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

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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	%

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

Fund				Common Shares Repurchased and Retired				Weighted Average Price Per Common Share Repurchased and Retired				Weighted Average Discount Per Common Share Repurchased and Retired
JPC					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

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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

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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.

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
18

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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

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Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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					7.250	%						BBB+					22,149,997
	582,230			Weingarten Realty Trust, Preferred Securities					6.750	%						Baa3					14,497,527
				Total Real Estate																	84,374,126
				U.S. Agency – 0.8%
	108,000			Cobank Agricultural Credit Bank, 144A					7.000	%						N/R					4,907,250
	31,000			Cobank Agricultural Credit Bank					11.000	%						A					1,629,438
				Total U.S. Agency																	6,536,688
				Wireless Telecommunication Services – 0.6%
	17,026			Telephone and Data Systems Inc.					7.000	%						Baa2					459,361
	164,547			Telephone and Data Systems Inc.					6.875	%						Baa2					4,383,529

 

Nuveen Investments
34

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Shares				Description (1)				Coupon								Ratings (5)				Value
				Wireless Telecommunication Services (continued)
	4,855			United States Cellular Corporation					6.950	%						Baa2				$	129,240
				Total Wireless Telecommunication Services																	4,972,130
				Total $25 Par (or similar) Preferred Securities (cost $293,426,917)																	285,189,736
Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (6)				Ratings (5)				Value
				Variable Rate Senior Loan Interests – 10.4% (7.4% of Total Investments) (7)
				Aerospace & Defense – 0.1%
$	408			DAE Aviation Holdings, Inc., Term Loan B1					5.430	%		7/31/14				B				$	397,407
	391			DAE Aviation Holdings, Inc., Term Loan B2					5.430	%		7/31/14				B					380,263
	799			Total Aerospace & Defense																	777,670
				Airlines – 0.1%
	995			Delta Air Lines, Inc., Term Loan					5.500	%		4/20/17				Ba2					945,250
				Automobiles – 0.1%
	695			Chrysler Group LLC, Term Loan					6.000	%		5/24/17				BB					659,621
				Biotechnology – 0.2%
	1,000			Alkermes, Inc., Term Loan, First Lien					6.750	%		9/16/17				BB					995,000
	896			Grifols, Term Loan					6.000	%		6/01/17				BB					894,661
	1,896			Total Biotechnology																	1,889,661
				Chemicals – 0.5%
	2,804			Ashland, Inc., Term Loan					3.750	%		8/23/18				Baa3					2,818,638
	990			Univar, Inc., Term Loan					5.000	%		6/30/17				B+					957,825
	3,794			Total Chemicals																	3,776,463
				Communications Equipment – 0.5%
	862			Intelsat, Term Loan					5.250	%		4/02/18				BB-					860,537
	657			Avaya, Inc., Term Loan B3					5.006	%		10/26/17				B1					603,137
	2,811			Avaya, Inc., Term Loan					3.256	%		10/27/14				B1					2,698,102
	4,330			Total Communications Equipment																	4,161,776
				Consumer Finance – 0.1%
	900			Springleaf Financial Funding Company, Term Loan					5.500	%		5/10/17				B+					785,532
				Containers & Packaging – 0.1%
	926			Sealed Air Corporation, Term Loan					4.750	%		10/03/18				Ba1					936,775
				Diversified Consumer Services – 0.1%
	948			Cengage Learning Acquisitions, Inc., Term Loan					2.550	%		7/03/14				B+					811,578
				Diversified Financial Services – 0.0%
	152			Pinafore LLC, Term Loan					4.250	%		9/29/16				BB					151,662
				Electric Utilities – 0.1%
	930			TXU Corporation, 2014 Term Loan					3.776	%		10/10/14				B2					652,554
				Electrical Equipment – 0.0%
	223			Allison Transmission Holdings, Inc., Term Loan					2.780	%		8/07/14				BB-					218,157

 

Nuveen Investments
35

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (6)				Ratings (5)				Value
				Food & Staples Retailing – 0.4%
$	1,539			Reynolds Group Holdings, Inc., Add on Term Loan					6.500	%		8/09/18				BB-				$	1,533,147
	1,979			U.S. Foodservice, Inc., Term Loan					2.795	%		7/03/14				B					1,836,131
	3,518			Total Food & Staples Retailing																	3,369,278
				Food Products – 0.4%
	1,241			Del Monte Foods Company, Term Loan					4.500	%		3/08/18				Ba3					1,182,297
	990			Pierre Foods, Inc. Term Loan					7.000	%		9/30/16				B+					988,144
	1,197			JBS USA LLC, Term Loan					4.250	%		5/25/18				BB					1,170,068
	3,428			Total Food Products																	3,340,509
				Health Care Equipment & Supplies – 0.1%
	1,000			Chiron Merger Sub, Inc., Term Loan					7.000	%		5/04/18				Ba2					1,010,275
				Health Care Providers & Services – 0.8%
	1,580			Community Health Systems, Inc., Term Loan					2.757	%		7/25/14				BB					1,537,016
	80			Community Health Systems, Inc., Delayed Term Loan					2.546	%		7/25/14				BB					77,391
	437			Community Health Systems, Inc., Extended Term Loan					3.965	%		1/25/17				BB					423,478
	644			Emergency Medical Services, Term Loan					5.250	%		5/25/18				B+					629,659
	1,194			Golden Living, Term Loan					5.000	%		5/04/18				B+					1,044,028
	114			HCA, Inc., Tranche B2, Term Loan					3.829	%		3/31/17				BB					108,573
	750			HCA, Inc., Tranche B3, Term Loan					3.546	%		5/01/18				BB					710,781
	1,117			National Mentor Holdings, Inc., Tranche B					7.000	%		2/09/17				B+					1,027,238
	1,194			Select Medical Corporation, Term Loan					5.500	%		6/01/18				BB-					1,142,260
	7,110			Total Health Care Providers & Services																	6,700,424
				Health Care Technology – 0.1%
	667			Emdeon Business Services LLC, Term Loan					6.750	%		11/02/18				BB-					673,230
				Hotels, Restaurants & Leisure – 0.7%
	507			Harrah's Operating Company, Inc., Term Loan B2					3.375	%		1/28/15				B					442,423
	420			Venetian Casino Resort LLC, Delayed Term Loan					2.930	%		11/23/16				BB					403,955
	1,322			Venetian Casino Resort LLC, Tranche B, Term Loan					2.930	%		11/23/16				BB					1,271,149
	1,472			CCM Merger, Inc., Term Loan					7.000	%		3/01/17				B+					1,462,485
	344			Herbst Gaming LLC, Term Loan					10.000	%		12/31/15				B+					345,362
	132			OSI Restaurant Partners LLC, Revolver					3.540	%		6/14/13				B+					125,569
	1,341			OSI Restaurant Partners LLC, Term Loan					2.739	%		6/14/14				B+					1,273,772
	546			Reynolds Group Holdings, Inc., US Term Loan					6.500	%		2/09/18				BB					541,681
	6,084			Total Hotels, Restaurants & Leisure																	5,866,396
				Household Products – 0.1%
	724			Visant Corporation, Term Loan					5.260	%		12/22/16				BB-					680,900
				Independent Power Producers & Energy Traders – 0.1%
	1,012			AES Corporation, Term Loan					4.250	%		6/01/18				BB+					1,012,825
				Industrial Conglomerates – 0.1%
	596			U.S. Foodservice, Inc., Term Loan, First Lien					5.750	%		3/31/17				B-					570,191
				Internet Software & Services – 0.1%
	948			Go Daddy Operating Co., LLC, Term Loan, First Lien					7.000	%		12/16/18				Ba3					949,283
				IT Services – 0.6%
	408			First Data Corporation, Term Loan B1					3.044	%		9/24/14				B+					369,781
	810			Infor Global Solutions Intermediate Holdings, Ltd., Extended Delayed Draw Term Loan					6.050	%		7/28/15				B+					769,050
	768			SunGard Data Systems, Inc., Term Loan B					2.029	%		2/28/14				BB					750,819
	278			First Data Corporation, Term Loan B2					3.044	%		9/24/14				B+					251,568
	794			Frac Tech International LLC, Term Loan					6.250	%		5/06/16				B+					785,146
	994			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B2					7.250	%		7/28/15				B+					949,287
	1,552			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan					6.050	%		7/28/15				B+					1,460,464
	5,604			Total IT Services																	5,336,115

 

Nuveen Investments
36

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (6)				Ratings (5)				Value
				Leisure Equipment & Products – 0.2%
$	470			Cedar Fair LP, Term Loan					4.000	%		12/15/17				Ba2				$	469,739
	750			Academy, Ltd., Term Loan					6.000	%		8/03/18				B					744,375
	1,220			Total Leisure Equipment & Products																	1,214,114
				Media – 1.7%
	552			Cequel Communications LLC, Term Loan B					2.274	%		11/05/13				Ba2					547,101
	2,910			Charter Communications Operating Holdings LLC, Term Loan C					3.830	%		9/06/16				BB+					2,852,599
	2,000			Cumulus Media, Inc., Term Loan, First Lien					5.750	%		9/16/18				Ba2					1,962,084
	1,000			Cumulus Media, Inc., Term Loan, Second Lien					7.500	%		3/18/19				B2					971,667
	651			Gray Television, Inc., Term Loan B					3.780	%		12/31/14				B					632,762
	1,219			Nielsen Finance LLC, Term Loan B					3.976	%		5/02/16				BB					1,205,878
	540			Nielsen Finance LLC, Term Loan c					3.476	%		5/02/16				Ba2					529,230
	306			SuperMedia, Term Loan					11.000	%		12/31/15				Caa1					144,922
	675			Tribune Company, Term Loan B, (8), (9)					0.000	%		6/04/14				Ca					396,187
	5,281			Univision Communications, Inc., Term Loan					4.546	%		3/31/17				B+					4,728,232
	15,134			Total Media																	13,970,662
				Metals & Mining – 0.1%
	769			John Maneely Company, Term Loan					4.750	%		4/01/17				BB					763,899
				Multiline Retail – 0.1%
	1,200			Neiman Marcus Group, Inc., Term Loan					4.750	%		5/16/18				BB-					1,160,750
				Oil, Gas & Consumable Fuels – 0.2%
	1,925			CCS Income Trust, Term Loan					3.296	%		11/14/14				B					1,775,639
				Personal Products – 0.1%
	806			NBTY, Inc., Term Loan B1					4.250	%		10/01/17				BB-					799,204
				Pharmaceuticals – 0.1%
	955			Quintiles Transnational Corporation, Term Loan B					5.000	%		6/08/18				BB-					940,456
				Real Estate – 0.2%
	1,282			iStar Financial, Inc., Tranche A1					5.000	%		6/28/13				BB-					1,275,466
				Real Estate Management & Development – 0.3%
	1,133			Realogy Corporation, Delayed Term Loan					4.691	%		10/10/16				B1					1,016,681
	946			Capital Automotive LP, Tranche B					5.000	%		3/11/17				Ba3					924,950
	998			LNR Property Corporation, Term Loan					4.750	%		4/29/16				BB+					986,278
	3,077			Total Real Estate Management & Development																	2,927,909
				Road & Rail – 0.1%
	1,051			Swift Transportation Company, Inc., Term Loan					6.000	%		12/21/16				BB-					1,054,144
				Semiconductors & Equipment – 0.3%
	1,981			Freescale Semiconductor, Inc., Term Loan					4.520	%		12/01/16				Ba3					1,911,248
	993			NXP Semiconductor LLC, Term Loan					4.500	%		3/04/17				B2					946,597
	2,974			Total Semiconductors & Equipment																	2,857,845
				Software – 0.3%
	3,000			BlackBoard, Inc., Term Loan, First Lien					7.500	%		10/04/18				B+					2,857,500
				Specialty Retail – 1.1%
	1,237			Claire's Stores, Inc., Term Loan B					2.991	%		5/29/14				B					1,072,875
	821			Michaels Stores, Inc., Term Loan B1					2.765	%		10/31/13				B+					809,209
	1,105			Michaels Stores, Inc., Term Loan B2					5.015	%		7/31/16				B+					1,087,557
	1,143			Toys "R" Us – Delaware, Inc., Term Loan					6.000	%		9/01/16				BB-					1,131,055

 

Nuveen Investments
37

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (6)				Ratings (5)				Value
				Specialty Retail (continued)
$	438			Toys "R" Us – Delaware, Inc., Term Loan					5.250	%		5/25/18				BB-				$	429,591
	2,222			Burlington Coat Factory Warehouse Corporation, Term Loan B					6.250	%		2/23/17				B-					2,186,078
	995			J Crew Group, Term Loan					4.750	%		3/07/18				B1					937,290
	1,824			Jo-Ann Stores, Inc., Term Loan					4.750	%		3/16/18				B+					1,755,757
	9,785			Total Specialty Retail																	9,409,412
				Wireless Telecommunication Services – 0.2%
	1,928			Clear Channel Communications, Inc., Tranche B, Term Loan					3.946	%		1/29/16				CCC+					1,430,507
$	92,385			Total Variable Rate Senior Loan Interests (cost $90,237,395)																	87,713,632
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Convertible Bonds – 10.6% (7.5% of Total Investments)
				Aerospace & Defense – 0.2%
$	300			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+				$	287,250
	300			Orbital Sciences Corporation, Convertible Bond					2.438	%		1/15/27				BB					301,500
	450			Textron Inc.					4.500	%		5/01/13				BBB-					690,750
	1,050			Total Aerospace & Defense																	1,279,500
				Auto Components – 0.2%
	400			BorgWarner Inc.					3.500	%		4/15/12				BBB					777,000
	250			Sonic Automotive Inc., Convertible					5.000	%		10/01/29				B+					330,938
	200			TRW Automotive Inc., Convertible Bond					3.500	%		12/01/15				BB-					269,500
	850			Total Auto Components																	1,377,438
				Automobiles – 0.1%
	650			Ford Motor Company, Convertible Bonds					4.250	%		11/15/16				BB+					931,938
				Beverages – 0.0%
	250			Molson Coors Brewing Company, Convertible Notes					2.500	%		7/30/13				BBB-					264,688
				Biotechnology – 0.7%
	2,411			Amgen Inc., Convertible Bond					0.375	%		2/01/13				A+					2,420,041
	400			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B					711,500
	600			Gilead Sciences Inc., (4)					0.625	%		5/01/13				A-					693,750
	1,900			Gilead Sciences Inc., (4)					1.625	%		5/01/16				A-					2,163,625
	300			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BBB					300,000
	5,611			Total Biotechnology																	6,288,916
				Capital Markets – 0.2%
	700			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB-					759,500
	500			Ares Capital Corporation, Convertible Bond					5.125	%		6/01/16				BBB					464,375
	1,200			Total Capital Markets																	1,223,875
				Commercial Services & Supplies – 0.0%
	300			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3					312,750
				Communications Equipment – 0.5%
	400			Ciena Corporation, Convertible Bond					0.250	%		5/01/13				B					389,000
	250			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B					189,375
	1,050			Liberty Media Corporation, Senior Debentures, Exchangeable for Motorola Common Stock					3.500	%		1/15/31				BB					594,563
	3,175			Lucent Technologies Inc., Series B					2.750	%		6/15/25				B					2,786,063
	4,875			Total Communications Equipment																	3,959,001

 

Nuveen Investments
38

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Computers & Peripherals – 0.8%
$	1,000			EMC Corporation, Convertible Bonds, 144A, (10)					1.750	%			N/A			A-				$	1,381,381
	600			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A-					861,000
	650			EMC Corporation, Convertible Bonds, (10)					1.750	%			N/A			A-					897,898
	900			EMC Corporation, Convertible Bonds					1.750	%		12/01/13				A-					1,291,500
	1,400			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				BB					1,363,250
	850			Sandisk Corporation, Convertible Bond					1.500	%		8/15/17				BB					1,000,875
	5,400			Total Computers & Peripherals																	6,795,904
				Containers & Packaging – 0.1%
	695			Owens-Brockway Glass Containers					3.000	%		6/01/15				BB					646,350
				Diversified Consumer Services – 0.1%
	200			Coinstar Inc., Convertible Bond					4.000	%		9/01/14				BB-					260,750
	250			Sotheby's Holdings Inc., Convertible Bond					3.125	%		6/15/13				BB					282,813
	450			Total Diversified Consumer Services																	543,563
				Diversified Financial Services – 0.0%
	300			PHH Corporation, Convertible Bond					4.000	%		9/01/14				Ba2					241,500
				Diversified Telecommunication Services – 0.1%
	685			Time Warner Telecom Inc., Convertible Bond					2.375	%		4/01/26				B					806,588
				Electrical Equipment – 0.1%
	487			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				Ba3					448,040
	323			General Cable Corporation, Convertible Bonds					4.500	%		11/15/29				B					305,639
	810			Total Electrical Equipment																	753,679
				Electronic Equipment & Instruments – 0.1%
	364			Anixter International Inc., Convertible Bond					1.000	%		2/15/13				B+					414,505
	450			Vishay Intertechnology Inc., Convertible Bonds					2.250	%		11/15/40				BB+					365,063
	814			Total Electronic Equipment & Instruments																	779,568
				Energy Equipment & Services – 0.2%
	350			Exterran Holdings Inc., Convertible Bond					4.250	%		6/15/14				BB					310,625
	350			Hornbeck Offshore Services Inc., Convertible Bonds					1.625	%		11/15/26				BB-					351,750
	1,300			Transocean Inc., Convertible Bond					1.500	%		12/15/37				BBB-					1,277,250
	2,000			Total Energy Equipment & Services																	1,939,625
				Food Products – 0.3%
	250			Archer Daniels Midland Company, Convertible Bonds, 144A					0.875	%		2/15/14				A					251,250
	750			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					753,750
	300			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B-					256,875
	550			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				BB-					674,438
	650			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB+					862,063
	2,500			Total Food Products																	2,798,376
				Health Care Equipment & Supplies – 0.5%
	1,315			Hologic Inc. Convertible Bond					2.000	%		12/15/37				BB+					1,254,181
	750			Hologic Inc. Convertible Bond					2.000	%		12/15/37				BB+					820,313
	2,000			Medtronic, Inc.					1.625	%		4/15/13				AA-					2,015,000
	400			Teleflex Inc., Convertible Bond					3.875	%		8/01/17				BB-					481,000
	4,465			Total Health Care Equipment & Supplies																	4,570,494
				Health Care Providers & Services – 0.3%
	200			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				BB+					281,000
	300			LifePoint Hospitals, Inc., Convertible Bond					3.250	%		8/15/25				B					304,875

 

Nuveen Investments
39

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Health Care Providers & Services (continued)
$	600			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B				$	613,500
	700			Omnicare, Inc.					3.750	%		12/15/25				BB					973,000
	379			Omnicare, Inc.					3.250	%		12/15/35				B+					347,733
	250			PSS World Medical Inc. Convertible Note, 144A					3.125	%		8/01/14				BB					321,250
	2,429			Total Health Care Providers & Services																	2,841,358
				Hotels, Restaurants & Leisure – 0.1%
	150			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.500	%		10/15/29				BB+					185,813
	825			International Game Technology					3.250	%		5/01/14				BBB					976,594
	975			Total Hotels, Restaurants & Leisure																	1,162,407
				Household Durables – 0.2%
	650			D.R. Horton, Inc.					2.000	%		5/15/14				BB-					758,875
	500			Lennar Corporation, 144A					2.750	%		12/15/20				B+					557,500
	300			Lennar Corporation					2.000	%		12/01/20				B+					301,500
	1,450			Total Household Durables																	1,617,875
				Industrial Conglomerates – 0.1%
	650			Danaher Corporation, Convertible Bonds, (4)					4.500	%		1/22/21				A+					887,250
				Insurance – 0.1%
	300			CNO Financial Group Inc., Convertible Bond					7.000	%		12/30/16				B					396,375
	500			Old Republic International Corporation					8.000	%		5/15/12				BBB+					499,375
	800			Total Insurance																	895,750
				Internet & Catalog Retail – 0.1%
	250			Priceline.com Inc., Convertible Bond					1.250	%		3/15/15				BBB-					411,563
				Internet Software & Services – 0.2%
	750			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B					839,063
	600			Equinix Inc.					4.750	%		6/15/16				B					844,500
	1,350			Total Internet Software & Services																	1,683,563
				Life Sciences Tools & Services – 0.0%
	200			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					193,750
				Machinery – 0.2%
	350			Chart Industries Inc., Convertible Bond					2.000	%		8/01/18				B+					369,688
	169			Ingersoll Rand					4.500	%		4/15/12				BBB+					289,413
	500			Navistar International Corporation, Convertible Bond					3.000	%		10/15/14				B1					538,750
	200			Terex Corporation					4.000	%		6/01/15				B					222,500
	450			Trinity Industries Inc., Convertible Bonds					3.875	%		6/01/36				Ba2					439,875
	1,669			Total Machinery																	1,860,226
				Media – 0.6%
	250			Interpublic Group Companies Inc., Convertible Notes					4.750	%		3/15/23				Baa3					274,375
	700			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				Baa3					707,875
	750			Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1					4.000	%		11/15/29				BB					393,750
	1,950			Liberty Media Corporation					3.125	%		3/30/23				BB					2,181,563
	750			Omnicom Group Inc., Convertible Bond					0.000	%		7/01/38				BBB+					791,250
	500			XM Satellite Radio Inc., 144A					7.000	%		12/01/14				BB					646,250
	4,900			Total Media																	4,995,063
				Metals & Mining – 0.8%
	550			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				BBB-					831,875
	300			Allegheny Technologies Inc., Convetible Bond					4.250	%		6/01/14				BBB-					419,625

 

Nuveen Investments
40

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Metals & Mining (continued)
$	2,230			First Uranium Corporation					4.250	%		6/30/12				N/R				$	1,400,933
	2,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					1,510,000
	150			Newmont Mining Corp., Senior Convertible Note					1.625	%		7/15/17				BBB+					216,375
	450			Newmont Mining Corporation, 144A					1.625	%		7/15/17				BBB+					649,125
	250			Newmont Mining Corporation					3.000	%		2/15/12				BBB+					328,438
	600			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					834,000
	250			Steel Dynamics, Inc.					5.125	%		6/15/14				BB+					272,188
	600			United States Steel Corporation					4.000	%		5/15/14				BB					663,750
	7,380			Total Metals & Mining																	7,126,309
				Multiline Retail – 0.1%
	350			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				BB					355,688
				Multi-Utilities – 0.1%
	500			CMS Energy Corporation, Convertible Bonds					2.875	%		12/01/24				BB+					878,750
				Oil, Gas & Consumable Fuels – 0.5%
	400			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				B+					372,000
	450			Chesapeake Energy Corporation, Convertible Bonds					2.750	%		11/15/35				BB+					439,875
	1,050			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB+					935,813
	500			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB-					461,875
	500			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					510,000
	500			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BBB-					766,875
	1,500			USEC Inc., Convertible Bond					3.000	%		10/01/14				Caa2					695,625
	4,900			Total Oil, Gas & Consumable Fuels																	4,182,063
				Pharmaceuticals – 0.2%
	450			Mylan Labs, Inc., Convertible Bonds, 144A					3.750	%		9/15/15				BB					785,813
	450			Mylan Labs, Inc., Convertible Bonds					1.250	%		3/15/12				BB					451,125
	550			Teva Pharmaceutical Finance Company LLC, Convertible Bonds					0.250	%		2/01/26				A-					568,563
	1,450			Total Pharmaceuticals																	1,805,501
				Real Estate – 0.8%
	950			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A-					1,024,813
	850			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A-					850,000
	500			Health Care REIT, Inc., Convertible Bonds					3.000	%		12/01/29				Baa2					571,875
	850			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.625	%		4/15/27				BB+					852,125
	500			Istar Financial Inc., Convertible Bond					0.872	%		10/01/12				B+					450,000
	450			National Retail Properties Inc., Convertible Bonds					5.125	%		6/15/28				BBB					511,875
	400			Prologis Inc., Convertible Bond					3.250	%		3/15/15				BBB-					412,500
	1,107			Prologis Inc., Convertible Bond					2.250	%		4/01/37				BBB-					1,104,233
	500			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB+					622,500
	333			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					339,660
	6,440			Total Real Estate																	6,739,581
				Road & Rail – 0.1%
	500			Hertz Global Holdings Inc., Convertible Bond					5.250	%		6/01/14				B-					778,125
				Semiconductors & Equipment – 1.2%
	1,987			Advanced Micro Devices, Inc., Convertible Bonds, 144A					6.000	%		5/01/15				B+					1,939,809
	637			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B+					643,370
	2,861			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A-					2,979,016
	700			Intel Corporation, Convertible Bond					3.250	%		8/01/39				A2					876,750
	350			Lam Research Corporation, Convertible Bond, 144A					0.500	%		5/15/16				Baa1					328,125
	350			Lam Research Corporation, Convertible Bond					1.250	%		5/15/18				Baa1					328,125
	1,211			Micron Technology, Inc.					1.875	%		6/01/14				BB-					1,156,505
	1,050			ON Semiconductor Corporation					2.625	%		12/15/26				BB					1,158,938
	300			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB+					340,500
	600			Xilinx Inc., Convertible Bond					3.125	%		3/15/37				BB+					681,000
	10,046			Total Semiconductors & Equipment																	10,432,138

 

Nuveen Investments
41

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Software – 0.2%
$	700			Microsoft Corporation, Convertible Bond, 144A, (4)					0.000	%		6/15/13				AAA				$	708,750
	250			Nuance Communications Inc., 144A					2.750	%		11/01/31				BB-					268,438
	950			Symantec Corporation, Convertible Bond					1.000	%		6/15/13				BBB					1,058,063
	1,900			Total Software																	2,035,251
				Specialty Retail – 0.1%
	250			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					249,375
	250			RadioShack Corporation, Convertible Bond					2.500	%		8/01/13				Ba2					239,063
	500			Total Specialty Retail																	488,438
				Textiles, Apparel & Luxury Goods – 0.1%
	586			Iconix Brand Group, Inc., Convertible Notes, 144A					1.875	%		6/30/12				BB-					577,210
				Trading Companies & Distributors – 0.2%
	261			United Rentals Inc., Convertible Bonds					4.000	%		11/15/15				B					717,742
	290			WESCO International Inc., Convertible Bond					6.000	%		9/15/29				B					586,880
	551			Total Trading Companies & Distributors																	1,304,622
				Wireless Telecommunication Services – 0.1%
	900			Liberty Media Corporation, Convertible Bonds					3.750	%		2/15/30				BB					461,250
$	83,581			Total Convertible Bonds (cost $87,348,966)																	89,227,484

 

Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (5)				Value
				Corporate Bonds – 12.6% (8.9% of Total Investments)
				Aerospace & Defense – 0.0%
$	333			Hexcel Corporation									6.750	%		2/01/15				BB+				$	337,579
				Airlines – 0.1%
	600			United Airlines Inc., 144A									12.000	%		11/01/13				B-					625,500
				Auto Components – 0.1%
	800			Cooper Standard Automitve									8.500	%		5/01/18				B+					837,000
				Building Products – 0.1%
	360			Libbey Glass Inc.									10.000	%		2/15/15				B+					385,200
	400			McJunkin Red Man Corporation									9.500	%		12/15/16				B-					406,000
	760			Total Building Products																					791,200
				Capital Markets – 0.5%
	650			Ares Capital Corporation									5.750	%		2/01/16				BBB					625,625
	5,600			State Street Capital Trust IV									1.560	%		6/15/77				A3					3,686,290
	6,250			Total Capital Markets																					4,311,915
				Chemicals – 0.5%
	1,950			Hexion US Finance Corporation									8.875	%		2/01/18				B3					1,828,125
	800			NOVA Chemicals Corporation									8.625	%		11/01/19				Ba2					882,000
	350			Phibro Animal Health Corporation, 144A									9.250	%		7/01/18				B-					303,625
	1,400			Rockwood Specialties Group Inc., Series WI									7.500	%		11/15/14				B+					1,417,500
	4,500			Total Chemicals																					4,431,250
				Commercial Banks – 0.7%
	200			Ally Financial Inc.									8.000	%		3/15/20				B+					205,000
	650			CIT Group Inc.									7.000	%		5/01/17				B+					650,000
	2,100			Groupe BCPE									3.800	%		12/30/49				BBB-					809,697

 

Nuveen Investments
42

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Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (5)				Value
				Commercial Banks (continued)
$	2,900			LBG Capital I PLC, 144A									7.875	%		11/01/20				BB				$	2,198,200
	2,800			Lloyds Banking Group LBG Capital 1, 144A									8.000	%		6/15/20				BB-					2,002,000
	8,650			Total Commercial Banks																					5,864,897
				Commercial Services & Supplies – 0.2%
	1,000			International Lease Finance Corporation, 144A									8.750	%		3/15/17				BBB-					1,030,000
	800			Ticketmaster									10.750	%		8/01/16				B					852,000
	260			Universal City Development Partners									8.875	%		11/15/15				BBB+					287,950
	2,060			Total Commercial Services & Supplies																					2,169,950
				Communications Equipment – 0.2%
	1,200			Avaya Inc., 144A									7.000	%		4/01/19				B1					1,164,000
	350			Avaya Inc.									10.125	%		11/01/15				CCC+					315,000
	1,550			Total Communications Equipment																					1,479,000
				Computers & Peripherals – 0.1%
	750			Seagate HDD Cayman									6.875	%		5/01/20				BB+					770,625
				Consumer Finance – 0.1%
	600			Ally Financial Inc.									7.500	%		9/15/20				B+					606,000
				Containers & Packaging – 0.1%
	400			Boise Paper Holdings Company									8.000	%		4/01/20				BB					423,000
				Diversified Financial Services – 0.4%
	5,200			Fortis Hybrid Financing									8.250	%		8/27/49				BBB					3,291,600
				Diversified Telecommunication Services – 0.3%
	800			Cequel Communication Holdings I, 144A									8.625	%		11/15/17				B-					848,000
	200			Insight Communications, 144A									9.375	%		7/15/18				B-					228,500
	800			IntelSat Bermuda Limited									11.250	%		2/04/17				CCC+					774,000
	800			Windstream Corporation									7.875	%		11/01/17				Ba3					866,000
	2,600			Total Diversified Telecommunication Services																					2,716,500
				Electric Utilities – 0.6%
	600			Energy Future Holdings									10.250	%		1/15/20				B-					630,000
	2,000			FPL Group Capital Inc.									6.650	%		6/15/17				BBB					2,020,000
	2,900			WPS Resource Corporation									6.110	%		12/01/16				Baa2					2,785,450
	5,500			Total Electric Utilities																					5,435,450
				Electronic Equipment & Instruments – 0.1%
	800			Kemet Corporation									10.500	%		5/01/18				B+					846,000
				Energy Equipment & Services – 0.1%
	1,000			Alta Mesa Holdngs Finance									9.625	%		10/15/18				B					970,000
				Food & Staples Retailing – 0.1%
	800			Stater Brothers Holdings Inc.									7.375	%		11/15/18				B+					844,000
				Food Products – 0.5%
	800			Dole Foods Company, 144A									8.000	%		10/01/16				B+					834,000
	2,243			Dole Foods Company									8.750	%		7/15/13				B-					2,371,973
	800			JBS USA LLC									7.250	%		6/01/21				BB					746,000
	3,843			Total Food Products																					3,951,973

 

Nuveen Investments
43

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (5)				Value
				Health Care Equipment & Supplies – 0.2%
$	800			Beagle Acquisition Corporation, 144A									11.000	%		12/31/19				CCC+				$	837,000
	500			Biomet Inc.									10.000	%		10/15/17				B-					540,000
	1,300			Total Health Care Equipment & Supplies																					1,377,000
				Health Care Providers & Services – 0.9%
	400			Aurora Diagnostics Holdings LLC									10.750	%		1/15/18				B3					398,000
	350			Capella Healthcare Inc.									9.250	%		7/01/17				B					355,250
	1,204			Community Health Systems, Inc.									8.875	%		7/15/15				B					1,243,130
	2,200			HCA Inc.									8.500	%		4/15/19				BB					2,409,000
	600			Iasis Healthcare Capital Corporation									8.375	%		5/15/19				CCC+					523,500
	1,453			Select Medical Corporation									7.625	%		2/01/15				CCC+					1,365,820
	1,200			Select Medical Corporation									6.267	%		9/15/15				CCC+					1,008,000
	7,407			Total Health Care Providers & Services																					7,302,700
				Hotels, Restaurants & Leisure – 1.0%
	800			CCM Merger Inc., 144A									8.000	%		8/01/13				CCC+					772,000
	800			GWR Operating Partnership									10.875	%		4/01/17				BB-					870,000
	1,550			Harrah's Operating Company, Inc.									11.250	%		6/01/17				B					1,644,938
	600			Landry's Restaurants Inc.									11.625	%		12/01/15				B					631,500
	200			MGM Resorts International									9.000	%		3/15/20				Ba2					221,500
	400			Peninsula Gaming LLC									8.375	%		8/15/15				BB					424,000
	400			Penn National Gaming Inc.									8.750	%		8/15/19				BB					435,000
	800			Pinnacle Entertainment Inc.									8.750	%		5/15/20				B					784,000
	200			Reynolds Group, 144A									9.000	%		4/15/19				B-					190,000
	850			Reynolds Group									7.875	%		8/15/19				BB-					888,250
	1,750			Seminole Hard Rock Entertainment, Inc., 144A									3.030	%		3/15/14				BB					1,636,250
	8,350			Total Hotels, Restaurants & Leisure																					8,497,438
				Household Products – 0.1%
	1,150			Central Garden & Pet Company, Senior Subordinate Notes									8.250	%		3/01/18				B					1,127,000
				Independent Power Producers & Energy Traders – 0.2%
	400			Calpine Corporation, 144A									7.875	%		7/31/20				BB-					431,000
	1,000			NRG Energy Inc.									7.375	%		1/15/17				BB-					1,037,500
	1,400			Total Independent Power Producers & Energy Traders																					1,468,500
				Insurance – 0.8%
	7,500			QBE Capital Funding Trust II, 144A									7.250	%		5/24/41				BBB+					6,604,035
				IT Services – 0.6%
	200			Fidelity National Information Services Inc.									7.875	%		7/15/20				Ba2					216,000
	1,650			First Data Corporation, 144A									7.375	%		6/15/19				B+					1,551,000
	1,200			First Data Corporation, 144A									8.875	%		8/15/20				B+					1,200,000
	983			First Data Corporation									10.550	%		9/24/15				B-					937,184
	400			First Data Corporation									9.875	%		9/24/15				B-					376,000
	400			First Data Corporation									11.250	%		3/31/16				CCC+					332,000
	400			ManTech International Company									7.250	%		4/15/18				BB+					407,500
	400			Sungard Data Systems Inc.									7.625	%		11/15/20				B					411,000
	5,633			Total IT Services																					5,430,684
				Machinery – 0.2%
	250			AGCO Corporation, Convertible Bond									1.250	%		12/15/36				BB+					313,438
	1,200			Titan International Inc.									7.875	%		10/01/17				B+					1,248,000
	1,450			Total Machinery																					1,561,438
				Media – 0.3%
	400			Allbritton Communications Company, 144A									8.000	%		5/15/18				B					397,000
	300			Cablevision Systems Corporation									7.750	%		4/15/18				B+					318,000

 

Nuveen Investments
44

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Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (5)				Value
				Media (continued)
$	200			Cablevision Systems Corporation									8.000	%		4/15/20				B+				$	214,500
	200			Clear Channel Communications, Inc., 144A									5.500	%		9/15/14				CCC-					150,000
	700			Clear Channel Communications, Inc.									10.750	%		8/01/16				CCC-					469,000
	350			Clear Channel Worldwide Holdings Inc.									9.250	%		12/15/17				B					378,000
	200			NexStar Mission Broadcast									8.875	%		4/15/17				B					205,000
	600			Nielsen Finance LLC Co									7.750	%		10/15/18				B+					648,000
	2,950			Total Media																					2,779,500
				Metals & Mining – 0.1%
	600			Essar Steel Algoma Inc., 144A									9.375	%		3/15/15				B+					582,000
				Multi-Utilities – 0.3%
	3,500			Dominion Resources Inc.									2.881	%		9/30/66				BBB					2,941,295
				Municipal – 0.1%
	400			Tops Markets									10.125	%		10/15/15				B					418,000
				Oil, Gas & Consumable Fuels – 0.9%
	400			Arch Coal Inc., 144A									7.000	%		6/15/19				B+					408,000
	800			Arch Coal Inc., 144A									7.250	%		6/15/21				B+					822,000
	1,650			Chaparral Energy Inc.									8.875	%		2/01/17				B-					1,707,750
	400			CONSOL Energy Inc.									8.000	%		4/01/17				BB					438,000
	400			CONSOL Energy Inc.									8.250	%		4/01/20				BB					442,000
	500			Energy XXI Gulf Coast Inc.									7.750	%		6/15/19				B					510,000
	800			Genesis Energy LP									7.875	%		12/15/18				B					800,000
	800			Hilcorp Energy I LP/Hilcorp Finance Company, 144A									7.625	%		4/15/21				BB-					838,000
	700			Western Refining Inc.									11.250	%		6/15/17				B+					796,250
	1,000			Whiting Petroleum Corporation									7.000	%		2/01/14				BB					1,065,000
	7,450			Total Oil, Gas & Consumable Fuels																					7,827,000
				Personal Products – 0.2%
	1,200			Prestige Brands Inc.									8.250	%		4/01/18				B					1,230,000
	400			Revlon Consumer Products									9.750	%		11/15/15				B					425,500
	1,600			Total Personal Products																					1,655,500
				Pharmaceuticals – 0.3%
	800			Angiotech Pharmaceuticals Inc.									5.000	%		12/01/13				N/R					682,000
	600			Mylan Inc., 144A									7.875	%		7/15/20				BB					662,250
	1,200			Warner Chilcott Company LLC									7.750	%		9/15/18				BB					1,225,500
	2,600			Total Pharmaceuticals																					2,569,750
				Real Estate – 0.1%
	800			Entertainment Properties Trust									7.750	%		7/15/20				Baa3					840,956
				Road & Rail – 0.2%
	600			Avis Budget Car Rental									9.625	%		3/15/18				B					621,000
	800			Avis Budget Car Rental									8.250	%		1/15/19				B					794,000
	1,400			Total Road & Rail																					1,415,000
				Semiconductors & Equipment – 0.2%
	350			Amkor Technology Inc.									7.375	%		5/01/18				BB					357,875
	1,400			Freescale Semiconductor Inc.									9.250	%		4/15/18				Ba3					1,496,250
	75			NXP BV									3.153	%		10/15/13				B+					75,000
	1,825			Total Semiconductors & Equipment																					1,929,125
				Software – 0.1%
	700			SoftBrands Inc/Atlantis, 144A									11.500	%		7/15/18				B-					679,000

 

Nuveen Investments
45

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (5)				Value
				Specialty Retail – 0.5%
$	771			Brookstone Company Inc., 144A									13.000	%		10/15/14				CCC+				$	615,836
	900			Claires Stores, Inc.									9.250	%		6/01/15				CCC					715,500
	800			Claires Stores, Inc.									10.500	%		6/01/17				CCC					548,000
	200			Express LLC									8.750	%		3/01/18				B+					216,500
	800			Toys "R" Us, Inc.									7.375	%		10/15/18				B3					718,000
	1,000			Toys "R" Us Property Company II LLC									8.500	%		12/01/17				Ba1					1,035,000
	4,471			Total Specialty Retail																					3,848,836
				Transportation Infrastructure – 0.1%
	1,085			AWAS Aviation Capital Limited, 144A									7.000	%		10/15/16				BBB-					1,084,800
				Wireless Telecommunication Services – 0.4%
	800			IntelSat Jackson Holdings									7.250	%		10/15/20				B					812,000
	1,500			IPCS, Inc.									2.554	%		5/01/13				B+					1,391,250
	1,225			Sprint Nextel Corporation									8.375	%		8/15/17				B+					1,097,905
	3,525			Total Wireless Telecommunication Services																					3,301,155
$	114,092			Total Corporate Bonds (cost $109,052,742)																					105,944,151

 

Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Capital Preferred Securities – 27.0% (19.1% of Total Investments)
				Capital Markets – 0.9%
	7			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB				$	280,450
	6,445			Credit Suisse Guernsey					1.147	%		5/15/17				A3					4,278,836
	500			Credit Suisse thru Claudius Limited					8.250	%		6/27/49				A3					501,750
	3,600			Dresdner Funding Trust I, 144A					8.151	%		6/30/31				Ba1					2,340,000
				Total Capital Markets																	7,401,036
				Commercial Banks – 8.1%
	8,400			ABN AMRO North America Holding Capital, 144A					6.523	%		12/31/49				BB+					5,722,500
	2,584			Banco Santander Finance					10.500	%		9/29/49				BBB+					2,532,922
	781			Barclays Bank PLC, 144A					7.434	%		12/15/17				BBB					695,090
	3,500			Barclays Bank PLC					6.278	%		12/15/34				BBB					2,413,908
	800			BB&T Capital Trust I					5.850	%		8/18/35				Baa1					798,515
	4,200			BB&T Capital Trust IV					6.820	%		6/12/77				Baa1					4,226,250
	9,000			First Empire Capital Trust I					8.234	%		2/01/27				BBB					9,032,517
	3,100			Fulton Capital Trust I					6.290	%		2/01/36				Baa3					2,557,500
	300			HBOS Capital Funding LP, 144A					6.071	%		6/30/14				BB					186,000
	1,000			HSBC Bank PLC					0.600	%		6/11/49				A-					450,000
	550			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A3					676,500
	1,500			HSBC Financial Capital Trust IX					5.911	%		11/30/15				BBB+					1,245,000
	4,200			Nordea Bank AB					8.375	%		3/25/15				BBB+					4,322,850
	8,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa3					7,600,000
	3,645			Rabobank Nederland, 144A					11.000	%		6/30/19				A					4,264,650
	600			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R					582,514
	2,600			Societe Generale, 144A					1.128	%		12/31/49				BBB-					1,453,244
	300			Societe Generale, 144A					5.922	%		4/05/57				BBB-					182,606
	5,824			Societe Generale					8.750	%		10/07/49				BBB-					4,368,000
	2,000			Sparebanken Rogaland, Notes, 144A					6.443	%		5/01/49				Ba1					1,925,900
	3,300			Standard Chartered PLC, 144A					7.014	%		7/30/37				BBB+					3,009,448
	—	(11)		Union Planters Preferred Fund, 144A					7.750	%		7/15/53				B+					10,148,531
				Total Commercial Banks																	68,394,445

 

Nuveen Investments
46

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Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Consumer Finance – 0.3%
$	1,000			Capital One Capital IV Corporation					6.745	%		2/05/82				Baa3				$	987,500
	1,700			Capital One Capital VI					8.875	%		5/15/40				Baa3					1,764,415
				Total Consumer Finance																	2,751,915
				Diversified Financial Services – 2.2%
	1,200			Bank One Capital III					8.750	%		9/01/30				A2					1,589,539
	100			BankAmerica Capital II, Series 2					8.000	%		12/15/26				BB+					90,000
	1,500			BankAmerica Institutional Capital Trust, Series B, 144A					7.700	%		12/31/26				BB+					1,327,500
	1,000			BankAmerica Institutional Trust, 144A					8.070	%		12/31/26				BB+					900,000
	3,100			CitiGroup Capital XXI					8.300	%		12/21/77				Baa3					3,096,125
	7,500			JPMorgan Chase Capital Trust XX Ser T					6.550	%		9/29/36				A2					7,500,000
	2,450			JPMorgan Chase Capital XXV					6.800	%		10/01/37				A2					2,459,188
	275			MBNA Capital Trust					8.278	%		12/01/26				BB+					255,063
	900			NB Capital Trust II					7.830	%		12/15/26				BB+					801,000
				Total Diversified Financial Services																	18,018,415
				Electric Utilities – 0.3%
	2,300			FPL Group Capital Inc.					6.350	%		10/01/16				BBB					2,301,150
				Insurance – 11.9%
	3,893			Allstate Corporation					6.125	%		5/15/67				Baa1					3,537,764
	300			AXA SA, 144A					6.379	%		12/14/36				Baa1					195,000
	3,700			AXA					8.600	%		12/15/30				A3					3,644,075
	15			Axis Capital Holdings Limited					7.500	%		12/01/15				BBB					1,420,800
	5,800			Catlin Insurance Company Limited					7.249	%		1/19/17				BBB+					4,930,000
	9,925			Glen Meadows Pass Through Trust					6.505	%		2/15/17				BB+					6,997,125
	8,000			Great West Life & Annuity Capital I, 144A					6.625	%		11/15/34				A-					7,603,592
	5,900			Liberty Mutual Group, 144A					7.800	%		3/15/37				Baa3					5,251,000
	3,500			Lincoln National Corporation					6.050	%		4/20/17				BBB					2,913,750
	3,900			Lincoln National Corporation					7.000	%		5/17/66				BBB					3,519,750
	7,300			MetLife Capital Trust IV, 144A					7.875	%		12/15/67				BBB					7,573,750
	400			MetLife Capital Trust X, 144A					9.250	%		4/08/68				BBB					457,000
	9,400			National Financial Services Inc.					6.750	%		5/15/37				Baa2					8,131,000
	1,150			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					1,125,863
	6,400			Oil Insurance Limited, 144A					7.558	%		12/30/56				Baa1					6,135,168
	2,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					2,377,500
	5,600			Progressive Corporation					6.700	%		6/15/67				A2					5,656,000
	3,800			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					4,351,000
	3,200			Prudential PLC					6.500	%		6/29/49				A-					2,822,400
	4,600			QBE Capital Funding Trust II, 144A					6.797	%		6/01/49				BBB+					3,922,412
	3,800			Swiss Re Capital I					6.854	%		5/25/16				A					3,229,460
	12,600			XL Capital Ltd					6.500	%		10/15/57				BBB-					9,859,500
	4,700			ZFS Finance USA Trust II 144A					6.450	%		12/15/65				A					4,277,000
				Total Insurance																	99,930,909
				Oil, Gas & Consumable Fuels – 0.8%
	6,700			TranCanada Pipelines Limited					6.350	%		5/15/17				Baa1					6,722,546
				Road & Rail – 0.8%
	6,400			Burlington Northern Santa Fe Funding Trust I					6.613	%		12/15/55				BBB					6,592,000
				U.S. Agency – 0.4%
	2,600			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					2,481,726
	1			Farm Credit Bank of Texas					10.000	%		12/15/60				A3					934,500
	2,601			Total U.S. Agency																	3,416,226

 

Nuveen Investments
47

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Wireless Telecommunication Services – 1.3%
$	10			Centaur Funding Corporation, Series B					9.080	%		4/21/20				BBB				$	11,257,630
				Total Capital Preferred Securities (cost $239,636,861)																	226,786,272
Shares				Description (1)																Value
				Investment Companies – 1.6% (1.1% of Total Investments)
	354,750			BlackRock Credit Allocation Income Trust II																$	3,487,193
	298,160			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.																	5,205,874
	259,567			John Hancock Preferred Income Fund III																	4,430,808
				Total Investment Companies(cost $17,660,649)																	13,123,875
Shares				Description (1)																Value
				Warrants – 0.0% (0.0% of Total Investments)
	105,500			Gran Colombia Gold Corporation, (2)																$	16,052
	5,404			Medianews Group Inc., Warrants, (10)																	10,670
				Total Warrants (cost $83,175)																	26,722
Principal Amount (000)				Description (1)				Coupon				Maturity								Value
				Short-Term Investments – 10.0% (7.1% of Total Investments)
$	75,194			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/11, repurchase price $75,194,338, collateralized by: $11,000,000 U.S. Treasury Bonds, 8.750%, due 5/15/20 value $17,325,000, $3,040,000 U.S. Treasury Notes, 2.750%, due 2/15/19 value $3,359,200, $26,000,000 U.S. Treasury Notes, 3.625%, due 2/15/20, value $30,485,000, $20,000,000 U.S. Treasury Notes, 2.625%, due 11/15/20, value $21,550,000 and $3,565,000 U.S. Treasury Notes, 3.125%, due 5/15/21, value $3,983,888					0.010	%		1/03/12								$	75,194,254
	9,035			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/11, repurchase price $9,035,353, collateralized by: $560,000 U.S. Treasury Notes, 3.625%, due 2/15/20, value $656,600 and $8,235,000 U.S. Treasury Notes, 1.500%, due 6/30/16, value $8,564,400					0.010	%		1/03/12									9,035,343
$	84,230			Total Short-Term Investments (cost $84,229,597)																	84,229,597
				Total Investments (cost $1,215,626,266) – 141.1%																	1,186,089,438
Shares				Description (1)																Value
				Common Stocks Sold Short – (0.5)%
				Chemicals – (0.1)%

 

	(8,000	)		Sigma-Aldrich Corporation				$	(499,680	)
				Computers & Peripherals – (0.0)%
	(875	)		Apple, Inc. (2)					(354,375	)
				Hotels, Restaurants & Leisure – (0.2)%
	(2,000	)		Chipotle Mexican Grill, (2)					(675,480	)
	(2,300	)		Monster Beverage Corporation					(211,922	)
	(6,700	)		Panera Bread Company, (2)					(947,715	)
				Total Hotels, Restaurants & Leisure					(1,835,117	)
				Internet & Catalog Retail – (0.1)%
	(2,800	)		Amazon.com, Inc., (2)					(484,680	)
				Software – (0.0)%
	(2,600	)		Salesforce.com, Inc., (2)					(263,796	)

 

Nuveen Investments
48

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Shares				Description (1)				Value
				Specialty Retail – (0.1)%
	(8,800	)		Tiffany & Co.				$	(583,088	)
				Total Common Stocks Sold Short (proceeds $2,727,502)					(4,020,736	)
				Borrowings – (41.4)% (12), (13)					(348,000,000	)
				Other Assets Less Liabilities – 0.8% (14)					6,574,707
				Net Assets Applicaple to Common Shares – 100%				$	840,643,409

 

Investments in Derivatives at December 31, 2011

Put Options Purchased outstanding:

Number of Contracts				Type				Notional Amount (15)				Expiration Date				Strike Price				Value
	71			Autozone Inc.				$	1,420,000			1/21/12				$	200.0			$	710
	71			Total Put Options Purchased (premiums paid $158,961)				$	1,420,000											$	710

 

Call Options Written oustanding:

Number of Contracts				Type				Notional Amount (15)				Expiration Date				Strike Price				Value
	(710	)		Aetna Inc.				$	(2,485,000	)		1/21/12				$	35.0			$	(512,975	)
	(391	)		AngloGold Ashanti Limited					(1,759,500	)		1/21/12					45.0				(17,595	)
	(51	)		AngloGold Ashanti Limited					(255,000	)		1/21/12					50.0				(383	)
	(248	)		AstraZeneca PLC					(1,240,000	)		1/21/12					50.0				(1,860	)
	(580	)		Barrick Gold Corporation					(2,900,000	)		1/21/12					50.0				(12,470	)
	(468	)		Cameco Corporation					(1,872,000	)		1/21/12					40.0				(2,340	)
	(156	)		Cameco Corporation					(702,000	)		1/21/12					45.0				(780	)
	(578	)		Cameco Corporation					(2,023,000	)		1/21/12					35.0				(2,890	)
	(308	)		Chesapeake Energy Corporation					(770,000	)		1/21/12					25.0				(5,082	)
	(196	)		Chesapeake Energy Corporation					(588,000	)		1/21/12					30.0				(685	)
	(713	)		Eli Lilly & Company					(2,495,500	)		1/21/12					35.0				(474,145	)
	(380	)		Exelon Corporation					(1,615,000	)		1/21/12					42.5				(47,500	)
	(565	)		Gold Fields Limited					(847,500	)		1/21/12					15.0				(38,137	)
	(383	)		Gold Fields Limited					(670,250	)		1/21/12					17.5				(958	)
	(454	)		Gold Fields Limited					(726,400	)		1/21/12					16				(10,215	)
	(1,080	)		Kroger Company					(2,430,000	)		1/21/12					22.5				(194,400	)
	(339	)		Lockheed Martin Corporation					(2,712,000	)		1/21/12					80.0				(65,258	)
	(449	)		Microsoft Corporation					(1,347,000	)		1/21/12					30.0				(674	)
	(426	)		Newmont Mining Corporation					(2,449,500	)		1/21/12					57.5				(142,710	)
	(1,110	)		Nokia Corporation					(1,387,500	)		1/21/12					12.5				(1,110	)
	(1,530	)		Nokia Corporation					(1,530,000	)		1/21/12					10				(1,530	)
	(459	)		Suncor Energy Inc					(1,836,000	)		1/21/12					40.0				(1,377	)
	(4,877	)		Thales S.A.					(13,655,600	)		3/17/12					28.0				(6,312	)
	(706	)		Tyson Foods, Inc.					(1,235,500	)		1/21/12					17.5				(222,390	)
	(414	)		Wal-Mart Stores, Inc.					(2,380,500	)		1/21/12					57.5				(101,223	)
	(414	)		Wal-Mart Stores, Inc.					(2,484,000	)		1/21/12					60.0				(29,394	)
	(17,985	)		Total Call Options Written (premiums received $3,260,353)				$	(54,396,750	)										$	(1,894,393	)

 

Interest Rate Swaps outstanding:

Counterparty				Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate*				Fixed Rate Payment Frequency				Termination Date				Unrealized Appreciation (Depreciation)
JPMorgan				$	69,725,000			Receive				1-Month USD-LIBOR					0.360	%		Monthly				3/21/12				$	13,060
JPMorgan					69,725,000			Receive				1-Month USD-LIBOR					1.193			Monthly				3/21/14					(1,011,910	)
Morgan Stanley					69,725,000			Receive				1-Month USD-LIBOR					2.064			Monthly				3/21/16					(3,362,272	)
																												$	(4,361,122	)

 

*  Annualized.

 

Nuveen Investments
49

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2011

    For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

  (1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.

  (2)  Non-income producing; issuer has not declared a dividend within the past twelve months.

  (3)  For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  (4)  Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

  (5)  Ratings (not covered by report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

  (6)  Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of Senior Loans may occur. As a result, the actual remaining maturity of Senior Loans held may be substantially less than the stated maturities shown.

  (7)  Senior Loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

    Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a Senior Loan.

  (8)  At or subsequent to December 31, 2011, this issue was under the protection of the Federal Bankruptcy Court.

  (9)  Non-income producing security, in the case of a Senior Loan, denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

  (10)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  (11)  Principal Amount (000) rounds to less than $1,000.

  (12)  Borrowings as a percentage of Total Investments is 29.3%.

  (13)  The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of December 31, 2011, investments with a value of $808,826,868 have been pledged as collateral for Borrowings.

  (14)  Other Assets Less Liabilities includes the Value and/or the Net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at December 31, 2011.

  (15)  For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

  N/A  Not applicable.

  N/R  Not rated.

  144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  GDR  Global Depositary Receipt.

  PPLUS  PreferredPlus Trust.

  USD-LIBOR  United States Dollar—London Inter-Bank Offered Rate.

See accompanying notes to financial statements.

Nuveen Investments
50

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2

Portfolio of INVESTMENTS

  December 31, 2011

Shares				Description (1)				Value
				Common Stocks – 33.9% (23.2% of Total Investments)
				Aerospace & Defense – 1.0%
	907			Alliant Techsystems Inc.				$	51,844
	15,320			BE Aerospace Inc., (2)					593,037
	2,675			Esterline Technologies Corporation, (2)					149,720
	280,000			Finmeccanica SPA					1,035,711
	3,760			Hexcel Corporation, (2)					91,030
	7,520			Honeywell International Inc.					408,712
	56,910			Lockheed Martin Corporation, (3)					4,604,019
	15,240			Textron Inc.					281,788
	150,200			Thales S.A.					4,743,272
				Total Aerospace & Defense					11,959,133
				Air Freight & Logistics – 0.0%
	1,760			Atlas Air Worldwide Holdings Inc., (2)					67,637
	3,860			FedEx Corporation					322,349
				Total Air Freight & Logistics					389,986
				Airlines – 0.0%
	2,480			United Continental Holdings Inc., (2)					46,798
				Auto Components – 0.1%
	3,480			BorgWarner Inc., (2)					221,815
	3,080			Tenneco Inc., (2)					91,722
	14,630			Visteon Corporation, (2)					730,622
				Total Auto Components					1,044,159
				Automobiles – 0.4%
	18,820			Ford Motor Company					202,503
	7,750			General Motors Company, (2)					157,093
	94,118			Honda Motor Company Limited					2,871,106
	40,838			Toyota Motor Corporation					1,360,913
				Total Automobiles					4,591,615
				Beverages – 0.5%
	242,429			Coca-Cola Amatil Limited					2,853,979
	1,410			Coca-Cola Bottling Company Consolidated					82,556
	26,370			Coca-Cola Company					1,845,109
	22,950			Dr. Pepper Snapple Group					906,066
				Total Beverages					5,687,710
				Biotechnology – 0.2%
	12,330			Amgen Inc.					791,709
	4,800			Aveo Pharmaceuticals Inc., (2)					82,560
	7,520			Biogen Idec Inc., (2)					827,576
	16,860			Gilead Sciences, Inc., (2)					690,080
	5,350			Incyte Pharmaceuticals Inc., (2)					80,304
	18,890			Nabi Biopharmaceuticals, (2)					35,513
	14,620			Neurocrine Biosciences Inc., (2)					124,270

 

Nuveen Investments
51

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares				Description (1)				Value
				Biotechnology (continued)
	4,810			United Therapeutics Corporation, (2)				$	227,273
				Total Biotechnology					2,859,285
				Building Products – 0.2%
	48,060			Masco Corporation					503,669
	36,123			Masonite Worldwide Holdings, (2), (4)					859,727
	18,345			Owens Corning, (2)					526,868
				Total Building Products					1,890,264
				Capital Markets – 0.5%
	7,800			Affiliated Managers Group Inc., (2)					748,410
	11,170			Ameriprise Financial, Inc.					554,479
	6,880			Apollo Investment Corporation					44,307
	8,550			Artio Global Investors Inc.					41,724
	6,160			Calamos Asset Management, Inc. Class A					77,062
	5,350			Cohen & Steers Inc.					154,615
	26,740			E*Trade Group Inc., (2)					212,850
	640,000			Egyptian Financial Group – Hermes Holdings, (4)					1,070,762
	215,000			GP Investments					457,606
	22,430			Invesco LTD					450,619
	9,740			T. Rowe Price Group Inc.					554,693
	66,430			UBS AG					790,682
	137,000			Uranium Participation Corporation, (2)					755,769
	9,610			Waddell & Reed Financial, Inc., Class A					238,040
	7,669			Walter Investment Management Corporation					157,291
				Total Capital Markets					6,308,909
				Chemicals – 1.0%
	5,450			Airgas, Inc.					425,536
	4,660			Celanese Corporation, Series A					206,298
	5,610			CF Industries Holdings, Inc.					813,338
	13,400			Dow Chemical Company					385,384
	11,310			Interpid Potash Inc., (2)					255,945
	117,975			Kuraray Company Limited					1,678,350
	27,250			LyondellBasell Industries NV					885,353
	2,900			Minerals Technologies Inc.					163,937
	5,980			Monsanto Company					419,019
	11,990			Mosaic Company					604,656
	39,243			Nitto Denko Corporation					1,404,121
	3,880			OM Group Inc., (2)					86,873
	35,790			Potash Corporation of Saskatchewan					1,479,379
	7,400			Sigma-Aldrich Corporation					464,702
	72,873			Umicore					3,005,848
	2,495			Westlake Chemical Corporation					100,399
				Total Chemicals					12,379,138
				Commercial Banks – 1.9%
	114,352			Banco Itau Holdings Financeira, S.A., Sponsored ADR					2,122,373
	132,720			Banco Santander Central Hispano S.A.					1,008,307
	17,770			BNP Paribas SA					698,014
	5,100			Columbia Banking Systems Inc.					98,277
	7,940			Community Bank System Inc.					220,732
	294,358			DnB NOR ASA					2,881,641
	4,920			First Financial Bancorp.					81,869
	111,780			Hang Seng Bank					1,326,260
	229,950			HSBC Holdings PLC					1,753,600
	61,260			KeyCorp.					471,089
	4,990			M&T Bank Corporation					380,937

 

Nuveen Investments
52

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Shares				Description (1)				Value
				Commercial Banks (continued)
	134,868			Mitsubishi UFJ Financial Group, Inc., ADR				$	572,974
	438,604			Mizuho Financial Group					592,631
	21,730			Societe Generale					483,874
	122,317			Standard Chartered PLC					2,676,512
	4,110			State Bank Financial Corporation, (2)					62,102
	21,982			Sumitomo Mitsui Financial Group					612,309
	678,000			Sumitomo Mitsui Trust Holdings					1,990,750
	17,220			SunTrust Banks, Inc.					304,794
	38,200			Toronto-Dominion Bank					2,860,641
	21,620			U.S. Bancorp					584,821
	65,590			Wells Fargo & Company					1,807,660
	6,960			Zions Bancorporation					113,309
				Total Commercial Banks					23,705,476
				Commercial Services & Supplies – 0.3%
	39,340			Aggreko PLC					1,232,287
	3,960			Clean Harbors, Inc., (2)					252,371
	37,645			Republic Services, Inc.					1,037,120
	5,808			Stericycle Inc., (2)					452,559
	12,410			Waste Management, Inc.					405,931
				Total Commercial Services & Supplies					3,380,268
				Communications Equipment – 0.5%
	2,320			Comtech Telecom Corporation					66,398
	1,560			Interdigital Inc.					67,969
	26,000			Motorola Solutions Inc.					1,203,540
	576,000			Nokia Oyj, (3)					2,776,320
	3,075			Plantronics Inc.					109,593
	39,100			QUALCOMM, Inc.					2,138,770
				Total Communications Equipment					6,362,590
				Computers & Peripherals – 0.4%
	11,238			Apple, Inc., (2)					4,551,390
	10,990			EMC Corporation, (2)					236,725
	7,270			OCZ Technology Group Inc., (2)					48,055
	4,470			SanDisk Corporation, (2)					219,969
	9,780			Seagate Technology					160,392
				Total Computers & Peripherals					5,216,531
				Construction & Engineering – 0.2%
	11,220			Fluor Corporation					563,805
	6,710			MasTec Inc., (2)					116,553
	39,730			Royal Boskalis Westminster NV					1,459,830
				Total Construction & Engineering					2,140,188
				Construction Materials – 0.2%
	1,575,000			India Cements Limited, 144A, GDR					1,959,300
	2,700,000			Luks Group Vietnam Holdings Company Limited					538,846
				Total Construction Materials					2,498,146
				Consumer Finance – 0.1%
	3,810			Capital One Financial Corporation					161,125
	19,970			Discover Financial Services					479,280
				Total Consumer Finance					640,405

 

Nuveen Investments
53

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares				Description (1)				Value
				Diversified Consumer Services – 0.0%
	1,720			Ascent Media Corporation, (2)				$	87,238
				Diversified Financial Services – 0.1%
	80,000			Guoco Group Ltd., ADR					744,727
				Diversified Telecommunication Services – 0.8%
	93,800			KT Corporation, Sponsored ADR					1,467,032
	69,000			Nippon Telegraph and Telephone Corporation, ADR					1,747,770
	64,500			PT Telekomunikasi Indonesia					1,982,730
	41,600			Telecom Egypt SAE, (4)					91,315
	2,240,000			Telecom Italia S.p.A.					2,006,192
	24,580			Telefonica Brasil SA					671,771
	42,440			Verizon Communications Inc.					1,702,693
				Total Diversified Telecommunication Services					9,669,503
				Electric Utilities – 1.5%
	231,574			Centrais Electricas Brasileiras S.A., PFD B ADR (2)					3,357,823
	28,150			Duke Energy Corporation					619,300
	3,070			Edison International					127,098
	28,719			Electricite de France S.A., ADR, (4)					138,138
	172,400			Electricite de France S.A.					4,194,821
	58,800			Exelon Corporation, (3)					2,550,156
	233,614			Korea Electric Power Corporation, Sponsored ADR					2,565,082
	20,840			Northeast Utilities					751,699
	8,060			Portland General Electric Company					203,837
	10,990			Progress Energy, Inc.					615,660
	36,582			RusHydro, ADR, (4)					110,843
	620,000			RusHydro, ADR					1,891,000
	35,010			Southern Company					1,620,613
	5,710			UIL Holdings Corporation					201,963
				Total Electric Utilities					18,948,033
				Electrical Equipment – 0.5%
	99,841			ABB Limited					1,879,260
	30,441			Areva CI					752,113
	20,190			Nidec Corporation					1,754,854
	5,560			Rockwell Automation, Inc.					407,937
	78,470			Sensata Techologies Holdings, (2)					2,062,192
				Total Electrical Equipment					6,856,356
				Electronic Equipment & Instruments – 0.3%
	15,550			Corning Incorporated					201,839
	1,380			Dolby Laboratories, Inc., (2)					42,104
	87,805			Hoya Corporation					1,891,395
	7,550			Jabil Circuit Inc.					148,433
	185,886			Nippon Electric Glass Company Limited					1,840,264
				Total Electronic Equipment & Instruments					4,124,035
				Energy Equipment & Services – 0.3%
	6,720			Global Geophysical Services Inc., (2)					45,158
	4,790			Halliburton Company					165,303
	7,620			Helmerich & Payne Inc.					444,703
	4,680			Hornbeck Offshore Services Inc., (2)					145,174
	12,890			National-Oilwell Varco Inc.					876,391
	3,080			Oil States International Inc., (2)					235,220
	32,890			Parker Drilling Company, (2)					235,821
	17,060			RPC Inc.					311,345
	70,800			Subsea 7 SA					1,313,994

 

Nuveen Investments
54

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Shares				Description (1)				Value
				Energy Equipment & Services (continued)
	19,710			Superior Energy Services, Inc., (2)				$	560,552
				Total Energy Equipment & Services					4,333,661
				Food & Staples Retailing – 1.6%
	12,650			Costco Wholesale Corporation					1,053,998
	7,060			CVS Caremark Corporation					287,907
	192,823			Jeronimo Martins SGPS					3,191,888
	123,375			Koninklijke Ahold N.V.					1,661,451
	176,627			Kroger Co., (3)					4,277,906
	36,730			Walgreen Co.					1,214,294
	135,429			Wal-Mart Stores, Inc., (3)					8,093,237
				Total Food & Staples Retailing					19,780,681
				Food Products – 1.1%
	12,470			General Mills, Inc.					503,913
	15,370			H.J. Heinz Company					830,595
	2,200			Hain Celestial Group Inc., (2)					80,652
	21,885			Hershey Foods Corporation					1,352,055
	20,000			Kraft Foods Inc.					747,200
	6,910			McCormick & Company, Incorporated					348,402
	24,540			Mead Johnson Nutrition Company, Class A Shares					1,686,634
	46,904			Nestle S.A.					2,696,493
	3,390			Tootsie Roll Industries Inc.					80,241
	109,000			Tyson Foods, Inc., Class A, (3)					2,249,760
	111,340			Unilever PLC, ADR					3,740,065
				Total Food Products					14,316,010
				Gas Utilities – 0.1%
	3,090			National Fuel Gas Company					171,742
	3,060			ONEOK, Inc.					265,271
	12,500			Questar Corporation					248,250
				Total Gas Utilities					685,263
				Health Care Equipment & Supplies – 0.2%
	4,920			Align Technology, Inc., (2)					116,727
	17,550			Baxter International, Inc.					868,374
	9,870			Becton, Dickinson and Company					737,486
	2,690			C. R. Bard, Inc.					229,995
	16,110			CareFusion Corporation, (2)					409,355
	1,860			Cooper Companies, Inc.					131,167
	7,750			Hologic Inc., (2)					135,703
	6,540			Medtronic, Inc.					250,155
	2,810			Steris Corporation					83,794
				Total Health Care Equipment & Supplies					2,962,756
				Health Care Providers & Services – 0.9%
	124,156			Aetna Inc., (3)					5,238,142
	1,210			Air Methods Corporation, (2)					102,185
	3,405			Centene Corporation, (2)					134,804
	9,250			Davita Inc., (2)					701,243
	38,587			Fresenius Medical Care, ADR					2,621,915
	6,770			Humana Inc.					593,120
	15,910			McKesson HBOC Inc.					1,239,548
	3,620			Molina Healthcare Inc., (2)					80,835
	4,480			Owens and Minor Inc.					124,499
	105,000			Profarma Distribuidora de Produtos Farmaceuticos SA					605,147
	1,780			Wellcare Health Plans Inc., (2)					93,450
				Total Health Care Providers & Services					11,534,888

 

Nuveen Investments
55

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares				Description (1)				Value
				Hotels, Restaurants & Leisure – 0.3%
	9,250			Ameristar Casinos, Inc.				$	159,933
	38,910			International Game Technology					669,252
	13,930			Las Vegas Sands, (2)					595,229
	5,590			McDonald's Corporation					560,845
	38,500			Orascom Development Holding AG					588,177
	3,140			Penn National Gaming, Inc., (2)					119,540
	4,150			Red Robin Gourmet Burgers, Inc., (2)					114,955
	19,970			Scientific Games Corporation, (2)					193,709
	4,305			Vail Resorts, Inc.					182,360
	940			Wynn Resorts Ltd					103,861
				Total Hotels, Restaurants & Leisure					3,287,861
				Household Durables – 0.2%
	85,506			Brookfield Residential Properties Inc., (2)					667,802
	10,092			Brookfield Residential Properties Inc., (2)					80,043
	429,314			Oriental Weavers Company, (4)					2,143,367
	1,730			Tempur Pedic International Inc., (2)					90,877
				Total Household Durables					2,982,089
				Household Products – 0.1%
	9,930			Kimberly-Clark Corporation					730,451
	14,110			Procter & Gamble Company, (3)					941,278
				Total Household Products					1,671,729
				Independent Power Producers & Energy Traders – 0.0%
	18,040			AES Corporation, (2)					213,594
				Industrial Conglomerates – 0.5%
	342,952			Fraser and Neave Limited					1,639,337
	83,150			General Electric Company					1,489,217
	22,000			Rheinmetall AG					974,791
	11,730			Siemens AG, Sponsored ADR					1,122,524
	9,130			Tyco International Ltd.					426,462
				Total Industrial Conglomerates					5,652,331
				Insurance – 1.3%
	16,690			AFLAC Incorporated					722,009
	7,760			Alterra Capital Holdings Limited					183,369
	19,960			Aon Corporation					934,128
	4,800			Chubb Corporation					332,256
	5,790			Everest Reinsurance Group Ltd					486,881
	62,476			Hannover Rueckversicherung AG					3,098,944
	29,080			Hartford Financial Services Group, Inc.					472,550
	27,020			Marsh & McLennan Companies, Inc.					854,372
	10,770			Meadowbrook Insurance Group, Inc.					115,024
	8,540			MetLife, Inc.					266,277
	76,000			Mitsui Sumitomo Insurance Company Limited					1,408,029
	11,450			National Financial Partners Corp., (2)					154,804
	2,810			PartnerRe Limited					180,430
	7,780			Primerica Inc.					180,807
	155,544			Prudential Corporation PLC					1,542,360
	63,090			SCOR SE,ADR					1,474,676
	20,610			Torchmark Corporation					894,268
	49,290			Willis Group Holdings PLC					1,912,452
	7,820			WR Berkley Corporation					268,930
	35,020			XL Capital Ltd, Class A					692,345
				Total Insurance					16,174,911

 

Nuveen Investments
56

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Shares				Description (1)				Value
				Internet & Catalog Retail – 0.0%
	1,250			Priceline.com Incorporated, (2)				$	584,638
				Internet Software & Services – 0.3%
	2,997			Google Inc., Class A, (2)					1,935,762
	17,765			Rackspace Hosting Inc., (2)					764,073
	37,027			Tencent Holdings Limited					743,725
	36,650			Yahoo! Inc., (2)					591,165
				Total Internet Software & Services					4,034,725
				IT Services – 0.5%
	7,100			Accenture Limited					377,933
	6,660			CSG Systems International Inc., (2)					97,969
	19,705			International Business Machines Corporation (IBM)					3,623,355
	1,705			MasterCard, Inc.					635,658
	4,630			Maximus Inc.					191,451
	7,370			Paychex, Inc.					221,911
	10,960			Teradata Corporation, (2)					531,670
	16,801			VeriFone Holdings Inc., (2)					596,772
	4,030			Visa Inc.					409,166
	3,290			Wright Express Corporation, (2)					178,581
				Total IT Services					6,864,466
				Leisure Equipment & Products – 0.1%
	5,084			Polaris Industries Inc.					284,602
	9,700			Sankyo Company Ltd					490,860
				Total Leisure Equipment & Products					775,462
				Life Sciences Tools & Services – 0.1%
	16,890			Agilent Technologies, Inc., (2)					589,968
	1,170			Bio-Rad Laboratories Inc., (2)					112,367
	5,490			Life Technologies Corporation, (2)					213,616
	1,330			Waters Corporation, (2)					98,487
				Total Life Sciences Tools & Services					1,014,438
				Machinery – 0.8%
	3,640			Astecx Industries Inc., (2)					117,244
	21,790			Caterpillar Inc.					1,974,174
	2,840			CNH Global N.V., (2)					102,212
	19,490			Cummins Inc.					1,715,510
	2,080			Dover Corporation					120,744
	2,160			Joy Global Inc.					161,935
	52,839			Kone OYJ					2,742,315
	71,713			Nabtesco Corporation					1,307,176
	5,110			SPX Corporation					307,980
	6,970			Titan International Inc.					135,636
	3,789			Twin Disc, Inc.					137,616
	16,200			Vallourec SA					1,051,698
	2,570			Wabtec Corporation					179,772
				Total Machinery					10,054,012
				Marine – 0.1%
	61,000			Stolt-Nielsen S.A.					1,223,906
				Media – 0.4%
	25,245			Comcast Corporation, Class A					598,559
	24,385			Dex One Corporation, (2)					40,479
	4,905			DIRECTV Group, Inc., (2)					209,738

 

Nuveen Investments
57

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares				Description (1)				Value
				Media (continued)
	4,377			Liberty Media Starz, (2)				$	341,625
	56,735			Metro-Goldwyn-Mayer, (2), (4)					1,158,341
	9,050			Scripps Networks Interactive, Class A Shares					383,901
	15,370			Viacom Inc., Class B					697,952
	115,380			WPP Group PLC					1,210,396
				Total Media					4,640,991
				Metals & Mining – 3.6%
	138,408			AngloGold Ashanti Limited, Sponsored ADR, (3)					5,875,420
	189,200			Barrick Gold Corporation, (3)					8,561,300
	65,667			BHP Billiton PLC, ADR					2,311,793
	12,390			Freeport-McMoRan Copper & Gold, Inc.					455,828
	440,908			Gold Fields Limited, Sponsored ADR, (3)					6,723,847
	552,000			Gran Colombia Gold Corporation, (2)					281,757
	119,650			Iluka Resources Limited					1,896,860
	1,900			Kaiser Aluminum Corporation					87,172
	28,278			Kinross Gold Corporation					322,369
	5,476			Newcrest Mining Limited, Sponsored ADR, (4)					165,978
	147,000			Newcrest Mining Limited					4,450,409
	102,649			Newmont Mining Corporation, (3)					6,159,966
	918,326			Polyus Gold International Limited, GDR, (4)					2,709,062
	46,480			Rio Tinto Limited					2,866,647
	20,350			Southern Copper Corporation					614,163
	7,000			Steel Dynamics Inc.					92,050
	38,260			Titanium Metals Corporation					573,135
	3,317,253			Village Main Reef Limited					842,407
	8,680			Walter Industries Inc.					525,661
				Total Metals & Mining					45,515,824
				Multiline Retail – 0.5%
	6,364			Dillard's, Inc., Class A					285,616
	17,230			J.C. Penney Company, Inc.					605,635
	34,080			Macy's, Inc.					1,096,694
	69,059			Next PLC					2,935,395
	16,670			Target Corporation					853,837
				Total Multiline Retail					5,777,177
				Multi-Utilities – 0.2%
	4,830			Alliant Energy Corporation					213,051
	11,020			Consolidated Edison, Inc.					683,571
	15,760			Dominion Resources, Inc.					836,541
	3,290			OGE Energy Corp.					186,576
	3,960			Sempra Energy					217,800
				Total Multi-Utilities					2,137,539
				Office Electronics – 0.1%
	34,257			Canon Inc.					1,517,687
				Oil, Gas & Consumable Fuels – 3.3%
	3,510			Apache Corporation					317,936
	73,200			Arch Coal Inc.					1,062,132
	144,110			BG Group PLC					3,080,646
	237,630			Cameco Corporation, (3)					4,289,222
	99,708			Chesapeake Energy Corporation, (3)					2,222,491
	6,250			Chevron Corporation					665,000
	5,610			Cimarex Energy Company					347,259
	9,760			Cloud Peak Energy Inc., (2)					188,563
	25,940			ConocoPhillips					1,890,248

 

Nuveen Investments
58

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Shares				Description (1)				Value
				Oil, Gas & Consumable Fuels (continued)
	5,510			Continental Resources Inc., (2)				$	367,572
	3,870			CVTR Energy Inc., (2)					72,485
	6,720			Devon Energy Corporation					416,640
	3,200			EOG Resources, Inc.					315,232
	3,970			Exxon Mobil Corporation					336,497
	180,000			Gazprom OAO, ADR					1,918,800
	2,402			Hess Corporation					136,434
	28,840			HollyFrontier Company					674,856
	30,350			Marathon Oil Corporation					888,345
	16,680			Marathon Petroleum Corporation					555,277
	6,210			Murphy Oil Corporation					346,145
	4,230			Newfield Exploration Company, (2)					159,598
	243,200			Nexen Inc.					3,869,312
	11,000			Niko Resources Limited					520,766
	6,360			Occidental Petroleum Corporation					595,932
	2,600			Peabody Energy Corporation					86,086
	2,314			Petrobras Energia S.A., ADR					29,203
	12,930			Petroquest Energy Inc., (2)					85,338
	5,400,000			PT Medco Energi Internasional TBK					1,444,169
	9,260			QEP Resources Inc.					271,318
	8,650			Range Resources Corporation					535,781
	50,570			Repsol YPF S.A					1,553,462
	96,560			Royal Dutch Shell PLC, Class B, Sponsored ADR					3,679,961
	9,000			SM Energy Company					657,900
	5,720			Spectra Energy Corporation					175,890
	65,140			StatoilHydro ASA, Sponsored ADR					1,671,834
	7,720			Stone Energy Corporation, (2)					203,654
	71,100			Suncor Energy, Inc., (3)					2,049,813
	22,180			Sunoco, Inc.					909,824
	12,530			Teekay Shipping Corporation					334,927
	3,300			Tesoro Corporation, (2)					77,088
	42,285			Total SA					2,161,731
	5,350			Williams Companies, Inc.					176,657
				Total Oil, Gas & Consumable Fuels					41,342,024
				Paper & Forest Products – 0.1%
	3,640			Clearwater Paper Corporation, (2)					129,620
	21,010			International Paper Company					621,896
	14,233			Stora Enso Oyj, (4)					84,544
				Total Paper & Forest Products					836,060
				Personal Products – 0.0%
	13,540			Prestige Brands Holdings Inc., (2)					152,596
				Pharmaceuticals – 1.9%
	13,190			Abbott Laboratories					741,674
	38,200			AstraZeneca Group, Sponsored ADR, (3)					1,768,278
	40,130			AstraZeneca Group					1,854,076
	32,137			Bristol-Myers Squibb Company					1,132,508
	124,504			Eli Lilly and Company, (3)					5,174,386
	37,985			Johnson & Johnson, (3)					2,491,056
	2,380			Medicis Pharmaceutical Corporation					79,135
	24,600			Merck & Company Inc.					927,420
	31,154			Novartis AG, Sponsored ADR					1,781,081
	18,670			Novo Nordisk A/S					2,145,491
	22,650			Pfizer Inc.					490,146
	30,703			Sanofi-Aventis, S.A.					2,255,096
	36,500			Teva Pharmaceutical Industries Limited, Sponsored ADR					1,473,140
	7,630			Warner Chilcott Limited, (2)					115,442

 

Nuveen Investments
59

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares				Description (1)				Value
				Pharmaceuticals (continued)
	25,690			Watson Pharmaceuticals Inc., (2)				$	1,550,135
				Total Pharmaceuticals					23,979,064
				Professional Services – 0.0%
	2,260			Acacia Research, (2)					82,513
	2,450			Towers Watson & Company, Class A Shares					146,829
				Total Professional Services					229,342
				Real Estate – 0.5%
	3,580			American Campus Communities Inc.					150,217
	7,410			Camden Property Trust					461,198
	4,770			Chesapeake Lodging Trust					73,744
	17,080			Digital Realty Trust Inc.					1,138,724
	3,330			Equity Lifestyles Properties Inc.					222,078
	13,900			Equity One Inc.					236,022
	1,610			Essex Property Trust Inc.					226,221
	2,580			Home Properties New York, Inc.					148,531
	8,160			Ramco-Gershenson Properties Trust					80,213
	12,025			Rayonier Inc.					536,676
	8,718			Simon Property Group, Inc.					1,124,099
	5,300			Tanger Factory Outlet Centers					155,396
	3,230			Taubman Centers Inc.					200,583
	163,410			Westfield Group					1,305,331
	163,410			Westfield Realty Trust					416,168
				Total Real Estate					6,475,201
				Real Estate Management & Development – 0.3%
	98,560			Brookfield Properties Corporation					1,545,034
	4,000			CommonWealth REIT					97,960
	364,087			Hysan Development Company					1,195,403
	50,633			Solidere, 144A, GDR, (4)					728,103
				Total Real Estate Management & Development					3,566,500
				Road & Rail – 0.7%
	27,640			CSX Corporation					582,098
	42,300			East Japan Railway Company					2,692,867
	4,450			Genesee & Wyoming Inc., (2)					269,581
	9,630			Hertz Global Holdings Inc., (2)					112,864
	2,830			J.B. Hunt Transports Serives Inc.					127,548
	17,020			Kansas City Southern Industries, (2)					1,157,530
	3,640			Norfolk Southern Corporation					265,210
	7,130			Ryder System, Inc.					378,888
	6,360			Union Pacific Corporation					673,778
	47,200			West Japan Railway Company					2,051,241
				Total Road & Rail					8,311,605
				Semiconductors & Equipment – 0.5%
	68,820			ASM Lithography Holding NV					2,892,558
	18,390			Avago Technologies Limtied					530,735
	6,090			Broadcom Corporation, Class A, (2)					178,802
	32,540			Cypress Semiconductor Corporation, (2)					549,601
	38,700			Intel Corporation					938,475
	3,690			KLA-Tencor Corporation					178,043
	14,290			Kulicke & Soffa Industries Inc., (2)					132,183
	4,980			Lam Research Corporation, (2)					184,360
	7,220			NVIDIA Corporation, (2)					100,069
	13,025			ON Semiconductor Corporation, (2)					100,553

 

Nuveen Investments
60

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Shares				Description (1)				Value
				Semiconductors & Equipment (continued)
	18,060			Silicon Image, Inc., (2)				$	84,882
				Total Semiconductors & Equipment					5,870,261
				Software – 0.5%
	3,960			Advent Software Inc., (2)					96,466
	2,670			Ansys Inc., (2)					152,938
	3,885			CommVault Systems, Inc., (2)					165,967
	5,110			Fortinet Inc., (2)					111,449
	3,350			Manhattan Associates Inc., (2)					135,608
	4,580			Mentor Graphics Corporation, (2)					62,105
	3,150			Micros Systems, Inc., (2)					146,727
	172,274			Microsoft Corporation, (3)					4,472,233
	44,540			Oracle Corporation					1,142,451
	1,510			Red Hat, Inc., (2)					62,348
	6,800			TeleNav Inc., (2)					53,108
	9,850			TiVo, Inc., (2)					88,355
				Total Software					6,689,755
				Specialty Retail – 0.2%
	2,240			Advance Auto Parts, Inc.					155,971
	4,990			Ann Inc., (2)					123,652
	2,830			Body Central Corporation, (2)					70,637
	6,370			Express Inc., (2)					127,018
	17,230			Foot Locker, Inc.					410,763
	20,600			Gap, Inc.					382,130
	1,550			Guess Inc.					46,221
	20,090			Limited Brands, Inc.					810,632
	3,070			PetSmart Inc.					157,460
	6,580			Select Comfort Corporation, (2)					142,720
	4,410			Ulta Salon, Cosmetics & Fragrance, Inc., (2)					286,297
	1,440			Vitamin Shoppe Inc., (2)					57,427
				Total Specialty Retail					2,770,928
				Textiles, Apparel & Luxury Goods – 0.5%
	103,790			Burberry Group PLC					1,910,053
	14,220			LVMH Moet Hennessy					2,013,424
	3,340			Nike, Inc., Class B					321,876
	1,730			Oxford Industries Inc.					78,058
	4,510			PVH Corporation					317,910
	670,011			Yue Yuen Industrial Holdings Limited					2,117,886
				Total Textiles, Apparel & Luxury Goods					6,759,207
				Thrifts & Mortgage Finance – 0.0%
	14,300			Ocwen Financial Corporation, (2)					207,064
				Tobacco – 0.6%
	16,240			Altria Group, Inc.					481,516
	49,760			British American Tobacco PLC					2,361,207
	45,000			Eastern Tobacco, (4)					695,078
	2,610			Lorillard Inc.					297,540
	34,869			Philip Morris International					2,736,519
	20,400			Reynolds American Inc.					844,968
				Total Tobacco					7,416,828

 

 

Nuveen Investments
61

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares				Description (1)				Value
				Trading Companies & Distributors – 0.2%
	6,715			CAI International Inc., (2)				$	103,814
	164,926			Mitsui & Company Limited					2,564,849
	5,620			SeaCube Container Leasing Limited					83,232
	6,620			United Rentals Inc., (2)					195,621
				Total Trading Companies & Distributors					2,947,516
				Water Utilities – 0.0%
	2,990			American Water Works Company					95,261
				Wireless Telecommunication Services – 0.6%
	26,682			Millicom International Cellular S.A.					2,673,221
	4,272			Telephone and Data Systems Inc.					110,602
	202,954			Turkcell Iletisim Hizmetleri A.S., ADR, (2), (3)					2,386,739
	676,090			Vodafone Group PLC					1,878,379
				Total Wireless Telecommunication Services					7,048,941
				Total Common Stocks (cost $427,186,962)					423,965,285

 

Shares				Description (1)				Coupon								Ratings (5)				Value
				Convertible Preferred Securities – 1.5% (1.0% of Total Investments)
				Capital Markets – 0.0%
	8,150			AMG Capital Trust II					5.150	%						BB				$	321,925
				Commercial Banks – 0.7%
	2,739			KeyCorp Convertible Preferred Stock					7.750	%						BBB-					289,348
	7,300			Credit Suisse AG					7.850	%						BBB+					7,170,060
				Total Commercial Banks																	7,459,408
				Food Products – 0.1%
	7,450			Bunge Limited					4.875	%						Ba1					687,263
				Health Care Providers & Services – 0.0%
	11,650			Omnicare Capital Trust II, Series B					4.000	%							B				527,978
				Household Durables – 0.0%
	11,300			Newell Financial Trust I					5.250	%						BB					477,425
				Independent Power Producers & Energy Traders – 0.1%
	23,750			AES Trust III, Convertible Preferred					6.750	%							B				1,165,888
				Insurance – 0.0%
	7,200			Aspen Insurance Holdings Limited					5.625	%						BBB-					387,360
				Machinery – 0.1%
	13,000			Stanley, Black, and Decker Inc.					4.750	%						BBB+					1,524,250
				Media – 0.0%
	150			Interpublic Group Companies Inc.					5.250	%						B+					142,500
				Oil, Gas & Consumable Fuels – 0.3%
	2,880			Chesapeake Energy Corporation					5.750	%						B+					2,822,400
	11,325			El Paso Energy Capital Trust I					4.750	%							B				521,402
				Total Oil, Gas & Consumable Fuels																	3,343,802

 

Nuveen Investments
62

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Shares				Description (1)				Coupon								Ratings (5)				Value
				Real Estate – 0.2%
	44,915			CommonWealth REIT					6.500	%						Baa3				$	911,325
	27,500			Health Care REIT, Inc.					6.500	%						Baa3					1,407,175
				Total Real Estate																	2,318,500
				Thrifts & Mortgage Finance – 0.0%
	1,900			New York Community Capital Trust V					6.000	%						Baa2					79,230
				Total Convertible Preferred Securities (cost $19,259,908)																	18,435,529
Shares				Description (1)				Coupon								Ratings (5)				Value
				$25 Par (or similar) Preferred Securities – 36.5% (24.9% of Total Investments)
				Capital Markets – 3.7%
	58,500			Ameriprise Financial, Inc.					7.750	%							A			$	1,656,135
	72,775			BNY Capital Trust V, Series F					5.950	%						A1					1,848,485
	683,077			Credit Suisse					7.900	%						A3					17,452,617
	1,179,057			Deutsche Bank Capital Funding Trust II					6.550	%						BBB					21,989,413
	3,200			Deutsche Bank Capital Funding Trust IX					6.625	%						BBB					60,000
	68,200			Deutsche Bank Contingent Capital Trust III					7.600	%						BBB					1,475,166
	15,300			Goldman Sachs Group Inc., Series 2004-4 (CORTS)					6.000	%						A3					321,300
	18,600			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)					6.000	%						A3					393,576
	15,900			Morgan Stanley Capital Trust V					5.750	%						Baa2					324,678
	2,500			Morgan Stanley Capital Trust VII					6.600	%						Baa2					54,400
				Total Capital Markets																	45,575,770
				Commercial Banks – 4.4%
	1,500			ABN AMRO North America Capital Funding, 144A					6.968	%						BB+					891,094
	533,427			Banco Santander Finance					10.500	%						BBB+					14,013,127
	28,400			Barclays Bank PLC					7.750	%						BBB					598,672
	170,400			BB&T Capital Trust VI					9.600	%						Baa1					4,566,720
	35,309			BB&T Capital Trust VII					8.100	%						Baa1					939,219
	4,800			Fifth Third Bancorp					8.500	%						BB+					681,984
	2,800			Fifth Third Capital Trust V					7.250	%						Baa3					70,840
	182,200			First Naigara Finance Group, (2)					8.625	%						BB+					4,674,578
	1,000,000			HSBC Bank PLC					1.000	%						A-					450,000
	367,100			HSBC Holdings PLC					8.000	%						A3					9,566,626
	1,400			HSBC Holdings PLC					6.200	%						A3					33,460
	15,100			HSBC USA Inc., Series F					2.858	%						BBB+					669,081
	9,400,000			PNC Financial Services					6.750	%						BBB					9,192,542
	11,000			Royal Bank of Scotland Group PLC, Series L					5.750	%						BB					162,250
	5,400,000			Royal Bank of Scotland Group PLC					7.648	%						BB					3,678,750
	4,600			Wells Fargo & Company					7.500	%						BBB+					4,848,400
	9,700			Wells Fargo Capital Trust VII					5.850	%						BBB+					245,895
				Total Commercial Banks																	55,283,238
				Diversified Financial Services – 2.7%
	3,240			Bank of America Corporation					7.250	%						BB+					2,553,185
	78,800			Bank of America Corporation					6.375	%						BB+					1,436,524
	69,000			Citigroup Capital Trust XI					6.000	%						Baa3					1,474,530
	72,000			Citigroup Capital Trust XII					8.500	%						Baa3					1,811,520
	178,500			Citigroup Capital XIII					7.875	%						Ba1					4,651,710
	14,991			Citigroup Capital XVI					6.450	%						Baa3					322,007
	2,000			Countrywide Capital Trust III					7.000	%						BB+					40,560
	63,600			Countrywide Capital Trust IV					6.750	%						BB+					1,263,096
	188,023			ING Groep N.V					7.200	%						BBB					3,516,030
	755,475			ING Groep N.V					7.050	%						BBB					13,681,652
	6,600			JPMorgan Chase Capital Trust XXIX					6.700	%						A2					168,432
	150,200			Merrill Lynch Preferred Capital Trust V					7.280	%						BB+					3,092,618
				Total Diversified Financial Services																	34,011,864

 

Nuveen Investments
63

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Shares				Description (1)				Coupon								Ratings (5)				Value
				Diversified Telecommunication Services – 0.3%
	46,878			AT&T Inc.					6.375	%						A2				$	1,253,987
	95,173			Qwest Corporation					7.500	%						BBB-					2,512,567
				Total Diversified Telecommunication Services																	3,766,554
				Electric Utilities – 0.7%
	259,300			Entergy Texas Inc.					7.875	%						BBB+					7,550,816
				Food Products – 0.2%
	33,100			Dairy Farmers of America Inc., 144A					7.875	%						BBB-					3,111,400
				Insurance – 7.7%
	1,122,600			Aegon N.V.					6.375	%						Baa1					21,857,022
	35,900			Allianz SE					8.375	%						A+					916,574
	173,797			Arch Capital Group Limited, Series B					7.875	%						BBB					4,416,182
	343,688			Arch Capital Group Limited					8.000	%						BBB					8,753,733
	6,250,000			Dai-Ichi Mutual Life, 144A					7.250	%						A3					6,291,481
	29,400			Delphi Financial Group, Inc.					7.376	%						BB+					717,066
	197,751			EverestRe Capital Trust II					6.200	%						Baa1					4,888,405
	79,205			Markel Corporation					7.500	%						BBB					2,004,679
	674,141			PartnerRe Limited					6.750	%						BBB+					17,089,474
	143,693			PLC Capital Trust III					7.500	%						BBB					3,632,559
	14,000			PLC Capital Trust IV					7.250	%						BBB					351,400
	22,317			Protective Life Corporation					7.250	%						BBB					561,049
	126,730			Prudential Financial Inc.					9.000	%						BBB+					3,448,323
	24,617			Prudential PLC					6.750	%						A-					625,026
	1,000,000			Reinsurance Group of America Inc.					6.750	%						BBB-					866,922
	85,828			RenaissanceRe Holdings Limited, Series C					6.080	%						BBB+					2,116,518
	171,414			RenaissanceRe Holdings Limited, Series D					6.600	%						BBB+					4,312,776
	584,774			W. R. Berkley Corporation, Capital Trust II					6.750	%						BBB-					15,128,103
				Total Insurance																	97,977,292
				Media – 4.4%
	596,221			CBS Corporation					6.750	%						BBB					15,149,976
	897,920			Comcast Corporation					7.000	%						BBB+					22,977,773
	25,738			Comcast Corporation					6.625	%						BBB+					671,504
	641,540			Viacom Inc.					6.850	%						BBB+					16,102,654
				Total Media																	54,901,907
				Multi-Utilities – 0.8%
	122,534			Dominion Resources Inc.					8.375	%						BBB					3,598,824
	223,578			Xcel Energy Inc.					7.600	%						BBB					6,070,143
				Total Multi-Utilities																	9,668,967
				Oil, Gas & Consumable Fuels – 1.2%
	604,577			Nexen Inc.					7.350	%						BB+					15,465,080
				Pharmaceuticals – 0.1%
	37,197			Bristol Myers Squibb Company (CORTS)					6.250	%						A+					975,305
				Real Estate – 9.2%
	59,021			CommomWealth REIT					7.500	%						BBB					1,247,114
	528,517			CommomWealth REIT					7.125	%						Baa3					12,922,241
	199,813			Developers Diversified Realty Corporation					7.375	%						Ba1					4,845,465
	16,200			Digital Realty Trust Inc.					7.000	%						Baa3					414,558
	6,800			Duke Realty Corporation, Series K					6.500	%						Baa3					165,580
	71,421			Duke Realty Corporation, Series L					6.600	%						Baa3					1,746,958
	121,700			Duke-Weeks Realty Corporation					6.625	%						Baa3					3,020,594
	106,215			Equity Residential Properties Trust, Series N					6.480	%						BBB-					2,719,104

 

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Shares				Description (1)				Coupon								Ratings (5)				Value
				Real Estate (continued)
	628,420			Kimco Realty Corporation, Series G					7.750	%						Baa2				$	16,181,815
	21,620			Kimco Realty Corporation, Series H					6.900	%						Baa2					591,956
	3,997			Prologis Inc.					8.540	%						Baa3					218,211
	51,275			Prologis Inc.					6.750	%						BB					1,219,320
	119,609			PS Business Parks, Inc.					7.375	%						BBB-					3,011,755
	20,000			PS Business Parks, Inc.					6.875	%						BBB-					530,400
	29,949			Public Storage, Inc.					6.875	%						BBB+					858,338
	230,350			Public Storage, Inc.					6.750	%						BBB+					5,926,906
	22,475			Public Storage, Inc., Series C					6.600	%						BBB+					572,214
	144,899			Public Storage, Inc., Series E					6.750	%						BBB+					3,693,476
	3,400			Public Storage, Inc., Series Q					6.500	%						BBB+					95,200
	15,671			Realty Income Corporation					6.750	%						Baa2					404,312
	2,570			Regency Centers Corporation					7.250	%						Baa3					64,327
	622,768			Vornado Realty LP					7.875	%						BBB					17,113,665
	1,227,443			Wachovia Preferred Funding Corporation					7.250	%						BBB+					31,692,578
	3,660			Weingarten Realty Trust					8.100	%						BBB					87,840
	116,800			Weingarten Realty Trust					6.950	%						Baa3					2,960,880
	96,725			Weingarten Realty Trust					6.500	%						Baa3					2,436,503
				Total Real Estate																	114,741,310
				U.S. Agency – 0.8%
	155,500			Cobank Agricultural Credit Bank, 144A					7.000	%						N/R					7,065,531
	48,000			Cobank Agricultural Credit Bank					11.000	%						A					2,523,000
				Total U.S. Agency																	9,588,531
				Wireless Telecommunication Services – 0.3%
	26,700			Telephone and Data Systems Inc.					7.000	%						Baa2					720,364
	52,000			Telephone and Data Systems Inc.					6.875	%						Baa2					1,385,280
	70,000			United States Cellular Corporation					6.950	%						Baa2					1,863,400
				Total Wireless Telecommunication Services																	3,969,044
				Total $25 Par (or similar) Preferred Securities (cost $463,754,000)																	456,587,078
Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (6)				Ratings (5)				Value
				Variable Rate Senior Loan Interests – 14.6% (10.0% of Total Investments) (7)
				Aerospace & Defense – 0.1%
$	408			DAE Aviation Holdings, Inc., Term Loan B1					5.430	%		7/31/14				B				$	397,407
	391			DAE Aviation Holdings, Inc., Term Loan B2					5.430	%		7/31/14				B					380,263
	799			Total Aerospace & Defense																	777,670
				Airlines – 0.1%
	1,493			Delta Air Lines, Inc., Term Loan					5.500	%		4/20/17				Ba2					1,417,875
				Automobiles – 0.1%
	1,292			Chrysler Group LLC, Term Loan					6.000	%		5/24/17				BB					1,226,025
				Biotechnology – 0.1%
	667			Alkermes, Inc., Term Loan, First Lien					6.750	%		9/16/17				BB					663,335
	896			Grifols, Term Loan					6.000	%		6/01/17				BB					894,661
	1,563			Total Biotechnology																	1,557,996
				Chemicals – 0.2%
	1,869			Ashland, Inc., Term Loan					3.750	%		8/23/18				Baa3					1,879,092
	990			Univar, Inc., Term Loan					5.000	%		6/30/17				B+					957,825
	2,859			Total Chemicals																	2,836,917

 

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65

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (6)				Ratings (5)				Value
				Communications Equipment – 0.4%
$	773			Avaya, Inc., Term Loan B3					5.006	%		10/26/17				B1				$	709,412
	3,134			Avaya, Inc., Term Loan					3.256	%		10/27/14				B1					3,009,003
	862			Intelsat, Term Loan					5.250	%		4/02/18				BB-					860,537
	4,769			Total Communications Equipment																	4,578,952
				Consumer Finance – 0.1%
	1,350			Springleaf Financial Funding Company, Term Loan					5.500	%		5/10/17				B+					1,178,298
				Containers & Packaging – 0.0%
	617			Sealed Air Corporation, Term Loan					4.750	%		10/03/18				Ba1					624,517
				Diversified Consumer Services – 0.1%
	938			Cengage Learning Acquisitions, Inc., Term Loan					2.550	%		7/03/14				B+					803,297
				Diversified Financial Services – 0.3%
	1,400			NPC International, Inc., Term Loan B					6.750	%		12/28/18				Ba3					1,400,000
	2,000			Ocwen Financial Corporation, Term Loan, WI/DD					TBD			TBD				N/R					1,970,000
	152			Pinafore LLC, Term Loan					4.250	%		9/29/16				BB					151,662
	3,552			Total Diversified Financial Services																	3,521,662
				Electric Utilities – 0.1%
	2,664			TXU Corporation, 2014 Term Loan					3.776	%		10/10/14				B2					1,868,799
				Electrical Equipment – 0.1%
	1,561			Allison Transmission Holdings, Inc., Term Loan					2.780	%		8/07/14				BB-					1,527,098
				Food & Staples Retailing – 0.8%
	7,934			Reynolds Group Holdings, Inc., Add on Term Loan, DD1					6.500	%		8/09/18				BB-					7,901,604
	1,979			U.S. Foodservice, Inc., Term Loan					2.795	%		7/03/14				B3					1,836,131
	9,913			Total Food & Staples Retailing																	9,737,735
				Food Products – 0.4%
	2,239			Del Monte Foods Company, Term Loan					4.500	%		3/08/18				Ba3					2,132,409
	1,796			JBS USA LLC, Term Loan					4.250	%		5/25/18				BB					1,755,101
	990			Pierre Foods, Inc Term Loan					7.000	%		9/30/16				B+					988,144
	5,025			Total Food Products																	4,875,654
				Health Care Equipment & Supplies – 0.7%
	9,000			Chiron Merger Sub, Inc., Term Loan, DD1					7.000	%		5/04/18				Ba2					9,092,475
				Health Care Providers & Services – 0.7%
	136			Community Health Systems, Inc., Delayed Term Loan					2.546	%		7/25/14				BB					132,715
	834			Community Health Systems, Inc., Extended Term Loan					3.965	%		1/25/17				BB					808,654
	2,703			Community Health Systems, Inc., Term Loan					2.757	%		7/25/14				BB					2,629,502
	1,064			Emergency Medical Services, Term Loan					5.250	%		5/25/18				B+					1,040,862
	1,791			Golden Living, Term Loan					5.000	%		5/04/18				B+					1,566,041
	371			HCA, Inc., Tranche B2, Term Loan					3.829	%		3/31/17				BB					353,019
	1,117			National Mentor Holdings, Inc., Tranche B					7.000	%		2/09/17				B+					1,027,238
	1,791			Select Medical Corporation, Term Loan					5.500	%		6/01/18				BB-					1,713,391
	9,807			Total Health Care Providers & Services																	9,271,422
				Health Care Technology – 0.3%
	4,000			Emdeon Business Services LLC, Term Loan, DD1					6.750	%		11/02/18				Ba3					4,039,376
				Hotels, Restaurants & Leisure – 0.5%
	991			Harrah's Operating Company, Inc., Term Loan B2					3.375	%		1/28/15				B					864,638
	901			Orbitz Worldwide, Inc., Term Loan					3.390	%		7/25/14				B+					773,702

 

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66

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (6)				Ratings (5)				Value
				Hotels, Restaurants & Leisure (continued)
$	208			Venetian Casino Resort LLC, Delayed Term Loan					2.930	%		11/23/16				BB				$	200,112
	272			Venetian Casino Resort LLC, Tranche B, Term Loan					2.930	%		11/23/16				BB					261,530
	2,208			CCM Merger, Inc., Term Loan					7.000	%		3/01/17				B+					2,193,727
	516			Herbst Gaming LLC, Term Loan					10.000	%		12/31/15				B+					518,043
	132			OSI Restaurant Partners LLC, Revolver					3.540	%		6/14/13				B+					125,569
	1,341			OSI Restaurant Partners LLC, Term Loan					2.739	%		6/14/14				B+					1,273,772
	546			Reynolds Group Holdings, Inc., US Term Loan					6.500	%		2/09/18				BB					541,681
	7,115			Total Hotels, Restaurants & Leisure																	6,752,774
				Household Products – 0.1%
	724			Visant Corporation, Term Loan					5.260	%		12/22/16				BB-					680,900
				Independent Power Producers & Energy Traders – 0.1%
	1,519			AES Corporation, Term Loan					4.250	%		6/01/18				BB+					1,519,237
				Industrial Conglomerates – 0.1%
	893			U.S. Foodservice, Inc., Term Loan, First Lien					5.750	%		3/31/17				B-					855,287
				Internet Software & Services – 0.4%
	4,888			Go Daddy Operating Co., LLC, Term Loan, First Lien, DD1					7.000	%		12/16/18				Ba3					4,896,304
				IT Services – 1.0%
	1,133			First Data Corporation, Term Loan B1					3.044	%		9/24/14				B+					1,025,844
	771			First Data Corporation, Term Loan B2					3.044	%		9/24/14				B+					697,899
	6,191			Frac Tech International LLC, Term Loan, DD1					6.250	%		5/06/16				B+					6,121,859
	1,173			Infor Global Solutions Intermediate Holdings, Ltd., Extended Delayed Draw Term Loan					6.050	%		7/28/15				B+					1,114,240
	994			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B2					7.250	%		7/28/15				B+					949,287
	2,248			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan					6.050	%		7/28/15				B+					2,115,999
	1,153			SunGard Data Systems, Inc., Term Loan B					2.029	%		2/28/14				BB					1,126,228
	13,663			Total IT Services																	13,151,356
				Leisure Equipment & Products – 0.1%
	1,000			Academy, Ltd., Term Loan					6.000	%		8/03/18				B					992,500
	711			Cedar Fair LP, Term Loan					4.000	%		12/15/17				Ba2					711,039
	1,711			Total Leisure Equipment & Products																	1,703,539
				Media – 1.9%
	735			Cequel Communications LLC, Term Loan B					2.274	%		11/05/13				Ba2					727,750
	3,167			Charter Communications Operating Holdings LLC, Term Loan C					3.830	%		9/06/16				BB+					3,104,248
	2,000			Cumulus Media, Inc., Term Loan, First Lien					5.750	%		9/16/18				Ba2					1,962,084
	8,529			Cumulus Media, Inc., Term Loan, Second Lien, DD1					7.500	%		3/18/19				B2					8,287,348
	1,101			Gray Television, Inc., Term Loan B					3.780	%		12/31/14				B					1,070,828
	1,836			Nielson Finance LLC, Term B					3.976	%		5/02/16				BB					1,816,541
	813			Nielson Finance LLC, Term C					3.476	%		5/02/16				Ba2					797,234
	311			SuperMedia, Term Loan					11.000	%		12/31/15				Caa1					147,129
	675			Tribune Company, Term Loan B, (8), (9)					0.000	%		6/04/14				Ca					396,187
	5,477			Univision Communications, Inc., Term Loan					4.546	%		3/31/17				B+					4,903,352
	24,644			Total Media																	23,212,701
				Metals & Mining – 0.1%
	819			John Maneely Company, Term Loan					4.750	%		4/01/17				BB					813,183
				Multiline Retail – 0.2%
	1,136			99 Cents Only Store, Term Loan B, WI/DD					TBD			TBD				B2					1,126,422
	1,800			Neiman Marcus Group, Inc., Term Loan					4.750	%		5/16/18				BB-					1,741,126
	2,936			Total Multiline Retail																	2,867,548

 

Nuveen Investments
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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (6)				Ratings (5)				Value
				Oil, Gas & Consumable Fuels – 0.2%
$	2,887			CCS Income Trust, Term Loan					3.296	%		11/14/14				B				$	2,663,459
				Personal Products – 0.1%
	806			NBTY, Inc., Term Loan B1					4.250	%		10/01/17				BB-					799,204
				Pharmaceuticals – 0.8%
	1,433			Quintiles Transnational Corporation, Term Loan B					5.000	%		6/08/18				BB-					1,410,685
	8,000			Pharmaceutical Product Development Inc., Term Loan, DD1					5.250	%		11/21/41				BB-					7,990,004
	9,433			Total Pharmaceuticals																	9,400,689
				Real Estate – 0.1%
	1,282			iStar Financial, Inc., Tranche A1					5.000	%		6/28/13				BB-					1,275,466
				Real Estate Management & Development – 0.6%
	4,936			Capital Automotive LP, Tranche B, DD1					5.000	%		3/11/17				Ba3					4,824,647
	1,496			LNR Property Corporation, Term Loan					4.750	%		4/29/16				BB+					1,479,417
	1,191			Realogy Corporation, Delayed Term Loan					4.691	%		10/10/16				B1					1,068,913
	7,623			Total Real Estate Management & Development																	7,372,977
				Road & Rail – 0.4%
	4,794			Swift Transportation Company, Inc., Term Loan, DD1					6.000	%		12/21/16				BB-					4,809,769
				Semiconductors & Equipment – 0.7%
	3,981			Freescale Semiconductor, Inc., Term Loan, DD1					4.520	%		12/01/16				Ba3					3,841,248
	993			NXP Semiconductor LLC, Term Loan					4.500	%		3/04/17				B2					946,597
	4,249			NXP Semiconductor LLC, Tranche A2, Term Loan, DD1					5.500	%		3/03/17				B+					4,129,837
	9,223			Total Semiconductors & Equipment																	8,917,682
				Software – 1.2%
	8,000			BlackBoard, Inc., Term Loan, First Lien , DD1					7.500	%		9/23/18				B+					7,620,000
	6,156			DataTel Inc., Term Loan B, WI/DD					TBD			TBD				B					6,170,087
	844			IPC Systems, Inc., Term Loan					2.763	%		6/02/14				B1					789,266
	15,000			Total Software																	14,579,353
				Specialty Retail – 1.3%
	2,222			Burlington Coat Factory Warehouse Corporation, Term Loan B					6.250	%		2/23/17				B-					2,186,078
	1,237			Claire's Stores, Inc. Term Loan B					2.991	%		5/29/14				B					1,072,875
	995			J Crew Group, Term Loan					4.750	%		3/07/18				B1					937,290
	1,824			Jo-Ann Stores, Inc., Term Loan					4.750	%		3/16/18				B+					1,755,750
	5,500			Lord & Taylor Holdings, Term Loan, WI/DD					TBD			TBD				Ba3					5,486,250
	971			Michaels Stores, Inc., Term Loan B1					2.765	%		10/31/13				B+					956,470
	1,306			Michaels Stores, Inc., Term Loan B2					5.015	%		7/31/16				B+					1,285,472
	1,714			Toys "R" Us – Delaware, Inc., Term Loan					6.000	%		9/01/16				BB-					1,696,583
	438			Toys "R" Us – Delaware, Inc., Term Loan					5.250	%		5/17/18				BB-					429,591
	16,207			Total Specialty Retail																	15,806,359
				Wireless Telecommunication Services – 0.1%
	1,928			Clear Channel Communications, Inc., Tranche B, Term Loan					3.946	%		1/29/16				CCC+					1,430,506
$	189,297			Total Variable Rate Senior Loan Interests (cost $185,031,259)																	182,444,061

 

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Convertible Bonds – 10.0% (6.9% of Total Investments)
				Aerospace & Defense – 0.1%
$	377			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+				$	360,978
	400			Orbital Sciences Corporation, Convertible Bond					2.438	%		1/15/27				BB					402,000
	650			Textron Inc.					4.500	%		5/01/13				BBB-					997,750
	1,427			Total Aerospace & Defense																	1,760,728
				Auto Components – 0.1%
	500			BorgWarner Inc.					3.500	%		4/15/12				BBB					971,250
	400			Sonic Automotive Inc., Convertible					5.000	%		10/01/29				B+					529,500
	250			TRW Automotive Inc., Convertible Bond					3.500	%		12/01/15				BB-					336,875
	1,150			Total Auto Components																	1,837,625
				Automobiles – 0.1%
	900			Ford Motor Company, Convertible Bonds					4.250	%		11/15/16				BB+					1,290,375
				Beverages – 0.0%
	400			Molson Coors Brewing Company, Convertible Notes					2.500	%		7/30/13				BBB-					423,500
				Biotechnology – 0.7%
	3,375			Amgen Inc., Convertible Bond					0.375	%		2/01/13				A+					3,387,656
	600			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B					1,067,250
	900			Gilead Sciences Inc., (3)					0.625	%		5/01/13				A-					1,040,625
	2,650			Gilead Sciences Inc., (3)					1.625	%		5/01/16				A-					3,017,688
	400			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BBB					400,000
	7,925			Total Biotechnology																	8,913,219
				Capital Markets – 0.1%
	950			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB-					1,030,750
	700			Ares Capital Corporation, Convertible Bond					5.125	%		6/01/16				BBB					650,125
	1,650			Total Capital Markets																	1,680,875
				Commercial Services & Supplies – 0.0%
	450			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3					469,125
				Communications Equipment – 0.5%
	600			Ciena Corporation, Convertible Bond					0.250	%		5/01/13				B					583,500
	300			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B					227,250
	1,450			Liberty Media Corporation, Senior Debentures, Exchangeable for Motorola Common Stock					3.500	%		1/15/31				BB					821,063
	4,750			Lucent Technologies Inc., Series B					2.750	%		6/15/25				B					4,168,125
	7,100			Total Communications Equipment																	5,799,938
				Computers & Peripherals – 0.8%
	1,400			EMC Corporation, Convertible Bonds, 144A, (10)					1.750	%		N/A				A-					1,933,934
	700			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A-					1,004,500
	900			EMC Corporation, Convertible Bonds, (10)					1.750	%		N/A				A-					1,243,243
	1,450			EMC Corporation, Convertible Bonds					1.750	%		12/01/13				A-					2,080,750
	2,000			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				BB					1,947,500
	1,161			Sandisk Corporation, Convertible Bond					1.500	%		8/15/17				BB					1,367,078
	7,611			Total Computers & Peripherals																	9,577,005
				Containers & Packaging – 0.1%
	950			Owens-Brockway Glass Containers					3.000	%		6/01/15				BB					883,500

 

Nuveen Investments
69

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Diversified Consumer Services – 0.1%
$	261			Coinstar Inc., Convertible Bond					4.000	%		9/01/14				BB-				$	340,279
	400			Sotheby's Holdings Inc., Convertible Bond					3.125	%		6/15/13				BB					452,500
	661			Total Diversified Consumer Services																	792,779
				Diversified Financial Services – 0.0%
	450			PHH Corporation, Convertible Bond					4.000	%		9/01/14				Ba2					362,250
				Diversified Telecommunication Services – 0.1%
	915			Time Warner Telecom Inc., Convertible Bond					2.375	%		4/01/26				B					1,077,413
				Electrical Equipment – 0.1%
	650			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				Ba3					598,000
	462			General Cable Corporation, Convertible Bonds					4.500	%		11/15/29				B					437,168
	1,112			Total Electrical Equipment																	1,035,168
				Electronic Equipment & Instruments – 0.1%
	500			Anixter International Inc., Convertible Bond					1.000	%		2/15/13				B+					569,375
	600			Vishay Intertechnology Inc., Convertible Bonds					2.250	%		11/15/40				BB+					486,750
	1,100			Total Electronic Equipment & Instruments																	1,056,125
				Energy Equipment & Services – 0.2%
	450			Exterran Holdings Inc., Convertible Bond					4.250	%		6/15/14				BB					399,375
	500			Hornbeck Offshore Services Inc., Convertible Bonds					1.625	%		11/15/26				BB-					502,500
	1,875			Transocean Inc., Convertible Bond					1.500	%		12/15/37				BBB-					1,842,188
	2,825			Total Energy Equipment & Services																	2,744,063
				Food Products – 0.3%
	400			Archer Daniels Midland Company, Convertible Bonds, 144A					0.875	%		2/15/14				A					402,000
	1,000			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					1,005,000
	450			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B-					385,313
	800			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				BB-					981,000
	950			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB+					1,259,938
	3,600			Total Food Products																	4,033,251
				Health Care Equipment & Supplies – 0.5%
	1,789			Hologic Inc. Convertible Bond					2.000	%		12/15/37				BB+					1,706,259
	1,089			Hologic Inc. Convertible Bond					2.000	%		12/15/37				BB+					1,191,094
	2,750			Medtronic, Inc.					1.625	%		4/15/13				AA-					2,770,625
	550			Teleflex Inc., Convertible Bond					3.875	%		8/01/17				BB-					661,375
	6,178			Total Health Care Equipment & Supplies																	6,329,353
				Health Care Providers & Services – 0.3%
	300			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				BB+					421,500
	450			LifePoint Hospitals, Inc., Convertible Bond					3.250	%		8/15/25				B					457,313
	825			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					843,563
	976			Omnicare, Inc.					3.750	%		12/15/25				BB					1,356,640
	538			Omnicare, Inc.					3.250	%		12/15/35				B+					493,615
	300			PSS World Medical Inc. Convertible Note, 144A					3.125	%		8/01/14				BB					385,500
	3,389			Total Health Care Providers & Services																	3,958,131
				Hotels, Restaurants & Leisure – 0.1%
	150			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.500	%		10/15/29				BB+					185,813
	1,125			International Game Technology					3.250	%		5/01/14				BBB					1,331,719
	1,275			Total Hotels, Restaurants & Leisure																	1,517,532

 

Nuveen Investments
70

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Household Durables – 0.2%
$	911			D.R. Horton, Inc.					2.000	%		5/15/14				BB-				$	1,063,593
	750			Lennar Corporation, 144A					2.750	%		12/15/20				B+					836,250
	361			Lennar Corporation					2.000	%		12/01/20				B+					362,805
	2,022			Total Household Durables																	2,262,648
				Industrial Conglomerates – 0.1%
	850			Danaher Corporation, Convertible Bonds					0.000	%		1/22/21				A+					1,160,250
				Insurance – 0.1%
	450			CNO Financial Group Inc., Convertible Bond					7.000	%		12/30/16				B					594,563
	750			Old Republic International Corporation					8.000	%		5/15/12				BBB+					749,063
	1,200			Total Insurance																	1,343,626
				Internet & Catalog Retail – 0.0%
	300			Priceline.com Inc., Convertible Bond					1.250	%		3/15/15				BBB-					493,875
				Internet Software & Services – 0.2%
	1,050			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B					1,174,688
	850			Equinix Inc.					4.750	%		6/15/16				B					1,196,375
	1,900			Total Internet Software & Services																	2,371,063
				Life Sciences Tools & Services – 0.0%
	250			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					242,188
				Machinery – 0.2%
	450			Chart Industries Inc., Convertible Bond					2.000	%		8/01/18				B+					475,313
	250			Ingersoll Rand					4.500	%		4/15/12				BBB+					428,125
	650			Navistar International Corporation, Convertible Bond					3.000	%		10/15/14				B1					700,375
	250			Terex Corporation					4.000	%		6/01/15				B					278,125
	600			Trinity Industries Inc., Convertible Bonds					3.875	%		6/01/36				Ba2					586,500
	2,200			Total Machinery																	2,468,438
				Media – 0.5%
	300			Interpublic Group Companies Inc., Convertible Notes					4.750	%		3/15/23				Baa3					329,250
	950			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				Baa3					960,688
	1,061			Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1					4.000	%		11/15/29				BB					557,025
	2,700			Liberty Media Corporation					3.125	%		3/30/23				BB					3,020,625
	1,050			Omnicom Group Inc., Convertible Bond					0.000	%		7/01/38				Baa1					1,107,750
	665			XM Satellite Radio Inc., 144A					7.000	%		12/01/14				BB					859,513
	6,726			Total Media																	6,834,851
				Metals & Mining – 0.9%
	750			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				BBB-					1,134,375
	450			Allegheny Technologies Inc., Convetible Bond					4.250	%		6/01/14				BBB-					629,438
	3,450			First Uranium Corporation					4.250	%		6/30/12				N/R					2,167,362
	3,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					2,265,000
	250			Newmont Mining Corp., Senior Convertible Note					1.625	%		7/15/17				BBB+					360,625
	650			Newmont Mining Corporation, 144A					1.625	%		7/15/17				BBB+					937,625
	400			Newmont Mining Corporation					3.000	%		2/15/12				BBB+					525,500
	900			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					1,251,000
	350			Steel Dynamics, Inc.					5.125	%		6/15/14				BB+					381,063
	900			United States Steel Corporation					4.000	%		5/15/14				BB					995,625
	11,100			Total Metals & Mining																	10,647,613
				Multiline Retail – 0.0%
	450			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				BB					457,313

 

Nuveen Investments
71

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Multi-Utilities – 0.1%
$	700			CMS Energy Corporation, Convertible Bonds					2.875	%		12/01/24				BB+				$	1,230,250
				Oil, Gas & Consumable Fuels – 0.5%
	550			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				B+					511,500
	600			Chesapeake Energy Corporation, Convertible Bonds					2.750	%		11/15/35				BB+					586,500
	1,461			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB+					1,302,116
	650			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB-					600,438
	700			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					714,000
	700			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BBB-					1,073,625
	2,246			USEC Inc., Convertible Bond					3.000	%		10/01/14				Caa2					1,041,583
	6,907			Total Oil, Gas & Consumable Fuels																	5,829,762
				Pharmaceuticals – 0.2%
	661			Mylan Labs, Inc., Convertible Bonds, 144A					3.750	%		9/15/15				BB					1,154,271
	600			Mylan Labs, Inc., Convertible Bonds					1.250	%		3/15/12				BB					601,500
	800			Teva Pharmaceutical Finance Company LLC, Convertible Bonds					0.250	%		2/01/26				A-					827,000
	2,061			Total Pharmaceuticals																	2,582,771
				Real Estate – 0.8%
	1,350			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A-					1,456,313
	950			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A-					950,000
	250			Boston Properties Limited Partnership, Convertible Bonds					2.875	%		2/15/37				A2					250,000
	750			Health Care REIT, Inc., Convertible Bonds					3.000	%		12/01/29				Baa2					857,813
	1,200			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.625	%		4/15/27				BB+					1,203,000
	750			Istar Financial Inc., Convertible Bond					0.872	%		10/01/12				B+					675,000
	600			National Retail Properties Inc., Convertible Bonds					5.125	%		6/15/28				BBB					682,500
	550			Prologis Inc., Convertible Bonds					3.250	%		3/15/15				BBB-					567,188
	1,500			Prologis Inc., Convertible Bonds					2.250	%		4/01/37				BBB-					1,496,250
	650			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB+					809,250
	450			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					459,000
	9,000			Total Real Estate																	9,406,314
				Road & Rail – 0.1%
	649			Hertz Global Holdings Inc., Convertible Bond					5.250	%		6/01/14				B-					1,010,006
				Semiconductors & Equipment – 1.2%
	2,848			Advanced Micro Devices, Inc., Convertible Bonds, 144A					6.000	%		5/01/15				B+					2,780,360
	924			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B+					933,240
	3,950			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A-					4,112,938
	950			Intel Corporation, Convertible Bond					3.250	%		8/01/39				A2					1,189,875
	500			Lam Research Corporation, Convertible Bond, 144A					0.500	%		5/15/16				Baa1					468,750
	500			Lam Research Corporation, Convertible Bond					1.250	%		5/15/18				Baa1					468,750
	1,650			Micron Technology, Inc.					1.875	%		6/01/14				BB-					1,575,750
	1,500			ON Semiconductor Corporation					2.625	%		12/15/26				BB					1,655,625
	450			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB+					510,750
	850			Xilinx Inc., Convertible Bond					3.125	%		3/15/37				BB+					964,750
	14,122			Total Semiconductors & Equipment																	14,660,788
				Software – 0.2%
	950			Microsoft Corporation, Convertible Bond, 144A, (3)					0.000	%		6/15/13				AAA					961,875
	350			Nuance Communications Inc., 144A					2.750	%		11/01/31				BB-					375,813
	1,300			Symantec Corporation, Convertible Bond					1.000	%		6/15/13				BBB					1,447,875
	2,600			Total Software																	2,785,563
				Specialty Retail – 0.1%
	400			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					399,000
	350			RadioShack Corporation, Convertible Bond					2.500	%		8/01/13				Ba2					334,688
	750			Total Specialty Retail																	733,688

 

Nuveen Investments
72

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Textiles, Apparel & Luxury Goods – 0.1%
$	850			Iconix Brand Group, Inc., Convertible Notes, 144A					1.875	%		6/30/12				BB-				$	837,250
				Trading Companies & Distributors – 0.1%
	400			United Rentals Inc., Convertible Bonds					4.000	%		11/15/15				B					1,100,000
	386			WESCO International Inc., Convertible Bond					6.000	%		9/15/29				B					781,152
	786			Total Trading Companies & Distributors																	1,881,152
				Wireless Telecommunication Services – 0.1%
	1,250			Liberty Media Corporation, Convertible Bonds					3.750	%		2/15/30				BB					640,625
$	117,741			Total Convertible Bonds (cost $122,788,890)																	125,421,989
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Corporate Bonds – 14.9% (10.2% of Total Investments)
				Aerospace & Defense – 0.0%
$	333			Hexcel Corporation, Term Loan					6.750	%		2/01/15				BB+				$	337,579
				Airlines – 0.1%
	900			United Airlines Inc., 144A					12.000	%		11/01/13				B-					938,250
				Auto Components – 0.1%
	1,200			Cooper Standard Automitve					8.500	%		5/01/18				B+					1,255,500
				Building Products – 0.1%
	540			Libbey Glass Inc.					10.000	%		2/15/15				B+					577,800
	600			McJunkin Red Man Corporation					9.500	%		12/15/16				B-					609,000
	1,140			Total Building Products																	1,186,800
				Capital Markets – 0.1%
	950			Ares Capital Corporation, Convertible Bond					5.750	%		2/01/16				BBB					914,375
				Chemicals – 0.5%
	2,850			Hexion US Finance Corporation					8.875	%		2/01/18				B3					2,671,875
	1,200			NOVA Chemicals Corporation					8.625	%		11/01/19				Ba2					1,323,000
	450			Phibro Animal Health Corporation, 144A					9.250	%		7/01/18				B-					390,375
	2,100			Rockwood Specialties Group Inc., Series WI					7.500	%		11/15/14				B+					2,126,250
	6,600			Total Chemicals																	6,511,500
				Commercial Banks – 0.9%
	300			Ally Financial Inc.					8.000	%		3/15/20				B+					307,500
	950			CIT Group Inc.					7.000	%		5/01/17				B+					950,000
	1,400			Den Norske Bank					0.625	%		2/18/35				Baa1					742,000
	1,400			Den Norske Bank					0.650	%		2/24/37				Baa1					630,000
	2,915			Groupe BCPE					3.800	%		12/30/49				BBB-					1,123,937
	7,076			LBG Capital I PLC, 144A					7.875	%		11/01/20				BB					5,363,608
	2,900			Lloyds Banking Group LBG Capital I, 144A					8.000	%		6/15/20				BB-					2,073,500
	16,941			Total Commercial Banks																	11,190,545
				Commercial Services & Supplies – 0.3%
	1,250			Ceridian Corporation					11.250	%		11/15/15				CCC					975,000
	1,500			International Lease Finance Corporation, 144A					8.750	%		3/15/17				BBB-					1,545,000
	1,200			Ticketmaster					10.750	%		8/01/16				B					1,278,000
	390			Universal City Development Partners					8.875	%		11/15/15				BBB+					431,925
	4,340			Total Commercial Services & Supplies																	4,229,925
				Communications Equipment – 0.6%
	3,800			Avaya Inc., 144A					7.000	%		4/01/19				B1					3,686,000
	1,450			Avaya Inc.					10.125	%		11/01/15				CCC+					1,305,000

 

Nuveen Investments
73

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Communications Equipment (continued)
$	2,250			Avaya Inc.					9.750	%		11/01/15				CCC+				$	2,025,000
	7,500			Total Communications Equipment																	7,016,000
				Computers & Peripherals – 0.1%
	1,050			Seagate HDD Cayman					6.875	%		5/01/20				BB+					1,078,875
				Consumer Finance – 0.1%
	900			Ally Financial Inc.					7.500	%		9/15/20				B+					909,000
				Containers & Packaging – 0.1%
	600			Boise Paper Holdings Company					8.000	%		4/01/20				BB					634,500
				Diversified Financial Services – 0.0%
	200			Fortis Hybrid Financing					8.250	%		8/27/49				BBB					126,600
				Diversified Telecommunication Services – 0.6%
	1,200			Cequel Communication Holdings I, 144A					8.625	%		11/15/17				B-					1,272,000
	350			Insight Communications, 144A					9.375	%		7/15/18				B-					399,875
	3,200			IntelSat Bermuda Limited					11.250	%		2/04/17				CCC+					3,096,000
	1,200			Windstream Corporation					7.875	%		11/01/17				Ba3					1,299,000
	1,000			Windstream Corporation					7.500	%		4/01/23				Ba3					987,500
	6,950			Total Diversified Telecommunication Services																	7,054,375
				Electric Utilities – 0.6%
	900			Energy Future Holdings					10.250	%		1/15/20				B-					945,000
	6,400			WPS Resource Corporation					6.110	%		12/01/16				Baa2					6,147,200
	7,300			Total Electric Utilities																	7,092,200
				Electronic Equipment & Instruments – 0.1%
	1,200			Kemet Corporation					10.500	%		5/01/18				B+					1,269,000
				Energy Equipment & Services – 0.1%
	1,500			Alta Mesa Holdngs Finance					9.625	%		10/15/18				B					1,455,000
				Food & Staples Retailing – 0.1%
	1,200			Stater Brothers Holdings Inc.					7.375	%		11/15/18				B+					1,266,000
				Food Products – 0.4%
	1,200			Dole Foods Company, 144A					8.000	%		10/01/16				B+					1,251,000
	2,700			Dole Foods Company					8.750	%		7/15/13				B-					2,855,250
	1,200			JBS USA LLC					7.250	%		6/01/21				BB					1,119,000
	5,100			Total Food Products																	5,225,250
				Health Care Equipment & Supplies – 1.1%
	2,000			Beagle Acquisition Corporation, 144A					11.000	%		12/31/19				CCC+					2,092,500
	6,500			Biomet Inc.					10.375	%		10/15/17				B-					7,036,250
	500			Biomet Inc.					10.000	%		10/15/17				B-					540,000
	1,300			Chiron Merger Sub Inc., 144A					10.500	%		11/01/18				B					1,274,000
	3,000			Merge Healthcare Inc.					11.750	%		5/01/15				B+					3,180,000
	13,300			Total Health Care Equipment & Supplies																	14,122,750
				Health Care Providers & Services – 1.0%
	600			Aurora Diagnostics Holdings LLC					10.750	%		1/15/18				B3					597,000
	450			Capella Healthcare Inc.					9.250	%		7/01/17				B					456,750
	1,204			Community Health Systems, Inc.					8.875	%		7/15/15				B					1,243,130
	3,300			HCA Inc.					8.500	%		4/15/19				BB					3,613,500
	900			Iasis Healthcare Capital Corporation					8.375	%		5/15/19				CCC+					785,250

 

Nuveen Investments
74

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Health Care Providers & Services (continued)
$	2,140			Select Medical Corporation					7.625	%		2/01/15				CCC+				$	2,011,600
	1,800			Select Medical Corporation					6.267	%		9/15/15				CCC+					1,512,000
	1,500			Tenet Healthcare Corporation					10.000	%		5/01/18				BB-					1,713,750
	11,894			Total Health Care Providers & Services																	11,932,980
				Hotels, Restaurants & Leisure – 0.9%
	1,200			CCM Merger Inc., 144A					8.000	%		8/01/13				CCC+					1,158,000
	1,200			GWR Operating Partnership					10.875	%		4/01/17				BB-					1,305,000
	2,250			Harrah's Operating Company, Inc.					11.250	%		6/01/17				B					2,387,813
	900			Landry's Restaurants Inc.					11.625	%		12/01/15				B					947,250
	300			MGM Resorts International					9.000	%		3/15/20				Ba2					332,250
	600			Peninsula Gaming LLC					8.375	%		8/15/15				BB					636,000
	600			Penn National Gaming Inc.					8.750	%		8/15/19				BB					652,500
	1,200			Pinnacle Entertainment Inc.					8.750	%		5/15/20				B					1,176,000
	300			Reynolds Group, 144A					9.000	%		4/15/19				B-					285,000
	1,250			Reynolds Group					7.875	%		8/15/19				BB-					1,306,250
	1,750			Seminole Hard Rock Entertainment, Inc., 144A					3.030	%		3/15/14				BB					1,636,250
	11,550			Total Hotels, Restaurants & Leisure																	11,822,313
				Household Products – 0.3%
	1,650			Central Garden & Pet Company, Senior Subordinate Notes					8.250	%		3/01/18				B					1,617,000
	2,200			Spectrum Brands Inc.					9.500	%		6/15/18				B1					2,406,250
	3,850			Total Household Products																	4,023,250
				Independent Power Producers & Energy Traders – 0.1%
	600			Calpine Corporation, 144A					7.875	%		7/31/20				BB-					646,500
	1,000			NRG Energy Inc.					7.375	%		1/15/17				BB-					1,037,500
	1,600			Total Independent Power Producers & Energy Traders																	1,684,000
				Insurance – 0.7%
	10,400			QBE Capital Funding Trust II, 144A					7.250	%		5/24/41				BBB+					9,157,595
				IT Services – 1.0%
	300			Fidelity National Information Services Inc.					7.875	%		7/15/20				Ba2					324,000
	2,350			First Data Corporation, 144A					7.375	%		6/15/19				B+					2,209,000
	3,800			First Data Corporation, 144A					8.875	%		8/15/20				B+					3,800,000
	1,474			First Data Corporation					10.550	%		9/24/15				B-					1,405,777
	2,600			First Data Corporation					9.875	%		9/24/15				B-					2,444,000
	1,600			First Data Corporation					11.250	%		3/31/16				CCC+					1,328,000
	600			ManTech International Company					7.250	%		4/15/18				BB+					611,250
	600			Sungard Data Systems Inc.					7.625	%		11/15/20				B					616,500
	13,324			Total IT Services																	12,738,527
				Machinery – 0.2%
	400			AGCO Corporation, Convertible Bond					1.250	%		12/15/36				BB+					501,500
	1,800			Titan International Inc.					7.875	%		10/01/17				B+					1,872,000
	2,200			Total Machinery																	2,373,500
				Media – 0.5%
	600			Allbritton Communications Company, 144A					8.000	%		5/15/18				B					595,500
	2,000			AMC Entertainment Inc.					8.000	%		3/01/14				CCC+					1,975,000
	450			Cablevision Systems Corporation					7.750	%		4/15/18				B+					477,000
	300			Cablevision Systems Corporation					8.000	%		4/15/20				B+					321,750
	300			Clear Channel Communications, Inc., 144A					5.500	%		9/15/14				CCC-					225,000
	1,050			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-					703,500
	450			Clear Channel Worldwide Holdings Inc.					9.250	%		12/15/17				B					486,000
	300			NexStar Mission Broadcast					8.875	%		4/15/17				B					307,500

 

Nuveen Investments
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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Media (continued)
$	900			Nielsen Finance LLC Co					7.750	%		10/15/18				B+				$	972,000
	6,350			Total Media																	6,063,250
				Metals & Mining – 0.1%
	900			Essar Steel Algoma Inc., 144A					9.375	%		3/15/15				B+					873,000
				Multiline Retail – 0.3%
	3,000			Dollar General Corporation					11.875	%		7/15/17				BB-					3,315,000
				Municipal – 0.0%
	600			Tops Markets					10.125	%		10/15/15				B					627,000
				Oil, Gas & Consumable Fuels – 0.9%
	600			Arch Coal Inc., 144A					7.000	%		6/15/19				B+					612,000
	1,200			Arch Coal Inc., 144A					7.250	%		6/15/21				B+					1,233,000
	2,400			Chaparral Energy Inc.					8.875	%		2/01/17				B-					2,484,000
	600			CONSOL Energy Inc.					8.000	%		4/01/17				BB					657,000
	600			CONSOL Energy Inc.					8.250	%		4/01/20				BB					663,000
	700			Energy XXI Gulf Coast Inc.					7.750	%		6/15/19				B					714,000
	1,200			Genesis Energy LP, 144A					7.875	%		12/15/18				B					1,200,000
	1,200			Hilcorp Energy I LP/Hilcorp Finance Company, 144A					7.625	%		4/15/21				BB-					1,257,000
	1,050			Western Refining Inc., 144A					11.250	%		6/15/17				B+					1,194,375
	1,500			Whiting Petroleum Corporation					7.000	%		2/01/14				BB					1,597,500
	11,050			Total Oil, Gas & Consumable Fuels																	11,611,875
				Personal Products – 0.2%
	1,800			Prestige Brands Inc.					8.250	%		4/01/18				B					1,845,000
	600			Revlon Consumer Products					9.750	%		11/15/15				B					638,250
	2,400			Total Personal Products																	2,483,250
				Pharmaceuticals – 1.2%
	1,200			Angiotech Pharmaceuticals Inc.					5.000	%		12/01/13				N/R					1,023,000
	900			Mylan Inc., 144A					7.875	%		7/15/20				BB					993,375
	3,000			Valeant Pharmaceuticals International, 144A					7.000	%		10/01/20				BB					2,962,500
	4,000			Valeant Pharmaceuticals International, 144A					7.250	%		7/15/22				BB					3,880,000
	5,800			Warner Chilcott Company LLC					7.750	%		9/15/18				BB					5,923,250
	14,900			Total Pharmaceuticals																	14,782,125
				Real Estate – 0.1%
	1,200			Entertainment Properties Trust					7.750	%		7/15/20				Baa3					1,261,434
				Road & Rail – 0.2%
	900			Avis Budget Car Rental					9.625	%		3/15/18				B					931,500
	1,200			Avis Budget Car Rental					8.250	%		1/15/19				B					1,191,000
	2,100			Total Road & Rail																	2,122,500
				Semiconductors & Equipment – 0.2%
	450			Amkor Technology Inc.					7.375	%		5/01/18				BB					460,125
	2,000			Freescale Semiconductor Inc.					9.250	%		4/15/18				Ba3					2,137,500
	75			NXP BV					3.153	%		10/15/13				B+					75,000
	2,525			Total Semiconductors & Equipment																	2,672,625
				Software – 0.1%
	1,000			SoftBrands Inc/Atlantis, 144A					11.500	%		7/15/18				B-					970,000

 

Nuveen Investments
76

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Specialty Retail – 0.5%
$	1,154			Brookstone Company Inc., 144A					13.000	%		10/15/14				CCC+				$	921,758
	1,350			Claires Stores, Inc.					9.250	%		6/01/15				CCC					1,073,250
	1,200			Claires Stores, Inc.					10.500	%		6/01/17				CCC					822,000
	300			Express LLC					8.750	%		3/01/18				B+					324,750
	1,200			Toys "R" Us, Inc.					7.375	%		10/15/18				B3					1,077,000
	1,500			Toys "R" Us Property Company II LLC					8.500	%		12/01/17				Ba1					1,552,500
	6,704			Total Specialty Retail																	5,771,258
				Transportation Infrastructure – 0.1%
	1,627			AWAS Aviation Capital Limited, 144A					7.000	%		10/15/16				BBB-					1,627,200
				Wireless Telecommunication Services – 0.3%
	1,200			IntelSat Jackson Holdings					7.250	%		10/15/20				B					1,218,000
	1,500			IPCS, Inc.					2.554	%		5/01/13				B+					1,391,250
	1,775			Sprint Nextel Corporation					8.375	%		8/15/17				B+					1,590,842
	4,475			Total Wireless Telecommunication Services																	4,200,092
$	192,853			Total Corporate Bonds (cost $186,676,699)																	185,926,798
Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Capital Preferred Securities – 23.9% (16.3% of Total Investments)
				Capital Markets – 0.3%
	10			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB				$	391,050
	1,600			Credit Suisse Guernsey					1.147	%		5/15/17				A3					1,062,240
	3,100			Dresdner Funding Trust I, 144A					8.151	%		6/30/31				Ba1					2,015,000
				Total Capital Markets																	3,468,290
				Commercial Banks – 6.4%
	2,800			ABN AMRO North America Holding Capital, 144A					6.523	%		12/31/49				BB+					1,907,500
	2,120			Banco Santander Finance					10.500	%		9/29/49				BBB+					2,078,094
	4,875			Barclays Bank PLC, 144A					7.434	%		12/15/17				BBB					4,338,750
	2,000			Barclays Bank PLC, 144A					6.860	%		6/15/32				BBB					1,540,000
	1,000			Barclays Bank PLC					6.278	%		12/15/34				BBB					689,688
	3,000			BB&T Capital Trust II					6.750	%		6/07/36				Baa1					2,977,092
	3,800			BB&T Capital Trust IV					6.820	%		6/12/77				Baa1					3,823,750
	5,750			First Empire Capital Trust I					8.234	%		2/01/27				BBB					5,770,775
	3,500			First Union Capital Trust II, Series A					7.950	%		11/15/29				BBB+					3,701,495
	4,800			Fulton Capital Trust I					6.290	%		2/01/36				Baa3					3,960,000
	1,450			HBOS Capital Funding LP, 144A					6.071	%		6/30/14				BB					899,000
	1,300			HSBC America Capital Trust I, 144A					7.808	%		12/15/26				A3					1,280,500
	1,000			HSBC Bank PLC					0.600	%		6/11/49				A-					450,000
	9,300			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A3					11,439,000
	100			HSBC Financial Capital Trust IX					5.911	%		11/30/15				BBB+					83,000
	4,000			KeyCorp Capital III					7.750	%		7/15/29				BBB-					4,093,344
	10,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa3					9,500,000
	4,490			Rabobank Nederland, 144A					11.000	%		6/30/19				A					5,253,300
	2,000			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R					1,941,714
	3,100			Societe Generale, 144A					1.128	%		12/31/49				BBB-					1,732,714
	400			Societe Generale, 144A					5.922	%		4/05/57				BBB-					243,475
	8,310			Societe Generale					8.750	%		10/07/49				BBB-					6,232,500
	6,500			Standard Chartered PLC, 144A					7.014	%		7/30/37				BBB+					5,927,701
				Total Commercial Banks																	79,863,392
				Consumer Finance – 0.5%
	5,500			Capital One Capital IV Corporation					6.745	%		2/05/82				Baa3					5,431,250

 

Nuveen Investments
77

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (5)				Value
				Diversified Financial Services – 1.8%
	5,270			Bank One Capital III					8.750	%		9/01/30				A2				$	6,980,726
	3,000			BankAmerica Capital II, Series 2					8.000	%		12/15/26				BB+					2,700,000
	3,200			BankAmerica Institutional Capital Trust, Series B, 144A					7.700	%		12/31/26				BB+					2,832,000
	2,500			BankAmerica Institutional Trust, 144A					8.070	%		12/31/26				BB+					2,250,000
	4,300			JPMorgan Chase Capital XXV					6.800	%		10/01/37				A2					4,316,125
	4,150			NB Capital Trust II					7.830	%		12/15/26				BB+					3,693,500
				Total Diversified Financial Services																	22,772,351
				Electric Utilities – 0.1%
	1,600			PPL Capital Funding, Inc.					6.700	%		3/30/17				BB+					1,560,800
				Insurance – 10.2%
	1,500			Allstate Corporation					6.500	%		5/15/67				Baa1					1,353,750
	3,600			Allstate Corporation					6.125	%		5/15/67				Baa1					3,271,500
	8,275			AXA SA, 144A					6.379	%		12/14/36				Baa1					5,378,750
	5,700			AXA					8.600	%		12/15/30				A3					5,613,845
	8,065			Catlin Insurance Company Limited					7.249	%		1/19/17				BBB+					6,855,250
	4,000			Everest Reinsurance Holdings, Inc.					6.600	%		5/15/37				Baa1					3,520,000
	16,025			Glen Meadows Pass Through Trust					6.505	%		2/15/17				BB+					11,297,625
	2,000			Great West Life & Annuity Capital I, 144A					6.625	%		11/15/34				A-					1,900,898
	750			Great West Life and Annuity Insurance Company, 144A					7.153	%		5/16/16				A-					731,250
	8,900			Liberty Mutual Group, 144A					7.800	%		3/15/37				Baa3					7,921,000
	11,370			MetLife Capital Trust IV, 144A					7.875	%		12/15/67				BBB					11,796,375
	9,700			National Financial Services Inc.					6.750	%		5/15/37				Baa2					8,390,500
	1,550			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					1,517,467
	9,100			Oil Insurance Limited, 144A					7.558	%		12/30/56				Baa1					8,723,442
	8,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					8,083,500
	2,700			Progressive Corporation, (3)					6.700	%		6/15/67				A2					2,727,000
	3,100			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					3,549,500
	4,000			Prudential PLC					6.500	%		6/29/49				A-					3,528,000
	8,300			Swiss Re Capital I					6.854	%		5/25/16				A					7,053,821
	1,200			White Mountains Re Group Limited					7.506	%		6/30/17				BB+					1,093,248
	19,200			XL Capital Ltd					6.500	%		10/15/57				BBB-					15,024,000
	8,000			ZFS Finance USA Trust II 144A					6.450	%		12/15/65				A					7,280,000
	1,100			ZFS Finance USA Trust V					6.500	%		5/09/67				A					990,000
				Total Insurance																	127,600,721
				Multi-Utilities – 0.7%
	8,200			Dominion Resources Inc.					7.500	%		6/30/16				BBB					8,610,000
				Oil, Gas & Consumable Fuels – 0.4%
	5,360			TranCanada Pipelines Limited					6.350	%		5/15/17				Baa1					5,378,036
				Road & Rail – 1.0%
	12,410			Burlington Northern Santa Fe Funding Trust I					6.613	%		12/15/55				BBB					12,782,300
				U.S. Agency – 0.8%
	9,350			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					8,924,669
	1			Farm Credit Bank of Texas					10.000	%		12/15/60				A3					1,051,313
	9,351			Total U.S. Agency																	9,975,982
				Wireless Telecommunication Services – 1.7%
	19			Centaur Funding Corporation, Series B					9.080	%		4/21/20				BBB					21,572,324
				Total Capital Preferred Securities (cost $317,676,974)																	299,015,446

 

Nuveen Investments
78

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Shares				Description (1)				Value
				Investment Companies – 2.1% (1.4% of Total Investments)
	682,749			BlackRock Credit Allocation Income Trust II				$	6,711,422
	619,395			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					10,814,637
	469,287			John Hancock Preferred Income Fund III					8,010,729
				Total Investment Companies (cost $34,909,731)					25,536,788
Shares				Description (1)				Value
				Warrants – 0.0% (0.0% of Total Investments)
	161,766			Gran Colombia Gold Corporation, (2)				$	24,612
	10,945			Medianews Group Inc., (10)					21,611
				Total Warrants (cost $127,535)					46,223

 

Principal Amount (000)				Description (1)				Coupon				Maturity								Value
				Short-Term Investments – 9.0% (6.1% of Total Investments)
$	76,275			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/11, repurchase price $76,274,865, collateralized by: $32,800,000 U.S. Treasury Notes, 4.000%, due 2/15/15, value $36,891,308 and $39,340,000 U.S. Treasury Notes, 1.500%, due 6/30/16, value $40,913,600					0.010	%		1/03/12								$	76,274,780
	36,302			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/11, repurchase price $36,301,913, collateralized by $35,605,000 U.S. Treasury Notes, 1.500%, due 6/30/16, value $37,029,200					0.010	%		1/03/12									36,301,873
$	112,577			Total Short-Term Investments (cost $112,576,653)																	112,576,653
				Total Investments (cost $1,869,988,611) – 146.4%																	1,829,955,850
Shares				Description (1)																Value
				Common Stocks Sold Short – (0.5)%
				Beverages – (0.0)%
	(3,600	)		Hansen Natural Corporation, (2)																$	(331,704	)
				Chemicals – (0.1)%
	(12,500	)		Sigma-Aldrich Corporation																	(780,750	)
				Hotels, Restaurants & Leisure – (0.2)%
	(3,100	)		Chipotle Mexican Grill, (2)																	(1,046,994	)
	(10,400	)		Panera Bread Company, (2)																	(1,471,080	)
				Total Hotels, Restaurants & Leisure																	(2,518,074	)
				Computers & Peripherals – (0.0)%
	(1,300	)		Apple,Inc.																	(526,500	)
				Internet & Catalog Retail – (0.1)%
	(5,100	)		Amazon.com, Inc., (2)																	(882,810	)
				Software – (0.0)%
	(4,000	)		Salesforce.com, Inc., (2)																	(405,840	)
				Specialty Retail – (0.1)%
	(13,800	)		Tiffany & Co.																	(914,388	)
				Total Common Stocks Sold Short (proceeds $4,389,924)																	(6,360,066	)
				Borrowings – (41.4)% (11), (12)																	(517,000,000	)
				Other Assets Less Liabilities – (4.5)% (13)																	(56,350,461	)
				Net Assets Applicable to Common Shares – 100%																$	1,250,245,323

 

Nuveen Investments
79

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JQC

Nuveen Multi-Strategy Income and Growth Fund 2 (continued)

Portfolio of INVESTMENTS December 31, 2011

Investments in Derivatives at December 31, 2011

Put Options Purchased outstanding:

Number of Contracts				Type				Notional Amount (14)				Expiration Date				Strike Price				Value
	125			Autozone Inc.				$	2,500,000			1/21/12				$	200.0			$	1,250
	125			Total Put Options Purchased (premiums paid $279,861)				$	2,500,000											$	1,250

 

Call Options Written oustanding:

Number of Contracts				Type				Notional Amount (14)				Expiration Date				Strike Price				Value
	(1,096	)		Aetna Inc.				$	(3,836,000	)		1/21/12				$	35.0			$	(791,860	)
	(605	)		AngloGold Ashanti Limited					(2,722,500	)		1/21/12					45.0				(27,225	)
	(80	)		AngloGold Ashanti Limited					(400,000	)		1/21/12					50.0				(600	)
	(382	)		AstraZeneca PLC					(1,910,000	)		1/21/12					50.0				(2,865	)
	(895	)		Barrick Gold Corporation					(4,475,000	)		1/21/12					50.0				(19,242	)
	(896	)		Cameco Corporation					(3,136,000	)		1/21/12					35.0				(4,480	)
	(720	)		Cameco Corporation					(2,880,000	)		1/21/12					40.0				(3,600	)
	(240	)		Cameco Corporation					(1,080,000	)		1/21/12					45.0				(1,200	)
	(480	)		Chesapeake Energy Corporation					(1,200,000	)		1/21/12					25.0				(7,920	)
	(300	)		Chesapeake Energy Corporation					(900,000	)		1/21/12					30.0				(1,050	)
	(1,100	)		Eli Lilly & Company					(3,850,000	)		1/21/12					35.0				(731,500	)
	(588	)		Exelon Corporation					(2,499,000	)		1/21/12					42.5				(73,500	)
	(434	)		Gold Fields Limited					(651,000	)		1/21/12					15.0				(29,295	)
	(710	)		Gold Fields Limited					(1,136,000	)		1/21/12					16.0				(15,975	)
	(1,021	)		Gold Fields Limited					(1,786,750	)		1/21/12					17.5				(2,552	)
	(1,665	)		Kroger Company					(3,746,250	)		1/21/12					22.5				(299,700	)
	(525	)		Lockheed Martin Corporation					(4,200,000	)		1/21/12					80.0				(101,063	)
	(690	)		Microsoft Corporation					(2,070,000	)		1/21/12					30.0				(1,035	)
	(657	)		Newmont Mining Corporation					(3,777,750	)		1/21/12					57.5				(220,095	)
	(2,370	)		Nokia Corporation					(2,370,000	)		1/21/12					10.0				(2,370	)
	(1,710	)		Nokia Corporation					(2,137,500	)		1/21/12					12.5				(1,710	)
	(711	)		Suncor Energy Inc					(2,844,000	)		1/21/12					40.0				(2,133	)
	(7,510	)		Thales S.A.					(21,028,000	)		3/17/12					28.0				(9,720	)
	(1,090	)		Tyson Foods Inc.					(1,907,500	)		1/21/12					17.5				(343,350	)
	(639	)		Wal-Mart Stores, Inc.					(3,674,250	)		1/21/12					57.5				(156,236	)
	(639	)		Wal-Mart Stores, Inc.					(3,834,000	)		1/21/12					60.0				(45,369	)
	(27,753	)		Total Call Options Written (premiums received $4,975,697)				$	(84,051,500	)										$	(2,895,645	)

 

Interest Rate Swaps outstanding:

Counterparty				Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate*				Fixed Rate Payment Frequency				Termination Date				Unrealized Appreciation (Depreciation)
JPMorgan				$	103,075,000			Receive				1-Month USD-LIBOR					0.360	%		Monthly				3/21/12				$	19,308
JPMorgan					103,075,000			Receive				1-Month USD-LIBOR					1.193			Monthly				3/21/14					(1,495,915	)
Morgan Stanley					103,075,000			Receive				1-Month USD-LIBOR					2.064			Monthly				3/21/16					(4,970,472	)
																												$	(6,447,079	)

 

*  Annualized.

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    For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

  (1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.

  (2)  Non-income producing; issuer has not declared a dividend within the past twelve months.

  (3)  Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

  (4)  For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  (5)  Ratings (not covered by report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

  (6)  Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of Senior Loans may occur. As a result, the actual remaining maturity of Senior Loans held may be substantially less than the stated maturities shown.

  (7)  Senior Loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

    Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a Senior Loan.

  (8)  At or subsequent to December 31, 2011, this issue was under the protection of the Federal Bankruptcy Court.

  (9)  Non-income producing security, in the case of a Senior Loan, denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

  (10)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  (11)  Borrowings as a percentage of Total Investments is 28.3%.

  (12)  The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of December 31, 2011, investments with a value of $1,227,106,906 have been pledged as collateral for Borrowings.

  (13)  Other Assets Less Liabilities includes the Value and/or the Net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at December 31, 2011.

  (14)  For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

  N/A  Not applicable.

  N/R  Not rated.

  DD1  Investment, or portion of investment, purchased on a delayed delivery basis.

  WI/DD  Purchased on a when-issued or delayed delivery basis.

  144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers

  ADR  American Depositary Receipt.

  CORTS  Corporate Backed Trust Securities.

  GDR  Global Depositary Receipt.

  PPLUS  PreferredPlus Trust.

  TBD  Senior Loan purchased on a when-issued or delayed delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

  USD-LIBOR  United States Dollar—London Inter-Bank Offered Rate.

See accompanying notes to financial statements.

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Statement of

ASSETS & LIABILITIES

  December 31, 2011

				Multi-Strategy Income and Growth JPC				Multi-Strategy Income and Growth 2 JQC
Assets
Investments, at value (cost $1,215,626,266 and $1,869,988,611, respectively)				$	1,186,089,438			$	1,829,955,850
Put options purchased, at value (premiums paid $158,961 and $279,861, respectively)					710				1,250
Deposits with brokers for securities sold short and options written					4,624,233				7,207,714
Cash denominated in foreign currencies (cost $217,252 and $318,621, respectively)					207,617				303,756
Receivables:
Dividends					1,098,882				1,888,891
Interest					6,510,862				10,296,020
Investments sold					3,505,828				6,484,107
Matured senior loans					505,206				712,826
Reclaims					109,266				181,720
Other assets					148,540				198,487
Total assets					1,202,800,582				1,857,230,621
Liabilities
Borrowings					348,000,000				517,000,000
Cash overdraft					2,326,355				3,839,910
Securities sold short, at value (proceeds $2,727,502 and $4,389,924, respectively)					4,020,736				6,360,066
Call options written, at value (premiums received $3,260,353 and $4,975,697, respectively)					1,894,393				2,895,645
Unrealized depreciation on interest rate swaps, net					4,361,122				6,447,079
Payables:
Dividends on securities sold short					2,552				4,002
Investments purchased					83,800				68,284,609
Accrued expenses:
Interest on borrowings					30,038				44,618
Management fees					848,855				1,235,364
Other					589,322				874,005
Total liabilities					362,157,173				606,985,298
Net assets applicable to Common shares				$	840,643,409			$	1,250,245,323
Common shares outstanding					96,990,341				136,180,708
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)				$	8.67			$	9.18
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share				$	969,903			$	1,361,807
Paid-in surplus					1,295,794,787				1,849,431,565
Undistributed (Over-distribution of) net investment income					(12,176,715	)			(21,220,049	)
Accumulated net realized gain (loss)					(409,948,313	)			(532,661,942	)
Net unrealized appreciation (depreciation)					(33,996,253	)			(46,666,058	)
Net assets applicable to Common shares				$	840,643,409			$	1,250,245,323
Authorized shares:
Common					Unlimited				Unlimited
FundPreferred					Unlimited				Unlimited

 

See accompanying notes to financial statements.

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Statement of

OPERATIONS

  Years Ended December 31, 2011

				Multi-Strategy Income and Growth JPC				Multi-Strategy Income and Growth 2 JQC
Investment Income
Dividends (net of foreign tax withheld of $503,163 and $747,375, respectively)				$	31,983,695			$	48,767,329
Interest					33,410,869				48,196,006
Total investment income					65,394,564				96,963,335
Expenses
Management fees					10,333,051				15,015,433
Interest expense on borrowings					3,978,392				5,861,762
Dividends on securities sold short					36,796				56,363
Shareholders' servicing agent fees and expenses					5,773				7,565
Custodian's fees and expenses					409,020				518,018
Trustees' fees and expenses					69,661				102,600
Professional fees					27,264				71,041
Shareholders' reports — printing and mailing expenses					528,684				801,162
Stock exchange listing fees					32,376				45,476
Investor relations expense					234,761				327,103
Other expenses					213,667				300,960
Total expenses before custodian fee credit and expense reimbursement					15,869,445				23,107,483
Custodian fee credit					(637	)			(1,057	)
Expense reimbursement					(243,344	)			(727,047	)
Net expenses					15,625,464				22,379,379
Net investment income (loss)					49,769,100				74,583,956
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency					20,827,371				34,300,234
Securities sold short					(257,417	)			(395,059	)
Call options written					2,645,835				4,079,563
Interest rate swaps					(1,540,259	)			(2,276,976	)
Change in net unrealized appreciation (depreciation):
Investments and foreign currency					(90,229,278	)			(130,830,545	)
Securities sold short					(64,105	)			(126,014	)
Call options written					2,935,353				4,843,734
Interest rate swaps					(4,361,122	)			(6,447,079	)
Put options purchased					(37,985	)			(66,875	)
Net realized and unrealized gain (loss)					(70,081,607	)			(96,919,017	)
Net increase (decrease) in net assets applicable to Common shares from operations				$	(20,312,507	)		$	(22,335,061	)

 

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS

				Multi-Strategy Income and Growth (JPC)								Multi-Strategy Income and Growth 2 (JQC)
				Year Ended 12/31/11				Year Ended 12/31/10				Year Ended 12/31/11				Year Ended 12/31/10
Operations
Net investment income (loss)				$	49,769,100			$	48,694,903			$	74,583,956			$	72,927,887
Net realized gain (loss) from:
Investments and foreign currency					20,827,371				1,305,162				34,300,234				5,964,210
Securities sold short					(257,417	)			(405,274	)			(395,059	)			(621,682	)
Call options written					2,645,835				5,739,320				4,079,563				8,855,989
Interest rate swaps					(1,540,259	)			—				(2,276,976	)			—
Change in net unrealized appreciation (depreciation):
Investments and foreign currency					(90,229,278	)			114,649,646				(130,830,545	)			164,383,472
Securities sold short					(64,105	)			(1,005,081	)			(126,014	)			(1,512,851	)
Call options written					2,935,353				430,714				4,843,734				79,481
Interest rate swaps					(4,361,122	)			—				(6,447,079	)			—
Put options purchased					(37,985	)			(120,266	)			(66,875	)			(211,736	)
Net increase (decrease) in net assets applicable to Common shares from operations					(20,312,507	)			169,289,124				(22,335,061	)			249,864,770
Distributions to Common Shareholders
From net investment income					(72,490,114	)			(55,633,444	)			(107,792,494	)			(82,345,674	)
Return of capital					(334,401	)			(10,876,168	)			—				(13,885,777	)
Decrease in net assets applicable to Common shares from distributions to Common shareholders					(72,824,515	)			(66,509,612	)			(107,792,494	)			(96,231,451	)
Capital Share Transactions
Common shares repurchased and retired					(5,063,325	)			(3,782,168	)			(7,862,456	)			(8,196,512	)
Net increase (decrease) in net assets applicable to Common shares from capital share transactions					(5,063,325	)			(3,782,168	)			(7,862,456	)			(8,196,512	)
Net increase (decrease) in net assets applicable to Common shares					(98,200,347	)			98,997,344				(137,990,011	)			145,436,807
Net assets applicable to Common shares at the beginning of period					938,843,756				839,846,412				1,388,235,334				1,242,798,527
Net assets applicable to Common shares at the end of period				$	840,643,409			$	938,843,756			$	1,250,245,323			$	1,388,235,334
Undistributed (Over-distribution of) net investment income at the end of period				$	(12,176,715	)		$	(12,650,325	)		$	(21,220,049	)		$	(21,916,437	)

 

See accompanying notes to financial statements.

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Statement of

CASH FLOWS

  Year Ended December 31, 2011

See accompanying notes to financial statements.

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations				$	(20,312,507	)		$	(22,335,061	)
Adjustments to reconcile the net increase in net assets applicable to Common shares from operations to net cash provided by operating activities:
Purchases of investments and securities sold short					(418,490,041	)			(748,299,311	)
Proceeds from sales and maturities of investments and securities sold short					412,343,539				657,449,972
Proceeds from (Purchases of) short-term investments, net					(35,860,732	)			(43,545,540	)
Proceeds from (Payments for) cash denominated in foreign currencies, net					(148,584	)			(213,827	)
Proceeds from (Payments for) interest rate swap contracts					(1,540,259	)			(2,276,976	)
Cash paid for terminated call options written					(2,723,367	)			(4,154,294	)
Premiums received for call options written					3,772,239				5,757,420
Amortization (Accretion) of premiums and discounts, net					(244,305	)			(304,784	)
(Increase) Decrease in:
Deposits with brokers for securities sold short and options written					3,638,966				4,587,843
Receivable for dividends					(260,521	)			(264,387	)
Receivable for interest					(609,593	)			(2,253,629	)
Receivable for investments sold					(2,185,152	)			(4,527,979	)
Receivable for matured senior loans					96,592				136,286
Receivable for reclaims					(16,896	)			(17,554	)
Other assets					45,956				57,127
Increase (Decrease) in:
Payable for dividends on securities sold short					352				552
Payable for investments purchased					(9,819,963	)			57,990,327
Accrued interest on borrowings					11,246				16,778
Accrued management fees					48,910				71,437
Accrued other expenses					73,465				187,290
Net realized (gain) loss from:
Investments and foreign currency					(20,827,371	)			(34,300,234	)
Securities sold short					257,417				395,059
Call options written					(2,645,835	)			(4,079,563	)
Interest rate swaps					1,540,259				2,276,976
Paydowns					(1,076,163	)			(1,588,614	)
Change in net unrealized (appreciation) depreciation of:
Investments and foreign currency					90,229,278				130,830,545
Securities sold short					64,105				126,014
Call options written					(2,935,353	)			(4,843,734	)
Interest rate swaps					4,361,122				6,447,079
Put options purchased					37,985				66,875
Net cash provided by operating activities					(3,175,211	)			(6,607,907	)
Cash Flows from Financing Activities:
Increase (Decrease) in:
Borrowings					78,000,000				117,000,000
Cash overdraft balance					2,326,355				3,839,910
Cash distributions paid to Common shareholders					(72,824,515	)			(107,792,494	)
Cost of Common shares repurchased and retired					(5,063,325	)			(7,862,456	)
Net cash provided by (used in) financing activities					2,438,515				5,184,960
Net Increase (Decrease) in Cash					(736,696	)			(1,422,947	)
Cash at the beginning of period					736,696				1,422,947
Cash at the End of Period				$	—			$	—
Supplemental Disclosure of Cash Flow Information
Cash paid for interest on borrowings (excluding borrowing costs) was $3,779,646 and $5,564,984 for Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC), respectively.

 

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Financial

HIGHLIGHTS

Selected data for a Common share outstanding throughout each period:

								Investment Operations																				Less Distributions
				Beginning Common Share Net Asset Value				Net Investment Income (Loss)(a)				Net Realized/ Unrealized Gain (Loss)				Distributions from Net Investment Income to Fund- Preferred Share- holders(b)				Distributions from Capital Gains to Fund- Preferred Share- holders(b)				Total				Net Investment Income to Common Share- holders				Capital Gains to Common Share- holders				Return of Capital to Common Share- holders				Total
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
	2011			$	9.62			$	.51			$	(.72	)		$	—			$	—			$	(.21	)		$	(.75	)		$	—			$	—	*		$	(.75	)
	2010				8.56				.50				1.23				—				—				1.73				(.57	)			—				(.11	)			(.68	)
	2009				5.60				.54				3.03				—	*			—				3.57				(.61	)			—				(.02	)			(.63	)
	2008				12.38				.86				(6.49	)			(.15	)			—				(5.78	)			(.69	)			—				(.31	)			(1.00	)
	2007				14.26				.97				(1.34	)			(.28	)			(.09	)			(.74	)			(.77	)			(.25	)			(.12	)			(1.14	)
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
	2011				10.13				.55				(.72	)			—				—				(.17	)			(.79	)			—				—				(.79	)
	2010				9.00				.53				1.29				—				—				1.82				(.60	)			—				(.10	)			(.70	)
	2009				6.04				.59				3.01				—	*			—				3.60				(.65	)			—				—	*			(.65	)
	2008				12.46				.86				(6.14	)			(.14	)			—				(5.42	)			(.72	)			—				(.28	)			(1.00	)
	2007				14.29				.97				(1.30	)			(.26	)			(.10	)			(.69	)			(.79	)			(.30	)			(.05	)			(1.14	)

				FundPreferred Shares at End of Period												Borrowings at End of Period
				Aggregate Amount Outstanding (000)				Liquidation Value Per Share				Asset Coverage Per Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $1,000
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
	2011			$	—			$	—			$	—			$	348,000			$	3,416
	2010				—				—				—				270,000				4,477
	2009				—				—				—				270,000				4,111
	2008				118,650				25,000				142,298				145,545				5,640
	2007				708,000				25,000				64,444				—				—
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
	2011				—				—				—				517,000				3,418
	2010				—				—				—				400,000				4,471
	2009				—				—				—				400,000				4,107
	2008				165,800				25,000				152,182				224,200				5,502
	2007				965,000				25,000				70,102				—				—

 

(a)  Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)  The amounts shown are based on Common share equivalents.

(c)  Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

  Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

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																												Ratios/Supplemental Data
																Total Returns												Ratios to Average Net Assets Applicable to Common Shares Before Reimbursement(e)								Ratios to Average Net Assets Applicable to Common Shares After Reimbursement(d)(e)
				Discount from Common Shares Repurchased and Retired				Ending Common Share Net Asset Value				Ending Market Value				Based on Market Value(c)				Based on Common Share Net Asset Value(c)				Ending Net Assets Applicable to Common Shares (000)				Expenses				Net Investment Income (Loss)				Expenses				Net Investment Income (Loss)				Portfolio Turnover Rate
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
	2011			$	.01			$	8.67			$	8.01				4.95	%			(2.23	)%		$	840,643				1.73	%			5.40	%			1.70	%			5.43	%			34	%
	2010				.01				9.62				8.35				21.28				21.06				938,844				1.67				5.39				1.54				5.52				49
	2009				.02				8.56				7.49				81.73				67.37				839,846				1.80				7.76				1.57				7.99				50
	2008				—	*			5.60				4.60				(51.80	)			(49.27	)			556,698				2.47				8.14				2.04				8.57				36
	2007				—	*			12.38				10.93				(16.28	)			(5.71	)			1,230,342				1.53				6.54				1.05				7.03				84
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
	2011				.01				9.18				8.05				.24	%			(1.70	)%			1,250,245				1.70				5.44				1.65				5.49				37
	2010				.01				10.13				8.80				24.26				21.02				1,388,235				1.64				5.41				1.48				5.57				48
	2009				.01				9.00				7.69				76.23				63.01				1,242,799				1.75				8.01				1.48				8.27				55
	2008				—	*			6.04				4.87				(49.39	)			(45.84	)			843,469				2.41				8.00				1.95				8.45				37
	2007				—	*			12.46				11.00				(14.70	)			(5.34	)			1,740,952				1.50				6.51				1.02				6.99				78

 

(d)  After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. As of March 31, 2011 and June 30, 2011, the Adviser is no longer reimbursing Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC), respectively, for any fees or expenses.

(e)  • Ratios do not reflect the effect of dividend payments to FundPreferred shareholders, where applicable.

  • Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to FundPreferred shares and/or borrowings, where applicable.

  • Each ratio includes the effect of dividend expense on securities sold short and all interest expense and other costs related to borrowings as follows:

				Ratios of Dividend Expense on Securities Sold Short to Average Net Assets Applicable to Common Shares				Ratios of Borrowings Interest Expense to Average Net Assets Applicable to Common Shares
Multi-Strategy Income and Growth (JPC)
	Year Ended 12/31:
	2011				—	%**			0.43	%
	2010				—	**			0.40
	2009				—	**			0.45
	2008				0.01				0.82
	2007				—	**			—
Multi-Strategy Income and Growth 2 (JQC)
	Year Ended 12/31:
	2011				—	**			0.43
	2010				—	**			0.40
	2009				—	**			0.46
	2008				0.01				0.83
	2007				—	**			—

 

*  Rounds to less than $.01 per share.

**  Rounds to less than .01%.

 

See accompanying notes to financial statements.

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Notes to

FINANCIAL STATEMENTS

1. General Information and Significant Accounting Policies

General Information

The funds covered in this report and their corresponding Common share New York Stock Exchange ("NYSE") symbols are Nuveen Multi-Strategy Income and Growth Fund (JPC) and Nuveen Multi-Strategy Income and Growth Fund 2 (JQC) (each a "Fund" and collectively, the "Funds"). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.

Each Fund seeks to provide high current income by maintaining a portfolio exposure target of approximately 70% in income-oriented debt securities (preferred securities and fixed- and floating-rate debt including high yield debt and senior loans), and 30% in equities and equity-like securities (convertibles and domestic and international equities). The exact portfolio composition will vary over time as a result of market changes as well as the Adviser's view of the portfolio composition that best enables the Funds to achieve their investment objectives consistent with a strategic 70%/30% income/equity mix. Each Fund's secondary objective is total return.

Effective January 1, 2011, the Funds' adviser Nuveen Asset Management, a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), changed its name to Nuveen Fund Advisors, Inc. (the "Adviser").

Fund Repositionings

On November 18, 2011, common shareholders of Multi-Strategy Income and Growth Fund (JPC) and 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.

For Multi-Strategy Income and Growth Fund's (JPC) portfolio repositioning, shareholders approved a single-strategy, preferred securities approach. Multi-Strategy Income and Growth Fund's (JPC) 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, a wholly-owned subsidiary of Nuveen and NWQ Investment Management Company, LLC, an affiliate of, will assume portfolio management responsibilities from Multi-Strategy Income and Growth Fund's (JPC) existing sub-advisers and each will manage approximately half of Multi-Strategy Income and Growth Fund's (JPC) investment portfolio.

For Multi-Strategy Income and Growth Fund 2's (JQC) portfolio repositioning, shareholders approved adopting a single-strategy, debt-oriented approach. Multi-Strategy Income and Growth Fund 2's (JQC) 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, ("Symphony") an existing sub-adviser and affiliate of Nuveen, will assume sole responsibility for managing Multi-Strategy Income and Growth Fund 2's (JQC) investment portfolio.

Upon completion of its repositioning, the Multi-Strategy Income and Growth Fund (JPC) and Multi-Strategy Income and Growth Fund 2 (JQC) will change their names to Nuveen Preferred Income Opportunities Fund (JPC) and Nuveen Credit Strategies Income Fund (JQC), respectively. Upon completion of their repositioning, the Fund also will discontinue their managed distribution policies (in which distributions may be sourced not just from income but also from realized capital gains and, if necessary, from capital), and

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shift from quarterly to monthly distributions. The Funds' repositionings are not expected to initially affect the level of the Funds' annualized distributions per share.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time foreign currencies may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the NYSE, which securities generally represents a transfer from a Level 1 to a Level 2 security. Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

Prices of fixed-income securities and interest rate swap contracts are provided by a pricing service approved by the Funds' Board of Trustees. These securities are generally classified as Level 2. When price quotes are not readily available the pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Like most fixed income instruments, the senior and subordinated loans in which the Funds invest are not listed on an organized exchange. The secondary market of such instruments may be less liquid relative to markets for other fixed-income securities. Consequently, the value of senior and subordinated loans, determined as described above, may differ significantly from the value that would have been determined had there been an active market for that senior loan. These securities are generally classified as Level 2.

The value of exchange-traded options are based on the mean of the closing bid and ask prices. Exchange-traded options are generally classified as Level 1. Options traded in the over-the-counter market are valued using an evaluated mean price and are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds' Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or as Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds' Board of Trustees or its designee.

Refer to Footnote 2—Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

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Notes to

FINANCIAL STATEMENTS (continued)

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior and subordinated loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At December 31, 2011, Multi-Strategy Income and Growth 2 (JQC) had outstanding when-issued/delayed delivery purchase commitments of $68,162,478. There were no outstanding when-issued/delayed delivery purchase commitments in Multi-Strategy Income and Growth (JPC).

Investment Income

Dividend income on securities purchased and dividend expense on securities sold short are recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydown gains and losses, and fee income, if any. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Other income includes the increase of the net realizable value of the receivable of matured senior loans during the current fiscal period, when applicable.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its investment company taxable income to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies ("RICs"). In any year when the Funds realize net capital gains, each Fund may choose to distribute all or a portion of its net capital gains to shareholders, or alternatively, to retain all or a portion of its net capital gains and pay federal corporate income taxes on such retained gains.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Common Shareholders

Distributions to Common shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Each Fund makes quarterly cash distributions to Common shareholders of a stated dollar amount per share. Subject to approval and oversight by the Funds' Board of Trustees, each Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Fund's investment strategy through regular quarterly distributions (a "Managed Distribution Program"). Total distributions during a calendar year generally will be made from each Fund's net investment income, net realized capital gains and net unrealized capital gains in the Fund's portfolio, if any. The portion of distributions paid attributed to net unrealized gains, if any, is distributed from the Fund's assets and is treated by shareholders as a non-taxable distribution ("Return of Capital") for tax purposes. In the event that total distributions during a calendar year exceed a Fund's total return on net asset value, the difference will reduce net asset value per share. If a Fund's total return on net asset value exceeds total distributions during a calendar year, the excess will be reflected as an increase in net asset value per share. The final determination of the source and character of all distributions for the fiscal year are made after the end of the fiscal year and are reflected in the financial statements contained in the annual report as of December 31 each year.

The actual character of distributions made by each Fund during the fiscal years ended December 31, 2011 and December 31, 2010, are reflected in the accompanying financial statements.

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FundPreferred Shares

The Funds are authorized to issue auction rate preferred ("FundPreferred") shares. As of December 31, 2009, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) redeemed all of their outstanding FundPreferred shares, at liquidation values of $708,000,000 and $965,000,000, respectively.

During the fiscal year ended December 31, 2010, lawsuits pursuing claims made in a demand letter alleging that the Funds' Board of Trustees breached their fiduciary duties related to the redemption at par of the Funds' FundPreferred shares had been filed on behalf of shareholders of the Funds, against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested trustee, and current and former officers of the Funds. Nuveen and the other defendants have filed a motion to dismiss the lawsuits, and on December 16, 2011, the court granted that motion dismissing the lawsuits. The plaintiffs failed to file an appeal on the court's decision within the required time period, resulting in the final disposition of the lawsuit.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency forwards, futures, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund's investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, foreign currency forwards, futures, options purchased, options written and swaps are recognized as a component of "Net realized gain (loss) from investments and foreign currency" on the Statement of Operations when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of "Change in unrealized appreciation (depreciation) of investments and foreign currency" on the Statement of Operations when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with foreign currency exchange contracts, futures, options purchased, options written and swaps are recognized as a component of "Change in net unrealized appreciation (depreciation) of foreign currency exchange contracts, futures, put options purchased, call options written and interest rate swaps", respectively on the Statement of Operations when applicable.

Interest Rate Swap Contracts

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in interest rate swap transactions in an attempt to manage such risk. Each Fund's use of interest rate swap contracts is intended to mitigate the negative impact that an increase in short-term interest rates could have on Common share net earnings as a result of leverage. Interest rate swap contracts involve each Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment that is intended to approximate each Fund's variable rate payment obligation on FundPreferred shares or any variable rate borrowing. The payment obligation is based on the notional amount of the interest rate swap contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that each Fund is to receive. Interest rate swap positions are valued daily. Each Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. The net amount recorded for these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps, net" with the change during the fiscal period recognized on the Statement of Operations as a component of "Change in net unrealized appreciation (depreciation) of interest rate swaps." Income received or paid by each Fund is recognized as a component of "Net realized gain (loss) from interest rate swaps" on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of an interest rate swap contract and are equal to the difference between the Fund's basis in the interest rate swap and the proceeds from (or cost of) the closing transaction. Payments received or made at the beginning of the measurement period are recognized as a component of "Interest rate swap premiums paid and/or received" on the Statement of Assets and Liabilities. For tax purposes, periodic payments are treated as ordinary income or expense.

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Notes to

FINANCIAL STATEMENTS (continued)

During the fiscal year ended December 31, 2011, each Fund used interest rate swaps to partially fix the interest cost of leverage, which each Fund uses through the use of bank borrowings.

The average notional amount of interest rate swap contracts outstanding during the fiscal year ended December 31, 2011, was as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional amount of interest rate swap contracts outstanding*				$	167,340,000			$	247,380,000

 

*  The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3—Derivative Instruments and Hedging Activities for further details on interest rate swap contract activity.

Options Transactions

Each Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to purchase and write (sell) call and put options, in an attempt to manage such risk. The purchase of put options involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing put options is limited to the premium paid. The counterparty credit risk of purchasing options, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When the Fund purchases an option, an amount equal to the premium paid (the premium plus commission) is recognized as a component of "Call and/or Put options purchased, at value" on the Statement of Assets and Liabilities. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of "Call and/or Put options written, at value" on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options purchased during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of call and/or put options purchased" on the Statement of Operations. The changes in the value of options written during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of call and/or put options written" on the Statement of Operations. When an option is exercised or expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of "Net realized gain (loss) from options purchased and/or written "on the Statement of Operations. The Fund, as a writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

During fiscal year ended December 31, 2011, each Fund wrote call options on individual stocks held in its portfolio to enhance returns while foregoing some upside potential on its equity portfolio, and held put options on a single stock to benefit in the event its price declines.

The Funds did not purchase call options or write put options during the fiscal year ended December 31, 2011. The average notional amount of put options purchased and call options written during the fiscal year ended December 31, 2011, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional amount of put options purchased*				$	1,420,000			$	2,500,000

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				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional amount of call options written*				$	(56,687,210	)		$	(87,535,900	)

 

*  The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3—Derivative Instruments and Hedging Activities and Footnote 5—Investment Transactions for further details on options activity.

Short Sales

Each Fund is authorized to make short sales of securities. To secure its obligation to deliver securities sold short, each Fund has instructed the custodian to segregate assets of the Fund, which are then held at the applicable broker, as collateral with an equivalent amount of the securities sold short. The collateral required is determined by reference to the market value of the short positions and is recognized as a component of "Deposits with brokers for securities sold short and options written" on the Statement of Assets and Liabilities. Each Fund is obligated to pay to the party to which the securities were sold short, dividends declared on the stock by the issuer and recognizes such amounts as "Dividends on securities sold short" on the Statement of Operations. Short sales are valued daily and the corresponding unrealized gains or losses are recognized as a component of "Change in net unrealized appreciation (depreciation) of securities sold short" on the Statement of Operations.

Liabilities for securities sold short are reported at market value in the accompanying financial statements. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the related amounts shown on the Statement of Assets and Liabilities. Each Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. Each Fund's loss on a short sale is potentially unlimited because there is no upward limit on the price a borrowed security could attain. Each Fund will realize a gain if the price of the security declines between those dates. Gains and losses from securities sold short are recognized as a component of "Net realized gain (loss) from securities sold short" on the Statement of Operations.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

 

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Notes to

FINANCIAL STATEMENTS (continued)

Indemnifications

Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of December 31, 2011:

Multi-Strategy Income and Growth (JPC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks*				$	276,382,048			$	5,992,066			$	—			$	282,374,114
Convertible Preferred Securities					5,214,130				6,259,725				—				11,473,855
$25 Par (or similar) Preferred Securities					256,569,214				28,620,522				—				285,189,736
Variable Rate Senior Loan Interests					—				87,713,632				—				87,713,632
Convertible Bonds					—				86,948,205				2,279,279				89,227,484
Corporate Bonds					—				105,944,151				—				105,944,151
Capital Preferred Securities					—				226,786,272				—				226,786,272
Investment Companies					13,123,875				—				—				13,123,875
Warrants					16,052				—				10,670				26,722
Short-Term Investments					—				84,229,597				—				84,229,597
Common Stocks Sold Short					(4,020,736	)			—				—				(4,020,736	)
Derivatives:
Put Options Purchased					710				—				—				710
Call Options Written					(1,894,393	)			—				—				(1,894,393	)
Interest Rate Swaps**					—				(4,361,122	)			—				(4,361,122	)
Total				$	545,390,900			$	628,133,048			$	2,289,949			$	1,175,813,897

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Multi-Strategy Income Growth 2 (JQC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks*				$	414,010,027			$	9,955,258			$	—			$	423,965,285
Convertible Preferred Securities					7,291,382				11,144,147				—				18,435,529
$25 Par (or similar) Preferred Securities					416,706,995				39,880,083				—				456,587,078
Variable Rate Senior Loan Interests					—				182,444,061				—				182,444,061
Convertible Bonds					—				122,244,812				3,177,177				125,421,989
Corporate Bonds					—				185,926,798				—				185,926,798
Capital Preferred Securities					—				299,015,446				—				299,015,446
Investment Companies					25,536,788				—				—				25,536,788
Warrants					24,612				—				21,611				46,223
Short-Term Investments					—				112,576,653				—				112,576,653
Common Stocks Sold Short					(6,360,066	)			—				—				(6,360,066	)
Derivatives:
Put Options Purchased					1,250				—				—				1,250
Call Options Written					(2,895,645	)			—				—				(2,895,645	)
Interest Rate Swaps**					—				(6,447,079	)			—				(6,447,079	)
Total				$	854,315,343			$	956,740,179			$	3,198,788			$	1,814,254,310

 

*  Refer to the Fund's Portfolio of Investments for industry breakdown of Common Stocks classified as Level 2.

**  Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.

The following is a reconciliation of each Fund's Level 3 investments held at the beginning and end of the measurement period:

Multi-Strategy Income and Growth (JPC)				Level 3 Convertible Bonds				Level 3 Corporate Bonds				Level 3 Warrants				Level 3 Total
Balance at the beginning of period				$	—			$	3,657,866			$	—			$	3,657,866
Gains (losses):
Net realized gains (losses)					—				(1,729,935	)			—				(1,729,935	)
Net change in unrealized appreciation (depreciation)					—				1,795,310				10,670				1,805,980
Purchases at cost					—				—				—				—
Sales at proceeds					—				(3,774,000	)			—				(3,774,000	)
Net discounts (premiums)					—				50,759				—				50,759
Transfers in to					2,279,279				—				—				2,279,279
Transfers out of					—				—				—				—
Balance at the end of period				$	2,279,279			$	—			$	10,670			$	2,289,949
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of December 31, 2011				$	(132,669	)		$	—			$	10,670			$	(121,998	)
Multi-Strategy Income and Growth 2 (JQC)				Level 3 Convertible Bonds				Level 3 Corporate Bonds				Level 3 Warrants				Level 3 Total
Balance at the beginning of period				$	—			$	5,140,906			$	—			$	5,140,906
Gains (losses):
Net realized gains (losses)					—				(3,636,034	)			—				(3,636,034	)
Net change in unrealized appreciation (depreciation)					—				3,725,728				21,611				3,747,339
Purchases at cost					—				—				—				—
Sales at proceeds					—				(5,304,000	)			—				(5,304,000	)
Net discounts (premiums)					—				73,400				—				73,400
Transfers in to					3,177,177				—				—				3,177,177
Transfers out of					—				—				—				—
Balance at the end of period				$	3,177,177			$	—			$	21,611			$	3,198,788
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of December 31, 2011				$	(192,276	)		$	—			$	21,611			$	(170,665	)

 

During the fiscal year ended December 31, 2011, the Fund recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which the Funds were

 

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Notes to

FINANCIAL STATEMENTS (continued)

invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Funds as of December 31, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Multi-Strategy Income and Growth (JPC)

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Equity Price

Options

Put options purchased, at value

$

710

Call options written, at value

$

1,894,393

Interest Rate

Swaps

Unrealized depreciation on interest rate swaps, net*

$

13,060

Unrealized depreciation on interest rate swaps, net*

$

4,374,182

Total

$

13,770

$

6,268,575

 

*  Value represents cumulative gross appreciation (depreciation) of interest rate swap contracts as reported in each Fund's Portfolio of Investments. The Statement of Assets and Liabilities presents the net unrealized appreciation (depreciation) of all interest rate swap contracts as "Unrealized depreciation on interest rate swaps, net."

Multi-Strategy Income and Growth 2 (JQC)

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Equity Price

Options

Put options purchased, at value

$

1,250

Call options written, at value

$

2,895,645

Interest Rate

Swaps

Unrealized depreciation on interest rate swaps, net*

$

19,308

Unrealized depreciation on interest rate swaps, net*

$

6,466,387

Total

$

20,558

$

9,362,032

 

*  Value represents cumulative gross appreciation (depreciation) of interest rate swap contracts as reported in each Fund's Portfolio of Investments. The Statement of Assets and Liabilities presents the net unrealized appreciation (depreciation) of all interest rate swap contracts as "Unrealized depreciation on interest rate swaps, net."

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 2011, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Call Options Written				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Equity Price				$	2,645,835			$	4,079,563
Net Realized Gain (Loss) from Interest Rate Swaps				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Interest Rate				$	(1,540,259	)		$	(2,276,976	)

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Change in Net Unrealized Appreciation (Depreciation) of Call Options Written				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Equity Price				$	2,935,353			$	4,843,734
Change in Net Unrealized Appreciation (Depreciation) of Interest Rate Swaps				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Interest Rate				$	(4,361,122	)		$	(6,447,079	)
Change in Net Unrealized Appreciation (Depreciation) of Put Options Purchased				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Risk Exposure
Equity Price				$	(37,985	)		$	(66,875	)

 

4. Fund Shares

Common Shares

Transactions in Common shares were as follows:

				Multi-Strategy Income and Growth (JPC)								Multi-Strategy Income and Growth 2 (JQC)
				Year Ended 12/31/11				Year Ended 12/31/10				Year Ended 12/31/11				Year Ended 12/31/10
Common shares repurchased and retired					(601,037	)			(485,500	)			(895,697	)			(999,820	)
Weighted average:
Price per Common share repurchased and retired				$	8.40			$	7.77			$	8.76			$	8.18
Discount per Common share repurchased and retired					13.78	%			14.20	%			13.77	%			14.30	%

 

5. Investment Transactions

Purchases and sales (including maturities and proceeds from securities sold short, but excluding short-term investments and derivative transactions, where applicable) during the fiscal year ended December 31, 2011, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Purchases				$	418,490,041			$	748,299,311
Sales, maturities and proceeds from securities sold short					412,343,539				657,449,972

 

Transactions in call options written during the fiscal year ended December 31, 2011, were as follows:

				Multi-Strategy Income and Growth (JPC)								Multi-Strategy Income and Growth 2 (JQC)
				Number of Contracts				Premiums Received				Number of Contracts				Premiums Received
Call options outstanding, beginning of period					21,004			$	4,856,749				32,745			$	7,451,256
Call options written					21,630				3,772,239				33,411				5,757,420
Call options terminated in closing purchase transactions					(5,695	)			(1,247,331	)			(8,607	)			(1,876,978	)
Call options exercised					(14,382	)			(3,593,903	)			(22,856	)			(5,554,283	)
Call options expired					(4,572	)			(527,401	)			(6,940	)			(801,718	)
Call options outstanding, end of period					17,985			$	3,260,353				27,753			$	4,975,697

 

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, recognition of premium amortization, timing differences in the recognition of income on real estate investment trust ("REIT") investments and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts

 

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Notes to

FINANCIAL STATEMENTS (continued)

are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At December 31, 2011, the cost and unrealized appreciation (depreciation) of investments (excluding common stocks sold short and investments in derivatives), as determined on a federal income tax basis, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Cost of investments				$	1,228,863,835			$	1,892,750,075
Gross unrealized:
Appreciation				$	55,188,298			$	85,465,144
Depreciation					(97,962,695	)			(148,259,369	)
Net unrealized appreciation (depreciation) of investments				$	(42,774,397	)		$	(62,794,225	)

 

Permanent differences, primarily due to complex securities character adjustments, adjustments for REITs, adjustments for passive foreign investment companies, and foreign currency reclasses, resulted in reclassifications among the Funds' components of Common share net assets at December 31, 2011, the Funds' tax year end, as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Paid-in-surplus				$	(23,399,920	)		$	(34,330,395	)
Undistributed (Over-distribution of) net investment income					23,194,624				33,904,926
Accumulated net realized gain (loss)					205,296				425,469

 

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2011, the Funds' tax year end, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Undistributed net ordinary income *				$	—			$	—
Undistributed net long-term capital gains					—				—

 

*  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

The tax character of distributions paid during the Funds' tax years ended December 31, 2011 and December 31, 2010, was designated for purposes of the dividends paid deduction as follows:

2011				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Distributions from net ordinary income *				$	72,490,114			$	107,792,494
Distributions from net long-term capital gains					—				—
Return of capital					334,401				—

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2010				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Distributions from net ordinary income *				$	55,633,444			$	82,345,674
Distributions from net long-term capital gains					—				—
Return of capital					10,876,168				13,885,777

 

*  Net ordinary income consists of net taxable income derived from dividends, interest, and current year earnings and profits attributable to realized gains.

At December 31, 2011, the Funds' tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Expiration:
December 31, 2016				$	192,989,628			$	231,350,222
December 31, 2017					204,895,930				289,143,715
December 31, 2018					9,385,427				8,513,146
Total				$	407,270,985			$	529,007,083

 

During the Funds' tax year ended December 31, 2011, the Funds utilized capital loss carryforwards as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Utilized capital loss carryforwards				$	22,904,968			$	37,005,773

 

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

During the Funds' tax year ended December 31, 2011, there were no post-enactment capital losses generated by any of the Funds.

The Funds have elected to defer losses incurred from November 1, 2011 through December 31, 2011, the Funds' tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The Funds have elected to defer losses as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth (JQC)
Post-October capital losses				$	1,543,632			$	1,757,474
Late-year ordinary losses					24,767				—

 

7. Management Fees and Other Transactions with Affiliates

Each Fund's management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Average Daily Managed Assets*				Fund-Level Fee Rate
For the first $500 million					.7000	%
For the next $500 million					.6750
For the next $500 million					.6500
For the next $500 million					.6250
For managed assets over $2 billion					.6000

 

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The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*				Effective Rate at Breakpoint Level
$55 billion					.2000	%
$56 billion					.1996
$57 billion					.1989
$60 billion					.1961
$63 billion					.1931
$66 billion					.1900
$71 billion					.1851
$76 billion					.1806
$80 billion					.1773
$91 billion					.1691
$125 billion					.1599
$200 billion					.1505
$250 billion					.1469
$300 billion					.1445

 

*  For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of December 31, 2011, the complex-level fee rate for these Funds was .1767%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the Funds' overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Spectrum Asset Management, Inc. ("Spectrum"), Symphony and Tradewinds Global Investors, LLC ("Tradewinds"). Symphony and Tradewinds are both subsidiaries of Nuveen. Spectrum manages the portion of the Funds' investment portfolios allocated to preferred securities. Symphony manages the portion of the Funds' investment portfolios allocated to debt securities and certain equity investments. Tradewinds manages the portion of the Funds' investment portfolios allocated to global equities, common stocks sold short and options strategies. The Adviser is responsible for overseeing the Funds' investments in interest rate swap contracts. Each sub-adviser is compensated for its services to the Funds from the management fees paid to the Adviser. Spectrum also receives compensation on certain portfolio transactions for providing brokerage services to the Funds. During the fiscal year ended December 31, 2011, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) paid Spectrum commissions of $30,000 and $36,446, respectively.

The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

For the first eight years of Multi-Strategy Income and Growth's (JPC) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending March 31,								Year Ending March 31,
	2003	*			.32	%			2008				.32	%
	2004				.32				2009				.24
	2005				.32				2010				.16
	2006				.32				2011				.08
	2007				.32

 

*  From the commencement of operations.

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The Adviser has not agreed to reimburse Multi-Strategy Income and Growth (JPC) for any portion of its fees and expenses beyond March 31, 2011.

For the first eight years of Multi-Strategy Income and Growth 2's (JQC) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending June 30,								Year Ending June 30,
	2003	*			.32	%			2008				.32	%
	2004				.32				2009				.24
	2005				.32				2010				.16
	2006				.32				2011				.08
	2007				.32

 

*  From the commencement of operations.

The Adviser has not agreed to reimburse Multi-Strategy Income and Growth 2 (JQC) for any portion of its fees and expenses beyond June 30, 2011.

8. Senior Loan Commitments

Unfunded Commitments

Pursuant to the terms of certain of the variable rate senior loan agreements, each Fund may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. At December 31, 2011, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had no unfunded senior loan commitments.

Participation Commitments

With respect to the senior loans held in each Fund's portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, a Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. At December 31, 2011, there were no such outstanding participation commitments in either Fund.

9. Borrowing Arrangements

Each Fund has entered into prime brokerage facilities with BNP Paribas Prime Brokerage, Inc. ("BNP") as a means of financial leverage. Each Fund's maximum commitment amount under these borrowings is as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Maximum commitment amount				$	365,000,000			$	542,000,000

 

As of December 31, 2011, each Fund's outstanding balance on its borrowings was as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Outstanding borrowings				$	348,000,000			$	517,000,000

 

On January 19, 2011, each Fund amended its prime brokerage facility with BNP. Prior to January 19, 2011, each Fund's maximum commitment amount was as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Maximum commitment amount				$	270,000,000			$	400,000,000

 

On November 9, 2011, each Fund amended its prime brokerage facility with BNP. For the period January 19, 2011 through November 8, 2011, each Fund's maximum commitment amount was as follows:

				Multi-Strategy Income and Growth (JPC)				Mult-Strategy Income and Growth 2 (JQC)
Maximum commitment amount				$	290,000,000			$	430,000,000

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FINANCIAL STATEMENTS (continued)

During the fiscal year ended December 31, 2011, the average daily balance outstanding and average annual interest rate on each Fund's borrowings were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average daily balance outstanding				$	285,121,918			$	417,995,068
Average annual interest rate					1.29	%			1.29	%

 

In order to maintain these borrowing facilities, the Funds must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by securities held in each Fund's portfolio of investments. Interest is charged on these borrowings for each Fund at 3-Month London Inter-Bank Offered Rate (LIBOR) plus .95% on the amounts borrowed and .50% on the undrawn balance. Each Fund also incurred a one-time .25% amendment fee on each increase to the maximum commitment amount, which was fully expensed during the current reporting period.

Effective January 9, 2012 interest charged on the amount borrowed changed from 3-Month LIBOR plus .95% to 3-Month LIBOR plus .85%. All other terms remain unchanged.

Borrowings outstanding are recognized as "Borrowings" on the Statement of Assets and Liabilities. Interest expense incurred on each Fund's borrowed amount and undrawn balance and the one-time amendment fee are recognized as a component of "Interest expense on borrowings" on the Statement of Operations.

10. New Accounting Pronouncements

Financial Accounting Standards Board ("FASB") Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements

On April 15, 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-03 ("ASU No. 2011-03"). The guidance in ASU No. 2011-03 is intended to improve the accounting for repurchase agreements and other similar agreements. Specifically, ASU No. 2011-03 modifies the criteria for determining when these transactions would be accounted for as financings (secured borrowings/lending agreements) as opposed to sales (purchases) with commitments to repurchase (resell). The effective date of ASU No. 2011-03 is for interim and annual periods beginning on or after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

Fair Value Measurements and Disclosures

On May 12, 2011, the FASB issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board ("IASB") issued International Financial Reporting Standard ("IFRS") 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.

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Board Members & Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at ten. None of the board members who are not "interested" persons of the Funds (referred to herein as "independent board members") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

Independent Board Members:

g ROBERT P. BREMNER(2)

8/22/40 333 W. Wacker Drive Chicago, IL 60606

Chairman of the Board and Board Member

1996 Class III

Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council (affiliated with the Investment Company Institute.)

238

g JACK B. EVANS

10/22/48 333 W. Wacker Drive Chicago, IL 60606

Board Member

1999 Class III

President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.

238

g WILLIAM C. HUNTER

3/6/48 333 W. Wacker Drive Chicago, IL 60606

Board Member

2004 Class I

Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.

238

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Board Members & Officers (Unaudited) (continued)

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

Independent Board Members (continued):

g DAVID J. KUNDERT(2)

10/28/42 333 W. Wacker Drive Chicago, IL 60606

Board Member

2005 Class II

Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.

238

g WILLIAM J. SCHNEIDER(2)

9/24/44 333 W. Wacker Drive Chicago, IL 60606

Board Member

1997 Class III

Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller- Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.

238

g JUDITH M. STOCKDALE

12/29/47 333 W. Wacker Drive Chicago, IL 60606

Board Member

1997 Class I

Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).

238

g CAROLE E. STONE(2)

6/28/47 333 W. Wacker Drive Chicago, IL 60606

Board Member

2007 Class I

Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).

238

g VIRGINIA L. STRINGER

8/16/44 333 W. Wacker Drive Chicago, IL 60606

Board Member

2011

Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute's Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).

238

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

Independent Board Members (continued):

g TERENCE J. TOTH(2)

9/29/59 333 W. Wacker Drive Chicago, IL 60606

Board Member

2008 Class II

Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004), Chicago Fellowship Board (since 2005) and Catalyst Schools of Chicago Board (since 2008); formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).

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Interested Board Member:

g JOHN P. AMBOIAN(3)

6/14/61 333 W. Wacker Drive Chicago, IL 60606

Board Member

2008 Class II

Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.

238

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(4)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds:

g GIFFORD R. ZIMMERMAN

9/9/56 333 W. Wacker Drive Chicago, IL 60606

Chief Administrative Officer

1988

Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management Inc. (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.

238

 

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Board Members & Officers (Unaudited) (continued)

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(4)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds (continued):

g WILLIAM ADAMS IV

6/9/55 333 W. Wacker Drive Chicago, IL 60606

Vice President

2007

Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); President (since August 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.

133

g CEDRIC H. ANTOSIEWICZ

1/11/62 333 W. Wacker Drive Chicago, IL 60606

Vice President

2007

Managing Director of Nuveen Securities, LLC.

133

g MARGO L. COOK

4/11/64 333 W. Wacker Drive Chicago, IL 60606

Vice President

2009

Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.

238

g LORNA C. FERGUSON

10/24/45 333 W. Wacker Drive Chicago, IL 60606

Vice President

1998

Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).

238

g STEPHEN D. FOY

5/31/54 333 W. Wacker Drive Chicago, IL 60606

Vice President and Controller

1998

Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC; (since 2010) Certified Public Accountant.

238

g SCOTT S. GRACE

8/20/70 333 W. Wacker Drive Chicago, IL 60606

Vice President and Treasurer

2009

Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, Inc.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley's Global Financial Services Group (2000-2003); Chartered Accountant Designation.

238

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(4)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds (continued):

g WALTER M. KELLY

2/24/70 333 W. Wacker Drive Chicago, IL 60606

Chief Compliance Officer and Vice President

2003

Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.

238

g TINA M. LAZAR

8/27/61 333 W. Wacker Drive Chicago, IL 60606

Vice President

2002

Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.

238

g KEVIN J. MCCARTHY

3/26/66 333 W. Wacker Drive Chicago, IL 60606

Vice President and Secretary

2007

Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC, Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).

238

g KATHLEEN L. PRUDHOMME

3/30/53 901 Marquette Avenue Minneapolis, MN 55402

Vice President and Assistant Secretary

2011

Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).

238

 

(1)  The Board Members serve three year terms. The Board of Trustees is divided into three classes. Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.

(2)  Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser.

(3)  Mr. Amboian is an interested Trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(4)  Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

 

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Annual Investment Management
Agreement Approval Process (Unaudited)

I.  BACKGROUND

The Board of Trustees (each, a "Board" and each Trustee, a "Board Member") of the Nuveen Multi-Strategy Income and Growth Fund ("Fund 1") and the Nuveen Multi-Strategy Income and Growth Fund 2 ("Fund 2" and together with Fund 1, the "Funds"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members") is responsible for overseeing the performance of the investment advisers to the Funds and determining whether to approve the Funds' advisory arrangements, including sub-advisory arrangements. At a meeting held on May 23-25, 2011 (the "May Meeting"), the Board, including the Independent Board Members, approved the continuance of the investment management agreements between each Fund and Nuveen Fund Advisors, Inc. (the "Adviser") and the sub-advisory agreements between the Adviser and each Fund's then-existing sub-advisers. During the course of the year, however, the Adviser had been evaluating the investment strategies of the Funds and considering potential changes to their respective strategies in an effort to enhance the attractiveness of the Funds' common shares in the marketplace in order to help narrow the trading discount. The Adviser sought to accomplish these goals by simplifying the Funds' portfolio strategies, positioning the Funds into a well understood closed-end fund category that has historically experienced consistent secondary market demand and differentiating the Funds from other similar funds, including those in the Nuveen fund family. Accordingly, at a meeting held on August 22, 2011 (the "August Meeting"), the Board approved various actions in connection with the repositioning of each Fund's portfolio. In connection with the repositioning of Fund 1, the Adviser recommended, among other things, the termination of the then-existing sub-advisers of Fund 1 and the appointment of the following two new sub-advisers: Nuveen Asset Management, LLC ("NAM") and NWQ Investment Management Company, LLC ("NWQ" and together with NAM, the "Sub-Advisers"). In that regard, at the August Meeting, the Board, including the Independent Board Members, considered and approved, and recommended that shareholders of Fund 1 approve, (1) an investment sub-advisory agreement between the Adviser and NAM for such Fund and (2) an investment sub-advisory agreement between the Adviser and NWQ for such Fund (collectively, the "Sub-Advisory Agreements"). The Board did not approve any new sub-advisory agreements in connection with the repositioning of Fund 2.

At a meeting of the shareholders of Fund 1 held on November 18, 2011, shareholders of such Fund approved the Sub-Advisory Agreements. The following is a summary of the considerations of the Board in approving the Sub-Advisory Agreements.

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II.  THE APPROVAL PROCESS

During the year 2011, the Board received a variety of materials relating to the proposed repositioning of Fund 1, including, among other things, a comparison of the investment processes of various potential sub-advisers; the performance history of Fund 1; a risk/return and asset allocation analysis of the portfolio of Fund 1 under the management of different combinations of potential sub-advisers; the proposed changes to the investment parameters of Fund 1 and rationale therefor; the portfolio characteristics of the repositioned Fund 1; the costs and steps to be followed in repositioning Fund 1; the estimated benefits if the discount were narrowed; and a description of the proposed new Sub-Advisers to Fund 1, their investment process, their responsibilities and investment mandates with respect to the portfolio assets allocated to them and the rationale for recommending NAM and NWQ as the new Sub-Advisers for the repositioned Fund 1. In recommending NAM and NWQ, the Board recognized the Adviser's conflict of interest as both NAM and NWQ were affiliated with the Adviser and would be replacing the then-existing sub-advisers to Fund 1, one of which was not affiliated with the Adviser. Accordingly, in connection with the proposal to reposition Fund 1, the Board also considered and discussed non-affiliated investment managers as well as alternative means to reduce the trading discount.

To assist the Board in its evaluation of the Sub-Advisory Agreements with the Sub-Advisers, the Independent Board Members had received, in adequate time in advance of the August Meeting or at prior meetings, materials which outlined, among other things:

•  the nature, extent and quality of services expected to be provided by the Sub-Advisers;

•  the organization of the Sub-Advisers, including the responsibilities of key investment personnel;

•  the expertise and background of the Sub-Advisers with respect to the investment strategy of Fund 1;

•  certain performance-related information (as described below);

•  the profitability of the Adviser (which incorporated the wholly-owned affiliated sub-advisers of Nuveen Investments, Inc. ("Nuveen"));

•  the proposed management fees;

•  the expected expenses of Fund 1; and

•  the soft dollar practices of the Sub-Advisers, if any.

At various meetings during the year, the Adviser made presentations to and responded to questions from the Board. During these meetings, the Independent Board Members also met privately with their legal counsel to review the Board's duties under the Investment Company Act of 1940, as amended, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser's fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

Board Members considered the Sub-Advisory Agreements with each Sub-Adviser for Fund 1. As outlined in more detail below, the Independent Board Members considered all factors they believed relevant with respect to Fund 1, including the following: (a) the nature, extent and quality of the services to be provided by the Sub-Advisers; (b) the investment performance, as described below; (c) the profitability of Nuveen and its affiliates; (d) the extent to which economies of scale would be realized as Fund 1 grows; and (e) whether fee levels reflect these economies of scale for the benefit of Fund investors.

A. Nature, Extent and Quality of Services

In reviewing the Sub-Advisers, the Independent Board Members considered the nature, extent and quality of the respective Sub-Adviser's services, including advisory services and administrative services, if any. As each Sub-Adviser already served as a sub-adviser to other Nuveen funds overseen by the Board Members, the Board had a good understanding of each Sub-Adviser's organization, operations and personnel. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds sub-advised by the Sub-Advisers, the Independent Board Members relied upon their knowledge from their meetings and any other interactions throughout the year of the respective Sub-Adviser and its services in evaluating the Sub-Advisory Agreements.

At the August Meeting and at prior meetings, the Independent Board Members reviewed materials outlining, among other things, the respective Sub-Adviser's organization and business; the types of services that such Sub-Adviser provides to other Nuveen funds and was expected to provide to Fund 1; and the experience of the respective Sub-Adviser with applicable investment strategies. Further, the Independent Board Members evaluated the background, experience and track record of the Sub-Adviser in managing the asset class. In reviewing potential sub-advisers for Fund 1, the Board Members reviewed a description of the investment process of the potential sub-advisers and an analysis of the portfolio of Fund 1 with different combinations of sub-advisers, including the extent of any portfolio overlap and the risk/return of the portfolio with these different combinations of investment teams. The Board Members noted the Adviser's recommendation that NWQ and NAM had distinct, but complementary, investment styles and the combination of these investment managers resulted in a better risk/return portfolio analysis and lower portfolio overlap than other combinations of investment managers.

In addition to advisory services, the Independent Board Members considered the quality of any administrative or non-advisory services to be provided. The Independent Board Members noted, however, that each Sub-Advisory Agreement was essentially an agreement for portfolio management services only and each Sub-Adviser was not expected to supply other significant administrative services to Fund 1. The services to be provided by the Sub-Advisers under the Sub-Advisory Agreements were the same type of services provided by the then-current sub-advisers under their respective sub-advisory agreements.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to Fund 1 under each Sub-Advisory Agreement were satisfactory.

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B. Investment Performance

In considering the proposal to reposition Fund 1, the Board reviewed the performance history of such Fund over various time periods, including the returns of each sleeve of such Fund relative to the benchmark of the sleeve, as well as the historic premium and discount levels. The Board noted that the Adviser was recommending to reposition Fund 1 in part to seek to narrow the trading discount of such Fund's common shares. Although there was no record of such Fund's performance under the proposed modified investment strategy with the new Sub-Advisers, the Board reviewed estimated risk/return data of the proposed portfolio for the period of January 2010 through April 2011, as well as the estimated yield and total return on net asset value of the pro forma portfolio of such Fund for such period. The Board also reviewed an analysis of the estimated increased share value and fee savings if the trading discount was narrowed by various percentage points.

C. Fees, Expenses and Profitability

1. Fees and Expenses

In evaluating the management fees and expenses that Fund 1 was expected to bear, the Independent Board Members considered, among other things, such Fund's management fee structure, its proposed sub-advisory fee arrangements and its expense ratios. At the May Meeting, the Independent Board Members had reviewed Fund 1's gross management fees, net management fees, and net expense ratios in absolute terms as well as compared with the fees and expense ratios of comparable affiliated and unaffiliated funds based on data provided by an independent fund data provider (the "Peer Universe") and to a more focused subset of funds in the Peer Universe (the "Peer Group") and any expense limitations. In its review, the Independent Board Members had observed that Fund 1 had net management fees and net expense ratios below its peer averages. The Board, however, recognized that Fund 1 would bear the transaction costs of purchasing and selling portfolio securities in connection with repositioning the portfolio of Fund 1 and the proxy solicitation costs in seeking necessary shareholder approval and reviewed the estimated costs of the transition. Nevertheless, in light of the one-time transition costs and expected efficiencies, the Board noted that the Adviser had agreed to permanently reduce its management fee by two basis points. The Board further observed that the appointment of the new Sub-Advisers did not change the management fees of Fund 1 as the Adviser would pay the Sub-Advisers out of the management fee it received from such Fund. In addition, with respect to each Sub-Adviser, the Independent Board Members considered the sub-advisory fees and breakpoint schedule for the Sub-Advisers.

Based on their review of the fee and expense information provided, the Independent Board Members determined that Fund 1's advisory and sub-advisory fees were reasonable in light of the nature, extent and quality of services to be provided to such Fund.

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

2. Comparisons with the Fees of Other Clients

Due to their experience with other Nuveen funds, the Board Members were familiar with each Sub-Adviser's pricing schedule and/or the fees each Sub-Adviser charged for similar investment management services for other Nuveen funds and other clients, including separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen's investment management teams.

3. Profitability of Fund Advisers

In conjunction with their review of fees at prior meetings, the Independent Board Members had considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen's wholly-owned affiliated sub-advisers, including the Sub-Advisers) and its financial condition. At the May Meeting, the Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2010. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. Moreover, at the May Meeting, the Independent Board Members considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.

In reviewing profitability, the Independent Board Members have recognized the subjective nature of determining profitability, which may be affected by numerous factors, including the allocation of expenses. Further, the Independent Board Members have recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser's particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members have reviewed Nuveen's methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen's investment in its fund business. The Board also reviewed NWQ's revenues, expenses and pre-tax profitability margins. As the Sub-Advisers were affiliated with the Adviser, the Independent Board Members recognized that Nuveen's profitability may increase as a result of the Sub-Advisers' affiliation. Based on their review, the Independent Board Members concluded that Nuveen's level of profitability for its advisory activities was reasonable in light of the services to be provided.

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In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other amounts expected to be paid to the Sub-Advisers as well as any indirect benefits (such as soft dollar arrangements, if any) the respective Sub-Adviser and its affiliates were expected to receive that were directly attributable to their management of Fund 1, if any. See Section E below for additional information on indirect benefits a Sub-Adviser and its affiliates may receive as a result of their relationship with Fund 1. Based on their review of the overall fee arrangements of Fund 1, the Independent Board Members determined that the sub-advisory fees and expected expenses of such Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. The Independent Board Members therefore considered whether Fund 1 could be expected to benefit from any economies of scale. One method to help ensure that shareholders share in these benefits is to include breakpoints in the advisory fee schedule. As Fund 1 would pay the management fee to the Adviser and the Adviser would in turn pay the Sub-Advisers, the Board recognized that the sharing of benefits from economies of scale was reflected in breakpoints in the management fees at the Adviser level. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component. Accordingly, the Independent Board Members received and reviewed the schedule of proposed advisory fees for Fund 1, including fund-level breakpoints thereto. As noted, the Board recognized that the Adviser agreed to reduce the fund-level management fee by two basis points at every breakpoint level.

In addition to fund-level advisory fee breakpoints, the Board also considered Fund 1's complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex, including Fund 1, are generally reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Independent Board Members have considered that the complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Although closed-end funds, such as Fund 1, may from time-to-time make additional share offerings, the Board recognized that the growth of their assets would occur primarily through the appreciation of such fund's investment portfolio. The Board noted that the appointment of the new Sub-Advisers would not impact the complex-wide fee arrangement in effect for Fund 1.

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflected economies of scale to be shared with the shareholders of Fund 1.

E. Indirect Benefits

In evaluating fees, the Independent Board Members also considered information regarding potential "fall out" or ancillary benefits that a Sub-Adviser or its affiliates may receive as a result of their relationship with Fund 1. In this regard, the Independent Board Members recognized that Nuveen would be retaining additional advisory fees from its relationship with Fund 1 because one of the three then-existing sub-advisers of Fund 1 was unaffiliated with the Adviser whereas both the new Sub-Advisers were affiliates of the Adviser.

In addition to the above, the Independent Board Members considered whether the Sub-Advisers would receive any benefits from soft dollar arrangements whereby a portion of the commissions paid by Fund 1 for brokerage may be used to acquire research that may be useful to a Sub-Adviser in managing the assets of such Fund and other clients. With respect to NAM, the Independent Board Members noted that NAM has the authority to pay a higher commission in return for brokerage and research services if NAM determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided. Similarly, with respect to NWQ, the Independent Board Members considered that such Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute Fund 1's portfolio transactions. The Board also recognized that affiliates of the Sub-Advisers may receive revenues for serving as agent at Nuveen's trading desk and as co-manager in initial public offerings of new closed-end funds.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Sub-Adviser and its affiliates as a result of their relationship with Fund 1 were reasonable and within acceptable parameters.

F. Approval

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of the Sub-Advisory Agreements were fair and reasonable, that the respective Sub-Adviser's fees were reasonable in light of the services to be provided to Fund 1 and that the Sub-Advisory Agreements should be and were approved. Accordingly, the Board recommended that shareholders approve the Sub-Advisory Agreements.

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Reinvest Automatically
Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.

By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each quarter you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid

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Reinvest Automatically
Easily and Conveniently (continued)

by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your financial advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

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Glossary of Terms
Used in this Report

•  Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

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

•  Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund's market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.

•  Collateralized Debt Obligations (CDOs): Collateralized debt obligations are a type of asset-backed security constructed from a portfolio of fixed-income assets. CDOs usually are divided into different tranches having different ratings and paying different interest rates. Losses, if any, are applied in reverse order of seniority and so junior tranches generally offer higher coupons to compensate for added default risk.

•  Comparative Benchmark: A blended return consisting of: 1) 27.5% of the Merrill Lynch Preferred Stock Hybrid Securities Index, an unmanaged index of investment-grade, exchange traded preferred issues with outstanding market values of at least $100 million and at least one year to maturity; 2) 22.5% of the Barclays Capital Tier 1 Capital Securities Index, an unmanaged index that includes securities that can generally be viewed as hybrid fixed-income securities that either receive regulatory capital treatment or a degree of "equity credit" from a rating agency; 3) 10.0% of the Russell 3000 Index, which measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market; 4) 10.0% of the MSCI EAFE Index, a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada; 5) 10.0% of the MSCI AC World Index, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets; 6) 6.7% of the Merrill Lynch All U.S. Convertibles Index consisting of approximately 595 securities with a par value greater than $50

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Glossary of Terms
Used in this Report (continued)

million that were issued by U.S. companies or non-U.S. based issuers that have a significant business presence in the U.S.; 7) 6.7% of the CSFB High Yield Index, which includes approximately $515 billion of U.S.$-denominated high yield debt with a minimum of $75 million in par value and at least one rating below investment-grade; and 8) 6.6% of the CSFB Leverage Loan Index, which includes approximately $611 billion of U.S.$-denominated Leveraged Loans at least one rating below investment-grade. Benchmark returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in this benchmark.

•  Current Distribution Rate: 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 tax return of capital.

•  Effective Leverage: Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative investments in the Fund's portfolio.

•  Leverage: Using borrowed money to invest in securities or other assets.

•  Net Asset Value (NAV): The net market value of all securities held in a portfolio.

•  Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund's total assets (securities, cash, and accrued earnings), subtracting the Fund's liabilities, and dividing by the number of shares outstanding.

•  Regulatory Leverage: Regulatory Leverage consists of preferred shares or debt issued by the Fund. Both of these are part of the Fund's capital structure. Regulatory leverage is sometimes referred to as "'40 Act Leverage" and is subject to asset coverage limits set in the Investment Company Act of 1940.

•  S&P 500 Index: An unmanaged index generally considered representative of the U.S. stock market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees. It is not possible to invest directly in an index.

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Additional Fund Information

Board of Trustees

John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth

Fund Manager

Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606

Custodian

State Street Bank & Trust Company
Boston, MA

Transfer Agent and
Shareholder Services

State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

Legal Counsel

Chapman and Cutler LLP
Chicago, IL

Independent Registered
Public Accounting Firm

Ernst & Young LLP
Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

CEO Certification Disclosure

Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Distribution Information

The following federal income tax information is provided with respect to the Funds' distributions paid during the taxable year ended December 31, 2011. The Funds hereby designate their amounts, (or the maximum amount eligible), as dividends qualifying for the 70% dividends received deduction (DRD) for corporations and their amounts, (or the maximum amount eligible), as qualified dividend income (QDI) for individuals under Section 1(h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

Fund				% of DRD				% of QDI
JPC					12.07	%			33.33	%
JQC					11.18	%			33.91	%

 

Common Share Information

Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

Fund				Common Shares Repurchased
JPC					601,037
JQC					895,697

 

Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

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Nuveen Investments:
Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $220 billion as of December 31, 2011.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com/cef

_EAN-F-1211D

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