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:		3/31/2011

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, 2011

Shares	Description (1)	Value
	Common Stocks – 36.4% (27.8% of Total Investments)
	Aerospace & Defense – 1.1%
29,962	Aveos Fleet Performance Inc., (2), (17)	$ 292,130
2,189	BE Aerospace Inc., (2)	77,775
2,220	Esterline Technologies Corporation, (2)	156,998
134,000	Finmeccanica SPA	1,686,354
3,475	GeoEye, Inc., (2)	144,491
9,600	Honeywell International Inc.	573,216
2,540	L-3 Communications Holdings, Inc.	198,907
36,875	Lockheed Martin Corporation	2,964,750
11,630	Textron Inc.	318,546
97,550	Thales S.A.	3,890,984
2,290	United Technologies Corporation	193,849
	Total Aerospace & Defense	10,498,000
	Auto Components – 0.2%
7,310	Cooper Tire & Rubber	188,233
5,710	Goodyear Tire & Rubber Company, (2)	85,536
19,860	Johnson Controls, Inc.	825,580
18,500	TRW Automotive Holdings Corporation, (2)	1,018,980
	Total Auto Components	2,118,329
	Automobiles – 0.5%
63,589	Honda Motor Company Limited	2,388,983
1,000	Toyota Motor Corporation, Sponsored ADR	80,250
46,524	Toyota Motor Corporation	1,873,712
	Total Automobiles	4,342,945
	Beverages – 0.8%
220,983	Coca-Cola Amatil Limited	2,683,455
21,881	Coca-Cola Femsa SAB de CV	1,684,618
25,640	Coca-Cola Company	1,701,214
4,175	Dr. Pepper Snapple Group	155,143
89,000	Kirin Brewery Company Limited	1,169,476
	Total Beverages	7,393,906
	Biotechnology – 0.3%
12,300	Amgen Inc., (2)	657,435
6,140	Biogen Idec Inc., (2)	450,615
6,450	BioMarin Pharmaceutical Inc., (2)	162,089
2,570	Celgene Corporation, (2)	147,852
3,360	Cubist Pharmaceuticals Inc., (2)	84,806
14,270	Gilead Sciences, Inc., (2)	605,619
4,530	Incyte Pharmaceuticals Inc., (2)	71,801
15,841	Nabi Biopharmaceuticals, (2)	92,036
12,270	Neurocrine Biosciences Inc.	93,129
11,160	PDL Biopahrma Inc.	64,728
	Total Biotechnology	2,430,110
	Building Products – 0.1%
36,123	Masonite Worldwide Holdings, (2), (17)	1,372,674
	Capital Markets – 0.5%
3,610	Affiliated Managers Group Inc., (2)	394,826
3,410	Ameriprise Financial, Inc.	208,283
8,690	Apollo Investment Corporation	104,801
14,700	Ares Capital Corporation	248,430
4,020	Artio Global Investors Inc.	64,963
4,380	Calamos Asset Management, Inc. Class A	72,664
18,740	E*Trade Group Inc., (2)	292,906
201,831	Egyptian Financial Group - Hermes Holdings	743,722
139,000	GP Investments	540,624
16,480	Invesco LTD	421,229
2,140	Legg Mason, Inc.	77,233
4,720	T. Rowe Price Group Inc.	313,502
45,240	UBS AG	811,710
6,950	Waddell & Reed Financial, Inc., Class A	282,240
	Total Capital Markets	4,577,133
	Chemicals – 1.0%
15,060	Celanese Corporation, Series A	668,212
680	CF Industries Holdings, Inc.	93,017
11,690	Interpid Potash Inc., (2)	407,046
80,252	Kuraray Company Limited	1,034,265
3,060	Minerals Technologies Inc.	209,671
16,750	Mosaic Company	1,319,063
27,125	Nitto Denko Corporation	1,438,101
24,360	Potash Corporation of Saskatchewan	1,436,976
5,630	Solutia Inc., (2)	143,002
49,607	Umicore	2,460,254
2,090	Westlake Chemical Corporation	117,458
	Total Chemicals	9,327,065
	Commercial Banks – 2.5%
38,813	Associated Banc-Corp.	576,373
77,919	Banco Itau Holdings Financeira, S.A., Sponsred ADR	1,873,952
88,591	Banco Santander Central Hispano S.A.	1,028,515
12,100	BNP Paribas S.A.	885,014
14,590	Canadian Imperial Bank of Commerce	1,258,096
6,300	Columbia Banking Systems Inc.	120,771
4,770	Comerica Incorporated	175,154
9,496	Commerce Bancshares Inc.	384,018
6,765	Community Bank System Inc.	164,187
199,562	DnB NOR ASA	3,061,857
17,480	East West Bancorp Inc.	383,861
6,330	First Financial Bancorp.	105,648
76,091	Hang Seng Bank	1,228,639
156,530	HSBC Holdings PLC	1,609,585
61,850	KeyCorp.	549,228
6,510	M&T Bank Corporation	575,940
4,059	MB Financial, Inc.	85,077
91,571	Mitsubishi UFJ Financial Group, Inc., ADR	422,737
298,117	Mizuho Financial Group	494,592
14,800	Societe Generale	961,683
83,163	Standard Chartered PLC	2,157,240
14,845	Sumitomo Mitsui Financial Group	461,519
188,000	Sumitomo Trust & Banking Company, (17)	993,453
11,373	Sumitomo Trust & Banking Company, ADR, (17)	61,528
26,000	Toronto-Dominion Bank	2,300,980
19,400	U.S. Bancorp	512,742
36,500	Wells Fargo & Company	1,157,050
18,260	Zions Bancorporation	421,076
	Total Commercial Banks	24,010,515
	Commercial Services & Supplies – 0.2%
27,660	Aggreko PLC	699,305
1,390	Clean Harbors, Inc., (2)	137,137
18,415	Republic Services, Inc.	553,187
4,047	Stericycle Inc., (2)	358,847
4,170	Waste Management, Inc.	155,708
	Total Commercial Services & Supplies	1,904,184
	Communications Equipment – 0.4%
1,970	Comtech Telecom Corporation, (2)	53,545
2,465	Interdigital Inc., (2)	117,605
264,000	Nokia Oyj	2,246,640
6,410	Plantronics Inc.	234,734
27,520	QUALCOMM, Inc.	1,508,922
	Total Communications Equipment	4,161,446
	Computers & Peripherals – 0.5%
9,741	Apple, Inc., (2)	3,394,251
11,620	EMC Corporation, (2)	308,511
10,330	NCR Corporation, (2)	194,617
2,360	Network Appliance Inc., (2)	113,705
5,590	SanDisk Corporation, (2)	257,643
1,949	Western Digital Corporation, (2)	72,678
	Total Computers & Peripherals	4,341,405
	Construction & Engineering – 0.2%
27,130	Royal Boskalis Westminster NV	1,434,710
1,134	Shaw Group Inc., (2)	40,155
	Total Construction & Engineering	1,474,865
	Construction Materials – 0.2%
547,000	India Cements Limited, GDR	1,173,862
1,750,000	Luks Group Vietnam Holdings Company Limited	517,449
3,520	Vulcan Materials Company	160,512
	Total Construction Materials	1,851,823
	Consumer Finance – 0.0%
14,790	Discover Financial Services	356,735
	Containers & Packaging – 0.0%
10,930	Boise Inc.	100,119
	Diversified Consumer Services – 0.0%
3,800	Sothebys Holdings Inc.	199,880
	Diversified Financial Services – 0.2%
223,670	Citigroup Inc., (2)	988,621
52,000	Guoco Group Ltd	641,765
4,300	Nasdaq Stock Market, Inc., (2)	111,112
	Total Diversified Financial Services	1,741,498
	Diversified Telecommunication Services – 1.2%
15,450	CenturyLink Inc.	641,948
39,000	Deutsche Telekom AG	600,793
37,500	KT Corporation, Sponsored ADR	732,375
210,122	Nippon Telegraph and Telephone Corporation, ADR, (3)	4,725,644
56,440	PT Telekomunikasi Indonesia	1,895,255
26,650	Telecom Egypt SAE	77,810
1,455,000	Telecom Italia S.p.A.	1,956,862
2,884	Telus Corporation	139,845
26,600	Verizon Communications Inc.	1,025,164
	Total Diversified Telecommunication Services	11,795,696
	Electric Utilities – 1.7%
1,541	Areva CI, (17)	64,185
150,790	Centrais Eletricas Brasileiras S.A., PFD B ADR	2,916,279
14,620	Duke Energy Corporation	265,353
2,320	Edison International	84,889
13,607	Electricite de France S.A., ADR (17)	112,394
87,600	Electricite de France S.A.	3,627,566
86,995	Exelon Corporation	3,587,674
152,632	Korea Electric Power Corporation, Sponsored ADR	1,868,216
15,080	Northeast Utilities	521,768
4,650	Portland General Electric Company	110,531
12,710	Progress Energy, Inc.	586,439
89,735	RusHydro, ADR, (2), (17)	459,443
289,000	RusHydro, GDR, (2)	1,471,010
18,620	Southern Company	709,608
4,870	UIL Holdings Corporation	148,632
	Total Electric Utilities	16,533,987
	Electrical Equipment – 0.8%
51,392	ABB Limited, ADR	1,243,172
67,689	ABB Limited	1,625,715
18,500	Areva CI, (17)	821,940
9,515	GrafTech International Ltd., (2)	196,294
25,613	Nidec Corporation	2,217,043
53,350	Sensata Techologies Holdings	1,852,846
	Total Electrical Equipment	7,957,010
	Electronic Equipment & Instruments – 0.4%
2,570	FLIR Systems Inc., (2)	88,948
59,801	Hoya Corporation	1,364,538
5,903	Ingram Micro, Inc., Class A, (2)	124,140
125,982	Nippon Electric Glass Company Limited	1,784,164
10,290	Power One Inc, (2)	90,038
1,459	Tech Data Corporation, (2)	74,205
	Total Electronic Equipment & Instruments	3,526,033
	Energy Equipment & Services – 0.8%
126,281	AMEC PLC	2,416,778
9,455	Cooper Cameron Corporation, (2)	539,881
4,865	FMC Technologies Inc., (2)	459,645
7,025	Halliburton Company	350,126
3,980	Hornbeck Offshore Services Inc.	122,783
7,970	Oil States International Inc., (2)	606,836
32,000	Parker Drilling Company, (2)	221,120
8,010	Schlumberger Limited	747,013
75,240	Subsea 7 SA	1,900,642
	Total Energy Equipment & Services	7,364,824
	Food & Staples Retailing – 1.2%
3,570	Costco Wholesale Corporation	261,752
162,921	Jeronimo Martins SGPS	2,620,619
83,645	Koninklijke Ahold N.V.	1,122,352
114,724	Kroger Co., (3)	2,749,934
98,846	Wal-Mart Stores, Inc.	5,144,934
	Total Food & Staples Retailing	11,899,591
	Food Products – 1.0%
2,740	Corn Products International, Inc.	141,987
4,223	Dean Foods Company, (2)	42,230
1,090	Diamond Foods Inc.	60,822
9,020	General Mills, Inc.	329,681
15,070	H.J. Heinz Company	735,717
18,435	Hershey Foods Corporation	1,001,942
21,810	Mead Johnson Nutrition Company, Class A Shares	1,263,453
31,966	Nestle S.A.	1,832,346
5,550	Ralcorp Holdings Inc., (2)	379,787
74,824	Tyson Foods, Inc., Class A, (3)	1,435,873
76,130	Unilever PLC, ADR	2,320,426
	Total Food Products	9,544,264
	Gas Utilities – 0.0%
2,640	National Fuel Gas Company	195,360
	Health Care Equipment & Supplies – 0.3%
5,970	Align Technology, Inc., (2)	122,266
3,920	Baxter International, Inc.	210,778
1,230	Beckman Coulter, Inc.	102,176
12,250	Becton, Dickinson and Company	975,345
1,870	C. R. Bard, Inc.	185,710
11,740	Edwards Lifesciences Corporation, (2)	1,021,380
5,850	Hologic Inc., (2)	129,870
5,330	Masimo Corporation	176,423
2,390	Steris Corporation	82,551
1,308	Zimmer Holdings, Inc., (2)	79,173
	Total Health Care Equipment & Supplies	3,085,672
	Health Care Providers & Services – 1.0%
76,321	Aetna Inc., (3)	2,856,695
1,620	Air Methods Corporation, (2)	108,945
30,240	AmerisourceBergen Corporation	1,196,294
2,360	Centene Corporation, (2)	77,833
7,820	Express Scripts, Inc., (2)	434,870
7,210	Five Star Quality Care Inc.	58,617
26,233	Fresenius Medical Care, ADR	1,761,837
9,620	HealthSouth Corporation, (2)	240,308
8,200	Humana Inc., (2)	573,508
3,307	Lincare Holdings	98,086
13,880	McKesson HBOC Inc.	1,097,214
3,337	Omnicare, Inc.	100,077
3,770	Owens and Minor Inc.	122,450
68,000	Profarma Distribuidora de Produtos Farmaceuticos SA	639,329
4,920	Quest Diagnostics Incorporated	283,982
	Total Health Care Providers & Services	9,650,045
	Hotels, Restaurants & Leisure – 0.3%
7,190	Bally Technologies, Inc., (2)	272,142
1,650	Chipotle Mexican Grill, (2)	449,411
19,731	Herbst Gaming Inc., (17)	238,417
39,390	MGM Mirage Inc., (2)	517,979
8,550	Orient Express Hotels Limited	105,764
16,770	Scientific Games Corporation	146,570
14,030	Starbucks Corporation	518,409
1,071	Vail Resorts, Inc.	52,222
4,180	YUM! Brands, Inc.	214,768
	Total Hotels, Restaurants & Leisure	2,515,682
	Household Durables – 0.3%
3,100	Lennar Corporation, Class A	56,172
2,305	Meritage Corporation, (2)	55,620
20,310	Newell Rubbermaid Inc.	388,530
203,592	Oriental Weavers Company	1,073,047
3,855	Tempur Pedic International Inc., (2)	195,294
14,530	Whirlpool Corporation	1,240,281
	Total Household Durables	3,008,944
	Household Products – 0.2%
2,090	Colgate-Palmolive Company	168,788
10,190	Kimberly-Clark Corporation	665,101
10,200	Procter & Gamble Company	628,320
	Total Household Products	1,462,209
	Independent Power Producers & Energy Traders – 0.0%
11,110	Constellation Energy Group	345,854
	Industrial Conglomerates – 0.5%
233,172	Fraser and Neave Limited	1,111,752
60,010	General Electric Company	1,203,201
14,980	Rheinmetall AG	1,241,297
9,350	Siemens AG, Sponsored ADR	1,281,486
	Total Industrial Conglomerates	4,837,736
	Insurance – 1.0%
7,954	AFLAC Incorporated	419,812
6,590	Alterra Capital Holdings Limited	147,221
4,742	Aon Corporation	251,136
1,434	Axis Capital Holdings Limited	50,075
6,870	Delphi Financial Group, Inc.	210,978
3,010	Everest Reinsurance Group Ltd	265,422
42,354	Hannover Rueckversicherung AG	2,312,427
17,270	Hartford Financial Services Group, Inc.	465,081
24,772	Lincoln National Corporation	744,151
928	Loews Corporation	39,988
5,202	Marsh & McLennan Companies, Inc.	155,072
49,000	Mitsui Sumitomo Insurance Company Limited	1,115,725
6,694	MS&AD Insurance Group Holdiongs Inc., (17)	75,441
2,030	PartnerRe Limited	160,857
4,610	Primerica Inc.	117,601
105,446	Prudential Corporation PLC	1,195,090
3,050	Reinsurance Group of America Inc.	191,479
18,560	Symetra Financial Corporation	252,416
5,260	Tower Group Inc.	126,398
33,560	Willis Group Holdings PLC	1,354,482
5,930	WR Berkley Corporation	191,005
	Total Insurance	9,841,857
	Internet & Catalog Retail – 0.0%
13,800	Expedia, Inc.	312,708
	Internet Software & Services – 0.3%
3,100	Google Inc., Class A, (2)	1,817,251
5,520	IAC/InterActiveCorp., (2)	170,513
5,430	Rackspace Hosting Inc., (2)	232,676
25,145	Tencent Holdings Limited	612,902
	Total Internet Software & Services	2,833,342
	IT Services – 0.5%
11,820	Accenture Limited	649,745
20,730	Automatic Data Processing, Inc.	1,063,656
5,670	CSG Systems International Inc., (2)	113,060
14,495	International Business Machines Corporation (IBM)	2,363,700
1,180	MasterCard, Inc.	297,030
1,980	Maximus Inc.	160,717
1,709	Unisys Corporation, (2)	53,355
3,721	VeriFone Holdings Inc., (2)	204,469
3,225	Wright Express Corporation, (2)	167,184
	Total IT Services	5,072,916
	Leisure Equipment & Products – 0.1%
1,960	Polaris Industries Inc.	170,559
16,000	Sankyo Company Ltd.	820,390
	Total Leisure Equipment & Products	990,949
	Life Sciences Tools & Services – 0.1%
7,870	Affymetrix, Inc., (2)	41,003
950	Bio-Rad Laboratories Inc., (2)	114,133
7,780	Life Technologies Corporation, (2)	407,828
6,150	Waters Corporation, (2)	534,435
	Total Life Sciences Tools & Services	1,097,399
	Machinery – 1.0%
1,657	AGCO Corporation, (2)	91,085
3,050	Astecx Industries Inc.	113,735
11,910	Caterpillar Inc.	1,326,179
13,280	Cummins Inc.	1,455,754
3,890	Deere & Company	376,902
1,940	Dover Corporation	127,536
6,460	Eaton Corporation	358,142
35,991	Kone OYJ	2,070,861
8,036	Meritor Inc.	136,371
920	Nordson Corporation	105,855
12,700	Oshkosh Truck Corporation, (2)	449,326
6,290	Parker Hannifin Corporation	595,537
1,420	Sauer-Danfoss, Inc.	72,321
15,600	Timken Company	815,880
3,177	Twin Disc, Inc.	102,363
11,080	Vallourec SA	1,243,015
	Total Machinery	9,440,862
	Marine – 0.1%
8,660	Genco Shipping and Trading Limited, (2)	93,268
39,600	Stolt-Nielsen S.A.	988,165
	Total Marine	1,081,433
	Media – 0.6%
32,027	Citadel Broadcasting Corporation, (2)	1,096,925
23,645	Comcast Corporation, Class A	584,504
12,166	DIRECTV Group, Inc., (2)	569,369
5,600	Liberty Media Starz, (2)	434,560
2,495	Madison Square Garden Inc., (2)	67,340
14,297	Metro-Goldwyn-Mayer, (17)	324,066
2,669	Philadelphia Newspapers LLC, (17)	272,238
16,449	Readers Digest Association Inc., (2), (17)	530,480
10,180	Scripps Networks Interactive, Class A Shares	509,916
1,322	Time Warner Cable, Class A	94,311
7,420	Viacom Inc., Class B	345,178
78,450	WPP Group PLC	967,153
	Total Media	5,796,040
	Metals & Mining – 3.6%
68,600	AngloGold Ashanti Limited, Sponsored ADR, (3)	3,289,370
122,250	Barrick Gold Corporation, (3)	6,345,998
44,513	BHP Billiton PLC, ADR	2,143,716
1,310	Cliffs Natural Resources Inc.	128,747
29,610	Freeport-McMoRan Copper & Gold, Inc.	1,644,836
196,231	Gold Fields Limited, Sponsored ADR, (3)	3,426,193
21,159	Kinross Gold Corporation	333,254
5,169	Newcrest Mining Limited, Sponsored ADR, (17)	213,997
95,300	Newcrest Mining Limited	3,925,198
92,800	Newmont Mining Corporation, (3)	5,065,024
5,010	Noranda Aluminum Hodlings Corporation	80,411
5,870	NovaGold Resources Inc., (2)	76,310
52,540	Polyus Gold Company, ADR, (17)	1,845,205
31,660	Rio Tinto Limited	2,775,352
3,160	RTI International Metals, Inc., (2)	98,434
4,600,000	Simmer & Jack Mines, (2)	516,778
5,310	Steel Dynamics Inc.	99,669
97,730	Sterlite Industries India Ltd., ADR	1,508,951
10,880	Walter Industries Inc.	1,473,478
	Total Metals & Mining	34,990,921
	Multiline Retail – 0.2%
3,385	Dillard’s, Inc., Class A	135,806
17,740	Macy’s, Inc.	430,372
46,951	Next PLC	1,491,311
	Total Multiline Retail	2,057,489
	Multi-Utilities – 0.2%
8,837	Ameren Corporation	248,055
7,970	Consolidated Edison, Inc.	404,238
15,280	Dominion Resources, Inc.	683,016
2,480	OGE Energy Corp.	125,389
3,000	Sempra Energy	160,500
	Total Multi-Utilities	1,621,198
	Office Electronics – 0.1%
23,343	Canon Inc.	1,015,889
	Oil, Gas & Consumable Fuels – 3.8%
2,540	Apache Corporation	332,537
8,627	Arch Coal Inc.	310,917
66,040	BG Group PLC	1,643,150
129,081	Cameco Corporation, (3)	3,877,593
92,678	Chesapeake Energy Corporation, (3)	3,106,567
4,710	Cimarex Energy Company	542,780
8,190	Cloud Peak Energy Inc.	176,822
11,230	ConocoPhillips	896,828
21,000	Continental Resources Inc., (2)	1,500,870
4,830	Devon Energy Corporation	443,249
2,850	Exxon Mobil Corporation	239,771
18,700	Gazprom OAO, ADR	605,319
9,755	Hess Corporation	831,224
4,300	Murphy Oil Corporation	315,706
4,610	Newfield Exploration Company, (2)	350,406
77,361	Nexen Inc., (3)	1,927,836
7,200	Niko Resources Limited	690,665
4,575	Occidental Petroleum Corporation	478,042
1,960	Peabody Energy Corporation	141,042
2,900	Petrobras Energia S.A., ADR	64,061
13,500	Petrohawk Energy Corporation, (2)	331,290
10,950	Petroquest Energy Inc., (2)	102,492
3,500,000	PT Medco Energi Internasional TBK	1,155,613
6,680	QEP Resources Inc., (2)	270,807
40,490	Range Resources Corporation, (3)	2,367,045
87,410	Royal Dutch Shell PLC, Class B, Sponsored ADR	3,169,041
3,300	SM Energy Company	244,827
61,190	StatoilHydro ASA	1,696,203
112,800	StatoilHydro ASA, Sponsored ADR, (3)	3,117,792
7,370	Stone Energy Corporation, (2)	245,937
47,618	Suncor Energy, Inc.	2,135,191
86,010	Tesoro Corporation	2,307,648
7,825	Total S.A.	476,353
1,680	Whiting Petroleum Corporation, (2)	123,396
	Total Oil, Gas & Consumable Fuels	36,219,020
	Paper & Forest Products – 0.0%
4,570	Domtar Corporation	419,435
	Personal Products – 0.0%
11,520	Prestige Brands Holdings Inc.	132,480
	Pharmaceuticals – 1.8%
24,800	AstraZeneca Group, Sponsored ADR, (3)	1,143,776
27,280	AstraZeneca Group	1,252,922
22,808	Bristol-Myers Squibb Company	602,815
113,679	Eli Lilly and Company, (3)	3,998,090
20,307	Forest Laboratories, Inc., (2), (3)	655,916
29,050	Johnson & Johnson	1,721,213
3,681	Merck & Company Inc.	121,510
21,236	Novartis AG, Sponsored ADR	1,151,854
12,720	Novo Nordisk A/S	1,598,099
30,100	Pfizer Inc., (3)	611,331
20,817	Sanofi-Aventis, S.A.	1,459,604
24,490	Teva Pharmaceutical Industries Limited, Sponsored ADR	1,228,663
2,700	Warner Chilcott Limited, (2)	62,856
21,660	Watson Pharmaceuticals Inc., (2)	1,213,177
	Total Pharmaceuticals	16,821,826
	Professional Services – 0.0%
2,710	Acacia Research, (2)	92,736
1,580	Towers Watson & Company, Class A Shares	87,627
	Total Professional Services	180,363
	Real Estate – 0.6%
23,860	Annaly Capital Management Inc.	416,357
21,350	Anworth Mortgage Asset Corporation	151,372
2,400	Camden Property Trust	136,368
11,460	Digital Realty Trust Inc.	666,284
11,180	Duke Realty Corporation	156,632
5,240	Dupont Fabros Technology Inc.	127,070
2,830	Equity Lifestyles Properties Inc.	163,150
1,430	Essex Property Trust Inc.	177,320
2,200	Home Properties New York, Inc.	129,690
5,670	LaSalle Hotel Properties	153,090
1,700	Mid-America Apartment Communities	109,140
3,125	Parkway Properties Inc.	53,125
2,362	PS Business Parks Inc.	136,854
5,770	Ramco-Gershenson Properties Trust	72,298
9,270	Rayonier Inc.	577,614
8,729	Simon Property Group, Inc.	935,400
2,450	Taubman Centers Inc.	131,271
111,300	Westfield Group	1,075,250
111,300	Westfield Realty Trust	301,623
	Total Real Estate	5,669,908
	Real Estate Management & Development – 0.3%
67,160	Brookfield Properties Corporation	1,188,722
246,918	Hysan Development Company	1,015,790
2,300	Jones Lang LaSalle Inc.	229,402
31,500	Solidere, GDR, (17)	574,560
	Total Real Estate Management & Development	3,008,474
	Road & Rail – 0.4%
6,640	CSX Corporation	521,904
7,967	East Japan Railway Company, ADR, (17)	73,695
11,000	East Japan Railway Company	611,625
3,780	Genesee & Wyoming Inc.	219,996
7,270	Hertz Global Holdings Inc., (2)	113,630
12,140	Kansas City Southern Industries, (2)	661,023
2,660	Norfolk Southern Corporation	184,258
9,340	Union Pacific Corporation	918,402
165	West Japan Railway Company	636,752
	Total Road & Rail	3,941,285
	Semiconductors & Equipment – 0.6%
46,880	ASM Lithography Holding NV	2,066,231
4,070	Broadcom Corporation, Class A	160,277
23,410	Cypress Semiconductor Corporation, (2)	453,686
30,030	Intel Corporation	605,705
23,300	KLA-Tencor Corporation	1,103,721
20,490	Marvell Technology Group Ltd., (2)	318,620
12,110	Micron Technology, Inc., (2)	138,781
11,930	Novellus Systems, Inc., (2)	442,961
11,100	ON Semiconductor Corporation, (2)	109,557
15,310	Silicon Image, Inc., (2)	137,331
8,500	Teradyne Inc., (2)	151,385
	Total Semiconductors & Equipment	5,688,255
	Software – 0.5%
3,380	Advent Software Inc., (2)	96,905
5,240	Ansys Inc., (2)	283,956
4,550	CommVault Systems, Inc., (2)	181,454
2,850	Manhattan Associates Inc., (2)	93,252
90,091	Microsoft Corporation	2,284,708
21,690	Oracle Corporation	723,795
7,280	Rovi Corporation, (2)	390,572
1,070	Salesforce.com, Inc., (2)	142,931
4,320	VirnetX Holding Corporation	86,011
	Total Software	4,283,584
	Specialty Retail – 0.4%
9,100	Advance Auto Parts, Inc.	597,142
6,323	Best Buy Co., Inc.	181,597
7,600	Home Depot, Inc.	281,656
13,650	Industria de Diseno Textil SA, Inditex	1,095,301
2,900	Limited Brands, Inc.	95,352
12,410	Tractor Supply Company	742,863
24,740	Williams-Sonoma Inc.	1,001,970
	Total Specialty Retail	3,995,881
	Textiles, Apparel & Luxury Goods – 0.5%
70,570	Burberry Group PLC	1,329,066
1,040	Deckers Outdoor Corporation, (2)	89,596
2,480	Fossil Inc., (2)	232,251
9,710	LVMH Moet Hennessy	1,537,103
455,455	Yue Yuen Industrial Holdings Limited	1,440,395
	Total Textiles, Apparel & Luxury Goods	4,628,411
	Thrifts & Mortgage Finance – 0.0%
13,580	New York Community Bancorp Inc.	234,390
	Tobacco – 0.4%
24,480	Altria Group, Inc.	637,213
33,910	British American Tobacco PLC	1,361,047
29,500	Eastern Tobacco	521,539
17,235	Philip Morris International	1,131,132
14,760	Reynolds American Inc.	524,422
	Total Tobacco	4,175,353
	Trading Companies & Distributors – 0.4%
193,464	Mitsui & Company Limited	3,467,838
4,490	United Rentals Inc.	149,426
	Total Trading Companies & Distributors	3,617,264
	Wireless Telecommunication Services – 0.5%
9,722	Millicom International Cellular S.A.	930,319
19,414	Millicom International Cellular S.A.	1,867,043
62,723	Turkcell Iletisim Hizmetleri A.S., ADR	942,726
460,240	Vodafone Group PLC	1,303,128
	Total Wireless Telecommunication Services	5,043,216
	Total Common Stocks (cost $298,942,968)	350,137,687

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	$ 254,475
	Commercial Banks – 0.8%
3,500	Credit Suisse AG	7.875%	BBB+	3,605,000
5,150	Fifth Third Bancorp, Convertible Bond	8.500%	Ba1	762,200
3,300	Wells Fargo & Company, Convertible Bond	7.500%	A-	3,416,160
	Total Commercial Banks			7,783,360
	Diversified Financial Services – 0.4%
3,060	Bank of America Corporation	7.250%	BB+	3,093,629
	Food Products – 0.1%
5,300	Bunge Limited, Convertible Bonds	4.875%	Ba1	553,850
	Gas Utilities – 0.0%
3,650	El Paso Energy Capital Trust I, Convertible Preferred	4.750%	B	161,513
	Health Care Providers & Services – 0.0%
8,350	Omnicare Capital Trust II, Series B	4.000%	B	375,750
	Household Durables – 0.1%
7,050	Stanley, Black, and Decker Inc.	4.750%	BBB+	844,167
	Independent Power Producers & Energy Traders – 0.1%
14,462	AES Trust III, Convertible Preferred	6.750%	B+	705,746
	Insurance – 0.0%
5,150	Aspen Insurance Holdings Limited	5.625%	BBB-	276,401
	Media – 0.0%
100	Interpublic Group Companies Inc., Convertible Notes	0.000%	B	110,000
	Real Estate – 0.1%
22,483	CommonWealth REIT, Convertible Debt	6.500%	Baa3	483,834
9,863	Health Care REIT, Inc., Convertible Bonds	6.500%	Baa3	513,862
	Total Real Estate			997,696
	Total Convertible Preferred Securities (cost $12,946,850)			15,156,587

Shares	Description (1)	Coupon	Ratings (4)	Value
	$25 Par (or similar) Preferred Securities – 31.1% (23.7% of Total Investments)
	Capital Markets – 3.1%
91,000	Ameriprise Financial, Inc.	7.750%	A	$ 2,525,250
70,437	BNY Capital Trust V, Series F	5.950%	A1	1,774,308
95,044	Credit Suisse	7.900%	A3	2,558,584
886,930	Deutsche Bank Capital Funding Trust II	6.550%	BBB	21,871,694
8,000	Deutsche Bank Capital Funding Trust IX	6.625%	BBB	195,040
20,300	Goldman Sachs Group Inc., Series 2004-4 (CORTS)	6.000%	A3	456,344
8,000	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)	6.000%	A3	180,160
1,000	Goldman Sachs Group Inc.	6.125%	A1	24,350
600	Morgan Stanley Capital Trust III	6.250%	Baa2	14,250
2,700	Morgan Stanley Capital Trust IV	6.250%	Baa2	64,395
	Total Capital Markets			29,664,375
	Commercial Banks – 3.5%
345,700	Banco Santander Finance	10.500%	A-	9,835,165
14,600	Barclays Bank PLC	7.750%	A-	375,512
36,900	Barclays Bank PLC	7.100%	A+	930,618
59,300	BB&T Capital Trust VI	9.600%	Baa1	1,656,842
73,300	BB&T Capital Trust VII	8.100%	Baa1	1,975,435
108,000	Cobank Agricultural Credit Bank, 144A	7.000%	N/R	5,059,130
31,000	Cobank Agricultural Credit Bank	11.000%	A	1,724,375
2,000,000	HSBC Bank PLC	1.000%	A	1,260,000
247,928	HSBC Finance Corporation	6.875%	A	6,379,187
16,300	HSBC Holdings PLC, (2)	8.000%	A-	444,664
22,700	HSBC Holdings PLC	6.200%	A-	548,205
14,500	HSBC USA Inc., Series F	2.858%	A-	694,405
79,592	Merrill Lynch Preferred Capital Trust V	7.280%	Baa3	1,980,249
500,000	National Australia Bank	8.000%	A+	551,450
400	National City Capital Trust II	6.625%	BBB	10,124
	Total Commercial Banks			33,425,361
	Diversified Financial Services – 2.7%
5,400	Citigroup Capital Trust XII	8.500%	BB+	142,182
125,768	Citigroup Capital XIII	7.875%	BB+	3,446,043
40,000	Citigroup Capital XVI	6.450%	BB+	954,400
16,300	Citigroup Capital XVII	6.350%	BB+	385,006
32,600	Countrywide Capital Trust IV	6.750%	Baa3	807,502
644,975	ING Groep N.V.	7.050%	Ba1	15,040,817
114,469	JPMorgan Chase Capital Trust XI	5.875%	A2	2,834,252
38,700	JPMorgan Chase Capital Trust XXIX	6.700%	A2	986,076
800	MBNA Corporation, Capital Trust	8.125%	Baa3	20,272
37,150	Merrill Lynch Capital Trust II	6.450%	Baa3	858,908
	Total Diversified Financial Services			25,475,458
	Diversified Telecommunication Services – 0.4%
164,547	Telephone and Data Systems Inc.	6.875%	Baa2	4,108,739
	Electric Utilities – 0.2%
59,800	Entergy Texas Inc.	7.875%	BBB+	1,677,988
	Food Products – 0.2%
25,000	Dairy Farmers of America Inc., 144A	7.875%	BBB-	2,292,188
	Insurance – 5.3%
624,430	Aegon N.V.	6.375%	BBB	14,218,271
24,200	Allianz SE	8.375%	A+	646,595
5,214	Arch Capital Group Limited, Series B	7.875%	BBB	132,331
340,204	Arch Capital Group Limited	8.000%	BBB	8,671,800
51,441	Assured Guaranty Municipal Holdings	6.250%	A+	1,123,986
2,750,000	Dai-Ichi Mutual Life, 144A	7.250%	A3	2,718,524
275,756	EverestRe Capital Trust II	6.200%	Baa1	6,427,872
605,478	PartnerRe Limited, Series C	6.750%	BBB+	14,809,992
64,810	PLC Capital Trust III	7.500%	BBB	1,639,693
5,800	PLC Capital Trust IV	7.250%	BBB	144,652
2,000	RenaissanceRe Holdings Limited, Series C	6.080%	BBB+	45,900
32,400	RenaissanceRe Holdings Limited, Series D	6.600%	BBB+	795,744
	Total Insurance			51,375,360
	Media – 4.3%
464,395	CBS Corporation	6.750%	BBB-	11,674,890
481,431	Comcast Corporation	7.000%	BBB+	12,319,819
97,000	Comcast Corporation	6.625%	BBB+	2,524,910
577,046	Viacom Inc.	6.850%	BBB+	14,997,426
	Total Media			41,517,045
	Multi-Utilities – 1.1%
216,300	Dominion Resources Inc.	8.375%	BBB	6,140,757
158,561	Xcel Energy Inc.	7.600%	BBB	4,419,095
	Total Multi-Utilities			10,559,852
	Oil, Gas & Consumable Fuels – 1.1%
427,648	Nexen Inc.	7.350%	BB+	10,840,877
	Real Estate – 9.2%
632,300	CommomWealth REIT	7.125%	Baa3	15,883,376
98,785	Developers Diversified Realty Corporation, Series G	8.000%	Ba1	2,479,504
2,300	Duke Realty Corporation, Series O	8.375%	Baa3	61,525
1,400	Harris Preferred Capital Corporation, Series A	7.375%	A-	35,196
340,287	Kimco Realty Corporation, Series F	6.650%	Baa2	8,381,269
109,832	Kimco Realty Corporation, Series G