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:		9/30/2010

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)
	September 30, 2010

Shares	Description (1)			Value
	Common Stocks – 33.9% (25.7% of Total Investments)
	Aerospace & Defense – 0.7%
29,962	Aveos Fleet Performance Inc., (2), (16)			$ 501,864
11,220	Boeing Company			746,579
2,220	Esterline Technologies Corporation, (2)			127,051
3,475	GeoEye, Inc., (2)			140,668
30,381	Lockheed Martin Corporation (3)			2,165,558
82,550	Thales S.A.			3,017,099
	Total Aerospace & Defense			6,698,819
	Air Freight & Logistics – 0.1%
8,500	United Parcel Service, Inc., Class B			566,865
	Auto Components – 0.1%
31,020	Johnson Controls, Inc.			946,110
3,010	TRW Automotive Holdings Corporation, (2)			125,096
	Total Auto Components			1,071,206
	Automobiles – 0.3%
63,589	Honda Motor Company Limited			2,256,998
25,580	Toyota Motor Corporation			918,649
	Total Automobiles			3,175,647
	Beverages – 0.7%
220,983	Coca Cola Amatil Limited			2,558,821
21,881	Coca Cola Femsa SAB de CV			1,711,532
19,910	Coca-Cola Company			1,165,133
14,825	Dr. Pepper Snapple Group			526,584
3,410	Molson Coors Brewing Company, Class B			161,020
	Total Beverages			6,123,090
	Biotechnology – 0.2%
3,665	Alnylam Pharmaceuticals, Inc., (2)			45,006
10,690	Amgen Inc., (2)			589,126
6,450	BioMarin Pharmaceutical Inc., (2)			144,158
2,570	Celgene Corporation, (2)			148,058
2,964	Cubist Pharmaceuticals Inc., (2)			69,328
14,270	Gilead Sciences, Inc., (2)			508,155
5,585	ISIS Pharmaceuticals, Inc., (2)			46,914
4,300	Targacept, Inc.			96,062
	Total Biotechnology			1,646,807
	Building Products – 0.2%
36,123	Masonite Worldwide Holdings, (2)			1,390,736
	Capital Markets – 0.6%
1,130	Affiliated Managers Group Inc., (2)			88,151
3,410	Ameriprise Financial, Inc.			161,395
4,380	Calamos Asset Management, Inc. Class A			50,370
21,610	Invesco LTD			458,780
15,295	Legg Mason, Inc.			463,591
262,861	Nomura Securities Company			1,272,111
3,410	T. Rowe Price Group Inc.			170,722
45,240	UBS AG			767,927
111,272	UBS AG, (2), (3)			1,894,962
	Total Capital Markets			5,328,009
	Chemicals – 0.8%
9,080	Celanese Corporation, Series A			291,468
3,980	Eastman Chemical Company			294,520
2,330	Lubrizol Corporation			246,910
3,060	Minerals Technologies Inc.			180,295
21,540	Mosaic Company			1,265,690
27,125	Nitto Denko Corporation			1,060,890
2,580	PPG Industries, Inc.			187,824
1,387	Shin-Etsu Chemical Company Limited, ADR, (16)			67,616
12,300	Solutia Inc., (2)			197,046
69,857	Umicore			3,019,825
3,410	Westlake Chemical Corporation			102,061
	Total Chemicals			6,914,145
	Commercial Banks – 2.2%
71,343	Associated Banc-Corp.			941,014
77,919	Banco Itau Holdings Financeira, S.A., Sponsred ADR			1,884,081
81,280	Banco Santander Central Hispano SA			1,119,226
86,145	Banco Santander Central Hispano SA			1,094,162
12,100	BNP Paribas SA			860,561
14,590	Canadian Imperial Bank of Commerce			1,058,551
6,300	Columbia Banking Systems Inc.			123,795
9,045	Commerce Bancshares Inc.			340,002
6,765	Community Bank System Inc.			155,663
199,562	DnB NOR ASA			2,716,295
7,720	East West Bancorp Inc.			125,682
5,090	First Financial Bancorp.			84,901
49,071	Hang Seng Bank			721,628
156,530	HSBC Holdings PLC			1,586,009
647,600	Krung Thai Bank Public Company Limited, (16)			360,608
2,880	M&T Bank Corporation			235,613
14,800	Societe Generale			852,440
108,773	Standard Chartered PLC			3,120,113
11,373	Sumitomo Trust & Banking Company, ADR, (16)			57,661
26,000	Toronto-Dominion Bank			1,881,330
27,620	U.S. Bancorp			597,144
800	UMB Financial Corporation			28,408
10,830	Umpqua Holdings Corporation			122,812
5,900	Wells Fargo & Company			148,267
	Total Commercial Banks			20,215,966
	Commercial Services & Supplies – 0.3%
27,660	Aggreko PLC			682,182
980	Clean Harbors, Inc., (2)			66,395
8,315	Republic Services, Inc.			253,524
7,957	Stericycle Inc., (2)			552,852
169,300	Toppan Printing Company Limited			1,324,304
4,170	Waste Management, Inc.			149,036
	Total Commercial Services & Supplies			3,028,293
	Communications Equipment – 0.3%
1,970	Comtech Telecom Corporation, (2)			53,880
7,425	Interdigital Inc., (2)			219,854
122,442	Nokia Corporation, ADR, (3)			1,228,093
6,410	Plantronics Inc.			216,530
18,000	QUALCOMM, Inc.			812,160
	Total Communications Equipment			2,530,517
	Computers & Peripherals – 0.4%
11,771	Apple, Inc., (2)			3,340,021
9,546	Hewlett-Packard Company			401,600
4,250	Network Appliance Inc., (2)			211,608
	Total Computers & Peripherals			3,953,229
	Construction & Engineering – 0.2%
27,130	Royal Boskalis Westminster NV			1,138,583
12,163	Shaw Group Inc., (2)			408,190
	Total Construction & Engineering			1,546,773
	Consumer Finance – 0.1%
18,090	American Express Company			760,323
11,540	Capital One Financial Corporation			456,407
	Total Consumer Finance			1,216,730
	Containers & Packaging – 0.0%
10,930	Boise Inc.			70,936
1,422	Rock-Tenn Company			70,830
	Total Containers & Packaging			141,766
	Diversified Consumer Services – 0.0%
4,260	Bridgepoint Education Inc., (2)			65,860
3,800	Sothebys Holdings Inc.			139,916
	Total Diversified Consumer Services			205,776
	Diversified Financial Services – 0.2%
83,490	Bank of America Corporation			1,094,554
3,072	Guoco Group Ltd, ADR, (16)			68,014
52,000	Guoco Group Ltd			573,358
4,300	Nasdaq Stock Market, Inc., (2)			83,549
7,854	PHH Corporation, (2)			165,405
	Total Diversified Financial Services			1,984,880
	Diversified Telecommunication Services – 0.7%
6,740	CenturyTel, Inc.			265,960
95,000	Deutsche Telekom AG, ADR, (3), (16)			1,294,850
924	Frontier Communications Corporation			7,549
37,500	KT Corporation, Sponsored ADR			767,250
100,167	Nippon Telegraph and Telephone Corporation, ADR, (3)			2,195,661
1,455,000	Telecom Italia S.p.A.			1,639,387
2,884	Telus Corporation			122,137
11,810	Verizon Communications Inc.			384,888
	Total Diversified Telecommunication Services			6,677,682
	Electric Utilities – 1.1%
149,954	Centrais Electricas Brasileiras S.A., PFD B ADR			2,243,312
9,530	DPL Inc.			249,019
14,490	Duke Energy Corporation			256,618
20,200	Electricite de France S.A			871,291
16,751	Exelon Corporation			713,258
141,662	Korea Electric Power Corporation, Sponsored ADR, (3)			1,831,690
4,650	Portland General Electric Company			94,302
69,910	Progress Energy, Inc., (3)			3,105,402
18,620	Southern Company			693,409
4,870	UIL Holdings Corporation			137,139
	Total Electric Utilities			10,195,440
	Electrical Equipment – 0.7%
51,392	ABB Limited, ADR			1,085,399
67,689	ABB Limited			1,426,591
1,850	Areva CI			777,032
13,085	GrafTech International Ltd., (2)			204,519
3,850	Harbin Electric, Inc., (2)			68,877
25,613	Nidec Corporation			2,276,575
8,070	Rockwell Automation, Inc.			498,161
	Total Electrical Equipment			6,337,154
	Electronic Equipment & Instruments – 0.4%
6,800	Daktronics Inc.			66,776
59,801	Hoya Corporation			1,457,775
5,685	Ingram Micro, Inc., Class A, (2)			95,849
125,982	Nippon Electric Glass Company Limited			1,717,388
1,459	Tech Data Corporation, (2)			58,798
	Total Electronic Equipment & Instruments			3,396,586
	Energy Equipment & Services – 0.6%
75,240	ACERGY S.A., ADR			1,388,086
126,281	AMEC PLC			1,955,975
1,677	Baker Hughes Incorporated			71,440
9,455	Cooper Cameron Corporation, (2)			406,187
9,805	FMC Technologies Inc., (2)			669,583
9,125	Halliburton Company			301,764
3,980	Hornbeck Offshore Services Inc.			77,570
7,970	Oil States International Inc., (2)			371,004
5,620	Schlumberger Limited			346,248
	Total Energy Equipment & Services			5,587,857
	Food & Staples Retailing – 1.1%
193,960	Jeronimo Martins SGPS			2,593,921
83,645	Koninklijke Ahold N.V.			1,127,519
46,974	Kroger Co.			1,017,457
97,580	Wal-Mart Stores, Inc., (3)			5,222,482
	Total Food & Staples Retailing			9,961,379
	Food Products – 1.6%
6,330	Archer-Daniels-Midland Company			202,054
11,540	Campbell Soup Company			412,555
6,200	Corn Products International, Inc.			232,500
13,030	General Mills, Inc.			476,116
12,340	H.J. Heinz Company			584,546
12,195	Hershey Foods Corporation			580,360
9,550	Kellogg Company			482,371
19,010	Mead Johnson Nutrition Company, Class A Shares			1,081,859
31,966	Nestle SA			1,702,967
178,887	Smithfield Foods, Inc., (2), (3)			3,010,668
180,510	Tyson Foods, Inc., Class A, (3)			2,891,770
38,382	Unilever PLC			1,116,916
76,130	Unilever PLC, ADR			2,201,699
	Total Food Products			14,976,381
	Gas Utilities – 0.0%
2,640	National Fuel Gas Company			136,778
	Health Care Equipment & Supplies – 0.4%
11,000	Align Technology, Inc., (2)			215,380
12,250	Becton, Dickinson and Company			907,725
1,870	C. R. Bard, Inc.			152,274
2,490	Cooper Companies, Inc.			115,088
5,370	Covidien PLC			215,820
11,740	Edwards Lifesciences Corporation, (2)			787,167
14,500	Hologic Inc., (2)			232,145
4,700	Hospira Inc., (2)			267,947
5,330	Masimo Corporation			145,562
2,390	Steris Corporation			79,396
1,344	Zimmer Holdings, Inc., (2)			70,332
	Total Health Care Equipment & Supplies			3,188,836
	Health Care Providers & Services – 1.0%
80,533	Aetna Inc., (3)			2,545,648
1,620	Air Methods Corporation, (2)			67,360
30,240	AmerisourceBergen Corporation			927,158
8,070	Centene Corporation, (2)			190,371
4,190	Community Health Systems, Inc., (2)			129,764
7,820	Express Scripts, Inc., (2)			380,834
39,243	Fresenius Medical Care, ADR			2,423,728
9,620	HealthSouth Corporation, (2)			184,704
8,610	Humana Inc., (2)			432,566
8,959	Lincare Holdings			224,781
13,860	McKesson HBOC Inc.			856,271
10,120	Medco Health Solutions, Inc., (2)			526,847
3,337	Omnicare, Inc.			79,688
4,920	Quest Diagnostics Incorporated			248,312
	Total Health Care Providers & Services			9,218,032
	Hotels, Restaurants & Leisure – 0.4%
6,270	Bally Technologies, Inc., (2)			219,137
46,885	Carnival Corporation			1,842,763
2,330	Chipotle Mexican Grill, (2)			400,760
10,020	Las Vegas Sands, (2)			349,197
2,260	Marriott International, Inc., Class A			80,976
14,440	Penn National Gaming, Inc., (2)			427,568
4,340	Royal Caribbean Cruises Limited, (2)			136,840
14,030	Starbucks Corporation			358,887
	Total Hotels, Restaurants & Leisure			3,816,128
	Household Durables – 0.2%
10,860	D.R. Horton, Inc.			120,763
7,220	Lennar Corporation, Class A			111,044
4,855	Meritage Corporation, (2)			95,255
26,990	Newell Rubbermaid Inc.			480,692
201,188	Oriental Weavers Group			1,166,205
4,705	Tempur Pedic International Inc., (2)			145,855
	Total Household Durables			2,119,814
	Household Products – 0.2%
10,700	Colgate-Palmolive Company			822,402
10,190	Kimberly-Clark Corporation			662,860
	Total Household Products			1,485,262
	Independent Power Producers & Energy Traders – 0.1%
18,970	Constellation Energy Group			611,593
	Industrial Conglomerates – 0.1%
3,850	3M Co.			333,834
5,340	Textron Inc.			109,790
	Total Industrial Conglomerates			443,624
	Insurance – 0.8%
3,900	AFLAC Incorporated			201,669
9,390	Allstate Corporation			296,255
1,362	Aon Corporation			53,268
1,844	Axis Capital Holdings Limited			60,741
231,793	China Life Insurance Company Limited			914,165
6,870	Delphi Financial Group, Inc.			171,681
42,354	Hannover Rueckversicherung AG			1,948,117
34,742	Lincoln National Corporation			831,029
1,315	Loews Corporation			49,839
5,759	Marsh & McLennan Companies, Inc.			138,907
29,901	Old Republic International Corporation			414,129
4,220	Primerica Inc.			85,835
105,446	Prudential Corporation PLC			1,054,331
6,440	Prudential Financial, Inc.			348,919
5,260	Tower Group Inc.			122,821
5,930	WR Berkley Corporation			160,525
	Total Insurance			6,852,231
	Internet & Catalog Retail – 0.0%
9,600	Expedia, Inc.			270,816
	Internet Software & Services – 0.5%
68,161	eBay Inc., (2), (3)			1,663,128
5,770	Equinix Inc., (2)			590,560
2,370	Google Inc., Class A, (2)			1,246,122
5,520	IAC/InterActiveCorp., (2)			145,010
10,180	Rackspace Hosting Inc., (2)			264,476
25,145	Tencent Holdings Limited			549,318
	Total Internet Software & Services			4,458,614
	IT Services – 0.5%
71,507	CGI Group Inc., (2)			1,074,750
5,670	CSG Systems International Inc., (2)			103,364
9,170	Global Payments Inc.			393,301
12,985	International Business Machines Corporation (IBM)			1,741,808
3,900	MasterCard, Inc.			873,600
1,980	Maximus Inc.			121,928
7,732	VeriFone Holdings Inc., (2)			240,233
5,045	Wright Express Corporation, (2)			180,157
	Total IT Services			4,729,141
	Life Sciences Tools & Services – 0.1%
950	Bio-Rad Laboratories Inc., (2)			85,985
7,780	Life Technologies Corporation, (2)			363,248
6,150	Waters Corporation, (2)			435,297
	Total Life Sciences Tools & Services			884,530
	Machinery – 0.8%
6,743	AGCO Corporation, (2)			263,044
2,240	Bucyrus International, Inc.			155,344
4,150	Caterpillar Inc.			326,522
11,610	Cummins Inc.			1,051,634
3,900	Danaher Corporation			158,379
3,890	Deere & Company			271,444
3,230	Eaton Corporation			266,443
35,991	Kone OYJ			1,859,554
2,390	Nordson Corporation			176,119
8,500	Parker Hannifin Corporation			595,510
14,140	Timken Company			542,410
11,080	Vallourec SA			1,100,688
	Total Machinery			6,767,091
	Marine – 0.1%
8,660	Genco Shipping and Trading Limited, (2)			138,040
68,000	Stolt-Nielsen S.A.			1,078,190
	Total Marine			1,216,230
	Media – 0.6%
13,900	Cablevision Systems Corporation			364,041
23,615	Comcast Corporation, Class A			426,959
34,276	DIRECTV Group, Inc., (2)			1,426,910
3,600	Madison Square Garden Inc., (2)			75,888
16,449	Readers Digest Association Inc., (2), (16)			320,756
10,180	Scripps Networks Interactive, Class A Shares			484,364
1,322	Time Warner Cable, Class A			71,375
184,860	WPP Group PLC			2,045,843
	Total Media			5,216,136
	Metals & Mining – 3.8%
31,000	AngloGold Ashanti Limited, Sponsored ADR, (3)			1,433,440
133,296	Barrick Gold Corporation, (3)			6,170,272
44,513	BHP Billiton PLC, ADR			1,674,065
17,235	Freeport-McMoRan Copper & Gold, Inc.			1,471,697
220,631	Gold Fields Limited, Sponsored ADR, (3)			3,369,035
31,200	Ivanhoe Mines Ltd., (2), (3)			730,392
15,729	Kinross Gold Corporation			295,548
5,413	Newcrest Mining Limited, Sponsored ADR, (16)			208,401
18,000	Newcrest Mining Limited			690,174
79,016	Newmont Mining Corporation, (3)			4,962,995
7,283	NovaGold Resources Inc.			63,653
538,658	NovaGold Resources Inc., 144A (2)			4,707,871
46,837	Polyus Gold Company, ADR, (16)			1,215,420
13,150	POSCO, ADR			1,498,837
31,660	Rio Tinto Limited			2,349,236
3,675	Silver Standard Resources, Inc., (2)			73,427
5,310	Steel Dynamics Inc.			74,924
97,730	Sterlite Industries India Ltd., ADR			1,463,995
20,000	United States Steel Corporation			876,800
14,130	Walter Industries Inc.			1,148,628
	Total Metals & Mining			34,478,810
	Multiline Retail – 0.3%
6,110	Big Lots, Inc., (2)			203,158
2,905	Dillard's, Inc., Class A			68,674
18,700	Macy's, Inc.			431,783
62,011	Next PLC			2,158,673
	Total Multiline Retail			2,862,288
	Multi-Utilities – 0.2%
15,781	Ameren Corporation			448,180
7,970	Consolidated Edison, Inc.			384,313
15,280	Dominion Resources, Inc.			667,125
3,470	Integrys Energy Group, Inc.			180,648
2,480	OGE Energy Corp.			98,878
3,000	Sempra Energy			161,400
	Total Multi-Utilities			1,940,544
	Office Electronics – 0.1%
23,343	Canon Inc.			1,089,135
	Oil, Gas & Consumable Fuels – 4.2%
56,569	Arch Coal Inc., (3)			1,510,958
66,040	BG Group PLC			1,160,356
157,723	BP PLC Sponsored ADR, (3)			6,493,456
199,873	Cameco Corporation, (3)			5,542,478
12,948	Chesapeake Energy Corporation			293,272
45,037	Chevron Corporation, (3)			3,650,249
4,710	Cimarex Energy Company			311,708
24,879	ConocoPhillips, (3)			1,428,801
22,890	Continental Resources Inc., (2)			1,061,180
4,830	Devon Energy Corporation			312,694
34,890	EnCana Corporation			1,054,262
66,200	Gazprom OAO, ADR			1,389,538
10,345	Hess Corporation			611,596
9,670	Newfield Exploration Company, (2)			555,445
40,100	Nexen Inc., (3)			806,010
4,525	Occidental Petroleum Corporation			354,308
1,706	Peabody Energy Corporation			83,611
7,492	Petrobras Energia S.A., ADR			123,918
13,500	Petrohawk Energy Corporation, (2)			217,890
1,700,000	PT Medco Energi Internasional TBK			633,333
7,865	Rosetta Resources, Inc., (2)			184,749
17,600	Royal Dutch Shell PLC, Class B, Sponsored ADR, (3)			1,034,704
3,300	SM Energy Company			123,618
61,190	StatoilHydro ASA			1,276,623
47,046	StatoilHydro ASA, Sponsored ADR			987,025
4,850	Stone Energy Corporation, (2)			71,441
74,576	Suncor Energy, Inc., (3)			2,427,449
213,096	Tesoro Corporation, (3)			2,846,963
7,825	Total SA			403,282
840	Whiting Petroleum Corporation, (2)			80,228
5,920	World Fuel Services Corporation			153,979
508,213	Yanzhou Coal Mining Company			1,247,140
	Total Oil, Gas & Consumable Fuels			38,432,264
	Personal Products – 0.0%
1,570	Medifast, Inc.			42,594
11,520	Prestige Brands Holdings Inc.			113,933
	Total Personal Products			156,527
	Pharmaceuticals – 1.8%
21,000	AstraZeneca Group, Sponsored ADR, (3)			1,064,700
37,930	AstraZeneca Group			1,926,656
30,052	Bristol-Myers Squibb Company			814,710
33,535	Eli Lilly and Company, (3)			1,225,034
40,200	Forest Laboratories, Inc., (2), (3)			1,243,386
22,560	Johnson & Johnson			1,397,818
21,236	Novartis AG			1,217,777
12,720	Novo Nordisk A/S			1,262,274
7,045	Perrigo Company			452,430
170,658	Pfizer Inc., (3)			2,930,198
20,817	Sanofi-Aventis, S.A.			1,387,013
21,610	Watson Pharmaceuticals Inc., (2)			914,319
	Total Pharmaceuticals			15,836,315
	Professional Services – 0.0%
8,950	Acacia Research, (2)			157,520
1,580	Towers Watson & Company, Class A Shares			77,704
	Total Professional Services			235,224
	Real Estate – 0.6%
11,160	Annaly Capital Management Inc.			196,416
29,900	Apartment Investment & Management Company, Class A			639,262
7,410	Boston Properties, Inc.			615,919
4,940	Camden Property Trust			236,972
10,970	Digital Realty Trust Inc.			676,849
11,180	Duke Realty Corporation			129,576
2,830	Equity Lifestyles Properties Inc.			154,178
1,430	Essex Property Trust Inc.			156,499
2,200	Home Properties New York, Inc.			116,380
8,950	Inland Real Estate Corporation			74,375
5,670	LaSalle Hotel Properties			132,621
4,410	Parkway Properties Inc.			65,268
2,362	PS Business Parks Inc.			133,618
5,770	Ramco-Gershenson Properties Trust			61,797
8,000	Rayonier Inc.			400,960
2,909	Simon Property Group, Inc.			269,781
2,450	Taubman Centers Inc.			109,295
4,460	Walter Investment Management Corporation			78,005
111,300	Westfield Group			1,318,894
	Total Real Estate			5,566,665
	Real Estate Management & Development – 0.2%
67,160	Brookfield Properties Corporation			1,048,947
119,956	Hysan Development Company			428,257
	Total Real Estate Management & Development			1,477,204
	Road & Rail – 0.1%
545	Canadian Pacific Railway Limited			33,207
2,870	Genesee & Wyoming Inc.			124,529
12,140	Kansas City Southern Industries, (2)			454,157
8,320	Norfolk Southern Corporation			495,123
426	Union Pacific Corporation			34,847
	Total Road & Rail			1,141,863
	Semiconductors & Equipment – 0.8%
46,880	ASM Lithography Holding NV			1,400,250
32,185	Broadcom Corporation, Class A			1,139,027
43,080	Intel Corporation			828,428
27,290	KLA-Tencor Corporation			961,427
35,220	Marvell Technology Group Ltd., (2)			616,702
12,110	Micron Technology, Inc., (2)			87,313
21,600	Novellus Systems, Inc., (2)			574,128
11,100	ON Semiconductor Corporation, (2)			80,031
104,020	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR			1,054,763
4,510	Xilinx, Inc.			120,011
	Total Semiconductors & Equipment			6,862,080
	Software – 0.4%
1,690	Advent Software Inc., (2)			88,201
5,240	Ansys Inc., (2)			221,390
4,550	CommVault Systems, Inc., (2)			118,437
2,850	Manhattan Associates Inc., (2)			83,648
95,391	Microsoft Corporation, (3)			2,336,126
10,530	Rovi Corporation, (2)			530,817
3,755	Salesforce.com, Inc., (2)			419,809
3,510	VirnetX Holding Corporation			51,526
	Total Software			3,849,954
	Specialty Retail – 0.3%
6,750	Advance Auto Parts, Inc.			396,090
7,020	Best Buy Co., Inc.			286,627
2,230	Guess Inc.			90,605
14,630	Home Depot, Inc.			463,478
1,400	J. Crew Group Inc., (2)			47,068
3,740	OfficeMax Inc., (2)			48,957
4,220	PetSmart Inc.			147,700
7,860	Talbots, Inc., (2)			102,966
38,710	Williams-Sonoma Inc.			1,227,107
	Total Specialty Retail			2,810,598
	Textiles, Apparel & Luxury Goods – 0.4%
2,970	Deckers Outdoor Corporation, (2)			148,381
3,140	Fossil Inc., (2)			168,901
7,180	Jones Apparel Group, Inc.			141,015
13,340	Liz Claiborne, Inc.			81,107
9,710	LVMH Moet Hennessy			1,424,318
516,358	Yue Yuen Industrial Holdings Limited			1,910,009
	Total Textiles, Apparel & Luxury Goods			3,873,731
	Thrifts & Mortgage Finance – 0.0%
11,070	People's United Financial, Inc.			144,906
	Tobacco – 0.5%
41,410	Altria Group, Inc.			994,668
33,910	British American Tobacco PLC			1,264,877
30,795	Philip Morris International			1,725,136
7,380	Reynolds American Inc.			438,298
	Total Tobacco			4,422,979
	Trading Companies & Distributors – 0.3%
3,090	Applied Industrial Technologies Inc.			94,554
193,464	Mitsui & Company Limited			2,878,322
	Total Trading Companies & Distributors			2,972,876
	Water Utilities – 0.0%
823	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR			37,455
	Wireless Telecommunication Services – 0.5%
9,722	Millicom International Cellular S.A.			927,436
19,414	Millicom International Cellular S.A.			1,862,773
1,400	TIM Participacoes S.A., ADR			46,186
4,123	Turkcell Iletisim Hizmetleri A.S., ADR			69,101
460,240	Vodafone Group PLC			1,135,819
	Total Wireless Telecommunication Services			4,041,315
	Total Common Stocks (cost $281,803,566)			308,519,322

Shares	Description (1)	Coupon	Ratings (4)		Value
	Convertible Preferred Securities – 1.8% (1.4% of Total Investments)
	Capital Markets – 0.1%
7,200	Affiliated Managers Group Inc., Convertible Bond	5.100%	BB		$ 298,800
5,800	AMG Capital Trust II, Convertible Bond	5.150%	BB		210,613
	Total Capital Markets				509,413
	Commercial Banks – 0.8%
3,500,000	Credit Suisse AG	7.875%	BBB+		3,625,475
5,150	Fifth Third Bancorp, Convertible Bond	8.500%	Ba1		662,342
2,750	Wells Fargo & Company, Convertible Bond	7.500%	A-		2,766,500
	Total Commercial Banks				7,054,317
	Communications Equipment – 0.2%
2,775	Lucent Technologies Capital Trust I	7.750%	B3		2,247,750
	Diversified Financial Services – 0.3%
2,950	Bank of America Corporation	7.250%	BB		2,898,375
	Food Products – 0.0%
5,300	Bunge Limited, Convertible Bonds	4.875%	Ba1		462,425
	Health Care Providers & Services – 0.0%
8,350	Omnicare Capital Trust II, Series B	4.000%	B		308,867
	Independent Power Producers & Energy Traders – 0.0%
8,250	AES Trust III, Convertible Preferred	6.750%	B		401,610
	Insurance – 0.1%
5,150	Aspen Insurance Holdings Limited	5.625%	BBB-		287,782
4,000	Reinsurance Group of America Inc.	5.750%	BBB		259,120
	Total Insurance				546,902
	Multi-Utilities – 0.1%
7,450	CMS Energy Corporation, Convertible Bonds	4.500%	Ba2		753,381
	Oil, Gas & Consumable Fuels – 0.1%
400	El Paso Corporation, 144A	4.990%	B		460,600
300	El Paso Corporation	4.990%	B		345,450
	Total Oil, Gas & Consumable Fuels				806,050
	Real Estate – 0.1%
27,361	Commonwealth REIT, Convertble Debt	6.500%	Baa3		607,960
	Total Convertible Preferred Securities (cost $15,340,267)				16,597,050

Shares	Description (1)	Coupon	Ratings (4)		Value
	$25 Par (or similar) Preferred Securities – 34.8% (26.3% of Total Investments)
	Capital Markets – 3.3%
91,000	Ameriprise Financial, Inc.	7.750%	A		$ 2,553,460
72,200	BNY Capital Trust V, Series F	5.950%	A1		1,818,718
96,244	Credit Suisse	7.900%	A3		2,633,236
886,830	Deutsche Bank Capital Funding Trust II	6.550%	BBB		21,780,545
8,300	Deutsche Bank Capital Funding Trust IX	6.625%	BBB		205,425
20,300	Goldman Sachs Group Inc., Series 2004-4 (CORTS)	6.000%	A3		478,877
7,500	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)	6.000%	A3		178,200
600	Morgan Stanley Capital Trust III	6.250%	BBB		14,490
2,700	Morgan Stanley Capital Trust IV	6.250%	BBB		65,070
	Total Capital Markets				29,728,021
	Commercial Banks – 4.1%
407,582	Banco Santander Finance	10.500%	A-		11,526,419
14,600	Barclays Bank PLC	7.750%	A-		370,256
24,100	Barclays Bank PLC	7.100%	A+		600,090
59,300	BB&T Capital Trust VI	9.600%	A3		1,695,980
73,300	BB&T Capital Trust VII	8.100%	A3		2,028,211
108,000	Cobank Agricultural Credit Bank, 144A	7.000%	N/R		4,883,630
31,000	Cobank Agricultural Credit Bank	11.000%	A		1,703,063
2,000,000	HSBC Bank PLC	1.000%	A		1,195,000
401,487	HSBC Finance Corporation	6.875%	A		10,173,681
15,000	HSBC Holdings PLC	8.000%	A-		404,700
22,700	HSBC Holdings PLC	6.200%	A-		553,880
79,592	Merrill Lynch Preferred Capital Trust V	7.280%	Baa3		1,969,902
500,000	National Australia Bank	8.000%	A+		538,325
400	National City Capital Trust II	6.625%	BBB		9,964
	Total Commercial Banks				37,653,101
	Diversified Financial Services – 2.7%
5,400	Citigroup Capital Trust XII	8.500%	Ba1		142,614
117,000	Citigroup Capital XIII	7.875%	Ba1		2,964,580
16,300	Citigroup Capital XVII	6.350%	Ba1		378,160
32,600	Countrywide Capital Trust IV	6.750%	Baa3		785,334
644,975	ING Groep N.V	7.050%	Ba1		15,427,802
100	JP Morgan Chase & Company	7.900%	BBB+		107,527
115,500	JP Morgan Chase Capital Trust XI	5.875%	A2		2,865,555
38,700	JP Morgan Chase Capital Trust XXIX	6.700%	A2		982,980
36,250	Merrill Lynch Capital Trust II	6.450%	Baa3		871,813
	Total Diversified Financial Services