Edgar Filing: Nuveen Multi-Strategy Income & Growth Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21293

Nuveen Multi-Strategy Income and Growth Fund
(Exact name of registrant as specified in charter)

Nuveen Investments 333 West Wacker Drive Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end:	December 31

Date of reporting period:		December 31, 2009

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

Closed-End Funds

Nuveen Investments

Closed-End Funds

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

Annual Report

December 31, 2009

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC

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Chairman's
Letter to Shareholders

Dear Shareholder,

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

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

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

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

Sincerely,

Robert P. Bremner
Chairman of the Board and Lead Independent Director
February 22, 2010

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Portfolio Managers' Comments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For the global equity portion of the Funds' portfolios managed by Tradewinds, our basic investment philosophy continued to focus on buying good or improving business franchises around the globe whose securities were selling below their intrinsic value. In 2009, we found that the best value opportunities were in the securities of those businesses that were the most leveraged to the growth of the global economy and that had been overly-punished in 2008. We continued to like the materials and energy sectors, which benefit from increased global demand, while we remained significantly underweight in the financials sector. During the period we decreased our exposure in fixed income, maintained both our long and short equity exposures, and continued to write

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

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

¹ Comparative benchmark performance is a blended return consisting of:

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

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

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

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

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

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

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

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

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

covered calls on selected long equity positions to enhance yield and expected total return.

How did the Funds perform over the reporting period?

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

Average Annual Total Return on Common Share Net Asset Value

For periods ended 12/31/09

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE

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

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

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RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURES

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

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

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

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

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Common Share Distribution
and Share Price Information

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

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

During the twelve-month period, each Fund employed financial leverage through the use of FundPreferred shares and/or bank borrowings. As of December 31, 2009, the Funds had redeemed all of their outstanding FundPreferred shares. Financial leverage provides the potential for higher earnings (net investment income), total returns and distributions over time, but—as noted earlier—also increases the variability of common shareholders' net asset value per share in response to changing market conditions. During the current reporting period, each Fund's financial leverage contributed positively to common share income and common share net asset value price return.

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

Important points to understand about the managed distribution program are:

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

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

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

• net investment income (regular interest and dividends),

• realized capital gains, and

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

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

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

The following table provides information regarding each Fund's common share distributions and total return performance for the fiscal year ended December 31, 2009. This information is intended to help you better understand whether the Fund's returns for the specified time period were sufficient to meet each Fund's distributions.

As of 12/31/09 (Common Shares)	JPC			JQC
Inception date		3/26/03			6/25/03
Calendar year ended December 31, 2009:
Per share distribution:
From net investment income	$	0.61		$	0.65
From long-term capital gains		0.00			0.00
From short-term capital gains		0.00			0.00
Tax return of capital		0.02			0.00	*
Total per share distribution	$	0.63		$	0.65
Distribution rate on NAV		7.36	%		7.22	%
Average annual total returns:
1-Year on NAV		67.37	%		63.01	%
5-Year on NAV		-2.49	%		-1.62	%
Since inception on NAV		1.38	%		1.39	%

* Rounds to less than $0.01 per share.

Common Share Repurchases and Share Price Information

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

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

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

Fund	Common Shares Repurchased		Weighted Average Price Per Share Repurchased		Weighted Average Discount Per Share Repurchased
JPC		1,326,650	$	6.72		16.86	%
JQC		1,655,075	$	7.03		17.24	%

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

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

Nuveen Investments
12

JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

as of December 31, 2009

Portfolio Allocation (as a % of total investments)²

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

2 Excluding common stocks sold short and call options written.

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

Fund Snapshot

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

Average Annual Total Return

(Inception 3/26/03)

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

Industries

(as a % of total investments)²

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

Top Five Issuers

(as a % of total investments)³

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

Nuveen Investments
13

Fund Snapshot

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

Average Annual Total Return

(Inception 6/25/03)

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

Industries

(as a % of total investments)²

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

Top Five Issuers

(as a % of total investments)³

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

JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

as of December 31, 2009

Portfolio Allocation (as a % of total investments)²

2008-2009 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

2 Excluding common stocks sold short and call options written.

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

Nuveen Investments
14

Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

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

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

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

Chicago, Illinois
February 24, 2010

Nuveen Investments
15

JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

December 31, 2009

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

Nuveen Investments
16

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

Nuveen Investments
17

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

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

Nuveen Investments
18

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

Nuveen Investments
19

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

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

Nuveen Investments
20

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

Nuveen Investments
21

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

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

Nuveen Investments
22

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

Nuveen Investments
23

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

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

Nuveen Investments
24

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

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

Nuveen Investments
25

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

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

Nuveen Investments
26

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

Nuveen Investments
27

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

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

Nuveen Investments
28

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

Nuveen Investments
29

JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2009

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

Nuveen Investments
30

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