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:		3/31/2010

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)
		March 31, 2010

Shares	Description (1)	Value
	Common Stocks – 35.0% (26.6% of Total Investments)
	Aerospace & Defense – 0.9%
1,320	Alliant Techsystems Inc., (2)	$ 107,316
29,962	Aveos Fleet Performance Inc., (2), (17)	494,373
2,290	Esterline Technologies Corporation	113,195
5,505	GeoEye, Inc., (2)	162,398
29,179	Lockheed Martin Corporation, (3)	2,428,276
17,315	Raytheon Company	989,033
82,550	Thales S.A.	3,313,667
	Total Aerospace & Defense	7,608,258
	Air Freight & Logistics – 0.1%
8,500	United Parcel Service, Inc., Class B	547,485
	Auto Components – 0.1%
31,020	Johnson Controls, Inc.	1,023,350
1,753	Magna International Inc., Class A, (2)	108,423
	Total Auto Components	1,131,773
	Automobiles – 0.4%
63,589	Honda Motor Company Limited	2,244,558
25,580	Toyota Motor Corporation	1,024,678
	Total Automobiles	3,269,236
	Beverages – 0.9%
220,983	Coca-Cola Amatil Limited	2,281,332
18,170	Coca-Cola Femsa SAB de CV	1,207,397
20,080	Coca-Cola Company	1,104,400
20,925	Coca-Cola Enterprises Inc.	578,786
17,012	Diageo PLC, Sponsored ADR	1,147,459
8,205	Dr. Pepper Snapple Group	288,570
30,584	Heineken N.V.	1,571,781
	Total Beverages	8,179,725
	Biotechnology – 0.3%
5,315	Alnylam Pharmaceuticals, Inc., (2)	90,461
10,690	Amgen Inc., (2)	638,834
4,360	Biogen Idec Inc., (2)	250,090
6,450	BioMarin Pharmaceutical Inc., (2)	150,737
2,620	Celgene Corporation, (2)	162,335
1,471	Cubist Pharmaceuticals Inc., (2)	33,156
27,260	Gilead Sciences, Inc., (2)	1,239,785
10,495	ISIS Pharmaceuticals, Inc., (2)	114,605
	Total Biotechnology	2,680,003
	Building Products – 0.2%
6,530	Apogee Enterprises, Inc.	103,239
5,820	Masco Corporation	90,326
36,123	Masonite Worldwide Holdings, (2), (17)	1,557,804
	Total Building Products	1,751,369
	Capital Markets – 0.6%
1,130	Affiliated Managers Group Inc., (2)	89,270
3,410	Ameriprise Financial, Inc.	154,678
4,610	Calamos Asset Management, Inc. Class A	66,107
21,610	Invesco LTD	473,475
15,295	Legg Mason, Inc.	438,508
280,601	Nomura Securities Company	2,067,965
2,270	Piper Jaffray Companies, (2)	91,481
3,350	Stifel Financial Corporation	180,063
3,410	T. Rowe Price Group Inc.	187,311
113,041	UBS AG, (2), (3)	1,840,307
	Total Capital Markets	5,589,165
	Chemicals – 0.8%
9,080	Celanese Corporation, Series A	289,198
3,980	Eastman Chemical Company	253,446
2,330	Lubrizol Corporation	213,708
3,170	Minerals Technologies Inc.	164,333
21,850	Mosaic Company	1,327,825
82,409	Nissan Chemical Industries Limited	1,152,968
27,125	Nitto Denko Corporation	1,053,201
12,710	Solutia Inc., (2)	204,758
76,487	Umicore	2,671,008
3,530	Westlake Chemical Corporation	91,039
	Total Chemicals	7,421,484
	Commercial Banks – 2.4%
28,939	Banco Itau Holdings Financeira, S.A.	636,369
139,625	Banco Santander Central Hispano S.A.	1,855,672
208,000	Bangkok Bank Public Company Limited, Foreign Shares	884,490
23,404	Bank of Nova Scotia	1,172,447
10,470	BB&T Corporation	339,123
4,410	Columbia Banking Systems Inc.	89,567
9,205	Commerce Bancshares Inc.	378,694
6,985	Community Bank System Inc.	159,118
76,180	Credit Agricole S.A.	1,333,487
199,562	DnB NOR ASA, (2)	2,279,960
84,660	Fifth Third Bancorp.	1,150,529
5,260	First Financial Bancorp.	93,575
4,335	Hancock Holding Company	181,246
17,788	ICICI Bank Limited, ADR	759,548
1,850,000	Krung Thai Bank Public Company Limited, Foreign Shares	686,563
106,425	Nordic Baltic Holdings FDR, (2)	1,050,159
19,765	Royal Bank of Canada	1,156,729
6,910	Shinhan Financial Group Company Limited	549,345
108,773	Standard Chartered PLC	2,967,006
11,373	Sumitomo Trust & Banking Company, ADR, (17)	66,532
3,330	SunTrust Banks, Inc.	89,211
1,960	SVB Financial Group	91,454
77,330	Svenska Handelbanken AB, A Shares	2,266,159
23,080	U.S. Bancorp	597,310
11,190	Umpqua Holdings Corporation	148,379
15,610	Wells Fargo & Company	485,783
	Total Commercial Banks	21,468,455
	Commercial Services & Supplies – 0.2%
8,315	Republic Services, Inc.	241,301
8,047	Stericycle Inc., (2)	438,562
139,300	Toppan Printing Company Limited	1,257,559
4,260	Waste Management, Inc.	146,672
	Total Commercial Services & Supplies	2,084,094
	Communications Equipment – 0.3%
2,040	Comtech Telecom Corporation, (2)	65,260
7,665	Interdigital Inc., (2)	213,547
6,630	Plantronics Inc.	207,386
293,931	ZTE Corporation	1,781,171
	Total Communications Equipment	2,267,364
	Computers & Peripherals – 0.7%
11,831	Apple, Inc.	2,779,457
9,546	Hewlett-Packard Company	507,370
13,135	International Business Machines Corporation (IBM)	1,684,564
4,250	Network Appliance Inc., (2)	138,380
24,425	Seagate Technology, (2)	446,001
28,025	Western Digital Corporation, (2)	1,092,695
	Total Computers & Peripherals	6,648,467
	Construction & Engineering – 0.3%
50,897	JGC Corporation	908,078
27,130	Royal Boskalis Westminster NV	1,039,749
30,140	Shaw Group Inc., (2)	1,037,419
	Total Construction & Engineering	2,985,246
	Consumer Finance – 0.1%
18,320	American Express Company	755,883
11,540	Capital One Financial Corporation	477,871
	Total Consumer Finance	1,233,754
	Containers & Packaging – 0.0%
5,300	Packaging Corp. of America	130,433
3,600	Rock-Tenn Company	164,052
	Total Containers & Packaging	294,485
	Diversified Consumer Services – 0.0%
6,120	Bridgepoint Education Inc., (2)	150,430
	Diversified Financial Services – 0.2%
63,350	Bank of America Corporation	1,130,798
1,515	Guoco Group Ltd., (17)	31,285
8,114	PHH Corporation, (2)	191,247
	Total Diversified Financial Services	1,353,330
	Diversified Telecommunication Services – 1.7%
4,040	CenturyTel, Inc.	143,258
37,500	KT Corporation, Sponsored ADR, (2)	778,500
232,222	Nippon Telegraph and Telephone Corporation, ADR, (3)	4,881,306
198,200	Portugal Telecom SGPS S.A.	2,216,012
2,295,000	Telecom Italia S.p.A., (2)	2,588,285
110,721	Telus Corporation, (3)	3,966,026
3,940	Verizon Communications Inc.	122,219
	Total Diversified Telecommunication Services	14,695,606
	Electric Utilities – 1.0%
139,684	Centrais Electricas Brasileiras S.A., PFD B ADR, (2)	2,528,280
10,170	E.ON A.G.	375,477
27,450	E.ON A.G., ADR, (2), (17)	1,012,631
14,800	Electricite de France S.A., (2)	807,581
16,751	Exelon Corporation	733,861
141,662	Korea Electric Power Corporation, Sponsored ADR, (2), (3)	2,300,591
12,980	Progress Energy, Inc.	510,893
8,660	Southern Company	287,166
	Total Electric Utilities	8,556,480
	Electrical Equipment – 0.5%
51,392	ABB Limited, ADR, (2)	1,122,401
67,689	ABB Limited, (2)	1,478,450
1,850	Areva CI	959,877
13,515	GrafTech International Ltd., (2)	184,750
7,140	Harbin Electric, Inc., (2)	154,153
8,070	Rockwell Automation, Inc.	454,825
	Total Electrical Equipment	4,354,456
	Electronic Equipment & Instruments – 0.8%
41,201	Hoya Corporation	1,132,157
5,685	Ingram Micro, Inc., Class A, (2)	99,772
25,613	Nidec Corporation	2,745,131
194,336	Nippon Electric Glass Company Limited	2,737,624
1,459	Tech Data Corporation, (2)	61,132
	Total Electronic Equipment & Instruments	6,775,816
	Energy Equipment & Services – 0.7%
126,281	AMEC PLC	1,531,134
120,465	BJ Services Company	2,577,951
9,455	Cooper Cameron Corporation, (2)	405,241
8,285	FMC Technologies Inc., (2)	535,460
20,275	Halliburton Company	610,886
2,120	Oil States International Inc., (2)	96,121
	Total Energy Equipment & Services	5,756,793
	Food & Staples Retailing – 0.8%
16,460	Companhia Brasileira de Distribuicao Grupo Pao de Acucar	1,106,606
193,960	Jeronimo Martins SGPS	1,964,791
83,645	Koninklijke Ahold N.V., (2)	1,115,065
8,535	Kroger Co.	184,868
703	Seven & I Holdings, (17)	33,955
45,687	Wal-Mart Stores, Inc., (3)	2,540,197
	Total Food & Staples Retailing	6,945,482
	Food Products – 1.6%
6,330	Archer-Daniels-Midland Company	182,937
6,660	General Mills, Inc.	471,461
12,490	H.J. Heinz Company	569,669
12,195	Hershey Foods Corporation	522,068
9,760	Kellogg Company	521,477
3,140	Mead Johnson Nutrition Company, Class A Shares	163,374
12,526	Nestle S.A.	641,506
2,893	Sanderson Farms Inc.	155,094
188,102	Smithfield Foods, Inc., (2), (3)	3,901,235
208,822	Tyson Foods, Inc., Class A, (3)	3,998,941
38,382	Unilever PLC	1,123,825
76,130	Unilever PLC, (2)	2,235,451
	Total Food Products	14,487,038
	Gas Utilities – 0.0%
1,890	National Fuel Gas Company	95,540
	Health Care Equipment & Supplies – 0.3%
3,425	Align Technology, Inc., (2)	66,240
12,360	Becton, Dickinson and Company	973,103
5,370	Covidien PLC	270,004
6,000	Edwards Lifesciences Corporation, (2)	593,280
5,230	ev3, Inc., (2)	82,948
22,870	Hologic Inc., (2)	424,010
4,700	Hospira Inc., (2)	266,255
5,500	Masimo Corporation	146,025
2,520	Steris Corporation	84,823
556	Zimmer Holdings, Inc., (2)	32,915
	Total Health Care Equipment & Supplies	2,939,603
	Health Care Providers & Services – 1.1%
78,825	Aetna Inc., (3)	2,767,546
30,540	AmerisourceBergen Corporation	883,217
8,340	Centene Corporation, (2)	200,494
4,190	Community Health Systems, Inc., (2)	154,737
2,895	Emergency Medical Services Corporation, (2)	163,712
12,499	Express Scripts, Inc., (2)	1,271,898
22,083	Fresenius Medical Care, ADR, (2)	1,245,998
1,252	Health Net Inc., (2)	31,137
9,940	HealthSouth Corporation, (2)	185,878
1,370	Laboratory Corporation of America Holdings, (2)	103,723
7,830	Lincare Holdings, (2)	351,410
10,450	McKesson HBOC Inc.	686,774
10,220	Medco Health Solutions, Inc., (2)	659,803
2,274	Omnicare, Inc.	64,331
10,396	Quest Diagnostics Incorporated	605,983
	Total Health Care Providers & Services	9,376,641
	Hotels, Restaurants & Leisure – 0.4%
46,885	Carnival Corporation	1,924,552
23,010	Las Vegas Sands, (2)	486,662
14,590	Shuffle Master Inc., (2)	119,492
14,030	Starbucks Corporation	340,508
259,262	Thomas Cook Group PLC	1,061,474
	Total Hotels, Restaurants & Leisure	3,932,688
	Household Durables – 0.1%
7,220	Lennar Corporation, Class A	124,256
5,015	Meritage Corporation	105,315
26,990	Newell Rubbermaid Inc.	410,248
2,495	Sekisui House, Ltd., Sponsored ADR, (17)	24,850
4,865	Tempur Pedic International Inc.	146,728
	Total Household Durables	811,397

	Household Products – 0.1%
10,900	Colgate-Palmolive Company	929,334
2,310	KAO Corporation, Sponsored ADR, (17)	58,443
	Total Household Products	987,777
	Independent Power Producers & Energy Traders – 0.1%
18,970	Constellation Energy Group	666,037
	Industrial Conglomerates – 0.0%
289	Siemens AG, Sponsored ADR	28,891
	Insurance – 0.7%
9,390	Allstate Corporation	303,391
1,362	Aon Corporation, (2)	58,171
4,630	Aspen Insurance Holdings Limited	133,529
1,844	Axis Capital Holdings Limited	57,643
1,858	CNA Financial Corporation	49,646
7,090	Delphi Financial Group, Inc.	178,384
42,354	Hannover Rueckversicherung AG, (2)	2,091,431
22,310	Lincoln National Corporation	684,917
305,818	Mapfre S.A.	1,121,853
5,759	Marsh & McLennan Companies, Inc.	140,635
29,270	Old Republic International Corporation	371,144
105,446	Prudential Corporation PLC	876,078
6,440	Prudential Financial, Inc.	389,620
5,930	WR Berkley Corporation	154,714
	Total Insurance	6,611,156
	Internet & Catalog Retail – 0.3%
8,295	Amazon.com, Inc., (2)	1,125,881
18,150	NetFlix.com Inc., (2)	1,338,381
	Total Internet & Catalog Retail	2,464,262
	Internet Software & Services – 0.3%
17,472	eBay Inc., (2)	470,870
5,770	Equinix Inc., (2)	561,652
2,690	Google Inc., Class A, (2)	1,525,257
10,520	Rackspace Hosting Inc., (2)	197,040
	Total Internet Software & Services	2,754,819
	IT Services – 0.6%
132,437	CGI Group Inc., (2)	1,974,636
9,170	Global Payments Inc.	417,694
3,930	MasterCard, Inc.	998,220
2,050	Maximus Inc.	124,907
10,215	VeriFone Holdings Inc., (2)	206,445
12,910	Visa Inc.	1,175,197
5,215	Wright Express Corporation, (2)	157,076
	Total IT Services	5,054,175
	Life Sciences Tools & Services – 0.1%
990	Bio-Rad Laboratories Inc., (2)	102,485
7,780	Life Technologies Corporation, (2)	406,661
	Total Life Sciences Tools & Services	509,146
	Machinery – 1.0%
3,873	AGCO Corporation	138,925
5,370	Caterpillar Inc.	337,505
6,930	Cummins Inc.	429,314
5,650	Donaldson Company, Inc.	254,928
65,861	Kone OYJ	2,722,029
318,334	Minebea Company Limited	1,937,448
2,470	Nordson Corporation	167,762
15,120	Oshkosh Truck Corporation, (2)	609,941
10,620	Parker Hannifin Corporation	687,539
3,770	Timken Company	113,138
5,540	Vallourec SA, (2)	1,117,153
	Total Machinery	8,515,682
	Marine – 0.1%
8,950	Genco Shipping and Trading Limited, (2)	188,935
40,000	Stolt-Nielsen S.A.	656,212
	Total Marine	845,147
	Media – 0.5%
13,900	Cablevision Systems Corporation	335,546
23,615	Comcast Corporation, Class A	444,434
41,276	DIRECTV Group, Inc.	1,395,542
8,470	Lamar Advertising Company, (2)	290,945
3,600	Madison Square Garden Inc., (2)	78,228
16,449	Readers Digest Association Inc., (17)	452,348
10,180	Scripps Networks Interactive, Class A Shares	451,483
1,771	SuperMedia Inc., (2)	72,434
1,464	Time Warner Cable, Class A	78,046
112,840	WPP Group PLC	1,169,532
	Total Media	4,768,538
	Metals & Mining – 4.2%
31,000	AngloGold Ashanti Limited, Sponsored ADR, (3)	1,176,450
133,296	Barrick Gold Corporation, (3)	5,110,569
44,513	BHP Billiton PLC, ADR	1,780,536
15,150	Cliffs Natural Resources Inc.	1,074,893
15,710	First Quantum Minerals Limited	1,292,655
17,395	Freeport-McMoRan Copper & Gold, Inc.	1,453,178
222,120	Gold Fields Limited, ADR, (3)	2,803,154
56,171	Ivanhoe Mines Ltd., (2)	977,937
12,309	Kinross Gold Corporation	210,361
8,021	Lihir Gold Limited, Sponsored ADR	225,871
1,177,200	Lihir Gold Limited	3,273,181
1,062,500	Minara Resources Limited, (2)	916,503
114,751	Newmont Mining Corporation, (3)	5,844,268
188,230	NovaGold Resources Inc., (2), (3)	1,343,748
538,658	NovaGold Resources Inc., 144A, (2)	3,846,018
13,150	POSCO, ADR	1,538,682
3,675	Silver Standard Resources, Inc., (2)	65,378
18,730	Steel Dynamics Inc.	327,213
59,880	Sterlite Industries India Ltd., ADR	1,114,367
20,290	United States Steel Corporation	1,288,821
14,290	Walter Industries Inc.	1,318,538
	Total Metals & Mining	36,982,321
	Multiline Retail – 0.3%
6,210	Big Lots, Inc., (2)	226,168
18,700	Macy’s, Inc.	407,099
62,011	Next PLC, (2)	2,036,359
	Total Multiline Retail	2,669,626
	Multi-Utilities – 0.6%
136,191	Ameren Corporation, (3)	3,551,861
4,180	PG&E Corporation	177,316
13,592	RWE AG, (2)	1,204,288
	Total Multi-Utilities	4,933,465
	Oil, Gas & Consumable Fuels – 3.3%
7,180	Alpha Natural Resources Inc., (2)	358,210
3,490	Anadarko Petroleum Corporation	254,177
56,522	Arch Coal Inc.	1,291,528
47,723	BP PLC, Sponsored ADR, (3)	2,723,552
18,134	Cabot Oil & Gas Corporation	667,331
84,453	Cameco Corporation, (3)	2,314,857
11,208	Chesapeake Energy Corporation	264,957
45,694	Chevron Corporation, (3)	3,464,976
18,144	Cimarex Energy Company	1,077,391
24,879	ConocoPhillips, (3)	1,273,058
8,400	CONSOL Energy Inc.	358,344
22,760	Continental Resources Inc., (2)	968,438
4,830	Devon Energy Corporation	311,197
34,890	EnCana Corporation	1,085,535
31,200	Gazprom OAO, ADR	727,896
10,435	Hess Corporation	652,709
3,755	McMoran Exploration Corporation, (2)	54,936
9,670	Newfield Exploration Company, (2)	503,324
40,100	Nexen Inc.	990,871
5,905	Occidental Petroleum Corporation	499,209
1,706	Peabody Energy Corporation	77,964
5,601	Petrobras Energia S.A., ADR	93,425
618	Pioneer Natural Resources Company	34,806
9,285	Rosetta Resources, Inc., (2)	218,662
35,200	Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)	1,947,616
8,980	Southwestern Energy Company	365,666
47,046	StatoilHydro ASA, Sponsored ADR	1,097,583
5,010	Stone Energy Corporation, (2)	88,928
73,651	Suncor Energy, Inc., (3)	2,396,604
187,805	Tesoro Corporation, (3)	2,610,490
7,825	Total S.A., (2)	454,249
870	Whiting Petroleum Corporation, (2)	70,331
6,840	World Fuel Services Corporation	182,218
	Total Oil, Gas & Consumable Fuels	29,481,038
	Paper & Forest Products – 0.0%
4,390	Buckeye Technologies Inc., (2)	57,421
	Personal Products – 0.0%
6,800	Estee Lauder Companies Inc., Class A	441,116
	Pharmaceuticals – 1.4%
37,930	AstraZeneca Group	1,691,651
30,192	Bristol-Myers Squibb Company	806,126
19,720	Johnson & Johnson	1,285,744
31,616	Novartis AG	1,707,636
3,825	Perrigo Company	224,604
169,125	Pfizer Inc., (3)	2,900,494
20,817	Sanofi-Aventis, SA	1,551,749
27,500	Takeda Pharmaceutical Co Ltd.	1,210,424
3,068	Takeda Pharmaceutical Co Ltd., ADR, (17)	67,189
21,850	Watson Pharmaceuticals Inc., (2)	912,675
	Total Pharmaceuticals	12,358,292
	Professional Services – 0.0%
1,332	TrueBlue Inc., (2)	20,646

	Real Estate – 0.3%
7,450	Boston Properties, Inc.	562,028
6,240	Digital Realty Trust Inc.	338,208
11,180	Duke Realty Corporation	138,632
2,930	Equity Lifestyles Properties Inc.	157,868
15,280	Inland Real Estate Corporation	139,812
18,250	Kimco Realty Corporation	285,430
5,860	LaSalle Hotel Properties	136,538
1,632	PS Business Parks Inc.	87,149
2,909	Simon Property Group, Inc.	244,065
5,100	Taubman Centers Inc.	203,592
4,560	Walter Investment Management Corporation	72,960
	Total Real Estate	2,366,282
	Real Estate Management & Development – 0.2%
110,295	Sun Hung Kai Properties Limited	1,657,781
	Road & Rail – 0.1%
1,145	Canadian Pacific Railway Limited	64,395
2,640	Kansas City Southern Industries	95,489
8,320	Norfolk Southern Corporation	465,005
1,327	Union Pacific Corporation	97,269
	Total Road & Rail	722,158
	Semiconductors & Equipment – 1.0%
67,410	ASM Lithography Holding NV, (2)	2,409,113
32,295	Broadcom Corporation, Class A	1,071,548
58,220	Intel Corporation	1,295,977
27,420	KLA-Tencor Corporation	847,826
57,370	Marvell Technology Group Ltd., (2)	1,169,201
21,600	Novellus Systems, Inc., (2)	540,000
11,470	ON Semiconductor Corporation, (2)	91,760
104,020	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR	1,091,170
4,510	Xilinx, Inc.	115,005
	Total Semiconductors & Equipment	8,631,600
	Software – 0.4%
1,750	Advent Software Inc., (2)	78,313
5,360	Ansys Inc., (2)	231,230
3,150	Citrix Systems, (2)	149,531
8,420	CommVault Systems, Inc., (2)	179,767
4,800	JDA Software Group, (2)	133,536
2,950	Manhattan Associates Inc., (2)	75,166
23,147	Microsoft Corporation	677,513
10,530	Rovi Corporation, (2)	390,979
8,555	Salesforce.com, Inc., (2)	636,920
14,490	Sybase, Inc., (2)	675,524
	Total Software	3,228,479
	Specialty Retail – 0.3%
6,640	Abercrombie & Fitch Co., Class A	303,050
7,110	Best Buy Co., Inc.	302,459
9,790	Chico’s FAS, Inc.	141,172
3,640	DSW Inc., (2)	92,929
5,218	Guess Inc.	245,142
23,590	Home Depot, Inc.	763,137
2,940	J. Crew Group Inc., (2)	134,946
4,220	PetSmart Inc.	134,871
25,400	Williams-Sonoma Inc.	667,766
	Total Specialty Retail	2,785,472
	Textiles, Apparel & Luxury Goods – 0.4%
1,030	Deckers Outdoor Corporation, (2)	142,140
3,250	Fossil Inc., (2)	122,654
9,710	LVMH Moet Hennessy, (2)	1,134,955
2,120	Steven Madden Limited, (2)	103,455
516,358	Yue Yuen Industrial Holdings Limited, (17)	1,795,622
	Total Textiles, Apparel & Luxury Goods	3,298,826
	Thrifts & Mortgage Finance – 0.1%
41,385	Hudson City Bancorp, Inc.	586,011
23,620	New York Community Bancorp, Inc.	390,674
7,310	People’s United Financial, Inc.	114,327
	Total Thrifts & Mortgage Finance	1,091,012
	Tobacco – 0.5%
71,250	Imperial Tobacco Group	2,173,247
12,090	Lorillard Inc.	909,651
31,125	Philip Morris International	1,623,479
	Total Tobacco	4,706,377
	Trading Companies & Distributors – 0.4%
234,288	Mitsui & Company Limited	3,936,960
	Water Utilities – 0.0%
823	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR	30,285
	Wireless Telecommunication Services – 0.2%
9,722	Millicom International Cellular S.A.	869,790
4,175	Millicom International Cellular S.A.	372,200
1,400	TIM Participacoes S.A., ADR	38,863
3,011	Turkcell Iletisim Hizmetleri A.S., ADR	45,345
	Total Wireless Telecommunication Services	1,326,198
	Total Common Stocks (cost $281,062,680)	309,322,648

Shares	Description (1)		Coupon	Ratings (4)	Value
	Convertible Preferred Securities – 1.8% (1.4% of Total Investments)
	Capital Markets – 0.0%
5,800	AMG Capital Trust II, Convertible Bond		5.150%	BB	$ 205,175
	Commercial Banks – 0.4%
3,750	Fifth Third Bancorp, Convertible Bond		8.500%	Ba1	510,675
3,000	Wells Fargo & Company, Convertible Bond		7.500%	A-	2,931,000
	Total Commercial Banks				3,441,675
	Communications Equipment – 0.5%
5,525	Lucent Technologies Capital Trust I		7.750%	B3	4,397,900
	Diversified Financial Services – 0.4%
3,350	Bank of America Corporation		7.250%	BB	3,266,250
	Food Products – 0.1%
5,300	Bunge Limited, Convertible Bonds		4.875%	Ba1	474,350
	Independent Power Producers & Energy Traders – 0.0%
7,100	AES Trust III, Convertible Preferred		6.750%	B	321,133
	Insurance – 0.0%
4,000	Reinsurance Group of America Inc.		5.750%	BBB	268,000
	Multi-Utilities – 0.1%
7,450	CMS Energy Corporation, Convertible Bonds		4.500%	Ba2	632,319
	Oil, Gas & Consumable Fuels – 0.2%
400	El Paso Corporation, 144A		4.990%	B	392,100
450	El Paso Corporation		4.990%	B	441,113
3,650	Whiting Petroleum Corporation		6.250%	B	722,408
	Total Oil, Gas & Consumable Fuels				1,555,621
	Real Estate – 0.1%
11,850	HRPT Properties Trust, Preferred Convertible Bonds		6.500%	Baa3	241,148
10,450	Simon Property Group, Inc., Series I		6.000%	Baa1	743,413
	Total Real Estate				984,561
	Tobacco – 0.0%
200	Universal Corporation, Convertible Preferred		6.750%	BB	244,049
	Total Convertible Preferred Securities (cost $15,042,984)				15,791,033

Shares	Description (1)		Coupon	Ratings (4)	Value
	$25 Par (or similar) Preferred Securities – 36.2% (27.5% of Total Investments)
	Capital Markets – 3.2%
93,700	Ameriprise Financial, Inc.		7.750%	A	$ 2,483,987
77,500	BNY Capital Trust V, Series F		5.950%	A1	1,944,475
110,144	Credit Suisse		7.900%	A3	2,851,628
881,630	Deutsche Bank Capital Funding Trust II		6.550%	BBB+	20,162,878
13,800	Deutsche Bank Capital Funding Trust IX		6.625%	BBB+	318,090
20,300	Goldman Sachs Group Inc., Series 2004-4 (CORTS)		6.000%	A3	431,375
7,500	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)		6.000%	A3	158,700
	Total Capital Markets				28,351,133
	Commercial Banks – 5.1%
6,400	ASBC Capital I		7.625%	Baa3	140,672
409,182	Banco Santander Finance		10.500%	A-	11,559,391
231,600	Banesto Holdings, Series A, 144A		10.500%	Ba1	5,985,424
14,600	Barclays Bank PLC		7.750%	A-	365,730
24,100	Barclays Bank PLC		7.100%	A+	587,076
59,300	BB&T Capital Trust VI		9.600%	A3	1,701,910
73,300	BB&T Capital Trust VII		8.100%	A3	1,952,712
107,000	Cobank Agricultural Credit Bank, 144A		7.000%	N/R	4,253,250
31,000	Cobank Agricultural Credit Bank		11.000%	A	1,619,750
564,841	HSBC Finance Corporation		6.875%	A	14,092,783
7,300	HSBC Finance Corporation		6.000%	A	170,820
22,700	HSBC Holdings PLC		6.200%	A-	518,014
79,592	Merrill Lynch Preferred Capital Trust V		7.280%	Baa3	1,826,636
400	National City Capital Trust II		6.625%	BBB	9,512
	Total Commercial Banks				44,783,680
	Diversified Financial Services – 2.1%
73,051	ING Groep N.V.		7.200%	Ba1	1,595,434
644,975	ING Groep N.V.		7.050%	Ba1	13,750,867
100	JP Morgan Chase & Company		7.900%	BBB+	106,970
116,000	JP Morgan Chase Capital Trust XI		5.875%	A2	2,731,800
24,400	JP Morgan Chase Capital Trust XXIX		6.700%	A2	603,900
	Total Diversified Financial Services				18,788,971
	Diversified Telecommunication Services – 0.2%
65,702	BellSouth Capital Funding (CORTS)	7.120%		A		1,648,713
18,300	BellSouth Corporation (CORTS)	7.000%		A		466,079
	Total Diversified Telecommunication Services					2,114,792
	Electric Utilities – 0.2%
59,800	Entergy Texas Inc.	7.875%		BBB+		1,671,410
	Food Products – 0.2%
25,000	Dairy Farmers of America Inc., 144A	7.875%		BBB-		2,030,470
	Insurance – 9.0%
624,430	Aegon N.V.	6.375%		BBB		12,700,906
5,600	Arch Capital Group Limited, Series B	7.875%		BBB-		143,080
356,066	Arch Capital Group Limited	8.000%		BBB-		9,193,624
827,000	Delphi Financial Group, Inc.	8.000%		BBB		21,005,800
276,457	EverestRe Capital Trust II	6.200%		Baa1		6,040,585
75,900	Financial Security Assurance Holdings	6.250%		A+		1,468,194
683,867	PartnerRe Limited, Series C	6.750%		BBB+		17,000,934
62,457	PLC Capital Trust III	7.500%		BBB		1,514,582
5,800	PLC Capital Trust IV	7.250%		BBB		141,230
367,251	RenaissanceRe Holdings Limited, Series B	7.300%		BBB+		9,122,515
32,400	RenaissanceRe Holdings Ltd.	6.600%		BBB+		755,568
	Total Insurance					79,087,018
	Media – 4.6%
4,000	CBS Corporation	7.250%		BBB-		98,440
464,395	CBS Corporation	6.750%		BBB-		11,071,177
481,531	Comcast Corporation	7.000%		BBB+		12,230,887
97,000	Comcast Corporation	6.625%		BBB+		2,386,200
577,046	Viacom Inc.	6.850%		BBB		14,408,839
	Total Media					40,195,543
	Multi-Utilities – 1.2%
216,300	Dominion Resources Inc.	8.375%		BBB		6,008,814
163,561	Xcel Energy Inc.	7.600%		Baa2		4,403,062
	Total Multi-Utilities					10,411,876
	Oil, Gas & Consumable Fuels – 1.2%
429,300	Nexen Inc.	7.350%		BB+		10,719,621
	Real Estate – 9.2%
99,785	Developers Diversified Realty Corporation, Series G	8.000%		Ba1		2,402,823
87,042	Duke Realty Corporation, Series O	8.375%		Baa3		2,226,534
647,700	HRPT Properties Trust, Series C	7.125%		Baa3		15,059,025
340,287	Kimco Realty Corporation, Series F	6.650%		Baa2		7,680,278
109,832	Kimco Realty Corporation, Series G	7.750%		Baa2		2,775,455
32,982	Prologis Trust, Series C	8.540%		Baa3		1,585,197
216,310	Public Storage, Inc.	6.750%		Baa1		5,221,723
33,774	Public Storage, Inc., Series C	6.600%		Baa1		804,834
43,700	Public Storage, Inc., Series E	6.750%		Baa1		1,051,859
9,359	Public Storage, Inc., Series H	6.950%		Baa1		228,453
208,158	Realty Income Corporation	6.750%		Baa2		5,156,074
117,684	Regency Centers Corporation	7.450%		Baa3		2,842,069
57,600	Vornado Realty LP	7.875%		BBB		1,449,792
857,862	Wachovia Preferred Funding Corporation	7.250%		A-		19,928,134
583,830	Weingarten Realty Trust, Preferred Securities	6.750%		Baa3		13,060,277
	Total Real Estate					81,472,527
	Wireless Telecommunication Services – 0.0%
2,300	Telephone and Data Systems Inc.	7.600%		Baa2		57,041
3,200	United States Cellular Corporation	7.500%		Baa2		80,065
	Total Wireless Telecommunication Services					137,106