Washington, D.C. 20549






Investment Company Act file number



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, 2010



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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


Nuveen Multi-Strategy Income and Growth Fund 2



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.


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.

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  

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.


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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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.


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 %  

Nuveen Investments

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
(–) Discount
JPC     -13.20 %     -12.16 %  
JQC     -13.13 %     -12.72 %  

Nuveen Investments

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 %  




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




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



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


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


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

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


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

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


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

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


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

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


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

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


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

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    


Nuveen Investments


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    
Amount (000)
  Description (1)   Weighted
  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    


Nuveen Investments

Amount (000)
  Description (1)   Weighted
  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%