Closed-End Funds

Nuveen Investments

Closed-End Funds

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

Annual Report

December 31, 2010

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC

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INVESTMENT ADVISER NAME CHANGE

Effective January 1, 2011, Nuveen Asset Management, the Funds' investment adviser, changed its name to Nuveen Fund Advisors, Inc. ("Nuveen Fund Advisors"). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.

NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS

On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp—the parent of FAF Advisors—received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long term investment business of FAF Advisors, including investment-management responsibilities for the non-money market mutual funds of the First American Funds family.

The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.

This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $195 billion of assets as of December 31, 2010.

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Table of Contents

Chairman's Letter to Shareholders					4
Portfolio Managers' Comments					5
Common Share Distribution and Share Price Information					13
Performance Overviews					16
Report of Independent Registered Public Accounting Firm					18
Portfolio of Investments					19
Statement of Assets & Liabilities					78
Statement of Operations					79
Statement of Changes in Net Assets					80
Statement of Cash Flows					81
Financial Highlights					82
Notes to Financial Statements					84
Board Members & Officers					97
Annual Investment Management Agreement Approval Process					103
Reinvest Automatically Easily and Conveniently					111
Glossary of Terms Used in this Report					113
Other Useful Information					115

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Chairman's
Letter to Shareholders

Dear Shareholders,

The global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the crises still weigh on the prospects for continued recovery. In the U.S., ongoing weakness in housing values is putting pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks has not been translated into increased hiring or more active lending. In addition, media and analyst reports on the fiscal conditions of various state and local entities have raised concerns with some investors. Globally, deleveraging by private and public borrowers is inhibiting economic growth and this process is far from complete.

Encouragingly, a variety of constructive actions are being taken by governments around the world to stimulate further recovery. In the U.S., the recent passage of a stimulatory tax bill relieves some of the pressure on the Federal Reserve System to promote economic expansion through quantitative easing and offers the promise of faster economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.

The success of these government actions could have an important impact on whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be upward pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. We must hope that the progress made on the fiscal front in 2010 will continue into 2011. In this environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.

As you will note elsewhere in this report, on January 1, 2011, Nuveen Investments completed the acquisition of FAF Advisors, Inc., the manager of the First American Funds. The acquisition adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet these investor needs.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen fund. On behalf of the other members of your Fund 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, 2011

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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.

Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor's, Moody's or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.

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

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

Spectrum, a wholly-owned subsidiary of Principal Global Investors, LLC, manages the preferred securities positions within the income-oriented portion of each Fund's portfolio. Mark Lieb and Phil Jacoby, who have more than 50 years of combined experience in the preferred securities and other debt markets, lead the team at Spectrum.

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

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

Here representatives from Spectrum, Symphony and Tradewinds talk about general economic and market conditions, their management strategies and the performance of both Funds for the twelve-month period ended December 31, 2010.

What were the general market conditions during the reporting period ending December 31, 2010?

During this reporting period, the U.S. economy remained under considerable stress, and both the Federal Reserve and the federal government continued their efforts to improve the overall economic environment. For its part, the Fed held the benchmark fed funds rate in a target range of zero to 0.25% after cutting it to this record low level in December 2008. At its September 2010 meeting, the central bank renewed its commitment to keep the fed funds rate at "exceptionally low levels" for an "extended period." The Fed also stated that

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it was "prepared to take further policy actions as needed" to support economic recovery. The federal government continued to focus on implementing the economic stimulus package passed early in 2009 that was intended to provide job creation, tax relief, fiscal assistance to state and local governments, and expand unemployment benefits and other federal social welfare programs. Cognizant of the fragility of the financial system, in the fall of 2010 the Federal Reserve announced a second round of quantitative easing designed to help stimulate increased economic growth.

Nearly all recent U.S. indicators of production, spending, and labor market activity have pointed toward an acceleration in economic growth. At the same time, inflation remained relatively tame, as the Consumer Price Index rose just 1.5% year-over-year as of December 31, 2010. However, unemployment remained at historically high levels. As of December 2010, the national unemployment rate was 9.4%. In addition, the housing market continued to show signs of weakness with the average home price in the Standard & Poor's/Case-Shiller Index of 20 large metro areas falling 1.6% over the twelve months ended November 2010 (the latest available figures at the time this report was prepared).

Overall, the U.S. stock market performed well during the twelve-month period, with the Dow Jones Industrial Average climbing 14%, the S&P 500 Index advancing 15% and the NASDAQ-100 Index gaining 19%. Looking overseas, Europe's central bankers announced a $1 trillion bailout package to contain the situation with Greece and possibly help Portugal, Spain, Italy and Ireland. Ireland subsequently applied for a bailout to rescue its banking system.

The liquidity environment for credit improved as the period progressed despite macro concerns about several European countries. An accommodative central bank policy in the United States and in Europe fostered declining volatility in the equity markets—supportive earnings were a byproduct of adequate fiscal and monetary support. Preferred securities, in particular, did well against a good fundamental backdrop and a lower interest rate trend over the period. Global bank capital improvement was a very strong theme for the improving credit environment of financial institutions. Bank capital reform led the headlines with new rules coming from the Basel Committee on Banking that will seek to forestall future financial shocks and broaden credit support in the industry. As a result, the structure of the preferred market will be changing with newer, more equity-like hybrids (i.e., higher yielding preferred securities) that will replace existing structures as they are retired. Rating agency changes in equity credit analysis have also helped to increase the likelihood of tenders and early retirement of some preferred securities. Consequently, the hybrid preferred securities market experienced a number of tender events from issuers, which have led to better prices and are leading to expectations for a generally lower volatility environment for preferred securities going forward.

The senior loan market represented an attractive asset class in 2010, driven by a strong risk-return relationship featuring interest income and principal appreciation from secured positions in the capital structure. Further, a recovering primary market generated more new loan deals than 2008 and 2009 combined, allowing companies to refinance debt and extend loan maturities while offering investors attractive terms. Fundamentals on the year were positively demonstrated by a significant decline in

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defaults and decreased corporate leverage with improved corporate earnings. For example, leveraged loans finished 2010 at a 2.58% default rate, according to Credit Suisse, compared with 2009 defaults of 9.58%. Similarly, Credit Suisse reported that high yield bonds experienced a significant improving default environment, finishing 2010 with defaults of 1.51% compared to 2009 defaults of 9.36%. An improving leveraged loan and high yield primary market enabled companies to refinance deals and extend maturities.

Convertibles benefited from a both a rally in equities and credit spread tightening, with the S&P 500 Index returning 15% and high yield spreads tightening 80 basis points during the period, according to JPMorgan Chase. The investor composition of the convertible market remained healthy with an even participation split between arbitrage investors and fundamental/outright investors, which continued to keep concentration risk low.

Global equity markets continued their upward trajectory through the end of 2010. In U.S. dollar terms, equity markets in the larger developed economies, namely Japan and the U.S., were the best performers, while the major European equity markets posted negative returns. The U.S. currency rallied against the euro and the British pound as concerns over sovereign debt defaults in Europe increased. Emerging market equity returns lagged their developed market brethren. In the second quarter of 2010, risk aversion returned with a vengeance as investors fled to the perceived safety of debt. The major market indices suffered their worst declines since early 2009 and volatility, as measured by the VIX Index, rose. Hard commodity prices also declined, led by copper, oil and zinc, on the perception that global domestic growth would slow and that supplies were adequate. On the other hand, precious metals gained favor among investors as a haven from volatility and a hedge against anticipated inflationary pressures emerging from loose monetary and fiscal policies. Global equity markets rebounded strongly in the third quarter with the MSCI All Country World Index posting one of its best returns for the past decade. While there was evidence of improving economic fundamentals and higher than expected earnings results, there were continued concerns over government debt, currency devaluations, and questions regarding the global banking system. The equity rally continued into the fourth quarter.

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

Within the preferred securities portion of both Funds' portfolios, changes in capital rules driven by the Basel Committee on Banking, the Dodd-Frank Act, and equity credit reductions on enhanced equity hybrid structures helped to drive hybrid prices higher against a generally favorable fundamental backdrop of earnings gains and liquidity improvements. We traded for longer call optionality in an effort to proactively protect the income objective. We also sold higher priced structures and switched into lower dollar priced structures in order to allow for more capital appreciation without sacrificing income. We sold foreign bank paper that had little upside left due to structural features and re-balanced into paper that we believe will perform well in the insurance sectors. Overall, our allocation went up in $1000 par capital securities because of our desire to emphasize certain structural benefits that are more prevalent in capital securities than in the more individual oriented $25 par market.

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

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

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

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

In the senior loan and other debt portion of each Fund's portfolio, we focused on macro, technical, and fundamental factors. We maintained a neutral weighting between loans, high yield, and convertibles for the period, as each asset class benefited from relative market conditions. Our focus was on asset-rich, cyclical credits that would benefit from the improving fundamental and technical environments for the period. In addition, we focused on high quality new issues in the loan and high yield markets that came to market with attractive yields and terms after minimal issuance in the prior year.

In the core domestic and international equity portion of each Fund's portfolio that is managed by Symphony, we used both quantitative and qualitative methods to evaluate opportunities. The quantitative screening process served as the starting point for decision-making, with the qualitative process then providing a systematic way of researching companies from a broad perspective, as fundamental analysts actively sought catalysts that we believed would drive upside price movements. Symphony 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 what we think blends the most effective elements of both quantitative and qualitative investing.

For the global equity portion of each portfolio managed by Tradewinds, our basic investment philosophy continued to focus on buying good or improving business franchises around the globe whose securities were selling below their intrinsic value, maintaining a disciplined, opportunistic investing approach in this unique environment. 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. We continued to like the materials, food, agriculture and energy sectors, which benefit from increased global demand, while we remained significantly underweight in the financials sector. During the period we maintained both our long and short equity exposures, and continued to write covered calls on selected long equity positions to enhance yield and expected total return.

For each Fund's option strategy we were writing covered call options on individual stocks held in the Fund's portfolio of investments to enhance returns while foregoing some upside potential, and bought put options on a single stock to benefit in the event its price declines.

How did the Funds perform over the reporting period?

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

Average Annual Total Return on Common Share Net Asset Value

For periods ended 12/31/10

				1-Year				5-Year
JPC					21.06	%			1.05	%
JQC					21.02	%			1.92	%
Comparative Benchmark1					14.29	%			3.27	%
Barclays Capital U.S. Aggregate Bond Index2					6.56	%			5.80	%

 

For the twelve-month period ended December 31, 2010, the total return on Common share net asset value (NAV) for both Funds outperformed the comparative benchmark and the general market index.

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Among the largest positive contributors in the preferred securities portion of both Funds over the period were Wachovia Bank, Deutsche Bank and ING. In general, the U.S. bank trust preferred sector benefited the performance of both Funds as a number of market observers believed that banks are likely to be gradually redeeming their preferred securities in response to certain provisions in the recently enacted financial sector reform bill. The main performance detractors for the Funds were AXA Insurance, Lloyd's Capital, Bank of America and HSBC Upper Tier 2 Floaters.

The senior loan and high yield sleeves of both Funds performed well relative to the broader credit market. Each Fund's exposure to relatively volatile, cyclical credits backed by significant tangible assets benefited performance for the period. Within loans and high yield, names like LNR Property and Greenbrier Companies generated returns through both significant price appreciation and interest income. For convertibles, more price volatile names like Pioneer Natural Resources and EMC Corporation contributed to performance. For all these examples, businesses benefited from improved fundamental and technical environments and improved valuation of each firm's assets.

Performance was constrained by each Fund's portfolio of higher quality assets, many of which are critical to maintaining an acceptable risk profile. These higher quality names underperformed riskier assets, which benefited from greater relative price appreciation over the course of the year stemming from improved fundamental and strong technical environments.

The core domestic equities portion of each Fund managed by Symphony outpaced the Russell 3000 Index during the period. We remained invested in companies that have experienced significant earnings leverage as revenues have continued to rebound following the recent recession. Looking at the market generally, as represented by the Russell 3000 Index, more volatile sectors like consumer discretionary and industrials held up the best, gaining 29.9% and 27.5% respectively. More defensive sectors like healthcare and utilities lagged the market, but still gained 5.4% and 7.7% respectively.

Relative to the Russell 3000 Index, the equity portion of the Funds benefited modestly from a slight overweight to the materials sector and a slight underweight of the financials sector. On the other hand, the Funds were negatively impacted by a modest underweight in the energy sector and overweight in consumer staples. Stock selection added to each Fund's return in most sectors, with the best selection coming in the consumer discretionary and materials sectors. Selection in the utilities and financials sectors detracted from performance. The worst performers were Western Digital, a hard drive manufacturer, and steel producer United States Steel Corporation. The best performers were Netflix, an online movie rental company, and Walter Energy, a producer of metallurgical coal.

In the global equity sleeve of the Funds managed by Tradewinds, each Fund's top long equity performer was a position in NovaGold Resources Incorporated, a member of the materials sector. 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 at a price of $1.50 USD. NovaGold, a junior gold company, which focuses on gold exploration, development, and mining, benefited as the price of gold reached over $1,400 per ounce during 2010. The company's common equity share price appreciated more than 200% during the calendar year.

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Another significant contributor to performance was Cameco Corporation, another member of the materials sector. Cameco is the world's largest listed uranium producer and owns a significant interest in Cigar Lake, one of the largest underdeveloped uranium mines located in the northern Saskatchewan's Athabasca Basin. Uranium, a formerly out-of-favor commodity, has begun to elicit much more market appreciation as spot prices, which were weak during the first part of the year, started to recover in the second half of 2010.

The worst detractor from performance among the assets managed by Tradewinds during the period was Thales S.A., a French manufacturer of aerospace systems and industrial electronics products. The company underperformed due to a bloated cost structure and disparate non-core businesses. While the company still needs to adjust its cost structure, we are still attracted to its valuation and long-term fundamentals as a European leader and a top global defense electronics company.

Another detractor from performance was BP PLC, the largest oil and gas producer in the United States and fourth largest oil producer in the world. BP's share price declined significantly post the April 2010 Deepwater Horizon explosion and subsequent oil spill into the Gulf of Mexico, and troughed at the end of June 2010. The stock price rallied throughout the third and fourth quarters as the probability of a worst case scenario declined following successful subsea containment operations. The company underwent a material change in top management and organizational restructuring. The company also divested some of its assets to help meet its financial obligations arising from the Gulf of Mexico oil spill. While we believe that BP continues to trade at a significant discount to the value of its assets, it will take some time for the company to regain the trust of its partners, contractors, and the market. While we opportunistically increased our position near the bottom, we have since trimmed our position at recent highs.

In the international equity portion of the portfolio managed by Symphony, the Funds benefited from stock selection in Europe as well as our positions in regions outside the MSCI EAFE benchmark. Our top three performers were Umicore, Jeronimo Martins, and DnB NOR. Our holdings in Canada and Latin America contributed positively as well. For sector allocation, our energy overweight and utilities underweight added to performance, while our information technology overweight hurt performance. Our underweight positions in Royal Dutch Shell, Siemens, and BP also adversely affected relative performance. Given our underweight position in Japan, the strong rise in Japanese yen against the dollar was also a drag on relative performance. Overall, our emphasis on selecting companies with good growth characteristics and sound fundamentals drove outperformance in this period.

Each Fund's overall short equity positions detracted from performance for the period. Among the bucket of short equities, Strayer Education Incorporated contributed most to absolute performance, however, its gains were more than offset by the position in AutoZone Incorporated.

Our covered call writing strategy also detracted from both Fund's performance as stock prices rallied in excess of strike prices. However, given the uncertainty in the future direction of the global markets and the large market rebound, we will continue to utilize this strategy.

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IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the return of the Funds relative to the comparative indexes was the Funds' use of financial leverage through the use of bank borrowings. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional 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 the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of the Funds over this reporting period.

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

Shortly after their inceptions, the Funds issued auction rate preferred shares (ARPS) to create financial leverage. As noted in past shareholder reports, the weekly auctions for those ARPS began in February 2008 to consistently fail, causing the Funds to pay the so-called "maximum rate" to ARPS shareholders under the terms of the ARPS in the Funds' charter documents. The Funds redeemed their ARPS at par in 2009 and since then have relied upon bank borrowings to create financial leverage.

During 2010, certain Nuveen leveraged closed-end funds (including these Funds) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds' officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds' ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee's recommendation.

Subsequently, the funds that received demand letters (including these Funds) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the "Cook County Chancery Court") on February 18, 2011 (the "Complaint"). The Complaint, filed on behalf of purported holders of each fund's common shares, also name Nuveen Asset Management as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the "Defendants"). The Complaint contains the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached

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their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs' costs and disbursements in pursuing the action. Nuveen Asset Management believes that the Complaint is without merit, and intends to defend vigorously against these charges.

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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, 2010, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

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

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

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

Important points to understand about the managed distribution program are:

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

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

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

•  net investment income (regular interest and dividends),

•  realized capital gains, and

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

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

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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 twelve months ended December 31, 2010. 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 12/31/10 (Common Shares)				JPC				JQC
Inception date				3/26/03				6/25/03
Calendar year ended December 31, 2010:
Per share distribution:
From net investment income				$	0.57			$	0.60
From long-term capital gains					0.00				0.00
From short-term capital gains					0.00				0.00
Return of capital					0.11				0.10
Total per share distribution				$	0.68			$	0.70
Distribution rate on NAV					7.07	%			6.91	%
Average annual total returns:
1-Year on NAV					21.06	%			21.02	%
5-Year on NAV					1.05	%			1.92	%
Since inception on NAV					3.72	%			3.80	%

 

Common Share Repurchases and Share Price Information

As of December 31, 2010, and since the inception of the Funds' repurchase program, the Funds have cumulatively repurchased and retired shares of their common stock as shown in the accompanying table.

Fund				Common Shares Repurchased and Retired				% of Outstanding Common Shares
JPC					2,123,250				2.2	%
JQC					3,419,395				2.5	%

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

Fund				Common Shares Repurchased and Retired				Weighted Average Price Per Common Share Repurchased and Retired				Weighted Average Discount Per Common Share Repurchased and Retired
JPC					485,500			$	7.77				14.20	%
JQC					999,820			$	8.18				14.30	%

 

At December 31, 2010, the Funds' common share prices were trading at (–) discounts to their common share NAVs as shown in the accompanying table.

Fund				12/31/10 (–) Discount				Twelve-Month Average (–) Discount
JPC					-13.20	%			-12.16	%
JQC					-13.13	%			-12.72	%

Nuveen Investments
15

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Fund Snapshot

Common Share Price				$	8.35
Common Share Net Asset Value (NAV)				$	9.62
Premium/(Discount) to NAV					-13.20	%
Current Distribution Rate1					8.14	%
Net Assets Applicable to Common Shares ($000)				$	938,844

 

Average Annual Total Return

(Inception 3/26/03)

				On Share Price				On NAV
1-Year					21.28	%			21.06	%
5-Year					2.90	%			1.05	%
Since Inception					2.27	%			3.72	%

 

Portfolio Composition

(as a % of total investments)^2,4

Commercial Banks					13.6	%
Insurance					13.4	%
Real Estate					8.3	%
Oil, Gas & Consumable Fuels					5.6	%
Media					5.4	%
Diversified Financial Services					3.9	%
Metals & Mining					3.5	%
Capital Markets					3.2	%
Pharmaceuticals					2.2	%
Diversified Telecommunication Services					2.2	%
Food Products					2.2	%
Health Care Providers & Services					2.0	%
Hotels, Restaurants & Leisure					1.7	%
Communications Equipment					1.5	%
Semiconductors & Equipment					1.3	%
Energy Equipment & Services					1.3	%
IT Services					1.3	%
Aerospace & Defense					1.2	%
Chemicals					1.2	%
Multi-Utilities					1.2	%
Short-Term Investments					4.0	%
Other					19.8	%

 

Country Allocation

(as a % of total investments)^2,4

United States					70.7	%
Canada					4.4	%
United Kingdom					4.3	%
Netherlands					3.4	%
Bermuda					3.0	%
France					2.4	%
Japan					2.0	%
Other					9.8	%

 

Top Five Issuers

(as a % of total investments)^3,4

Wachovia Corporation					1.9	%
Deutsche Bank AG					1.8	%
Union Planters Corporation					1.4	%
Partners Re Limited					1.4	%
Commonwealth REIT					1.3	%

JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

  as of December 31, 2010

Portfolio Allocation (as a % of total investments)^2,4

2009-2010 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

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

2 Excluding common stocks sold short and investments in derivatives.

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

4 Holdings are subject to change.

5 Rounds to less than 0.1%.

Nuveen Investments
16

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JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

  as of December 31, 2010

Portfolio Allocation (as a % of total investments)^2,4

2009-2010 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

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

2 Excluding common stocks sold short and investments in derivatives.

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

4 Holdings are subject to change.

5 Rounds to less than 0.1%.

Fund Snapshot

Common Share Price				$	8.80
Common Share Net Asset Value (NAV)				$	10.13
Premium/(Discount) to NAV					-13.13	%
Current Distribution Rate1					7.95	%
Net Assets Applicable to Common Shares ($000)				$	1,388,235

 

Average Annual Total Return

(Inception 6/25/03)

				On Share Price				On NAV
1-Year					24.26	%			21.02	%
5-Year					3.67	%			1.92	%
Since Inception					2.36	%			3.80	%

 

Portfolio Composition

(as a % of total investments)^2,4

Insurance					14.3	%
Commercial Banks					13.7	%
Real Estate					7.7	%
Media					5.2	%
Oil, Gas & Consumable Fuels					5.2	%
Metals & Mining					3.6	%
Capital Markets					3.6	%
Diversified Financial Services					2.8	%
Diversified Telecommunication Services					2.3	%
Electric Utilities					2.3	%
Pharmaceuticals					2.2	%
Food Products					2.0	%
Health Care Providers & Services					1.9	%
Hotels, Restaurants & Leisure					1.6	%
Communications Equipment					1.5	%
Investment Companies					1.4	%
IT Services					1.3	%
Semiconductors & Equipment					1.3	%
Energy Equipment & Services					1.3	%
Chemicals					1.2	%
Short-Term Investments					3.8	%
Other					19.8	%

 

Country Allocation

(as a % of total investments)^2,4

United States					69.3	%
United Kingdom					7.3	%
Canada					3.8	%
Netherlands					3.6	%
Bermuda					2.8	%
France					2.5	%
Japan					2.1	%
Other					8.6	%

 

Top Five Issuers

(as a % of total investments)^3,4

Deutsche Bank AG					1.7	%
Comcast Corporation					1.6	%
Aegon N.V.					1.4	%
ING Groep N.V.					1.3	%
Partners Re Limited					1.2	%

Nuveen Investments
17

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Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statements 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, 2010, 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, 2010, 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, 2010, the results of their operations and their 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 the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois
February 25, 2011

Nuveen Investments
18

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JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

  December 31, 2010

Shares				Description (1)				Value
				Common Stocks – 35.4% (27.4% of Total Investments)
				Aerospace & Defense – 1.1%
	29,962			Aveos Fleet Performance Inc., (2), (16)				$	314,601
	11,280			Boeing Company					736,133
	2,220			Esterline Technologies Corporation, (2)					152,270
	98,500			Finmeccanica SPA					1,119,475
	3,475			GeoEye, Inc., (2)					147,305
	2,540			L-3 Communications Holdings, Inc.					179,045
	54,176			Lockheed Martin Corporation, (3)					3,787,444
	3,090			Orbital Sciences Corporation					52,932
	97,550			Thales S.A.					3,413,373
	2,340			United Technologies Corporation					184,205
				Total Aerospace & Defense					10,086,783
				Air Freight & Logistics – 0.1%
	8,500			United Parcel Service, Inc., Class B					616,930
				Airlines – 0.0%
	13,960			Hawaiian Holdings Inc., (2)					109,446
				Auto Components – 0.2%
	7,310			Cooper Tire & Rubber					172,370
	5,710			Goodyear Tire & Rubber Company, (2)					67,664
	31,020			Johnson Controls, Inc.					1,184,964
	5,840			TRW Automotive Holdings Corporation, (2)					307,768
				Total Auto Components					1,732,766
				Automobiles – 0.4%
	63,589			Honda Motor Company Limited					2,518,027
	1,008			Toyota Motor Corporation, Sponsored ADR					79,259
	25,580			Toyota Motor Corporation					1,014,504
				Total Automobiles					3,611,790
				Beverages – 0.7%
	220,983			Coca-Cola Amatil Limited					2,454,593
	21,881			Coca-Cola Femsa SAB de CV					1,803,651
	25,640			Coca-Cola Company					1,686,343
	15,005			Dr. Pepper Snapple Group					527,576
	8,490			Molson Coors Brewing Company, Class B					426,113
				Total Beverages					6,898,276
				Biotechnology – 0.2%
	12,410			Amgen Inc., (2)					681,309
	6,140			Biogen Idec Inc., (2)					411,687
	6,450			BioMarin Pharmaceutical Inc., (2)					173,699
	2,570			Celgene Corporation, (2)					151,990
	5,285			Cubist Pharmaceuticals Inc., (2)					113,099
	6,450			Geron Corporation, (2)					33,347
	14,270			Gilead Sciences, Inc., (2)					517,145

 

Nuveen Investments
19

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Biotechnology (continued)
	4,530			Incyte Pharmaceuticals Inc., (2)				$	75,017
	11,461			Nabi Biopharmaceuticals, (2)					66,359
	11,160			PDL Biopahrma Inc.					69,527
				Total Biotechnology					2,293,179
				Building Products – 0.1%
	36,123			Masonite Worldwide Holdings, (2)					1,255,274
				Capital Markets – 0.5%
	3,130			Affiliated Managers Group Inc., (2)					310,559
	3,410			Ameriprise Financial, Inc.					196,246
	2,810			Artio Global Investors Inc.					41,448
	4,380			Calamos Asset Management, Inc. Class A					61,320
	6,310			Invesco LTD					151,819
	15,455			Legg Mason, Inc.					560,553
	4,720			T. Rowe Price Group Inc.					304,629
	45,240			UBS AG					742,710
	111,272			UBS AG, (2), (3)					1,832,650
				Total Capital Markets					4,201,934
				Chemicals – 1.0%
	15,060			Celanese Corporation, Series A					620,020
	680			CF Industries Holdings, Inc.					91,902
	2,720			Intrepid Potash Inc., (2)					101,429
	80,252			Kuraray Company Limited					1,150,552
	3,060			Minerals Technologies Inc.					200,155
	16,750			Mosaic Company					1,279,030
	27,125			Nitto Denko Corporation					1,277,905
	8,120			Potash Corporation of Saskatchewan					1,261,324
	2,630			PPG Industries, Inc.					221,104
	1,387			Shin-Etsu Chemical Company Limited, ADR, (16)					75,246
	5,630			Solutia Inc., (2)					129,940
	49,607			Umicore					2,580,000
	3,410			Westlake Chemical Corporation					148,233
				Total Chemicals					9,136,840
				Commercial Banks – 2.4%
	71,973			Associated Banc-Corp.					1,090,391
	77,919			Banco Itau Holdings Financeira, S.A., Sponsred ADR					1,870,835
	81,280			Banco Santander Central Hispano S.A.					1,105,408
	87,249			Banco Santander Central Hispano S.A., ADR					924,332
	12,100			BNP Paribas SA					769,817
	14,590			Canadian Imperial Bank of Commerce					1,149,386
	6,300			Columbia Banking Systems Inc.					132,678
	9,496			Commerce Bancshares Inc.					377,276
	6,765			Community Bank System Inc.					187,864
	199,562			DnB NOR ASA					2,801,026
	7,810			East West Bancorp Inc.					152,686
	5,090			First Financial Bancorp.					94,063
	76,091			Hang Seng Bank					1,249,127
	156,530			HSBC Holdings PLC					1,588,982
	6,510			M&T Bank Corporation					566,696
	91,571			Mitsubishi UFJ Financial Group, Inc., ADR					495,131
	298,117			Mizuho Financial Group					561,792
	14,800			Societe Generale					795,441
	83,163			Standard Chartered PLC					2,237,272
	14,845			Sumitomo Mitsui Financial Group					528,781
	11,373			Sumitomo Trust & Banking Company, ADR, (16)					72,105

 

Nuveen Investments
20

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Shares				Description (1)				Value
				Commercial Banks (continued)
	26,000			Toronto-Dominion Bank				$	1,941,567
	28,290			U.S. Bancorp					762,981
	2,180			UMB Financial Corporation					90,296
	10,830			Umpqua Holdings Corporation					131,909
	15,430			Wells Fargo & Company					478,176
				Total Commercial Banks					22,156,018
				Commercial Services & Supplies – 0.4%
	27,660			Aggreko PLC					639,108
	1,390			Clean Harbors, Inc., (2)					116,871
	10,615			Republic Services, Inc.					316,964
	4,047			Stericycle Inc., (2)					327,483
	253,300			Toppan Printing Company Limited					2,314,923
	4,170			Waste Management, Inc.					153,748
				Total Commercial Services & Supplies					3,869,097
				Communications Equipment – 0.4%
	1,970			Comtech Telecom Corporation					54,628
	2,465			Interdigital Inc., (2)					102,643
	76,620			Nokia Oyj					792,478
	122,442			Nokia Corporation, ADR, (3)					1,263,601
	6,410			Plantronics Inc.					238,580
	27,520			QUALCOMM, Inc.					1,361,965
				Total Communications Equipment					3,813,895
				Computers & Peripherals – 0.5%
	11,771			Apple, Inc., (2)					3,796,854
	4,250			Network Appliance Inc., (2)					233,580
	5,590			SanDisk Corporation, (2)					278,717
	1,075			Western Digital Corporation, (2)					36,443
				Total Computers & Peripherals					4,345,594
				Construction & Engineering – 0.1%
	27,130			Royal Boskalis Westminster NV					1,294,261
	2,286			Shaw Group Inc., (2)					78,250
				Total Construction & Engineering					1,372,511
				Consumer Finance – 0.0%
	11,140			Discover Financial Services					206,424
				Containers & Packaging – 0.0%
	10,930			Boise Inc.					86,675
	1,422			Rock-Tenn Company					76,717
				Total Containers & Packaging					163,392
				Diversified Consumer Services – 0.0%
	670			Coinstar Inc., (2)					37,815
	3,800			Sothebys Holdings Inc.					171,000
				Total Diversified Consumer Services					208,815
				Diversified Financial Services – 0.1%
	850			CME Group, Inc.					273,488
	3,072			Guoco Group Ltd, ADR, (16)					82,207
	52,000			Guoco Group Ltd					690,408
	4,300			Nasdaq Stock Market, Inc., (2)					101,953
				Total Diversified Financial Services					1,148,056

 

Nuveen Investments
21

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Diversified Telecommunication Services – 0.8%
	6,870			CenturyLink Inc.				$	317,188
	37,500			KT Corporation, Sponsored ADR					780,000
	167,667			Nippon Telegraph and Telephone Corporation, ADR, (3)					3,846,281
	1,455,000			Telecom Italia S.p.A					1,578,785
	2,884			Telus Corporation					125,627
	19,820			Verizon Communications Inc.					709,160
				Total Diversified Telecommunication Services					7,357,041
				Electric Utilities – 1.0%
	150,790			Centrais Electricas Brasileiras S.A., PFD B ADR					2,512,161
	9,710			DPL Inc.					249,644
	14,780			Duke Energy Corporation					263,232
	2,320			Edison International					89,552
	9,648			Electricite de France S.A., ADR, (16)					80,078
	26,600			Electricite de France S.A.					1,091,072
	16,851			Exelon Corporation					701,676
	152,632			Korea Electric Power Corporation, Sponsored ADR, (3)					2,062,058
	15,080			Northeast Utilities					480,750
	3,127			PNM Resources Inc.					40,714
	4,650			Portland General Electric Company					100,905
	12,710			Progress Energy, Inc.					552,631
	18,620			Southern Company					711,843
	4,870			UIL Holdings Corporation					145,905
				Total Electric Utilities					9,082,221
				Electrical Equipment – 0.9%
	51,392			ABB Limited, ADR					1,153,750
	67,689			ABB Limited					1,507,981
	18,500			Areva CI					902,337
	9,515			GrafTech International Ltd, (2)					188,778
	25,613			Nidec Corporation					2,590,008
	2,710			Rockwell Automation, Inc.					194,334
	53,350			Sensata Techologies Holdings					1,606,369
				Total Electrical Equipment					8,143,557
				Electronic Equipment & Instruments – 0.4%
	6,800			Daktronics Inc.					108,256
	2,570			FLIR Systems Inc., (2)					76,458
	59,801			Hoya Corporation					1,452,489
	8,170			Ingram Micro, Inc., Class A, (2)					155,965
	125,982			Nippon Electric Glass Company Limited					1,818,585
	10,290			Power One Inc, (2)					104,958
	1,459			Tech Data Corporation, (2)					64,225
				Total Electronic Equipment & Instruments					3,780,936
				Energy Equipment & Services – 0.7%
	75,240			ACERGY S.A., ADR					1,843,912
	126,281			AMEC PLC					2,264,173
	718			Baker Hughes Incorporated					41,048
	9,455			Cooper Cameron Corporation, (2)					479,652
	4,865			FMC Technologies Inc., (2)					432,547
	9,265			Halliburton Company					378,290
	3,980			Hornbeck Offshore Services Inc.					83,102
	7,970			Oil States International Inc., (2)					510,797
	10,240			Patterson-UTI Energy, Inc.					220,672
	8,010			Schlumberger Limited					668,835
				Total Energy Equipment & Services					6,923,028

 

Nuveen Investments
22

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Shares				Description (1)				Value
				Food & Staples Retailing – 1.2%
	162,921			Jeronimo Martins SGPS				$	2,481,909
	83,645			Koninklijke Ahold N.V.					1,103,888
	118,352			Kroger Co., (3)					2,646,351
	97,928			Wal-Mart Stores, Inc., (3)					5,281,257
				Total Food & Staples Retailing					11,513,405
				Food Products – 1.7%
	6,330			Archer-Daniels-Midland Company					190,406
	6,260			Corn Products International, Inc.					287,960
	1,090			Diamond Foods Inc.					57,966
	9,020			General Mills, Inc.					321,022
	15,070			H.J. Heinz Company					745,362
	15,095			Hershey Foods Corporation					711,729
	9,550			Kellogg Company					487,814
	24,280			Mead Johnson Nutrition Company, Class A Shares					1,511,430
	31,966			Nestle S.A.					1,871,806
	10,630			Ralcorp Holdings Inc., (2)					691,056
	178,887			Smithfield Foods, Inc., (2), (3)					3,690,439
	184,736			Tyson Foods, Inc., Class A, (3)					3,181,154
	76,130			Unilever PLC, ADR					2,329,968
				Total Food Products					16,078,112
				Gas Utilities – 0.0%
	2,640			National Fuel Gas Company					173,237
				Health Care Equipment & Supplies – 0.4%
	5,970			Align Technology, Inc., (2)					116,654
	2,560			Beckman Coulter, Inc.					192,589
	12,250			Becton, Dickinson and Company					1,035,370
	1,870			C. R. Bard, Inc.					171,610
	2,520			Cooper Companies, Inc.					141,977
	5,570			Covidien PLC					254,326
	11,740			Edwards Lifesciences Corporation, (2)					949,062
	13,220			Hologic Inc., (2)					248,800
	5,330			Masimo Corporation					154,943
	2,390			Steris Corporation					87,139
	1,761			Zimmer Holdings, Inc., (2)					94,530
				Total Health Care Equipment & Supplies					3,447,000
				Health Care Providers & Services – 0.9%
	80,533			Aetna Inc., (3)					2,457,062
	1,620			Air Methods Corporation, (2)					91,157
	30,240			AmerisourceBergen Corporation					1,031,789
	2,360			Centene Corporation, (2)					59,802
	7,820			Express Scripts, Inc., (2)					422,671
	26,233			Fresenius Medical Care, ADR					1,515,434
	9,620			HealthSouth Corporation, (2)					199,230
	2,740			Humana Inc., (2)					149,988
	1,920			Laboratory Corporation of America Holdings, (2)					168,806
	9,029			Lincare Holdings					242,248
	13,910			McKesson HBOC Inc.					978,986
	10,120			Medco Health Solutions, Inc., (2)					620,052
	3,337			Omnicare, Inc.					84,726
	3,770			Owens and Minor Inc.					110,951
	4,920			Quest Diagnostics Incorporated					265,532
				Total Health Care Providers & Services					8,398,434

 

Nuveen Investments
23

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Hotels, Restaurants & Leisure – 0.5%
	10,230			Bally Technologies, Inc., (2)				$	431,604
	40,075			Carnival Corporation					1,863,180
	1,650			Chipotle Mexican Grill Inc., (2)					350,889
	7,490			Las Vegas Sands, (2)					344,166
	2,260			Marriott International, Inc., Class A					93,880
	4,250			MGM Mirage Inc., (2)					63,113
	2,660			Penn National Gaming, Inc., (2)					93,499
	6,800			Royal Caribbean Cruises Limited, (2)					319,600
	14,030			Starbucks Corporation					450,784
	2,061			Vail Resorts, Inc.					107,254
	4,180			YUM! Brands, Inc.					205,029
				Total Hotels, Restaurants & Leisure					4,322,998
				Household Durables – 0.2%
	10,990			D.R. Horton, Inc.					131,111
	7,220			Lennar Corporation, Class A					135,375
	4,855			Meritage Corporation, (2)					107,781
	27,250			Newell Rubbermaid Inc.					495,405
	201,188			Oriental Weavers Group					1,187,027
	3,855			Tempur Pedic International Inc., (2)					154,431
				Total Household Durables					2,211,130
				Household Products – 0.2%
	8,890			Colgate-Palmolive Company					714,489
	10,190			Kimberly-Clark Corporation					642,378
	12,160			Procter & Gamble Company					782,253
				Total Household Products					2,139,120
				Independent Power Producers & Energy Traders – 0.1%
	19,190			Constellation Energy Group					587,790
				Industrial Conglomerates – 0.5%
	3,850			3M Co					332,255
	233,172			Fraser and Neave Limited					1,164,634
	22,820			General Electric Company					417,378
	14,980			Rheinmetall AG					1,204,469
	9,350			Siemens AG, Sponsored ADR					1,158,231
	5,340			Textron Inc.					126,238
				Total Industrial Conglomerates					4,403,205
				Insurance – 1.0%
	13,384			AFLAC Incorporated					755,259
	6,590			Alterra Capital Holdings Limited					142,608
	872			Aon Corporation					40,121
	6,614			Axis Capital Holdings Limited					237,310
	6,870			Delphi Financial Group, Inc.					198,131
	20,410			Genworth Financial Inc., Class A, (2)					268,187
	42,354			Hannover Rueckversicherung AG					2,271,547
	13,210			Hartford Financial Services Group, Inc.					349,933
	24,822			Lincoln National Corporation					690,300
	1,315			Loews Corporation					51,167
	5,759			Marsh & McLennan Companies, Inc.					157,451
	14,441			Old Republic International Corporation					196,831
	2,030			PartnerRe Limited					163,111
	4,610			Primerica Inc.					111,793
	14,270			Progressive Corporation					283,545
	105,446			Prudential Corporation PLC					1,098,197
	3,220			Prudential Financial, Inc.					189,046

 

Nuveen Investments
24

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Shares				Description (1)				Value
				Insurance (continued)
	3,120			Reinsurance Group of America Inc.				$	167,575
	18,860			Symetra Financial Corporation					258,382
	5,260			Tower Group Inc.					134,551
	33,560			Willis Group Holdings PLC					1,162,183
	5,930			WR Berkley Corporation					162,363
				Total Insurance					9,089,591
				Internet & Catalog Retail – 0.1%
	22,990			Expedia, Inc.					576,819
				Internet Software & Services – 0.6%
	91,847			eBay Inc., (2), (3)					2,556,102
	3,100			Google Inc., Class A, (2)					1,841,307
	5,520			IAC/InterActiveCorp., (2)					158,424
	5,430			Rackspace Hosting Inc., (2)					170,556
	25,145			Tencent Holdings Limited					553,185
				Total Internet Software & Services					5,279,574
				IT Services – 0.4%
	7,670			Accenture Limited					371,918
	16,590			Automatic Data Processing, Inc.					767,785
	5,670			CSG Systems International Inc., (2)					107,390
	13,005			International Business Machines Corporation (IBM)					1,908,614
	2,110			MasterCard, Inc.					472,872
	1,980			Maximus Inc.					129,848
	3,721			VeriFone Holdings Inc., (2)					143,482
	3,225			Wright Express Corporation, (2)					148,350
				Total IT Services					4,050,259
				Leisure Equipment & Products – 0.0%
	6,410			JAKKS Pacific Inc.					116,790
				Life Sciences Tools & Services – 0.1%
	7,870			Affymetrix, Inc., (2)					39,586
	950			Bio-Rad Laboratories Inc., (2)					98,658
	7,780			Life Technologies Corporation, (2)					431,790
	6,150			Waters Corporation, (2)					477,917
				Total Life Sciences Tools & Services					1,047,951
				Machinery – 1.0%
	4,527			AGCO Corporation, (2)					229,338
	4,110			ArvinMeritor Inc., (2)					84,337
	2,380			Astecx Industries Inc.					77,136
	10,030			Caterpillar Inc.					939,410
	1,350			Crane Company					55,445
	11,610			Cummins Inc.					1,277,216
	3,900			Danaher Corporation					183,963
	3,890			Deere & Company					323,065
	3,230			Eaton Corporation					327,877
	1,180			Kaydon Corporation					48,050
	35,991			Kone OYJ					2,000,742
	920			Nordson Corporation					84,530
	24,590			Oshkosh Truck Corporation, (2)					866,552
	7,700			Parker Hannifin Corporation					664,510
	15,690			Timken Company					748,884
	11,080			Vallourec SA					1,163,768
				Total Machinery					9,074,823

 

Nuveen Investments
25

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Marine – 0.2%
	8,660			Genco Shipping and Trading Limited, (2)				$	124,704
	68,000			Stolt-Nielsen Ltd.					1,660,654
				Total Marine					1,785,358
				Media – 0.6%
	14,050			Cablevision Systems Corporation					475,452
	32,027			Citadel Broadcasting Corporation, (2)					964,653
	23,975			Comcast Corporation, Class A					526,731
	20,376			DIRECTV Group, Inc., (2)					813,614
	2,495			Madison Square Garden Inc., (2)					64,321
	14,297			Metro-Goldwyn-Mayer					339,554
	2,669			Philadelphia Newspapers LLC					280,245
	16,449			Readers Digest Association Inc., (2), (16)					390,664
	10,180			Scripps Networks Interactive, Class A Shares					526,815
	1,322			Time Warner Cable, Inc.					87,292
	78,450			WPP Group PLC					965,648
				Total Media					5,434,989
				Metals & Mining – 3.4%
	31,000			AngloGold Ashanti Limited, Sponsored ADR, (3)					1,526,130
	132,868			Barrick Gold Corporation, (3)					7,065,920
	44,513			BHP Billiton PLC, ADR					2,060,138
	1,310			Cliffs Natural Resources Inc.					102,193
	15,995			Freeport-McMoRan Copper & Gold, Inc.					1,920,840
	220,631			Gold Fields Limited, Sponsored ADR, (3)					4,000,040
	31,200			Ivanhoe Mines Ltd, (2), (3)					715,104
	12,590			Kinross Gold Corporation					238,706
	1,808			Newcrest Mining Limited, Sponsored ADR, (16)					75,303
	18,000			Newcrest Mining Limited					744,517
	79,016			Newmont Mining Corporation, (3)					4,853,953
	5,010			Noranda Aluminum Hodlings Corporation					73,146
	4,977			NovaGold Resources Inc., (2)					71,022
	79,000			NovaGold Resources Inc., 144A					1,127,330
	52,073			Polyus Gold Company, ADR, (16)					1,887,646
	31,660			Rio Tinto Limited					2,767,677
	5,310			Steel Dynamics Inc.					97,173
	97,730			Sterlite Industries India Ltd., ADR					1,616,454
	10,880			Walter Industries Inc.					1,390,899
				Total Metals & Mining					32,334,191
				Multiline Retail – 0.3%
	2,905			Dillard's, Inc., Class A					110,216
	8,250			Family Dollar Stores, Inc.					410,108
	18,880			Macy's, Inc.					477,664
	46,951			Next PLC					1,445,725
				Total Multiline Retail					2,443,713
				Multi-Utilities – 0.2%
	15,921			Ameren Corporation					448,813
	7,970			Consolidated Edison, Inc.					395,073
	15,280			Dominion Resources, Inc.					652,762
	3,510			Integrys Energy Group, Inc.					170,270
	2,480			OGE Energy Corp.					112,939
	3,000			Sempra Energy					157,440
	5,150			Wisconsin Energy Corporation					303,129
				Total Multi-Utilities					2,240,426
				Office Electronics – 0.1%
	23,343			Canon Inc.					1,210,420

 

Nuveen Investments
26

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Shares				Description (1)				Value
				Oil, Gas & Consumable Fuels – 3.6%
	55,413			Arch Coal Inc., (3)				$	1,942,780
	66,040			BG Group PLC					1,334,399
	113,689			Cameco Corporation, (3)					4,590,762
	87,118			Chesapeake Energy Corporation, (3)					2,257,227
	4,710			Cimarex Energy Company					416,976
	1,777			ConocoPhillips					121,014
	22,960			Continental Resources Inc., (2)					1,351,196
	4,910			Devon Energy Corporation					385,484
	66,200			Gazprom OAO, ADR					1,671,550
	10,505			Hess Corporation					804,053
	6,050			Newfield Exploration Company, (2)					436,266
	84,050			Nexen Inc., (3)					1,924,745
	4,575			Occidental Petroleum Corporation					448,808
	5,947			Petrobras Energia S.A., ADR					156,882
	13,500			Petrohawk Energy Corporation, (2)					246,375
	10,950			Petroquest Energy Inc., (2)					82,454
	1,700,000			PT Medco Energi Internasional TBK					636,792
	54,303			Range Resources Corporation, (3)					2,442,549
	3,925			Rosetta Resources, Inc., (2)					147,737
	87,410			Royal Dutch Shell PLC, Class B, Sponsored ADR					2,882,340
	3,300			SM Energy Company					194,469
	61,190			StatoilHydro ASA					1,453,447
	114,529			StatoilHydro ASA, Sponsored ADR, (3)					2,722,354
	7,370			Stone Energy Corporation, (2)					164,277
	74,576			Suncor Energy, Inc., (3)					2,855,515
	75,160			Tesoro Corporation, (3)					1,393,466
	7,825			Total S.A.					414,602
	7,600			W&T Offshore Inc.					135,812
	840			Whiting Petroleum Corporation, (2)					98,440
	1,700			World Fuel Services Corporation					61,472
				Total Oil, Gas & Consumable Fuels					33,774,243
				Paper & Forest Products – 0.0%
	4,570			Domtar Corporation					346,954
				Personal Products – 0.0%
	1,570			Medifast, Inc.					45,342
	11,520			Prestige Brands Holdings Inc.					137,664
				Total Personal Products					183,006
				Pharmaceuticals – 2.0%
	21,000			AstraZeneca Group, Sponsored ADR, (3)					969,990
	27,280			AstraZeneca Group					1,242,792
	23,048			Bristol-Myers Squibb Company					610,311
	73,977			Eli Lilly and Company, (3)					2,592,154
	40,200			Forest Laboratories, Inc., (2), (3)					1,285,596
	4,700			Hospira Inc., (2)					261,743
	26,450			Johnson & Johnson					1,635,933
	21,236			Novartis AG					1,248,041
	12,720			Novo Nordisk A/S					1,434,351
	5,135			Perrigo Company					325,200
	172,492			Pfizer Inc., (3)					3,020,335
	20,817			Sanofi-Aventis, S.A.					1,331,080
	24,490			Teva Pharmaceutical Industries Limited, Sponsored ADR					1,276,664
	2,700			Warner Chilcott Limited, (2)					60,912
	21,780			Watson Pharmaceuticals Inc., (2)					1,124,937
				Total Pharmaceuticals					18,420,039

 

Nuveen Investments
27

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Professional Services – 0.0%
	2,710			Acacia Research, (2)				$	70,297
	1,580			Towers Watson & Company, Class A Shares					82,255
				Total Professional Services					152,552
				Real Estate – 0.6%
	9,870			Annaly Capital Management Inc.					176,870
	30,060			Apartment Investment & Management Company, Class A					776,750
	7,490			Boston Properties, Inc.					644,889
	7,160			Camden Property Trust					386,497
	5,230			Digital Realty Trust Inc.					269,554
	11,180			Duke Realty Corporation					139,303
	2,830			Equity Lifestyles Properties Inc.					158,282
	1,430			Essex Property Trust Inc.					163,335
	2,200			Home Properties New York, Inc.					122,078
	8,950			Inland Real Estate Corporation					78,760
	5,670			LaSalle Hotel Properties					149,688
	1,700			Mid-America Apartment Communities					107,933
	6,220			Parkway Properties Inc.					108,974
	2,362			PS Business Parks Inc.					131,611
	5,770			Ramco-Gershenson Properties Trust					71,837
	11,030			Rayonier Inc.					579,296
	2,909			Simon Property Group, Inc.					289,416
	2,450			Taubman Centers Inc.					123,676
	4,460			Walter Investment Management Corporation					80,012
	111,300			Westfield Group					1,090,565
	111,300			Westfield Realty Trust					292,563
				Total Real Estate					5,941,889
				Real Estate Management & Development – 0.2%
	67,160			Brookfield Properties Corporation					1,186,090
	119,956			Hysan Development Company					566,383
				Total Real Estate Management & Development					1,752,473
				Road & Rail – 0.2%
	3,780			Genesee & Wyoming Inc.					200,151
	7,270			Hertz Global Holdings Inc., (2)					105,342
	12,140			Kansas City Southern Industries, (2)					581,020
	4,070			Norfolk Southern Corporation					255,677
	3,450			Union Pacific Corporation					319,677
	165			West Japan Railway Company					616,794
				Total Road & Rail					2,078,661
				Semiconductors & Equipment – 0.6%
	46,880			ASM Lithography Holding NV					1,810,462
	9,675			Broadcom Corporation, Class A					421,346
	23,410			Cypress Semiconductor Corporation, (2)					434,958
	35,510			Intel Corporation					746,775
	23,350			KLA-Tencor Corporation					902,244
	27,080			Marvell Technology Group Ltd, (2)					502,334
	12,110			Micron Technology, Inc., (2)					97,122
	11,930			Novellus Systems, Inc., (2)					385,578
	11,100			ON Semiconductor Corporation, (2)					109,668
	15,310			Silicon Image, Inc., (2)					112,529
				Total Semiconductors & Equipment					5,523,016
				Software – 0.5%
	1,690			Advent Software Inc., (2)					97,885
	5,240			Ansys Inc., (2)					272,847

 

Nuveen Investments
28

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Shares				Description (1)				Value
				Software (continued)
	4,550			CommVault Systems, Inc., (2)				$	130,221
	2,850			Manhattan Associates Inc., (2)					87,039
	82,102			Microsoft Corporation, (3)					2,292,288
	21,690			Oracle Corporation					678,897
	10,530			Rovi Corporation, (2)					652,965
	3,755			Salesforce.com, Inc., (2)					495,660
	3,510			VirnetX Holding Corporation					52,124
				Total Software					4,759,926
				Specialty Retail – 0.3%
	6,750			Advance Auto Parts, Inc.					446,513
	1,691			Best Buy Co., Inc.					57,984
	1,230			Guess Inc.					58,204
	7,600			Home Depot, Inc.					266,456
	13,650			Industria de Diseno Textil SA, Inditex					1,022,015
	3,280			PetSmart Inc.					130,610
	32,300			Williams-Sonoma Inc.					1,152,787
				Total Specialty Retail					3,134,569
				Textiles, Apparel & Luxury Goods – 0.5%
	70,570			Burberry Group PLC					1,236,688
	2,290			Deckers Outdoor Corporation, (2)					182,605
	4,630			Fossil Inc., (2)					326,322
	13,340			Liz Claiborne, Inc.					95,514
	9,710			LVMH Moet Hennessy					1,597,280
	455,455			Yue Yuen Industrial Holdings Limited					1,634,827
				Total Textiles, Apparel & Luxury Goods					5,073,236
				Thrifts & Mortgage Finance – 0.0%
	13,580			New York Community Bancorp Inc.					255,982
	11,070			People's United Financial, Inc.					155,090
				Total Thrifts & Mortgage Finance					411,072
				Tobacco – 0.4%
	24,480			Altria Group, Inc.					602,697
	33,910			British American Tobacco PLC					1,302,428
	1,160			Lorillard Inc.					95,189
	14,795			Philip Morris International					865,950
	14,760			Reynolds American Inc.					481,470
				Total Tobacco					3,347,734
				Trading Companies & Distributors – 0.4%
	3,090			Applied Industrial Technologies Inc.					100,362
	193,464			Mitsui & Company Limited					3,195,408
				Total Trading Companies & Distributors					3,295,770
				Wireless Telecommunication Services – 0.4%
	9,722			Millicom International Cellular S.A.					933,799
	19,414			Millicom International Cellular S.A.					1,855,977
	4,123			Turkcell Iletisim Hizmetleri A.S., ADR					70,626
	460,240			Vodafone Group PLC					1,189,713
				Total Wireless Telecommunication Services					4,050,115
				Total Common Stocks (cost $284,056,098)					332,718,393

 

Nuveen Investments
29

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Coupon								Ratings (4)				Value
				Convertible Preferred Securities – 1.9% (1.5% of Total Investments)
				Automobiles – 0.2%
	40,750			Ford Motor Company Capital Trust II, Convertible					6.500	%						B1				$	2,113,295
				Capital Markets – 0.1%
	7,200			Affiliated Managers Group Inc., Convertible Bond					5.100	%						BB					361,350
	5,800			AMG Capital Trust II, Convertible Bond					5.150	%						BB					233,813
				Total Capital Markets																	595,163
				Commercial Banks – 0.8%
	3,500,000			Credit Suisse AG					7.875	%						BBB+					3,578,750
	5,150			Fifth Third Bancorp, Convertible Bond					8.500	%						Ba1					765,239
	2,750			Wells Fargo & Company, Convertible Bond					7.500	%						A-					2,751,513
				Total Commercial Banks																	7,095,502
				Communications Equipment – 0.3%
	2,775			Lucent Technologies Capital Trust I					7.750	%						B3					2,458,650
				Diversified Financial Services – 0.2%
	2,550			Bank of America Corporation					7.250	%						BB+					2,440,274
				Food Products – 0.1%
	5,300			Bunge Limited, Convertible Bonds					4.875	%						Ba1					493,563
				Health Care Providers & Services – 0.0%
	8,350			Omnicare Capital Trust II, Series B					4.000	%						B					323,145
				Independent Power Producers & Energy Traders – 0.0%
	8,250			AES Trust III, Convertible Preferred					6.750	%						B					404,250
				Insurance – 0.1%
	5,150			Aspen Insurance Holdings Limited					5.625	%						BBB-					282,890
	4,000			Reinsurance Group of America Inc.					5.750	%						BBB					280,680
				Total Insurance																	563,570
				Oil, Gas & Consumable Fuels – 0.1%
	400			El Paso Corporation,144A					4.990	%						B					470,600
	300			El Paso Corporation					4.990	%						B					352,949
				Total Oil, Gas & Consumable Fuels																	823,549
				Real Estate – 0.0%
	9,933			Commonwealth REIT, Convertible Debt					6.500	%						Baa3					216,836
				Road & Rail – 0.0%
	250			Kansas City Southern Industries Inc.					5.125	%						B-					400,062
				Total Convertible Preferred Securities (cost $16,468,923)																	17,927,859
Shares				Description (1)				Coupon								Ratings (4)				Value
				$25 Par (or similar) Preferred Securities – 31.2% (24.1% of Total Investments)
				Capital Markets – 3.0%
	91,000			Ameriprise Financial, Inc.					7.750	%						A				$	2,425,150
	70,437			BNY Capital Trust V, Series F					5.950	%						A1					1,758,108
	95,044			Credit Suisse					7.900	%						A3					2,545,278
	886,930			Deutsche Bank Capital Funding Trust II					6.550	%						BBB					20,532,430
	8,000			Deutsche Bank Capital Funding Trust IX					6.625	%						BBB					184,160
	20,300			Goldman Sachs Group Inc., Series 2004-4 (CORTS)					6.000	%						A3					453,705
	8,000			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)					6.000	%						A3					179,040
	1,000			Goldman Sachs Group Inc.					6.125	%						A					23,150

 

Nuveen Investments
30

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Shares				Description (1)				Coupon								Ratings (4)				Value
				Capital Markets (continued)
	600			Morgan Stanley Capital Trust III					6.250	%						Baa2				$	13,452
	2,700			Morgan Stanley Capital Trust IV					6.250	%						Baa2					61,560
				Total Capital Markets																	28,176,033
				Commercial Banks – 3.7%
	396,700			Banco Santander Finance					10.500	%						A-					11,052,062
	14,600			Barclays Bank PLC					7.750	%						A-					371,132
	36,900			Barclays Bank PLC					7.100	%						A+					919,917
	59,300			BB&T Capital Trust VI					9.600	%						Baa1					1,713,770
	73,300			BB&T Capital Trust VII					8.100	%						Baa1					2,015,017
	108,000			Cobank Agricultural Credit Bank, 144A					7.000	%						N/R					4,873,500
	31,000			Cobank Agricultural Credit Bank					11.000	%						A					1,663,345
	2,000,000			HSBC Bank PLC					1.000	%						A					1,225,000
	277,329			HSBC Finance Corporation					6.875	%						A					7,038,610
	16,200			HSBC Holdings PLC					8.000	%						A-					431,730
	22,700			HSBC Holdings PLC					6.200	%						A-					519,830
	79,592			Merrill Lynch Preferred Capital Trust V					7.280	%						Baa3					1,950,004
	500,000			National Australia Bank					8.000	%						A+					536,800
	400			National City Capital Trust II					6.625	%						BBB					9,992
				Total Commercial Banks																	34,320,709
				Diversified Financial Services – 2.6%
	5,400			Citigroup Capital Trust XII					8.500	%						BB+					142,884
	125,768			Citigroup Capital XIII					7.875	%						BB+					3,384,417
	16,300			Citigroup Capital XVII					6.350	%						BB+					371,803
	32,600			Countrywide Capital Trust IV					6.750	%						Baa3					772,620
	644,975			ING Groep N.V.					7.050	%						Ba1					14,737,679
	114,469			JPMorgan Chase Capital Trust XI					5.875	%						A2					2,787,320
	38,700			JPMorgan Chase Capital Trust XXIX					6.700	%						A2					988,398
	800			MBNA Corporation, Capital Trust					8.125	%						Baa3					20,240
	36,250			Merrill Lynch Capital Trust II					6.450	%						Baa3					801,125
				Total Diversified Financial Services																	24,006,486
				Diversified Telecommunication Services – 0.5%
	27,599			BellSouth Capital Funding (CORTS)					7.120	%						A					704,638
	162,040			Telephone and Data Systems Inc.					6.875	%						Baa2					4,026,694
				Total Diversified Telecommunication Services																	4,731,332
				Electric Utilities – 0.2%
	59,800			Entergy Texas Inc.					7.875	%						BBB+					1,648,686
				Food Products – 0.2%
	25,000			Dairy Farmers of America Inc, 144A					7.875	%						BBB-					2,231,250
				Insurance – 5.2%
	624,430			Aegon N.V.					6.375	%						BBB					13,512,665
	16,100			Allianz SE					8.375	%						A+					424,135
	6,500			Arch Capital Group Limited, Series B					7.875	%						BBB					166,205
	340,999			Arch Capital Group Limited					8.000	%						BBB					8,695,475
	70,457			Assured Guaranty Municipal Holdings					6.250	%						A+					1,498,620
	277,157			EverestRe Capital Trust II					6.200	%						Baa1					6,169,515
	640,974			PartnerRe Limited, Series C					6.750	%						BBB+					15,767,960
	64,810			PLC Capital Trust III					7.500	%						BBB					1,630,620
	5,800			PLC Capital Trust IV					7.250	%						BBB					144,420
	2,000			RenaissanceRe Holdings Limited, Series C					6.080	%						BBB+					45,480
	32,400			RenaissanceRe Holdings Limited, Series D					6.600	%						BBB+					798,012
				Total Insurance																	48,853,107

 

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Coupon								Ratings (4)				Value
				Media – 4.4%
	464,395			CBS Corporation					6.750	%						BBB-				$	11,735,262
	481,431			Comcast Corporation					7.000	%						BBB+					12,180,204
	97,000			Comcast Corporation					6.625	%						BBB+					2,468,650
	577,046			Viacom Inc.					6.850	%						BBB+					14,645,427
				Total Media																	41,029,543
				Multi-Utilities – 1.1%
	216,300			Dominion Resources Inc.					8.375	%						BBB					6,129,942
	158,561			Xcel Energy Inc.					7.600	%						BBB					4,349,328
				Total Multi-Utilities																	10,479,270
				Oil, Gas & Consumable Fuels – 1.1%
	427,648			Nexen Inc.					7.350	%						BB+					10,781,006
				Real Estate – 9.2%
	632,300			Commomwealth REIT					7.125	%						Baa3					15,257,399
	98,785			Developers Diversified Realty Corporation, Series G					8.000	%						Ba1					2,460,734
	1,400			Harris Preferred Capital Corporation, Series A					7.375	%						A-					35,294
	340,287			Kimco Realty Corporation, Series F					6.650	%						Baa2					8,354,046
	109,832			Kimco Realty Corporation, Series G					7.750	%						Baa2					2,899,565
	35,862			Kimco Realty Corporation, Series H					6.900	%						Baa2					864,274
	40,882			Prologis Trust, Series C					8.540	%						Baa3					2,271,506
	216,310			Public Storage, Inc.					6.750	%						BBB+					5,466,154
	33,774			Public Storage, Inc., Series C					6.600	%						BBB+					828,814
	43,700			Public Storage, Inc., Series E					6.750	%						BBB+					1,088,130
	9,359			Public Storage, Inc., Series H					6.950	%						BBB+					235,472
	205,058			Realty Income Corporation					6.750	%						Baa2					5,028,022
	111,971			Regency Centers Corporation					7.450	%						Baa3					2,837,345
	103,728			Vornado Realty LP					7.875	%						BBB					2,766,426
	857,862			Wachovia Preferred Funding Corporation					7.250	%						A-					21,952,689
	583,830			Weingarten Realty Trust, Preferred Securities					6.750	%						Baa3					14,099,495
				Total Real Estate																	86,445,365
				Wireless Telecommunication Services – 0.0%
	848			Telephone and Data Systems Inc.					7.600	%						Baa2					21,378
				Total $25 Par (or similar) Preferred Securities (cost $295,868,708)																	292,724,165
Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Variable Rate Senior Loan Interests – 6.5% (5.0% of Total Investments) (6)
				Aerospace & Defense – 0.1%
$	574			DAE Aviation Holdings, Inc., Term Loan B1					4.040	%		7/31/14				B				$	568,724
	555			DAE Aviation Holdings, Inc., Term Loan B2					4.040	%		7/31/14				B					549,290
	1,129			Total Aerospace & Defense																	1,118,014
				Airlines – 0.1%
	965			Delta Air Lines, Inc., Term Loan					3.539	%		4/30/14				B					937,106
				Automobiles – 0.1%
	915			Ford Motor Company, Term Loan					3.026	%		12/15/13				Baa3					913,003
				Biotechnology – 0.1%
	900			Grifols, Term Loan, WI/DD				TBD				TBD				BB					911,625

 

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32

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Communications Equipment – 0.3%
$	1,969			Avaya, Inc., Term Loan					3.034	%		10/24/14				B1				$	1,866,230
	867			Intelsat, Term Loan, WI/DD				TBD				TBD				B1					876,259
	2,836			Total Communications Equipment																	2,742,489
				Containers & Packaging – 0.1%
	150			Reynolds Group Holdings, Inc., Term Loan A					6.250	%		8/06/15				Ba3					150,581
	900			Reynolds Group Holdings, Inc., Term Loan D					6.500	%		5/05/16				Ba3					909,997
	1,050			Total Containers & Packaging																	1,060,578
				Diversified Consumer Services – 0.1%