Closed-End Funds

Nuveen Investments

Closed-End Funds

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

Annual Report

December 31, 2010

Nuveen Multi-Strategy Income and Growth Fund

JPC

Nuveen Multi-Strategy Income and Growth Fund 2

JQC

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INVESTMENT ADVISER NAME CHANGE

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

NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS

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

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

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

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Table of Contents

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

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Chairman's
Letter to Shareholders

Dear Shareholders,

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

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

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

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

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner
Chairman of the Board and Lead Independent Director
February 22, 2011

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Portfolio Managers' Comments

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In the core domestic and international equity portion of each Fund's portfolio that is managed by Symphony, we used both quantitative and qualitative methods to evaluate opportunities. The quantitative screening process served as the starting point for decision-making, with the qualitative process then providing a systematic way of researching companies from a broad perspective, as fundamental analysts actively sought catalysts that we believed would drive upside price movements. Symphony uses a "bottom-up" approach to stock picking, seeking to maximize return per unit of risk while obeying limits on position size, industry weights, beta, and other portfolio constraints. Quantitative tools provide the risk diagnostic measurements which guide these limits and keep forecasted risk within acceptable tolerances. The overall result is an investment process which is disciplined, repeatable, and what we think blends the most effective elements of both quantitative and qualitative investing.

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

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

How did the Funds perform over the reporting period?

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

Average Annual Total Return on Common Share Net Asset Value

For periods ended 12/31/10

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

 

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

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

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

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

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

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

In the global equity sleeve of the Funds managed by Tradewinds, each Fund's top long equity performer was a position in NovaGold Resources Incorporated, a member of the materials sector. In early January 2009, the Funds participated in a private placement of NovaGold Resources Incorporated units, which consisted of both equity shares and warrants to purchase additional equity shares at a price of $1.50 USD. NovaGold, a junior gold company, which focuses on gold exploration, development, and mining, benefited as the price of gold reached over $1,400 per ounce during 2010. The company's common equity share price appreciated more than 200% during the calendar year.

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

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

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

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

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

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

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IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the return of the Funds relative to the comparative indexes was the Funds' use of financial leverage through the use of bank borrowings. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of the Funds over this reporting period.

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

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

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

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

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

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Common Share Distribution
and Share Price Information

The following information regarding your Fund's distributions is current as of December 31, 2010, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

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

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

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

Important points to understand about the managed distribution program are:

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

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

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

•  net investment income (regular interest and dividends),

•  realized capital gains, and

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

•  A non-taxable distribution is a payment of a portion of a Fund's capital. When a Fund's returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when a Fund's returns fall short of distributions, the shortfall will represent a portion of your original principal, unless the shortfall

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is offset during other time periods over the life of your investment (previous or subsequent) when a Fund's total return exceeds distributions.

•  Because distribution source estimates are updated during the year based on a Fund's performance and forecast for its current fiscal year (which is the calendar year for each Fund), estimates on the nature of your distributions provided at the time distributions are paid may differ from both the tax information reported to you in your Fund's IRS Form 1099 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment.

The following table provides information regarding each Fund's common share distributions and total return performance for the twelve months ended December 31, 2010. This information is intended to help you better understand whether the Fund's returns for the specified time period were sufficient to meet each Fund's distributions.

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

 

Common Share Repurchases and Share Price Information

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

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

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

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

 

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

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

Nuveen Investments
15

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Fund Snapshot

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

 

Average Annual Total Return

(Inception 3/26/03)

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

 

Portfolio Composition

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

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

 

Country Allocation

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

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

 

Top Five Issuers

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

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

JPC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund

  as of December 31, 2010

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

2009-2010 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

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

2 Excluding common stocks sold short and investments in derivatives.

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

4 Holdings are subject to change.

5 Rounds to less than 0.1%.

Nuveen Investments
16

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JQC

Performance

OVERVIEW

Nuveen Multi-Strategy Income and Growth Fund 2

  as of December 31, 2010

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

2009-2010 Distributions Per Common Share

Common Share Price Performance — Weekly Closing Price

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

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

2 Excluding common stocks sold short and investments in derivatives.

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

4 Holdings are subject to change.

5 Rounds to less than 0.1%.

Fund Snapshot

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

 

Average Annual Total Return

(Inception 6/25/03)

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

 

Portfolio Composition

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

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

 

Country Allocation

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

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

 

Top Five Issuers

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

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

Nuveen Investments
17

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Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Multi-Strategy Income and Growth Fund and Nuveen Multi-Strategy Income and Growth Fund 2 (the "Funds") as of December 31, 2010, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian, selling or agent banks and brokers or by other appropriate auditing procedures where replies from selling or agent banks or brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Multi-Strategy Income and Growth Fund and Nuveen Multi-Strategy Income and Growth Fund 2 at December 31, 2010, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois
February 25, 2011

Nuveen Investments
18

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JPC

Nuveen Multi-Strategy Income and Growth Fund

Portfolio of INVESTMENTS

  December 31, 2010

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

 

Nuveen Investments
19

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

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

 

Nuveen Investments
20

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

 

Nuveen Investments
21

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

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

 

Nuveen Investments
22

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

 

Nuveen Investments
23

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

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

 

Nuveen Investments
24

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

 

Nuveen Investments
25

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

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

 

Nuveen Investments
26

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

 

Nuveen Investments
27

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

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

 

Nuveen Investments
28

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

 

Nuveen Investments
29

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

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

 

Nuveen Investments
30

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

 

Nuveen Investments
31

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

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

 

Nuveen Investments
32

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Communications Equipment – 0.3%
$	1,969			Avaya, Inc., Term Loan					3.034	%		10/24/14				B1				$	1,866,230
	867			Intelsat, Term Loan, WI/DD				TBD				TBD				B1					876,259
	2,836			Total Communications Equipment																	2,742,489
				Containers & Packaging – 0.1%
	150			Reynolds Group Holdings, Inc., Term Loan A					6.250	%		8/06/15				Ba3					150,581
	900			Reynolds Group Holdings, Inc., Term Loan D					6.500	%		5/05/16				Ba3					909,997
	1,050			Total Containers & Packaging																	1,060,578
				Diversified Consumer Services – 0.1%
	958			Cengage Learning Acquisitions, Inc., Term Loan					2.550	%		7/03/14				B+					903,257
				Diversified Financial Services – 0.1%
	1,036			Pinafore LLC, Term Loan					6.250	%		9/29/16				BB					1,051,769
				Electric Utilities – 0.2%
	141			Calpine Corporation, DIP Term Loan					3.145	%		3/29/14				B+					140,934
	968			TXU Corporation, Term Loan B2					3.764	%		10/10/14				B2					749,427
	1,335			TXU Corporation, Term Loan B3					3.764	%		10/10/14				B2					1,032,504
	2,444			Total Electric Utilities																	1,922,865
				Electrical Equipment – 0.0%
	231			Allison Transmission Holdings, Inc., Term Loan					3.027	%		8/07/14				B					225,903
				Food Products – 0.2%
	180			Darling International, Inc., Term Loan					5.000	%		12/17/16				BB+					181,800
	900			NBTY, Inc., Term Loan					6.250	%		10/01/17				BB-					913,872
	998			Pierre Foods, Inc., Term Loan					7.001	%		9/30/16				B+					994,590
	2,078			Total Food Products																	2,090,262
				Health Care Providers & Services – 0.5%
	44			Community Health Systems, Inc., Delayed Term Loan					2.544	%		7/25/14				BB					42,712
	441			Community Health Systems, Inc., Extended Term Loan					3.794	%		1/25/17				BB					440,327
	879			Community Health Systems, Inc., Term Loan					2.544	%		7/25/14				BB					858,511
	750			HCA, Inc., Tranche B1, Term Loan					2.553	%		11/18/13				BB					743,625
	181			IASIS Healthcare LLC, Delayed Term Loan					2.261	%		3/14/14				Ba2					177,230
	49			IASIS Healthcare LLC, Letter of Credit					2.261	%		3/14/14				Ba2					48,473
	523			IASIS Healthcare LLC, Term Loan					2.261	%		3/14/14				Ba2					512,042
	981			Select Medical Corporation, Term Loan B2					2.284	%		2/24/12				Ba2					973,984
	585			Select Medical Corporation, Term Loan					2.284	%		2/24/12				Ba2					578,911
	4,433			Total Health Care Providers & Services																	4,375,815
				Hotels, Restaurants & Leisure – 0.7%
	1,350			Burger King Corporation, Term Loan B					6.250	%		10/19/16				BB-					1,371,335
	1,424			CCM Merger, Inc., Term Loan B					8.500	%		7/13/12				BB-					1,428,446
	507			Harrah's Operating Company, Inc., Term Loan B2					3.288	%		1/28/15				B					460,042
	134			Travelport LLC, Letter of Credit					4.803	%		8/21/15				Ba3					127,398
	669			Travelport LLC, Term Loan					4.963	%		8/21/15				Ba2					634,924
	509			Venetian Casino Resort LLC, Delayed Term Loan					3.030	%		11/23/16				B1					490,926
	1,758			Venetian Casino Resort LLC, Tranche B, Term Loan					3.030	%		11/23/16				B1					1,694,667
	6,351			Total Hotels, Restaurants & Leisure																	6,207,738
				IT Services – 0.5%
	731			First Data Corporation, Term Loan B1					3.011	%		9/24/14				B+					675,807
	483			Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan					4.020	%		7/28/12				B+					462,559
	819			Infor Global Solutions Intermediate Holdings, Ltd., Extended Delayed Draw Term Loan					6.020	%		7/28/15				B+					782,857
	476			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, First Lien					4.020	%		7/28/12				B+					456,134

 

Nuveen Investments
33

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				IT Services (continued)
$	1,569			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan					6.020	%		7/28/15				B+				$	1,502,858
	768			SunGard Data Systems, Inc., Term Loan B					2.013	%		2/28/14				BB					750,779
	4,846			Total IT Services																	4,630,994
				Leisure Equipment & Products – 0.1%
	480			Cedar Fair LP, Term Loan					5.500	%		12/15/16				Ba2					485,371
	380			Herbst Gaming, Inc., Delayed Term Loan					0.000	%		12/02/11				N/R					231,189
	437			Herbst Gaming, Inc., Term Loan					0.000	%		12/02/11				N/R					266,080
	1,297			Total Leisure Equipment & Products																	982,640
				Media – 1.4%
	558			Cequel Communications LLC, Term Loan B					2.270	%		11/05/13				BB-					553,584
	2,940			Charter Communications Operating Holdings LLC, Term Loan C					3.560	%		9/06/16				BB+					2,907,428
	474			Citadel Broadcasting Corporation, Term Loan, (7)					4.250	%		12/30/16				Baa3					475,945
	657			Gray Television, Inc., Term Loan B					3.789	%		12/31/14				B					644,013
	33			Nielsen Finance LLC, Term Loan A					2.264	%		8/09/13				BB-					32,856
	1,231			Nielsen Finance LLC, Term Loan B					4.014	%		5/02/16				BB-					1,226,766
	545			Nielsen Finance LLC, Term Loan C					4.014	%		5/02/16				BB-					540,904
	347			SuperMedia, Term Loan					0.000	%		12/31/15				B-					238,867
	1,425			Tribune Company, Term Loan B, (8), (9)					0.000	%		6/04/14				Ca					990,884
	5,328			Univision Communications, Inc., Term Loan					4.511	%		3/31/17				B					5,074,847
	13,538			Total Media																	12,686,094
				Metals & Mining – 0.2%
	1,294			John Maneely Company, Term Loan					3.539	%		12/09/13				B					1,272,673
	1,000			Novelis, Inc., Term Loan					5.250	%		12/15/16				Ba2					1,014,375
	2,294			Total Metals & Mining																	2,287,048
				Oil, Gas & Consumable Fuels – 0.2%
	1,945			CCS Income Trust, Term Loan					3.288	%		11/14/14				B					1,752,807
				Pharmaceuticals – 0.2%
	1,000			Royalty Pharma Finance Trust, Unsecured Term Loan					7.750	%		5/15/15				Baa3					1,040,000
	609			Warner Chilcott Corporation, Term Loan B3					6.500	%		2/22/16				BB					615,373
	1,609			Total Pharmaceuticals																	1,655,373
				Real Estate Management & Development – 0.3%
	1,207			LNR Property Corporation, Term Loan B					3.770	%		7/12/11				B2					1,193,807
	1,622			Realogy Corporation, Delayed Term Loan					3.284	%		10/10/13				B1					1,525,191
	2,829			Total Real Estate Management & Development																	2,718,998
				Road & Rail – 0.2%
	995			Hertz Corporation, Term Loan					2.020	%		12/21/12				Ba1					989,341
	1,203			Swift Transportation Company, Inc., Term Loan, WI/DD				TBD				TBD				BB-					1,206,283
	2,198			Total Road & Rail																	2,195,624
				Specialty Retail – 0.6%
	1,154			Toys "R" Us – Delaware, Inc., Term Loan					6.000	%		9/01/16				BB-					1,166,247
	2,360			Burlington Coat Factory Warehouse Corporation, Term Loan					2.530	%		5/28/13				B-					2,330,418
	862			Michaels Stores, Inc., Term Loan B1					2.563	%		10/31/13				B+					841,409
	1,161			Michaels Stores, Inc., Term Loan B2					4.813	%		7/31/16				B+					1,162,327
	5,537			Total Specialty Retail																	5,500,401
				Wireless Telecommunication Services – 0.2%
	2,000			Clear Channel Communications, Inc., Tranche B, Term Loan					3.911	%		11/13/15				CCC+					1,719,641
$	63,419			Total Variable Rate Senior Loan Interests (cost $60,382,824)																	60,590,044

 

Nuveen Investments
34

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Convertible Bonds – 10.4% (8.0% of Total Investments)
				Aerospace & Defense – 0.1%
$	350			Alliant Techsystems Inc., Convertible Bonds					2.750	%		9/15/11				BB-				$	358,313
	900			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+					906,750
	1,250			Total Aerospace & Defense																	1,265,063
				Auto Components – 0.1%
	400			BorgWarner Inc.					3.500	%		4/15/12				BBB					896,500
				Beverages – 0.0%
	250			Molson Coors Brewing Company, Convertible Notes					2.500	%		7/30/13				BBB-					290,625
				Biotechnology – 0.3%
	2,150			Amgen Inc.					0.375	%		2/01/13				A+					2,160,750
	400			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B-					576,500
	2,550			Total Biotechnology																	2,737,250
				Capital Markets – 0.1%
	450			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB-					500,625
				Commercial Banks – 0.2%
	1,790			National City Corporation, Convertible Bond					4.000	%		2/01/11				A					1,801,188
	300			SVB Financial Group, Convertible Bond, 144A					3.875	%		4/15/11				A3					324,750
	2,090			Total Commercial Banks																	2,125,938
				Commercial Services & Supplies – 0.0%
	300			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3					358,500
				Communications Equipment – 0.8%
	400			Ciena Corporation, Convertible Bond					0.250	%		5/01/13				B					368,000
	700			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B					577,500
	350			CommScope Inc.					3.250	%		7/01/15				B					456,750
	650			Liberty Media Corporation, Senior Debentures, Exchangeable for Motorola Common Stock					3.500	%		1/15/31				BB-					355,063
	5,525			Lucent Technologies Inc., Series B					2.875	%		6/15/25				B1					5,241,844
	7,625			Total Communications Equipment																	6,999,157
				Computers & Peripherals – 0.7%
	1,000			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/11				A-					1,451,250
	600			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A-					906,750
	350			EMC Corporation, Convertible Bonds					1.750	%		12/01/11				A-					507,938
	750			EMC Corporation, Convertible Bonds					1.750	%		12/01/13				A-					1,133,438
	1,400			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				BB-					1,354,500
	550			Sandisk Corporation, Convertible Bond					1.500	%		8/15/17				BB-					623,563
	4,650			Total Computers & Peripherals																	5,977,439
				Construction & Engineering – 0.1%
	200			Fluor Corporation, Convertible Bonds					1.500	%		2/15/24				A3					477,000
				Diversified Consumer Services – 0.0%
	250			Sotheby's Holdings Inc., Convertible Bond					3.125	%		6/15/13				BB-					362,813
				Diversified Financial Services – 0.1%
	600			NASDAQ Stock Market Inc., Convertible Bond					2.500	%		8/15/13				BBB					597,000
	350			PHH Corporation					4.000	%		4/15/12				Ba2					431,375
	950			Total Diversified Financial Services																	1,028,375
				Diversified Telecommunication Services – 0.0%
	350			Time Warner Telecom Inc., Convertible Bond					2.375	%		4/01/26				B-					387,188

 

Nuveen Investments
35

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Electrical Equipment – 0.1%
$	487			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				Ba3				$	483,956
	323			General Cable Corporation, Convertible Bonds					4.500	%		11/15/29				B					385,581
	350			Roper Industries Inc.					0.000	%		1/15/34				BB+					335,563
	1,160			Total Electrical Equipment																	1,205,100
				Electronic Equipment & Instruments – 0.1%
	450			Anixter International Inc., Convertible Bond					0.000	%		7/07/33				B+					432,563
	350			Itron Inc.					2.500	%		8/01/26				B					370,125
	450			Tech Data Corporation, Convertible Bonds					2.750	%		12/15/26				BBB-					470,813
	1,250			Total Electronic Equipment & Instruments																	1,273,501
				Energy Equipment & Services – 1.0%
	1,280			Bristow Group Convertible Bond					3.000	%		6/15/38				BB					1,289,600
	546			Cameron International Corporation, Convertible Bonds					2.500	%		6/15/26				BBB+					795,795
	350			Exterran Holdings Inc., Convertible Bond					4.250	%		6/15/14				B+					436,625
	350			Hornbeck Offshore Services Inc., Convertible Bonds					1.625	%		11/15/26				B+					320,688
	800			Nabors Industries Inc., 144A					0.940	%		5/15/11				BBB					799,000
	950			Nabors Industries Inc.					0.940	%		5/15/11				BBB					948,813
	500			SESI LLC, Convertible Bond, 144A					1.500	%		12/15/26				BB+					511,875
	3,950			Transocean Inc.					1.500	%		12/15/37				BBB					3,876,375
	8,726			Total Energy Equipment & Services																	8,978,771
				Food Products – 0.2%
	250			Archer Daniels Midland Company, Convertible Bonds, 144A					0.875	%		2/15/14				A					256,563
	750			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					769,688
	300			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B					292,125
	350			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				B-					409,938
	250			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB+					307,813
	1,900			Total Food Products																	2,036,127
				Health Care Equipment & Supplies – 0.7%
	250			Alere Inc., Convertible Bond					3.000	%		5/15/16				B-					265,938
	250			American Medical Systems Holdings, Convertible Bond					4.000	%		9/15/41				BB-					306,250
	100			Beckman Coulter Inc., Convertible Bonds, 144A					2.500	%		12/15/36				BBB					114,625
	500			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					573,125
	250			Fisher Scientific International Inc.					3.250	%		3/01/24				BBB+					350,313
	1,050			Hologic Inc. Convertible Bond					2.000	%		12/15/37				BB+					1,102,500
	600			Kinetic Concepts Inc., Convertible Bond, 144A					3.250	%		4/15/15				BB-					633,750
	1,216			Medtronic, Inc.					1.500	%		4/15/11				AA-					1,222,080
	2,000			Medtronic, Inc.					1.625	%		4/15/13				AA-					2,022,500
	6,216			Total Health Care Equipment & Supplies																	6,591,081
				Health Care Providers & Services – 0.3%
	400			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				BB					467,000
	300			LifePoint Hospitals, Inc., Convertible Bond					3.250	%		8/15/25				B					301,125
	600			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					608,250
	945			Omnicare, Inc.					3.250	%		12/15/35				B+					871,763
	250			PSS World Medical Inc. Convertible Note, 144A					3.125	%		8/01/14				BB					308,750
	2,495			Total Health Care Providers & Services																	2,556,888
				Hotels, Restaurants & Leisure – 0.2%
	250			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.500	%		10/15/29				BB+					353,438
	800			International Game Technology					3.250	%		5/01/14				BBB					927,000
	250			Wyndham Worldwide Corporation, Convertible Bond					3.500	%		5/01/12				BBB-					603,750
	1,300			Total Hotels, Restaurants & Leisure																	1,884,188

 

Nuveen Investments
36

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Household Durables – 0.1%
$	400			D.R. Horton, Inc.					2.000	%		5/15/14				BB-				$	454,000
	500			Lennar Corporation, 144A					2.750	%		12/15/20				B+					548,750
	250			Lennar Corporation					2.000	%		12/01/20				B+					249,063
	1,150			Total Household Durables																	1,251,813
				Independent Power Producers & Energy Traders – 0.1%
	300			Allegheny Technologies Inc., Convertible Bond					4.250	%		6/01/14				BBB-					454,125
				Industrial Conglomerates – 0.1%
	500			Textron Inc.					4.500	%		5/01/13				BBB-					952,500
				Insurance – 0.0%
	300			Old Republic International Corporation					8.000	%		5/15/12				BBB+					382,500
				Internet & Catalog Retail – 0.0%
	250			Priceline.com Inc., Convertible Bond					1.250	%		3/15/15				BBB-					368,125
				Internet Software & Services – 0.1%
	500			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B-					503,125
	450			Equinix Inc.					4.750	%		6/15/16				B-					555,188
	950			Total Internet Software & Services																	1,058,313
				IT Services – 0.1%
	150			Macrovision Corporation, Convertible Bonds					2.625	%		8/15/11				BB-					332,813
	250			Verifone Holdings Inc.					1.375	%		6/15/12				B					270,938
	400			Total IT Services																	603,751
				Life Sciences Tools & Services – 0.1%
	400			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					402,000
	300			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BBB					363,750
	700			Total Life Sciences Tools & Services																	765,750
				Machinery – 0.3%
	600			Danaher Corporation, Convertible Bonds					0.000	%		1/22/21				A+					825,000
	250			Ingersoll Rand					4.500	%		4/15/12				BBB+					664,375
	500			Navistar International Corporation, Convertible Bond					3.000	%		10/15/14				B1					670,000
	200			Terex Corporation					4.000	%		6/01/15				B					409,250
	1,550			Total Machinery																	2,568,625
				Media – 0.3%
	600			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				BB					671,250
	500			Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1					4.000	%		11/15/29				BB-					287,500
	1,000			Liberty Media Corporation					3.125	%		3/30/23				BB-					1,126,250
	750			Omnicom Group Inc., Convertible Bond					0.000	%		7/01/38				BBB+					797,813
	2,850			Total Media																	2,882,813
				Metals & Mining – 0.6%
	350			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				Baa3					867,563
	2,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					1,407,500
	150			Newmont Mining Corp., Senior Convertible Note					1.625	%		7/15/17				BBB+					218,813
	450			Newmont Mining Corporation, 144A					1.625	%		7/15/17				BBB+					656,438
	250			Newmont Mining Corporation					3.000	%		2/15/12				BBB+					349,063
	600			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					863,250
	250			Steel Dynamics, Inc.					5.125	%		6/15/14				BB+					318,125
	650			United States Steel Corporation					4.000	%		5/15/14				BB					1,264,250
	4,700			Total Metals & Mining																	5,945,002

 

Nuveen Investments
37

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Multiline Retail – 0.0%
$	350			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				B+				$	364,438
				Multi-Utilities – 0.1%
	500			CMS Energy Corporation, Convertible Bonds					2.875	%		12/01/24				BB+					726,875
				Oil, Gas & Consumable Fuels – 0.7%
	400			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				BB					537,000
	450			Chesapeake Energy Corporation, Convertible Bonds					2.750	%		11/15/35				BB					448,875
	750			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB					673,125
	400			Chesapeake Energy Corporation, Convertible Bonds					2.250	%		12/15/38				BB					313,500
	920			Goodrich Petroleum Corporation, Convertible					5.000	%		10/01/29				N/R					900,450
	500			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB-					490,625
	800			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					1,039,000
	300			Penn Virginia Corporation					4.500	%		11/15/12				B					298,500
	500			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BB+					759,375
	1,075			USEC Inc., Convertible Bond					3.000	%		10/01/14				Caa2					972,875
	6,095			Total Oil, Gas & Consumable Fuels																	6,433,325
				Personal Products – 0.0%
	250			RadioShack Corporation, Convertible Bond					2.500	%		8/01/13				Ba1					267,813
				Pharmaceuticals – 0.5%
	600			Allergan Inc., Convertible Bond					1.500	%		4/01/26				A+					681,000
	600			Mylan Labs, Inc., Convertible Bonds, 144A					3.750	%		9/15/15				BB-					1,039,500
	550			Mylan Labs, Inc., Convertible Bonds					1.250	%		3/15/12				BB-					585,063
	950			Teva Pharmaceutical Finance Company B.V., Series D					1.750	%		2/01/26				A-					1,046,188
	350			Teva Pharmaceutical Finance Company LLC, Convertible Bonds					0.250	%		2/01/26				A-					412,563
	175			Valeant Pharmaceuticals International Convertible Bond					4.000	%		11/15/13				B					392,875
	3,225			Total Pharmaceuticals																	4,157,189
				Real Estate – 0.8%
	950			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A-					1,015,313
	850			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A-					867,000
	300			Duke Realty Corporation, Series D, 144A					3.750	%		12/01/11				BBB-					305,250
	450			ERP Operating LP					3.850	%		8/15/26				BBB+					472,500
	200			Health Care REIT, Inc., Convertible Bonds					4.750	%		12/01/26				Baa2					222,750
	200			Health Care REIT, Inc., Convertible Bonds					4.750	%		7/15/27				Baa2					222,250
	850			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.625	%		4/15/27				BB+					845,750
	450			Host Marriot LP, Convertible Bonds, 144A					3.250	%		4/15/24				BB+					528,750
	450			National Retail Properties Inc., Convertible Bonds					5.125	%		6/15/28				Baa2					524,250
	250			Prologis Trust, Convertible Bonds, 144A					2.250	%		4/01/37				BBB-					249,374
	1,000			Prologis Trust, Convertible Bonds					2.250	%		4/01/37				BBB-					997,499
	250			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB					277,499
	200			Ventas Inc., Convertible Bond, 144A					3.875	%		11/15/11				BBB-					249,249
	800			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					890,999
	7,200			Total Real Estate																	7,668,433
				Semiconductors & Equipment – 1.0%
	2,237			Advanced Micro Devices, Inc., Convertible Bonds, 144A					6.000	%		5/01/15				B+					2,264,962
	637			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B+					656,109
	1,000			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A-					1,001,249
	1,850			Intel Corporation, Convertible Bond					3.250	%		8/01/39				A2					2,226,937
	1,350			Micron Technology, Inc.					1.875	%		6/01/14				B+					1,282,499
	750			ON Semiconductor Corporation					2.625	%		12/15/26				B+					882,187
	300			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					313,499
	350			Xilinx Inc., Convertible Bond					3.125	%		3/15/37				BB					365,749
	8,474			Total Semiconductors & Equipment																	8,993,191

 

Nuveen Investments
38

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Software – 0.2%
$	700			Microsoft Corporation, Convertible Bond, 144A					0.000	%		6/15/13				AAA				$	755,124
	300			Nuance Communications Inc.					2.750	%		8/15/27				B-					353,624
	550			Symantec Corporation, Convertible Bond					1.000	%		6/15/13				BBB					627,687
	1,550			Total Software																	1,736,435
				Specialty Retail – 0.1%
	500			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					531,874
				Textiles, Apparel & Luxury Goods – 0.0%
	336			Iconix Brand Group, Inc., Convertible Notes, 144A					1.875	%		6/30/12				B+					339,359
				Trading Companies & Distributors – 0.1%
	290			WESCO International Inc., Convertible Bond					6.000	%		9/15/29				B					599,574
				Wireless Telecommunication Services – 0.0%
	500			Liberty Media Corporation, Convertible Bonds					3.750	%		2/15/30				BB-					277,499
$	87,282			Total Convertible Bonds (cost $86,078,767)																	97,261,451
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Corporate Bonds – 12.1% (9.4% of Total Investments)
				Aerospace & Defense – 0.2%
$	400			Bombardier Inc., Class B Shares, 144A					7.500	%		3/15/18				BB+				$	431,000
	800			Hawker Beechcraft Acquisition Company					8.500	%		4/01/15				CCC-					598,000
	1,000			Hexcel Corporation, Term Loan					6.750	%		2/01/15				B+					1,025,000
	2,200			Total Aerospace & Defense																	2,054,000
				Airlines – 0.1%
	600			Continental Airlines, Inc, 144A					6.750	%		9/15/15				Ba2					621,000
	600			United Airlines Inc, 144A					12.000	%		11/01/13				B3					664,500
	1,200			Total Airlines																	1,285,500
				Auto Components – 0.2%
	800			Cooper Standard Automitve					8.500	%		5/01/18				B+					852,000
	1,200			Titan Wheels International Inc., 144A					7.875	%		10/01/17				B+					1,272,000
	2,000			Total Auto Components																	2,124,000
				Building Products – 0.0%
	400			Libbey Glass Inc, 144A					10.000	%		2/15/15				B					432,000
				Chemicals – 0.6%
	1,950			Hexion US Finance Corporation					8.875	%		2/01/18				B3					2,093,813
	400			Momentive Performance Materials					9.000	%		1/15/21				Caa1					423,000
	800			NOVA Chemicals Corporation					8.625	%		11/01/19				B+					878,000
	350			Phibro Animal Health Corporation, 144A					9.250	%		7/01/18				B					362,250
	1,400			Rockwood Specialties Group Inc., Series WI					7.500	%		11/15/14				B					1,442,000
	4,900			Total Chemicals																	5,199,063
				Commercial Banks – 0.3%
	200			Ally Financial Inc.					8.000	%		3/15/20				B					219,000
	2,900			LBG Capital I PLC, 144A					7.875	%		11/01/20				BB-					2,653,500
	300			Lloyds Banking Group LBG Capital 1, 144A					8.000	%		6/15/20				B+					264,000
	3,400			Total Commercial Banks																	3,136,500

 

Nuveen Investments
39

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Commercial Services & Supplies – 0.3%
$	800			Avis Budget Car Rental, 144A					8.250	%		1/15/19				B				$	812,000
	300			International Lease Finance Corporation, 144A					8.625	%		9/15/15				BB+					323,250
	1,000			International Lease Finance Corporation, 144A					8.750	%		3/15/17				BB+					1,075,000
	800			Ticketmaster					10.750	%		8/01/16				B1					870,000
	2,900			Total Commercial Services & Supplies																	3,080,250
				Communications Equipment – 0.2%
	350			Avaya Inc.					10.125	%		11/01/15				CCC+					360,500
	800			IntelSat Bermuda Limited					11.250	%		2/04/17				CCC+					876,000
	200			Sungard Data Systems Inc., 144A					7.375	%		11/15/18				B					202,000
	400			Sungard Data Systems Inc., 144A					7.625	%		11/15/20				B					407,000
	1,750			Total Communications Equipment																	1,845,500
				Construction Materials – 0.1%
	1,200			Headwaters Inc.					11.375	%		11/01/14				B+					1,318,500
				Containers & Packaging – 0.2%
	400			Boise Paper Holdings Company					8.000	%		4/01/20				BB					430,000
	1,400			Solo Cup Company					8.500	%		2/15/14				CCC					1,267,000
	1,800			Total Containers & Packaging																	1,697,000
				Diversified Financial Services – 0.7%
	600			Ally Financial Inc.					7.500	%		9/15/20				B					632,250
	650			CIT Group Inc.					7.000	%		5/01/17				B+					653,250
	5,200			Fortis Hybrid Financing					8.250	%		8/27/49				BBB					5,077,800
	6,450			Total Diversified Financial Services																	6,363,300
				Diversified Telecommunication Services – 0.4%
	800			Cequel Communication Holdings I, 144A					8.625	%		11/15/17				B-					840,000
	800			Frontier Communications Corporation					8.500	%		4/15/20				BB					878,000
	200			Insight Communications, 144A					9.375	%		7/15/18				B-					214,000
	800			IntelSat Jackson Holding, 144A					7.250	%		10/15/20				B+					812,000
	800			Windstream Corporation					7.875	%		11/01/17				Ba3					845,000
	3,400			Total Diversified Telecommunication Services																	3,589,000
				Electric Utilities – 0.0%
	400			Calpine Corporation, 144A					7.875	%		7/31/20				B+					407,000
				Electrical Equipment – 0.1%
	600			Energy Future Holdings					10.000	%		1/15/20				B					620,264
				Electronic Equipment & Instruments – 0.1%
	350			Amkor Technology Inc.					7.375	%		5/01/18				BB-					365,750
	800			Kemet Corporation, Convertible Bonds, 144A					10.500	%		5/01/18				B1					864,000
	1,150			Total Electronic Equipment & Instruments																	1,229,750
				Food & Staples Retailing – 0.1%
	800			Stater Brothers Holdings Inc.					7.375	%		11/15/18				B+					824,000
				Food Products – 0.3%
	800			Dole Foods Company, 144A					8.000	%		10/01/16				B+					848,000
	2,243			Dole Foods Company					8.750	%		7/15/13				B-					2,408,421
	3,043			Total Food Products																	3,256,421

 

Nuveen Investments
40

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Health Care Equipment & Supplies – 0.2%
$	1,200			Accellent Inc., 144A					10.000	%		11/01/17				CCC+				$	1,137,000
	500			Biomet Inc.					10.000	%		10/15/17				B-					548,750
	1,700			Total Health Care Equipment & Supplies																	1,685,750
				Health Care Providers & Services – 1.0%
	400			Aurora Diagnostics Holdings LLC, 144A					10.750	%		1/15/18				B3					403,000
	350			Capella Healthcare Inc., 144A					9.250	%		7/01/17				B					371,875
	2,000			Community Health Systems, Inc.					8.875	%		7/15/15				B					2,105,000
	1,000			HCA Inc.					9.250	%		11/15/16				BB-					1,069,375
	1,200			HCA Inc.					8.500	%		4/15/19				BB					1,320,000
	2,750			Select Medical Corporation					7.625	%		2/01/15				B-					2,763,750
	1,200			Select Medical Corporation					6.237	%		9/15/15				CCC+					1,116,000
	8,900			Total Health Care Providers & Services																	9,149,000
				Hotels, Restaurants & Leisure – 0.9%
	800			CCM Merger Inc., 144A					8.000	%		8/01/13				CCC+					782,000
	800			GWR Operating Partnership, 144A					10.875	%		4/01/17				BB-					848,000
	1,550			Harrah's Operating Company, Inc.					11.250	%		6/01/17				B					1,751,500
	600			Landry's Restaurants Inc.					11.625	%		12/01/15				B					643,500
	200			MGM Mirage Inc., 144A					9.000	%		3/15/20				B1					221,000
	400			Peninsula Gaming LLC					8.375	%		8/15/15				BB					422,500
	400			Penn National Gaming Inc.					8.750	%		8/15/19				BB-					443,000
	800			Pinnacle Entertainment Inc.					8.750	%		5/15/20				B					832,000
	1,750			Seminole Hard Rock Entertainment, Inc., 144A					2.803	%		3/15/14				BB					1,610,000
	400			Universal City Development Partners					8.875	%		11/15/15				B3					427,000
	7,700			Total Hotels, Restaurants & Leisure																	7,980,500
				Household Products – 0.1%
	1,150			Central Garden & Pet Company, Senior Subordinate Notes					8.250	%		3/01/18				B					1,170,125
				Independent Power Producers & Energy Traders – 0.1%
	1,000			NRG Energy Inc.					7.375	%		1/15/17				BB-					1,032,500
				Industrial Conglomerates – 0.0%
	200			Reynolds Group, 144A					9.000	%		4/15/19				B					208,250
				Internet Software & Services – 0.1%
	800			Open Solutions Inc., 144A					9.750	%		2/01/15				CCC+					562,000
				IT Services – 0.7%
	500			Fidelity National Information Services Inc., 144A					7.875	%		7/15/20				Ba2					531,250
	400			Fidelity National Information Services Inc.					7.625	%		7/15/17				Ba2					423,000
	1,200			First Data Corporation, 144A					8.875	%		8/15/20				B+					1,272,000
	887			First Data Corporation					10.550	%		9/24/15				B-					844,511
	400			First Data Corporation					9.875	%		9/24/15				B-					383,000
	400			First Data Corporation					11.250	%		3/31/16				CCC+					352,000
	1,359			Global Cash Access LLC					8.750	%		3/15/12				B					1,372,590
	400			ManTech International Company					7.250	%		4/15/18				BB+					420,000
	750			Seagate HDD Cayman					6.875	%		5/01/20				BB+					720,000
	6,296			Total IT Services																	6,318,351
				Machinery – 0.2%
	2,000			Greenbrier Companies, Inc.					8.375	%		5/15/15				CCC					2,035,000
				Media – 0.4%
	400			Allbritton Communications Company, 144A					8.000	%		5/15/18				B					406,000
	300			Cablevision Systems Corporation					7.750	%		4/15/18				B+					315,750
	200			Cablevision Systems Corporation					8.000	%		4/15/20				B+					215,000
	600			Clear Channel Communications, Inc.					5.500	%		9/15/14				CCC-					501,000

 

Nuveen Investments
41

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Media (continued)
$	700			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-				$	630,000
	350			Clear Channel Worldwide Holdings Inc., 144A					9.250	%		12/15/17				B					385,000
	1,975			Medianews Group Inc., (10), (11)					6.375	%		4/01/14				CC					198
	200			NexStar Mission Broadcast, 144A					8.875	%		4/15/17				B					213,500
	600			Nielsen Finance LLC Co					7.750	%		10/15/18				B					624,000
	5,325			Total Media																	3,290,448
				Metals & Mining – 0.2%
	400			Consol Energy Inc., 144A					8.000	%		4/01/17				BB					428,000
	400			Consol Energy Inc., 144A					8.250	%		4/01/20				BB					434,000
	600			Essar Steel Algoma Inc., 144A					9.375	%		3/15/15				B+					606,750
	1,400			Total Metals & Mining																	1,468,750
				Multiline Retail – 0.4%
	2,150			Neiman Marcus Group Inc., Term Loan					9.000	%		10/15/15				B-					2,262,875
	800			Sprectum Brands Inc, 144A					9.500	%		6/15/18				B					880,000
	1,000			Toys R Us Property Company II LLC					8.500	%		12/01/17				Ba1					1,080,000
	3,950			Total Multiline Retail																	4,222,875
				Multi-Utilities – 0.1%
	800			Bon-Ton Department Stores Inc.					10.250	%		3/15/14				CCC+					820,000
				Municipal – 0.0%
	400			Tops Markets					10.125	%		10/15/15				B					413,000
				Oil, Gas & Consumable Fuels – 1.5%
	1,000			Alta Mesa Holdings Finance, 144A					9.625	%		10/15/18				B					976,250
	450			Chaparral Energy Inc.					8.500	%		12/01/15				B+					460,125
	1,650			Chaparral Energy Inc.					8.875	%		2/01/17				B+					1,683,000
	800			Genesis Energy LP, 144A					7.875	%		12/15/18				B+					798,000
	800			Hilcorp Energy I LP/Hilcorp Finance Company, 144A					7.625	%		4/15/21				BB-					830,000
	600			OPTI Canada Inc.					7.875	%		12/15/14				CCC					426,750
	6,700			TranCanada Pipelines Limited					6.350	%		5/15/17				Baa1					6,624,357
	300			Western Refining Inc., 144A					10.750	%		6/15/14				B3					321,000
	700			Western Refining Inc.					11.250	%		6/15/17				B					759,500
	1,000			Whiting Petroleum Corporation					7.000	%		2/01/14				BB					1,055,000
	14,000			Total Oil, Gas & Consumable Fuels																	13,933,982
				Paper & Forest Products – 0.4%
	600			Catalyst Paper Corporation, 144A					11.000	%		12/15/16				B3					568,500
	3,700			MagIndustries Corporation, (11)					11.000	%		12/14/12				N/R					3,657,668
	4,300			Total Paper & Forest Products																	4,226,168
				Personal Products – 0.2%
	1,200			Prestige Brands Inc.					8.250	%		4/01/18				B					1,248,000
	400			Revlon Consumer Products					9.750	%		11/15/15				B					425,000
	1,600			Total Personal Products																	1,673,000
				Pharmaceuticals – 0.3%
	600			Angiotech Pharmaceuticals Inc., (7)					7.750	%		4/01/14				C					300,000
	900			KV Pharmaceutical Company, Convertible Bond					2.500	%		5/16/33				N/R					499,500
	600			Mylan Inc., 144A					7.875	%		7/15/20				BB-					649,500
	1,200			Warner Chilcott Company LLC, 144A					7.750	%		9/15/18				B+					1,218,000
	3,300			Total Pharmaceuticals																	2,667,000
				Real Estate – 0.1%
	800			Entertainment Properties Trust, 144A					7.750	%		7/15/20				Baa3					850,000

 

Nuveen Investments
42

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Road & Rail – 0.1%
$	600			Avis Budget Car Rental					9.625	%		3/15/18				B				$	649,500
				Semiconductors & Equipment – 0.2%
	1,400			Freescale Semiconductor Inc.					9.250	%		4/15/18				B2					1,547,000
	200			NXP BV					3.039	%		10/15/13				B-					197,750
	1,600			Total Semiconductors & Equipment																	1,744,750
				Specialty Retail – 0.3%
	771			Brookstone Company Inc., 144A					13.000	%		10/15/14				CCC+					715,103
	900			Claires Stores, Inc.					9.250	%		6/01/15				CCC+					873,000
	800			Claires Stores, Inc.					10.500	%		6/01/17				CCC					750,000
	200			Express LLC					8.750	%		3/01/18				B					213,500
	2,671			Total Specialty Retail																	2,551,603
				Textiles, Apparel & Luxury Goods – 0.0%
	400			Hanesbrands Inc.					8.000	%		12/15/16				BB-					431,000
				Transportation Infrastructure – 0.1%
	1,200			AWAS Aviation Capital Limited, 144A					7.000	%		10/15/16				BBB-					1,195,500
				Wireless Telecommunication Services – 0.6%
	1,000			Clearwire Communications Finance					12.000	%		12/01/15				B2					1,085,000
	1,500			IPCS, Inc.					2.412	%		5/01/13				Ba2					1,451,250
	2,450			Sprint Nextel Corporation					8.375	%		8/15/17				BB-					2,639,874
	4,950			Total Wireless Telecommunication Services																	5,176,124
$	114,635			Total Corporate Bonds (cost $109,714,448)																	113,917,224
Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Capital Preferred Securities – 25.3% (19.6% of Total Investments)
				Capital Markets – 0.5%
	6,445			Credit Suisse Guernsey					0.976	%		5/15/17				A3				$	4,777,356
				Commercial Banks – 10.3%
	2,155			AgFirst Farm Credit Bank					8.393	%		12/15/11				A					2,214,263
	2,600			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					2,258,844
	2,984			Banco Santander Finance					10.500	%		9/29/49				A-					3,245,989
	1,500			BankAmerica Institutional Capital Trust, Series B, 144A					7.700	%		12/31/26				Baa3					1,511,250
	1,000			BankAmerica Institutional Trust, 144A					8.070	%		12/31/26				Baa3					1,013,750
	2,000			Barclays Bank PLC, 144A					7.434	%		12/15/17				A-					1,975,000
	3,500			Barclays Bank PLC					6.278	%		12/15/34				A-					3,001,250
	800			BB&T Capital Trust I					5.850	%		8/18/35				Baa1					757,106
	4,200			BB&T Capital Trust IV					6.820	%		6/12/37				Baa1					4,158,000
	3,350			BBVA International Unipersonal					5.919	%		4/18/17				A-					2,549,116
	3,135			Credit Agricole, S.A., 144A					8.375	%		10/13/49				A-					3,236,888
	1,836			Credit Agricole, S.A.					9.750	%		12/26/54				A-					1,941,570
	500			Credit Suisse thru Claudius Limited					8.250	%		6/27/49				A3					517,000
	9,000			First Empire Capital Trust I					8.234	%		2/01/27				Baa2					8,965,800
	600			First Union Institutional Capital II					7.850	%		1/01/27				A-					607,856
	3,100			Fulton Capital Trust I					6.290	%		2/01/36				Baa3					2,343,538
	300			HBOS Capital Funding LP, 144A					6.071	%		6/30/14				Ba2					247,500
	1,000			HSBC Bank PLC					0.850	%		6/11/49				A					605,000
	550			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A-					724,625
	900			NB Capital Trust II					7.830	%		12/15/26				Baa3					906,750
	4,200			Nordea Bank AB					8.375	%		3/25/15				A-					4,487,700
	8,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa3					8,100,000
	5,145			Rabobank Nederland, 144A					11.000	%		6/30/19				AA-					6,669,479

 

Nuveen Investments
43

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Commercial Banks (continued)
	600			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R				$	482,257
	11,324			Societe Generale					8.750	%		10/07/49				BBB+					11,663,720
	200			Sovereign Capital Trust VI					7.908	%		6/13/36				BBB+					206,507
	2,000			Sparebanken Rogaland, Notes, 144A					6.443	%		5/01/49				Ba1					1,837,156
	3,300			Standard Chartered PLC, 144A					7.014	%		7/30/37				BBB					3,240,762
	800			Suntrust Capital Trust VIII					6.100	%		12/01/66				Baa3					734,268
	–	(12)		Union Planters Preferred Fund, 144A					7.750	%		7/15/53				B					16,338,469
				Total Commercial Banks																	96,541,413
				Consumer Finance – 0.3%
	1,000			Capital One Capital IV Corporation					6.745	%		2/17/32				Baa3					997,500
	1,700			Capital One Capital VI					8.875	%		5/15/40				Baa3					1,782,875
				Total Consumer Finance																	2,780,375
				Diversified Financial Services – 1.2%
	–	(12)		AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB					18,141
	1,200			Bank One Capital III					8.750	%		9/01/30				A2					1,425,683
	7,500			JPMorgan Chase Capital Trust XX Series T					6.550	%		9/29/36				A2					7,568,198
	2,450			JPMorgan Chase Capital XXV					6.800	%		10/01/37				A2					2,534,060
				Total Diversified Financial Services																	11,546,082
				Diversified Telecommunication Services – 1.1%
	10			Centaur Funding Corporation, Series B					9.080	%		4/21/20				BBB					10,809,568
				Insurance – 11.1%
	2,193			Allstate Corporation					6.125	%		5/15/17				Baa1					2,198,483
	2,600			AXA SA, 144A					6.463	%		12/14/18				Baa1					2,346,500
	1,000			AXA SA, 144A					6.379	%		12/14/36				Baa1					913,750
	3,900			AXA					8.600	%		12/15/30				A3					4,381,030
	15			Axis Capital Holdings Limited					7.500	%		12/01/15				BBB					1,360,213
	5,000			Catlin Insurance Company Limited					7.249	%		1/19/17				BBB+					4,425,000
	9,925			Glen Meadows Pass Through Trust					6.505	%		2/15/17				BB+					8,312,188
	8,000			Great West Life & Annuity Capital I, 144A					6.625	%		11/15/34				A-					7,473,160
	4,500			Liberty Mutual Group, 144A					7.800	%		3/15/37				Baa3					4,477,500
	3,500			Lincoln National Corporation					6.050	%		4/20/17				BBB					3,263,750
	7,300			MetLife Capital Trust IV, 144A					7.875	%		12/15/37				BBB					7,756,250
	400			MetLife Capital Trust X, 144A					9.250	%		4/08/68				BBB					472,000
	7,600			National Financial Services Inc.					6.750	%		5/15/37				Baa2					7,022,020
	1,150			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					1,006,068
	6,400			Oil Insurance Limited, 144A					7.558	%		6/30/11				Baa1					5,928,442
	2,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					2,393,750
	5,600			Progressive Corporation					6.700	%		6/15/67				A2					5,761,498
	10,200			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					11,959,500
	6,200			Prudential PLC					6.500	%		6/29/49				A-					5,812,500
	13,600			XL Capital Ltd					6.500	%		10/15/57				BBB-					11,831,999
	4,700			ZFS Finance USA Trust II 144A					6.450	%		12/15/65				A					4,670,624
				Total Insurance																	103,766,225
				Road & Rail – 0.7%
	6,400			Burlington Northern Santa Fe Funding Trust I					6.613	%		1/15/26				BBB					6,640,396
				U.S. Agency – 0.1%
	1			Farm Credit Bank of Texas					10.000	%		12/15/60				A3					864,249
				Total Capital Preferred Securities (cost $234,394,629)																	237,725,664

 

Nuveen Investments
44

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Shares				Description (1)				Value
				Investment Companies – 1.3% (1.0% 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.					4,833,174
	259,567			John Hancock Preferred Income Fund III					4,150,476
				Total Investment Companies (cost $17,741,875)					12,470,843
Shares				Description (1)				Value
				Rights – 0.0% (0.0% of Total Investments)
				Metals & Mining
	31,200			Ivanhoe Mines Ltd.				$	43,680
				Total Rights (cost $0)					43,680

 

Principal Amount (000)				Description (1)				Coupon								Maturity				Value
				Short-Term Investments – 5.2% (4.0% of Total Investments)
$	27,967			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/10,					0.040	%						1/03/11				$	27,967,175
				repurchase price $27,967,268, collateralized by:
				$630,000 U.S. Treasury Notes, 1.750%, due 7/31/15, value $632,363,
				$27,170,000 U.S. Treasury Notes, 1.250%, due 9/30/15, value $26,422,825, and
				$1,520,000 U.S. Treasury Notes, 1.250%, due 10/31/15, value $1,472,500
	20,402			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/10, repurchase price $20,401,758, collateralized by: $1,195,000 U.S. Treasury Bonds, 4.500%, due 8/15/39, value $1,230,874, $13,505,000 U.S. Treasury Notes, 3.625%, due 8/15/19, value $14,247,775, and $5,210,000 U.S. Treasury Notes, 3.375%, due 11/15/19, value $5,333,738					0.040	%						1/03/11					20,401,690
$	48,369			Total Short-Term Investments (cost $48,368,865)																	48,368,865
				Total Investments (cost $1,153,075,137) – 129.3%																	1,213,748,188

 

Shares				Description (1)				Value
				Common Stocks Sold Short – (0.6)%
				Chemicals – (0.1)%
	(10,500	)		Sigma-Aldrich Corporation				$	(698,880	)
				Food Products – (0.0)%
	(9,000	)		Green Mountain Coffee Roasters Inc., (2)					(295,740	)
				Hotels, Restaurants & Leisure – (0.2)%
	(2,000	)		Chipotle Mexican Grill Inc., (2)					(425,320	)
	(12,800	)		P.F. Changs China Bistro, Inc.					(620,288	)
	(6,700	)		Panera Bread Company, (2)					(678,107	)
				Total Hotels, Restaurants & Leisure					(1,723,715	)
				Household Products – (0.0)%
	(5,300	)		Reckitt Benckiser Group PLC					(291,279	)
				Internet & Catalog Retail – (0.1)%
	(2,800	)		Amazon.com, Inc., (2)					(504,000	)
	(1,600	)		NetFlix.com Inc., (2)					(281,120	)
				Total Internet & Catalog Retail					(785,120	)
				Software – (0.0)%
	(2,600	)		Salesforce.com, Inc., (2)					(343,200	)

 

Nuveen Investments
45

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JPC

Nuveen Multi-Strategy Income and Growth Fund (continued)

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Specialty Retail – (0.2)%
	(8,800	)		Tiffany & Co				$	(547,976	)
	(17,000	)		Urban Outfitters, Inc., (2)					(608,770	)
				Total Specialty Retail					(1,156,746	)
				Total Common Stocks Sold Short (proceeds $4,065,551)					(5,294,680	)
				Borrowings – (28.7)% (13), (14)					(270,000,000	)
				Other Assets Less Liabilities – (0.0)% (17)					390,248
				Net Assets Applicable to Common Shares – 100%				$	938,843,756

 

Investments in Derivatives

Put Options Purchased outstanding at December 31, 2010:

Number of Contracts				Type				Notional Amount (15)				Expiration Date				Strike Price				Value
	71			Autozone Inc.				$	1,420,000			1/21/12				$	200.0			$	38,695
	71			Total Put Options Purchased (premiums paid $158,961)				$	1,420,000											$	38,695

 

Call Options Written outstanding at December 31, 2010:

Number of Contracts				Type				Notional Amount (15)				Expiration Date				Strike Price				Value
	(745	)		Aetna Inc.				$	(2,235,000	)		1/22/11				$	30.0			$	(70,403	)
	(155	)		AngloGold Ashanti Limited					(620,000	)		1/22/11					40.0				(143,375	)
	(386	)		Arch Coal, Inc.					(965,000	)		1/22/11					25.0				(389,860	)
	(210	)		AstraZeneca PLC					(945,000	)		1/22/11					45.0				(35,700	)
	(638	)		Barrick Gold Corporation					(2,552,000	)		1/22/11					40.0				(843,755	)
	(600	)		Cameco Corporation					(2,100,000	)		1/22/11					35.0				(330,000	)
	(588	)		Chesapeake Energy Corporation					(1,470,000	)		1/21/12					25.0				(235,200	)
	(640	)		eBay, Inc.					(1,920,000	)		1/22/11					30.0				(18,880	)
	(312	)		Eli Lilly & Company					(1,092,000	)		1/22/11					35.0				(15,132	)
	(383	)		Eli Lilly & Company					(1,340,500	)		1/21/12					35.0				(86,749	)
	(402	)		Forest Laboratories Inc.					(1,206,000	)		1/22/11					30.0				(87,435	)
	(1,040	)		Gold Fields Limited					(1,300,000	)		1/22/11					12.5				(582,400	)
	(565	)		Gold Fields Limited					(847,500	)		1/22/11					15.0				(177,975	)
	(312	)		Ivanhoe Mines Ltd.					(624,000	)		1/22/11					20.0				(95,160	)
	(1,080	)		Kroger Company					(2,430,000	)		1/21/12					22.5				(232,200	)
	(280	)		Lockheed Martin Corporation					(2,100,000	)		1/22/11					75.0				(1,400	)
	(550	)		Newmont Mining Corporation					(2,750,000	)		1/22/11					50.0				(631,125	)
	(603	)		Nexen Inc.					(1,356,750	)		3/19/11					22.5				(102,510	)
	(1,200	)		Nippon Telegraph & Telephone Corporation					(2,700,000	)		6/18/11					22.5				(153,000	)
	(1,190	)		Nokia Corporation					(1,071,000	)		1/22/11					9.0				(163,030	)
	(1,600	)		Pfizer, Inc.					(2,800,000	)		1/22/11					17.5				(54,400	)
	(354	)		Range Resources Corporation					(1,327,500	)		1/21/12					37.5				(396,480	)
	(1,746	)		Smithfield Foods, Inc.					(3,055,500	)		1/22/11					17.5				(558,720	)
	(846	)		StatoilHydro ASA, ADR					(1,692,000	)		4/16/11					20.0				(346,860	)
	(537	)		Suncor Energy, Inc					(1,611,000	)		1/22/11					30.0				(449,738	)
	(347	)		Tesoro Corporation					(520,500	)		1/22/11					15.0				(124,052	)
	(1,755	)		Tyson Foods, Inc.					(3,510,000	)		1/22/11					20.0				(8,775	)
	(1,112	)		UBS AG					(1,946,000	)		1/22/11					17.5				(11,120	)
	(394	)		Wal-Mart Stores, Inc.					(2,068,500	)		1/22/11					52.5				(68,556	)
	(434	)		Wal-Mart Stores, Inc.					(2,387,000	)		1/22/11					55.0				(12,152	)
	(21,004	)		Total Call Options Written (premiums received $4,856,749)				$	(52,542,750	)										$	(6,426,142	)

 

Nuveen Investments
46

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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 as collateral for call options written during and as of the end of the reporting period.

  (4)  Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investor 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.

  (5)  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.

  (6)  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.

  (7)  The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records.

  (8)  At or subsequent to December 31, 2010, 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)  The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

  (11)  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.

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

  (13)  Borrowings as a percentage of Total Investments is 22.2%.

  (14)  The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of December 31, 2010, investments with a value of $655,610,679 have been pledged as collateral for Borrowings.

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

  (16)  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.

  (17)  Other Assets Less Liabilities includes Value and/or Unrealized Appreciation (Depreciation) of derivative instruments as noted in Investments in Derivatives.

  N/R  Not rated.

  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.

  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.

Nuveen Investments
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JQC

Nuveen Multi-Strategy Income and Growth Fund 2

Portfolio of INVESTMENTS

  December 31, 2010

Shares				Description (1)				Value
				Common Stocks – 35.8% (27.7% of Total Investments)
				Aerospace & Defense – 1.1%
	16,520			Boeing Company				$	1,078,095
	3,235			Esterline Technologies Corporation, (2)					221,889
	151,000			Finmeccanica SPA					1,716,150
	5,065			GeoEye, Inc., (2)					214,705
	3,680			L-3 Communications Holdings, Inc.					259,403
	83,603			Lockheed Martin Corporation, (3)					5,844,686
	4,490			Orbital Sciences Corporation					76,914
	150,200			Thales S.A.					5,255,650
	3,390			United Technologies Corporation					266,861
				Total Aerospace & Defense					14,934,353
				Air Freight & Logistics – 0.1%
	12,340			United Parcel Service, Inc., Class B					895,637
				Airlines – 0.0%
	20,320			Hawaiian Holdings Inc., (2)					159,309
				Auto Components – 0.2%
	10,620			Cooper Tire & Rubber					250,420
	8,300			Goodyear Tire & Rubber Company, (2)					98,355
	45,300			Johnson Controls, Inc.					1,730,460
	8,500			TRW Automotive Holdings Corporation, (2)					447,950
				Total Auto Components					2,527,185
				Automobiles – 0.4%
	94,011			Honda Motor Company Limited					3,722,692
	1,525			Toyota Motor Corporation, Sponsored ADR					119,911
	37,878			Toyota Motor Corporation					1,502,244
				Total Automobiles					5,344,847
				Beverages – 0.7%
	325,953			Coca-Cola Amatil Limited					3,620,559
	32,149			Coca-Cola Femsa SAB de CV					2,650,042
	37,870			Coca-Cola Company					2,490,710
	21,695			Dr. Pepper Snapple Group					762,796
	12,300			Molson Coors Brewing Company, Class B					617,337
				Total Beverages					10,141,444
				Biotechnology – 0.2%
	17,970			Amgen Inc., (2)					986,553
	9,140			Biogen Idec Inc., (2)					612,837
	9,345			BioMarin Pharmaceutical Inc., (2)					251,661
	3,820			Celgene Corporation, (2)					225,915
	7,991			Cubist Pharmaceuticals Inc., (2)					171,007
	9,390			Geron Corporation, (2)					48,546
	21,230			Gilead Sciences, Inc., (2)					769,375
	6,590			Incyte Pharmaceuticals Inc., (2)					109,130

 

Nuveen Investments
48

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Shares				Description (1)				Value
				Biotechnology (continued)
	16,670			Nabi Biopharmaceuticals, (2)				$	96,519
	16,220			PDL Biopahrma Inc.					101,051
				Total Biotechnology					3,372,594
				Building Products – 0.1%
	36,123			Masonite Worldwide Holdings, (2)					1,255,274
				Capital Markets – 0.4%
	4,540			Affiliated Managers Group Inc., (2)					450,459
	4,950			Ameriprise Financial, Inc.					284,873
	4,090			Artio Global Investors Inc.					60,328
	6,370			Calamos Asset Management, Inc. Class A					89,180
	9,150			Invesco LTD					220,149
	22,360			Legg Mason, Inc.					810,997
	6,890			T. Rowe Price Group Inc.					444,681
	66,430			UBS AG					1,090,589
	158,760			UBS AG, (2), (3)					2,614,777
				Total Capital Markets					6,066,033
				Chemicals – 1.0%
	22,110			Celanese Corporation, Series A					910,269
	1,000			CF Industries Holdings, Inc.					135,150
	3,960			Intrepid Potash Inc., (2)					147,668
	117,887			Kuraray Company Limited					1,690,115
	4,460			Minerals Technologies Inc.					291,729
	24,680			Mosaic Company					1,884,565
	39,177			Nitto Denko Corporation					1,845,696
	11,930			Potash Corporation of Saskatchewan					1,853,151
	3,800			PPG Industries, Inc.					319,466
	2,103			Shin-Etsu Chemical Company Limited, ADR, (15)					114,089
	8,210			Solutia Inc., (2)					189,487
	72,873			Umicore					3,790,037
	4,975			Westlake Chemical Corporation					216,263
				Total Chemicals					13,387,685
				Commercial Banks – 2.4%
	105,516			Associated Banc-Corp.					1,598,567
	114,352			Banco Itau Holdings Financeira, S.A., Sponsred ADR					2,745,592
	119,330			Banco Santander Central Hispano S.A.					1,622,888
	128,096			Banco Santander Central Hispano S.A., ADR					1,357,073
	17,770			BNP Paribas SA					1,130,549
	21,420			Canadian Imperial Bank of Commerce					1,687,447
	9,180			Columbia Banking Systems Inc.					193,331
	14,039			Commerce Bancshares Inc.					557,769
	9,850			Community Bank System Inc.					273,535
	294,358			DnB NOR ASA					4,131,570
	11,290			East West Bancorp Inc.					220,720
	7,410			First Financial Bancorp.					136,937
	111,780			Hang Seng Bank					1,835,005
	229,950			HSBC Holdings PLC					2,334,290
	9,570			M&T Bank Corporation					833,069
	134,693			Mitsubishi UFJ Financial Group, Inc., ADR					728,294
	438,484			Mizuho Financial Group					826,309
	21,730			Societe Generale					1,167,900
	122,317			Standard Chartered PLC					3,290,603
	21,836			Sumitomo Mitsui Financial Group					777,802
	16,873			Sumitomo Trust & Banking Company, ADR, (15)					106,975
	38,200			Toronto-Dominion Bank					2,852,610

 

Nuveen Investments
49

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Commercial Banks (continued)
	40,910			U.S. Bancorp				$	1,103,343
	3,170			UMB Financial Corporation					131,301
	15,780			Umpqua Holdings Corporation					192,200
	22,310			Wells Fargo & Company					691,387
				Total Commercial Banks					32,527,066
				Commercial Services & Supplies – 0.4%
	40,610			Aggreko PLC					938,329
	2,010			Clean Harbors, Inc., (2)					169,001
	15,345			Republic Services, Inc.					458,202
	5,878			Stericycle Inc., (2)					475,648
	391,000			Toppan Printing Company Limited					3,573,371
	6,200			Waste Management, Inc.					228,594
				Total Commercial Services & Supplies					5,843,145
				Communications Equipment – 0.4%
	2,870			Comtech Telecom Corporation					79,585
	3,580			Interdigital Inc., (2)					149,071
	112,690			Nokia Oyj					1,165,548
	187,223			Nokia Corporation, ADR, (3)					1,932,141
	9,345			Plantronics Inc.					347,821
	40,420			QUALCOMM, Inc.					2,000,386
				Total Communications Equipment					5,674,552
				Computers & Peripherals – 0.4%
	17,265			Apple, Inc., (2)					5,568,998
	6,150			Network Appliance Inc., (2)					338,004
	8,150			SanDisk Corporation, (2)					406,359
	1,625			Western Digital Corporation, (2)					55,088
				Total Computers & Peripherals					6,368,449
				Construction & Engineering – 0.1%
	39,730			Royal Boskalis Westminster NV					1,895,356
	3,457			Shaw Group Inc., (2)					118,333
				Total Construction & Engineering					2,013,689
				Consumer Finance – 0.0%
	16,110			Discover Financial Services					298,518
				Containers & Packaging – 0.0%
	15,920			Boise Inc.					126,246
	2,071			Rock-Tenn Company					111,730
				Total Containers & Packaging					237,976
				Diversified Consumer Services – 0.0%
	970			Coinstar Inc., (2)					54,747
	5,540			Sothebys Holdings Inc.					249,300
				Total Diversified Consumer Services					304,047
				Diversified Financial Services – 0.1%
	1,230			CME Group, Inc.					395,753
	4,718			Guoco Group Ltd, ADR, (15)					126,254
	80,000			Guoco Group Ltd					1,062,166
	6,240			Nasdaq Stock Market, Inc., (2)					147,950
				Total Diversified Financial Services					1,732,123

 

Nuveen Investments
50

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Shares				Description (1)				Value
				Diversified Telecommunication Services – 0.8%
	9,960			CenturyLink Inc.				$	459,853
	32,900			Deutsche Telekom AG, ADR, (3), (15)					421,120
	43,300			KT Corporation, Sponsored ADR					900,640
	257,763			Nippon Telegraph and Telephone Corporation, ADR, (3)					5,913,083
	2,240,000			Telecom Italia S.p.A					2,430,569
	4,374			Telus Corporation					190,531
	29,160			Verizon Communications Inc.					1,043,345
				Total Diversified Telecommunication Services					11,359,141
				Electric Utilities – 1.0%
	231,574			Centrais Electricas Brasileiras S.A., PFD, B ADR					3,858,023
	14,050			DPL Inc.					361,226
	21,370			Duke Energy Corporation					380,600
	3,380			Edison International					130,468
	14,722			Electricite de France S.A., (15)					122,193
	40,700			Electricite de France S.A., ADR					1,669,421
	24,430			Exelon Corporation					1,017,265
	233,614			Korea Electric Power Corporation, Sponsored ADR, (3)					3,156,125
	22,440			Northeast Utilities					715,387
	4,728			PNM Resources Inc.					61,559
	6,770			Portland General Electric Company					146,909
	18,900			Progress Energy, Inc.					821,772
	27,700			Southern Company					1,058,971
	7,100			UIL Holdings Corporation					212,716
				Total Electric Utilities					13,712,635
				Electrical Equipment – 0.9%
	75,818			ABB Limited, ADR					1,702,114
	99,841			ABB Limited					2,224,265
	28,100			Areva CI					1,370,576
	13,830			GrafTech International Ltd, (2)					274,387
	37,859			Nidec Corporation					3,828,333
	3,920			Rockwell Automation, Inc.					281,103
	78,470			Sensata Techologies Holdings					2,362,732
				Total Electrical Equipment					12,043,510
				Electronic Equipment & Instruments – 0.4%
	9,910			Daktronics Inc.					157,767
	3,730			FLIR Systems Inc., (2)					110,968
	87,696			Hoya Corporation					2,130,022
	12,358			Ingram Micro, Inc., Class A, (2)					235,914
	185,058			Nippon Electric Glass Company Limited					2,671,363
	14,950			Power One Inc, (2)					152,490
	2,163			Tech Data Corporation, (2)					95,215
				Total Electronic Equipment & Instruments					5,553,739
				Energy Equipment & Services – 0.7%
	110,490			ACERGY S.A., ADR					2,707,787
	186,259			AMEC PLC					3,339,557
	1,087			Baker Hughes Incorporated					62,144
	13,725			Cooper Cameron Corporation, (2)					696,269
	7,090			FMC Technologies Inc., (2)					630,372
	13,400			Halliburton Company					547,122
	5,790			Hornbeck Offshore Services Inc.					120,895
	11,600			Oil States International Inc., (2)					743,444
	14,810			Patterson-UTI Energy, Inc.					319,156
	11,690			Schlumberger Limited					976,115
				Total Energy Equipment & Services					10,142,861

 

Nuveen Investments
51

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Food & Staples Retailing – 1.3%
	239,433			Jeronimo Martins SGPS				$	3,647,479
	123,375			Koninklijke Ahold N.V.					1,628,217
	182,153			Kroger Co., (3)					4,072,941
	149,212			Wal-Mart Stores, Inc., (3)					8,047,003
				Total Food & Staples Retailing					17,395,640
				Food Products – 1.7%
	9,190			Archer-Daniels-Midland Company					276,435
	9,080			Corn Products International, Inc.					417,680
	1,580			Diamond Foods Inc.					84,024
	13,420			General Mills, Inc.					477,618
	22,180			H.J. Heinz Company					1,097,023
	21,875			Hershey Foods Corporation					1,031,406
	14,210			Kellogg Company					725,847
	35,430			Mead Johnson Nutrition Company, Class A Shares					2,205,518
	46,904			Nestle S.A.					2,746,518
	15,600			Ralcorp Holdings Inc., (2)					1,014,156
	266,583			Smithfield Foods, Inc., (2), (3)					5,499,607
	271,970			Tyson Foods, Inc., Class A, (3)					4,683,323
	111,340			Unilever PLC, ADR					3,407,574
				Total Food Products					23,666,729
				Gas Utilities – 0.0%
	3,840			National Fuel Gas Company					251,981
				Health Care Equipment & Supplies – 0.4%
	8,670			Align Technology, Inc., (2)					169,412
	3,720			Beckman Coulter, Inc.					279,856
	17,970			Becton, Dickinson and Company					1,518,824
	2,780			C. R. Bard, Inc.					255,121
	3,650			Cooper Companies, Inc.					205,641
	8,060			Covidien PLC					368,020
	17,460			Edwards Lifesciences Corporation, (2)					1,411,466
	19,170			Hologic Inc., (2)					360,779
	7,760			Masimo Corporation					225,583
	3,480			Steris Corporation					126,881
	2,663			Zimmer Holdings, Inc., (2)					142,950
				Total Health Care Equipment & Supplies					5,064,533
				Health Care Providers & Services – 0.9%
	123,149			Aetna Inc., (3)					3,757,276
	2,350			Air Methods Corporation, (2)					132,235
	44,410			AmerisourceBergen Corporation					1,515,269
	3,425			Centene Corporation, (2)					86,790
	11,640			Express Scripts, Inc., (2)					629,142
	38,587			Fresenius Medical Care, ADR					2,229,103
	14,005			HealthSouth Corporation, (2)					290,044
	3,980			Humana Inc., (2)					217,865
	2,860			Laboratory Corporation of America Holdings, (2)					251,451
	13,074			Lincare Holdings					350,775
	20,240			McKesson HBOC Inc.					1,424,491
	15,050			Medco Health Solutions, Inc., (2)					922,114
	5,062			Omnicare, Inc.					128,524
	5,480			Owens and Minor Inc.					161,276
	7,320			Quest Diagnostics Incorporated					395,060
				Total Health Care Providers & Services					12,491,415

 

Nuveen Investments
52

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Shares				Description (1)				Value
				Hotels, Restaurants & Leisure – 0.4%
	14,910			Bally Technologies, Inc., (2)				$	629,053
	58,935			Carnival Corporation					2,740,026
	2,400			Chipotle Mexican Grill Inc., (2)					510,384
	10,930			Las Vegas Sands, (2)					502,234
	3,290			Marriott International, Inc., Class A					136,667
	6,190			MGM Mirage Inc., (2)					91,922
	3,870			Penn National Gaming, Inc., (2)					136,031
	9,920			Royal Caribbean Cruises Limited, (2)					466,240
	20,380			Starbucks Corporation					654,809
	2,986			Vail Resorts, Inc.					155,391
	6,100			YUM! Brands, Inc.					299,205
				Total Hotels, Restaurants & Leisure					6,321,962
				Household Durables – 0.2%
	15,890			D.R. Horton, Inc.					189,568
	10,470			Lennar Corporation, Class A					196,313
	7,075			Meritage Corporation, (2)					157,065
	39,440			Newell Rubbermaid Inc.					717,019
	308,685			Oriental Weavers Group					1,821,268
	5,610			Tempur Pedic International Inc., (2)					224,737
				Total Household Durables					3,305,970
				Household Products – 0.2%
	13,230			Colgate-Palmolive Company					1,063,295
	15,160			Kimberly-Clark Corporation					955,686
	18,100			Procter & Gamble Company					1,164,373
				Total Household Products					3,183,354
				Independent Power Producers & Energy Traders – 0.1%
	27,770			Constellation Energy Group					850,595
				Industrial Conglomerates – 0.5%
	5,610			3M Co.					484,143
	342,952			Fraser and Neave Limited					1,712,956
	33,970			General Electric Company					621,311
	22,000			Rheinmetall AG					1,768,914
	13,730			Siemens AG, Sponsored ADR					1,700,804
	7,770			Textron Inc.					183,683
				Total Industrial Conglomerates					6,471,811
				Insurance – 1.0%
	19,433			AFLAC Incorporated					1,096,604
	9,590			Alterra Capital Holdings Limited					207,528
	1,318			Aon Corporation					60,641
	9,601			Axis Capital Holdings Limited					344,484
	10,005			Delphi Financial Group, Inc.					288,544
	29,510			Genworth Financial Inc., Class A, (2)					387,761
	62,476			Hannover Rueckversicherung AG					3,350,738
	19,100			Hartford Financial Services Group, Inc.					505,959
	36,341			Lincoln National Corporation					1,010,643
	1,995			Loews Corporation					77,625
	8,737			Marsh & McLennan Companies, Inc.					238,870
	20,880			Old Republic International Corporation					284,594
	3,030			PartnerRe Limited					243,461
	6,690			Primerica Inc.					162,233
	20,640			Progressive Corporation					410,117
	155,544			Prudential Corporation PLC					1,619,957
	4,650			Prudential Financial, Inc.					273,002

 

Nuveen Investments
53

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Insurance (continued)
	4,510			Reinsurance Group of America Inc.				$	242,232
	27,270			Symetra Financial Corporation					373,599
	7,660			Tower Group Inc.					195,943
	49,290			Willis Group Holdings PLC					1,706,913
	8,590			WR Berkley Corporation					235,194
				Total Insurance					13,316,642
				Internet & Catalog Retail – 0.1%
	33,400			Expedia, Inc.					838,006
				Internet Software & Services – 0.6%
	141,294			eBay Inc., (2), (3)					3,932,212
	4,570			Google Inc., Class A, (2)					2,714,443
	8,210			IAC/InterActiveCorp., (2)					235,627
	7,900			Rackspace Hosting Inc., (2)					248,139
	36,860			Tencent Holdings Limited					810,912
				Total Internet Software & Services					7,941,333
				IT Services – 0.4%
	11,190			Accenture Limited					542,603
	24,550			Automatic Data Processing, Inc.					1,136,174
	8,260			CSG Systems International Inc., (2)					156,444
	19,125			International Business Machines Corporation (IBM)					2,806,785
	3,110			MasterCard, Inc.					696,982
	2,890			Maximus Inc.					189,526
	5,406			VeriFone Holdings Inc., (2)					208,455
	4,690			Wright Express Corporation, (2)					215,740
				Total IT Services					5,952,709
				Leisure Equipment & Products – 0.0%
	9,340			JAKKS Pacific Inc.					170,175
				Life Sciences Tools & Services – 0.1%
	11,430			Affymetrix, Inc., (2)					57,493
	1,390			Bio-Rad Laboratories Inc., (2)					144,352
	11,300			Life Technologies Corporation, (2)					627,150
	8,950			Waters Corporation, (2)					695,505
				Total Life Sciences Tools & Services					1,524,500
				Machinery – 1.0%
	6,676			AGCO Corporation, (2)					338,206
	5,970			ArvinMeritor Inc., (2)					122,504
	3,460			Astecx Industries Inc.					112,139
	14,730			Caterpillar Inc.					1,379,612
	1,960			Crane Company					80,497
	17,050			Cummins Inc.					1,875,671
	5,680			Danaher Corporation					267,926
	5,660			Deere & Company					470,063
	4,710			Eaton Corporation					478,112
	1,720			Kaydon Corporation					70,038
	52,839			Kone OYJ					2,937,324
	1,340			Nordson Corporation					123,119
	35,720			Oshkosh Truck Corporation, (2)					1,258,773
	11,170			Parker Hannifin Corporation					963,971
	22,770			Timken Company					1,086,812
	16,200			Vallourec SA					1,701,537
				Total Machinery					13,266,304

 

Nuveen Investments
54

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Shares				Description (1)				Value
				Marine – 0.2%
	12,620			Genco Shipping and Trading Limited, (2)				$	181,728
	104,500			Stolt-Nielsen Ltd.					2,552,035
				Total Marine					2,733,763
				Media – 0.7%
	20,320			Cablevision Systems Corporation					687,629
	53,378			Citadel Broadcasting Corporation, (2)					1,607,745
	34,675			Comcast Corporation, Class A					761,810
	24,385			Dex One Corporation, (2)					181,912
	29,915			DIRECTV Group, Inc., (2)					1,194,506
	3,627			Madison Square Garden Inc., (2)					93,504
	56,735			Metro-Goldwyn-Mayer					1,347,456
	2,669			Philadelphia Newspapers LLC					280,245
	32,898			Readers Digest Association Inc., (2), (15)					781,328
	14,780			Scripps Networks Interactive, Class A Shares					764,865
	2,001			Time Warner Cable, Inc.					132,126
	115,380			WPP Group PLC					1,420,223
				Total Media					9,253,349
				Metals & Mining – 3.7%
	48,000			AngloGold Ashanti Limited, Sponsored ADR, (3)					2,363,040
	202,574			Barrick Gold Corporation, (3)					10,772,885
	65,667			BHP Billiton PLC, ADR					3,039,181
	1,900			Cliffs Natural Resources Inc.					148,219
	23,391			Freeport-McMoRan Copper & Gold, Inc.					2,809,025
	359,673			Gold Fields Limited, Sponsored ADR, (3)					6,520,871
	48,000			Ivanhoe Mines Ltd, (2), (3)					1,100,160
	19,055			Kinross Gold Corporation					361,283
	2,738			Newcrest Mining Limited, Sponsored ADR, (15)					114,038
	55,500			Newcrest Mining Limited					2,295,593
	121,548			Newmont Mining Corporation, (3)					7,466,694
	7,280			Noranda Aluminum Hodlings Corporation					106,288
	7,526			NovaGold Resources Inc., (2)					107,396
	122,000			NovaGold Resources Inc., 144A					1,740,940
	79,941			Polyus Gold Company, ADR, (15)					2,897,861
	46,480			Rio Tinto Limited					4,063,223
	7,690			Steel Dynamics Inc.					140,727
	143,420			Sterlite Industries India Ltd., ADR					2,372,167
	16,010			Walter Industries Inc.					2,046,718
				Total Metals & Mining					50,466,309
				Multiline Retail – 0.3%
	4,234			Dillard's, Inc., Class A					160,638
	12,280			Family Dollar Stores, Inc.					610,439
	27,320			Macy's, Inc.					691,196
	69,059			Next PLC					2,126,479
				Total Multiline Retail					3,588,752
				Multi-Utilities – 0.2%
	23,620			Ameren Corporation					665,848
	11,860			Consolidated Edison, Inc.					587,900
	22,730			Dominion Resources, Inc.					971,026
	5,070			Integrys Energy Group, Inc.					245,946
	3,610			OGE Energy Corp.					164,399
	4,360			Sempra Energy					228,813
	7,670			Wisconsin Energy Corporation					451,456
				Total Multi-Utilities					3,315,388

 

Nuveen Investments
55

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Office Electronics – 0.1%
	34,257			Canon Inc.				$	1,776,351
				Oil, Gas & Consumable Fuels – 3.7%
	81,923			Arch Coal Inc., (3)					2,872,220
	96,910			BG Group PLC					1,958,156
	173,556			Cameco Corporation, (3)					7,008,191
	133,184			Chesapeake Energy Corporation, (3)					3,450,797
	6,870			Cimarex Energy Company					608,201
	2,676			ConocoPhillips					182,236
	33,605			Continental Resources Inc., (2)					1,977,654
	7,100			Devon Energy Corporation					557,421
	101,600			Gazprom OAO, ADR					2,565,400
	15,380			Hess Corporation					1,177,185
	8,750			Newfield Exploration Company, (2)					630,963
	129,518			Nexen Inc., (3)					2,965,962
	6,620			Occidental Petroleum Corporation					649,422
	8,272			Petrobras Energia S.A., ADR					218,215
	19,640			Petrohawk Energy Corporation, (2)					358,430
	15,910			Petroquest Energy Inc., (2)					119,802
	3,300,000			PT Medco Energi Internasional TBK					1,236,127
	83,198			Range Resources Corporation, (3)					3,742,246
	5,700			Rosetta Resources, Inc., (2)					214,548
	128,390			Royal Dutch Shell PLC, Class B, Sponsored ADR					4,233,654
	4,780			SM Energy Company					281,685
	89,780			StatoilHydro ASA					2,132,545
	176,615			StatoilHydro ASA, Sponsored ADR, (3)					4,198,139
	10,730			Stone Energy Corporation, (2)					239,172
	112,117			Suncor Energy, Inc., (3)					4,292,960
	116,688			Tesoro Corporation, (3)					2,163,396
	11,535			Total S.A.					611,174
	11,050			W&T Offshore Inc.					197,464
	1,220			Whiting Petroleum Corporation, (2)					142,972
	2,470			World Fuel Services Corporation					89,315
				Total Oil, Gas & Consumable Fuels					51,075,652
				Paper & Forest Products – 0.0%
	6,730			Domtar Corporation					510,942
				Personal Products – 0.0%
	2,290			Medifast, Inc.					66,135
	16,790			Prestige Brands Holdings Inc.					200,641
				Total Personal Products					266,776
				Pharmaceuticals – 2.0%
	32,000			AstraZeneca Group, Sponsored ADR, (3)					1,478,080
	40,130			AstraZeneca Group					1,828,198
	33,687			Bristol-Myers Squibb Company					892,032
	113,770			Eli Lilly and Company, (3)					3,986,501
	61,200			Forest Laboratories, Inc., (2), (3)					1,957,176
	6,810			Hospira Inc., (2)					379,249
	38,915			Johnson & Johnson					2,406,893
	31,154			Novartis AG					1,830,922
	18,670			Novo Nordisk A/S					2,105,293
	7,480			Perrigo Company					473,708
	262,887			Pfizer Inc., (3)					4,603,151
	30,703			Sanofi-Aventis, S.A.					1,963,210
	36,500			Teva Pharmaceutical Industries Limited, Sponsored ADR					1,902,745
	3,920			Warner Chilcott Limited, (2)					88,435
	31,950			Watson Pharmaceuticals Inc., (2)					1,650,218
				Total Pharmaceuticals					27,545,811

 

Nuveen Investments
56

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Shares				Description (1)				Value
				Professional Services – 0.0%
	3,940			Acacia Research, (2)				$	102,204
	2,310			Towers Watson & Company, Class A Shares					120,259
				Total Professional Services					222,463
				Real Estate – 0.6%
	14,370			Annaly Capital Management Inc.					257,510
	43,640			Apartment Investment & Management Company, Class A					1,127,658
	10,990			Boston Properties, Inc.					946,239
	10,350			Camden Property Trust					558,693
	7,560			Digital Realty Trust Inc.					389,642
	16,200			Duke Realty Corporation					201,852
	4,130			Equity Lifestyles Properties Inc.					230,991
	2,070			Essex Property Trust Inc.					236,435
	3,200			Home Properties New York, Inc.					177,568
	13,040			Inland Real Estate Corporation					114,752
	8,260			LaSalle Hotel Properties					218,064
	2,480			Mid-America Apartment Communities					157,455
	9,040			Parkway Properties Inc.					158,381
	3,450			PS Business Parks Inc.					192,234
	8,400			Ramco-Gershenson Properties Trust					104,580
	16,040			Rayonier Inc.					842,421
	4,228			Simon Property Group, Inc.					420,644
	3,550			Taubman Centers Inc.					179,204
	6,640			Walter Investment Management Corporation					119,122
	163,410			Westfield Group					1,601,161
	163,410			Westfield Realty Trust					429,539
				Total Real Estate					8,664,145
				Real Estate Management & Development – 0.2%
	98,560			Brookfield Properties Corporation					1,740,635
	176,507			Hysan Development Company					833,394
				Total Real Estate Management & Development					2,574,029
				Road & Rail – 0.2%
	5,490			Genesee & Wyoming Inc.					290,696
	10,580			Hertz Global Holdings Inc., (2)					153,304
	17,650			Kansas City Southern Industries, (2)					844,729
	5,880			Norfolk Southern Corporation					369,382
	4,980			Union Pacific Corporation					461,447
	255			West Japan Railway Company, DD1					953,227
				Total Road & Rail					3,072,785
				Semiconductors & Equipment – 0.6%
	68,820			ASM Lithography Holding NV					2,657,764
	14,070			Broadcom Corporation, Class A					612,749
	34,120			Cypress Semiconductor Corporation, (2)					633,950
	51,545			Intel Corporation					1,083,991
	34,270			KLA-Tencor Corporation					1,324,193
	39,270			Marvell Technology Group Ltd, (2)					728,459
	17,580			Micron Technology, Inc., (2)					140,992
	17,400			Novellus Systems, Inc., (2)					562,368
	16,165			ON Semiconductor Corporation, (2)					159,710
	22,240			Silicon Image, Inc., (2)					163,464
				Total Semiconductors & Equipment					8,067,640
				Software – 0.5%
	2,470			Advent Software Inc., (2)					143,062
	7,645			Ansys Inc., (2)					398,075

 

Nuveen Investments
57

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Value
				Software (continued)
	6,635			CommVault Systems, Inc., (2)				$	189,894
	4,160			Manhattan Associates Inc., (2)					127,046
	123,391			Microsoft Corporation, (3)					3,445,077
	31,660			Oracle Corporation					990,958
	15,280			Rovi Corporation, (2)					947,513
	5,470			Salesforce.com, Inc., (2)					722,040
	5,110			VirnetX Holding Corporation					75,884
				Total Software					7,039,549
				Specialty Retail – 0.3%
	9,840			Advance Auto Parts, Inc.					650,916
	2,557			Best Buy Co., Inc.					87,680
	1,790			Guess Inc.					84,703
	11,300			Home Depot, Inc.					396,178
	20,080			Industria de Diseno Textil SA, Inditex					1,503,448
	4,770			PetSmart Inc.					189,941
	47,180			Williams-Sonoma Inc.					1,683,854
				Total Specialty Retail					4,596,720
				Textiles, Apparel & Luxury Goods – 0.6%
	103,790			Burberry Group PLC					1,818,845
	3,320			Deckers Outdoor Corporation, (2)					264,737
	6,800			Fossil Inc., (2)					479,264
	19,430			Liz Claiborne, Inc.					139,119
	14,220			LVMH Moet Hennessy					2,339,169
	669,880			Yue Yuen Industrial Holdings Limited					2,404,494
				Total Textiles, Apparel & Luxury Goods					7,445,628
				Thrifts & Mortgage Finance – 0.0%
	20,210			New York Community Bancorp Inc.					380,959
	16,470			People's United Financial, Inc.					230,745
				Total Thrifts & Mortgage Finance					611,704
				Tobacco – 0.4%
	36,430			Altria Group, Inc.					896,907
	49,760			British American Tobacco PLC					1,911,201
	1,690			Lorillard Inc.					138,680
	21,809			Philip Morris International					1,276,480
	21,960			Reynolds American Inc.					716,334
				Total Tobacco					4,939,602
				Trading Companies & Distributors – 0.4%
	4,500			Applied Industrial Technologies Inc.					146,159
	283,792			Mitsui & Company Limited					4,687,338
				Total Trading Companies & Distributors					4,833,497
				Wireless Telecommunication Services – 0.4%
	14,343			Millicom International Cellular S.A.					1,377,647
	28,509			Millicom International Cellular S.A.					2,725,459
	6,298			Turkcell Iletisim Hizmetleri A.S., ADR					107,884
	676,090			Vodafone Group PLC					1,747,683
				Total Wireless Telecommunication Services					5,958,673
				Total Common Stocks (cost $423,016,040)					496,468,999

 

Nuveen Investments
58

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Shares				Description (1)				Coupon								Ratings (4)				Value
				Convertible Preferred Securities – 2.0% (1.6% of Total Investments)
				Automobiles – 0.2%
	57,050			Ford Motor Company Capital Trust II, Convertible					6.500	%						B1				$	2,958,613
				Capital Markets – 0.1%
	10,100			Affiliated Managers Group Inc., Convertible Bond					5.100	%						BB					506,894
	8,150			AMG Capital Trust II, Convertible Bond					5.150	%						BB					328,547
				Total Capital Markets																	835,441
				Commercial Banks – 0.9%
	7,300,000			Credit Suisse AG					7.875	%						BBB+					7,464,250
	7,200			Fifth Third Bancorp, Convertible Bond					8.500	%						Ba1					1,069,848
	3,900			Wells Fargo & Company, Convertible Bond					7.500	%						A-					3,902,145
				Total Commercial Banks																	12,436,243
				Communications Equipment – 0.3%
	4,525			Lucent Technologies Capital Trust I					7.750	%						B3					4,009,150
				Diversified Financial Services – 0.2%
	3,600			Bank of America Corporation					7.250	%						BB+					3,445,092
				Food Products – 0.1%
	7,450			Bunge Limited, Convertible Bonds					4.875	%						Ba1					693,781
				Health Care Providers & Services – 0.0%
	11,650			Omnicare Capital Trust II, Series B					4.000	%						B					450,855
				Independent Power Producers & Energy Traders – 0.0%
	11,550			AES Trust III, Convertible Preferred					6.750	%						B					565,950
				Insurance – 0.1%
	7,200			Aspen Insurance Holdings Limited					5.625	%						BBB-					395,496
	5,600			Reinsurance Group of America Inc.					5.750	%						BBB					392,952
				Total Insurance																	788,448
				Oil, Gas & Consumable Fuels – 0.1%
	600			El Paso Corporation,144A					4.990	%						B					705,900
	350			El Paso Corporation					4.990	%						B					411,775
				Total Oil, Gas, & Consumable Fuels																	1,117,675
				Real Estate – 0.0%
	13,928			Commonwealth REIT, Convertible Debt					6.500	%						Baa3					304,048
				Road & Rail – 0.0%
	300			Kansas City Southern Industries Inc.					5.125	%						B-					480,075
				Total Convertible Preferred Securities (cost $26,044,100)																	28,085,371
Shares				Description (1)				Coupon								Ratings (4)				Value
				$25 Par (or similar) Preferred Securities – 33.0% (25.5% of Total Investments)
				Capital Markets – 3.8%
	58,500			Ameriprise Financial, Inc.					7.750	%						A				$	1,559,025
	135,838			BNY Capital Trust V, Series F					5.950	%						A1					3,390,516
	683,077			Credit Suisse					7.900	%						A3					18,292,802
	1,176,457			Deutsche Bank Capital Funding Trust II					6.550	%						BBB					27,234,980
	6,300			Deutsche Bank Capital Funding Trust IX					6.625	%						BBB					145,026
	68,200			Deutsche Bank Contingent Capital Trust III					7.600	%						BBB					1,734,326
	15,300			Goldman Sachs Group Inc., Series 2004-4 (CORTS)					6.000	%						A3					341,955

 

Nuveen Investments
59

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Shares				Description (1)				Coupon								Ratings (4)				Value
				Capital Markets (continued)
	18,600			Goldman Sachs Group Inc., Series GSC-3 (PPLUS)					6.000	%						A3				$	416,268
	15,900			Morgan Stanley Capital Trust V					5.750	%						Baa2					347,733
	2,500			Morgan Stanley Capital Trust VII					6.600	%						Baa2					59,375
				Total Capital Markets																	53,522,006
				Commercial Banks – 4.3%
	682,653			Banco Santander Finance					10.500	%						A-					19,018,713
	28,400			Barclays Bank PLC					7.750	%						A-					721,928
	1,300			Barclays Bank PLC					7.100	%						A+					32,409
	170,400			BB&T Capital Trust VI					9.600	%						Baa1					4,924,560
	38,400			BB&T Capital Trust VII					8.100	%						Baa1					1,055,616
	146,500			Cobank Agricultural Credit Bank, 144A					7.000	%						N/R					6,610,813
	48,000			Cobank Agricultural Credit Bank					11.000	%						A					2,575,502
	2,800			Fifth Third Capital Trust V					7.250	%						Baa3					69,664
	1,000,000			HSBC Bank PLC					1.000	%						A					612,500
	45,812			HSBC Finance Corporation					6.875	%						A					1,162,709
	367,100			HSBC Holdings PLC					8.000	%						A-					9,783,215
	1,400			HSBC Holdings PLC					6.200	%						A-					32,060
	15,100			HSBC USA Inc., Series F					2.858	%						A-					723,290
	150,200			Merrill Lynch Preferred Capital Trust V					7.280	%						Baa3					3,679,900
	355,241			National City Capital Trust II					6.625	%						BBB					8,873,920
	9,700			Wells Fargo Capital Trust VII					5.850	%						A-					242,500
				Total Commercial Banks																	60,119,299
				Diversified Financial Services – 2.2%
	72,000			Citigroup Capital Trust XII					8.500	%						BB+					1,905,120
	178,500			Citigroup Capital XIII					7.875	%						BB+					4,803,435
	2,000			Countrywide Capital Trust III					7.000	%						Baa3					49,200
	63,600			Countrywide Capital Trust IV					6.750	%						Baa3					1,507,320
	188,023			ING Groep N.V.					7.200	%						Ba1					4,356,493
	755,475			ING Groep N.V.					7.050	%						Ba1					17,262,604
	6,600			JPMorgan Chase Capital Trust XXIX					6.700	%						A2					168,564
				Total Diversified Financial Services																	30,052,736
				Diversified Telecommunication Services – 0.3%
	71,663			AT&T Inc.					6.375	%						A2					1,906,952
	18,024			BellSouth Capital Funding (CORTS)					7.120	%						A					460,176
	52,000			Telephone and Data Systems Inc.					6.875	%						Baa2					1,292,200
				Total Diversified Telecommunication Services																	3,659,328
				Electric Utilities – 0.5%
	259,300			Entergy Texas Inc.					7.875	%						BBB+					7,148,901
				Food Products – 0.2%
	33,100			Dairy Farmers of America Inc, 144A					7.875	%						BBB-					2,954,175
				Insurance – 7.0%
	1,122,600			Aegon N.V.					6.375	%						BBB					24,293,064
	25,000			Allianz SE					8.375	%						A+					658,595
	192,234			Arch Capital Group Limited, Series B					7.875	%						BBB					4,915,423
	364,918			Arch Capital Group Limited					8.000	%						BBB					9,305,409
	2,905			Axis Capital Holdings Limited					7.250	%						BBB					72,770
	29,400			Delphi Financial Group, Inc.					7.376	%						BB+					687,960
	209,582			EverestRe Capital Trust II					6.200	%						Baa1					4,665,295
	83,482			Markel Corporation					7.500	%						BBB					2,112,095
	849,084			PartnerRe Limited, Series C					6.750	%						BBB+					20,887,466
	144,415			PLC Capital Trust III					7.500	%						BBB					3,633,481
	14,000			PLC Capital Trust IV					7.250	%						BBB					348,600
	22,317			Protective Life Corporation					7.250	%						BBB					556,363

 

Nuveen Investments
60

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Shares				Description (1)				Coupon								Ratings (4)				Value
				Insurance (continued)
	136,730			Prudential Financial Inc.					9.000	%						BBB+				$	3,758,708
	24,682			Prudential Financial Inc.					6.750	%						A-					619,025
	1,000,000			Reinsurance Group of America Inc.					6.750	%						BBB-					926,826
	35,900			RenaissanceRe Holdings Limited, Series C					6.080	%						BBB+					816,366
	165,400			RenaissanceRe Holdings Limited, Series D					6.600	%						BBB+					4,073,802
	589,279			W. R. Berkley Corporation, Capital Trust II					6.750	%						BBB-					14,726,082
				Total Insurance																	97,057,330
				Media – 4.2%
	599,221			CBS Corporation					6.750	%						BBB-					15,142,315
	1,012,662			Comcast Corporation					7.000	%						BBB+					25,620,349
	30,000			Comcast Corporation					6.625	%						BBB+					763,500
	647,540			Viacom Inc.					6.850	%						BBB+					16,434,565
				Total Media																	57,960,729
				Multi-Utilities – 0.7%
	125,800			Dominion Resources Inc.					8.375	%						BBB					3,565,172
	227,600			Xcel Energy Inc.					7.600	%						BBB					6,243,068
				Total Multi-Utilities																	9,808,240
				Oil, Gas & Consumable Fuels – 1.1%
	612,600			Nexen Inc.					7.350	%						BB+					15,443,646
				Pharmaceuticals – 0.1%
	39,800			Bristol Myers Squibb Company (CORTS)					6.250	%						A+					1,002,960
				Real Estate – 8.4%
	59,800			Commomwealth REIT					7.500	%						BBB					1,264,770
	532,400			Commomwealth REIT					7.125	%						Baa3					12,846,812
	199,813			Developers Diversified Realty Corporation, Series H					7.375	%						Ba1					4,725,577
	6,800			Duke Realty Corporation, Series K					6.500	%						Baa3					150,552
	72,830			Duke Realty Corporation, Series L					6.600	%						Baa3					1,636,490
	22,700			Duke Realty Corporation, Series N					7.250	%						Baa3					557,285
	121,700			Duke-Weeks Realty Corporation					6.625	%						Baa3					2,726,080
	143,005			Equity Residential Properties Trust, Series N					6.480	%						BBB-					3,467,871
	632,116			Kimco Realty Corporation, Series G					7.750	%						Baa2					16,687,862
	23,000			Kimco Realty Corporation, Series H					6.900	%						Baa2					554,300
	3,997			Prologis Trust, Series C					8.540	%						Baa3					222,083
	51,275			Prologis Trust, Series G					6.750	%						Baa3					1,176,249
	20,000			PS Business Parks, Inc.					0.000	%						BBB-					487,600
	5,000			Public Storage, Inc.					6.875	%						BBB+					129,000
	235,263			Public Storage, Inc.					6.750	%						BBB+					5,945,096
	27,632			Public Storage, Inc., Series C					6.600	%						BBB+					678,089
	149,500			Public Storage, Inc., Series E					6.750	%						BBB+					3,722,550
	69,911			Public Storage, Inc., Series H					6.950	%						BBB+					1,758,961
	5,700			Public Storage, Inc., Series K					7.250	%						BBB+					144,951
	1,321			Public Storage, Inc., Series M					6.625	%						BBB+					32,972
	28,103			Realty Income Corporation					6.750	%						Baa2					689,086
	135,186			Regency Centers Corporation					7.450	%						Baa3					3,425,613
	626,351			Vornado Realty LP					7.875	%						BBB					16,704,781
	1,227,443			Wachovia Preferred Funding Corporation					7.250	%						A-					31,410,266
	5,559			Weingarten Realty Trust					8.100	%						BBB					127,023
	117,000			Weingarten Realty Trust					6.950	%						Baa3					2,851,290
	102,725			Weingarten Realty Trust					6.500	%						Baa3					2,393,493
				Total Real Estate																	116,516,702
				Wireless Telecommunication Services – 0.2%
	89,609			Telephone and Data Systems Inc.					7.600	%						Baa2					2,259,044
				Total $25 Par (or similar) Preferred Securities (cost $453,784,028)																	457,505,096

 

Nuveen Investments
61

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Variable Rate Senior Loan Interests – 5.8% (4.6% of Total Investments) (6)
				Aerospace & Defense – 0.1%
$	574			DAE Aviation Holdings, Inc., Term Loan B1					4.040	%		7/31/14				B				$	568,724
	555			DAE Aviation Holdings, Inc., Term Loan B2					4.040	%		7/31/14				B					549,290
	1,129			Total Aerospace & Defense																	1,118,014
				Airlines – 0.1%
	1,930			Delta Air Lines, Inc., Term Loan					3.539	%		4/30/14				B					1,874,211
				Automobiles – 0.1%
	1,373			Ford Motor Company, Term Loan					3.026	%		12/15/13				Baa3					1,369,505
				Biotechnology – 0.1%
	900			Grifols, Term Loan, WI/DD				TBD				TBD				BB					911,625
				Communications Equipment – 0.3%
	2,954			Avaya, Inc., Term Loan					3.034	%		10/24/14				B1					2,799,345
	867			Intelsat, Term Loan, WI/DD				TBD				TBD				B1					876,259
	3,821			Total Communications Equipment																	3,675,604
				Containers & Packaging – 0.1%
	150			Reynolds Group Holdings, Inc., Term Loan A					6.250	%		8/06/15				Ba3					150,581
	900			Reynolds Group Holdings, Inc., Term Loan D					6.500	%		5/05/16				Ba3					909,997
	1,050			Total Containers & Packaging																	1,060,578
				Diversified Consumer Services – 0.1%
	948			Cengage Learning Acquisitions, Inc., Term Loan					2.550	%		7/03/14				B+					894,040
				Diversified Financial Services – 0.1%
	1,036			Pinafore LLC, Term Loan					6.250	%		9/29/16				BB					1,051,769
				Electric Utilities – 0.3%
	228			Calpine Corporation, DIP Term Loan					3.145	%		3/29/14				B+					227,797
	1,935			TXU Corporation, Term Loan B2					3.764	%		10/10/14				B2					1,498,855
	2,501			TXU Corporation, Term Loan B3					3.764	%		10/10/14				B2					1,934,316
	4,664			Total Electric Utilities																	3,660,968
				Electrical Equipment – 0.1%
	1,615			Allison Transmission Holdings, Inc., Term Loan					3.027	%		8/07/14				B					1,581,321
				Food Products – 0.1%
	180			Darling International, Inc., Term Loan					5.000	%		12/17/16				BB+					181,800
	900			NBTY, Inc., Term Loan					6.250	%		10/01/17				BB-					913,872
	998			Pierre Foods, Inc., Term Loan					7.001	%		9/30/16				B+					994,590
	2,078			Total Food Products																	2,090,262
				Health Care Providers & Services – 0.4%
	84			Community Health Systems, Inc., Delayed Term Loan					2.544	%		7/25/14				BB					82,137
	842			Community Health Systems, Inc., Extended Term Loan					3.794	%		1/25/17				BB					840,828
	1,678			Community Health Systems, Inc., Term Loan					2.544	%		7/25/14				BB					1,638,799
	271			IASIS Healthcare LLC, Delayed Term Loan					2.261	%		3/14/14				Ba2					265,845
	74			IASIS Healthcare LLC, Letter of Credit					2.261	%		3/14/14				Ba2					72,710
	784			IASIS Healthcare LLC, Term Loan					2.261	%		3/14/14				Ba2					768,063
	1,123			Select Medical Corporation, Term Loan B2					2.284	%		2/24/12				Ba2					1,114,631
	585			Select Medical Corporation, Term Loan					2.284	%		2/24/12				Ba2					578,911
	5,441			Total Health Care Providers & Services																	5,361,924

 

Nuveen Investments
62

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Hotels, Restaurants & Leisure – 0.6%
$	1,350			Burger King Corporation, Term Loan B					6.250	%		10/19/16				BB-				$	1,371,335
	2,136			CCM Merger, Inc., Term Loan B					8.500	%		7/13/12				BB-					2,142,670
	991			Harrah's Operating Company, Inc., Term Loan B2					3.288	%		1/28/15				B					899,071
	939			Orbitz Worldwide, Inc., Term Loan					3.277	%		7/25/14				B+					879,314
	1,940			Travelport LLC, Delayed Term Loan					4.963	%		8/21/15				Ba3					1,842,229
	134			Travelport LLC, Letter of Credit					4.803	%		8/21/15				Ba3					127,398
	669			Travelport LLC, Term Loan					4.963	%		8/21/15				Ba2					634,924
	379			Venetian Casino Resort LLC, Delayed Term Loan					3.030	%		11/23/16				B1					365,209
	1,112			Venetian Casino Resort LLC, Tranche B, Term Loan					3.030	%		11/23/16				B1					1,072,543
	9,650			Total Hotels, Restaurants & Leisure																	9,334,693
				IT Services – 0.5%
	2,029			First Data Corporation, Term Loan B1					3.011	%		9/24/14				B+					1,874,821
	483			Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan					4.020	%		7/28/12				B+					462,559
	1,186			Infor Global Solutions Intermediate Holdings, Ltd., Extended Delayed Draw Term Loan					6.020	%		7/28/15				B+					1,134,244
	476			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, First Lien					4.020	%		7/28/12				B+					456,134
	2,273			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan					6.020	%		7/28/15				B+					2,177,421
	1,153			SunGard Data Systems, Inc., Term Loan B					2.013	%		2/28/14				BB					1,126,168
	7,600			Total IT Services																	7,231,347
				Leisure Equipment & Products – 0.1%
	726			Cedar Fair LP, Term Loan					5.500	%		12/15/16				Ba2					734,700
	570			Herbst Gaming, Inc., Delayed Term Loan					0.000	%		12/02/11				N/R					346,784
	656			Herbst Gaming, Inc., Term Loan					0.000	%		12/02/11				N/R					399,120
	1,952			Total Leisure Equipment & Products																	1,480,604
				Media – 1.1%
	742			Cequel Communications LLC, Term Loan B					2.270	%		11/05/13				BB-					736,374
	3,199			Charter Communications Operating Holdings LLC, Term Loan C					3.560	%		9/06/16				BB+					3,163,914
	789			Citadel Broadcasting Corporation, Term Loan, (7)					4.250	%		12/30/16				Baa3					793,240
	1,113			Gray Television, Inc., Term Loan B					3.789	%		12/31/14				B					1,089,868
	50			Nielsen Finance LLC, Term Loan A					2.264	%		8/09/13				BB-					49,495
	1,854			Nielsen Finance LLC, Term Loan B					4.014	%		5/02/16				BB-					1,848,007
	821			Nielsen Finance LLC, Term Loan C					4.014	%		5/02/16				BB-					814,821
	352			SuperMedia, Term Loan					0.000	%		12/31/15				B-					242,504
	1,425			Tribune Company, Term Loan B, (8), (9)					0.000	%		6/04/14				Ca					990,884
	5,525			Univision Communications, Inc., Term Loan					4.511	%		3/31/17				B					5,262,805
	15,870			Total Media																	14,991,912
				Metals & Mining – 0.2%
	1,941			John Maneely Company, Term Loan					3.539	%		12/09/13				B					1,909,010
	1,000			Novelis, Inc., Term Loan					5.250	%		12/15/16				Ba2					1,014,375
	2,941			Total Metals & Mining																	2,923,385
				Oil, Gas & Consumable Fuels – 0.3%
	2,917			CCS Income Trust, Term Loan					3.288	%		11/14/14				B					2,629,211
	1,855			Venoco, Inc., Term Loan					4.313	%		5/07/14				BB-					1,781,205
	4,772			Total Oil, Gas & Consumable Fuels																	4,410,416
				Pharmaceuticals – 0.1%
	1,000			Royalty Pharma Finance Trust, Unsecured Term Loan					7.750	%		5/15/15				Baa3					1,040,000
	609			Warner Chilcott Corporation, Term Loan B3					6.500	%		2/22/16				BB					615,373
	1,609			Total Pharmaceuticals																	1,655,373

 

Nuveen Investments
63

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (5)				Ratings (4)				Value
				Real Estate Management & Development – 0.2%
$	1,633			LNR Property Corporation, Term Loan B					3.770	%		7/12/11				B2				$	1,615,445
	1,705			Realogy Corporation, Delayed Term Loan					3.284	%		10/10/13				B1					1,603,549
	3,338			Total Real Estate Management & Development																	3,218,994
				Road & Rail – 0.2%
	995			Hertz Corporation, Term Loan					2.020	%		12/21/12				Ba1					989,341
	1,203			Swift Transportation Company, Inc., Term Loan, WI/DD				TBD				TBD				BB-					1,206,283
	2,198			Total Road & Rail																	2,195,624
				Software – 0.1%
	869			IPC Systems, Inc., Term Loan					2.535	%		6/02/14				B1					834,634
				Specialty Retail – 0.4%
	1,731			Toys "R" Us – Delaware, Inc., Term Loan					6.000	%		9/01/16				BB-					1,749,370
	2,313			Burlington Coat Factory Warehouse Corporation, Term Loan					2.530	%		5/28/13				B-					2,283,883
	1,019			Michaels Stores, Inc., Term Loan B1					2.563	%		10/31/13				B+					994,529
	1,372			Michaels Stores, Inc., Term Loan B2					4.813	%		7/31/16				B+					1,373,848
	6,435			Total Specialty Retail																	6,401,630
				Wireless Telecommunication Services – 0.1%
	2,000			Clear Channel Communications, Inc., Tranche B, Term Loan					3.911	%		11/13/15				CCC+					1,719,641
$	85,219			Total Variable Rate Senior Loan Interests (cost $80,177,314)																	81,048,074
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Convertible Bonds – 9.9% (7.7% of Total Investments)
				Aerospace & Defense – 0.1%
$	500			Alliant Techsystems Inc., Convertible Bonds					2.750	%		9/15/11				BB-				$	511,875
	1,270			L-3 Communications Corporation, Convertible Bond					3.000	%		8/01/35				BB+					1,279,525
	1,770			Total Aerospace & Defense																	1,791,400
				Auto Components – 0.1%
	500			BorgWarner Inc.					3.500	%		4/15/12				BBB					1,120,625
				Beverages – 0.0%
	400			Molson Coors Brewing Company, Convertible Notes					2.500	%		7/30/13				BBB-					465,000
				Biotechnology – 0.3%
	2,975			Amgen Inc.					0.375	%		2/01/13				A+					2,989,875
	600			BioMarin Pharmaceutical Inc.					1.875	%		4/23/17				B-					864,750
	3,575			Total Biotechnology																	3,854,625
				Capital Markets – 0.1%
	600			Affiliated Managers Group Inc.					3.950	%		8/15/38				BBB-					667,500
				Commercial Banks – 0.2%
	2,460			National City Corporation, Convertible Bond					4.000	%		2/01/11				A					2,475,375
	450			SVB Financial Group, Convertible Bond, 144A					3.875	%		4/15/11				A3					487,125
	2,910			Total Commercial Banks																	2,962,500
				Commercial Services & Supplies – 0.0%
	450			Covanta Holding Corporation, Convertible Bonds					3.250	%		6/01/14				Ba3					537,750

 

Nuveen Investments
64

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Communications Equipment – 0.8%
$	600			Ciena Corporation, Convertible Bond					0.250	%		5/01/13				B				$	552,000
	950			Ciena Corporation, Convertible Bond					0.875	%		6/15/17				B					783,750
	450			CommScope Inc.					3.250	%		7/01/15				B					587,250
	850			Liberty Media Corporation, Senior Debentures, Exchangeable for Motorola Common Stock					3.500	%		1/15/31				BB-					464,313
	8,440			Lucent Technologies Inc., Series B					2.875	%		6/15/25				B1					8,007,450
	11,290			Total Communications Equipment																	10,394,763
				Computers & Peripherals – 0.6%
	1,400			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/11				A-					2,031,750
	700			EMC Corporation, Convertible Bonds, 144A					1.750	%		12/01/13				A-					1,057,875
	450			EMC Corporation, Convertible Bonds					1.750	%		12/01/11				A-					653,063
	1,200			EMC Corporation, Convertible Bonds					1.750	%		12/01/13				A-					1,813,500
	2,000			Sandisk Corporation, Convertible Bond					1.000	%		5/15/13				BB-					1,935,000
	800			Sandisk Corporation, Convertible Bond					1.500	%		8/15/17				BB-					907,000
	6,550			Total Computers & Peripherals																	8,398,188
				Construction & Engineering – 0.0%
	250			Fluor Corporation, Convertible Bonds					1.500	%		2/15/24				A3					596,250
				Diversified Consumer Services – 0.0%
	400			Sotheby's Holdings Inc., Convertible Bond					3.125	%		6/15/13				BB-					580,500
				Diversified Financial Services – 0.1%
	800			NASDAQ Stock Market Inc., Convertible Bond					2.500	%		8/15/13				BBB					796,000
	500			PHH Corporation					4.000	%		4/15/12				Ba2					616,250
	1,300			Total Diversified Financial Services																	1,412,250
				Diversified Telecommunication Services – 0.0%
	450			Time Warner Telecom Inc., Convertible Bond					2.375	%		4/01/26				B-					497,813
				Electrical Equipment – 0.1%
	650			General Cable Corporation, Convertible Bonds					0.875	%		11/15/13				Ba3					645,938
	462			General Cable Corporation, Convertible Bonds					4.500	%		11/15/29				B					551,513
	550			Roper Industries Inc.					0.000	%		1/15/34				BB+					527,313
	1,662			Total Electrical Equipment																	1,724,764
				Electronic Equipment & Instruments – 0.1%
	600			Anixter International Inc., Convertible Bond					0.000	%		7/07/33				B+					576,750
	500			Itron Inc.					2.500	%		8/01/26				B					528,750
	600			Tech Data Corporation, Convertible Bonds					2.750	%		12/15/26				BBB-					627,750
	1,700			Total Electronic Equipment & Instruments																	1,733,250
				Energy Equipment & Services – 0.9%
	1,950			Bristow Group Convertible Bond					3.000	%		6/15/38				BB					1,964,625
	764			Cameron International Corporation, Convertible Bonds					2.500	%		6/15/26				BBB+					1,113,530
	450			Exterran Holdings Inc., Convertible Bond					4.250	%		6/15/14				B+					561,375
	500			Hornbeck Offshore Services Inc., Convertible Bonds					1.625	%		11/15/26				B+					458,125
	1,200			Nabors Industries Inc., 144A					0.940	%		5/15/11				BBB					1,198,500
	1,300			Nabors Industries Inc.					0.940	%		5/15/11				BBB					1,298,375
	650			SESI LLC, Convertible Bond, 144A					1.500	%		12/15/26				BB+					665,438
	5,475			Transocean Inc.					1.500	%		12/15/37				BBB					5,373,438
	12,289			Total Energy Equipment & Services																	12,633,406

 

Nuveen Investments
65

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Food Products – 0.2%
$	400			Archer Daniels Midland Company, Convertible Bonds, 144A					0.875	%		2/15/14				A				$	410,500
	1,000			Archer Daniels Midland Company, Convertible Bonds					0.875	%		2/15/14				A					1,026,250
	450			Chiquita Brands International Inc., Convertible Bond					4.250	%		8/15/16				B					438,188
	550			Smithfield Foods Inc., Convertible Bond					4.000	%		6/30/13				B-					644,188
	300			Tyson Foods inc., Convertible Bond					3.250	%		10/15/13				BB+					369,375
	2,700			Total Food Products																	2,888,501
				Health Care Equipment & Supplies – 0.7%
	300			Alere Inc., Convertible Bond					3.000	%		5/15/16				B-					319,125
	300			American Medical Systems Holdings, Convertible Bond					4.000	%		9/15/41				BB-					367,500
	200			Beckman Coulter Inc., Convertible Bonds, 144A					2.500	%		12/15/36				BBB					229,250
	700			Beckman Coulter Inc., Convertible Bonds					2.500	%		12/15/36				BBB					802,375
	350			Fisher Scientific International Inc.					3.250	%		3/01/24				BBB+					490,438
	1,450			Hologic Inc. Convertible Bond					2.000	%		12/15/37				BB+					1,522,500
	850			Kinetic Concepts Inc., Convertible Bond, 144A					3.250	%		4/15/15				BB-					897,813
	1,700			Medtronic, Inc.					1.500	%		4/15/11				AA-					1,708,500
	2,750			Medtronic, Inc.					1.625	%		4/15/13				AA-					2,780,938
	8,600			Total Health Care Equipment & Supplies																	9,118,439
				Health Care Providers & Services – 0.3%
	550			AmeriGroup Corporation, Convertible Bond					2.000	%		5/15/12				BB					642,125
	450			LifePoint Hospitals, Inc., Convertible Bond					3.250	%		8/15/25				B					451,688
	875			LifePoint Hospitals, Inc., Convertible Bonds					3.500	%		5/15/14				B					887,031
	1,421			Omnicare, Inc.					3.250	%		12/15/35				B+					1,310,873
	400			PSS World Medical Inc. Convertible Note, 144A					3.125	%		8/01/14				BB					494,000
	3,696			Total Health Care Providers & Services																	3,785,717
				Hotels, Restaurants & Leisure – 0.2%
	300			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.500	%		10/15/29				BB+					424,125
	1,150			International Game Technology					3.250	%		5/01/14				BBB					1,332,563
	400			Wyndham Worldwide Corporation, Convertible Bond					3.500	%		5/01/12				BBB-					966,000
	1,850			Total Hotels, Restaurants & Leisure																	2,722,688
				Household Durables – 0.1%
	500			D.R. Horton, Inc.					2.000	%		5/15/14				BB-					567,500
	750			Lennar Corporation, 144A					2.750	%		12/15/20				B+					823,125
	400			Lennar Corporation					2.000	%		12/01/20				B+					398,500
	1,650			Total Household Durables																	1,789,125
				Independent Power Producers & Energy Traders – 0.1%
	450			Allegheny Technologies Inc., Convertible Bond					4.250	%		6/01/14				BBB-					681,188
				Industrial Conglomerates – 0.1%
	650			Textron Inc.					4.500	%		5/01/13				BBB-					1,238,250
				Insurance – 0.0%
	400			Old Republic International Corporation					8.000	%		5/15/12				BBB+					510,000
				Internet & Catalog Retail – 0.0%
	350			Priceline.com Inc., Convertible Bond					1.250	%		3/15/15				BBB-					515,375
				Internet Software & Services – 0.1%
	750			Equinix Inc., Convertible Bond					3.000	%		10/15/14				B-					754,688
	600			Equinix Inc.					4.750	%		6/15/16				B-					740,250
	1,350			Total Internet Software & Services																	1,494,938

 

Nuveen Investments
66

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				IT Services – 0.1%
$	250			Macrovision Corporation, Convertible Bonds					2.625	%		8/15/11				BB-				$	554,688
	400			Verifone Holdings Inc.					1.375	%		6/15/12				B					433,500
	650			Total IT Services																	988,188
				Life Sciences Tools & Services – 0.1%
	550			Charles River Laboratories International, Inc.					2.250	%		6/15/13				BB+					552,750
	450			Invitrogen Corporation, Convertible Bond					1.500	%		2/15/24				BBB					545,625
	1,000			Total Life Sciences Tools & Services																	1,098,375
				Machinery – 0.3%
	900			Danaher Corporation, Convertible Bonds					0.000	%		1/22/21				A+					1,237,500
	350			Ingersoll Rand					4.500	%		4/15/12				BBB+					930,125
	650			Navistar International Corporation, Convertible Bond					3.000	%		10/15/14				B1					871,000
	250			Terex Corporation					4.000	%		6/01/15				B					511,563
	2,150			Total Machinery																	3,550,188
				Media – 0.3%
	850			Interpublic Group Companies Inc., Convertible Notes					4.250	%		3/15/23				BB					950,938
	650			Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1					4.000	%		11/15/29				BB-					373,750
	1,450			Liberty Media Corporation					3.125	%		3/30/23				BB-					1,633,063
	1,050			Omnicom Group Inc., Convertible Bond					0.000	%		7/01/38				BBB+					1,116,938
	4,000			Total Media																	4,074,689
				Metals & Mining – 0.6%
	500			Alcoa Inc., Convertible Bond					5.250	%		3/15/14				Baa3					1,239,375
	3,000			Gold Reserve, Inc., Convertible Bonds					5.500	%		6/15/22				N/R					2,111,250
	250			Newmont Mining Corp., Senior Convertible Note					1.625	%		7/15/17				BBB+					364,688
	650			Newmont Mining Corporation, 144A					1.625	%		7/15/17				BBB+					948,188
	400			Newmont Mining Corporation					3.000	%		2/15/12				BBB+					558,500
	900			Newmont Mining Corporation					1.250	%		7/15/14				BBB+					1,294,875
	350			Steel Dynamics, Inc.					5.125	%		6/15/14				BB+					445,375
	950			United States Steel Corporation					4.000	%		5/15/14				BB					1,847,750
	7,000			Total Metals & Mining																	8,810,001
				Multiline Retail – 0.0%
	450			Saks, Inc., Convertible Bonds					2.000	%		3/15/24				B+					468,563
				Multi-Utilities – 0.1%
	700			CMS Energy Corporation, Convertible Bonds					2.875	%		12/01/24				BB+					1,017,625
				Oil, Gas & Consumable Fuels – 0.7%
	550			Alpha Natural Resouces Inc., Convertible Bond					2.375	%		4/15/15				BB					738,375
	600			Chesapeake Energy Corporation, Convertible Bonds					2.750	%		11/15/35				BB					598,500
	1,100			Chesapeake Energy Corporation, Convertible Bonds					2.500	%		5/15/37				BB					987,250
	550			Chesapeake Energy Corporation, Convertible Bonds					2.250	%		12/15/38				BB					431,063
	1,620			Goodrich Petroleum Corporation, Convertible					5.000	%		10/01/29				N/R					1,585,575
	750			Massey Energy Company, Convertible Bond					3.250	%		8/01/15				BB-					735,938
	1,150			Peabody Energy Corp., Convertible Bond					4.750	%		12/15/66				Ba3					1,493,563
	450			Penn Virginia Corporation					4.500	%		11/15/12				B					447,750
	700			Pioneer Natural Resouces Company, Convertible Bond					2.875	%		1/15/38				BB+					1,063,125
	1,550			USEC Inc., Convertible Bond					3.000	%		10/01/14				Caa2					1,402,750
	9,020			Total Oil, Gas & Consumable Fuels																	9,483,889
				Personal Products – 0.0%
	350			RadioShack Corporation, Convertible Bond					2.500	%		8/01/13				Ba1					374,938

 

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Pharmaceuticals – 0.4%
$	825			Allergan Inc., Convertible Bond					1.500	%		4/01/26				A+				$	936,375
	850			Mylan Labs, Inc., Convertible Bonds, 144A					3.750	%		9/15/15				BB-					1,472,625
	750			Mylan Labs, Inc., Convertible Bonds					1.250	%		3/15/12				BB-					797,813
	1,300			Teva Pharmaceutical Finance Company B.V., Series D					1.750	%		2/01/26				A-					1,431,625
	450			Teva Pharmaceutical Finance Company LLC, Convertible Bonds					0.250	%		2/01/26				A-					530,438
	200			Valeant Pharmaceuticals International Convertible Bond					4.000	%		11/15/13				B					449,000
	4,375			Total Pharmaceuticals																	5,617,876
				Real Estate – 0.8%
	1,350			Boston Properties Limited Partnership, Convertible Bonds, 144A					3.625	%		2/15/14				A-					1,442,813
	950			Boston Properties Limited Partnership, Convertible Bonds, 144A					2.875	%		2/15/37				A-					969,000
	250			Boston Properties Limited Partnership, Convertible Bonds					2.875	%		2/15/37				A2					255,000
	450			Duke Realty Corporation, Series D, 144A					3.750	%		12/01/11				BBB-					457,875
	600			ERP Operating LP					3.850	%		8/15/26				BBB+					630,000
	250			Health Care REIT, Inc., Convertible Bonds					4.750	%		12/01/26				Baa2					278,438
	300			Health Care REIT, Inc., Convertible Bonds					4.750	%		7/15/27				Baa2					333,375
	1,200			Host Hotels and Resorts Inc., Convertible Bond, 144A					2.625	%		4/15/27				BB+					1,194,000
	600			Host Marriot LP, Convertible Bonds, 144A					3.250	%		4/15/24				BB+					705,000
	600			National Retail Properties Inc., Convertible Bonds					5.125	%		6/15/28				Baa2					699,000
	350			Prologis Trust, Convertible Bonds, 144A					2.250	%		4/01/37				BBB-					349,124
	1,450			Prologis Trust, Convertible Bonds					2.250	%		4/01/37				BBB-					1,446,374
	400			Rayonier Trust Holdings Inc., Convertible Bond					3.750	%		10/15/12				BBB					443,999
	250			Ventas Inc., Convertible Bond, 144A					3.875	%		11/15/11				BBB-					311,562
	1,150			Vornado Realty, Convertible Bond					3.875	%		4/15/25				BBB					1,280,812
	10,150			Total Real Estate																	10,796,372
				Semiconductors & Equipment – 0.9%
	3,198			Advanced Micro Devices, Inc., Convertible Bonds, 144A					6.000	%		5/01/15				B+					3,237,974
	924			Advanced Micro Devices, Inc., Convertible Bonds					5.750	%		8/15/12				B+					951,719
	1,400			Intel Corporation, Convertible Bond					2.950	%		12/15/35				A-					1,401,749
	2,550			Intel Corporation, Convertible Bond					3.250	%		8/01/39				A2					3,069,562
	1,900			Micron Technology, Inc.					1.875	%		6/01/14				B+					1,804,999
	1,000			ON Semiconductor Corporation					2.625	%		12/15/26				B+					1,176,249
	450			Xilinx Inc., Convertible Bond, 144A					3.125	%		3/15/37				BB					470,249
	450			Xilinx Inc., Convertible Bond					3.125	%		3/15/37				BB					470,249
	11,872			Total Semiconductors & Equipment																	12,582,750
				Software – 0.2%
	950			Microsoft Corporation, Convertible Bond, 144A					0.000	%		6/15/13				AAA					1,024,812
	450			Nuance Communications Inc.					2.750	%		8/15/27				B-					530,437
	750			Symantec Corporation, Convertible Bond					1.000	%		6/15/13				BBB					855,937
	2,150			Total Software																	2,411,186
				Specialty Retail – 0.1%
	700			Best Buy Co., Inc.					2.250	%		1/15/22				Baa3					744,624
				Textiles, Apparel & Luxury Goods – 0.0%
	500			Iconix Brand Group, Inc., Convertible Notes, 144A					1.875	%		6/30/12				B+					504,999
				Trading Companies & Distributors – 0.1%
	386			WESCO International Inc., Convertible Bond					6.000	%		9/15/29				B					798,054
				Wireless Telecommunication Services – 0.0%
	650			Liberty Media Corporation, Convertible Bonds					3.750	%		2/15/30				BB-					360,749
$	123,895			Total Convertible Bonds (cost $121,889,780)																	137,797,871

 

Nuveen Investments
68

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Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Corporate Bonds – 11.5% (8.9% of Total Investments)
				Aerospace & Defense – 0.2%
$	600			Bombardier Inc., Class B Shares, 144A									7.500	%		3/15/18				BB+				$	646,500
	1,200			Hawker Beechcraft Acquisition Company									8.500	%		4/01/15				CCC-					897,000
	1,000			Hexcel Corporation, Term Loan									6.750	%		2/01/15				B+					1,025,000
	2,800			Total Aerospace & Defense																					2,568,500
				Airlines – 0.1%
	900			Continental Airlines, Inc., 144A									6.750	%		9/15/15				Ba2					931,500
	900			United Airlines Inc, 144A									12.000	%		11/01/13				B3					996,750
	1,800			Total Airlines																					1,928,250
				Auto Components – 0.2%
	1,200			Cooper Standard Automitve									8.500	%		5/01/18				B+					1,278,000
	1,800			Titan Wheels International Inc., 144A									7.875	%		10/01/17				B+					1,908,000
	3,000			Total Auto Components																					3,186,000
				Building Products – 0.0%
	600			Libbey Glass Inc., 144A									10.000	%		2/15/15				B					648,000
				Chemicals – 0.6%
	2,850			Hexion US Finance Corporation									8.875	%		2/01/18				B3					3,060,188
	600			Momentive Performance Materials									9.000	%		1/15/21				Caa1					634,500
	1,200			NOVA Chemicals Corporation									8.625	%		11/01/19				B+					1,317,000
	450			Phibro Animal Health Corporation, 144A									9.250	%		7/01/18				B					465,750
	2,100			Rockwood Specialties Group Inc., Series WI									7.500	%		11/15/14				B					2,163,000
	7,200			Total Chemicals																					7,640,438
				Commercial Banks – 0.7%
	300			Ally Financial Inc.									8.000	%		3/15/20				B					328,500
	1,400			Den Norske Bank									0.875	%		2/18/35				Baa1					836,570
	1,400			Den Norske Bank									0.541	%		2/24/37				Baa1					819,000
	7,076			LBG Capital I PLC, 144A									7.875	%		11/01/20				BB-					6,474,540
	800			Lloyds Banking Group LBG Capital 1, 144A									8.000	%		6/15/20				B+					704,000
	10,976			Total Commercial Banks																					9,162,610
				Commercial Services & Supplies – 0.3%
	1,200			Avis Budget Car Rental, 144A									8.250	%		1/15/19				B					1,218,000
	450			International Lease Finance Corporation, 144A									8.625	%		9/15/15				BB+					484,875
	1,500			International Lease Finance Corporation, 144A									8.750	%		3/15/17				BB+					1,612,500
	1,200			Ticketmaster									10.750	%		8/01/16				B1					1,305,000
	4,350			Total Commercial Services & Supplies																					4,620,375
				Communications Equipment – 0.2%
	450			Avaya Inc.									10.125	%		11/01/15				CCC+					463,500
	1,200			IntelSat Bermuda Limited									11.250	%		2/04/17				CCC+					1,314,000
	300			Sungard Data Systems Inc., 144A									7.375	%		11/15/18				B					303,000
	600			Sungard Data Systems Inc., 144A									7.625	%		11/15/20				B					610,500
	2,550			Total Communications Equipment																					2,691,000
				Construction Materials – 0.1%
	1,800			Headwaters Inc.									11.375	%		11/01/14				B+					1,977,750
				Containers & Packaging – 0.2%
	600			Boise Paper Holdings Company									8.000	%		4/01/20				BB					645,000
	2,100			Solo Cup Company									8.500	%		2/15/14				CCC					1,900,500
	2,700			Total Containers & Packaging																					2,545,500

 

Nuveen Investments
69

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Diversified Financial Services – 0.2%
$	900			Ally Financial Inc.									7.500	%		9/15/20				B				$	948,375
	950			CIT Group Inc.									7.000	%		5/01/17				B+					954,750
	200			Fortis Hybrid Financing									8.250	%		8/27/49				BBB					195,300
	2,050			Total Diversified Financial Services																					2,098,425
				Diversified Telecommunication Services – 0.4%
	1,200			Cequel Communication Holdings I, 144A									8.625	%		11/15/17				B-					1,260,000
	1,200			Frontier Communications Corporation									8.500	%		4/15/20				BB					1,317,000
	350			Insight Communications, 144A									9.375	%		7/15/18				B-					374,500
	1,200			IntelSat Jackson Holding, 144A									7.250	%		10/15/20				B+					1,218,000
	1,200			Windstream Corporation									7.875	%		11/01/17				Ba3					1,267,500
	5,150			Total Diversified Telecommunication Services																					5,437,000
				Electric Utilities – 0.5%
	600			Calpine Corporation, 144A									7.875	%		7/31/20				B+					610,500
	6,400			WPS Resource Corporation									6.110	%		12/01/16				Baa2					6,183,514
	7,000			Total Electric Utilities																					6,794,014
				Electrical Equipment – 0.1%
	900			Energy Future Holdings									10.000	%		1/15/20				B					930,396
				Electronic Equipment & Instruments – 0.1%
	450			Amkor Technology Inc.									7.375	%		5/01/18				BB-					470,250
	1,200			Kemet Corporation, Convertible Bonds, 144A									10.500	%		5/01/18				B1					1,296,000
	1,650			Total Electronic Equipment & Instruments																					1,766,250
				Food & Staples Retailing – 0.1%
	1,200			Stater Brothers Holdings Inc., 144A									7.375	%		11/15/18				B+					1,236,000
				Food Products – 0.3%
	1,200			Dole Foods Company, 144A									8.000	%		10/01/16				B+					1,272,000
	2,700			Dole Foods Company									8.750	%		7/15/13				B-					2,899,125
	3,900			Total Food Products																					4,171,125
				Health Care Equipment & Supplies – 0.2%
	1,800			Accellent Inc., 144A									10.000	%		11/01/17				CCC+					1,705,500
	500			Biomet Inc.									10.000	%		10/15/17				B-					548,750
	2,300			Total Health Care Equipment & Supplies																					2,254,250
				Health Care Providers & Services – 0.9%
	600			Aurora Diagnostics Holdings LLC, 144A									10.750	%		1/15/18				B3					604,500
	450			Capella Healthcare Inc., 144A									9.250	%		7/01/17				B					478,125
	2,000			Community Health Systems, Inc.									8.875	%		7/15/15				B					2,105,000
	1,000			HCA Inc.									9.250	%		11/15/16				BB-					1,069,375
	1,800			HCA Inc.									8.500	%		4/15/19				BB					1,980,000
	4,050			Select Medical Corporation									7.625	%		2/01/15				B-					4,070,250
	1,800			Select Medical Corporation									6.237	%		9/15/15				CCC+					1,674,000
	11,700			Total Health Care Providers & Services																					11,981,250
				Hotels, Restaurants & Leisure – 0.8%
	1,200			CCM Merger Inc, 144A									8.000	%		8/01/13				CCC+					1,173,000
	1,200			GWR Operating Partnership, 144A									10.875	%		4/01/17				BB-					1,272,000
	2,250			Harrah's Operating Company, Inc.									11.250	%		6/01/17				B					2,542,500
	900			Landry's Restaurants Inc.									11.625	%		12/01/15				B					965,250
	300			MGM Mirage Inc., 144A									9.000	%		3/15/20				B1					331,500
	600			Peninsula Gaming LLC									8.375	%		8/15/15				BB					633,750
	600			Penn National Gaming Inc.									8.750	%		8/15/19				BB-					664,500

 

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70

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Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Hotels, Restaurants & Leisure (continued)
$	1,200			Pinnacle Entertainment Inc.									8.750	%		5/15/20				B				$	1,248,000
	1,750			Seminole Hard Rock Entertainment, Inc., 144A									2.803	%		3/15/14				BB					1,610,000
	600			Universal City Development Partners									8.875	%		11/15/15				B3					640,500
	10,600			Total Hotels, Restaurants & Leisure																					11,081,000
				Household Products – 0.1%
	1,650			Central Garden & Pet Company, Senior Subordinate Notes									8.250	%		3/01/18				B					1,678,875
				Independent Power Producers & Energy Traders – 0.1%
	1,000			NRG Energy Inc.									7.375	%		1/15/17				BB-					1,032,500
				Industrial Conglomerates – 0.0%
	300			Reynolds Group, 144A									9.000	%		4/15/19				B					312,375
				Internet Software & Services – 0.0%
	800			Open Solutions Inc., 144A									9.750	%		2/01/15				CCC+					562,000
				IT Services – 0.6%
	750			Fidelity National Information Services Inc., 144A									7.875	%		7/15/20				Ba2					796,875
	600			Fidelity National Information Services Inc.									7.625	%		7/15/17				Ba2					634,500
	1,800			First Data Corporation, 144A									8.875	%		8/15/20				B+					1,908,000
	1,330			First Data Corporation									10.550	%		9/24/15				B-					1,266,767
	600			First Data Corporation									9.875	%		9/24/15				B-					574,500
	600			First Data Corporation									11.250	%		3/31/16				CCC+					528,000
	1,631			Global Cash Access LLC									8.750	%		3/15/12				B					1,647,310
	600			ManTech International Company									7.250	%		4/15/18				BB+					630,000
	1,050			Seagate HDD Cayman									6.875	%		5/01/20				BB+					1,008,000
	8,961			Total IT Services																					8,993,952
				Machinery – 0.2%
	3,000			Greenbrier Companies, Inc.									8.375	%		5/15/15				CCC					3,052,500
				Media – 0.5%
	600			Allbritton Communications Company, 144A									8.000	%		5/15/18				B					609,000
	2,000			AMC Entertainment Inc.									8.000	%		3/01/14				CCC+					2,030,000
	450			Cablevision Systems Corporation									7.750	%		4/15/18				B+					473,625
	300			Cablevision Systems Corporation									8.000	%		4/15/20				B+					322,500
	900			Clear Channel Communications, Inc.									5.500	%		9/15/14				CCC-					751,500
	1,050			Clear Channel Communications, Inc.									10.750	%		8/01/16				CCC-					945,000
	450			Clear Channel Worldwide Holdings Inc., 144A									9.250	%		12/15/17				B					495,000
	4,000			Medianews Group Inc., (10), (11)									6.375	%		4/01/14				CC					400
	300			NexStar Mission Broadcast, 144A									8.875	%		4/15/17				B					320,250
	900			Nielsen Finance LLC Co.									7.750	%		10/15/18				B					936,000
	10,950			Total Media																					6,883,275
				Metals & Mining – 0.2%
	600			Consol Energy Inc., 144A									8.000	%		4/01/17				BB					642,000
	600			Consol Energy Inc., 144A									8.250	%		4/01/20				BB					651,000
	900			Essar Steel Algoma Inc., 144A									9.375	%		3/15/15				B+					910,125
	2,100			Total Metals & Mining																					2,203,125
				Multiline Retail – 0.4%
	3,150			Neiman Marcus Group Inc., Term Loan									9.000	%		10/15/15				B-					3,315,375
	1,200			Sprectum Brands Inc., 144A									9.500	%		6/15/18				B					1,320,000
	1,000			Toys R Us Property Company II LLC									8.500	%		12/01/17				Ba1					1,620,000
	5,350			Total Multiline Retail																					6,255,375

 

Nuveen Investments
71

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Multi-Utilities – 0.1%
$	1,200			Bon-Ton Department Stores Inc.									10.250	%		3/15/14				CCC+				$	1,230,000
				Municipal – 0.0%
	600			Tops Markets									10.125	%		10/15/15				B					619,500
				Oil, Gas & Consumable Fuels – 0.8%
	1,500			Alta Mesa Holdings Finance, 144A									9.625	%		10/15/18				B					1,464,375
	650			Chaparral Energy Inc.									8.500	%		12/01/15				B+					664,625
	2,400			Chaparral Energy Inc.									8.875	%		2/01/17				B+					2,448,000
	1,200			Genesis Energy LP, 144A									7.875	%		12/15/18				B+					1,197,000
	1,200			Hilcorp Energy I LP/Hilcorp Finance Company, 144A									7.625	%		4/15/21				BB-					1,245,000
	900			OPTI Canada Inc.									7.875	%		12/15/14				CCC					640,125
	450			Western Refining Inc., 144A									10.750	%		6/15/14				B3					481,500
	1,050			Western Refining Inc.									11.250	%		6/15/17				B					1,139,250
	1,500			Whiting Petroleum Corporation									7.000	%		2/01/14				BB					1,582,500
	10,850			Total Oil, Gas & Consumable Fuels																					10,862,375
				Paper & Forest Products – 0.4%
	900			Catalyst Paper Corporation, 144A									11.000	%		12/15/16				B3					852,750
	5,200			MagIndustries Corporation, (11)									11.000	%		12/14/12				N/R					5,140,506
	6,100			Total Paper & Forest Products																					5,993,256
				Personal Products – 0.2%
	1,800			Prestige Brands Inc.									8.250	%		4/01/18				B					1,872,000
	600			Revlon Consumer Products									9.750	%		11/15/15				B					637,500
	2,400			Total Personal Products																					2,509,500
				Pharmaceuticals – 0.3%
	900			Angiotech Pharmaceuticals Inc., (7)									7.750	%		4/01/14				C					450,000
	1,350			KV Pharmaceutical Company, Convertible Bond									2.500	%		5/16/33				N/R					749,250
	900			Mylan Inc., 144A									7.875	%		7/15/20				BB-					974,250
	1,800			Warner Chilcott Company LLC, 144A									7.750	%		9/15/18				B+					1,827,000
	4,950			Total Pharmaceuticals																					4,000,500
				Real Estate – 0.1%
	1,200			Entertainment Properties Trust, 144A									7.750	%		7/15/20				Baa3					1,275,000
				Road & Rail – 0.1%
	900			Avis Budget Car Rental									9.625	%		3/15/18				B					974,250
				Semiconductors & Equipment – 0.2%
	2,000			Freescale Semiconductor Inc.									9.250	%		4/15/18				B2					2,210,000
	300			NXP BV									3.039	%		10/15/13				B-					296,625
	2,300			Total Semiconductors & Equipment																					2,506,625
				Specialty Retail – 0.3%
	1,154			Brookstone Company Inc., 144A									13.000	%		10/15/14				CCC+					1,070,335
	1,350			Claires Stores, Inc.									9.250	%		6/01/15				CCC+					1,309,500
	1,200			Claires Stores, Inc.									10.500	%		6/01/17				CCC					1,125,000
	300			Express LLC									8.750	%		3/01/18				B					320,250
	4,004			Total Specialty Retail																					3,825,085
				Textiles, Apparel & Luxury Goods – 0.0%
	600			Hanesbrands Inc.									8.000	%		12/15/16				BB-					646,500
				Transportation Infrastructure – 0.1%
	1,800			AWAS Aviation Capital Limited, 144A									7.000	%		10/15/16				BBB-					1,793,250

 

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Principal Amount (000)				Description (1)								Coupon				Maturity				Ratings (4)				Value
				Wireless Telecommunication Services – 0.6%
$	1,500			Clearwire Communications Finance									12.000	%		12/01/15				B2				$	1,627,500
	1,500			IPCS, Inc.									2.412	%		5/01/13				Ba2					1,451,250
	3,550			Sprint Nextel Corporation									8.375	%		8/15/17				BB-					3,825,125
	750			Syniverse Technologies Inc., Series B									7.750	%		8/15/13				B					766,874
	7,300			Total Wireless Telecommunication Services																					7,670,749
$	162,541			Total Corporate Bonds (cost $154,693,150)																					159,598,700

 

Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Capital Preferred Securities – 24.3% (18.8% of Total Investments)
				Capital Markets – 0.3%
$	2,400			ABN AMRO North America Holding Capital, 144A					6.523	%		12/31/49				BB+				$	2,058,000
	1,600			Credit Suisse Guernsey					0.976	%		5/15/17				A3					1,186,000
	300			Goldman Sachs Group, Inc.					6.345	%		2/15/34				A3					286,698
				Total Capital Markets																	3,530,698
				Commercial Banks – 9.2%
	9,350			AgFirst Farm Credit Bank					7.300	%		12/15/53				A					8,123,149
	2,720			Banco Santander Finance					10.500	%		9/29/49				A-					2,958,811
	3,200			BankAmerica Institutional Capital Trust, Series B, 144A					7.700	%		12/31/26				Baa3					3,224,000
	2,000			Barclays Bank PLC, 144A					6.860	%		6/15/32				A-					1,910,000
	7,675			Barclays Bank PLC, 144A					7.434	%		12/15/17				A-					7,579,063
	1,000			Barclays Bank PLC					6.278	%		12/15/34				A-					857,500
	3,000			BB&T Capital Trust II					6.750	%		6/07/36				Baa1					3,020,658
	3,800			BB&T Capital Trust IV					6.820	%		6/12/37				Baa1					3,762,000
	5,450			BBVA International Unipersonal					5.919	%		4/18/17				A-					4,147,069
	3,360			Credit Agricole, S.A., 144A					8.375	%		10/13/49				A-					3,469,200
	3,950			Credit Agricole, S.A.					9.750	%		12/26/54				A-					4,177,125
	5,750			First Empire Capital Trust I					8.234	%		2/01/27				Baa2					5,728,150
	3,500			First Union Capital Trust II, Series A					7.950	%		11/15/29				A-					3,893,467
	4,800			Fulton Capital Trust I					6.290	%		2/01/36				Baa3					3,628,704
	1,450			HBOS Capital Funding LP, 144A					6.071	%		6/30/14				Ba2					1,196,250
	1,300			HSBC America Capital Trust I, 144A					7.808	%		12/15/26				A-					1,335,750
	1,000			HSBC Bank PLC					0.850	%		6/11/49				A					605,000
	9,300			HSBC Capital Funding LP, Debt					10.176	%		6/30/50				A-					12,252,750
	100			HSBC Financial Capital Trust IX					5.911	%		11/30/15				Baa1					93,000
	4,000			KeyCorp Capital III					7.750	%		7/15/29				Baa3					3,970,364
	4,150			NB Capital Trust II					7.830	%		12/15/26				Baa3					4,181,125
	10,000			North Fork Capital Trust II					8.000	%		12/15/27				Baa3					10,125,000
	7,640			Rabobank Nederland, 144A					11.000	%		6/30/19				AA-					9,903,755
	2,000			Reliance Capital Trust I, Series B					8.170	%		5/01/28				N/R					1,607,524
	12,810			Societe Generale					8.750	%		10/07/49				BBB+					13,194,300
	200			Sovereign Capital Trust VI					7.908	%		6/13/36				BBB+					206,507
	3,100			Standard Chartered PLC, 144A					6.409	%		1/30/17				BBB					2,894,024
	6,500			Standard Chartered PLC, 144A					7.014	%		7/30/37				BBB					6,383,319
	3,400			Suntrust Capital Trust VIII					6.100	%		12/01/66				Baa3					3,120,639
	500			Wachovia Capital Trust V, 144A					7.965	%		6/01/27				A-					493,604
				Total Commercial Banks																	128,041,807
				Consumer Finance – 0.4%
	5,500			Capital One Capital IV Corporation					6.745	%		2/17/32				Baa3					5,486,250
				Diversified Financial Services – 0.8%
	1			AMG Capital Trust II, Convertible Bond					5.150	%		10/15/37				BB					22,172
	5,270			Bank One Capital III					8.750	%		9/01/30				A2					6,261,124
	475			CitiGroup Capital XXI					8.300	%		12/21/37				BB+					496,375

 

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Principal Amount (000)/ Shares				Description (1)				Coupon				Maturity				Ratings (4)				Value
				Diversified Financial Services (continued)
$	4,300			JPMorgan Chase Capital XXV					6.800	%		10/01/37				A2				$	4,447,533
				Total Diversified Financial Services																	11,227,204
				Diversified Telecommunication Services – 1.5%
	19			Centaur Funding Corporation, Series B					9.080	%		4/21/20				BBB					20,713,725
				Electric Utilities – 0.7%
	8,200			Dominion Resources Inc.					7.500	%		6/30/16				BBB					8,578,594
	1,600			PPL Capital Funding, Inc.					6.700	%		3/30/17				BBB-					1,569,966
				Total Electric Utilities																	10,148,560
				Insurance – 10.4%
	3,000			Allstate Corporation					6.125	%		5/15/17				Baa1					3,007,500
	1,500			Allstate Corporation					6.500	%		5/15/37				Baa1					1,511,250
	4,000			AXA SA, 144A					6.463	%		12/14/18				Baa1					3,610,000
	7,675			AXA SA, 144A					6.379	%		12/14/36				Baa1					7,013,031
	6,100			AXA					8.600	%		12/15/30				A3					6,852,380
	4,615			Catlin Insurance Company Limited					7.249	%		1/19/17				BBB+					4,084,275
	4,000			Everest Reinsurance Holdings, Inc.					6.600	%		5/15/37				Baa1					3,850,000
	12,025			Glen Meadows Pass Through Trust					6.505	%		2/15/17				BB+					10,070,938
	2,000			Great West Life & Annuity Capital I, 144A					6.625	%		11/15/34				A-					1,868,290
	750			Great West Life and Annuity Insurance Company, 144A					7.153	%		5/16/16				A-					757,500
	5,500			Liberty Mutual Group, 144A					7.800	%		3/15/37				Baa3					5,472,500
	11,370			MetLife Capital Trust IV, 144A					7.875	%		12/15/37				BBB					12,080,625
	9,700			National Financial Services Inc.					6.750	%		5/15/37				Baa2					8,962,315
	1,550			Nationwide Financial Services Capital Trust					7.899	%		3/01/37				Baa2					1,356,005
	9,100			Oil Insurance Limited, 144A					7.558	%		6/30/11				Baa1					8,429,503
	13,500			Old Mutual Capital Funding, Notes					8.000	%		6/22/53				Baa3					12,926,250
	2,700			Progressive Corporation					6.700	%		6/15/67				A2					2,777,865
	5,100			Prudential Financial Inc.					8.875	%		6/15/18				BBB+					5,979,750
	10,000			Prudential PLC					6.500	%		6/29/49				A-					9,375,000
	6,200			Swiss Re Capital I					6.854	%		5/25/16				A-					5,953,693
	22,200			XL Capital Ltd					6.500	%		10/15/57				BBB-					19,314,000
	8,000			ZFS Finance USA Trust II, 144A					6.450	%		12/15/65				A					7,950,000
	1,100			ZFS Finance USA Trust V					6.500	%		5/09/67				A					1,077,999
				Total Insurance																	144,280,669
				Road & Rail – 0.9%
	12,410			Burlington Northern Santa Fe Funding Trust I					6.613	%		1/15/26				BBB					12,876,143
				U.S. Agency – 0.1%
	1			Farm Credit Bank of Texas					10.000	%		12/15/60				A3					972,280
				Total Capital Preferred Securities (cost $336,322,159)																	337,277,336

 

Shares				Description (1)				Value
				Investment Companies – 1.8% (1.4% of Total Investments)
	682,749			BlackRock Credit Allocation Income Trust II				$	6,711,423
	679,959			Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					11,022,135
	469,287			John Hancock Preferred Income Fund III					7,503,899
				Total Investment Companies (cost $36,387,988)					25,237,457
Shares				Description (1)				Value
				Rights – 0.0% (0.0% of Total Investments)
				Metals & Mining
	48,000			Ivanhoe Mines Ltd.				$	67,200
				Total Rights (cost $0)					67,200

 

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Principal Amount (000)				Description (1)				Coupon								Maturity				Value
				Short-Term Investments – 5.0% (3.8% of Total Investments)
$	37,383			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/10,					0.040	%						1/03/11				$	37,382,631
				repurchase price $37,382,756, collateralized by:
				$19,185,000 U.S. Treasury Notes, 1.750%, due 3/31/14, value $19,616,663, and
				$18,445,000 U.S. Treasury Notes, 1.750%, due 7/31/15, value $18,514,169
	31,648			Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/10, repurchase price $31,648,587, collateralized by $30,600,000 U.S. Treasury Notes, 3.625%, due 8/15/19, value $32,283,000					0.040	%						1/03/11					31,648,482
$	69,031			Total Short-Term Investments (cost $69,031,113)																	69,031,113
				Total Investments (cost $1,701,345,672) – 129.1%																	1,792,117,217

 

Shares				Description (1)				Value
				Common Stocks Sold Short – (0.6)%
				Chemicals – (0.1)%
	(15,600	)		Sigma-Aldrich Corporation				$	(1,038,336	)
				Food Products – (0.0)%
	(12,600	)		Green Mountain Coffee Roasters Inc., (2)					(414,036	)
				Hotels, Restaurants & Leisure – (0.2)%
	(3,100	)		Chipotle Mexican Grill Inc., (2)					(659,246	)
	(19,700	)		P.F. Changs China Bistro, Inc.					(954,662	)
	(10,400	)		Panera Bread Company, (2)					(1,052,584	)
				Total Hotels, Restaurants & Leisure					(2,666,492	)
				Household Products – (0.0)%
	(8,000	)		Reckitt Benckiser Group PLC					(439,666	)
				Internet & Catalog Retail – (0.1)%
	(4,100	)		Amazon.com, Inc., (2)					(738,000	)
	(2,400	)		NetFlix.com Inc., (2)					(421,680	)
				Total Internet & Catalog Retail					(1,159,680	)
				Software – (0.1)%
	(4,000	)		Salesforce.com, Inc., (2)					(528,000	)
				Specialty Retail – (0.1)%
	(13,800	)		Tiffany & Co					(859,326	)
	(18,700	)		Urban Outfitters, Inc., (2)					(669,647	)
				Total Specialty Retail					(1,528,973	)
				Total Common Stocks Sold Short (proceeds $5,931,055)					(7,775,183	)
				Borrowings – (28.8)% (12), (13)					(400,000,000	)
				Other Assets Less Liabilities – 0.3% (16)					3,893,300
				Net Assets Applicable to Common Shares – 100%				$	1,388,235,334

 

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JQC

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

Portfolio of INVESTMENTS December 31, 2010

Investments in Derivatives

Put Options Purchased outstanding at December 31, 2010:

Number of Contracts				Type				Notional Amount (14)				Expiration Date				Strike Price				Value
	125			Autozone Inc.				$	2,500,000			1/21/12				$	200.0			$	68,125
	125			Total Put Options Purchased (premiums paid $279,861)				$	2,500,000											$	68,125

 

Call Options Written outstanding at December 31, 2010:

Number of Contracts				Type				Notional Amount (14)				Expiration Date				Strike Price				Value
	(1,140	)		Aetna Inc.				$	(3,420,000	)		1/22/11				$	30.0			$	(107,730	)
	(240	)		AngloGold Ashanti Limited					(960,000	)		1/22/11					40.0				(222,000	)
	(570	)		Arch Coal, Inc.					(1,425,000	)		1/22/11					25.0				(575,700	)
	(320	)		AstraZeneca PLC					(1,440,000	)		1/22/11					45.0				(54,400	)
	(973	)		Barrick Gold Corporation					(3,892,000	)		1/22/11					40.0				(1,286,792	)
	(915	)		Cameco Corporation					(3,202,500	)		1/22/11					35.0				(503,250	)
	(900	)		Chesapeake Energy Corporation					(2,250,000	)		1/21/12					25.0				(360,000	)
	(329	)		Deutsche Telekom AG, ADR					(329,000	)		1/22/11					10.0				(94,588	)
	(980	)		eBay, Inc.					(2,940,000	)		1/22/11					30.0				(28,910	)
	(480	)		Eli Lilly & Company					(1,680,000	)		1/22/11					35.0				(23,280	)
	(590	)		Eli Lilly & Company					(2,065,000	)		1/21/12					35.0				(133,635	)
	(612	)		Forest Laboratories Inc.					(1,836,000	)		1/22/11					30.0				(133,110	)
	(2,150	)		Gold Fields Limited					(2,687,500	)		1/22/11					12.5				(1,204,000	)
	(825	)		Gold Fields Limited					(1,237,500	)		1/22/11					15.0				(259,875	)
	(480	)		Ivanhoe Mines Ltd.					(960,000	)		1/22/11					20.0				(146,400	)
	(1,665	)		Kroger Company					(3,746,250	)		1/21/12					22.5				(357,975	)
	(428	)		Lockheed Martin Corporation					(3,210,000	)		1/22/11					75.0				(2,140	)
	(852	)		Newmont Mining Corporation					(4,260,000	)		1/22/11					50.0				(977,670	)
	(930	)		Nexen Inc.					(2,092,500	)		3/19/11					22.5				(158,100	)
	(1,845	)		Nippon Telegraph & Telephone Corporation					(4,151,250	)		6/18/11					22.5				(235,237	)
	(1,820	)		Nokia Corporation					(1,638,000	)		1/22/11					9.0				(249,340	)
	(2,440	)		Pfizer, Inc.					(4,270,000	)		1/22/11					17.5				(82,960	)
	(546	)		Range Resources Corporation					(2,047,500	)		1/21/12					37.5				(611,520	)
	(2,600	)		Smithfield Foods, Inc.					(4,550,000	)		1/22/11					17.5				(832,000	)
	(1,305	)		StatoilHydro ASA, ADR					(2,610,000	)		4/16/11					20.0				(535,050	)
	(802	)		Suncor Energy Inc					(2,406,000	)		1/22/11					30.0				(671,675	)
	(575	)		Tesoro Corporation					(862,500	)		1/22/11					15.0				(205,563	)
	(2,580	)		Tyson Foods, Inc.					(5,160,000	)		1/22/11					20.0				(12,900	)
	(1,587	)		UBS AG					(2,777,250	)		1/22/11					17.5				(15,870	)
	(670	)		Wal-Mart Stores, Inc.					(3,517,500	)		1/22/11					52.5				(116,580	)
	(596	)		Wal-Mart Stores, Inc.					(3,278,000	)		1/22/11					55.0				(16,688	)
	(32,745	)		Total Call Options Written (premiums received $7,451,256)				$	(80,901,250	)										$	(10,214,938	)

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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 as collateral for call options written during and as of the end of the reporting period.

  (4)  Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investor 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.

  (5)  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.

  (6)  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.

  (7)  The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income and "write-off" any remaining recorded balances on the Fund's records.

  (8)  At or subsequent to December 31, 2010, 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)  The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

  (11)  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.

  (12)  Borrowings as a percentage of Total Investments is 22.3%.

  (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, 2010, investments with a value of $903,372,018 have been pledged as collateral for Borrowings.

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

  (15)  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.

  (16)  Other Assets Less Liabilities includes Value and/or Unrealized Appreciation (Depreciation) of derivative instruments as noted in Investments in Derivatives.

  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.

  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.

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Statement of

ASSETS & LIABILITIES

  December 31, 2010

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Assets
Investments, at value (cost $1,153,075,137 and $1,701,345,672, respectively)				$	1,213,748,188			$	1,792,117,217
Put options purchased, at value (premiums paid $158,961 and $279,861, respectively)					38,695				68,125
Deposits with brokers for securities sold short and options written					8,263,199				11,795,557
Cash					736,696				1,422,947
Cash denominated in foreign currencies (cost $68,668 and $104,794, respectively)					69,387				105,908
Receivables:
Dividends					838,361				1,624,504
Interest					5,901,269				8,042,391
Investments sold					1,320,676				1,956,128
Matured senior loans					601,798				849,112
Reclaims					92,370				164,166
Other assets					194,496				255,614
Total assets					1,231,805,135				1,818,401,669
Liabilities
Borrowings					270,000,000				400,000,000
Securities sold short, at value (proceeds $4,065,551 and $5,931,055, respectively)					5,294,680				7,775,183
Call options written, at value (premiums received $4,856,749 and $7,451,256, respectively)					6,426,142				10,214,938
Payables:
Dividends for securities sold short					2,200				3,450
Investments purchased					9,903,763				10,294,282
Accrued expenses:
Interest on borrowings					18,792				27,840
Management fees					799,945				1,163,927
Other					515,857				686,715
Total liabilities					292,961,379				430,166,335
Net assets applicable to Common shares				$	938,843,756			$	1,388,235,334
Common shares outstanding					97,591,378				137,076,405
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)				$	9.62			$	10.13
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share				$	975,914			$	1,370,764
Paid-in surplus					1,324,586,422				1,891,615,459
Undistributed (Over-distribution of) net investment income					(12,650,325	)			(21,916,437	)
Accumulated net realized gain (loss)					(431,829,139	)			(568,795,173	)
Net unrealized appreciation (depreciation)					57,760,884				85,960,721
Net assets applicable to Common shares				$	938,843,756			$	1,388,235,334
Authorized shares:
Common					Unlimited				Unlimited
FundPreferred					Unlimited				Unlimited

 

See accompanying notes to financial statements.

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Statement of

OPERATIONS

  Year Ended December 31, 2010

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Investment Income
Dividends (net of foreign tax withheld of $415,082 and $600,150, respectively)				$	34,014,262			$	50,046,444
Interest					28,151,083				42,109,637
Other					93,437				131,840
Total investment income					62,258,782				92,287,921
Expenses
Management fees					9,971,542				14,567,060
Dividend expense on securities sold short					31,720				47,315
Shareholders' servicing agent fees and expenses					6,610				8,628
Interest expense on borrowings					3,531,039				5,231,169
Custodian's fees and expenses					368,689				486,085
Trustees' fees and expenses					40,927				60,836
Professional fees					151,515				183,344
Shareholders' reports – printing and mailing expenses					237,503				309,916
Stock exchange listing fees					33,160				46,686
Investor relations expense					266,586				356,714
Other expenses					67,713				93,384
Total expenses before custodian fee credit and expense reimbursement					14,707,004				21,391,137
Custodian fee credit					(1,168	)			(1,836	)
Expense reimbursement					(1,141,957	)			(2,029,267	)
Net expenses					13,563,879				19,360,034
Net investment income					48,694,903				72,927,887
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency					1,305,162				5,964,210
Securities sold short					(405,274	)			(621,682	)
Call options written					5,739,320				8,855,989
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency					114,649,646				164,383,472
Securities sold short					(1,005,081	)			(1,512,851	)
Call options written					430,714				79,481
Put options purchased					(120,266	)			(211,736	)
Net realized and unrealized gain (loss)					120,594,221				176,936,883
Net increase (decrease) in net assets applicable to Common shares from operations				$	169,289,124			$	249,864,770

 

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 12/31/10				Year Ended 12/31/09				Year Ended 12/31/10				Year Ended 12/31/09
Operations
Net investment income				$	48,694,903			$	53,732,729			$	72,927,887			$	81,743,124
Net realized gain (loss) from:
Investments and foreign currency					1,305,162				(148,866,880	)			5,964,210				(225,066,111	)
Securities sold short					(405,274	)			193,123				(621,682	)			265,633
Call options written					5,739,320				8,437,654				8,855,989				12,008,939
Interest rate swaps					—				(170,494	)			—				(231,988	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency					114,649,646				450,167,087				164,383,472				645,654,663
Securities sold short					(1,005,081	)			(580,945	)			(1,512,851	)			(847,360	)
Call options written					430,714				(8,842,570	)			79,481				(12,574,727	)
Interest rate swaps					—				164,738				—				224,156
Put options purchased					(120,266	)			—				(211,736	)			—
Distributions to FundPreferred shareholders:
From net investment income					—				(272,564	)			—				(376,424	)
Net increase (decrease) in net assets applicable to Common shares from operations					169,289,124				353,961,878				249,864,770				500,799,905
Distributions to Common Shareholders
From net investment income					(55,633,444	)			(59,406,423	)			(82,345,674	)			(89,637,676	)
Return of capital					(10,876,168	)			(2,458,931	)			(13,885,777	)			(165,530	)
Decrease in net assets applicable to Common shares from distributions to Common shareholders					(66,509,612	)			(61,865,354	)			(96,231,451	)			(89,803,206	)
Capital Share Transactions
Common shares repurchased and retired					(3,782,168	)			(8,947,761	)			(8,196,512	)			(11,667,571	)
Net increase (decrease) in net assets applicable to Common shares from capital share transactions					(3,782,168	)			(8,947,761	)			(8,196,512	)			(11,667,571	)
Net increase (decrease) in net assets applicable to Common shares					98,997,344				283,148,763				145,436,807				399,329,128
Net assets applicable to Common shares at the beginning of year					839,846,412				556,697,649				1,242,798,527				843,469,399
Net assets applicable to Common shares at the end of year				$	938,843,756			$	839,846,412			$	1,388,235,334			$	1,242,798,527
Undistributed (Over-distribution of) net investment income at the end of year				$	(12,650,325	)		$	(15,289,950	)		$	(21,916,437	)		$	(26,017,406	)

 

See accompanying notes to financial statements.

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Statement of

CASH FLOWS

  Year Ended December 31, 2010

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations				$	169,289,124			$	249,864,770
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments and securities sold short					(550,460,669	)			(810,082,084	)
Proceeds from sales and maturities of investments and securities sold short					591,459,955				863,224,063
Proceeds from (Purchases of) short-term investments, net					(35,087,821	)			(40,441,802	)
Proceeds from (Payments for) cash denominated in foreign currencies, net					(68,668	)			(45,318	)
Premiums paid for put options purchased					(158,961	)			(279,861	)
Cash paid for call options exercised, terminated and expired					(1,227,021	)			(1,868,948	)
Premiums received for options written					8,165,862				12,418,571
Amortization (Accretion) of premiums and discounts, net					(1,369,399	)			(2,185,556	)
(Increase) Decrease in deposits with brokers for securities sold short and options written					(1,039,266	)			(2,320,449	)
(Increase) Decrease in receivable for dividends					19,824				194,661
(Increase) Decrease in receivable for interest					(846,486	)			(884,695	)
(Increase) Decrease in receivable for investments sold					1,036,070				2,132,483
(Increase) Decrease in matured senior loans					(601,798	)			(849,112	)
(Increase) Decrease in receivable for reclaims					(18,168	)			(55,124	)
(Increase) Decrease in other assets					(37,333	)			(53,218	)
Increase (Decrease) in payable for dividends for securities sold short					2,200				3,450
Increase (Decrease) in payable for investments purchased					8,352,143				8,918,888
Increase (Decrease) in accrued interest on borrowings					(8,222	)			(12,181	)
Increase (Decrease) in accrued management fees					133,227				196,296
Increase (Decrease) in accrued other liabilities					126,000				170,168
Net realized (gain) loss from investments and foreign currency					(1,305,162	)			(5,964,210	)
Net realized (gain) loss from securities sold short					405,274				621,682
Net realized (gain) loss from options written					(5,739,320	)			(8,855,989	)
Net realized (gain) loss from paydowns					2,810,124				3,906,052
Change in net unrealized (appreciation) depreciation of investments and foreign currency					(114,649,646	)			(164,383,472	)
Change in net unrealized (appreciation) depreciation of securities sold short					1,005,081				1,512,851
Change in net unrealized (appreciation) depreciation of options written					(430,714	)			(79,481	)
Change in net unrealized (appreciation) depreciation of put options purchased					120,266				211,736
Proceeds from litigation					576,427				876,776
Net cash provided by (used in) operating activities					70,452,923				105,890,947
Cash Flows from Financing Activities:
Increase (Decrease) in cash overdraft balance					—				(40,037	)
Increase (Decrease) in cash overdraft denominated in foreign currencies					(2,868	)			—
Cash distributions paid to Common shareholders					(66,509,612	)			(96,231,451	)
Cost of Common shares repurchased and retired					(3,782,168	)			(8,196,512	)
Net cash provided by (used in) financing activities					(70,294,648	)			(104,468,000	)
Net Increase (Decrease) in Cash					158,275				1,422,947
Cash at the beginning of year					578,421				—
Cash at the End of Year				$	736,696			$	1,422,947
Supplemental Disclosure of Cash Flow Information
Cash paid for interest on borrowings was $3,539,261 and $5,243,350 for Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC), respectively.

 

See accompanying notes to financial statements.

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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(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:
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	)
2006					14.18				1.02				.50				(.31	)			(.03	)			1.18				(.87	)			(.08	)			(.15	)			(1.10	)
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
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	)
2006					14.20				1.04				.48				(.30	)			(.03	)			1.19				(.93	)			(.09	)			(.08	)			(1.10	)

				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:
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				—				—
2006					708,000				25,000				75,210				—				—
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
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				—				—
2006					965,000				25,000				77,025				—				—

 

(a)  Per share Net Investment Income 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				Expenses				Net Investment Income				Portfolio Turnover Rate
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
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
2006					—	*			14.26				14.29				29.81				8.71				1,421,951				1.49				6.80				1.00				7.28				72
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
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
2006					—	*			14.29				14.11				26.71				8.73				2,008,154				1.44				6.90				.96				7.37				77

 

(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.

(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 interest expense paid on 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(f)
Multi-Strategy Income and Growth (JPC)
Year Ended 12/31:
2010					—	%**			0.40	%
2009					—	**			0.45
2008					0.01				0.82
2007					—	**			—
2006					—				—
Multi-Strategy Income and Growth 2 (JQC)
Year Ended 12/31:
2010					—	**			0.40
2009					—	**			0.46
2008					0.01				0.83
2007					—	**			—
2006					—				—

 

(f)  Borrowings Interest Expense includes amortization of borrowing costs. Borrowing costs were fully amortized and expensed as of December 31, 2009.

*  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) (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 Nuveen Asset Management's (the "Adviser"), a wholly-owned subsidiary of Nuveen Investment, Inc. ("Nuveen"), 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 Adviser has changed its name to Nuveen Fund Advisors, Inc.

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").

Significant Accounting Policies

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. 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 mean between the quoted bid and ask prices. These securities are generally classified as Level 1. Prices of certain American Depository Receipts ("ADR") held by the Fund that trade in the United States are valued based on the last traded price, official closing price, or mean between the most recent bid and ask prices 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. These triggers generally represent 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, senior loans and interest rate swaps are provided by a pricing service approved by the Funds' Board of Trustees. These securities are generally classified as Level 2. Prices of fixed-income securities are based on the mean between the bid and asked prices. When price quotes are not readily available for fixed-income securities, senior loans and interest rate swaps, 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. Highly rated zero coupon fixed-income securities, like U.S. Treasury Bills, issued with maturities of one year or less, are valued using the amortized cost method when 60 days or less remain until maturity. With amortized cost, any discount or premium is amortized each day, regardless of the impact of fluctuating rates on the market value of the security. These securities are generally classified as Level 2.

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Like most fixed income instruments, the senior loans in which the Funds invest are not listed on an organized exchange. The secondary market of senior loans may be less liquid relative to markets for other fixed-income securities. Consequently, the value of senior 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 bid and ask prices. Exchange-traded options are generally classified as Level 1. Options traded in the over-the-counter market are valued using market implied volatilities 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.

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade date for senior 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, 2010, Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) had outstanding when-issued/delayed delivery purchase commitments of $2,944,427 and $3,902,428, respectively.

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.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

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.

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Notes to

FINANCIAL STATEMENTS (continued)

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.

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 and against the Adviser, together with current and former officers and interested director/trustees of the Funds. Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. The Funds believe that these lawsuits will not have a material effect on the Funds or on the Adviser's ability to serve as investment adviser to the Funds.

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 swap contracts are recognized as a component of "Net realized gain (loss) from investments and foreign currency," 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," when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with foreign currency forwards, futures, options purchased, options written and swap contracts

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are recognized as a component of "Change in net unrealized appreciation (depreciation) of foreign currency forwards, futures, options purchased, options written and swap contracts, respectively " 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 market 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" with the change during the fiscal period reflected on the Statement of Operations as "Change in net unrealized appreciation (depreciation) of interest rate swaps." Once periodic payments are settled in cash, the net amount is recognized as "Net realized gain (loss) from interest rate swaps" on the Statement of Operations, in addition to net realized gain or loss recorded upon the termination of interest rate swap contracts. For tax purposes, periodic payments are treated as ordinary income or expense. The Funds did not enter into interest rate swaps contracts during the fiscal year ended December 31, 2010.

Options Transactions

The 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 the 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 the Fund may not be able to enter into a closing transaction because of an illiquid market.

During fiscal year ended December 31, 2010, each Fund wrote call options on individual stocks held in its portfolio of investments to enhance returns while foregoing some upside potential, and bought put options on a single stock to benefit in the event its price declines.

The Funds did not purchase call options or write put options during the fiscal year ended December 31, 2010. The average notional amount of put options purchased and call options written during the fiscal year ended December 31, 2010, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional amount of put options purchased*				$	568,000			$	1,000,000
				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Average notional amount of call options written*				$	(55,415,300	)		$	(85,012,160	)

 

*  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 options activity.

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Notes to

FINANCIAL STATEMENTS (continued)

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. 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 "Dividend expense 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 clearing house, 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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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

In determining the fair value of each Fund's investments, various inputs are used. These inputs are 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, 2010:

Multi-Strategy Income and Growth (JPC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks*				$	329,740,543			$	2,977,850			$	—			$	332,718,393
Convertible Preferred Securities					9,578,121				8,349,738				—				17,927,859
$25 Par (or similar) Preferred Securities					275,409,573				17,314,592				—				292,724,165
Variable Rate Senior Loan Interests					—				60,590,044				—				60,590,044
Convertible Bonds					—				97,261,451				—				97,261,451
Corporate Bonds					—				110,259,358				3,657,866				113,917,224
Capital Preferred Securities					—				237,725,664				—				237,725,664
Investment Companies					12,470,843				—				—				12,470,843
Rights					43,680				—				—				43,680
Short-Term Investments					—				48,368,865				—				48,368,865
Common Stocks Sold Short					(5,294,680	)			—				—				(5,294,680	)
Derivatives:
Put Options Purchased					38,695				—				—				38,695
Call Options Written					(6,426,142	)			—				—				(6,426,142	)
Total				$	615,560,633			$	582,847,562			$	3,657,866			$	1,202,066,061
Multi-Strategy Income and Growth 2 (JQC)				Level 1				Level 2				Level 3				Total
Investments:
Common Stocks*				$	491,785,141			$	4,683,858			$	—			$	496,468,999
Convertible Preferred Securities					13,484,999				14,600,372				—				28,085,371
$25 Par (or similar) Preferred Securities					437,680,991				19,824,105				—				457,505,096
Variable Rate Senior Loan Interests					—				81,048,074				—				81,048,074
Convertible Bonds					—				137,797,871				—				137,797,871
Corporate Bonds					—				154,457,794				5,140,906				159,598,700
Capital Preferred Securities					—				337,277,336				—				337,277,336
Investment Companies					25,237,457				—				—				25,237,457
Rights					67,200				—				—				67,200
Short-Term Investments					—				69,031,113				—				69,031,113
Common Stocks Sold Short					(7,775,183	)			—				—				(7,775,183	)
Derivatives:
Put Options Purchased					68,125				—				—				68,125
Call Options Written					(10,214,938	)			—				—				(10,214,938	)
Total				$	950,333,792			$	818,720,523			$	5,140,906			$	1,774,195,221

 

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

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Notes to

FINANCIAL STATEMENTS (continued)

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 Corporate Bonds				Level 3 Warrants				Level 3 Total
Balance at the beginning of year				$	3,348,500			$	6,725			$	3,355,225
Gains (losses):
Net realized gains (losses)					—				1,206				1,206
Net change in unrealized appreciation (depreciation)					253,490				(6,725	)			246,765
Purchases at cost					—				—				—
Sales at proceeds					—				(1,206	)			(1,206	)
Net discounts (premiums)					55,678				—				55,678
Transfers in to					198				—				198
Transfers out of					—				—				—
Balance at the end of year				$	3,657,866			$	—			$	3,657,866
Net change in unrealized appreciation (depreciation) during the fiscal year of Level 3 securities held as of December 31, 2010				$	225,186			$	—			$	225,186
Multi-Strategy Income and Growth 2 (JQC)				Level 3 Corporate Bonds				Level 3 Warrants				Level 3 Total
Balance at the beginning of year				$	4,706,000			$	9,918			$	4,715,918
Gains (losses):
Net realized gains (losses)					—				1,779				1,779
Net change in unrealized appreciation (depreciation)					356,256				(9,918	)			346,338
Purchases at cost					—				—				—
Sales at proceeds					—				(1,779	)			(1,779	)
Net discounts (premiums)					78,250				—				78,250
Transfers in to					400				—				400
Transfers out of					—				—				—
Balance at the end of year				$	5,140,906			$	—			$	5,140,906
Net change in unrealized appreciation (depreciation) during the fiscal year of Level 3 securities held as of December 31, 2010				$	307,522			$	—			$	307,522

 

During the fiscal year ended December 31, 2010, the Funds recognized no significant transfers to/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 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, 2010, 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

$

38,695

Call options written, at value

$

6,426,142

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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

$

68,125

Call options written, at value

$

10,214,938

 

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, 2010, 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				$	5,739,320			$	8,855,989
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				$	430,714			$	79,481
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				$	(120,266	)		$	(211,736	)

 

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 12/31/10				Year Ended 12/31/09				Year Ended 12/31/10				Year Ended 12/31/09
Common shares repurchased and retired					(485,500	)			(1,326,650	)			(999,820	)			(1,655,075	)
Weighted average:
Price per Common share repurchased and retired				$	7.77			$	6.72			$	8.18			$	7.03
Discount per Common share repurchased and retired					14.20	%			16.86	%			14.30	%			17.24	%

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Notes to

FINANCIAL STATEMENTS (continued)

FundPreferred Shares

Transactions in FundPreferred shares were as follows:

				Multi-Strategy Income and Growth (JPC)																Multi-Strategy Income and Growth 2 (JQC)
				Year Ended 12/31/10								Year Ended 12/31/09								Year Ended 12/31/10								Year Ended 12/31/09
				Shares				Amount				Shares				Amount				Shares				Amount				Shares				Amount
FundPreferred shares redeemed:
Series M					N/A				N/A				791			$	19,775,000				N/A				N/A				663			$	16,575,000
Series M2					N/A				N/A				—				—				N/A				N/A				663				16,575,000
Series T					N/A				N/A				791				19,775,000				N/A				N/A				663				16,575,000
Series T2					N/A				N/A				—				—				N/A				N/A				663				16,575,000
Series W					N/A				N/A				791				19,775,000				N/A				N/A				663				16,575,000
Series W2					N/A				N/A				—				—				N/A				N/A				664				16,600,000
Series TH					N/A				N/A				791				19,775,000				N/A				N/A				664				16,600,000
Series TH2					N/A				N/A				—				—				N/A				N/A				663				16,575,000
Series F					N/A				N/A				791				19,775,000				N/A				N/A				663				16,575,000
Series F2					N/A				N/A				791				19,775,000				N/A				N/A				663				16,575,000
Total					N/A				N/A				4,746			$	118,650,000				N/A				N/A				6,632			$	165,800,000

 

N/A—Multi-Strategy Income and Growth (JPC) and Multi-Strategy Income and Growth 2 (JQC) redeemed all $708,000,000 and $965,000,000 of their outstanding Fund-Preferred shares, respectively, as of December 31, 2009.

5. Investment Transactions

Purchases and sales (including maturities and proceeds from securities sold short, but excluding short-term investments and derivative transactions) during the fiscal year ended December 31, 2010, were as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Purchases				$	550,460,669			$	810,082,084
Sales, maturities and proceeds from securities sold short					591,459,955				863,224,063

 

Transactions in call options written during the fiscal year ended December 31, 2010, 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
Outstanding, beginning of year					20,241			$	3,657,228				31,006			$	5,757,622
Call options written					34,478				8,165,862				52,762				12,418,571
Call options terminated in closing purchase transactions					(4,148	)			(1,247,575	)			(6,353	)			(1,909,714	)
Call options exercised					(22,333	)			(4,221,191	)			(33,840	)			(6,565,158	)
Call options expired					(7,234	)			(1,497,575	)			(10,830	)			(2,250,065	)
Outstanding, end of year					21,004			$	4,856,749				32,745			$	7,451,256

 

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

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certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts 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, 2010, 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				$	1,166,268,483			$	1,724,326,121
Gross unrealized:
Appreciation				$	98,960,847			$	153,336,609
Depreciation					(51,481,142	)			(85,545,513	)
Net unrealized appreciation (depreciation) of investments				$	47,479,705			$	67,791,096

 

Permanent differences, primarily due to complex securities character adjustments, adjustments for REITs, adjustments for passive foreign investment companies "PFIC", foreign currency reclasses, and return of capital distributions resulted in reclassifications among the Funds' components of Common share net assets at December 31, 2010, the Funds' tax year end, as follows:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Paid-in-surplus				$	(10,387,911	)		$	(12,996,332	)
Undistributed (Over-distribution of) net investment income					20,454,334				27,404,533
Accumulated net realized gain (loss)					(10,066,423	)			(14,408,201	)

 

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2010, 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, 2010 and December 31, 2009, was designated for purposes of the dividends paid deduction as follows:

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
2009				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Distributions from net ordinary income *				$	59,681,788			$	90,017,592
Distributions from net long-term capital gains					—				—
Return of capital					2,458,931				165,530

 

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

At December 31, 2010, 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				$	215,894,596			$	268,355,995
December 31, 2017					204,895,930				289,143,715
December 31, 2018					9,385,427				8,513,146
Total				$	430,175,953			$	566,012,856

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Notes to

FINANCIAL STATEMENTS (continued)

The Funds have elected to defer net realized losses from investments incurred from November 1, 2010 through December 31, 2010, the Funds' tax year end, ("post-October losses") in accordance with federal income tax regulations. The following post-October losses are treated as having arisen on the first day of the following fiscal year:

				Multi-Strategy Income and Growth (JPC)				Multi-Strategy Income and Growth 2 (JQC)
Post-October currency and PFIC losses				$	251,072			$	359,316

 

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 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

 

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, 2010, the complex-level fee rate was .1831%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the overall investment strategy and asset allocation decisions. The Adviser has entered into Sub-Advisory Agreements with Spectrum Asset Management, Inc. ("Spectrum"), Symphony Asset Management, LLC ("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

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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. 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.

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.

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, 2010, 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, 2010, there were no such outstanding participation commitments in either Fund.

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Notes to

FINANCIAL STATEMENTS (continued)

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					270,000,000				400,000,000

 

As of December 31, 2010, 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					270,000,000				400,000,000

 

During the fiscal year ended December 31, 2010, 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					270,000,000				400,000,000
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.

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 is recognized as "Interest expense on borrowings" on the Statement of Operations.

On January 19, 2011, each Fund amended its prime brokerage facility with BNP. Each Fund's maximum commitment amount increased to the following:

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

 

Each Fund also incurred a one-time .25% amendment fee on the increased amount. All other terms remain unchanged.

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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.

244

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; President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; 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.

244

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; 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.

244

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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.

244

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.

244

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).

244

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).

244

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, Stragetic 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).

244

 

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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 Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2004-2007); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004); Chicago Fellowship Boards (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust 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).

244

INTERESTED BOARD MEMBER:

g JOHN P. AMBOIAN(2)

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

244

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

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 Investments 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 2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.

244

 

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Board Members & Officers (Unaudited) (continued)

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

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 Investments, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); Managing Director (since 2010) of Nuveen Commodities Asset Management, LLC.

131

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); previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.

244

g LORNA C. FERGUSON

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

Vice President

1998

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

244

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 (1993-2010) and Funds Controller (since 1998) of Nuveen Investments, LLC; Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.; Certified Public Accountant.

244

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 Investments, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc. and 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.

244

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), Vice President (2006-2008) of Nuveen Investments, LLC; Senior Vice President (since 2008) and Assistant Secretary (since 2008) of Nuveen Fund Advisors, Inc.

244

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

OFFICERS of the FUNDS (continued):

g TINA M. LAZAR

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

Vice President

2002

Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.

244

g LARRY W. MARTIN

7/27/51 333 W. Wacker Drive Chicago, IL 60606

Vice President and Assistant Secretary

1997

Senior Vice President (since 2010), formerly, Vice President (1993-2010), Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Senior Vice President (since 2011) of Nuveen Asset Management, LLC: Senior Vice President (since 2010), formerly, Vice President (2005-2010), and Assistant Secretary of Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly Vice President (2005-2010), and Assistant Secretary (since 1997) of Nuveen Fund Advisors, Inc., Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC, Symphony Asset Management, LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); Vice President and Assistant Secretary of Nuveen Commodities Asset Management, LLC (since 2010).

244

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 Investments, 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 Investments Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment 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 and 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).

244

 

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Board Members & Officers (Unaudited) (continued)

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

OFFICERS of the FUNDS (continued):

g KATHLEEN L. PRUDHOMME

3/30/53 800 Nicollet Mall 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; formerly, Secretary of FASF (2004-2010); prior thereto, Assistant Secretary of FASF (1998-2004); Deputy General Counsel, FAF Advisors, Inc. (1998-2010).

244

 

(1)  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, and 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)

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund's board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or "interested persons" of any parties (the "Independent Board Members"), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund's board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 25-26, 2010 (the "May Meeting"), the Boards of Trustees (each, a "Board," and each Trustee, a "Board Member") of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management ("NAM") and each Fund and the sub-advisory agreements between NAM and Spectrum Asset Management, Inc. ("Spectrum"), NAM and Tradewinds Global Investors, LLC ("Tradewinds") and NAM and Symphony Asset Management LLC ("Symphony") (Spectrum, Tradewinds and Symphony are each a "Sub-Adviser"). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2010 (the "April Meeting"). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.

In addition, in evaluating the applicable advisory agreements (each, an "Investment Management Agreement") and sub-advisory agreements (each, a "Sub-advisory Agreement," and each Investment Management Agreement and Sub-advisory Agreement, an "Advisory Agreement"), the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Advisers (NAM and the Sub-Advisers are each a "Fund Adviser"), including absolute and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal

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

counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund's Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser's services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser's organization and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen's efforts in refinancing preferred shares. In addition to the foregoing, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.

As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser's investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser's ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.

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In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members also considered NAM's compliance program, including the report of the chief compliance officer regarding the Funds' compliance policies and procedures.

The Independent Board Members also considered NAM's oversight of the performance, business activities and compliance of the Sub-Advisers. In that regard, the Independent Board Members reviewed an evaluation of each Sub-Adviser from NAM. The evaluation also included information relating to the respective Sub-Adviser's organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Funds, developments affecting each Sub-Adviser, and an analysis of each Sub-Adviser. As described in further detail below, the Board also considered the performance of the portion of the investment portfolio for which each Sub-Adviser is responsible. In addition, the Board recognized that the Sub-advisory Agreements were essentially agreements for portfolio management services only and the Sub-Advisers were not expected to supply other significant administrative services to the Funds. As part of their oversight, the Independent Board Members also continued their program of seeking to visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members met with Tradewinds in 2009 and 2010 and Symphony in 2010. The Independent Board Members noted that NAM recommended the renewal of the Sub-advisory Agreements and considered the basis for such recommendations.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Funds under the respective Investment Management Agreement or Sub-advisory Agreement, as applicable, were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board considered the performance results of each Fund over various time periods. The Board reviewed, among other things, each Fund's historic investment performance as well as information comparing the Fund's performance information with that of other funds (the "Performance Peer Group") based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks. In this regard, the performance information the Board reviewed included the Fund's total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2009 and for the same periods ending March 31, 2010. In addition, the Independent Board Members also reviewed, among other things, the returns of each sleeve of each Fund relative to the benchmark of such sleeve for the quarter, one- and three-year periods ending December 31, 2009 and for the same periods ending March 31, 2010. Moreover, the Board reviewed the peer ranking of the Nuveen funds sub-advised by each Sub-Adviser, respectively, in the aggregate. The Independent

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

Board Members also reviewed historic premium and discount levels, including a summary of actions taken to date for each Fund. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.

In reviewing peer comparison information, the Independent Board Members recognized that the Performance Peer Group of certain funds may not adequately represent the objectives and strategies of the funds, thereby limiting the usefulness of comparing a fund's performance with that of its Performance Peer Group. In this regard, the Independent Board Members considered that the Performance Peer Groups of certain funds (including the Funds) were classified as having significant differences from such funds based on considerations such as special fund objectives, potential investable universe and the composition of the peer set (e.g., the number and size of competing funds and number of competing managers).

Based on their review, the Independent Board Members determined that each Fund's investment performance over time had been satisfactory. The Independent Board Members noted that although each Fund underperformed the performance of its respective benchmark for the three-year period, it outperformed the performance of its respective benchmark for the one-year period.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund's gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds based on data provided by an independent fund data provider (the "Peer Universe") and in certain cases, to a more focused subset of funds in the Peer Universe (the "Peer Group") and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and/or Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). The Independent Board Members noted that each Fund had a net management fee and/or net expense ratio below the peer average of its respective Peer Group or Peer Universe.

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Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts), foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen's investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Advisers, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable. With respect to Symphony, the Independent Board Members also reviewed the fees it assesses for equity and taxable fixed-income hedge funds it manages, which include a performance fee. The Independent Board Members noted that with respect to Spectrum, the Sub-Adviser that is unaffiliated with Nuveen, such fees were the result of arm's-length negotiations.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen's wholly-owned affiliated sub-advisers) and its financial condition. 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 2009. 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 had also appointed an Independent Board Member as a point person to review and keep

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

them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also 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 recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members 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 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.

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 provided. In addition, with respect to Spectrum, which is unaffiliated with Nuveen, the Independent Board Members also considered such Sub-Adviser's revenues, expenses and profitability margins (pre- and post-tax). Based on their review, the Independent Board Members were satisfied that such Sub-Adviser's level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective 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. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level

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breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time to time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. 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.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of NAM for serving as agent at Nuveen's trading desk and as co-manager in initial public offerings of new closed-end funds.

In addition to the above, the Independent Board Members considered whether each Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating "commissions," NAM intends to comply with the applicable safe harbor provisions.

With respect to Tradewinds, 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 the applicable Fund's portfolio transactions. The Independent Board Members further noted that this Sub-Adviser's profitability may be lower if it were required to pay for this research with hard dollars. With respect to Spectrum, the Board noted that this Sub-Adviser does not direct trades through non-affiliated broker-dealers and therefore does not have any brokerage to provide in order to receive research or related services on a soft dollar basis. Spectrum, however, may from time to time receive research from various firms with which it transacts client business, but it has no arrangements with these firms and clients do not pay higher commissions to receive

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

such research. Spectrum also serves as its own broker for portfolio transactions for the Nuveen funds it advises and therefore may receive some indirect compensation. With respect to Symphony, the Board considered that Symphony currently does not enter into soft dollar arrangements; however, it has adopted a soft dollar policy in the event it does so in the future.

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

F. Other Considerations

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, unanimously concluded that the terms of the Investment Management Agreements and Sub-advisory Agreements are fair and reasonable, that the respective Fund Adviser's fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-advisory Agreements be renewed.

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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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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.

•  Beta: Beta is a measure describing the relationship between a security's return and the return of the security's asset class as a whole. Higher beta securities often show greater volatility than the general market, while lower beta securities have less perceived volatility.

•  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.

•  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.

•  Net Asset Value (NAV): A Fund's NAV per common share is calculated by subtracting the liabilities of the Fund (including any debt or preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.

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Notes

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Other Useful 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 Funds 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 Funds 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, 2010. 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					20.14	%			43.75	%
JQC					17.02	%			44.50	%

 

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					485,500
JQC					999,820

 

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

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

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 is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $195 billion of assets as of December 31, 2010.

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

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It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.

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OR

www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.

_EAN-F-1210D

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