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, 2011



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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, 2011

Nuveen Multi-Strategy Income and Growth Fund


Nuveen Multi-Strategy Income and Growth Fund 2



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Table of Contents

Chairman's Letter to Shareholders   4  
Portfolio Managers' Comments   5  
Fund Leverage and Other Information   11  
Common Share Distribution and Price Information   14  
Performance Overviews   17  
Shareholder Meeting Report   19  
Report of Independent Registered Public Accounting Firm   20  
Portfolios of Investments   21  
Statement of Assets & Liabilities   82  
Statement of Operations   83  
Statement of Changes in Net Assets   84  
Statement of Cash Flows   85  
Financial Highlights   86  
Notes to Financial Statements   88  
Board Members & Officers   103  
Annual Investment Management Agreement Approval Process   108  
Reinvest Automatically Easily and Conveniently   115  
Glossary of Terms Used in this Report   117  
Additional Fund Information   119  

Letter to Shareholders

Dear Shareholders,

These are perplexing times for investors. The global economy continues to struggle. The solutions being implemented in the eurozone to deal with the debt crises of many of its member countries are not yet seen as sufficient by the financial markets. The political paralysis in the U.S. has prevented the compromises necessary to deal with the fiscal imbalance and government spending priorities. The efforts by individual consumers, governments and financial institutions to reduce their debts are increasing savings but reducing demand for the goods and services that drive employment. These developments are undermining the rebuilding of confidence by consumers, corporations and investors that is so essential to a resumption of economic growth.

Although it is painfully slow, progress is being made. In Europe, the turnover of a number of national governments reflects the realization by politicians and voters alike that leaders who practiced business as usual had to be replaced by leaders willing to face problems and accept the hard choices needed to resolve them. The recent coordinated efforts by central banks in the U.S. and Europe to provide liquidity to the largest European banks indicates that these monetary authorities are committed to facilitating a recovery in the European banking sector.

In the U.S., the failure of the congressionally appointed Debt Reduction Committee was a blow to those who hoped for a bipartisan effort to finally begin addressing the looming fiscal crisis. Nevertheless, Congress and the administration cannot ignore the issue for long. The Bush era tax cuts are scheduled to expire on December 31, 2012, and six months later the $1.2 trillion of mandatory across-the-board spending cuts under the Budget Control Act of 2011 begin to go into effect. Any legislative modification would require bipartisan support and the prospects for a bipartisan solution are unclear. The impact of these two developments would be a mixed blessing: a meaningful reduction in the annual budget deficit at the cost of slowing the economic recovery.

It is in these particularly volatile markets that professional investment management is most important. Skillful investment teams who have experienced challenging markets and remain committed to their investment disciplines are critical to the success of an investor's long-term objectives. In fact, many long-term investment track records are built during challenging markets when managers are able to protect investors against these economic crosscurrents. Experienced investment teams know that volatile markets put a premium on companies and investment ideas that will weather the short-term volatility and that compelling values and opportunities are opened up when markets overreact to negative developments. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

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
February 22, 2012

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Portfolio Managers' Comments


On November 18, 2011, common shareholders of Nuveen Multi-Strategy Income and Growth Fund (JPC) and Nuveen Multi-Strategy Income and Growth Fund 2 (JQC) approved certain changes needed to implement the repositioning of each Fund's portfolio. The implementation of each Fund's repositioning began on January 23, 2012.

The goal of each Fund's portfolio repositioning is to increase the attractiveness of the Fund's common shares and narrow the Fund's trading discount by:

•  Simplifying the Fund to focus on one of its current core portfolio strategies;

•  Positioning the Fund in a closed-end fund category that is well understood and has historically seen more consistent secondary market demand; and

•  Differentiating the Fund from similar funds, including other Nuveen closed-end funds in the same fund category.

Each Fund will notify shareholders when its portfolio repositioning has been completed.

Multi-Strategy Income and Growth Fund (JPC)

For JPC's portfolio repositioning, shareholders approved a single-strategy, preferred securities approach. JPC's investment objective of high current income with a secondary objective of total return will remain unchanged. In connection with the Fund's repositioning Nuveen Asset Management, LLC and NWQ Investment Management Company, LLC, affiliates of Nuveen Investments, will assume portfolio management responsibilities from JPC's existing sub-advisers and each will manage approximately half of JPC's investment portfolio.

Upon completion of its repositioning, the Fund will change its name to Nuveen Preferred Income Opportunities Fund. The Funds' ticker symbol JPC will remain unchanged. Upon completion of its repositioning, the Fund also will discontinue its managed distribution policy (in which distributions may be sourced not just from income but also from realized capital gains and, if necessary, from capital), and shift from quarterly to monthly distributions. The Fund's repositioning is not expected to initially affect the level of the Fund's annualized distribution per share.

Multi-Strategy Income and Growth Fund 2 (JQC)

For JQC's portfolio repositioning, shareholders approved adopting a single-strategy, debt-oriented approach. JQC's investment objective of high current income with a secondary objective of total return will remain unchanged. In connection with the Fund's repositioning, Symphony Asset Management, LLC, an existing JQC sub-adviser and affiliate of Nuveen Investments, will assume sole responsibility for managing JQC's investment portfolio.

Upon completion of its repositioning, the Fund will change its name to Nuveen Credit Strategies Income Fund. The Fund's ticker symbol JQC will remain unchanged. Upon completion of its repositioning, the Fund also will discontinue its managed distribution policy (in which distributions may be sourced not just from income but also from realized capital gains and, if necessary, from capital), and shift from quarterly to monthly distributions. The Fund's repositioning is not expected to initially affect the level of the Fund's annualized distribution per share.

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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.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

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

These Funds are advised by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, which determines and oversees the Funds' asset allocations. Each Fund uses a team of sub-advisers with specialties in different asset classes to manage its portfolio. 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, an affiliate of Principal CapitalSM, manages preferred securities positions within the income-oriented portion of each Fund's portfolio. Mark Lieb and Phil Jacoby, who have more than 40 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.

Tradewinds invests its portion of each Fund's assets in global equities. The Tradewinds team is led by Dave Iben, who is the 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, 2011.

What were the general market conditions for the reporting twelve-month period?

During this period, the U.S. economy continued to recover from the recent recession, but progress remained slow. The country's gross domestic product (GDP) grew in 2011, but at a slower rate than 2010 (1.7% vs. 3.0%). The unemployment picture showed some improvement, with the national unemployment rate standing at 8.5% as of December 2011, compared with 9.4% one year earlier. However, the housing market continued to be a weak spot. For the twelve months ended November 2011 (the most recent data available at the time this report was prepared), the average home price in the Standard & Poor's (S&P)/Case-Shiller Index lost 1.3%, with 18 of the 20 major metropolitan areas reporting lower values. In addition, the U.S. economic picture continued to be clouded by concerns about the European debt crisis and efforts to reduce the federal deficit.

In an attempt to improve the overall economic environment, the Federal Reserve (Fed) continued to hold the benchmark fed funds rate at the record low level of zero to 0.25% that it had established in December 2008. In January 2012 (following the close of this

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reporting period), the central bank stated that economic conditions would likely warrant maintaining this low rate through 2014. The Fed also implemented a program to extend the average maturity of its U.S. Treasury holdings by purchasing $400 billion of these securities with maturities of six to thirty years and selling an equal amount of U.S. Treasury securities with maturities of three years or less. The goals of this program, which the Fed expects to complete by the end of June 2012, are to lower longer-term interest rates, support a stronger economic recovery and help ensure that inflation remains at levels consistent with the Fed's mandates of maximum employment and price stability.

The U.S. equity markets experienced periods of extreme volatility over the twelve-month reporting period, and posted mixed results for the full year. The Dow Jones Industrial Average gained 8.38% in 2011, and the broader S&P 500 Index ended the year up 2.11%. The NASDAQ Composite Index finished in the red, posting a -0.83% return during 2011.

In the preferred securities market, banks were offered access to plenty of money, and some responded by tendering for their subordinated capital, which had been eviscerated in August and September. The European Banking Authority (EBA) also took a very important initiative in October by requiring that the banks in the eurozone raise core capital to 9% quickly in order to offset the unknown risks of the sovereign debt crisis. Part of this initiative opened the door to convertible contingent capital, so this is good news for the future of the hybrid preferred securities. The rally was briefly interrupted again in November as eurozone fatigue came back (again) with notable concerns over Italy's sovereign debt excess. This set up another opportunity for liability management trades for the French banks (which own a lot of Italian sovereign bonds) and helped to kickoff a genuine rally to end the year.

Global equities markets took a decidedly negative turn starting in late July, declining by over 15%, in part because of the downgrade by S&P of the long-term credit rating of the United States. Lacking a clear model to contextualize the historically unprecedented move, markets settled into a wide channel of volatility for the rest of the period. Equities dynamically rose and fell during this time on alternating positive and negative economic data, news flow regarding continuing European economic troubles and renewed global stimulus efforts.

The elevated volatility in global equities carried into the fourth quarter. Erratic market movement often served as a proxy for equally inconsistent investor sentiment regarding rising peripheral eurozone bond yields and the political efforts to both reduce those yields and avoid contagion in core eurozone nations.

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

Within the preferred securities portion of both Funds' portfolios, we favored discounted securities that had favorable technical characteristics unique to hybrid preferred securities. Our risk-averse posture toward security structure and portfolio structure were important core aspects of our strategy, which over the long-term, seeks to preserve capital and provide sustainable income. We also maintained an approximate 60% weight to U.S.

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names and a 40% weight to foreign names, which kept the Funds in a neutral position relative to the benchmark.

In the senior loan and other debt portion of the Fund's portfolio, riskier assets traded positively during the first half of the reporting period as quantitative easing was underway, optimism about stability (and growth) increased, and sovereign concerns took a back burner until mid-May, when volatility began to increase as macro concerns about Europe (and later the U.S.) drove markets lower.

The corporate credit market remained positive through the end of the period, despite the sell off later in the period. Overall, consensus opinion in the loan and high yield market centered on overall optimism regarding a low default environment. While the average recovery rate has dropped, a low default rate makes the average recovery rate less meaningful, particularly for higher quality portfolios within the non-investment grade space. Within convertibles, sentiment was more mixed as the equity markets continued to trade volatility with little conviction to the upside.

In the core domestic and international equity portions of both Funds' portfolios that are managed by Symphony, we used both quantitative and qualitative methods to evaluate opportunities. The quantitative screening process served as the starting point for 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 we think blends the most effective elements of both quantitative and qualitative investing.

For the global equity portion of the Funds' portfolios managed by Tradewinds, our basic investment philosophy continued to focus on buying what we believed to be good or improving business franchises around the globe whose securities were selling below their intrinsic value. We tried to maintain 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 (sell) covered calls on selected long equity positions in an effort to enhance yield and expected total return, although this did cause the Funds to potentially forego some upside opportunities. We also held put options on one stock in an attempt to benefit in the event its price declined.

In the first half of 2011, we continued to like materials, food, agriculture and energy stocks, which benefit from increased global demand. Within the equity asset class, both the long and short equity exposure remained generally unchanged, as measured at the

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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 Performance Overview page for your Fund in this report.

*  Refer to Glossary of Terms used in this Report for definitions.

beginning and end of the period, while the convertible bond position decreased by the end of the period.

How did the Funds perform over the reporting period?

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

Average Annual Total Returns on Common Share Net Asset Value

For periods ended 12/31/11

Fund   1-Year   5-Year  
JPC     -2.23 %     -1.07 %  
JQC     -1.70 %     -0.12 %  
Comparative Benchmark*     -0.53 %     1.12 %  
Barclays Capital U.S. Aggregate Bond Index*     7.84 %     6.50 %  


For the twelve-month period ended December 2011, the total return on common share net asset value (NAV) for both Funds underperformed the comparative benchmark and the general fixed income index.

Among the largest positive contributors in the preferred securities portion of both Funds over the period were overweight positions in U.S. securities, reinsurance paper, U.S. real estate investment trust (REIT) preferreds and the cable and media sector holdings. Also, our underweight position in France contributed positively to relative performance.

Several positions detracted from performance. Our underweight positions in the Netherlands and Australia hurt, as did a relative underweight in the U.S. banking sector versus the benchmark. In particular, our underweight in JPMorgan and our overweight in Commerzbank detracted from performance.

During the period, the Funds were helped by their exposure to the high yield bond market, which rallied into year-end aside the equity markets. Senior loans, despite being attractive on a total return basis, dragged slightly on the portfolios, particularly into year end. We continued to find value in both markets, with high yield providing solid current income, although with less upside at current levels. Senior secured loans offer a lower current yield but an attractive total return opportunity given the discount in the loan market following the correction in August after Fed Chairman Ben Bernanke's comments that interest rates would remain low for an extended period. This led to retail investors moving out of floating rate funds, which put pressure on senior loans.

Towards the end of the period, we were helped by some of the higher-beta exposure—particularly in the high yield sleeve—as riskier assets rebounded. Positions such as HCA's 8.5% 2019 bonds performed very well as money flowed back into the high yield market following the late summer sell off. Not only did we feel that fundamentals remained solid relative to risk as we moved into these assets, but also felt that a lack of new supply in high yield would cause secondary prices to firm into year end. We also continued to favor shorter-dated convertible bonds, which also performed well as the market stabilized. Names such as Hologic and Equinix both added to the Funds' returns.

In the domestic equities portion of each Fund managed by Symphony, we remained invested in companies that we believed had relatively strong fundamentals. One solid performer for the period was Watson Pharmaceuticals, a generic drug manufacturer. The

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company is seeing steady growth and margin improvements as the generic drug pipeline remains attractive and Watson's push into overseas markets is seeing positive results. Also contributing positively was Humana, a U.S. focused managed health care company. Humana outperformed its peers in 2011, raising EPS guidance six times on the back of stronger than expected enrollment growth and margins.

Kansas City Southern also contributed positively to the Fund's overall return. Kansas City Southern is a railroad company controlling a network primarily located throughout the Midwest, expanding south into Mexico. The stock has performed well all year long as the company has consistently beat core earnings projections and is seeing solid growth in its carload traffic.

Several positions detracted from performance including Walter Energy and Broadcom. Walter Energy is a major producer of metallurgical coal in the U.S. The firm's shares declined during the year as the company encountered difficult geology in one of its mines that led to an inability to meet its production and shipment guidance for the year.

Broadcom operates in several market segments, such as networking, broadband, and wireless. Even with strength in their broadband and wireless divisions, the stock has underperformed due to weakness in its networking division as orders for networking gear came to a stall during the AT&T and T-Mobile merger negotiations.

In the international equity portion of the portfolios managed by Symphony, the Funds benefited from stock selection in the consumer discretionary and consumer staples sectors. Jeronimo Martins, a leader in food distribution in Portugal and Poland, was a top performer for the reporting period. Coca-Cola Femsa, which operates in Central and South America, also positively contributed to performance. Lastly, Next PLC, a UK-based retailer, was among the top relative return contributors to the Fund. Our underweight to financials versus the benchmark also contributed positively. Conversely, our positions in Nippon Electric Glass and Rheinmetall adversely affected active performance.

In the global equity sleeve of the Funds managed by Tradewinds, the health care sector contributed the most to the portfolio's absolute return. U.S. pharmaceutical company Eli Lilly & Company was the top performer in the sector. The security rallied, particularly in November, in part due to sell side analyst enthusiasm regarding the company's Alzheimer's disease drug.

Canadian-based Cameco Corporation, the world's largest uranium producer, was the worst detractor during the period. Ongoing troubling news regarding the stricken Fukushima Daiichi nuclear plant in Japan catalyzed extremely negative sentiment toward companies involved in the nuclear energy industry. It is our belief that nuclear power still meets important long-term global energy requirements, and we took advantage of the security's price decline to add to the Fund's holdings of high quality nuclear energy-related companies.

The Fund's overall short equity position detracted slightly from performance for the period. The Fund's short exposure is concentrated in several companies that we characterize as members of the "contemporary nifty fifty" — high momentum growth companies that we believe are outrageously overvalued. Amongst this group, Urban Outfitters Incorporated contributed most to absolute performance, however, its gains were more than offset by the position in Chipotle Mexican Grill Incorporated. Separately, our covered call writing strategy contributed positively to the Fund's performance.

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Fund Leverage
and Other Information


One important factor impacting the return of the Funds relative to their benchmarks 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 had a positive impact on the performance of the Funds over this reporting period. During the period, the Funds entered into interest rate swap contracts to partially fix the interest cost of their leverage. This activity detracted modestly from the overall positive impact of leverage, as rates declined slightly while the positions were in place, meaning it would have been better had the interest rates of the leverage floated rather than being partially fixed in the period.


Shortly after their respective inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create leverage. As noted in past shareholder reports, the weekly auctions for those ARPS shares 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 Fund redeemed their ARPS at par in 2009 and since then have relied upon bank borrowings to create effective leverage.

During 2010 and 2011, 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

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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 named Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Directors/Trustees of each of the funds (together with the nominal defendants, collectively, the "Defendants"). The Complaint contained the same basic allegations contained in the demand letters. The Defendants filed a motion to dismiss the suit and on December 16, 2011, the court granted that motion dismissing the Complaint. The plaintiffs failed to file an appeal of the court's decision within the required time period, resulting in the final disposition of the suit.


Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:

Investment Risk. The possible loss of the entire principal amount that you invest.

Price Risk. Shares of closed-end investment companies like the Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Leverage Risk. The Funds' use of leverage creates the possibility of higher volatility for each Fund's per share NAV, market price, distributions and returns. There is no assurance that a Fund's leveraging strategy will be successful.

Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations. This is particularly true for funds employing a managed distribution program.

Common Stock Risk. Common stock returns often have experienced significant volatility.

Issuer Credit Risk. This is the risk that a security in a Fund's portfolio will fail to make dividend or interest payments when due.

Non-U.S. Securities Risk. Investments in non-U.S securities involve special risks not typically associated with domestic investments including currency risk and adverse political, social and economic development. These risks often are magnified in emerging markets.

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Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.

Reinvestment Risk. If market interest rates decline, income earned from each Fund's portfolio may be reinvested at rates below that of the original bond that generated the income.

Preferred Stock Risk. Preferred stocks are subordinated to bonds and other debt instru- ments in a company's capital structure, and therefore are subject to greater credit risk.

Convertible Securities Risk. Convertible securities generally offer lower interest or divi- dend yields than non-convertible fixed-income securities of similar credit quality.

Currency Risk. Changes in exchange rates will affect the value of each Fund's investments.

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Common Share Distribution
and Price Information

Distribution Information

The following information regarding each Fund's distributions is current as of December 31, 2011, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

During the twelve-month reporting period, each Fund's quarterly distribution to common shareholders increased in March and June. 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 currently 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 fiscal year ended December 31, 2011. 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 12/31/11 (Common Shares)   JPC   JQC  
Inception date   3/26/03   6/25/03  
Fiscal year (calendar year) ended December 31, 2011:  
Per share distribution:  
From net investment income   $ 0.75     $ 0.79    
From long-term capital gains     0.00       0.00    
From short-term capital gains     0.00       0.00    
Return of capital     0.00 *     0.00    
Total per share distribution   $ 0.75     $ 0.79    
Distribution rate on NAV     8.65 %     8.61 %  
Average annual total returns:  
1-Year on NAV     -2.23 %     -1.70 %  
5-Year on NAV     -1.07 %     -0.12 %  
Since inception on NAV     3.03 %     3.14 %  


*  Rounds to less than $0.01 per share.

Common Share Repurchases and Share Price Information

As of December 31, 2011, and since the inception of the Funds' repurchase programs, 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     2,724,287       2.8 %  
JQC     4,315,092       3.2 %  

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     601,037     $ 8.40       13.78 %  
JQC     895,697     $ 8.76       13.77 %  


At December 31, 2011, the Funds' common share prices were trading at (–) discounts to their common share NAVs as shown in the accompanying table.

Fund   12/31/11
(–) Discount
  Twelve-Month Average
(–) Discount
JPC     -7.61 %     -11.96 %  
JQC     -12.31 %     -12.73 %  

Nuveen Investments





Nuveen Multi-Strategy Income and Growth Fund

  as of December 31, 2011

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

2010-2011 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   $ 8.01    
Common Share Net Asset Value (NAV)   $ 8.67    
Premium/(Discount) to NAV     -7.61 %  
Current Distribution Rate1     9.49 %  
Net Assets Applicable to Common
Shares ($000)
  $ 840,643    



Regulatory Leverage     29.28 %  
Effective Leverage     29.28 %  


Average Annual Total Returns

(Inception 3/26/03)

    On Share Price   On NAV  
1-Year     4.95 %     -2.23 %  
5-Year     -1.38 %     -1.07 %  
Since Inception     2.58 %     3.03 %  


Portfolio Composition

(as a % of total investments)2,4

Insurance     13.8 %  
Commercial Banks     10.5 %  
Real Estate     8.4 %  
Media     5.2 %  
Oil, Gas & Consumable Fuels     5.1 %  
Diversified Financial Services     4.0 %  
Capital Markets     3.5 %  
Metals & Mining     3.2 %  
Wireless Telecommunication Services     2.2 %  
Health Care Providers & Services     2.1 %  
Food Products     1.9 %  
Electric Utilities     1.9 %  
Pharmaceuticals     1.8 %  
Semiconductors & Equipment     1.6 %  
Hotels, Restaurants & Leisure     1.5 %  
Food & Staples Retailing     1.5 %  
Chemicals     1.4 %  
Multi-Utilities     1.4 %  
Specialty Retail     1.3 %  
IT Services     1.3 %  
Short-Term Investments     7.1 %  
Other     19.3 %  


Country Allocation

(as a % of total investments)2,4

United States     71.0 %  
United Kingdom     4.3 %  
Canada     4.0 %  
Netherlands     2.8 %  
Germany     2.1 %  
France     2.0 %  
Switzerland     2.0 %  
Japan     1.9 %  
Other     9.9 %  


Top Five Issuers

(as a % of total investments)3,4

Wachovia Corporation     2.0 %  
Deutsche Bank AG     1.5 %  
CommonWealth REIT     1.4 %  
Weingarten Realty     1.3 %  
Comcast Corporation     1.3 %  

Nuveen Investments

Fund Snapshot

Common Share Price   $ 8.05    
Common Share Net Asset Value (NAV)   $ 9.18    
Premium/(Discount) to NAV     -12.31 %  
Current Distribution Rate1      9.94 %  
Net Assets Applicable to Common
Shares ($000)
  $ 1,250,245    



Regulatory Leverage     29.25 %  
Effective Leverage     29.25 %  


Average Annual Total Returns

(Inception 6/25/03)

    On Share Price   On NAV  
1-Year     0.24 %     -1.70 %  
5-Year     -1.07 %     -0.12 %  
Since Inception     2.11 %     3.14 %  


Portfolio Composition

(as a % of total investments)2,4

Insurance     13.3 %  
Commercial Banks     9.7 %  
Real Estate     7.4 %  
Media     5.2 %  
Oil, Gas & Consumable Fuels     3.8 %  
Diversified Financial Services     3.4 %  
Capital Markets     3.2 %  
Metals & Mining     3.2 %  
Pharmaceuticals     2.8 %  
Wireless Telecommunication Services     2.1 %  
Health Care Providers & Services     2.0 %  
Electric Utilities     2.0 %  
IT Services     1.8 %  
Health Care Equipment & Supplies     1.8 %  
Food Products     1.8 %  
Semiconductors & Equipment     1.8 %  
Food & Staples Retailing     1.7 %  
Road & Rail     1.6 %  
Investment Companies     1.4 %  
Specialty Retail     1.4 %  
Software     1.4 %  
Communications Equipment     1.3 %  
Short-Term Investments     6.2 %  
Other     19.7 %  


Country Allocation

(as a % of total investments)2,4

United States     70.5 %  
United Kingdom     6.0 %  
Canada     3.5 %  
Netherlands     2.8 %  
Switzerland     2.7 %  
France     2.2 %  
Japan     2.0 %  
Germany     1.8 %  
Other     8.5 %  


Top Five Issuers

(as a % of total investments)3,4

Wachovia Corporation     1.8 %  
Credit Suisse Group     1.5 %  
HSBC Bank PLC     1.5 %  
Comcast Corporation     1.4 %  
Deutsche Bank AG     1.4 %  





Nuveen Multi-Strategy Income and Growth Fund 2

  as of December 31, 2011

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

2010-2011 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




The special meeting of shareholders was held in the offices of Nuveen Investments on November 18, 2011; at this meeting the shareholders were asked to vote on the approval of investment sub-advisory agreements and the approval of amending fundamental investment restrictions.

To approve an investment sub-advisory agreement between Nuveen Fund Advisors, Inc. and
Nuveen Asset Management, LLC for the Fund.
For     51,503,843    
Against     1,591,590    
Abstain     1,911,578    
Broker Non-Votes        
Total     55,007,011    
To approve an investment sub-advisory agreement between Nuveen Fund Advisors, Inc. and
NWQ Investment Management Company, LLC for the Fund.
For     51,328,065    
Against     1,682,816    
Abstain     1,996,130    
Broker Non-Votes        
Total     55,007,011    
To amend the Fund's fundamental investment restriction regarding concentration.  
For     70,994,230    
Against     2,589,152    
Abstain     2,984,257    
Broker Non-Votes        
Total     76,567,639    


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, 2011, 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, 2011, by correspondence with the custodian, counterparty, 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, 2011, and 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 27, 2012

Nuveen Investments


Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

  December 31, 2011

Shares   Description (1)   Value  
    Common Stocks – 33.6% (23.8% of Total Investments)  
    Aerospace & Defense – 1.0%  
  1,273     Alliant Techsystems Inc.   $ 72,765    
  29,962     Aveos Fleet Performance Inc., (2), (3)     539,316    
  10,469     BE Aerospace Inc., (2)     405,255    
  1,840     Esterline Technologies Corporation, (2)     102,985    
  180,000     Finmeccanica SPA     665,814    
  2,570     Hexcel Corporation, (2)     62,220    
  4,910     Honeywell International Inc.     266,859    
  36,828     Lockheed Martin Corporation, (4)     2,979,385    
  10,520     Textron Inc.     194,515    
  97,550     Thales S.A.     3,080,601    
    Total Aerospace & Defense     8,369,715    
    Air Freight & Logistics – 0.0%  
  1,200     Atlas Air Worldwide Holdings Inc., (2)     46,116    
  2,640     FedEx Corporation     220,466    
    Total Air Freight & Logistics     266,582    
    Airlines – 0.0%  
  1,710     United Continental Holdings Inc., (2)     32,268    
    Auto Components – 0.1%  
  2,370     BorgWarner Inc., (2)     151,064    
  2,110     Tenneco Inc., (2)     62,836    
  9,872     Visteon Corporation, (2)     493,008    
    Total Auto Components     706,908    
    Automobiles – 0.4%  
  12,850     Ford Motor Company     138,266    
  5,350     General Motors Company, (2)     108,445    
  63,589     Honda Motor Company Limited     1,939,807    
  27,658     Toyota Motor Corporation     921,694    
    Total Automobiles     3,108,212    
    Beverages – 0.5%  
  164,330     Coca-Cola Amatil Limited     1,934,564    
  970     Coca-Cola Bottling Company Consolidated     56,794    
  17,440     Coca-Cola Company, (4)     1,220,277    
  15,675     Dr. Pepper Snapple Group     618,849    
    Total Beverages     3,830,484    
    Biotechnology – 0.2%  
  8,460     Amgen Inc.     543,217    
  3,300     Aveo Pharmaceuticals Inc., (2)     56,760    
  4,910     Biogen Idec Inc., (2)     540,346    
  11,000     Gilead Sciences, Inc., (2)     450,230    
  3,680     Incyte Pharmaceuticals Inc., (2)     55,237    
  12,971     Nabi Biopharmaceuticals, (2)     24,385    


Nuveen Investments


Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares   Description (1)   Value  
    Biotechnology (continued)  
  10,040     Neurocrine Biosciences Inc., (2)   $ 85,340    
  3,290     United Therapeutics Corporation, (2)     155,453    
    Total Biotechnology     1,910,968    
    Building Products – 0.1%  
  31,690     Masco Corporation     332,111    
  12,632     Owens Corning, (2)     362,791    
    Total Building Products     694,902    
    Capital Markets – 0.5%  
  5,350     Affiliated Managers Group Inc., (2)     513,333    
  7,680     Ameriprise Financial, Inc.     381,235    
  4,720     Apollo Investment Corporation     30,397    
  5,880     Artio Global Investors Inc.     28,694    
  4,230     Calamos Asset Management, Inc. Class A     52,917    
  3,680     Cohen & Steers Inc.     106,352    
  18,460     E*Trade Group Inc., (2)     146,942    
  416,250     Egyptian Financial Group – Hermes Holdings, (3)     696,414    
  139,000     GP Investments     295,848    
  15,440     Invesco LTD     310,190    
  6,650     T. Rowe Price Group Inc.     378,718    
  45,240     UBS AG     538,468    
  88,000     Uranium Participation Corporation, (2)     485,458    
  6,270     Waddell & Reed Financial, Inc., Class A     155,308    
  5,270     Walter Investment Management Corporation     108,088    
    Total Capital Markets     4,228,362    
    Chemicals – 1.0%  
  3,720     Airgas, Inc.     290,458    
  3,190     Celanese Corporation, Series A     141,221    
  3,850     CF Industries Holdings, Inc.     558,173    
  8,750     Dow Chemical Company     251,650    
  7,790     Interpid Potash Inc., (2)     176,288    
  80,252     Kuraray Company Limited     1,141,691    
  18,490     LyondellBasell Industries NV     600,740    
  1,990     Minerals Technologies Inc.     112,495    
  4,090     Monsanto Company     286,586    
  7,940     Mosaic Company     400,414    
  27,125     Nitto Denko Corporation     970,537    
  2,660     OM Group Inc., (2)     59,557    
  24,360     Potash Corporation of Saskatchewan     1,006,920    
  5,080     Sigma-Aldrich Corporation     317,296    
  49,607     Umicore     2,046,178    
  1,710     Westlake Chemical Corporation     68,810    
    Total Chemicals     8,429,014    
    Commercial Banks – 1.9%  
  77,919     Banco Itau Holdings Financeira, S.A., Sponsored ADR     1,446,177    
  90,398     Banco Santander Central Hispano S.A.     686,776    
  12,100     BNP Paribas SA     475,294    
  3,490     Columbia Banking Systems Inc.     67,252    
  5,445     Community Bank System Inc.     151,371    
  199,562     DnB NOR ASA     1,953,628    
  3,380     First Financial Bancorp.     56,243    
  76,091     Hang Seng Bank     902,813    
  156,530     HSBC Holdings PLC     1,193,699    
  42,190     KeyCorp.     324,441    
  3,250     M&T Bank Corporation     248,105    


Nuveen Investments

Shares   Description (1)   Value  
    Commercial Banks (continued)  
  91,571     Mitsubishi UFJ Financial Group, Inc., ADR   $ 389,031    
  298,117     Mizuho Financial Group     402,808    
  14,800     Societe Generale     329,560    
  83,163     Standard Chartered PLC     1,819,754    
  2,820     State Bank Financial Corporation, (2)     42,610    
  14,845     Sumitomo Mitsui Financial Group     413,508    
  437,000     Sumitomo Mitsui Trust Holdings     1,283,123    
  11,870     SunTrust Banks, Inc.     210,099    
  26,000     Toronto-Dominion Bank     1,947,033    
  14,910     U.S. Bancorp     403,316    
  44,300     Wells Fargo & Company     1,220,908    
  4,770     Zions Bancorporation     77,656    
    Total Commercial Banks     16,045,205    
    Commercial Services & Supplies – 0.3%  
  26,795     Aggreko PLC     839,327    
  2,720     Clean Harbors, Inc., (2)     173,346    
  25,835     Republic Services, Inc.     711,754    
  3,967     Stericycle Inc., (2)     309,109    
  8,090     Waste Management, Inc.     264,624    
    Total Commercial Services & Supplies     2,298,160    
    Communications Equipment – 0.5%  
  1,590     Comtech Telecom Corporation     45,506    
  1,065     Interdigital Inc.     46,402    
  17,340     Motorola Solutions Inc.     802,669    
  372,000     Nokia Oyj, (4)     1,793,040    
  2,110     Plantronics Inc.     75,200    
  26,320     QUALCOMM, Inc.     1,439,704    
    Total Communications Equipment     4,202,521    
    Computers & Peripherals – 0.4%  
  7,546     Apple, Inc., (2)     3,056,130    
  7,350     EMC Corporation, (2)     158,319    
  5,000     OCZ Technology Group Inc., (2)     33,050    
  3,070     SanDisk Corporation, (2)     151,075    
  6,740     Seagate Technology     110,536    
    Total Computers & Peripherals     3,509,110    
    Construction & Engineering – 0.2%  
  7,670     Fluor Corporation     385,418    
  4,600     MasTec Inc., (2)     79,902    
  27,130     Royal Boskalis Westminster NV     996,858    
    Total Construction & Engineering     1,462,178    
    Construction Materials – 0.2%  
  955,000     India Cements Limited, 144A, GDR     1,188,020    
  1,750,000     Luks Group Vietnam Holdings Company Limited     349,252    
    Total Construction Materials     1,537,272    
    Consumer Finance – 0.1%  
  2,620     Capital One Financial Corporation     110,800    
  13,720     Discover Financial Services     329,280    
    Total Consumer Finance     440,080    


Nuveen Investments


Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares   Description (1)   Value  
    Diversified Consumer Services – 0.0%  
  1,180     Ascent Media Corporation, (2)   $ 59,850    
    Diversified Financial Services – 0.1%  
  52,000     Guoco Group Ltd, ADR     484,073    
    Diversified Telecommunication Services – 0.8%  
  60,500     KT Corporation, Sponsored ADR     946,220    
  44,500     Nippon Telegraph and Telephone Corporation, ADR     1,127,185    
  41,900     PT Telekomunikasi Indonesia     1,288,006    
  26,650     Telecom Egypt SAE, (3)     58,499    
  1,455,000     Telecom Italia S.p.A.     1,303,129    
  16,640     Telefonica Brasil SA     454,771    
  28,630     Verizon Communications Inc.     1,148,636    
    Total Diversified Telecommunication Services     6,326,446    
    Electric Utilities – 1.5%  
  146,484     Centrais Electricas Brasileiras S.A.,PFD B ADR, (2)     2,124,018    
  19,430     Duke Energy Corporation     427,460    
  2,100     Edison International     86,940    
  19,064     Electricite de France S.A., ADR, (3)     91,698    
  111,700     Electricite de France S.A.     2,717,874    
  38,000     Exelon Corporation, (4)     1,648,060    
  152,632     Korea Electric Power Corporation, Sponsored ADR     1,675,899    
  13,600     Northeast Utilities     490,552    
  5,530     Portland General Electric Company     139,854    
  7,170     Progress Energy, Inc.     401,663    
  24,292     RusHydro, ADR, (3)     73,605    
  400,000     RusHydro, ADR     1,220,000    
  23,180     Southern Company     1,073,002    
  3,920     UIL Holdings Corporation     138,650    
    Total Electric Utilities     12,309,275    
    Electrical Equipment – 0.5%  
  67,689     ABB Limited     1,274,078    
  20,041     Areva SA     495,158    
  13,664     Nidec Corporation     1,187,634    
  3,800     Rockwell Automation, Inc.     278,806    
  53,350     Sensata Techologies Holdings, (2)     1,402,038    
    Total Electrical Equipment     4,637,714    
    Electronic Equipment & Instruments – 0.3%  
  10,740     Corning Incorporated     139,405    
  950     Dolby Laboratories, Inc., (2)     28,985    
  59,801     Hoya Corporation     1,288,165    
  5,180     Jabil Circuit Inc.     101,839    
  125,982     Nippon Electric Glass Company Limited     1,247,217    
    Total Electronic Equipment & Instruments     2,805,611    
    Energy Equipment & Services – 0.3%  
  4,610     Global Geophysical Services Inc., (2)     30,979    
  3,305     Halliburton Company     114,056    
  5,200     Helmerich & Payne Inc.     303,472    
  3,210     Hornbeck Offshore Services Inc., (2)     99,574    
  8,410     National-Oilwell Varco Inc.     571,796    
  2,110     Oil States International Inc., (2)     161,141    
  22,580     Parker Drilling Company, (2)     161,899    
  11,650     RPC Inc.     212,613    
  48,010     Subsea 7 SA     891,029    
  13,470     Superior Energy Services, Inc., (2)     383,087    
    Total Energy Equipment & Services     2,929,646    


Nuveen Investments

Shares   Description (1)   Value  
    Food & Staples Retailing – 1.6%  
  8,490     Costco Wholesale Corporation   $ 707,387    
  4,820     CVS Caremark Corporation     196,560    
  130,811     Jeronimo Martins SGPS     2,165,375    
  83,645     Koninklijke Ahold N.V.     1,126,420    
  114,724     Kroger Co., (4)     2,778,615    
  24,870     Walgreen Co.     822,202    
  87,866     Wal-Mart Stores, Inc., (4)     5,250,872    
    Total Food & Staples Retailing     13,047,431    
    Food Products – 1.1%  
  8,130     General Mills, Inc.     328,533    
  10,200     H.J. Heinz Company     551,208    
  1,510     Hain Celestial Group Inc., (2)     55,357    
  15,025     Hershey Foods Corporation     928,245    
  13,800     Kraft Foods Inc.     515,568    
  4,510     McCormick & Company, Incorporated     227,394    
  16,590     Mead Johnson Nutrition Company, Class A Shares     1,140,231    
  31,966     Nestle S.A.     1,837,713    
  2,330     Tootsie Roll Industries Inc.     55,151    
  70,600     Tyson Foods, Inc., Class A, (4)     1,457,184    
  76,130     Unilever PLC, ADR     2,557,313    
    Total Food Products     9,653,897    
    Gas Utilities – 0.1%  
  2,120     National Fuel Gas Company     117,830    
  2,000     ONEOK, Inc.     173,380    
  8,560     Questar Corporation     170,002    
    Total Gas Utilities     461,212    
    Health Care Equipment & Supplies – 0.2%  
  3,380     Align Technology, Inc., (2)     80,191    
  11,810     Baxter International, Inc.     584,359    
  6,530     Becton, Dickinson and Company     487,922    
  1,750     C. R. Bard, Inc.     149,625    
  11,120     CareFusion Corporation, (2)     282,559    
  1,280     Cooper Companies, Inc.     90,266    
  5,320     Hologic Inc., (2)     93,153    
  4,280     Medtronic, Inc.     163,710    
  1,930     Steris Corporation     57,553    
    Total Health Care Equipment & Supplies     1,989,338    
    Health Care Providers & Services – 0.9%  
  80,929     Aetna Inc., (4)     3,414,395    
  830     Air Methods Corporation, (2)     70,094    
  2,340     Centene Corporation, (2)     92,641    
  6,320     Davita Inc., (2)     479,119    
  26,233     Fresenius Medical Care     1,782,484    
  4,650     Humana Inc.     407,387    
  10,770     McKesson HBOC Inc.     839,091    
  2,480     Molina Healthcare Inc., (2)     55,378    
  3,080     Owens and Minor Inc.     85,593    
  68,000     Profarma Distribuidora de Produtos Farmaceuticos SA     391,905    
  1,220     Wellcare Health Plans Inc., (2)     64,050    
    Total Health Care Providers & Services     7,682,137    
    Hotels, Restaurants & Leisure – 0.3%  
  6,340     Ameristar Casinos, Inc.     109,619    
  25,600     International Game Technology     440,320    


Nuveen Investments


Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares   Description (1)   Value  
    Hotels, Restaurants & Leisure (continued)  
  9,350     Las Vegas Sands, (2)   $ 399,526    
  3,820     McDonald's Corporation     383,261    
  24,800     Orascom Development Holding AG     378,878    
  2,160     Penn National Gaming, Inc., (2)     82,231    
  2,850     Red Robin Gourmet Burgers, Inc., (2)     78,945    
  13,710     Scientific Games Corporation, (2)     132,987    
  2,960     Vail Resorts, Inc.     125,386    
  650     Wynn Resorts Ltd     71,819    
    Total Hotels, Restaurants & Leisure     2,202,972    
    Household Durables – 0.2%  
  57,999     Brookfield Residential Properties Inc., (2)     452,972    
  6,877     Brookfield Residential Properties Inc., (2)     54,543    
  278,917     Oriental Weavers Company, (3)     1,392,504    
  1,190     Tempur Pedic International Inc., (2)     62,511    
    Total Household Durables     1,962,530    
    Household Products – 0.1%  
  6,480     Kimberly-Clark Corporation     476,669    
  9,200     Procter & Gamble Company     613,732    
    Total Household Products     1,090,401    
    Independent Power Producers & Energy Traders – 0.0%  
  12,370     AES Corporation, (2)     146,461    
    Industrial Conglomerates – 0.5%  
  233,172     Fraser and Neave Limited     1,114,580    
  55,540     General Electric Company, (4)     994,721    
  14,980     Rheinmetall AG     663,744    
  7,950     Siemens AG, Sponsored ADR     760,790    
  6,290     Tyco International Ltd.     293,806    
    Total Industrial Conglomerates     3,827,641    
    Insurance – 1.3%  
  11,330     AFLAC Incorporated     490,136    
  5,320     Alterra Capital Holdings Limited     125,712    
  13,350     Aon Corporation     624,780    
  3,310     Chubb Corporation     229,118    
  3,820     Everest Reinsurance Group Ltd     321,224    
  42,354     Hannover Rueckversicherung AG     2,100,849    
  19,580     Hartford Financial Services Group, Inc.     318,175    
  18,350     Marsh & McLennan Companies, Inc.     580,227    
  7,400     Meadowbrook Insurance Group, Inc.     79,032    
  5,890     MetLife, Inc.     183,650    
  49,000     Mitsui Sumitomo Insurance Company Limited     907,808    
  7,860     National Financial Partners Corp., (2)     106,267    
  1,840     PartnerRe Limited     118,146    
  5,340     Primerica Inc.     124,102    
  105,446     Prudential Corporation PLC     1,045,593    
  42,790     SCOR SE, ADR     1,000,180    
  13,870     Torchmark Corporation     601,819    
  33,560     Willis Group Holdings PLC     1,302,128    
  5,360     WR Berkley Corporation     184,330    
  24,120     XL Capital Ltd, Class A     476,852    
    Total Insurance     10,920,128    


Nuveen Investments

Shares   Description (1)   Value  
    Internet & Catalog Retail – 0.1%  
  860     Priceline.com Incorporated, (2)   $ 402,231    
    Internet Software & Services – 0.3%  
  2,018     Google Inc., Class A, (2)     1,303,426    
  12,166     Rackspace Hosting Inc., (2)     523,260    
  25,145     Tencent Holdings Limited     505,063    
  24,720     Yahoo! Inc., (2)     398,734    
    Total Internet Software & Services     2,730,483    
    IT Services – 0.5%  
  4,850     Accenture Limited     258,166    
  4,570     CSG Systems International Inc., (2)     67,225    
  13,205     International Business Machines Corporation (IBM)     2,428,135    
  1,165     MasterCard, Inc.     434,335    
  3,180     Maximus Inc.     131,493    
  5,080     Paychex, Inc.     152,959    
  7,500     Teradata Corporation, (2)     363,825    
  11,500     VeriFone Holdings Inc., (2)     408,480    
  2,780     Visa Inc.     282,253    
  2,265     Wright Express Corporation, (2)     122,944    
    Total IT Services     4,649,815    
    Leisure Equipment & Products – 0.1%  
  3,492     Polaris Industries Inc.     195,482    
  6,400     Sankyo Company Ltd     323,866    
    Total Leisure Equipment & Products     519,348    
    Life Sciences Tools & Services – 0.1%  
  11,550     Agilent Technologies, Inc., (2)     403,442    
  810     Bio-Rad Laboratories Inc., (2)     77,792    
  3,750     Life Technologies Corporation, (2)     145,913    
  910     Waters Corporation, (2)     67,386    
    Total Life Sciences Tools & Services     694,533    
    Machinery – 0.8%  
  2,500     Astecx Industries Inc., (2)     80,525    
  14,590     Caterpillar Inc.     1,321,854    
  1,950     CNH Global N.V., (2)     70,181    
  12,980     Cummins Inc.     1,142,500    
  1,420     Dover Corporation     82,431    
  1,480     Joy Global Inc.     110,956    
  35,991     Kone OYJ     1,867,913    
  48,560     Nabtesco Corporation     885,146    
  3,490     SPX Corporation     210,342    
  4,790     Titan International Inc.     93,213    
  2,597     Twin Disc, Inc.     94,323    
  11,080     Vallourec SA     719,309    
  1,770     Wabtec Corporation     123,812    
    Total Machinery     6,802,505    
    Marine – 0.1%  
  39,600     Stolt-Nielsen S.A.     794,536    
    Media – 0.3%  
  17,035     Comcast Corporation, Class A     403,900    
  3,346     DIRECTV Group, Inc., (2)     143,075    
  3,011     Liberty Media Starz, (2)     235,009    


Nuveen Investments


Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares   Description (1)   Value  
    Media (continued)  
  14,297     Metro-Goldwyn-Mayer, (2), (3)   $ 291,898    
  6,180     Scripps Networks Interactive, Class A Shares     262,156    
  10,260     Viacom Inc., Class B     465,907    
  78,450     WPP Group PLC     822,981    
    Total Media     2,624,926    
    Metals & Mining – 3.5%  
  89,335     AngloGold Ashanti Limited, Sponsored ADR, (4)     3,792,271    
  122,250     Barrick Gold Corporation, (4)     5,531,813    
  44,513     BHP Billiton PLC, ADR     1,567,071    
  8,460     Freeport-McMoRan Copper & Gold, Inc.     311,243    
  285,649     Gold Fields Limited, Sponsored ADR, (4)     4,356,147    
  360,000     Gran Colombia Gold Corporation, (2)     183,755    
  81,160     Iluka Resources Limited     1,286,662    
  1,300     Kaiser Aluminum Corporation     59,644    
  18,770     Kinross Gold Corporation     213,978    
  3,636     Newcrest Mining Limited, Sponsored ADR, (3)     110,207    
  95,300     Newcrest Mining Limited     2,885,197    
  66,455     Newmont Mining Corporation, (4)     3,987,965    
  595,957     Polyus Gold International Limited, GDR, (3)     1,758,073    
  31,660     Rio Tinto Limited     1,952,626    
  13,280     Southern Copper Corporation     400,790    
  4,800     Steel Dynamics Inc.     63,120    
  25,680     Titanium Metals Corporation     384,686    
  2,179,909     Village Main Reef Limited     553,581    
  5,800     Walter Industries Inc.     351,248    
    Total Metals & Mining     29,750,077    
    Multiline Retail – 0.5%  
  4,375     Dillard's, Inc., Class A     196,350    
  11,520     J.C. Penney Company, Inc.     404,928    
  23,400     Macy's, Inc.     753,012    
  46,951     Next PLC     1,995,681    
  11,450     Target Corporation     586,469    
    Total Multiline Retail     3,936,440    
    Multi-Utilities – 0.2%  
  3,310     Alliant Energy Corporation     146,004    
  7,190     Consolidated Edison, Inc.     445,996    
  10,280     Dominion Resources, Inc.     545,662    
  2,250     OGE Energy Corp.     127,598    
  2,720     Sempra Energy     149,600    
    Total Multi-Utilities     1,414,860    
    Office Electronics – 0.1%  
  23,343     Canon Inc.     1,034,164    
    Oil, Gas & Consumable Fuels – 3.3%  
  2,420     Apache Corporation     219,204    
  47,000     Arch Coal Inc.     681,970    
  97,730     BG Group PLC     2,089,179    
  154,130     Cameco Corporation, (4)     2,782,047    
  64,618     Chesapeake Energy Corporation, (4)     1,440,335    
  4,270     Chevron Corporation     454,328    
  3,750     Cimarex Energy Company     232,125    
  6,700     Cloud Peak Energy Inc., (2)     129,444    
  17,510     ConocoPhillips     1,275,954    
  3,650     Continental Resources Inc., (2)     243,492    
  2,660     CVTR Energy Inc., (2)     49,822    


Nuveen Investments

Shares   Description (1)   Value  
    Oil, Gas & Consumable Fuels (continued)  
  4,650     Devon Energy Corporation   $ 288,300    
  2,180     EOG Resources, Inc.     214,752    
  2,740     Exxon Mobil Corporation     232,242    
  116,000     Gazprom OAO, ADR     1,236,560    
  1,624     Hess Corporation     92,243    
  19,720     HollyFrontier Company     461,448    
  19,800     Marathon Oil Corporation     579,546    
  11,060     Marathon Petroleum Corporation     368,187    
  4,240     Murphy Oil Corporation     236,338    
  2,920     Newfield Exploration Company, (2)     110,172    
  157,600     Nexen Inc.     2,507,416    
  7,200     Niko Resources Limited     340,865    
  4,385     Occidental Petroleum Corporation     410,875    
  1,780     Peabody Energy Corporation     58,936    
  2,900     Petrobras Energia S.A., ADR     36,598    
  8,880     Petroquest Energy Inc., (2)     58,608    
  3,500,000     PT Medco Energi Internasional TBK     936,035    
  6,390     QEP Resources Inc.     187,227    
  5,830     Range Resources Corporation     361,110    
  34,290     Repsol YPF S.A     1,053,356    
  65,490     Royal Dutch Shell PLC, Class B, Sponsored ADR     2,495,865    
  6,180     SM Energy Company     451,758    
  3,940     Spectra Energy Corporation     121,155    
  44,170     StatoilHydro ASA, Sponsored ADR     1,133,634    
  5,300     Stone Energy Corporation, (2)     139,814    
  45,900     Suncor Energy, Inc., (4)     1,323,297    
  14,970     Sunoco, Inc.     614,069    
  8,170     Teekay Shipping Corporation     218,384    
  2,270     Tesoro Corporation, (2)     53,027    
  28,675     Total S.A.     1,465,949    
  3,690     Williams Companies, Inc.     121,844    
    Total Oil, Gas & Consumable Fuels     27,507,510    
    Paper & Forest Products – 0.1%  
  2,500     Clearwater Paper Corporation, (2)     89,025    
  14,040     International Paper Company     415,584    
  9,448     Stora Enso Oyj, (3)     56,121    
    Total Paper & Forest Products     560,730    
    Personal Products – 0.0%  
  9,290     Prestige Brands Holdings Inc., (2)     104,698    
    Pharmaceuticals – 1.9%  
  9,010     Abbott Laboratories     506,632    
  24,800     AstraZeneca Group, Sponsored ADR, (4)     1,147,992    
  27,280     AstraZeneca Group     1,260,384    
  21,548     Bristol-Myers Squibb Company     759,352    
  80,928     Eli Lilly and Company, (4)     3,363,368    
  25,260     Johnson & Johnson, (4)     1,656,551    
  1,640     Medicis Pharmaceutical Corporation     54,530    
  16,980     Merck & Company Inc.     640,146    
  21,236     Novartis AG, Sponsored ADR     1,214,067    
  12,720     Novo Nordisk A/S     1,461,738    
  15,640     Pfizer Inc.     338,450    
  20,817     Sanofi-Aventis, S.A.     1,528,982    
  24,490     Teva Pharmaceutical Industries Limited, Sponsored ADR     988,416    
  5,230     Warner Chilcott Limited, (2)     79,130    
  17,150     Watson Pharmaceuticals Inc., (2)     1,034,831    
    Total Pharmaceuticals     16,034,569    


Nuveen Investments


Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares   Description (1)   Value  
    Professional Services – 0.0%  
  1,550     Acacia Research, (2)   $ 56,591    
  1,680     Towers Watson & Company, Class A Shares     100,682    
    Total Professional Services     157,273    
    Real Estate – 0.5%  
  2,460     American Campus Communities Inc.     103,222    
  5,110     Camden Property Trust     318,046    
  3,280     Chesapeake Lodging Trust     50,709    
  11,410     Digital Realty Trust Inc.     760,705    
  2,280     Equity Lifestyles Properties Inc.     152,053    
  9,070     Equity One Inc.     154,009    
  1,110     Essex Property Trust Inc.     155,966    
  1,770     Home Properties New York, Inc.     101,899    
  5,610     Ramco-Gershenson Properties Trust     55,146    
  8,215     Rayonier Inc.     366,635    
  5,819     Simon Property Group, Inc.     750,302    
  3,640     Tanger Factory Outlet Centers     106,725    
  2,210     Taubman Centers Inc.     137,241    
  111,300     Westfield Group     889,072    
  111,300     Westfield Realty Trust     283,456    
    Total Real Estate     4,385,186    
    Real Estate Management & Development – 0.3%  
  67,160     Brookfield Properties Corporation     1,052,805    
  246,918     Hysan Development Company     810,703    
  32,550     Solidere, 144A, GDR, (3)     468,069    
    Total Real Estate Management & Development     2,331,577    
    Road & Rail – 0.7%  
  19,060     CSX Corporation     401,404    
  27,300     East Japan Railway Company     1,737,950    
  3,060     Genesee & Wyoming Inc., (2)     185,375    
  6,600     Hertz Global Holdings Inc., (2)     77,352    
  1,940     J.B. Hunt Transports Serives Inc.     87,436    
  11,680     Kansas City Southern Industries, (2)     794,357    
  2,380     Norfolk Southern Corporation     173,407    
  4,910     Ryder System, Inc.     260,917    
  4,270     Union Pacific Corporation     452,364    
  30,500     West Japan Railway Company     1,325,484    
    Total Road & Rail     5,496,046    
    Semiconductors & Equipment – 0.5%  
  46,880     ASM Lithography Holding NV     1,970,403    
  12,560     Avago Technologies Limtied     362,482    
  4,160     Broadcom Corporation, Class A, (2)     122,138    
  22,270     Cypress Semiconductor Corporation, (2)     376,140    
  25,545     Intel Corporation     619,466    
  2,530     KLA-Tencor Corporation     122,073    
  9,800     Kulicke & Soffa Industries Inc., (2)     90,650    
  3,400     Lam Research Corporation, (2)     125,868    
  4,960     NVIDIA Corporation, (2)     68,746    
  8,940     ON Semiconductor Corporation, (2)     69,017    
  12,400     Silicon Image, Inc., (2)     58,280    
    Total Semiconductors & Equipment     3,985,263    
    Software – 0.5%  
  2,720     Advent Software Inc., (2)     66,259    
  1,840     Ansys Inc., (2)     105,395    


Nuveen Investments

Shares   Description (1)   Value  
    Software (continued)  
  2,670     CommVault Systems, Inc., (2)   $ 114,062    
  3,510     Fortinet Inc., (2)     76,553    
  2,300     Manhattan Associates Inc., (2)     93,104    
  3,150     Mentor Graphics Corporation, (2)     42,714    
  2,160     Micros Systems, Inc., (2)     100,613    
  114,510     Microsoft Corporation, (4)     2,972,680    
  30,030     Oracle Corporation     770,270    
  1,030     Red Hat, Inc., (2)     42,529    
  4,660     TeleNav Inc., (2)     36,395    
  6,750     TiVo, Inc., (2)     60,548    
    Total Software     4,481,122    
    Specialty Retail – 0.2%  
  1,530     Advance Auto Parts, Inc.     106,534    
  3,420     Ann Inc., (2)     84,748    
  1,950     Body Central Corporation, (2)     48,672    
  4,370     Express Inc., (2)     87,138    
  11,480     Foot Locker, Inc.     273,683    
  13,780     Gap, Inc.     255,619    
  1,060     Guess Inc.     31,609    
  13,480     Limited Brands, Inc.     543,918    
  2,100     PetSmart Inc.     107,709    
  4,510     Select Comfort Corporation, (2)     97,822    
  3,010     Ulta Salon, Cosmetics & Fragrance, Inc., (2)     195,409    
  990     Vitamin Shoppe Inc., (2)     39,481    
    Total Specialty Retail     1,872,342    
    Textiles, Apparel & Luxury Goods – 0.5%  
  70,570     Burberry Group PLC     1,298,703    
  9,710     LVMH Moet Hennessy     1,374,849    
  2,280     Nike, Inc., Class B     219,724    
  1,190     Oxford Industries Inc.     53,693    
  3,080     PVH Corporation     217,109    
  455,455     Yue Yuen Industrial Holdings Limited     1,439,680    
    Total Textiles, Apparel & Luxury Goods     4,603,758    
    Thrifts & Mortgage Finance – 0.0%  
  9,820     Ocwen Financial Corporation, (2)     142,194    
    Tobacco – 0.6%  
  10,600     Altria Group, Inc.     314,290    
  33,910     British American Tobacco PLC     1,609,094    
  29,500     Eastern Tobacco, (3)     455,662    
  1,800     Lorillard Inc.     205,200    
  23,525     Philip Morris International     1,846,242    
  13,300     Reynolds American Inc.     550,886    
    Total Tobacco     4,981,374    
    Trading Companies & Distributors – 0.2%  
  4,607     CAI International Inc., (2)     71,224    
  112,464     Mitsui & Company Limited     1,748,985    
  3,860     SeaCube Container Leasing Limited     57,167    
  4,540     United Rentals Inc., (2)     134,157    
    Total Trading Companies & Distributors     2,011,533    
    Water Utilities – 0.0%  
  2,060     American Water Works Company     65,632    


Nuveen Investments


Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares   Description (1)   Value  
    Wireless Telecommunication Services – 0.5%  
  18,066     Millicom International Cellular S.A.   $ 1,809,999    
  2,929     Telephone and Data Systems Inc.     75,812    
  129,778     Turkcell Iletisim Hizmetleri A.S., ADR, (2), (4)     1,526,189    
  460,240     Vodafone Group PLC     1,278,685    
    Total Wireless Telecommunication Services     4,690,685    
    Total Common Stocks (cost $281,944,975)     282,374,114    


Shares   Description (1)   Coupon     Ratings (5)   Value  
    Convertible Preferred Securities – 1.4% (1.0% of Total Investments)  
    Capital Markets – 0.0%  
  5,800     AMG Capital Trust II     5.150 %         BB   $ 229,100    
    Commercial Banks – 0.4%  
  1,961     KeyCorp Convertible Preferred Stock     7.750 %         BBB-     207,160    
  3,500     Credit Suisse AG     7.750 %         Baa1     3,437,700    
    Total Commerical Banks                             3,644,860    
    Food Products – 0.1%  
  5,300     Bunge Limited     4.875 %         Ba1     488,925    
    Health Care Providers & Services – 0.1%  
  8,350     Omnicare Capital Trust II, Series B     4.000 %         B     378,422    
    Household Durables – 0.1%  
  8,050     Newell Financial Trust I     5.250 %         BB     340,113    
    Independent Power Producers & Energy Traders – 0.1%  
  17,000     AES Trust III, Convertible Preferred     6.750 %         B     834,530    
    Insurance – 0.0%  
  5,150     Aspen Insurance Holdings Limited     5.625 %         BBB-     277,070    
    Machinery – 0.1%  
  9,300     Stanley, Black, and Decker Inc.     4.750 %         BBB+     1,090,425    
    Media – 0.0%  
  100     Interpublic Group Companies Inc.     5.250 %         B+     95,000    
    Oil, Gas & Consumable Fuels – 0.3%  
  2,050     Chesapeake Energy Corporation, Convertible     5.750 %         B+     2,009,000    
  8,065     El Paso Energy Capital Trust I, Convertible Preferred     4.750 %         B     371,313    
    Total Oil, Gas & Consumable Fuels                             2,380,313    
    Real Estate – 0.2%  
  32,096     CommonWealth REIT     6.500 %         Baa3     651,228    
  19,650     Health Care REIT, Inc.     6.500 %         Baa3     1,005,491    
    Total Real Estate                             1,656,719    
    Thrifts & Mortgage Finance – 0.0%  
  1,400     New York Community Capital Trust V     6.000 %         Baa2     58,378    
    Total Convertible Preferred Securities (cost $12,004,989)                             11,473,855    


Nuveen Investments

Shares   Description (1)   Coupon     Ratings (5)   Value  
    $ 25 Par (or similar) Preferred Securities – 33.9% (24.1% of Total Investments)  
    Capital Markets – 2.8%  
  88,000     Ameriprise Financial, Inc.     7.750 %         A   $ 2,491,280    
  95,044     Credit Suisse     7.900 %         A3     2,428,374    
  887,130     Deutsche Bank Capital Funding Trust II     6.550 %         BBB     16,544,975    
  7,800     Deutsche Bank Capital Funding Trust IX     6.625 %         BBB     146,250    
  20,300     Goldman Sachs Group Inc., Series 2004-4 (CORTS)     6.000 %         A3     426,300    
  8,000     Goldman Sachs Group Inc., Series GSC-3 (PPLUS)     6.000 %         A3     169,280    
  1,500,000     Macquarie PMI LLC     8.375 %         Baa3     1,410,242    
  600     Morgan Stanley Capital Trust III     6.250 %         Baa2     12,390    
  2,700     Morgan Stanley Capital Trust IV     6.250 %         Baa2     56,052    
    Total Capital Markets                         23,685,143    
    Commercial Banks – 3.7%  
  1,000     ABN AMRO North America Capital Funding, 144A     6.968 %         BB+     594,063    
  307,718     Banco Santander Finance     10.500 %         BBB+     8,083,752    
  14,600     Barclays Bank PLC     7.750 %         BBB     307,768    
  37,700     Barclays Bank PLC     7.100 %         A+     745,329    
  59,300     BB&T Capital Trust VI     9.600 %         Baa1     1,589,240    
  71,462     BB&T Capital Trust VII     8.100 %         Baa1     1,900,889    
  3,450     Fifth Third Bancorp     8.500 %         BB+     490,176    
  1,792     Fifth Third Capital Trust VI     7.250 %         Baa3     45,373    
  35,300     First Naigara Finance Group, (2)     8.625 %         BB+     905,667    
  2,000,000     HSBC Bank PLC     1.000 %         A-     900,000    
  16,300     HSBC Holdings PLC     8.000 %         A3     424,778    
  22,700     HSBC Holdings PLC     6.200 %         A3     542,530    
  14,500     HSBC USA Inc., Series F     2.858 %         BBB+     642,495    
  500,000     National Australia Bank     8.000 %         Baa1     526,550    
  10,000,000     PNC Financial Services, Inc.     6.750 %         BBB     9,779,300    
  3,250     Wells Fargo & Company     7.500 %         BBB+     3,425,500    
    Total Commercial Banks                         30,903,410    
    Diversified Financial Services – 3.1%  
  2,310     Bank of America Corporation     7.250 %         BB+     1,820,326    
  33,000     Citigroup Capital Trust XI     6.000 %         Baa3     705,210    
  5,400     Citigroup Capital Trust XII     8.500 %         Baa3     135,864    
  125,768     Citigroup Capital XIII     7.875 %         Ba1     3,277,514    
  40,000     Citigroup Capital XVI     6.450 %         Baa3     859,200    
  16,300     Citigroup Capital XVII     6.350 %         Baa3     351,917    
  32,600     Countrywide Capital Trust IV     6.750 %         BB+     647,436    
  644,975     ING Groep N.V     7.050 %         BBB     11,680,497    
  114,469     JPMorgan Chase Capital Trust XI     5.875 %         A2     2,862,870    
  38,700     JPMorgan Chase Capital Trust XXIX     6.700 %         A2     987,624    
  1,890     MBNA Capital Trust     8.125 %         BB+     44,604    
  43,650     Merrill Lynch Capital Trust II     6.450 %         BB+     814,509    
  79,592     Merrill Lynch Preferred Capital Trust V     7.280 %         BB+     1,638,799    
    Total Diversified Financial Services                         25,826,370    
    Diversified Telecommunication Services – 0.2%  
  52,044     Qwest Corporation     7.500 %         BBB-     1,373,962    
  5,000     Qwest Corporation     7.375 %         BBB-     132,700    
    Total Diversified Telecommunication Services                         1,506,662    
    Electric Utilities – 0.2%  
  58,151     Entergy Texas Inc.     7.875 %         BBB+     1,693,357    
    Food Products – 0.3%  
  25,000     Dairy Farmers of America Inc., 144A     7.875 %         BBB-     2,350,000    


Nuveen Investments


Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares   Description (1)   Coupon     Ratings (5)   Value  
    Insurance – 5.3%  
  624,430     Aegon N.V.     6.375 %         Baa1   $ 12,157,652    
  24,200     Allianz SE     8.375 %         A+     617,857    
  321,946     Arch Capital Group Limited     8.000 %         BBB     8,199,965    
  2,750,000     Dai-Ichi Mutual Life, 144A     7.250 %         A3     2,768,252    
  275,725     EverestRe Capital Trust II     6.200 %         Baa1     6,815,922    
  451,037     PartnerRe Limited     6.750 %         BBB+     11,433,788    
  62,997     PLC Capital Trust III     7.500 %         BBB     1,592,564    
  5,800     PLC Capital Trust IV     7.250 %         BBB     145,580    
  2,000     RenaissanceRe Holdings Limited, Series C     6.080 %         BBB+     49,320    
  27,197     RenaissanceRe Holdings Limited, Series D     6.600 %         BBB+     684,277    
    Total Insurance                         44,465,177    
    Media – 4.4%  
  462,451     CBS Corporation     6.750 %         BBB     11,750,880    
  447,869     Comcast Corporation     7.000 %         BBB+     11,460,968    
  89,000     Comcast Corporation     6.625 %         BBB+     2,322,010    
  478,046     Viacom Inc.     6.850 %         BBB+     11,998,955    
    Total Media                         37,532,813    
    Multi-Utilities – 1.3%  
  216,300     Dominion Resources Inc.     8.375 %         BBB     6,352,731    
  11,289     DTE Energy Company     6.500 %         BBB-     303,223    
  153,951     Xcel Energy Inc.     7.600 %         BBB     4,179,770    
    Total Multi-Utilities                         10,835,724    
    Oil, Gas & Consumable Fuels – 1.2%  
  410,795     Nexen Inc.     7.350 %         BB+     10,508,136    
    Real Estate – 10.0%  
  620,993     CommomWealth REIT     7.125 %         Baa3     15,183,279    
  2,300     Duke Realty Corporation, Series O     8.375 %         Baa3     60,375    
  1,400     Harris Preferred Capital Corporation, Series A     7.375 %         BBB+     35,350    
  317,217     Kimco Realty Corporation, Series F     6.650 %         Baa2     7,987,524    
  109,832     Kimco Realty Corporation, Series G     7.750 %         Baa2     2,828,174    
  35,862     Kimco Realty Corporation, Series H     6.900 %         Baa2     981,902    
  40,882     Prologis Inc.     8.540 %         Baa3     2,231,904    
  2,000     PS Business Parks, Inc.     6.875 %         BBB-     53,040    
  188,804     Public Storage, Inc.     6.750 %         BBB+     4,857,927    
  30,774     Public Storage, Inc., Series C     6.600 %         BBB+     783,506    
  37,274     Public Storage, Inc., Series E     6.750 %         BBB+     950,114    
  16,539     Public Storage, Inc., Series M     6.625 %         BBB+     420,918    
  4,100     Public Storage, Inc., Series Q     6.500 %         BBB+     114,800    
  192,385     Realty Income Corporation     6.750 %         Baa2     4,963,533    
  92,383     Regency Centers Corporation     7.450 %         Baa3     2,343,757    
  138,828     Vornado Realty LP     7.875 %         BBB     3,814,993    
  4,600     Vornado Realty Trust     6.750 %         BBB-     115,506    
  857,862     Wachovia Preferred Funding Corporation