Edgar Filing: Nuveen Multi-Strategy Income & Growth Fund

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21293

Nuveen Multi-Strategy Income and Growth Fund
(Exact name of registrant as specified in charter)
			333 West Wacker Drive, Chicago, Illinois 60606
			(Address of principal executive offices) (Zip code)
			Kevin J. McCarthy—Vice President and Secretary 333 West Wacker Drive, Chicago, Illinois 60606
			(Name and address of agent for service)
Registrant’s telephone number, including area code:				312-917-7700
Date of fiscal year end:	12/31
Date of reporting period:		9/30/2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Schedule of Investments

		Portfolio of Investments (Unaudited)
		Nuveen Multi-Strategy Income and Growth Fund (JPC)
		September 30, 2009

Shares	Description (1)	Value
	Common Stocks – 31.8% (24.5% of Total Investments)
	Aerospace & Defense – 0.3%
1,370	Alliant Techsystems Inc., (2)	$ 106,655
87,660	Bombardier Inc., Class B Shares	406,921
2,490	Esterline Technologies Corporation, (2)	97,633
5,760	GeoEye, Inc., (2)	154,368
17,760	Raytheon Company	851,947
23,400	Thales S.A.	1,160,816
	Total Aerospace & Defense	2,778,340
	Air Freight & Logistics – 0.1%
5,230	FedEx Corporation	393,401
8,850	United Parcel Service, Inc., Class B	499,760
	Total Air Freight & Logistics	893,161
	Auto Components – 0.1%
28,970	Aisin Seiki Company Limited	706,782
2,218	Magna International Inc., Class A	94,309
	Total Auto Components	801,091
	Automobiles – 0.2%
28,242	Honda Motor Company Limited	869,928
3,320	Thor Industries, Inc.	102,754
6,370	Toyota Motor Corporation	500,491
	Total Automobiles	1,473,173
	Beverages – 0.6%
1,240	Boston Beer Company, (2)	45,979
158,431	Coca-Cola Amatil Limited	1,371,122
11,380	Coca-Cola Company	611,106
6,440	Coca-Cola Enterprises Inc.	137,880
12,190	Diageo PLC, Sponsored ADR	749,563
12,140	Dr. Pepper Snapple Group, (2)	349,025
77,100	Foster’s Group Limited	377,498
21,920	Heineken N.V.	1,010,574
8,480	Molson Coors Brewing Company, Class B	412,806
	Total Beverages	5,065,553
	Biotechnology – 0.3%
8,000	Alnylam Pharmaceuticals, Inc., (2)	181,440
11,010	Amgen Inc., (2)	663,132
4,360	Biogen Idec Inc., (2)	220,267
6,690	BioMarin Pharmaceutical Inc., (2)	120,955
2,620	Celgene Corporation, (2)	146,458
14,580	Gilead Sciences, Inc., (2)	679,136
9,680	ISIS Pharmaceuticals, Inc., (2)	141,038
2,829	Medivation, Inc., (2)	76,779
	Total Biotechnology	2,229,205
	Building Products – 0.2%
6,815	Apogee Enterprises, Inc.	102,361
5,990	Masco Corporation	77,391
36,123	Masonite Worldwide Holdings, (2)	1,372,674
	Total Building Products	1,552,426
	Capital Markets – 1.1%
3,530	Ameriprise Financial, Inc.	128,245
9,020	Calamos Asset Management, Inc. Class A	117,801
19,110	Credit Suisse Group	1,060,335
139,080	Daiwa Securities Group Inc.	717,362
16,260	Deutsche Bank AG	1,247,879
525,211	Endeavor Financial Corporation, Corporate Shares S, Reg S, 144A, (2)	819,224
6,120	Goldman Sachs Group, Inc.	1,128,222
11,980	Invesco LTD	272,665
2,470	Lazard Limited	102,036
15,880	Legg Mason, Inc.	492,756
3,540	Stifel Financial Corporation, (2)	194,346
4,700	T. Rowe Price Group Inc.	214,790
6,030	TD Ameritrade Holding Corporation, (2)	118,309
115,313	UBS AG, (2), (3)	2,111,381
	Total Capital Markets	8,725,351
	Chemicals – 0.6%
9,310	Celanese Corporation, Series A	232,750
2,400	Lubrizol Corporation	171,504
15,224	Mosaic Company	731,818
59,019	Nissan Chemical Industries Limited	850,784
6,250	Scotts Miracle Gro Company	268,438
13,500	Solutia Inc., (2)	156,330
25,760	Umicore	771,257
10,920	Wacker Chemie AG	1,703,284
3,770	Westlake Chemical Corporation	96,889
	Total Chemicals	4,983,054
	Commercial Banks – 1.7%
20,746	Banco Itau Holdings Financeira, S.A.	418,032
26,910	Banco Santander Central Hispano S.A.	433,166
208,000	Bangkok Bank Public Company Limited	765,759
8,930	Bank of Nova Scotia	407,611
10,870	BB&T Corporation	296,099
8,930	Commerce Bancshares Inc.	332,553
7,860	Community Bank System Inc.	143,602
54,610	Credit Agricole S.A.	1,141,165
142,940	DnB NOR ASA, (2)	1,655,561
3,110	Hancock Holding Company	116,843
59,131	Hang Seng Bank	851,481
13,966	ICICI Bank Limited, ADR	538,529
1,850,000	Krung Thai Bank Public Company Limited	393,146
188,478	Mitsubishi UFJ Financial Group, Inc.	1,012,047
249,567	Nishi-Nippon City Bank Limited	631,111
76,290	Nordic Baltic Holdings FDR	768,224
7,380	Royal Bank of Canada	396,693
77,990	Standard Chartered PLC, (2)	1,921,946
9,104	Sumitomo Trust & Banking Company, ADR	48,251
28,650	Svenska Handelbanken AB, A Shares	731,523
4,350	UMB Financial Corporation	175,914
11,720	Wells Fargo & Company	330,270
	Total Commercial Banks	13,509,526
	Commercial Services & Supplies – 0.3%
13,880	Corrections Corporation of America, (2)	314,382
11,470	EnergySolutions Inc.	105,753
10,626	Republic Services, Inc.	282,333
8,212	Stericycle Inc., (2)	397,871
139,300	Toppan Printing Company Limited	1,319,055
4,260	Waste Management, Inc.	127,033
	Total Commercial Services & Supplies	2,546,427
	Communications Equipment – 0.4%
15,930	ADC Telecommunications Inc., (2)	132,856
18,600	CommScope Inc., (2)	556,698
3,630	Comtech Telecom Corporation, (2)	120,589
6,340	Interdigital Inc., (2)	146,834
5,110	Plantronics Inc.	136,999
31,636	QUALCOMM, Inc.	1,422,987
8,222	Starent Networks Corporation, (2)	209,003
149,480	ZTE Corporation	785,970
	Total Communications Equipment	3,511,936
	Computers & Peripherals – 0.8%
13,791	Apple, Inc., (2)	2,556,438
7,926	Hewlett-Packard Company	374,186
13,370	International Business Machines Corporation (IBM)	1,599,186
4,380	Network Appliance Inc., (2)	116,858
30,610	Seagate Technology	465,578
4,650	Synaptics, Inc., (2)	117,180
11,898	Teradata Corporation, (2)	327,433
26,640	Western Digital Corporation, (2)	973,159
	Total Computers & Peripherals	6,530,018
	Construction & Engineering – 0.3%
12,460	Fluor Corporation	633,591
5,750	Hochteif AG	438,046
36,510	JGC Corporation	746,754
6,480	Quanta Services Incorporated, (2)	143,402
4,202	Shaw Group Inc., (2)	134,842
	Total Construction & Engineering	2,096,635
	Consumer Finance – 0.1%
12,980	American Express Company	440,022
	Containers & Packaging – 0.1%
5,480	Packaging Corp. of America	111,792
14,020	Pactiv Corporation, (2)	365,221
3,840	Rock-Tenn Company	180,902
	Total Containers & Packaging	657,915
	Diversified Consumer Services – 0.1%
2,670	American Public Education Inc., (2)	92,756
6,371	Apollo Group, Inc., (2)	469,352
	Total Diversified Consumer Services	562,108
	Diversified Financial Services – 0.5%
46,270	Bank of America Corporation	782,888
750	CME Group, Inc.	231,143
1,417	Guoco Group Ltd., ADR	30,125
53,670	ING Groep N.V., Ordinary Shares, (2)	958,163
40,130	JPMorgan Chase & Co.	1,758,497
11,400	Nasdaq Stock Market, Inc., (2)	239,970
8,909	PHH Corporation, (2)	176,755
	Total Diversified Financial Services	4,177,541
	Diversified Telecommunication Services – 1.2%
5,930	Cbeyond Inc., (2)	95,651
93,000	Deutsche Telekom AG, ADR, (3)	1,270,380
37,500	KT Corporation, Sponsored ADR	651,750
94,719	Nippon Telegraph and Telephone Corporation, ADR, (3)	2,181,379
32,341	Nippon Telegraph and Telephone Corporation, ADR	1,498,786
2,295,000	Telecom Italia S.p.A.	2,821,044
10,010	Telefonica SA	829,929
4,788	Telus Corporation	148,859
3,940	Verizon Communications Inc.	119,264
	Total Diversified Telecommunication Services	9,617,042
	Electric Utilities – 1.5%
190,956	Centrais Electricas Brasileiras S.A., ADR, (2)	2,650,469
10,170	E.ON A.G.	431,288
27,450	E.ON A.G.	1,167,998
11,610	Edison International	389,864
14,800	Electricite de France S.A.	877,998
17,256	Exelon Corporation	856,243
10,210	FPL Group, Inc.	563,898
4,990	Great Plains Energy Incorporated	89,571
275,862	Korea Electric Power Corporation, Sponsored ADR, (2), (3)	4,204,137
17,110	Progress Energy, Inc.	668,317
8,660	Southern Company	274,262
	Total Electric Utilities	12,174,045
	Electrical Equipment – 0.2%
36,840	ABB Limited, (2)	738,274
48,520	ABB Limited, (2)	973,865
14,390	GrafTech International Ltd., (2)	211,533
	Total Electrical Equipment	1,923,672
	Electronic Equipment & Instruments – 0.7%
58,450	Corning Incorporated	894,870
5,685	Ingram Micro, Inc., Class A, (2)	95,792
4,377	Multi Fineline Electronix, Inc., (2)	125,664
18,372	Nidec Corporation	1,492,028
139,257	Nippon Electric Glass Company Limited	1,270,556
37,627	Tech Data Corporation, (2), (3)	1,565,659
	Total Electronic Equipment & Instruments	5,444,569
	Energy Equipment & Services – 1.0%
90,520	AMEC PLC, (2)	1,092,218
236,976	BJ Services Company, (3)	4,604,444
11,740	Cooper Cameron Corporation, (2)	444,007
8,880	FMC Technologies Inc., (2)	463,891
20,480	Halliburton Company	555,418
11,110	Pride International Inc., (2)	338,188
10,600	Technip S.A.	677,077
	Total Energy Equipment & Services	8,175,243
	Food & Staples Retailing – 0.9%
12,590	Casino Guichard-Perrachon S.A.	998,557
11,049	Companhia Brasileira de Distribuicao Grupo Pao de Acucar	622,059
139,030	Jeronimo Martins SGPS	1,217,645
59,960	Koninklijke Ahold N.V.	721,243
8,535	Kroger Co.	176,162
67,170	Wal-Mart Stores, Inc., (3)	3,297,375
	Total Food & Staples Retailing	7,033,041
	Food Products – 1.6%
17,460	Campbell Soup Company	569,545
3,920	ConAgra Foods, Inc.	84,986
3,820	Dean Foods Company, (2)	67,958
8,509	General Mills, Inc.	547,809
6,990	H.J. Heinz Company	277,853
7,660	Hershey Foods Corporation	297,668
9,760	Kellogg Company	480,485
8,980	Nestle S.A.	382,666
239,129	Smithfield Foods, Inc., (2), (3)	3,299,980
365,449	Tyson Foods, Inc., Class A, (3)	4,615,621
46,860	Unilever PLC	1,343,945
15,590	Unilever PLC	442,992
212,728	Wilmar International Limited	954,418
	Total Food Products	13,365,926
	Health Care Equipment & Supplies – 0.4%
20,338	Baxter International, Inc.	1,159,469
10,770	Becton, Dickinson and Company	751,208
9,010	Covidien PLC	389,773
6,000	Edwards Lifesciences Corporation, (2)	419,460
4,320	Inverness Medical Innovation, (2)	167,314
6,080	Masimo Corporation, (2)	159,296
1,162	Zimmer Holdings, Inc., (2)	62,109
	Total Health Care Equipment & Supplies	3,108,629
	Health Care Providers & Services – 0.7%
14,180	AmerisourceBergen Corporation	317,348
3,950	Centene Corporation, (2)	74,813
4,360	Community Health Systems Inc., (2)	139,215
9,260	Coventry Health Care, Inc., (2)	184,830
3,010	Emergency Medical Services Corporation, (2)	139,965
12,719	Express Scripts, Inc., (2)	986,740
15,830	Fresenius Medical Care, ADR	788,299
36,420	Health Net Inc., (2), (3)	560,868
10,560	HealthSouth Corporation, (2)	165,158
2,379	Humana Inc., (2)	88,737
1,410	Laboratory Corporation of America Holdings, (2)	92,637
7,360	McKesson HBOC Inc.	438,288
8,120	Medco Health Solutions, Inc., (2)	449,117
2,274	Omnicare, Inc.	51,210
6,900	Pharmerica Corporation, (2)	128,133
10,466	Quest Diagnostics Incorporated	546,221
5,660	Universal Health Services, Inc., Class B	350,524
	Total Health Care Providers & Services	5,502,103
	Hotels, Restaurants & Leisure – 0.3%
4,540	Boyd Gaming Corporation, (2)	49,622
23,300	Carnival Corporation	793,891
6,480	Las Vegas Sands, (2)	109,123
10,780	Royal Caribbean Cruises Limited, (2)	259,582
8,630	Starbucks Corporation, (2)	178,210
185,880	Thomas Cook Group PLC	690,081
2,990	Wynn Resorts Ltd, (2)	211,961
	Total Hotels, Restaurants & Leisure	2,292,470
	Household Durables – 0.3%
48,600	Electrolux AB, Class B Shares, (2)	1,111,937
3,230	Meritage Corporation, (2)	65,569
18,130	Newell Rubbermaid Inc.	284,460
2,495	Sekisui House, Ltd., Sponsored ADR	22,555
12,760	Tempur Pedic International Inc., (2)	241,674
22,090	Toll Brothers Inc., (2)	431,639
	Total Household Durables	2,157,834
	Household Products – 0.3%
4,000	Church & Dwight Company Inc.	226,960
13,980	Colgate-Palmolive Company	1,066,394
231	KAO Corporation, Sponsored ADR	57,276
6,850	Kimberly-Clark Corporation	404,013
7,870	Reckitt and Benckiser	384,618
	Total Household Products	2,139,261
	Industrial Conglomerates – 0.0%
624	Siemens AG, Sponsored ADR	58,007
	Insurance – 1.0%
4,140	Ace Limited	221,324
5,990	Allstate Corporation	183,414
1,362	Aon Corporation	55,420
4,450	Arch Capital Group Limited, (2)	300,553
4,850	Aspen Insurance Holdings Limited	128,380
8,543	Assurant Inc.	273,889
1,858	CNA Financial Corporation, (2)	44,852
7,550	Delphi Financial Group, Inc.	170,857
1,990	Fairfax Financial Holdings Limited	739,254
26,800	Loews Corporation, (3)	917,900
214,450	Mapfre S.A.	959,333
2,600	Marsh & McLennan Companies, Inc.	64,298
1,330	Navigators Group, Inc., (2)	73,150
33,310	Principal Financial Group, Inc.	912,361
12,030	Prudential Financial, Inc.	600,417
70,370	SCOR SE	1,923,589
6,940	Travelers Companies, Inc.	341,656
6,180	WR Berkley Corporation	156,230
	Total Insurance	8,066,877
	Internet & Catalog Retail – 0.1%
8,490	Amazon.com, Inc., (2)	792,627
10,270	NetFlix.com, Inc., (2)	474,166
	Total Internet & Catalog Retail	1,266,793
	Internet Software & Services – 0.5%
62,472	eBay Inc., (2), (3)	1,474,964
5,930	Equinix Inc., (2)	545,560
2,710	Google Inc., Class A, (2)	1,343,754
9,100	Rackspace Hosting Inc., (2)	155,246
12,200	Switch & Data Facilities Company, Inc., (2)	166,042
4,100	Vocus, Inc., (2)	85,649
	Total Internet Software & Services	3,771,215
	IT Services – 0.4%
104,570	CGI Group Inc., (2)	1,222,423
4,520	MasterCard, Inc.	913,718
6,280	VeriFone Holdings Inc., (2)	99,789
13,770	Visa Inc.	951,645
6,420	Wright Express Corporation, (2)	189,454
	Total IT Services	3,377,029
	Leisure Equipment & Products – 0.1%
21,052	Hasbro, Inc.	584,193
	Life Sciences Tools & Services – 0.1%
1,040	Bio-Rad Laboratories Inc., (2)	95,555
11,710	Illumina Inc., (2)	497,675
2,430	Life Technologies Corporation, (2)	113,117
3,500	Millipore Corporation, (2)	246,155
1,100	Thermo Fisher Scientific, Inc., (2)	48,037
	Total Life Sciences Tools & Services	1,000,539
	Machinery – 0.4%
3,301	AGCO Corporation, (2)	91,207
3,270	Badger Meter Inc.	126,516
3,650	Chart Industries, Inc., (2)	78,804
3,330	Cummins Inc.	149,217
8,130	Flowserve Corporation	801,130
2,708	Harsco Corporation	95,890
47,210	Kone OYJ	1,735,408
3,433	Tata Motors Limited, ADR	44,492
	Total Machinery	3,122,664
	Marine – 0.1%
7,810	Genco Shipping and Trading Limited	162,292
40,000	Stolt-Nielsen S.A.	522,844
	Total Marine	685,136
	Media – 0.4%
14,640	Cablevision Systems Corporation	347,700
25,360	Comcast Corporation, Class A	428,330
29,316	DIRECTV Group, Inc., (2)	808,535
56,720	Net Servios de Comunicao, (2)	653,414
22,700	Scholastic Corporation, (3)	552,518
10,430	Scripps Networks Interactive, Class A Shares	385,389
1,055	Walt Disney Company	28,970
	Total Media	3,204,856
	Metals & Mining – 3.5%
75,800	AngloGold Ashanti Limited, Sponsored ADR, (3)	3,089,608
133,800	Barrick Gold Corporation, (3)	5,071,020
31,910	BHP Billiton PLC, ADR	1,062,137
4,590	Cliffs Natural Resources Inc.	148,532
11,270	First Quantum Minerals Limited, (2)	736,842
17,830	Freeport-McMoRan Copper & Gold, Inc.	1,223,316
121,100	Gold Fields Limited, ADR (3)	1,668,758
126,000	Ivanhoe Mines Ltd., (2), (3)	1,611,540
1,376	Kinross Gold Corporation	29,859
8,540	Lihir Gold Limited, Sponsored ADR, (2)	213,927
1,177,200	Lihir Gold Limited, (2)	2,907,872
1,062,500	Minara Resources Limited, (2)	904,531
102,700	Newmont Mining Corporation, (3)	4,520,854
677,529	NovaGold Resources Inc., (2)	3,468,948
1,462	Silver Standard Resources, Inc., (2)	31,228
19,280	Steel Dynamics Inc.	295,755
13,450	United States Steel Corporation	596,777
14,480	Walter Industries Inc.	869,669
	Total Metals & Mining	28,451,173
	Multiline Retail – 0.2%
6,530	Big Lots, Inc., (2)	163,381
16,450	Federated Department Stores, Inc.	300,871
44,450	Next PLC, (2)	1,272,998
	Total Multiline Retail	1,737,250
	Multi-Utilities – 0.2%
36,032	Ameren Corporation, (3)	910,889
4,310	PG&E Corporation	174,512
9,740	RWE AG	904,639
	Total Multi-Utilities	1,990,040
	Oil, Gas & Consumable Fuels – 3.9%
11,190	Alpha Natural Resources Inc., (2)	392,769
215,755	Arch Coal Inc., (3)	4,774,658
77,940	BP PLC, Sponsored ADR, (3)	4,148,746
119,547	Cameco Corporation, (3)	3,323,407
13,303	Chesapeake Energy Corporation	377,805
28,924	Chevron Corporation, (3)	2,037,118
18,554	Cimarex Energy Company	803,759
2,338	Comstock Resources Inc., (2)	93,707
2,367	ConocoPhillips	106,894
1,078	CONSOL Energy Inc.	48,629
25,880	Continental Resources Inc., (2)	1,013,720
21,230	Eni S.p.A., Sponsored ADR	1,058,316
2,910	EOG Resources, Inc.	243,014
43,700	Gazprom OAO, ADR	1,016,025
11,590	Hess Corporation	619,601
2,040	James River Coal Company, (2)	38,984
4,140	McMoran Exploration Corporation, (2)	31,257
4,940	Murphy Oil Corporation	284,396
40,100	Nexen Inc.	905,057
15,370	Occidental Petroleum Corporation	1,205,008
2,044	Peabody Energy Corporation	76,078
1,545	Petrobras Energia S.A., ADR, (2)	27,671
19,060	Petrohawk Energy Corporation, (2)	461,443
2,927	Pioneer Natural Resources Company	106,221
19,950	Repsol YPF S.A.	541,842
9,890	Rosetta Resources, Inc., (2)	145,284
66,000	Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)	3,680,820
5,730	SandRidge Energy Inc., (2)	74,261
33,719	StatoilHydro ASA, Sponsored ADR	760,026
87,357	Tesoro Corporation, (3)	1,308,608
6,380	Total S.A., Sponsored ADR	378,079
5,610	Total S.A.	333,342
7,480	Valero Energy Corporation	145,037
990	Whiting Petroleum Corporation, (2)	57,004
13,590	Woodside Petroleum Limited	624,992
2,990	World Fuel Services Corporation	143,729
	Total Oil, Gas & Consumable Fuels	31,387,307
	Paper & Forest Products – 0.0%
4,940	Buckeye Technologies Inc., (2)	53,006
	Pharmaceuticals – 1.2%
9,900	AstraZeneca Group	443,640
18,432	Bristol-Myers Squibb Company	415,089
44,300	GlaxoSmithKline PLC, ADR	870,463
4,730	GlaxoSmithKline PLC, ADR	186,882
9,110	Johnson & Johnson	554,708
22,660	Novartis AG	1,133,765
2,160	Novo Nordisk A/S	135,238
9,800	Novo-Nordisk A/S	616,910
4,110	Perrigo Company	139,699
145,046	Pfizer Inc., (3)	2,400,511
30,000	Sanofi-Aventis, Sponsored ADR, (3)	1,108,500
9,220	Sanofi-Synthelabo, S.A.	676,628
22,070	Watson Pharmaceuticals Inc., (2)	808,645
	Total Pharmaceuticals	9,490,678
	Professional Services – 0.0%
4,860	TrueBlue Inc., (2)	68,380
	Real Estate – 0.2%
23,340	Annaly Capital Management Inc.	423,388
4,230	Equity Lifestyles Properties Inc.	181,002
6,900	Hatteras Financial Corp.	206,862
3,300	Health Care Property Investors Inc.	94,842
1,752	PS Business Parks Inc.	89,913
11,800	Rayonier Inc.	482,738
3,076	Simon Property Group, Inc.	213,567
6,211	Tanger Factory Outlet Centers	231,919
4,560	Walter Investment Management Corporation	73,051
	Total Real Estate	1,997,282
	Real Estate Management & Development – 0.1%
78,754	Sun Hung Kai Properties Limited	1,162,503
	Road & Rail – 0.3%
6,190	Canadian National Railways Company	304,860
1,861	Canadian Pacific Railway Limited	87,002
2,000	Con-Way, Inc.	76,640
17,330	CSX Corporation	725,434
4,860	Kansas City Southern Industries, (2)	128,741
2,340	Landstar System	89,060
8,390	Norfolk Southern Corporation	361,693
16,940	Union Pacific Corporation	988,449
	Total Road & Rail	2,761,879
	Semiconductors & Equipment – 0.5%
23,850	Broadcom Corporation, Class A, (2)	731,957
55,130	Intel Corporation	1,078,894
8,890	KLA-Tencor Corporation	318,795
46,340	Marvell Technology Group Ltd., (2)	750,245
6,666	Monolithic Power Systems, Inc., (2)	156,318
9,040	Novellus Systems, Inc., (2)	189,659
12,760	ON Semiconductor Corporation, (2)	105,270
37,669	Shinko Electric Industries Company Limited	671,005
4,660	Xilinx, Inc.	109,137
	Total Semiconductors & Equipment	4,111,280
	Software – 0.2%
1,830	Advent Software Inc., (2)	73,658
5,580	Ansys Inc., (2)	209,083
2,970	BMC Software, Inc., (2)	111,464
3,280	Citrix Systems, (2)	128,674
3,580	CommVault Systems, Inc., (2)	74,285
3,950	JDA Software Group, (2)	86,663
5,233	Microsoft Corporation	135,482
7,420	Rovi Corporation, (2)	249,312
9,010	Salesforce.com, Inc., (2)	512,939
	Total Software	1,581,560
	Specialty Retail – 0.3%
9,420	Abercrombie & Fitch Co., Class A	309,730
7,970	Asbury Automotive Group, Inc., (2)	101,060
7,220	Bed Bath and Beyond Inc., (2)	271,039
10,060	Chico’s FAS, Inc., (2)	130,780
5,890	Gap, Inc.	126,046
6,088	Guess Inc.	225,501
2,230	Gymboree Corporation, (2)	107,888
24,080	Home Depot, Inc.	641,492
4,360	PetSmart Inc.	94,831
4,800	Ross Stores, Inc.	229,297
5,700	Stein Mart, Inc., (2)	72,448
	Total Specialty Retail	2,310,112
	Textiles, Apparel & Luxury Goods – 0.0%
6,090	True Religion Apparel, Inc., (2)	157,915
	Thrifts & Mortgage Finance – 0.1%
43,020	Hudson City Bancorp, Inc.	565,714
7,310	People’s United Financial, Inc.	113,745
	Total Thrifts & Mortgage Finance	679,459
	Tobacco – 0.3%
6,890	Altria Group, Inc.	122,712
7,380	Lorillard Inc.	548,335
38,460	Philip Morris International	1,874,541
	Total Tobacco	2,545,588
	Trading Companies & Distributors – 0.3%
190,925	Mitsui & Company Limited	2,497,032

	Water Utilities – 0.0%
823	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR			31,217
	Wireless Telecommunication Services – 0.5%
9,810	Crown Castle International Corporation, (2)			307,643
100	KDDI Corporation			563,695
6,970	Millicom International Cellular S.A., (2)			508,902
3,000	Millicom International Cellular S.A., (2)			218,221
870	NTT Mobile Communications			1,389,830
1,400	TIM Participacoes S.A., ADR			34,441
1,803	Turkcell Iletisim Hizmetleri A.S., ADR			32,221
396,050	Vodafone Group PLC			887,394
	Total Wireless Telecommunication Services			3,942,347
	Total Common Stocks (cost $259,975,308)			257,560,634

Shares	Description (1)	Coupon	Ratings (4)	Value
	Convertible Preferred Securities – 1.6% (1.2% of Total Investments)
	Capital Markets – 0.0%
5,800	AMG Capital Trust II, Convertible Bond	5.150%	BB	$ 180,525
	Commercial Banks – 0.3%
3,750	Fifth Third Bancorp, Convertible Bond	8.500%	Baa3	448,763
2,650	Wells Fargo & Company, Convertible Bond	7.500%	A-	2,366,450
	Total Commercial Banks			2,815,213
	Communications Equipment – 0.5%
5,525	Lucent Technologies Capital Trust I	7.750%	B3	4,185,188
	Diversified Financial Services – 0.3%
2,900	Bank of America Corporation	7.250%	B	2,464,971
	Food Products – 0.1%
5,500	Bunge Limited, Convertible Bonds	4.875%	Ba1	477,812
	Independent Power Producers & Energy Traders – 0.1%
7,100	AES Trust III, Convertible Preferred	6.750%	B	312,400
300	NRG Energy Inc., Convertible Bond	4.000%	B2	423,075
	Total Independent Power Producers & Energy Traders			735,475
	Insurance – 0.0%
4,000	Reinsurance Group of America Inc.	5.750%	BBB	237,120
	Multi-Utilities – 0.1%
4,950	CMS Energy Corporation, Convertible Bonds	4.500%	Ba2	353,616
	Oil, Gas & Consumable Fuels – 0.1%
400	El Paso Corporation, 144A	4.990%	B	369,600
100	El Paso Corporation	4.990%	B	92,400
2,450	Whiting Petroleum Corporation	6.250%	B	369,876
	Total Oil, Gas & Consumable Fuels			831,876
	Real Estate – 0.1%
11,850	HRPT Properties Trust, Preferred Convertible Bonds	6.500%	Baa3	217,803
6,150	Simon Property Group, Inc., Series I	6.000%	Baa1	373,612
	Total Real Estate			591,415
	Total Convertible Preferred Securities (cost $13,580,332)			12,873,211

Shares	Description (1)	Coupon	Ratings (4)	Value
	$25 Par (or similar) Preferred Securities – 36.5% (28.1% of Total Investments)
	Capital Markets – 3.3%
93,700	Ameriprise Financial, Inc.	7.750%	A	$ 2,319,075
90,994	BNY Capital Trust V, Series F	5.950%	Aa3	2,229,353
110,144	Credit Suisse	7.900%	Aa3	2,759,107
881,630	Deutsche Bank Capital Funding Trust II	6.550%	Aa3	18,285,006
13,800	Deutsche Bank Capital Funding Trust IX	6.625%	Aa3	292,974
20,300	Goldman Sachs Group Inc., Series 2004-4 (CORTS)	6.000%	A2	421,225
7,500	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)	6.000%	A2	155,250
	Total Capital Markets			26,461,990
	Commercial Banks – 5.0%
44,900	ASBC Capital I	7.625%	A3	945,145
409,183	Banco Santander Finance	10.500%	A2	11,080,674
231,600	Banesto Holdings, Series A, 144A	10.500%	Baa1	5,109,675
14,600	Barclays Bank PLC	7.750%	BBB+	348,794
24,100	Barclays Bank PLC	7.100%	A+	537,430
59,300	BB&T Capital Trust VI	9.600%	A2	1,624,820
107,000	Cobank Agricultural Credit Bank, 144A	7.000%	N/R	3,718,250
31,000	Cobank Agricultural Credit Bank	11.000%	A	1,427,938
572,541	HSBC Finance Corporation	6.875%	A	13,740,984
7,300	HSBC Finance Corporation	6.000%	A	153,008
22,700	HSBC Holdings PLC	6.200%	A2	488,731
79,592	Merrill Lynch Preferred Capital Trust V	7.280%	Baa3	1,592,636
400	National City Capital Trust II	6.625%	Baa1	8,616
	Total Commercial Banks			40,776,701
	Diversified Financial Services – 1.7%
73,051	ING Groep N.V.	7.200%	Ba1	1,162,241
644,975	ING Groep N.V.	7.050%	Ba1	10,093,859
94,800	JP Morgan Chase Capital Trust XI	5.875%	A1	2,064,744
17,200	JP Morgan Chase Capital Trust XXVI	8.000%	A1	462,852
1,200	National Rural Utilities Cooperative Finance Corporation	6.750%	A3	29,736
	Total Diversified Financial Services			13,813,432
	Diversified Telecommunication Services – 0.3%
65,702	BellSouth Capital Funding (CORTS)	7.120%	A	1,552,210
18,300	BellSouth Corporation (CORTS)	7.000%	A	428,335
15,200	Verizon Communications (CORTS)	7.625%	A	388,740
	Total Diversified Telecommunication Services