose e Papel S.A.		919,892

		Total Paper & Forest Products		3,416,652
		Personal Products – 0.0%
	5,700	Herbalife, Limited		220,875
		Pharmaceuticals – 1.7%
	24,100	Astellas Pharma Inc.		1,021,331
	181,990	AstraZeneca Group, (9)		7,740,035
	74,580	Daiichi Sankyo Company Limited		2,054,400
	27,760	Eli Lilly and Company		1,281,402
	9,200	GlaxoSmithKline PLC, ADR		406,824
	28,730	H. Lundbeck A/S		655,077
	139,000	Kissei Pharmaceuticals Company Limited		3,108,961
	31,300	Merck & Co. Inc.		1,179,697
	42,320	Novartis AG		2,330,282
	3,990	Novo Nordisk A/S		261,137
	271,700	Patheon Inc., (2)		1,095,113
	65,020	Pfizer Inc.		1,135,899
	11,580	Pozen Inc., (2)		125,990
	89,670	Sanofi-Aventis, ADR, (9)		2,979,734
	49,240	Shionogi & Company Limited		971,491
	54,665	Warner Chilcott Limited, (2)		926,572

		Total Pharmaceuticals		27,273,945
		Real Estate – 0.3%
	30,590	Annaly Capital Management Inc.		474,451
	7,610	Essex Property Trust Inc.		810,465
	8,767	LaSalle Hotel Properties		220,315
	10,550	Lexington Corporate Properties Trust		143,797
	24,080	Rayonier Inc.		1,022,437
	10,264	SL Green Realty Corporation		849,038



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Value
		Real Estate (continued)

	13,597	Tanger Factory Outlet Centers	$	488,540
	20,554	Taubman Centers Inc.		999,952

		Total Real Estate		5,008,995
		Road & Rail – 0.5%
	1,250	Canadian National Railways Company		60,100
	63,420	CSX Corporation		3,983,410
	21,710	Kansas City Southern Industries, (2)		955,023
	20,080	Landstar System		1,108,818
	9,890	Ryder System, Inc.		681,223
	16,400	Union Pacific Corporation		1,238,200

		Total Road & Rail		8,026,774
		Semiconductors & Equipment – 0.4%
	16,690	Amkor Technology Inc., (2)		173,743
	34,330	Broadcom Corporation, Class A, (2)		936,866
	96,130	Marvell Technology Group Ltd., (2)		1,697,656
	8,550	Monolithic Power Systems, Inc., (2)		184,851
	94,380	National Semiconductor Corporation		1,938,565
	21,180	ON Semiconductor Corporation		194,221
	6,670	Rubicon Technology Inc., (2)		135,534
	11,650	Semtech Corporation, (2)		163,916
	117,618	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		1,283,212

		Total Semiconductors & Equipment		6,708,564
		Software – 0.9%
	30,140	Activision Inc., (2)		1,026,870
	53,150	Adobe Systems Incorporated, (2)		2,093,579
	8,920	Ansys Inc., (2)		420,310
	58,890	Autodesk, Inc., (2)		1,991,071
	7,800	Blackboard, Inc., (2)		298,194
	65,000	Microsoft Corporation, (9)		1,788,150
	700	Nintendo Co., LTD., ADR		49,443
	5,520	Nintendo Co., Ltd.		3,113,886
	29,840	Salesforce.com, Inc., (2)		2,035,983
	7,720	SPSS Inc., (2)		280,776
	77,570	Symantec Corporation, (2)		1,500,980

		Total Software		14,599,242
		Specialty Retail – 0.1%
	8,540	Aeropostale, Inc., (2)		267,558
	3,515	Hennes & Mauritz AB		190,562
	9,248	J. Crew Group Inc., (2)		305,276
	6,830	NetFlix.com Inc., (2)		178,058
	760	Sony Corporation		33,242
	22,820	TJX Companies, Inc.		718,145

		Total Specialty Retail		1,692,841
		Textiles, Apparel & Luxury Goods – 0.1%
	2,780	Deckers Outdoor Corporation, (2)		386,976
	860	Gildan Activewear Inc, Sponsored ADR, (2)		22,257
	16,628	Guess Inc.		622,719

		Total Textiles, Apparel & Luxury Goods		1,031,952
		Thrifts & Mortgage Finance – 0.2%
	219,410	Hudson City Bancorp, Inc.		3,659,759
		Tobacco – 0.4%
	22,870	Altria Group, Inc.		470,207
	16,110	British American Tobacco PLC		1,115,618
	110	Japan Tobacco, Inc., (2)		469,275
	53,440	Philip Morris International, (2)		2,639,402
	30,790	UST Inc.		1,681,442

		Total Tobacco		6,375,944


Shares		Description (1)					Value
		Transportation Infrastructure – 0.2%
	1,226,750	Macquarie Airports					$	2,422,608
		Wireless Telecommunication Services – 0.3%
	13,010	Millicom International Cellular S.A.						1,356,637
	23,720	Millicom International Cellular S.A., (2)						2,455,020
	1,460	Mobile Telesystems, Sponsored ADR						111,851
	1,600	Vodafone Group PLC, Sponsored ADR						47,136

		Total Wireless Telecommunication Services						3,970,644

		Total Common Stocks (cost $661,171,528)						656,421,254


Shares		Description (1)	Coupon		Ratings (3)		Value
		Convertible Preferred Securities – 1.8% (1.1% of Total Investments)
		Automobiles – 0.3%
	42,300	General Motors Corporation, Convertible Bonds		1.500%		B	$	910,296
	63,250	General Motors Corporation, Convertible Notes, Senior Debentures, Series B		5.250%		B		866,525
	113,950	General Motors Corporation		6.250%		B		1,510,977

		Total Automobiles						3,287,798
		Capital Markets – 0.0%
	15,800	AMG Capital Trust II, Convertible Bond		5.150%		BB		555,963
		Commercial Banks – 0.0%
	20,650	Sovereign Capital Trust IV, Convertible Security		4.375%		Baa2		640,150
		Communications Equipment – 0.7%
	13,400	Lucent Technologies Capital Trust I		7.750%		B2		10,184,000
		Diversified Financial Services – 0.4%
	3,300	Bank of America Corporation		7.250%		A+		2,920,500
	49,450	Citigroup Inc., Series T		6.500%		A		2,151,075

		Total Diversified Financial Services						5,071,575
		Electric Utilities – 0.1%
	17,200	Centerpoint Energy Inc.		2.000%		BBB–		498,215
	5,600	CMS Energy Corporation, Convertible Bonds		4.500%		Ba2		438,550

		Total Electric Utilities						936,765
		Food Products – 0.0%
	5,900	Bunge Limited, Convertible Bonds		4.875%		BB		775,850
		Household Durables – 0.0%
	10,700	Newell Financial Trust I		5.250%		N/R		484,175
		Independent Power Producers & Energy Traders – 0.0%
	300	NRG Energy Inc., Convertible Bond		4.000%		B2		653,118
		Metals & Mining – 0.2%
	1,100	Freeport McMoran Copper & Gold, Inc.		5.500%		BB		2,768,150
		Oil, Gas & Consumable Fuels – 0.1%
	600	El Paso Corporation		4.990%		B		1,034,400
		Real Estate – 0.0%
	9,700	Simon Property Group, Inc., Series I		6.000%		BBB+		708,100
		Thrifts & Mortgage Finance – 0.0%
	30,500	Washington Mutual, Inc., Unit 1 Trust		5.375%		A3		732,000
		U.S. Agency – 0.0%
	7	Federal National Mortgage Association		5.375%		AA–		421,750

		Total Convertible Preferred Securities (cost $32,836,978)						28,253,794



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Coupon		Ratings (3)		Value
		$25 Par (or similar) Preferred Securities – 48.6% (29.7% of Total Investments)
		Capital Markets – 3.5%
	221,874	BNY Capital Trust V, Series F		5.950%		A	$	4,592,792
	1,195,600	Deutsche Bank Capital Funding Trust II		6.550%		A+		23,613,100
	2,000	Deutsche Bank Contingent Capital Trust III		7.600%		A+		45,740
	23,000	First Union Institutional Capital II (CORTS)		8.200%		A1		516,350
	4,200	Goldman Sachs Capital I (CORTS)		6.000%		A1		83,790
	12,000	Goldman Sachs Capital I, Series A (CORTS)		6.000%		A1		246,000
	2,300	Goldman Sachs Group Inc. (CORTS)		6.300%		A1		49,151
	7,600	Goldman Sachs Group Inc., Series 2003-11 (SATURNS)		5.625%		AA–		141,360
	10,200	Goldman Sachs Group Inc., Series 2004-04 (SATURNS)		6.000%		A1		200,124
	2,900	Goldman Sachs Group Inc., Series 2004-06 (SATURNS)		6.000%		A1		58,638
	17,000	Goldman Sachs Group Inc., Series 2004-4 (CORTS)		6.000%		A1		319,600
	24,400	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)		6.000%		A1		456,280
	7,900	Goldman Sachs Group Inc., Series GSC-4 Class A (PPLUS)		6.000%		A1		148,757
	6,500	Goldman Sachs Group Inc., Series GSG-1 (PPLUS)		6.000%		AA–		131,300
	4,500	Goldman Sachs Group Inc., Series GSG-2 (PPLUS)		5.750%		AA–		89,235
	4,000,000	JP Morgan Chase & Company		7.900%		A1		3,761,720
	339,545	Merrill Lynch Preferred Capital Trust III		7.000%		A2		6,026,924
	19,700	Merrill Lynch Preferred Capital Trust IV		7.120%		A2		362,086
	225,600	Merrill Lynch Preferred Capital Trust V		7.280%		A2		4,261,584
	191,992	Morgan Stanley Capital Trust III		6.250%		A–		3,467,376
	113,125	Morgan Stanley Capital Trust IV		6.250%		A1		2,012,494
	12,794	Morgan Stanley Capital Trust V		5.750%		A1		216,858
	260,700	Morgan Stanley Capital Trust VI		6.600%		A1		4,927,230
	23,058	Morgan Stanley Capital Trust VII		6.600%		A1		425,651

		Total Capital Markets						56,154,140
		Commercial Banks – 9.9%
	651,200	ABN AMRO Capital Fund Trust V		5.900%		A		11,018,304
	110,400	Allianz SE		8.375%		A+		2,748,960
	116,700	ASBC Capital I		7.625%		A3		2,719,110
	58,295	BAC Capital Trust I		7.000%		Aa3		1,276,661
	537,649	BAC Capital Trust II		7.000%		Aa3		11,946,561
	87,600	BAC Capital Trust III		7.000%		Aa3		1,922,820
	13,600	BAC Capital Trust IV		5.875%		Aa3		260,440
	14,800	BAC Capital Trust V		6.000%		A+		284,012
	14,000	BAC Capital Trust VIII		6.000%		Aa3		263,900
	504,642	Banco Santander Finance		6.800%		Aa3		11,081,938
	914,598	Banco Santander Finance		6.500%		A+		19,298,018
	38,989	Banco Santander Finance		6.410%		A+		900,646
	28,800	Banesto Holdings, Series A, 144A		10.500%		A1		873,901
	154,700	Bank One Capital Trust VI		7.200%		Aa3		3,619,980
	418,300	Barclays Bank PLC		8.125%		Aa3		10,285,997
	187,590	Barclays Bank PLC		7.750%		Aa3		4,248,914
	41,542	Barclays Bank PLC		6.625%		Aa3		810,900
	33,100	Capital One Capital II Corporation		7.500%		Baa1		614,005
	132,822	Citizens Funding Trust I		7.500%		Baa1		1,441,119
	146,500	Cobank Agricultural Credit Bank		7.000%		N/R		6,795,403
	420,400	Credit Suisse		7.900%		A		10,341,840
	52,900	Fifth Third Capital Trust VI		7.250%		A–		854,864
	2,500	Fleet Capital Trust IX		6.000%		Aa3		48,938
	418,000	Fleet Capital Trust VIII		7.200%		Aa3		9,091,500
	57,700	HSBC Finance Corporation		6.875%		AA–		1,313,252
	900	HSBC Holdings PLC		6.200%		A1		18,549
	83,705	KeyCorp Capital Trust IX		6.750%		A3		1,171,870
	1,300	KeyCorp Capital Trust V		5.875%		A3		17,875
	900	Keycorp Capital Trust VI		6.125%		A3		12,618
	2,800	M&T Capital Trust IV		8.500%		N/R		67,214
	79,700	National Bank of Greece SA		9.000%		AAA–		2,028,365
	723,812	National City Capital Trust II		6.625%		BBB+		9,062,126
	7,428	National City Capital Trust IV		0.000%		BBB+		111,420
	13,100	National Westminster Bank PLC		7.760%		Aa3		284,270
	21,700	ONB Capital Trust II		8.000%		A3		512,337
	11,900	PNC Capital Trust		7.750%		A–		267,393
	25,700	PNC Capital Trust		6.125%		A2		520,168


Shares		Description (1)	Coupon		Ratings (3)		Value
		Commercial Banks (continued)

	36,400	Regions Financing Trust III		8.875%		BBB+	$	828,100
	193,600	Royal Bank of Scotland Group PLC		6.600%		Aa3		3,604,832
	41,890	Royal Bank of Scotland Group PLC, Series L		5.750%		A1		675,267
	41,200	Royal Bank of Scotland Group PLC, Series M		6.400%		A1		737,480
	125,740	Royal Bank of Scotland Group PLC, Series N		6.350%		A1		2,268,350
	500	Royal Bank of Scotland Group PLC, Series P		6.250%		A1		8,670
	13,900	Royal Bank of Scotland Group PLC, Series T		7.250%		Aa3		284,255
	16,100	SunAmerica CORTS		6.700%		AA–		306,383
	7,100	SunTrust Capital Trust IX		7.875%		A–		150,733
	400	USB Capital Trust VI		5.750%		Aa3		7,880
	5,000	USB Capital Trust VII		5.875%		Aa3		101,100
	65,700	USB Capital Trust XI		6.600%		A+		1,390,869
	27,340	VNB Capital Trust I		7.750%		BBB		675,298
	142,870	Wachovia Capital Trust IX		6.375%		A1		2,455,935
	285,891	Wachovia Trust IV		6.375%		A1		5,000,234
	8,200	Wells Fargo Capital Trust IX		5.625%		Aa2		159,490
	220,735	Wells Fargo Capital Trust V		7.000%		Aa2		5,284,396
	113,182	Wells Fargo Capital Trust VII		5.850%		AA–		2,354,186
	114,700	Zions Capital Trust B		8.000%		Baa1		2,523,400

		Total Commercial Banks						156,953,046
		Computers & Peripherals – 0.0%
	1,000	IBM Corporation, Class A (CORTS)		5.625%		A+		21,570
	16,600	IBM Trust IV (CORTS)		7.000%		A+		415,000

		Total Computers & Peripherals						436,570
		Consumer Finance – 0.0%
	12,200	MBNA Corporation, Capital Trust D		8.125%		Aa3		291,092
		Diversified Financial Services – 5.3%
	2,300	American International Group, CORTS		6.125%		A1		38,525
	95,400	BAC Capital Trust XII		6.875%		A+		2,089,260
	174,400	Citigroup Capital Trust VII		7.125%		A1		3,618,800
	729,022	Citigroup Capital Trust VIII		6.950%		A1		14,587,730
	20,600	Citigroup Capital Trust IX		6.000%		A1		353,496
	14,100	Citigroup Capital Trust XI		6.000%		A1		241,815
	9,100	Citigroup Capital X		6.100%		A		157,885
	257,721	Citigroup Capital XV		6.500%		A1		4,775,570
	26,300	Citigroup Capital XVI		6.450%		A1		483,920
	38,500	Citigroup Capital XVII		6.350%		A1		680,295
	670,000	Citigroup Capital XIX		7.250%		A1		14,177,200
	75,000	Citigroup Inc., Series M		8.125%		A		1,680,000
	40,200	ING Groep N.V.		8.500%		A1		1,000,980
	327,900	ING Groep N.V.		7.375%		A1		7,167,894
	566,620	ING Groep N.V.		7.200%		A1		12,199,329
	718,475	ING Groep N.V.		7.050%		A		15,066,421
	37,200	ING Groep N.V.		6.375%		A		690,060
	7,900	JPMorgan Chase Capital Trust XIV		6.200%		Aa3		167,796
	223,100	Merrill Lynch Capital Trust I		6.450%		A+		3,870,785
	13,000	Royal Bank of Scotland Group PLC, Series R		6.125%		A1		222,040

		Total Diversified Financial Services						83,269,801
		Diversified Telecommunication Services – 1.3%
	620,100	AT&T Inc.		6.375%		A		15,508,701
	38,500	BellSouth Capital Funding (CORTS)		7.120%		A		861,438
	30,500	BellSouth Corporation (CORTS)		7.000%		A		699,594
	28,000	Verizon Communications (CORTS)		7.625%		A		700,280
	151,800	Verizon Communications, Series 2004-1 (SATURNS)		6.125%		A		3,535,422

		Total Diversified Telecommunication Services						21,305,435
		Electric Utilities – 0.7%
	50,000	American Electric Power		8.750%		BB+		1,288,000
	9,700	DTE Energy Trust I		7.800%		Baa3		243,567
	700	Entergy Arkansas Inc.		6.700%		AA		17,472
	1,300	Entergy Arkansas Inc.		6.000%		AA		32,383
	27,700	Entergy Louisiana LLC		7.600%		A–		691,669



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Shares		Description (1)	Coupon		Ratings (3)		Value
		Electric Utilities (continued)

	5,300	Entergy Mississippi Inc.		7.250%		A–	$	133,136
	700	Entergy Mississippi Inc.		6.000%		AAA		17,318
	51,600	FPL Group Capital Inc.		6.600%		BBB+		1,277,100
	6,000	National Rural Utilities Cooperative Finance Corporation		6.750%		A3		143,340
	8,600	National Rural Utilities Cooperative Finance Corporation		6.100%		A3		189,200
	6,700	National Rural Utilities Cooperative Finance Corporation		5.950%		A3		147,467
	9,300	PPL Capital Funding, Inc.		6.850%		Baa2		225,897
	20,000	PPL Energy Supply LLC		7.000%		BBB		498,000
	258,500	Xcel Energy Inc.		7.600%		BBB–		6,377,195

		Total Electric Utilities						11,281,744
		Food Products – 0.2%
	35,100	Dairy Farmers of America Inc., 144A		7.875%		BBB–		2,865,038
		Insurance – 9.4%
	12,600	Aegon N.V., Series 1		4.000%		A–		211,554
	9,700	Aegon N.V.		6.875%		A–		175,570
	3,500	Aegon N.V.		6.500%		A–		60,690
	1,420,300	Aegon N.V.		6.375%		A–		24,287,130
	7,800	Aegon N.V.		7.250%		A–		154,440
	12,233	AMBAC Financial Group Inc.		5.950%		A		90,524
	238,113	Arch Capital Group Limited, Series B		7.875%		BBB–		5,524,222
	392,973	Arch Capital Group Limited		8.000%		BBB–		9,152,341
	711,500	Berkley WR Corporation, Capital Trust II		6.750%		BBB–		15,546,275
	677,301	Delphi Financial Group, Inc.		8.000%		BBB+		15,503,420
	32,500	Delphi Financial Group, Inc.		7.376%		BBB–		608,075
	6,000,000	Everest Reinsurance Holdings, Inc.		6.600%		Baa1		4,287,270
	200,456	EverestRe Capital Trust II		6.200%		BBB		3,732,491
	7,800	Financial Security Assurance Holdings		6.250%		AA		127,920
	6,100	Financial Security Assurance Holdings		5.600%		AA		84,790
	1,395,900	Lincoln National Capital Trust VI		6.750%		A–		30,640,005
	4,000	Lincoln National Corporation		6.750%		A–		89,840
	123,700	Markel Corporation		7.500%		Baa2		2,973,748
	897,802	PartnerRe Limited, Series C		6.750%		BBB+		18,369,029
	146,500	PLC Capital Trust III		7.500%		BBB+		3,160,005
	6,800	PLC Capital Trust IV		7.250%		BBB+		144,432
	30,100	PLC Capital Trust V		6.125%		BBB+		586,649
	40,500	Protective Life Corporation		7.250%		BBB		856,170
	342,400	Prudential Financial Inc.		9.000%		A–		8,525,760
	39,343	Prudential PLC		6.750%		A–		751,451
	131,000	RenaissanceRe Holdings Limited, Series B		7.300%		BBB		2,723,490
	38,600	RenaissanceRe Holdings Limited, Series C		6.080%		BBB+		666,236
	26,200	RenaissanceRe Holdings Ltd		6.600%		NA		501,468

		Total Insurance						149,534,995
		IT Services – 0.0%
	2,700	Vertex Industries Inc. (PPLUS)		7.625%		A		67,230
		Media – 3.2%
	29,700	CBS Corporation		7.250%		BBB		680,427
	556,900	CBS Corporation		6.750%		BBB		11,750,590
	1,038,100	Comcast Corporation		7.000%		BBB+		24,083,920
	14,200	Comcast Corporation		6.625%		Baa2		305,726
	649,400	Viacom Inc.		6.850%		BBB		14,189,390
	1,400	Walt Disney Company (CORTS)		6.875%		A		35,378

		Total Media						51,045,431
		Oil, Gas & Consumable Fuels – 1.0%
	680,500	Nexen Inc.		7.350%		Baa3		16,372,830
		Pharmaceuticals – 0.1%
	49,200	Bristol Myers Squibb Company (CORTS)		6.250%		A+		1,111,920
		Real Estate – 11.9%
	15,700	AMB Property Corporation, Series P		6.850%		BBB–		333,468
	77,100	AvalonBay Communities, Inc., Series H		8.700%		BBB		1,929,042


Shares		Description (1)	Coupon		Ratings (3)		Value
		Real Estate (continued)

	4,000	BRE Properties, Series C		6.750%		BBB–	$	82,800
	9,100	BRE Properties, Series D		6.750%		BBB–		188,006
	104,300	Developers Diversified Realty Corporation, Series G		8.000%		BBB–		2,395,771
	1,265,945	Developers Diversified Realty Corporation, Series H		7.375%		BBB–		26,420,272
	481,820	Duke Realty Corporation, Series O		8.375%		BBB		11,428,770
	126,000	Duke Realty Corporation, Series L		6.600%		BBB		2,420,460
	31,700	Duke Realty Corporation, Series N		7.250%		BBB		669,821
	104,400	Duke-Weeks Realty Corporation		6.950%		BBB		2,090,088
	96,000	Duke-Weeks Realty Corporation		6.625%		BBB		1,898,880
	312,323	Equity Residential Properties Trust, Series N		6.480%		BBB		6,633,741
	4,700	First Industrial Realty Trust, Inc., Series J		7.250%		BBB–		99,405
	1,800	First Industrial Realty Trust, Inc., Series J		7.250%		BBB–		37,800
	401,683	HRPT Properties Trust, Series B		8.750%		BBB–		9,692,611
	533,900	HRPT Properties Trust, Series C		7.125%		BBB–		11,195,883
	672,400	Kimco Realty Corporation, Series G		7.750%		BBB+		15,841,744
	3,997	Prologis Trust, Series C		8.540%		BBB		207,220
	55,275	Prologis Trust, Series G		6.750%		BBB		1,155,248
	412,488	PS Business Parks, Inc.		7.000%		BBB–		8,414,755
	11,600	PS Business Parks, Inc.		6.700%		BBB–		224,460
	4,800	PS Business Parks, Inc., Series I		6.875%		BBB–		92,640
	700	PS Business Parks, Inc., Series K		7.950%		BBB–		16,478
	243,000	PS Business Parks, Inc., Series L		7.600%		BBB–		5,348,430
	131,900	PS Business Parks, Inc., Series O		7.375%		BBB–		2,702,631
	249,836	Public Storage, Inc.		6.750%		BBB+		5,034,195
	3,000	Public Storage, Inc., Series N		7.000%		BBB+		63,000
	1,400	Public Storage, Inc, Series G		7.000%		BBB+		30,072
	63,900	Public Storage, Inc., Series C		6.600%		BBB+		1,265,220
	149,000	Public Storage, Inc., Series E		6.750%		BBB+		3,017,250
	22,100	Public Storage, Inc., Series F		6.450%		BBB+		424,983
	27,011	Public Storage, Inc., Series H		6.950%		BBB+		561,018
	19,000	Public Storage, Inc., Series I		7.250%		BBB+		425,600
	40,000	Public Storage, Inc., Series K		7.250%		BBB+		882,400
	726,938	Public Storage, Inc., Series M		6.625%		BBB+		14,444,258
	31,200	Public Storage, Inc., Series V		7.500%		BBB+		767,520
	33,403	Realty Income Corporation		6.750%		BBB–		731,526
	166,100	Regency Centers Corporation		7.450%		BBB		3,702,369
	6,300	United Dominion Realty Trust		6.750%		BBB–		137,529
	169,000	Vornado Realty Trust, Series G		6.625%		BBB–		3,337,750
	185,000	Vornado Realty Trust, Series H		6.750%		BBB–		3,657,450
	1,542,834	Wachovia Preferred Funding Corporation		7.250%		A2		29,545,271
	236,300	Weingarten Realty Investors Series F		6.500%		BBB		4,714,185
	126,800	Weingarten Realty Trust, Series E		6.950%		A–		2,789,600

		Total Real Estate						187,051,620
		Thrifts & Mortgage Finance – 1.2%
	70,600	Countrywide Capital Trust III (PPLUS)		8.050%		Ba1		1,179,020
	510,297	Countrywide Capital Trust IV		6.750%		Ba1		9,052,669
	511,403	Countrywide Capital Trust V		7.000%		A+		8,944,438
	4,500	Harris Preferred Capital Corporation, Series A		7.375%		A1		90,270

		Total Thrifts & Mortgage Finance						19,266,397
		U.S. Agency – 0.8%
	50,200	Federal Home Loan Mortgage Corporation, Notes		5.570%		AA–		903,098
	42,000	Federal Home Loan Mortgage Corporation		6.550%		AA–		825,300
	175,000	Federal Home Loan Mortgage Corporation		8.375%		AA–		4,252,500
	139,000	Federal National Mortgage Association		0.000%		AA–		6,589,476

		Total U.S. Agency						12,570,374
		Wireless Telecommunication Services – 0.1%
	52,800	United States Cellular Corporation		8.750%		Baa3		1,307,328

		Total $25 Par (or similar) Preferred Securities (cost $923,567,062)						770,884,991



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


			Weighted
Principal			Average
Amount (000)		Description (1)	Coupon		Maturity (4)		Ratings (3)		Value
		Variable Rate Senior Loan Interests – 13.8% (8.4% of Total Investments) (5)
		Aerospace & Defense – 0.1%
$	574	DAE Aviation Holdings, Inc., Term Loan B-1		6.585%		7/31/14		BB–	$	556,516
	571	DAE Aviation Holdings, Inc., Term Loan B-2		6.650%		7/31/14		BB–		552,778

	1,145	Total Aerospace & Defense								1,109,294

		Airlines – 0.3%
	2,504	ACTS Aero Technical Support & Services Inc., Term Loan		5.959%		10/01/14		N/R		2,165,654
	987	American Airlines, Inc., Term Loan		5.239%		12/17/10		BB–		873,825
	1,980	Delta Air Lines, Inc., Term Loan		6.149%		4/30/14		B		1,319,175

	5,471	Total Airlines								4,358,654

		Building Products – 0.4%
	3,559	Building Materials Corporation of America, Term Loan		5.688%		2/22/14		B+		3,177,916
	989	Stile Acquisition Corporation, Canadian Term Loan		4.893%		4/05/13		BB–		918,491
	991	Stile Acquisition Corporation, Term Loan B		4.892%		4/05/13		BB–		920,055
	983	TFS Acquisition, Term Loan		6.301%		8/11/13		B+		923,550

	6,522	Total Building Products								5,940,012

		Chemicals – 0.4%
	1,985	Celanese Holdings LLC, Term Loan		4.188%		4/02/14		BB+		1,892,228
	1,858	Georgia Gulf Corporation, Term Loan		4.950%		10/03/13		Ba3		1,794,688
	2,978	Hercules, Inc., Term Loan		4.450%		7/11/13		BB		2,898,100

	6,821	Total Chemicals								6,585,016

		Commercial Services & Supplies – 0.2%
	213	Aramark Corporation, Letter of Credit		4.875%		1/24/14		BB		201,172
	3,349	Aramark Corporation, Term Loan		4.676%		1/24/14		BB		3,166,586

	3,562	Total Commercial Services & Supplies								3,367,758

		Communications Equipment – 0.1%
	1,800	CommScope Inc., Term Loan B, WI/DD		TBD		TBD		Ba3		1,734,750

		Diversified Consumer Services – 0.3%
	258	Laureate Education Inc., Delayed Draw, Term Loan B, (6), (7)		1.000%		8/17/14		B		(17,634	)
	1,733	Laureate Education Inc., Term Loan B		5.733%		8/17/14		B1		1,614,788
	2,978	Thomson Learning Center, Term Loan		4.980%		7/05/14		B+		2,711,758

	4,969	Total Diversified Consumer Services								4,308,912

		Diversified Telecommunication Services – 0.3%
	2,978	Alltel Communications, Inc., Term Loan B3		5.232%		5/18/15		BB–		2,962,612
	500	Intelsat Limited, Tranche B2-A		5.184%		1/03/14		BB–		475,851
	499	Intelsat Limited, Tranche B2-B		5.184%		1/03/14		BB–		475,708
	499	Intelsat Limited, Tranche B2-C		5.184%		1/03/14		BB–		475,708

	4,476	Total Diversified Telecommunication Services								4,389,879

		Electric Utilities – 0.7%
	5,225	Calpine Corporation, DIP Term Loan		5.685%		3/31/14		B+		5,005,364
	1,990	TXU Corporation, Term Loan B-2		6.235%		10/10/14		Ba3		1,846,139
	3,970	TXU Corporation, Term Loan B-3		6.262%		10/10/14		Ba3		3,680,315

	11,185	Total Electric Utilities								10,531,818
		Electrical Equipment – 0.1%
	1,741	Allison Transmission Holdings, Inc., Term Loan		5.333%		8/07/14		BB–		1,558,399

		Energy Equipment & Services – 0.1%
	2,383	PGS Finance, Inc., Term Loan		4.550%		6/29/15		Ba2		2,305,875

		Health Care Equipment & Supplies – 0.4%
	120	Bausch & Lomb, Delayed Draw Term Loan		4.130%		4/24/15		BB–		69,863
	478	Bausch & Lomb, Inc., Term Loan		5.946%		4/24/15		BB–		469,093
	5,955	Biomet, Inc., Term Loan		5.801%		3/24/15		BB–		5,846,238

	6,553	Total Health Care Equipment & Supplies								6,385,194


			Weighted
Principal			Average
Amount (000)		Description (1)	Coupon		Maturity (4)		Ratings (3)		Value
		Health Care Providers & Services – 1.9%
$	457	Community Health Systems, Inc., Delayed Draw, Term Loan, (6), (7)		1.000%		7/25/14		BB	$	(25,620	)
	8,941	Community Health Systems, Inc., Term Loan		4.859%		7/25/14		BB		8,440,175
	495	Concentra, Inc., Term Loan		5.051%		6/25/14		B+		446,738
	1,762	HCA, Inc., Term Loan		4.301%		11/18/12		BB		1,652,696
	5,915	HCA, Inc., Term Loan A		5.051%		11/18/13		BB		5,563,475
	2,654	Health Management Associates, Inc., Term Loan		4.551%		2/28/14		BB–		2,473,165
	715	IASIS Healthcare Corporation, Delayed Term Loan		4.483%		3/14/14		Ba2		679,948
	191	IASIS Healthcare Corporation, Letter of Credit		2.371%		3/14/14		Ba2		181,320
	2,068	IASIS Healthcare LLC, Term Loan		4.483%		3/14/14		Ba2		1,965,107
	1,747	LifePoint Hospitals, Inc., Term Loan B		4.274%		4/18/12		BB		1,705,520
	1,835	Select Medical Corporation, Term Loan		4.682%		2/24/12		Ba2		1,712,490
	986	Select Medical Corporation, Term Loan B-2		4.630%		2/24/12		Ba2		919,839
	352	Sun Healthcare Group, Inc., Delayed Term Loan		5.042%		4/12/14		Ba2		328,810
	566	Sun Healthcare Group, Inc., Synthetic Letter of Credit		4.701%		4/19/14		Ba2		529,619
	2,505	Sun Healthcare Group, Inc., Term Loan		4.789%		4/19/14		Ba2		2,342,296
	988	Vanguard Health Holding Company II LLC, Replacement Term Loan		5.051%		9/23/11		Ba3		955,467

	32,177	Total Health Care Providers & Services								29,871,045
		Hotels, Restaurants & Leisure – 0.9%
	1,975	Cedar Fair LP, Term Loan		4.483%		8/30/12		BB		1,876,726
	1,796	Harrahs Entertainment Inc., Term Loan B2, WI/DD		TBD		TBD		BB		1,643,881
	899	Intrawest Corporation, Term Loan		5.810%		10/23/08		N/R		858,930
	212	Isle of Capri Casinos Inc, Delayed Draw Term Loan A		4.551%		11/25/13		BB		188,833
	702	Isle of Capri Casinos, Inc., Delayed Term Loan A		4.551%		11/25/13		BB		626,279
	281	Isle of Capri Casinos, Inc., Delayed Term Loan B		4.551%		11/25/13		BB		250,512
	993	Orbitz Worldwide, Inc., Term Loan		5.743%		7/25/14		BB–		824,602
	134	Travelport LLC, Delayed Term Loan		5.051%		8/23/13		BB–		121,023
	669	Travelport LLC, Letter of Credit		4.733%		8/23/13		BB–		603,151
	1,990	Travelport LLC, Term Loan		4.733%		8/23/13		BB–		1,798,417
	1,200	Venetian Casino Resort Delayed Term Loan		4.560%		5/23/14		BB		1,095,917
	4,752	Venetian Casino Resort LLC, Term Loan		4.550%		5/23/14		BB		4,339,831

	15,603	Total Hotels, Restaurants & Leisure								14,228,102

		Independent Power Producers & Energy Traders – 0.3%
	1,557	NRG Energy Inc., Credit Linked Deposit		2.701%		2/01/13		Ba1		1,487,340
	3,179	NRG Energy Inc., Term Loan		4.301%		2/01/13		Ba1		3,036,393

	4,736	Total Independent Power Producers & Energy Traders								4,523,733
		Insurance – 0.2%
	3,966	Conseco, Inc., Term Loan		4.483%		10/10/13		Ba3		3,460,685

		Internet Software & Services – 0.1%
	1,000	Sabre, Inc., Term Loan		4.899%		9/30/14		B+		828,929

		IT Services – 0.3%
	3,970	First Data Corporation, Term Loan B-1		5.261%		9/24/14		BB–		3,654,385
	617	Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan, WI/DD		TBD		TBD		B+		527,657
	1,180	Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, WI/DD		TBD		TBD		B+		1,008,795

	5,767	Total IT Services								5,190,837
		Leisure Equipment & Products – 0.4%
	587	Herbst Gaming Inc., Delayed Term Loan, WI/DD		TBD		TBD		CCC–		451,660
	676	Hernst Gaming Inc., Term Loan, WI/DD		TBD		TBD		CCC–		519,834
	6,000	Wimar OpCo LLC, Term Loan		8.250%		1/03/12		N/R		5,805,939

	7,263	Total Leisure Equipment & Products								6,777,433

		Machinery – 0.4%
	4,489	LyondellBasell, Term Loan B2		7.000%		12/22/14		Ba2		3,927,656
	1,955	Oshkosh Truck Corporation, Term Loan		4.414%		12/06/13		BBB–		1,840,958

	6,444	Total Machinery								5,768,614



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


			Weighted
Principal			Average
Amount (000)		Description (1)	Coupon		Maturity (4)		Ratings (3)		Value
		Media – 2.6%
$	5,743	Cequel Communications LLC, Term Loan B		4.724%		11/05/13		BB–	$	5,397,367
	4,055	Charter Communications Operating Holdings LLC, Term Loan		4.900%		3/06/14		B+		3,569,451
	2,500	Citadel Broadcasting Corporation, Term Loan B		4.284%		6/12/14		BB–		2,171,875
	5,950	Discovery Communications Holdings LLC, Term Loan		4.801%		5/14/14		N/R		5,848,801
	2,034	Gray Television Inc., Term Loan B		4.190%		12/31/14		B+		1,830,965
	990	Idearc, Inc., Term Loan		4.787%		11/17/14		BB		794,435
	1,980	Metro-Goldwyn-Mayer Studios, Inc., Term Loan		6.051%		4/08/12		N/R		1,629,756
	3,940	Neilsen Finance LLC, Term Loan		4.734%		8/09/13		Ba3		3,680,991
	947	Philadelphia Newspapers, Term Loan		9.500%		6/29/13		N/R		653,092
	1,975	Readers Digest Association, Inc., Term Loan		4.602%		3/02/14		B1		1,726,891
	5,940	Tribune Company, Term Loan B		5.482%		6/04/14		B		4,492,125
	3,433	Tribune Company, Term Loan X		5.478%		6/04/09		B		3,297,430
	8,000	Univision Communications, Inc., Term Loan		5.149%		9/29/14		Ba3		6,605,000
	429	Valassis Communications, Inc. Delayed Term Loan		4.210%		3/02/14		BB		410,334
	1,295	Valassis Communications, Inc. Tranche B, Term Loan		4.560%		3/02/14		BB		1,237,735

	49,211	Total Media								43,346,248

		Metals & Mining – 0.1%
	1,197	John Maneely Company, Term Loan		5.975%		12/08/13		B+		1,122,298

		Oil, Gas & Consumable Fuels – 0.5%
	2,992	CCS Income Trust, Term Loan		5.483%		11/14/14		BB–		2,703,209
	2,000	Venoco, Inc., Term Loan		6.688%		9/20/11		B		1,950,000
	3,591	Western Refining, Term Loan, WI/DD		TBD		TBD		BB–		3,357,521

	8,583	Total Oil, Gas & Consumable Fuels								8,010,730

		Paper & Forest Products – 0.2%
	3,949	Georgia-Pacific Corporation, Term Loan B		4.449%		12/21/12		BB+		3,735,310

		Pharmaceuticals – 0.1%
	2,000	Royalty Pharma Finance Trust, Term Loan		7.750%		5/21/15		Baa3		1,920,000

		Real Estate Management & Development – 0.3%
	880	LNR Property Corporation, Term Loan B		6.030%		7/12/11		BB		739,750
	3,960	Realogy Corporation, Delayed Term Loan		5.625%		10/01/13		BB–		3,380,207

	4,840	Total Real Estate Management & Development								4,119,957

		Road & Rail – 0.3%
	6,419	Swift Transportation Company, Inc., Term Loan		6.125%		5/10/14		B+		5,175,000

		Software – 0.2%
	2,680	Dealer Computer Services, Inc., Term Loan		4.801%		10/26/12		BB		2,558,132
	1,256	Intergraph Corporation, Term Loan		4.646%		5/29/14		BB–		1,208,969

	3,936	Total Software								3,767,101
		Specialty Retail – 1.1%
	3,766	Blockbuster, Inc., Tranche B Term Loan, WI/DD		TBD		TBD		B		3,582,275
	6,416	Burlington Coat Factory Warehouse Corporation, Term Loan		4.900%		5/28/13		B2		5,355,258
	3,442	Michaels Stores, Inc., Term Loan		4.872%		10/31/13		B		2,874,710
	1,500	TRU 2005 RE Holding Co I LLC, Term Loan		5.459%		12/08/08		B3		1,415,625
	3,600	TRU 2005 RE Holding Co I LLC, Term Loan B, WI/DD		TBD		TBD		BB–		3,493,499

	18,724	Total Specialty Retail								16,721,367

		Wireless Telecommunication Services – 0.5%
	6,000	Asurion Corporation, Term Loan		5.784%		7/03/14		N/R		5,589,999
	1,980	Leap Wireless International Inc., Term Loan		6.301%		6/17/13		Ba2		1,954,774

	7,980	Total Wireless Telecommunication Services								7,544,773

$	240,423	Total Variable Rate Senior Loan Interests (cost $231,963,799)								218,687,723


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Convertible Bonds – 8.8% (5.4% of Total Investments)
		Aerospace & Defense – 0.2%
$	300	Alliant Techsystems, Inc., Convertible Bonds		2.750%		9/15/11		BB–	$	363,750
	300	Alliant Techsystems, Inc., Convertible Bonds		2.750%		2/15/24		BB–		399,750
	400	DRS Technologies, Inc., Convertible Bonds, 144A		2.000%		2/01/26		BB–		545,000
	400	L-3 Communications Corporation, Convertible Bond		3.000%		8/01/35		BB+		444,500
	700	Lockheed Martin Corporation		2.428%		8/15/33		A–		955,430

	2,100	Total Aerospace & Defense								2,708,430

		Airlines – 0.1%
	3,375	JetBlue Airways Corporation		3.750%		3/15/35		CCC		2,160,000

		Beverages – 0.0%
	450	Molson Coors Brewing Company, Senior Convertible Notes		2.500%		7/30/13		BBB		549,563

		Biotechnology – 0.2%
	1,850	Amgen Inc., 144A		0.125%		2/01/11		A+		1,688,125
	1,050	Genzyme Corporation		1.250%		12/01/23		BBB+		1,166,813

	2,900	Total Biotechnology								2,854,938

		Capital Markets – 0.0%
	350	BlackRock Inc.		2.625%		2/15/35		A+		626,500

		Commercial Banks – 0.2%
	2,300	National City Corporation, Convertible Senior Notes		4.000%		2/01/11		A		1,871,625
	750	US Bancorp, Convertible Bonds, Floating Rate		1.354%		12/11/35		AA		736,920

	3,050	Total Commercial Banks								2,608,545

		Commercial Services & Supplies – 0.3%
	5,800	Allied Waste Industries Inc., Convertible Debentures		4.250%		4/15/34		B+		5,539,000

		Communications Equipment – 0.3%
	800	Ciena Corporation, Convertible Bond		0.875%		6/15/17		B+		646,000
	200	CommScope Inc.		1.000%		3/15/24		B		488,750
	950	Liberty Media Corporation, Senior		3.500%		1/15/31		BB+		459,199
		Debentures Exchangeable for Motorola Common Stock
	1,450	Lucent Technologies Inc., Series B		2.875%		6/15/25		BB–		1,154,563
	1,050	Lucent Technologies Inc.		2.875%		6/15/23		BB–		962,063
	600	Nortel Networks Corp.		1.750%		4/15/12		B–		452,250
	400	Nortel Networks Corp.		1.750%		4/15/12		B–		301,500
	850	Nortel Networks Corp.		2.125%		4/15/14		B–		573,750

	6,300	Total Communications Equipment								5,038,075

		Computers & Peripherals – 0.3%
	1,750	EMC Corporation, Convertible Bonds, 144A		1.750%		12/01/11		A–		2,001,563
	700	EMC Corporation, Convertible Bonds, 144A		1.750%		12/01/13		A–		802,375
	350	EMC Corporation, Convertible Bonds, 144A		1.750%		12/01/13		A–		401,188
	800	Sandisk Corporation, Convertible Bond		1.000%		5/15/13		BB–		553,000

	3,600	Total Computers & Peripherals								3,758,126

		Construction & Engineering – 0.1%
	250	Fluor Corporation, Convertible Bonds		1.500%		2/15/24		A3		832,813
	400	Quanta Services, Inc., Convertible Bonds		4.500%		10/01/23		BB		1,200,000

	650	Total Construction & Engineering								2,032,813

		Containers & Packaging – 0.0%
	500	Sealed Air Corporation, 144A		3.000%		6/30/33		BBB–		480,625
		Diversified Financial Services – 0.1%
	350	Leucadia National Corporation, Convertible Bonds		3.750%		4/15/14		BB–		753,375
	600	NASDAQ Stock Market Inc., Convertible Bond		2.500%		8/15/13		BB+		524,250

	950	Total Diversified Financial Services								1,277,625

		Diversified Telecommunication Services – 0.1%
	900	Qwest Communications International Inc., Convertible Bond		3.500%		11/15/25		B+		889,875



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Electric Utilities – 0.0%
$	400	Covanta Holding Corporation, Convertible Bonds		1.000%		2/01/27		B1	$	426,500

		Electrical Equipment – 0.0%
	600	General Cable Corporation, Convertible Bonds		1.000%		10/15/12		B+		595,500

		Electronic Equipment & Instruments – 0.1%
	400	Anixter International Inc., Convertible Bond		0.000%		7/07/33		BB–		369,500
	350	Itron Inc.		2.500%		8/01/26		B–		569,188
	400	Tech Data Corporation, Convertible Bonds		2.750%		12/15/26		BBB–		372,500
	400	Vishay Intertechnology Inc.		3.625%		8/01/23		B+		399,500

	1,550	Total Electronic Equipment & Instruments								1,710,688

		Energy Equipment & Services – 1.0%
	400	Cooper Cameron Corporation		1.500%		5/15/24		BBB+		1,285,500
	950	Halliburton Company, Convertible Bond		3.125%		7/15/23		A		2,695,625
	1,750	Nabors Industries Inc., Convertible Bond Series 144A		0.940%		5/15/11		BBB+		2,161,250
	450	Nabors Industries Inc., Convertible Bond Series 144A		0.940%		5/15/11		BBB+		555,750
	300	Schlumberger Limited		2.125%		6/01/23		A+		811,125
	400	SESI LLC, Convertible Bond, 144A		1.500%		12/15/26		BB		540,500
	1,000	Transocean Inc., Convertible Bond		1.625%		12/15/37		BBB+		1,127,500
	2,550	Transocean Inc.		1.500%		12/15/37		BBB+		2,894,250
	1,450	Transocean Inc.		1.500%		12/15/37		BBB+		1,656,625

	9,250	Total Energy Equipment & Services								13,728,125

		Food Products – 0.0%
	400	Archer Daniels Midland Company, Convertible Bonds		0.875%		2/15/14		A		404,500

		Health Care Equipment & Supplies – 0.5%
	483	Advanced Medical Optics		2.500%		7/15/24		B–		441,341
	750	Advanced Medical Optics		3.250%		8/01/26		B–		550,313
	450	American Medical Systems Holdings, Convertible Bond		3.250%		7/01/36		B		441,000
	450	Beckman Coulter Inc., Convertible Bonds, 144A		2.500%		12/15/36		BBB		500,063
	1,600	Hologic Inc.		2.000%		12/15/37		B+		1,360,000
	450	Kinetic Concepts Inc., Convertible Bond		3.250%		4/15/15		B+		458,438
	3,350	Medtronic, Inc., Convertible Bond		1.500%		4/15/11		AA–		3,576,125
	250	Medtronic, Inc.		1.500%		4/15/11		AA–		266,875
	1,050	Saint Jude Medical, Inc., Convertible Bonds		1.220%		12/15/08		A–		1,044,750

	8,833	Total Health Care Equipment & Supplies								8,638,905

		Health Care Providers & Services – 0.6%
	950	Health Management Associates Inc.		1.500%		8/01/23		Baa3		951,188
	550	Laboratory Corporation of America Holdings		0.000%		9/11/21		BBB–		528,000
	350	LifePoint Hospitals Inc., Convertible Bond		3.250%		8/15/25		B		290,938
	650	Lifepoint Hospitals, Inc., Convertible Bonds		3.500%		5/15/14		B		556,563
	9,065	Omnicare, Inc.		3.250%		12/15/35		B+		6,821,413
	300	Saint Jude Medical, Inc., Convertible Bonds		1.220%		12/15/08		A–		298,500

	11,865	Total Health Care Providers & Services								9,446,602

		Hotels, Restaurants & Leisure – 0.2%
	850	Carnival Corporation		2.000%		4/15/21		A–		870,188
	650	International Game Technology		2.600%		12/15/36		BBB		627,250
	1,300	Punch Taverns Corporation, Convertible Bonds		5.000%		12/14/10		N/R		2,134,635

	2,800	Total Hotels, Restaurants & Leisure								3,632,073

		Insurance – 0.2%
	3,850	Prudential Financial Inc., Convertible Bond		0.296%		12/12/36		A+		3,769,150
		Internet & Catalog Retail – 0.1%
	250	Priceline.com, Inc., Convertible Bonds		0.500%		9/30/11		BB–		723,438
	250	Priceline.com, Inc., Convertible Bonds		0.750%		9/30/13		BB–		715,938

	500	Total Internet & Catalog Retail								1,439,376
		IT Services – 0.1%
	850	Electronic Data Systems Corporation, Convertible Bonds		3.875%		7/15/23		BBB–		852,125


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Leisure Equipment & Products – 0.0%
$	400	Eastman Kodak Company		3.375%		10/15/33		B	$	379,000

		Life Sciences Tools & Services – 0.1%
	350	Apogent Technologies, Inc., Convertible Bonds		1.564%		12/15/33		BBB+		674,076
	250	Charles River Laboratories International, Inc.		2.250%		6/15/13		BB+		356,250
	250	Fisher Scientific International, Inc., Convertible Bonds		2.500%		10/01/23		BBB+		595,625

	850	Total Life Sciences Tools & Services								1,625,951

		Machinery – 0.1%
	900	Danaher Corporation, Convertible Bonds		0.000%		1/22/21		A+		1,027,125
	700	Trinity Industries Inc., Convertible Bonds		3.875%		6/01/36		Ba2		672,000

	1,600	Total Machinery								1,699,125

		Media – 0.7%
	300	ELF Special Financing Limited, Convertible Bonds, 144A		6.308%		6/15/09		Ba3		322,719
	500	ELF Special Financing Limited, Convertible Bonds, 144A		3.164%		6/15/09		Ba3		491,190
	2,400	Getty Images, Inc., Convertible Bonds		0.500%		6/09/23		Ba2		2,412,000
	400	Hasbro Inc.		2.750%		12/01/21		BBB		664,500
	350	Interpublic Group Companies Inc., Convertible Notes		4.750%		3/15/23		Ba3		360,500
	400	Interpublic Group Companies Inc., Convertible Notes		4.250%		3/15/23		Ba3		407,000
	50	Interpublic Group Companies Inc., Convertible Notes		4.250%		3/15/23		Ba3		50,875
	900	Liberty Media Corporation, Senior		3.250%		3/15/31		BB+		580,500
		Debentures, Exchangeable for Class B Viacom Common Stock
	1,100	Liberty Media Corporation, Senior		4.000%		11/15/29		BB+		611,875
		Debentures, Exchangeable for PCS Common Stock, Series 1
	1,700	Liberty Media Corporation		0.750%		3/30/23		BB+		1,780,750
	1,100	Omnicom Group, Inc.		0.000%		7/31/32		A–		1,111,000
	750	Omnicom Group, Inc.		0.000%		7/01/38		A–		783,750
	1,200	Omnicom Group, Inc.		0.000%		2/07/31		A–		1,195,500
	400	Sinclair Broadcast Group, Inc., Convertible Bonds		3.000%		5/15/27		B		369,000

	11,550	Total Media								11,141,159

		Metals & Mining – 0.2%
	3,000	Gold Reserve, Inc., Convertible Bonds		5.500%		6/15/22		N/R		1,680,000
	50	Newmont Mining Corp., Senior Convertible Note		1.625%		7/15/17		BBB+		64,625
	900	Newmont Mining Corporation		1.625%		7/15/17		BBB+		1,163,250

	3,950	Total Metals & Mining								2,907,875

		Multiline Retail – 0.0%
	350	Saks, Inc., Convertible Bonds		2.000%		3/15/24		BB–		372,313

		Oil, Gas & Consumable Fuels – 0.6%
	250	Alpha Natural Resouces Inc., Convertible Bond		2.375%		4/15/15		B		520,000
	1,150	Chesapeake Energy Corporation, 144A		2.750%		11/15/35		BB		2,072,875
	1,200	Chesapeake Energy Corporation, Convertible Bonds		2.500%		5/15/37		BB		2,134,500
	650	Chesapeake Energy Corporation, Convertible Bonds		2.250%		12/15/38		BB		749,938
	650	Devon Energy Corporation		4.900%		8/15/08		BBB+		1,210,625
	900	Peabody Energy Corp., Convertible Bond		4.750%		12/15/66		Ba3		1,490,625
	450	Pioneer Natural Resouces Company, Convertible Bond		2.875%		1/15/38		BB+		702,563
	1,550	USEC Inc., Convertible Bond		3.000%		10/01/14		CCC		1,166,375

	6,800	Total Oil, Gas & Consumable Fuels								10,047,501

		Pharmaceuticals – 0.5%
	450	Allergan Inc., Convertible Bond		1.500%		4/01/26		A		476,438
	1,050	Bristol-Myers Squibb Company, Convertible Bond		2.314%		9/15/23		A+		1,049,349
	900	Myland Labs, Inc., Convertible Bonds		1.250%		3/15/12		B+		758,250
	1,250	Teva Pharmaceutical Finance Company B.V., Series D		1.750%		2/01/26		BBB+		1,395,313
	695	Teva Pharmaceutical Finance, Series A		0.500%		2/01/24		BBB+		853,113
	950	Teva Pharmaceutical Finance, Series B		0.250%		2/01/24		BBB+		1,273,000
	750	Watson Pharmaceuticals Inc., Convertible Bond		1.750%		3/15/23		BB+		718,125
	1,600	Wyeth, Convertible Bond		3.581%		1/15/24		A+		1,641,920
	7,645	Total Pharmaceuticals								8,165,508



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Real Estate – 0.8%
$	1,450	Boston Properties Limited Partnership, Convertible Bonds, 144A		2.875%		2/15/37		A–	$	1,344,875
	300	Brandywine Operating Partnership, Convertible Bonds		3.875%		10/15/26		BBB–		263,250
	750	BRE Properties Inc., Convertible Bond		4.125%		8/15/26		BBB		708,750
	750	Developers Diversified Realty Corporation, Convertible Bonds		3.000%		3/15/12		N/R		659,063
	700	Duke Realty Corporation, Series D		3.750%		12/01/11		BBB+		631,750
	450	Health Care REIT, Inc., Convertible Bonds		4.750%		12/01/26		Baa2		480,938
	800	Hospitality Properties Trust, Convertible Bonds		3.800%		3/15/27		BBB		670,000
	450	Host Marriot LP, Convertible Bonds, 144A		3.250%		4/15/24		Ba1		460,125
	1,800	Prologis, Convertible Bonds, 144A		2.250%		4/01/37		BBB+		1,653,750
	1,250	Prologis, Convertible Bonds, 144A		1.875%		11/15/37		BBB+		1,087,500
	2,200	Vornado Realty Trust, Convertible Bonds		2.850%		4/01/27		BBB		1,955,250
	900	Vornado Realty, Convertible Bond		3.875%		4/15/25		BBB		1,021,500
	900	Weingarten Realty Investment Trust, Convertible Bonds		3.950%		8/01/26		BBB+		832,500

	12,700	Total Real Estate								11,769,251

		Road & Rail – 0.0%
	150	CSX Corporation		0.000%		10/30/21		BBB–		334,875

		Semiconductors & Equipment – 0.6%
	1,400	Advanced Micro Devices, Inc., Convertible Bond		5.750%		8/15/12		B		1,037,750
	200	Advanced Micro Devices, Inc., Convertible Bonds		5.750%		8/15/12		B		148,250
	1,400	Advanced Micro Devices, Inc., Convertible Bonds		6.000%		5/01/15		B		889,000
	550	Advanced Micro Devices, Inc., Convertible Bonds		6.000%		5/01/15		B		349,250
	1,800	Intel Corporation, Convertible Bond		2.950%		12/15/35		A–		1,761,750
	2,050	Micron Technology, Inc.		1.875%		6/01/14		BB–		1,455,500
	600	ON Semiconductor Corporation		2.625%		12/15/26		B+		659,250
	3,500	Qimonda Finance LLC, Convertible Bond		6.750%		3/22/13		N/R		2,533,125
	450	Xilinx Inc., Convertible Bond, 144A		3.125%		3/15/37		BB		427,500

	11,950	Total Semiconductors & Equipment								9,261,375

		Software – 0.1%
	500	Amdocs Limited		0.500%		3/15/24		BBB		492,500
	350	Computer Associates International Inc., Convertible Bond, Series 144A		1.625%		12/15/09		BB+		437,063
	450	Red Hat Inc., Convertible Bond		0.500%		1/15/24		BB–		457,875

	1,300	Total Software								1,387,438

		Specialty Retail – 0.1%
	600	Best Buy Co., Inc.		2.250%		1/15/22		BBB–		628,500
	450	Charming Shoppes Inc., Convertible Bond		1.125%		5/01/14		B–		275,063
	750	TJX Companies, Inc.		0.000%		2/13/21		A–		794,063
	250	United Auto Group, Inc., Convertible Bonds		3.500%		4/01/26		B+		233,125

	2,050	Total Specialty Retail								1,930,751

		Textiles, Apparel & Luxury Goods – 0.0%
	400	Iconix Brand Group, Inc., Convertible Notes		1.875%		6/30/12		B		306,000

		Thrifts & Mortgage Finance – 0.1%
	1,450	Countrywide Financial Corporation, Convertible Bonds, 144A		-0.784%		4/15/37		Baa3		1,404,688

		Wireless Telecommunication Services – 0.2%
	450	American Tower Corporation		3.000%		8/15/12		BB+		939,375
	950	Liberty Media Corporation Convertible Bonds		3.750%		2/15/30		BB+		490,438
	1,000	Nextel Communications, Inc., Convertible Senior Notes		5.250%		1/15/10		Baa3		970,000

	2,400	Total Wireless Telecommunication Services								2,399,813

$	137,368	Total Convertible Bonds (cost $140,665,507)								140,300,282


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Corporate Bonds – 9.4% (5.7% of Total Investments)
		Aerospace & Defense – 0.1%
$	1,000	Hexcel Corporation, Term Loan		6.750%		2/01/15		B+	$	977,500

		Chemicals – 0.2%
	1,000	Momentive Performance Materials		9.750%		12/01/14		B		860,000
	3,000	Rockwood Specialties Group Inc., Series WI		7.500%		11/15/14		BB–		2,962,500

	4,000	Total Chemicals								3,822,500

		Containers & Packaging – 0.4%
	3,000	Owens-Brockway Glass Containers, Guaranteed Senior Note		8.250%		5/15/13		BB		3,090,000
	3,000	Owens-Illinois Inc.		7.500%		5/15/10		B+		3,067,500

	6,000	Total Containers & Packaging								6,157,500

		Diversified Telecommunication Services – 0.0%
	750	Syniverse Technologies Inc., Series B		7.750%		8/15/13		B		708,750

		Electric Utilities – 0.1%
	1,000	Sierra Pacific Resources, Series 2006		6.750%		8/15/17		BB		976,615

		Energy Equipment & Services – 0.2%
	2,500	Pride International Inc.		7.375%		7/15/14		BB+		2,506,250

		Food & Staples Retailing – 0.1%
	2,000	Stater Brothers Holdings Inc.		8.125%		6/15/12		B+		2,020,000

		Food Products – 0.5%
	4,110	Del Monte Corporation		8.625%		12/15/12		B+		4,192,200
	1,096	Dole Foods Company		8.625%		5/01/09		B–		1,049,420
	2,700	Dole Foods Company		8.750%		7/15/13		B–		2,389,500

	7,906	Total Food Products								7,631,120

		Health Care Providers & Services – 0.6%
	500	Biomet Inc.		10.000%		10/15/17		N/R		536,250
	3,000	Community Health Systems, Inc.		8.875%		7/15/15		B		3,033,750
	1,700	HCA Inc.		9.125%		11/15/14		BB–		1,742,500
	700	HCA Inc.		9.250%		11/15/16		BB–		722,750
	3,000	US Oncology Inc.		10.750%		8/15/14		B3		2,992,500

	8,900	Total Health Care Providers & Services								9,027,750

		Hotels, Restaurants & Leisure – 1.2%
	4,075	Boyd Gaming Corporation		7.750%		12/15/12		BB		3,535,063
	1,650	Jacobs Entertainment Inc.		9.750%		6/15/14		B		1,245,750
	2,000	Landry’s Restaurants Inc.		9.500%		12/15/14		B3		1,970,000
	1,000	Park Place Entertainment		7.875%		3/15/10		B–		915,000
	2,000	Pinnacle Entertainment Inc.		8.250%		3/15/12		B+		1,975,000
	3,000	Pinnacle Entertainment Inc.		8.750%		10/01/13		B+		3,015,000
	1,750	Seminole Hard Rock Entertainment, Inc.		5.177%		3/15/14		BB		1,478,750
	4,000	Universal City Development Partners		11.750%		4/01/10		B+		4,120,000

	19,475	Total Hotels, Restaurants & Leisure								18,254,563

		Independent Power Producers & Energy Traders – 0.1%
	500	Mirant North America LLC		7.375%		12/31/13		B1		498,125
	600	NRG Energy Inc.		7.250%		2/01/14		B1		574,500
	600	NRG Energy Inc.		7.375%		2/01/16		B1		566,250

	1,700	Total Independent Power Producers & Energy Traders								1,638,875

		IT Services – 0.6%
	3,500	First Data Corporation		9.875%		9/24/15		B		3,049,375
	1,950	Global Cash Access LLC		8.750%		3/15/12		B		1,925,625
	4,750	Sungard Data Systems Inc.		9.125%		8/15/13		B+		4,821,250
	10,200	Total IT Services								9,796,250

		Machinery – 0.2%
	3,000	Greenbrier Companies, Inc.		8.375%		5/15/15		B		2,872,500



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Principal
Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Media – 1.7%
$	6,900	Allbritton Communications Company, Series B		7.750%		12/15/12		B+	$	6,744,750
	2,000	AMC Entertainment Inc.		8.000%		3/01/14		B2		1,785,000
	5,000	Cablevision Systems Corporation, Series B		8.125%		8/15/09		BB		5,050,000
	3,000	Cablevision Systems Corporation		7.250%		7/15/08		BB		3,007,500
	2,000	Cablevision Systems Corporation		8.125%		7/15/09		BB		2,020,000
	1,000	Dex Media West LLC		8.500%		8/15/10		BB–		992,500
	2,198	Dex Media West LLC		9.875%		8/15/13		B+		1,983,695
	4,000	Medianews Group Inc.		6.375%		4/01/14		Caa2		1,660,000
	4,000	R.H. Donnelley Corporation		8.875%		10/15/17		B–		2,400,000
	3,500	Young Broadcasting Inc., Senior Subordinated Note		10.000%		3/01/11		Caa2		1,977,500
	2,000	Young Broadcasting Inc.		8.750%		1/15/14		Caa2		1,090,000

	35,598	Total Media								28,710,945

		Metals & Mining – 0.3%
	5,200	MagIndustries Corporation,		11.000%		12/14/12		N/R		4,834,783

		Multi-Utilities – 0.2%
	2,400	Dynegy Holdings, Inc., Term Loan		8.375%		5/01/16		B		2,340,000
	500	Northwestern Corporation		5.875%		11/01/14		A–		492,755

	2,900	Total Multi-Utilities								2,832,755

		Oil, Gas & Consumable Fuels – 0.8%
	600	Chaparral Energy Inc.		8.500%		12/01/15		B–		523,500
	4,345	Chesapeake Energy Corporation		7.750%		1/15/15		BB		4,529,663
	1,000	Hilcorp Energy I LP/Hilcorp Finance Company, Series 144A		7.750%		11/01/15		BB–		965,000
	2,000	Premcor Refining Group Inc.		7.500%		6/15/15		BBB		2,064,710
	3,000	SemGroup LP, 144A		8.750%		11/15/15		B1		2,925,000
	1,500	Whiting Petroleum Corporation		7.000%		2/01/14		BB–		1,479,375

	12,445	Total Oil, Gas & Consumable Fuels								12,487,248

		Paper & Forest Products – 0.4%
	5,000	Georgia-Pacific Corporation		8.125%		5/15/11		B+		4,962,500
	2,000	Georgia-Pacific Corporation		7.700%		6/15/15		B+		1,900,000

	7,000	Total Paper & Forest Products								6,862,500

		Personal Products – 0.1%
	1,600	Prestige Brands Inc.		9.250%		4/15/12		B–		1,608,000

		Real Estate – 0.3%
	3,000	Felcor Lodging Trust Inc., 144A		4.803%		12/01/11		Ba3		2,715,000
	1,000	Trustreet Properties, Inc., (10)		7.500%		4/01/15		AAA		1,067,628
	500	Ventas Realty LP, Series WI		7.125%		6/01/15		BBB–		490,625

	4,500	Total Real Estate								4,273,253

		Semiconductors & Equipment – 0.3%
	2,400	Avago Technologies Finance Pte Limited		10.125%		12/01/13		BB–		2,556,000
	2,000	NXP BV		5.463%		10/15/13		BB–		1,767,500

	4,400	Total Semiconductors & Equipment								4,323,500

		Software – 0.2%
	3,250	Telcorida Technologies, Inc.		6.564%		7/15/12		B		2,819,375

		Specialty Retail – 0.5%
	1,000	Quiksilver Inc.		6.875%		4/15/15		Ba3		855,000
	7,000	Warnaco Inc., Senior Notes		8.875%		6/15/13		BB		7,297,500

	8,000	Total Specialty Retail								8,152,500

		Textiles, Apparel & Luxury Goods – 0.2%
	4,000	Jostens IH Corporation		7.625%		10/01/12		B+		3,950,000

		Wireless Telecommunication Services – 0.1%
	1,500	IPCS, Inc.		4.975%		5/01/13		B1		1,357,500

$	158,824	Total Corporate Bonds (cost $161,160,070)								148,602,532


Principal
Amount (000)/
Shares		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Capital Preferred Securities – 29.2% (17.8% of Total Investments)
		Capital Markets – 3.0%
	20,750	C.A. Preferred Funding Trust		7.000%		1/30/49		A1	$	19,377,491
	16	Deutsche Bank Capital Funding Trust V		8.050%		6/30/58		Aa3		375,858
	12,400	Dresdner Funding Trust I, 144A		8.151%		6/30/31		A1		10,371,348
	3,500	First Union Capital Trust II, Series A		7.950%		11/15/29		A1		3,443,738
	8,650	JPM Chase Capital XXV		6.800%		10/01/37		Aa3		7,787,102
	6,700	Kleinwort Benson Group PLC		3.392%		12/31/99		N/R		4,184,592
	2,200	MUFG Capital Finance		4.850%		7/25/56		BBB+		2,666,289

		Total Capital Markets								48,206,418


		Commercial Banks – 16.2%
	2,000	AB Svensk Exportkredit, 144A		6.375%		10/27/49		AA–		1,994,028
	7,600	Abbey National Capital Trust I		8.963%		6/30/50		A+		8,345,005
	41,600	AgFirst Farm Credit Bank		7.300%		12/15/53		A		38,570,854
	13,070	Bank One Capital III		8.750%		9/01/30		Aa3		14,429,476
	2,600	BankAmerica Institutional Capital Trust, Series B, 144A		7.700%		12/31/26		Aa3		2,560,758
	1,000	BanPonce Trust I, Series A		8.327%		2/01/27		Baa1		954,707
	4,000	Barclays Bank PLC, 144A		8.550%		6/15/49		Aa3		3,890,000
	1,000	Barclays Bank PLC		7.434%		12/15/57		Aa3		939,522
	2,500	BBVA International Preferred S.A., Unipersonal		5.919%		4/18/58		Aa3		2,045,215
	4,000	BNP Paribas		7.195%		12/25/57		AA–		3,627,332
	1,000	Capital One Capital IV Corporation		6.745%		2/17/37		Baa1		749,099
	10,100	DBS Capital Funding Corporation, 144A		7.657%		3/15/49		Aa3		10,218,019
	1,900	Den Norske Bank, 144A		7.729%		6/29/49		Aa3		1,905,865
	5,750	First Empire Capital Trust I		8.234%		2/01/27		A3		5,736,373
	4,250	First Midwest Bancorp Inc.		6.950%		12/01/33		Baa1		3,357,645
	750	HBOS Capital Funding LP, Notes		6.850%		3/23/49		A1		604,937
	23,900	HBOS PLC, Series 144A		6.413%		4/01/49		A1		16,740,038
	6,000	HBOS PLC, Series 144A		6.657%		11/21/57		A1		4,214,874
	12,838	HSBC Capital Funding LP, 144A		9.547%		12/31/49		A1		13,400,985
	14,000	HSBC Capital Funding LP, Debt		10.176%		6/30/50		A1		17,217,284
	15,905	KBC Bank Fund Trust III, 144A		9.860%		5/02/50		A1		16,781,318
	4,000	KeyCorp Capital III		7.750%		7/15/29		A3		3,429,036
	5,000	Lloyds TSB Bank PLC, Subordinated Note		6.900%		11/22/49		Aa2		4,630,235
	4,000	Mizuho Financial Group		8.375%		4/27/49		Aa3		4,008,668
	1,000	Nordbanken AB, 144A		8.950%		11/29/49		Aa3		1,034,660
	10,000	North Fork Capital Trust II		8.000%		12/15/27		Baa1		8,818,840
	6,000	Northgroup Preferred Capital Corporation, 144A		6.378%		10/15/57		A1		4,135,854
	6,000	PNC Preferred Funding Trust III		8.700%		3/15/58		A–		5,981,742
	2,000	Reliance Capital Trust I, Series B		8.170%		5/01/28		N/R		1,674,798
	6,200	Royal Bank of Scotland Group PLC		9.118%		3/31/49		A1		6,249,947
	3,500	Shinsei Finance II Cayman Limited, Perpetual Maturity, 144A		7.160%		7/25/49		Baa2		2,471,875
	3,100	Standard Chartered PLC, 144A		6.409%		1/30/57		BBB+		2,491,507
	11,700	Standard Chartered PLC, 144A		7.014%		1/30/58		BBB+		10,105,044
	14,700	Swedbank ForeningsSparbanken AB, 144A		9.000%		9/17/50		A1		14,910,563
	15,290	Unicredito Italiano Capital Trust, 144A		9.200%		4/05/51		A1		15,685,291
	600	Union Bank of Norway		7.068%		11/19/49		A		908,205

		Total Commercial Banks								254,819,599


		Diversified Financial Services – 1.6%
	4,800	Fulton Capital Trust I		6.290%		2/01/36		A3		3,327,839
	23,600	Old Mutual Capital Funding, Notes		8.000%		6/22/53		Baa2		22,478,999

		Total Diversified Financial Services								25,806,838


		Diversified Telecommunication Services – 1.2%
	19	Centaur Funding Corporation, Series B, 144A		9.080%		4/21/20		BBB		18,871,313
		Insurance – 5.9%
	2,000	Allstate Corporation		6.500%		5/15/57		A2		1,752,685
	4,000	AMBAC Financial Group Inc.		6.150%		2/15/87		BBB+		642,487
	10,000	American General Capital II		8.500%		7/01/30		A1		10,378,239
	4,980	American General Institutional Capital, 144A		8.125%		3/15/46		A1		4,818,891
	12,400	American International Group		8.175%		5/15/58		A1		11,700,924
	6,900	AXA S.A., 144A		6.463%		12/14/49		BBB+		5,529,521



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Principal
Amount (000)/
Shares		Description (1)	Coupon		Maturity		Ratings (3)		Value
		Insurance (continued)

	750	Great West Life and Annuity Insurance Company		7.153%		5/16/46		A–	$	672,061
	7,000	Hartford Financial Services Group Inc.		8.125%		6/15/68		AAA		6,824,173
	3,500	Liberty Mutual Group		7.800%		3/15/37		Baa3		2,801,102
	6,000	MetLife Capital Trust X		9.250%		4/08/68		BBB+		6,478,007
	1,550	Nationwide Financial Services Capital Trust		7.899%		3/01/37		Baa1		1,374,152
	4,000	Nationwide Financial Services Inc.		6.750%		5/15/67		Baa1		3,176,835
	7,600	Oil Insurance Limited, 144A		7.558%		12/30/49		Baa1		6,487,868
	3,800	Progressive Corporation		6.700%		6/15/37		A2		3,337,482
	4,000	Prudential Financial Inc.		0.000%		6/15/38		A–		4,005,395
	1,000	Prudential PLC		6.500%		6/29/49		A		853,450
	9,000	QBE Capital Funding Trust II, 144A		6.797%		6/01/49		BBB		7,556,750
	22,200	XL Capital, Limited		6.500%		10/15/57		BBB		15,007,332

		Total Insurance								93,397,354


		Real Estate – 0.0%
	2,000	CBG Florida REIT Corporation		7.114%		11/15/49		BB+		543,471
	4	PS Business Parks Inc., Series M		7.200%		3/30/55		BBB–		80,825

		Total Real Estate								624,296


		Road & Rail – 0.4%
	7,600	Burlington Northern Santa Fe Funding Trust I		6.613%		12/15/55		BBB		6,891,102
		Thrifts & Mortgage Finance – 0.9%
	25,600	Washington Mutual Preferred Funding Cayman, Series A-1, 144A		7.250%		3/15/49		BB+		14,477,541
	1,000	Washington Mutual Preferred Funding Trust II		6.665%		3/15/57		BB+		540,736

		Total Thrifts & Mortgage Finance								15,018,277


		Total Capital Preferred Securities (cost $557,822,602)								463,635,197


Shares		Description (1)							Value
		Investment Companies – 2.4% (1.5% of Total Investments)
	99,306	Blackrock Preferred and Corporate Income Strategies Fund							$	1,517,395
	751,883	Blackrock Preferred Income Strategies Fund								11,443,658
	88,292	Blackrock Preferred Opportunity Trust								1,549,524
	753,964	Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.								10,510,257
	109,139	Flaherty and Crumrine/Claymore Total Return Fund Inc.								1,634,901
	84,688	John Hancock Preferred Income Fund								1,603,143
	63,914	John Hancock Preferred Income Fund II								1,195,191
	540,883	John Hancock Preferred Income Fund III								9,016,519

		Total Investment Companies (cost $50,705,066)								38,470,588

Principal
Amount (000)		Description (1)	Coupon		Maturity				Value
		Short-Term Investments – 8.5% (5.2% of Total Investments)
$	63,458	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $63,461,331, collateralized by $51,020,000 U.S. Treasury Bonds, 6.250%, due 8/15/23, value $61,925,525, $1,225,000 U.S. Treasury Bonds, 6.500%, due 11/15/26, value $1,525,125 and $1,000,000 U.S. Treasury Bonds, 6.625%, due 2/15/27, value $1,278,750		1.350%		7/01/08			$	63,458,951
	71,260	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $71,262,186, collateralized by $73,385,000 U.S. Treasury Bills, 0.000%, due 12/11/08, value $72,687,843		1.350%		7/01/08				71,259,514

$	134,718	Total Short-Term Investments (cost $134,718,465)								134,718,465

		Total Investments (cost $2,894,611,077) – 163.9%								2,599,974,826


Shares			Description (1)								Value
			Common Stocks Sold Short – (0.7)%
			Chemicals – (0.1)%
	(30,000	)	Sigma-Aldrich Corporation								$	(1,615,800	)
			Computers & Peripherals – (0.1)%
	(6,500	)	Apple, Inc.,									(1,088,360	)
			Health Care Equipment & Supplies – (0.1)%
	(13,000	)	C. R. Bard, Inc.									(1,143,350	)
	(9,000	)	Chattem Inc., (2)									(585,450	)

			Total Health Care Equipment & Supplies									(1,728,800	)

			Hotels, Restaurants & Leisure – (0.0)%
	(17,600	)	Tim Hortons Inc.									(504,944	)
			Internet Software & Services – (0.1)%
	(20,426	)	Bankrate Inc., (2)									(798,044	)
			Pharmaceuticals – (0.2)%
	(45,500	)	Abbott Laboratories									(2,410,927	)
	(26,600	)	Allergan, Inc.									(1,384,530	)

			Total Pharmaceuticals									(3,795,457	)
			Specialty Retail – (0.1)%
	(11,600	)	AutoZone, Inc., (2)									(1,403,716	)
	(20,100	)	Urban Outfitters, Inc., (2)									(626,919	)

			Total Specialty Retail									(2,030,635	)

			Total Common Stocks Sold Short (proceeds $12,715,797)									(11,562,040	)

Number of				Notional			Expiration		Strike
Contracts			Type	Amount (8)			Date		Price		Value
			Call Options Written – (1.0)%
	(3,777	)	Allied Waste Industries	$	(3,777,000	)		1/17/09		$10.0	$	(1,246,410	)
	(664	)	Allied Waste Industries		(830,000	)		1/17/09		12.5		(92,960	)
	(538	)	Ameren Corporation		(2,421,000	)		12/20/08		45.0		(65,905	)
	(388	)	Amgen, Inc.		(1,940,000	)		1/17/09		50.0		(120,280	)
	(603	)	Amgen, Inc.		(3,316,500	)		1/17/09		55.0		(91,355	)
	(1,386	)	AngloGold Limited		(5,544,000	)		1/17/09		40.0		(270,270	)
	(221	)	Arch Coal Inc.		(1,215,500	)		1/17/09		55.0		(541,450	)
	(750	)	AstraZeneca Group		(3,375,000	)		7/19/08		45.0		(24,375	)
	(1,048	)	AstraZeneca Group		(5,240,000	)		1/17/09		50.0		(115,280	)
	(2,813	)	Barrick Gold Corporation		(14,065,000	)		1/17/09		50.0		(1,153,330	)
	(3,280	)	BJ Services Company		(7,380,000	)		1/17/09		22.5		(3,378,400	)
	(1,703	)	AbitibiBowater, Inc.		(2,128,750	)		1/17/09		12.5		(183,073	)
	(1,231	)	BP Amoco, PLC		(8,617,000	)		1/17/09		70.0		(640,120	)
	(900	)	eBay, Inc.		(2,700,000	)		1/17/09		30.0		(191,700	)
	(1,400	)	Electronic Data Systems Corporation		(2,800,000	)		1/17/09		20.0		(707,000	)
	(1,430	)	Gold Fields Limited		(2,502,500	)		7/19/08		17.5		(7,150	)
	(430	)	Health Net Inc.		(1,290,000	)		10/18/08		30.0		(27,950	)
	(570	)	IdaCorp Inc.		(1,710,000	)		11/22/08		30.0		(57,000	)
	(1,800	)	Ivanhoe Mines Ltd.		(2,250,000	)		1/17/09		12.5		(292,500	)
	(433	)	KT Corporation		(1,082,500	)		7/19/08		25.0		(8,660	)
	(2,446	)	LM Ericsson Telephone Company		(2,763,980	)		1/17/09		11.3		(244,600	)
	(650	)	Microsoft Corporation		(1,950,000	)		1/17/09		30.0		(92,625	)
	(2,351	)	Newmont Mining Corporation		(11,755,000	)		1/17/09		50.0		(1,657,455	)
	(865	)	Nexen Inc.		(2,595,000	)		1/17/09		30.0		(977,450	)
	(2,613	)	Nippon Telegraph & Telephone Corporation		(6,532,500	)		12/20/08		25.0		(385,418	)
	(585	)	Progress Energy, Inc.		(2,340,000	)		1/17/09		40.0		(176,963	)
	(833	)	Royal Dutch Shell PLC		(5,831,000	)		7/19/08		70.0		(849,660	)
	(601	)	Sanofi–Aventis		(2,554,250	)		9/20/08		42.5		(4,508	)
	(870	)	Scholastic Corporation		(2,610,000	)		9/20/08		30.0		(113,100	)
	(1,888	)	Smithfield Foods, Inc.		(5,664,000	)		1/17/09		30.0		(66,080	)
	(670	)	Tech Data Corporation		(2,680,000	)		1/17/09		40.0		(60,300	)
	(143	)	Technip S.A.		(858,000	)		12/20/08		60.0		(137,114	)
	(5,094	)	Tyson Foods, Inc.		(7,641,000	)		1/17/09		15.0		(967,860	)
	(1,699	)	Tyson Foods, Inc.		(2,973,250	)		1/17/09		17.5		(165,653	)



JQC		Nuveen Multi-Strategy Income and Growth Fund 2 (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited)


Number of				Notional			Expiration		Strike
Contracts			Type	Amount (8)			Date		Price		Value
			Call Options Written (continued)

	(540	)	UBS AG	$	(1,620,000	)		1/17/09	$	30.0	$	(36,447	)
	(580	)	UBS AG		(2,320,000	)		1/17/09		40.0		(5,800	)

	(47,793	)	Total Call Options Written (cost $(14,210,004))		(136,872,730	)						(15,156,201	)

			Borrowings Payable – (40.4)% (11), (12)									(640,000,000	)

			Other Assets Less Liabilities – (1.3)%									(22,363,188	)

			FundPreferred Shares, at Liquidation Value – (20.5)% (11)									(325,000,000	)

			Net Assets Applicable to Common Shares – 100%								$	1,585,893,397

Interest Rate Swaps outstanding at June 30, 2008:

Fund

Fixed Rate

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Termination

Appreciation

Counterparty

Amount

Floating Rate

Index

(Annualized)

Frequency

Date

(Depreciation)

JPMorgan Chase

97,000,000

Receive

1-Month USD-LIBOR

3.360

Monthly

1/23/09

(160,737

)

USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)


(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.
(3)		Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.
(4)		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.
(5)		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.
(6)		Position or portion of position represents an unfunded Senior Loan commitment outstanding at June 30, 2008.
(7)		Negative value represents unrealized depreciation an unfunded Senior Loan commitment outstanding at June 30, 2008.
(8)		For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.
(9)		Portion of investments, with an aggregate market value of $138,324,273, has been pledged to collateralize the net payment obligations under call options written.
(10)		Portion of investment, with an aggregate market value of $400,350, has been pledged to collateralize the net payment obligations under interest rate swap contracts.
(11)		Borrowings and FundPreferred Shares, at Liquidation Value as a percentage of total investments are (24.6)% and (12.5)%, respectively.
(12)		The Fund may pledge up to 100% of its eligible securities in the Portfolio of Investments as collateral for Borrowings.
N/R		Not rated.
WI/DD		Purchased on a when-issued or delayed delivery basis.
144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
ADR		American Depositary Receipt.
CORTS		Corporate Backed Trust Securities.
PPLUS		PreferredPlus Trust.
SATURNS		Structured Asset Trust Unit Repackaging.
TBD		Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the Borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

See accompanying notes to financial statements.



		Statement of ASSETS & LIABILITIES
		June 30, 2008 (Unaudited)


	Multi-Strategy			Multi-Strategy
	Income			Income
	and Growth			and Growth 2
	(JPC)			(JQC)
Assets
Investments, at value (cost $2,067,225,278 and $2,894,611,077, respectively)	$	1,844,235,167		$	2,599,974,826
Cash		52,374			3,749
Cash deposits with brokers		9,569,595			22,531,966
Cash denominated in foreign currencies (cost $456,645 and $1,167,499, respectively)		459,259			1,175,838
Receivables:
Call options closed/expired		42,938			—
Dividends		2,430,841			2,916,023
Interest		8,751,086			12,705,156
Investments sold		21,858,174			29,858,396
Reclaims		90,209			85,116
Deferred borrowing costs		345,000			565,333
Other assets		149,866			189,054

Total assets		1,887,984,509			2,670,005,457

Liabilities
Borrowings		450,000,000			640,000,000
Securities sold short, at value (proceeds $9,112,809 and $12,715,797, respectively)		8,265,724			11,562,040
Call options written, at value (premiums received $10,461,853 and $14,210,004, respectively)		11,019,271			15,156,201
Unrealized depreciation on interest rate swaps		138,013			160,737
Payable for investments purchased		33,172,837			50,334,195
Accrued expenses:
Interest on borrowings		1,054,219			1,499,333
Management fees		935,443			1,095,714
Other		551,741			703,855
FundPreferred shares dividends payable		99,623			129,956
Common shares dividends payable		27,205,145			38,470,029

Total liabilities		532,442,016			759,112,060

FundPreferred shares, at liquidation value		258,000,000			325,000,000

Net assets applicable to Common shares	$	1,097,542,493		$	1,585,893,397

Common shares outstanding		99,403,528			139,731,300

Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)	$	11.04		$	11.35


Net assets applicable to Common shares consist of:

Common shares, $.01 par value per share	$	994,035		$	1,397,313
Paid-in surplus		1,380,691,001			1,964,129,054
Undistributed (Over-distribution of) net investment income		(32,828,142	)		(48,903,754	)
Accumulated net realized gain (loss) from investments foreign currencies and derivative transactions		(28,484,730	)		(36,155,395	)
Net unrealized appreciation (depreciation) of investments foreign currencies and derivative transactions		(222,829,671	)		(294,573,821	)

Net assets applicable to Common shares	$	1,097,542,493		$	1,585,893,397

Authorized shares:
Common		Unlimited			Unlimited
FundPreferred		Unlimited			Unlimited

See accompanying notes to financial statements.



		Statement of OPERATIONS Six Months Ended June 30, 2008 (Unaudited)


	Multi-Strategy			Multi-Strategy
	Income			Income
	and Growth			and Growth 2
	(JPC)			(JQC)
Investment Income
Dividends (net of foreign tax withheld of $483,813 and $666,483, respectively)	$	30,903,663		$	42,326,813
Interest		20,701,958			30,902,429
Fees		4,901,831			6,502,978

Total investment income		56,507,452			79,732,220

Expenses
Management fees		8,077,699			11,081,010
Dividend expense on securities sold short		9,762			13,743
FundPreferred shares – auction fees		719,133			1,004,030
FundPreferred shares – dividend disbursing agent fees		16,666			26,604
Shareholders’ servicing agent fees and expenses		4,033			5,023
Interest expense on borrowings and amortization of borrowing costs		3,003,328			3,687,409
Custodian’s fees and expenses		263,247			346,806
Trustees’ fees and expenses		18,116			36,944
Professional fees		28,105			35,438
Shareholders’ reports – printing and mailing expenses		181,305			224,444
Stock exchange listing fees		16,955			23,841
Investor relations expense		157,866			214,215
Prime broker expense		16,104			32,052
Other expenses		20,822			25,908

Total expenses before custodian fee credit and expense reimbursement		12,533,141			16,757,467
Custodian fee credit		(10,226	)		(11,454	)
Expense reimbursement		(2,664,454	)		(4,264,409	)

Net expenses		9,858,461			12,481,604

Net investment income		46,648,991			67,250,616

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and securities sold short		(32,766,692	)		(40,532,141	)
Interest rate swaps		101,282			168,141
Foreign currencies		46,217			64,467
Futures		120,926			164,214
Call options written		4,859,793			6,901,740
Change in net unrealized appreciation (depreciation) of:
Investments and securities sold short		(83,324,245	)		(92,202,290	)
Interest rate swaps		(724,058	)		(1,006,224	)
Foreign currencies		10,463			16,247
Call options written		263,110			95,438

Net realized and unrealized gain (loss)		(111,413,204	)		(126,330,408	)

Distributions to FundPreferred Shareholders
From and in excess of net investment income		(11,375,661	)		(15,905,858	)

Decrease in net assets applicable to Common shares from distributions to FundPreferred shareholders		(11,375,661	)		(15,905,858	)

Net increase (decrease) in net assets applicable to Common shares from operations	$	(76,139,874	)	$	(74,985,650	)

See accompanying notes to financial statements.



		Statement of CHANGES in NET ASSETS (Unaudited)


	Multi-Strategy						Multi-Strategy
	Income and Growth (JPC)						Income and Growth 2 (JQC)
	Six Months						Six Months
	Ended			Year Ended			Ended			Year Ended
	6/30/08			12/31/07			6/30/08			12/31/07
Operations
Net investment income	$	46,648,991		$	96,883,727		$	67,250,616		$	136,499,508
Net realized gain (loss) from:
Investments and securities sold short		(32,766,692	)		57,700,944			(40,532,141	)		81,973,158
Interest rate swaps		101,282			3,200,749			168,141			4,297,734
Foreign currencies		46,217			(96,087	)		64,467			(149,515	)
Futures		120,926			(9,930,657	)		164,214			(14,369,007	)
Call options written		4,859,793			(825,947	)		6,901,740			(1,262,638	)
Change in net unrealized appreciation (depreciation) of:
Investments and securities sold short		(83,324,245	)		(180,582,470	)		(92,202,290	)		(249,889,055	)
Interest rate swaps		(724,058	)		(3,662,494	)		(1,006,224	)		(4,936,771	)
Foreign currencies		10,463			(2,852	)		16,247			(2,264	)
Call options written		263,110			(820,528	)		95,438			(1,041,635	)
Distributions to FundPreferred shareholders:
From and in excess of net investment income		(11,375,661	)		—			(15,905,858	)		—
From net investment income		—			(27,675,110	)		—			(36,573,078	)
From accumulated net realized gains		—			(9,138,483	)		—			(13,728,192	)

Net increase (decrease) in net assets applicable to Common shares from operations		(76,139,874	)		(74,949,208	)		(74,985,650	)		(99,181,755	)

Distributions to Common Shareholders
From and in excess of net investment income		(56,660,011	)		—			(79,646,841	)		—
From net investment income		—			(76,330,955	)		—			(111,173,317	)
From accumulated net realized gains		—			(25,112,801	)		—			(41,701,368	)
Tax return of capital		—			(12,226,104	)		—			(7,272,288	)

Decrease in net assets applicable to Common shares from distributions to Common shareholders		(56,660,011	)		(113,669,860	)		(79,646,841	)		(160,146,973	)

Capital Share Transactions
Common shares repurchased		—			(3,326,834	)		(426,558	)		(7,872,338	)
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions		—			337,266			—			—

Net increase (decrease) in net assets applicable to Common shares from capital share transactions		—			(2,989,568	)		(426,558	)		(7,872,338	)

Net increase (decrease) in net assets applicable to Common shares		(132,799,885	)		(191,608,636	)		(155,059,049	)		(267,201,066	)
Net assets applicable to Common shares at the beginning of period		1,230,342,378			1,421,951,014			1,740,952,446			2,008,153,512

Net assets applicable to Common shares at the end of period	$	1,097,542,493		$	1,230,342,378		$	1,585,893,397		$	1,740,952,446

Undistributed (Over-distribution of) net investment income at the end of period	$	(32,828,142	)	$	(11,441,461	)	$	(48,903,754	)	$	(20,601,671	)

See accompanying notes to financial statements.



		Statement of CASH FLOWS Six Months Ended June 30, 2008 (Unaudited)


	Multi-Strategy			Multi-Strategy
	Income			Income
	and Growth			and Growth 2
	(JPC)			(JQC)
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations	$	(76,139,874	)	$	(74,985,650	)
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		(353,368,590	)		(490,086,736	)
Proceeds from sales and maturities of investments and securities sold short		373,616,495			495,942,334
Cash paid for call options terminated		(1,559,615	)		(2,036,945	)
Premiums received for call options written		9,920,278			13,430,538
Proceeds from (Purchases of) short-term investments, net		(49,570,531	)		(47,592,017	)
Proceeds from terminated interest rate swaps		101,282			168,141
Proceeds from sales of futures contracts		120,926			164,214
Amortization (Accretion) of premiums and discounts, net		(42,318	)		147,065
(Increase) Decrease in receivable for call options closed/expired		(42,938	)		—
(Increase) Decrease in receivable for dividends		(128,574	)		(219,056	)
(Increase) Decrease in receivable for interest		(284,545	)		256,799
(Increase) Decrease in receivable for investments sold		(20,314,803	)		(23,552,550	)
(Increase) Decrease in receivable for reclaims		(62,306	)		28,383
(Increase) Decrease in other assets		1,365			5,414
Increase (Decrease) in payable for investments purchased		31,161,416			44,003,460
Increase (Decrease) in interest on borrowings		1,054,219			1,499,333
Increase (Decrease) in accrued management fees		53,534			(95,149	)
Increase (Decrease) in accrued other liabilities		(9,983	)		31,261
Increase (Decrease) in securities sold short dividends payable		(19,038	)		(26,790	)
Increase (Decrease) in FundPreferred shares dividends payable		(311,651	)		(515,579	)
Net realized (gain) loss from investments and securities sold short		32,766,692			40,532,141
Net realized (gain) loss from interest rate swaps		(101,282	)		(168,141	)
Net realized (gain) loss from foreign currencies		(46,217	)		(64,467	)
Net realized (gain) loss from futures		(120,926	)		(164,214	)
Net realized (gain) loss from call options written		(4,859,793	)		(6,901,740	)
Net realized (gain) loss from paydowns		(394,687	)		(602,642	)
Change in net unrealized (appreciation) depreciation of investments and securities sold short		83,324,245			92,202,290
Change in net unrealized (appreciation) depreciation of interest rate swaps		724,058			1,006,224
Change in net unrealized (appreciation) depreciation of foreign currencies		(10,463	)		(16,247	)
Change in net unrealized (appreciation) depreciation of call options written		(263,110	)		(95,438	)
Capital gains and return of capital distributions from investments		1,602,827			1,353,110

Net cash provided by (used in) operating activities		26,796,093			43,647,346

Cash Flows from Financing Activities:
Increase (Decrease) in borrowings		450,000,000			640,000,000
Cash distributions paid to Common shareholders		(29,454,866	)		(41,176,812	)
Increase (Decrease) in FundPreferred shares		(450,000,000	)		(640,000,000	)
(Increase) Decrease in deferred borrowing costs		(345,000	)		(565,333	)
Cost of Common shares repurchased		—			(426,558	)

Net cash provided by (used in) financing activities		(29,799,866	)		(42,168,703	)

Net Increase (Decrease) in Cash		(3,003,773	)		1,478,643
Cash at the beginning of period		12,625,742			21,057,072

Cash at the End of Period	$	9,621,969		$	22,535,715

Supplemental Disclosure of Cash Flow Information

Cash paid for interest on borrowings (excluding amortization of borrowing costs) during the six months ended June 30, 2008, was $1,619,109 and $1,793,409 for Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC), respectively.

See accompanying notes to financial statements.



		Notes to FINANCIAL STATEMENTS (Unaudited)


1.	General Information and Significant Accounting Policies

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

Each Fund seeks to provide high income by investing primarily in a portfolio of preferred securities, domestic and international equity securities, high yield securities and convertible securities.

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

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 generally provided by an independent pricing service approved by the Funds’ Board of Trustees. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment, 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 by the pricing service or the Board of Trustee’s designee. The value of options written are based on the last sale price in the case of exchange-traded options or, in the case of options traded in the OTC market, the last asked price. Futures contracts are valued using the closing settlement price or, in the absence of such a price, at the mean of the bid and asked prices. If the pricing service is unable to supply a price for an investment or derivative instrument the Funds may use market quotes provided by major broker/dealers in such investments. If it is determined that the market price for an investment or derivative instrument is unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish fair value in accordance with procedures established in good faith by the Board of Trustees. Short-term investments are valued at amortized cost, which approximates market value.

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

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior loans purchased in the “primary market” is considered the date on which the loan allocations are determined. Trade date for senior loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains and losses from investment transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At June 30, 2008, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had outstanding when-issued/delayed delivery purchase commitments of $8,889,895 and $12,835,643, respectively.

Investment Income

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



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

Income Taxes

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

Effective June 29, 2007, the Funds adopted Financial Accounting Standards Board (FASB) Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., a greater than 50-percent liklihood) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax expense in the current year.

Implementation of FIN 48 required management of the Funds to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states. 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). The Funds have no examinations in progress.

For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Funds has reviewed all tax positions taken or expected to be taken in the preparation of the Funds’ tax returns and concluded the adoption of FIN 48 resulted in no impact to the Funds’ net assets or results of operations as of and during the six months ended June 30, 2008.

The Funds are 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 corporate income tax regulations, which may differ from U.S. generally accepted accounting principles.

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

Real Estate Investment Trust (“REIT”) distributions received by the Funds are generally comprised of ordinary income, long-term and short-term capital gains, and a return of REIT capital. The actual character of amounts received during the period are not known until after the fiscal year-end.

For the fiscal year ended December 31, 2007, the character of distributions to the Funds from the REITs was as follows:


	Multi-Strategy		Multi-Strategy
	Income		Income
	and Growth		and Growth 2
	(JPC)		(JQC)
Ordinary income		72.59%		82.98%
Long-term and short-term capital gains		27.32		16.92
Return of REIT capital		0.09		0.10

For the fiscal year ended December 31, 2007, the Funds applied the actual character of distributions reported by the REITs in which the Funds invest to their receipts from the REITs. If a REIT held in the portfolio of investments did not report the actual character of its distributions during the period, the Funds treated the distributions as ordinary income.

For the six months ended June 30, 2008, the Funds applied the actual percentages for the fiscal year ended December 31, 2007, described above, to its receipts from the REITs and treated as income on the Statement of Operations only the amount of ordinary income so calculated. The Funds adjust that estimated breakdown of income type (and consequently their net investment income) as necessary early in the following calendar year when the REITs inform their shareholders of the actual breakdown of income type.

The actual character of distributions made by the Funds during the fiscal year ended December 31, 2007, are reflected in the accompanying financial statements.

The distributions made by the Funds to their shareholders during the six months ended June 30, 2008, are provisionally classified as being “From and in excess of net investment income”, and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end, based upon the income type breakdown information conveyed at the time by the REITs whose securities are held in the Funds’ portfolios. For purposes of calculating “Undistributed (Over-distribution of) net investment income” as of June 30, 2008, the distribution amounts provisionally classified as “From and in excess of net investment income” were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2008, reflect an over-distribution of net investment income.

FundPreferred Shares

The Funds have issued and outstanding FundPreferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund’s FundPreferred shares are issued in more than one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. The number of FundPreferred shares outstanding, by Series and in total, for each Fund is as follows:


	Multi-Strategy	Multi-Strategy
	Income and	Income and
	Growth (JPC)	Growth 2 (JQC)
Number of shares:
Series M	1,720	1,300
Series M2	—	1,300
Series T	1,720	1,300
Series T2	—	1,300
Series W	1,720	1,300
Series W2	—	1,300
Series TH	1,720	1,300
Series TH2	—	1,300
Series F	1,720	1,300
Series F2	1,720	1,300

Total	10,320	13,000

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

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

As approved by each Fund’s Board of Trustees, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) redeemed $450 million and $640 million of their outstanding FundPreferred shares at liquidation value, respectively, during the six months ended June 30, 2008.

Interest Rate Swap Transactions

Each Fund is authorized to invest in interest rate swap transactions. Each Fund’s use of interest rate swap transactions 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 transactions involve each Fund’s agreement with the counterparty to pay or receive a



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

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 swaps 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 recognize an unrealized gain or loss for the daily changes in the market value of the Fund’s contractual rights and obligations under the contracts. The net amount recorded for these transactions is recognized on the Statement of Assets and Liabilities. Once periodic payments are settled in cash, the net amount is recorded as net realized gain or loss from interest rate swaps, in addition to net realized gain or loss recorded upon the termination of interest rate swap contracts on the Statement of Operations. For tax purposes, periodic payments are treated as ordinary income or expense. Although there are economic advantages of entering into interest rate swap transactions, there are also additional risks. Each Fund helps manage the credit risks associated with interest rate swap transactions by entering into agreements only with counterparties that Nuveen Asset Management (the “Adviser”), a wholly owned subsidiary of Nuveen investments, Inc. (“Nuveen”), believes have the financial resources to honor their obligations and by having the Adviser continually monitor the financial stability of the swap counterparties. In addition, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when a Fund has an unrealized loss on a swap contract, each Fund has instructed the custodian to pledge assets of the Fund 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 interest rate swap valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions including foreign currency forward, futures, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds 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 Funds’ 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 income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions. The gains or losses resulting from changes in foreign exchange rates are included in “Realized gain (loss) from foreign currencies” and “Change in net unrealized appreciation (depreciation) of foreign currencies” on the Statement of Operations.

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 the Funds and the amounts actually received.

Futures Contracts

Each Fund is authorized to invest in futures contracts. 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.” Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract. 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 the value of the contract when originally entered into. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized on the Statement of Assets and Liabilities. Additionally, the Statement of Assets and Liabilities reflects a receivable or payable for the variation margin when applicable. At June 30, 2008, there were no open futures contracts in either Fund.

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.

Options Transactions

Each Fund is authorized to write (sell) call options. When the Funds write a call option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to reflect the current value of the written option until the option expires or the Funds enter into a closing purchase transaction. When a call option expires or the Funds enter into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a net realized gain on option contracts written or, if the net premium received is less than the amount paid, as a net realized loss on option contracts written. The Funds, as writers of a call option, bears the risk of an unfavorable change in the market value of the security or index underlying the written option. There is the risk the Funds may not be able to enter into closing transactions because of an illiquid market.

Short Sales

Each Fund is authorized to make short sales of securities if the Fund owns at least an equal amount of such securities or securities convertible into securities of the same issuer. To secure its obligation to deliver securities sold short, each Fund has instructed the custodian to segregate assets with an equivalent amount of the securities sold short or securities convertible into or exchangeable for such securities. 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 records 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 included in “Change in net unrealized appreciation (depreciation) of investments and securities sold short” on the Statement of Operations.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Funds’ 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.

Borrowing Costs

Costs incurred by each Fund in connection with structuring its revolving credit agreement are recorded as a deferred charge which are being amortized over the 30 year life of the borrowings and included with “Interest expense on borrowings and amortization of borrowing costs” on the Statement of Operations.

Custodian Fee Credit

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

Indemnifications

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

Use of Estimates

The preparation of financial statements in conformity with U.S. 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.



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)


2.	Fair Value Measurements

During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Funds’ investments various inputs are used. These inputs are summarized in the three broad levels listed below:


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

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of each Fund’s fair value measurements as of June 30, 2008:


Multi-Strategy Income and Growth (JPC)	Level 1			Level 2			Level 3		Total
Investments	$	1,111,016,395		$	733,218,772		$	—	$	1,844,235,167
Derivatives*		—			(138,013	)		—		(138,013	)
Securities sold short		(8,265,724	)		—			—		(8,265,724	)
Call options written		(11,019,271	)		—			—		(11,019,271	)

Total	$	1,091,731,400		$	733,080,759		$	—	$	1,824,812,159


Multi-Strategy Income and Growth 2 (JQC)	Level 1			Level 2			Level 3		Total
Investments	$	1,555,830,398		$	1,044,144,428		$	—	$	2,599,974,826
Derivatives*		—			(160,737	)		—		(160,737	)
Securities sold short		(11,562,040	)		—			—		(11,562,040	)
Call options written		(15,156,201	)		—			—		(15,156,201	)

Total	$	1,529,112,157		$	1,043,983,691		$	—	$	2,573,095,848


*	Represents net unrealized appreciation (depreciation).

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


	Multi-Strategy			Multi-Strategy
	Income and Growth (JPC)			Income and Growth 2 (JQC)
	Level 3			Level 3
	Investments			Investments
Balance as of December 31, 2007	$	4,003,008		$	5,625,849
Gains (losses):
Net realized gains (losses)		568,137			798,463
Net change in unrealized appreciation (depreciation)		(303,329	)		(426,300	)
Net purchases at cost (sales at proceeds)		(850,056	)		(1,194,674	)
Net discounts (premiums)		22,374			31,445
Net transfers in to (out of) at end of period fair value		(3,440,134	)		(4,834,783	)

Balance as of June 30, 2008	$	—		$	—


3.	Fund Shares

Transactions in Common shares were as follows:


	Multi-Strategy					Multi-Strategy
	Income and Growth (JPC)					Income and Growth 2 (JQC)
	Six Months		Year			Six Months			Year
	Ended		Ended			Ended			Ended
	6/30/08		12/31/07			6/30/08			12/31/07
Common shares:
Repurchased		—		(311,100	)		(38,900	)		(725,600	)
Issued to shareholders due to reinvestments of distributions		—		23,651			—			—

		—		(287,449	)		(38,900	)		(725,600	)

Weighted average price per Common share repurchased		—		$10.67			$10.95			$10.83
Weighted average discount per Common share repurchased		—		13.81	%		12.44	%		13.85	%

Transactions in Preferred shares were as follows:


	Multi-Strategy								Multi-Strategy
	Income and Growth (JPC)								Income and Growth 2 (JQC)
	Six Months Ended				Year Ended				Six Months Ended				Year Ended
	6/30/08				12/31/07				6/30/08				12/31/07
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Preferred shares redeemed:
Series M		3,000		$75,000,000		—		$ —		2,560		$64,000,000		—		$ —
Series M2		—		—		—		—		2,560		64,000,000		—		—
Series T		3,000		75,000,000		—		—		2,560		64,000,000		—		—
Series T2		—		—		—		—		2,560		64,000,000		—		—
Series W		3,000		75,000,000		—		—		2,560		64,000,000		—		—
Series W2		—		—		—		—		2,560		64,000,000		—		—
Series TH		3,000		75,000,000		—		—		2,560		64,000,000		—		—
Series TH2		—		—		—		—		2,560		64,000,000		—		—
Series F		3,000		75,000,000		—		—		2,560		64,000,000		—		—
Series F2		3,000		75,000,000		—		—		2,560		64,000,000		—		—

		18,000		$450,000,000		—		$ —		25,600		$640,000,000		—		$ —


4.	Investment Transactions

Purchases and sales (including maturities and proceeds from securities sold short, but excluding short-term investments, call options written and derivative transactions) during the six months ended June 30, 2008, were as follows:


	Multi-Strategy		Multi-Strategy
	Income		Income
	and Growth		and Growth 2
	(JPC)		(JQC)
Purchases		$353,368,590		$490,086,736
Sales and maturities		373,616,495		495,942,334

Transactions in call options written during the six months ended June 30, 2008, were as follows:


	Multi-Strategy						Multi-Strategy
	Income and Growth (JPC)						Income and Growth 2 (JQC)
	Number of			Premiums			Number of			Premiums
	Contracts			Received			Contracts			Received
Outstanding, beginning of period		29,645		$	6,960,983			40,830		$	9,718,151
Options written		35,018			9,920,278			46,693			13,430,538
Options terminated in closing purchase transactions		(3,223	)		(532,218	)		(5,565	)		(1,276,636	)
Options expired		(18,296	)		(4,071,391	)		(23,284	)		(4,973,452	)
Options exercised		(7,456	)		(1,815,799	)		(10,881	)		(2,688,597	)

Outstanding, end of period		35,688		$	10,461,853			47,793		$	14,210,004



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)


5.	Income Tax Information

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

At June 30, 2008, the cost of investments (excluding proceeds received on securities sold short and call options written) was as follows:


	Multi-Strategy
	Income and		Multi-Strategy Income and
	Growth (JPC)		Growth 2 (JQC)
Cost of investments		$2,078,776,702		$2,915,980,127

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding proceeds received on securities sold short and call options written) at June 30, 2008, were as follows:


	Multi-Strategy			Multi-Strategy
	Income and			Income and
	Growth (JPC)			Growth 2 (JQC)
Gross unrealized:
Appreciation	$	56,843,366		$	79,796,919
Depreciation		(291,384,901	)		(395,802,220	)

Net unrealized appreciation (depreciation) of investments	$	(234,541,535	)	$	(316,005,301	)

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2007, the Funds’ last tax year end, were as follows:


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


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

The tax character of distributions paid during the Funds’ last tax year ended December 31, 2007, was designated for purposes of the dividends paid deduction as follows:


	Multi-Strategy		Multi-Strategy
	Income and		Income and
	Growth (JPC)		Growth 2 (JQC)
Distributions from net ordinary income *		$138,358,876		$200,640,767
Distributions from net long-term capital gains		—		2,560,636
Tax return of capital		12,226,104		7,272,288


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

Multi-Strategy Income and Growth 2 (JQC) elected to defer net realized losses from investments incurred from November 1, 2007 through December 31, 2007, the Funds’ last tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses of $1,573,568 were treated as having arisen on the first day of the current fiscal year.


6.	Management Fees and Other Transactions with Affiliates

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

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


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, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the table below. As of June 30, 2008, the complex-level fee rate was .1868%.

The complex-level fee schedule is as follows:


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


(1)	The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets (“Managed Assets” means the average daily net assets of each fund including assets attributable to preferred stock issued by or borrowings by the Nuveen funds) of Nuveen-sponsored funds in the U.S.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the overall strategy and asset allocation decisions. The Adviser has entered into Sub-Advisory Agreements with Spectrum Asset Management, Inc. (“Spectrum”), Symphony Asset Management, LLC (“Symphony”) and Tradewinds Global Investors, LLC (“Tradewinds”). 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.



		Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

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


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


*	From the commencement of operations.

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

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


Year Ending			Year Ending
June 30,			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.

Related Party Holdings

Nuveen is owned by an investor group led by Madison Dearborn Partners, LLC. An affiliate of Merrill Lynch & Co. (“Merrill Lynch”), as part of this investor group, owns more than 5% of Nuveen’s common stock. As a result, Merrill Lynch is an indirect “affiliated person” (as that term is defined in the Investment Company Act of 1940) of each Fund.

At June 30, 2008, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) owned 557,861 and 807,945 shares, respectively, of Merrill Lynch and Company, Inc. preferred securities with aggregate market values of $10,363,475 and $14,521,379, respectively. Total income earned by Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) from such securities amounted to $501,794 and $699,805, respectively, and is included in dividend income on the Statement of Operations.


7.	Senior Loan Commitments

Unfunded Commitments

Pursuant to the terms of certain of the variable rate senior loan agreements, Each Fund may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. At June 30, 2008, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had unfunded senior loan commitments of $561,432 and $763,488, respectively.

Participation Commitments

With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, a Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the Borrower. As such, a Fund not only assumes the credit risk of the Borrower, but also that of the Selling Participant or other persons interpositioned between the Fund and the Borrower. At June 30, 2008, there were no such outstanding participation commitments in either Fund.


8.	Borrowing Arrangements

Refinancings

On April 7, 2008, Multi-Strategy Income and Growth (JPC) entered into a $400 million prime brokerage facility with Bank of America. On April 7, 2008 and May 2, 2008, Multi-Strategy Income and Growth (JPC) utilized $255 million and $195 million, respectively, of the facility with Bank of America to redeem at liquidation value $450 million of its outstanding FundPreferred shares. For the six months ended June 30, 2008, the average daily balance outstanding and average annualized interest rate on these borrowings were $183,379,121 and 2.81%, respectively.

On April 16, 2008, Multi-Strategy Income and Growth 2 (JQC) entered into $640 million prime brokerage facility with Bank of America. On April 18, 2008 and May 13, 2008, Multi-Strategy Income and Growth 2 (JQC) utilized $400 million and $240 million, respectively, of the facility with Bank of America to redeem at liquidation value $640 million of its outstanding FundPreferred shares. For the six months ended June 30, 2008, the average daily balance outstanding and average annualized interest rate on these borrowings were $227,252,747 and 2.82%, respectively.

Interest expense incurred on these borrowing arrangements is recognized as “Interest expense on borrowings and amortization of borrowing costs” on the Statement of Operations.


9.	New Accounting Pronouncement

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of June 30, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.



		Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:


			Investment Operations														Less Distributions
								Distributions
								from Net			Distributions						Net						Tax						Offering
	Beginning							Investment			from Capital						Investment			Capital			Return of						Costs and			Ending
	Common				Net			Income to			Gains to						Income to			Gains to			Capital to						FundPreferred			Common
	Share		Net		Realized/			FundPreferred			FundPreferred						Common			Common			Common						Share			Share		Ending
	Net Asset		Investment		Unrealized			Share-			Share-						Share-			Share-			Share-						Underwriting			Net Asset		Market
	Value		Income(a)		Gain (Loss)			holders†			holders†			Total			holders			holders			holders			Total			Discounts			Value		Value
Multi-Strategy Income and Growth (JPC)

Year Ended 12/31:
2008(f)		$12.38		$.47		$(1.13	)		$(.11	)*****		$ —		$	(.77	)		$(.57	)*****		$ —			$ —		$	(.57	)		$ —			$11.04	$	9.62
2007		14.26		.97		(1.34	)		(.28	)		(.09	)		(.74	)		(.77	)		(.25	)		(.12	)		(1.14	)		—			12.38		10.93
2006		14.18		1.02		.50			(.31	)		(.03	)		1.18			(.87	)		(.08	)		(.15	)		(1.10	)		—			14.26		14.29
2005		15.32		1.13		(.74	)		(.22	)		—			.17			(1.15	)		(.16	)		—			(1.31	)		—			14.18		11.97
2004(b)		14.73		.52		.85			(.04	)		(.01	)		1.32			(.50	)		(.23	)		—			(.73	)		—			15.32		14.33
Year Ended 7/31:
2004		14.12		1.25		.71			(.08	)		—			1.88			(1.22	)		(.05	)		—			(1.27	)		—			14.73		13.95
2003(c)		14.33		.30		(.02	)		(.02	)		—			.26			(.30	)		—			—			(.30	)		(.17	)		14.12		14.57


Multi-Strategy Income and Growth 2 (JQC)

Year Ended 12/31:
2008(f)		12.46		.48		(.91	)		(.11	)*****		—			(.54	)		(.57	)*****		—			—			(.57	)		—			11.35		9.87
2007		14.29		.97		(1.30	)		(.26	)		(.10	)		(.69	)		(.79	)		(.30	)		(.05	)		(1.14	)		—			12.46		11.00
2006		14.20		1.04		.48			(.30	)		(.03	)		1.19			(.93	)		(.09	)		(.08	)		(1.10	)		—			14.29		14.11
2005		15.18		1.12		(.70	)		(.21	)		(.01	)		.20			(1.09	)		(.09	)		—			(1.18	)		—			14.20		12.11
2004(b)		14.33		.51		.90			(.05	)		—			1.36			(.49	)		(.02	)		—			(.51	)		—			15.18		13.87
Year Ended 7/31:
2004		13.83		1.16		.73			(.08	)		—			1.81			(1.17	)		—			—			(1.17	)		(.14	)		14.33		13.54
2003(d)		14.33		.04		(.53	)		—			—			(.49	)		—			—			—			—			(.01	)		13.83		14.69


(a)	Per share Net Investment Income is calculated using the average daily shares method.
(b)	For the period August 1, 2004 through December 31, 2004.
(c)	For the period March 26, 2003 (commencement of operations) through July 31, 2003.
(d)	For the period June 25, 2003 (commencement of operations) through July 31, 2003.
(e)	Borrowings interest expense includes amortization of borrowing costs.
(f)	For the six months ended June 30, 2008.
*	Annualized.
**	Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

	Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
***	After custodian fee credit and expense reimbursement, where applicable.
****	Ratio rounds to less than .01%.
*****	Represents distributions paid “From and in excess of net investment income” for the six months ended June 30, 2008.


						Ratios/Supplemental Data
							Ratios to Average Net Assets						Ratios to Average Net Assets
							Applicable to Common Shares						Applicable to Common Shares
Total Returns							Before Credit/Reimbursement						After Credit/Reimbursement***
			Based
			on
			Common			Ending Net
Based			Share			Assets
on			Net			Applicable to				Net						Net			Portfolio
Market			Asset			Common				Investment						Investment			Turnover
Value**			Value**			Shares (000)	Expenses††			Income††			Expenses††			Income††			Rate



	(6.86	)%		(6.23	)%	$1,097,542		2.10	%*		7.35	%*		1.65	%*		7.80	%*		19	%
	(16.28	)%		(5.71	)%	1,230,342		1.53	%		6.54	%		1.05	%		7.03	%		84	%
	29.81			8.71		1,421,951		1.49			6.80			1.00			7.28			72
	(7.63	)		1.32		1,419,946		1.50			7.25			1.03			7.72			37
	8.06			9.07		1,533,722		1.51	*		7.66	*		1.04	*		8.13	*		13

	4.34			13.44		1,474,983		1.53			7.90			1.05			8.37			19
	(.89	)		.58		1,412,983		1.29	*		5.67	*		.87	*		6.09	*		21




	(5.10	)%		(4.30	)%	1,585,893		1.97	*		7.40	*		1.47	*		7.90	*		19
	(14.70	)%		(5.34	)%	1,740,952		1.50			6.51			1.02			6.99			78
	26.71			8.73		2,008,154		1.44			6.90			.96			7.37			77
	(4.40	)		1.41		2,002,079		1.46			7.25			.99			7.72			34
	6.20			9.59		2,140,563		1.47	*		7.81	*		1.00	*		8.28	*		13

	.10			12.25		2,021,258		1.47			7.51			1.00			7.98			27
	(2.07	)		(3.49	)	1,950,622		.97	*		2.86	*		.65	*		3.18	*		5


†	The amounts shown are based on Common share equivalents.


†† •	Ratios do not reflect the effect of dividend payments to FundPreferred shareholders.
•	Income ratios reflect income earned on assets attributable to FundPreferred shares and borrowings where applicable.


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


	Ratios of Dividend Expense
	on Securities Sold Short
	to Average Net Assets Applicable
	to Common Shares

Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
2008(f)		—	%****
2007		—	****
2006		—
2005		.01
2004(b)		.04	*
Year Ended 7/31:
2004		.03
2003(c)		—

Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
2008(f)		—	%****
2007		—	****
2006		—
2005		.01
2004(b)		.05	*
Year Ended 7/31:
2004		03
2003(d)		—


•	Each ratio includes the effect of the interest expense paid on borrowings as follows:



	Ratios of Borrowing Interest Expense
	to Average Net Assets Applicable
	to Common Shares(e)

Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
2008(f)
2007		.50	%*
2006		—
2005		—
2004(b)		—
Year Ended 7/31:
2004		—
2003(c)		—

Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
2008(f)
2007		.43	%*
2006		—
2005		—
2004(b)		—
Year Ended 7/31:
2004		—
2003(d)		—

See accompanying notes to financial statements.



		Financial HIGHLIGHTS (continued) (Unaudited)


	FundPreferred Shares at End of Period						Borrowings at End of Period
			Liquidation and
	Aggregate Amount		Market Value		Asset Coverage		Aggregate Amount		Asset Coverage
	Outstanding (000)		Per Share		Per Share		Outstanding (000)		Per $1,000
Multi-Strategy Income and Growth (JPC)

Year Ended 12/31:
2008(f)		$258,000		$25,000		$131,351		$450,000		$4,012
2007		708,000		25,000		64,444		—		—
2006		708,000		25,000		75,210		—		—
2005		708,000		25,000		75,139		—		—
2004(b)		708,000		25,000		79,157		—		—
Year Ended 7/31:
2004		708,000		25,000		77,083		—		—
2003(c)		708,000		25,000		74,893		—		—


Multi-Strategy Income and Growth 2 (JQC)

Year Ended 12/31:
2008(f)		325,000		25,000		146,992		640,000		3,986
2007		965,000		25,000		70,102		—		—
2006		965,000		25,000		77,025		—		—
2005		965,000		25,000		76,867		—		—
2004(b)		965,000		25,000		80,455		—		—
Year Ended 7/31:
2004		965,000		25,000		77,364		—		—
2003(d)		—		—		—		—		—

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 28-29, 2008 (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 23, 2008 (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”), as described in further detail below, the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Advisers (NAM and each Sub-Adviser 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), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal 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 Investment Management 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, NAM’s organization and business; the types of services that NAM or its affiliates provide and are expected to provide to the Funds;

Annual Investment

Management Agreement

APPROVAL PROCESS (continued)

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. With respect to personnel, the Independent Board Members evaluated the background, experience and track record of the Fund Adviser’s investment personnel. In this regard, the Independent Board Members considered the additional investment in personnel to support Nuveen fund advisory activities, including in operations, product management and marketing as well as related fund support functions, including sales, executive, finance, human resources and information technology. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate NAM’s ability to attract and retain high quality investment personnel.

In evaluating the services of NAM, the Independent Board Members also considered NAM’s oversight of the performance, business activities and compliance of the Sub-Advisers, the ability to supervise the Funds’ other service providers and given the importance of compliance, NAM’s compliance program. Among other things, the Independent Board Members considered the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.

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.

The Independent Board Members reviewed an evaluation of the Sub-Advisers from NAM, including information as to the process followed by NAM in evaluating sub-advisers. The evaluation also included information relating to each 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. The Board considered the performance of the portion of the investment portfolio of each Fund for which the respective 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. During the last year, the Independent Board Members noted that they visited several sub-advisers to the Nuveen funds, meeting their key investment and business personnel. In this regard, during 2007, the Independent Board Members visited Tradewinds and Symphony. The Independent Board Members also noted that they anticipate visiting each sub-adviser to the Nuveen funds at least once over the course of a multiple-year rotation. The Independent Board Members further 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.

In addition to the foregoing services, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, its secondary market support activities and the costs of such activities. The Independent Board Members recognized 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 timely provide information and education to financial advisers and investors; providing advertising and marketing for the closed-end funds; maintaining its closed-end fund website; and providing educational seminars. With respect to closed-end funds that utilize leverage through the issuance of auction rate preferred securities (“ARPS”), the Board has recognized the unprecedented market conditions in the auction rate market industry with the failure of the auction process. The Independent Board Members noted Nuveen’s efforts and the resources and personnel employed to analyze the situation, explore potential alternatives and develop and implement solutions that serve the interests of the affected funds and all of their respective shareholders. The Independent Board Members further noted Nuveen’s commitment and efforts to keep investors and financial advisers informed as to its progress in addressing the ARPS situation through, among other things, conference calls, press releases, and information posted on its website as well as its refinancing activities. The

Independent Board Members also noted Nuveen’s continued support for holders of preferred shares of its closed-end funds by, among other things, seeking distribution for preferred shares with new market participants, managing relations with remarketing agents and the broker community, maintaining the leverage and risk management of leverage and maintaining systems necessary to test compliance with rating agency criteria.

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 third party (as described below). In addition, the Independent Board Members reviewed the respective Fund’s historic performance compared to recognized and/or customized benchmarks (as applicable).

In evaluating the performance information, the Board considered whether the Fund has operated within its investment objectives and parameters and the impact that the investment mandates may have had on performance. In addition, 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. These Performance Peer Groups include those for the Funds. In addition, the Independent Board Members noted the previous changes to the investment mandate of the Funds limit somewhat the usefulness of reviewing the Funds’ past performance.

The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund’s Performance Peer Group as well as recognized and/or customized benchmarks (as appropriate) for the one-, three- and five-year periods (as applicable) ending December 31, 2007 and with the Fund’s Performance Peer Group for the quarter, one-, three-, and five- year periods ending March 31, 2008 (as applicable). This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings. Based on their review, the Independent Board Members determined that the respective Fund’s investment performance over time had been satisfactory.


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 (which take into account breakpoints), net management fees (which take into account fee waivers or reimbursements) and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the gross management fees, net management fees (after waivers and/or reimbursements) and total expense ratios (before and after waivers) of a comparable universe of unaffiliated funds based on data provided by an independent data provider (the “Peer Universe”) and/or a more focused subset of funds therein (the “Peer Group”). The Independent Board Members further reviewed data regarding the construction of Peer Groups as well as the methods of measurement for the fee and expense analysis and the performance analysis. 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 size of the Fund relative to peers, the size and particular composition of the Peer Group, the investment objectives of the peers, expense anomalies, 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 of leverage. In addition, the Independent Board Members noted the limited Peer Groups available for the Nuveen funds with multi-sleeves of investments. In reviewing the fee schedule for a Fund, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and

Annual Investment

Management Agreement

APPROVAL PROCESS (continued)

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 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 each 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. In addition, the Independent Board Members noted that with respect to Spectrum, the Sub-Adviser unaffiliated with Nuveen, such fees were the result of arm’s-length negotiations.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years and the allocation methodology used in preparing the profitability data. 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 considered Nuveen’s profitability compared with other fund sponsors prepared by two independent third party service providers as well as comparisons of the revenues, expenses and profit margins of various unaffiliated management firms with similar amounts of assets under management prepared by Nuveen.

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

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

Based on its review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided. With respect to Spectrum, the Sub-Adviser unaffiliated with Nuveen, the Independent Board Members also considered such Sub-Adviser’s revenues, expenses (including the basis for allocating 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 recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base. The Independent Board Members therefore considered whether the Funds have appropriately benefited from any economies of scale and whether there is potential realization of any further economies of scale. In considering economies of scale, the Independent Board Members have recognized that economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. Notwithstanding the foregoing, one method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Accordingly, the Independent Board Members reviewed and considered the fund-level breakpoints in the advisory fee schedules that reduce advisory fees. In this regard, given that the Funds are closed-end funds, the Independent Board Members recognized that although the Funds may from time to time make additional share offerings, the growth in their assets will occur primarily through appreciation of each such Fund’s investment portfolio.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex, including the Funds, are reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Independent Board Members recognized that the complex-wide fee schedule was recently revised in 2007 to provide for additional fee savings to shareholders and considered the amended schedule. The Independent Board Members further considered that the complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Based on their review, the Independent Board Members concluded that the breakpoint schedule and complex-wide fee arrangement were acceptable and desirable in providing benefits from economies of scale to shareholders.


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 preferred trading desk and for serving as a co-manager in the initial public offering of new closed-end exchange traded funds.

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

Annual Investment

Management Agreement

APPROVAL PROCESS (continued)

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 and noted that its profitability may be lower if it were required to pay for this research with hard dollars. 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; however, this Sub-Adviser 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. Further, the Board considered that Symphony currently does not enter into soft dollar arrangements; however, it has adopted a soft dollar policy in the event it does so in the future.

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

Reinvest Automatically

EASILY and CONVENIENTLY

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

Nuveen Closed-End Funds Dividend Reinvestment Plan

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

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

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

Easy and convenient

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

How shares are purchased

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

Flexible

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

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

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

Call today to start reinvesting dividends and/or distributions

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

Glossary of

TERMS USED in this REPORT


n	*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.

n	*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.

n	*Market Yield (also known as Dividend Yield or Current Yield):* Market yield 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.

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

NOTES

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

Each Fund intends to repurchase 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 JQC repurchased 38,900 common shares, and JPC and JQC redeemed 18,000 and 25,600 preferred shares, respectively. Any future repurchases or redemptions will be reported to shareholders in the next annual or semi-annual report.



		Other Useful INFORMATION

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, 2008, 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 Securities and Exchange Commission the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Nuveen Investments:

SERVING INVESTORS FOR GENERATIONS

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

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

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

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Rittenhouse, Santa Barbara, Symphony and Tradewinds. In total, the Company managed $152 billion of assets on June 30, 2008.

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

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

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


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



		Share prices Fund details Daily financial news Investor education Interactive planning tools

ESA-F-0608D

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

See Portfolio of Investments in Item 1.

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

Not applicable to this filing.

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

Not applicable to this filing.

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


Period*	(a)	(b)	(c)	(d)*
	TOTAL NUMBER OF	AVERAGE	TOTAL NUMBER OF SHARES	MAXIMUM NUMBER (OR
	SHARES (OR	PRICE	(OR UNITS) PURCHASED AS	APPROXIMATE DOLLAR VALUE) OF
	UNITS)	PAID PER	PART OF PUBLICLY	SHARES (OR UNITS) THAT MAY YET
	PURCHASED	SHARE (OR	ANNOUNCED PLANS OR	BE PURCHASED UNDER THE PLANS OR
		UNIT)	PROGRAMS	PROGRAMS

JANUARY 1-31, 2008	38,900	$10.95	764,500	13,235,500

FEBRUARY 1-29, 2008	0	$0	0	13,235,500

MARCH 1-31, 2008	0	$0	0	13,235,500

APRIL 1-30, 2008	0	$0	0	13,235,500

MAY 1-31, 2008	0	$0	0	13,235,500

JUNE 1-30, 2008	0	$0	0	13,235,500

TOTAL	38,900

* The registrant’s repurchase program was announced November 21, 2007. The registrant’s repurchase program authorized the repurchase of 14,000,000 shares. The repurchases made by the registrant pursuant to the program were all made through open-market transactions.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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

SIGNATURES

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


(Registrant) Nuveen Multi-Strategy Income and Growth Fund 2
By (Signature and Title)*	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

Date: September 8, 2008

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



By (Signature and Title)*	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer (principal executive officer)

Date: September 8, 2008



By (Signature and Title)*	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller (principal financial officer)

Date: September 8, 2008


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