Edgar Filing: Nuveen Multi-Strategy Income & Growth Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21293

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

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

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

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

Date of fiscal year end:	December 31

Date of reporting period:		December 31, 2011

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

Nuveen Investments

Closed-End Funds

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

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC

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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

Chairman's
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.

Sincerely,

Robert P. Bremner
Chairman of the Board
February 22, 2012

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Portfolio Managers' Comments

FUND REPOSITIONINGS

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 Capital^SM, 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

IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE

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.

RECENT DEVELOPMENTS REGARDING THE FUNDS' REDEMPTION OF AUCTION RATE PREFERRED SHARES

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.

RISK CONSIDERATIONS

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
15

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
16

JPC

Performance

OVERVIEW

(Unaudited)

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

Leverage

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
17

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

Leverage

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	%

JQC

Performance

OVERVIEW

(Unaudited)

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.

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
18

JPC

JQC

Shareholder MEETING REPORT

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.

	JPC
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
	JQC
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
19

Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Multi-Strategy Income and Growth Fund and Nuveen Multi-Strategy Income and Growth Fund 2 (the "Funds") as of December 31, 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
20

JPC

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
21

JPC

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
22

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
23

JPC

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
24

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
25

JPC

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
26

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
27

JPC

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
28

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
29

JPC

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
30

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
31

JPC

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
32

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
33

JPC

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