Edgar Filing: Nuveen Multi-Strategy Income & Growth Fund

nvq

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 & 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: 9/30/2007

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.

TABLE OF CONTENTS


	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
Certifications

Item 1. Schedule of Investments

Portfolio of Investments (Unaudited)

Nuveen Multi-Strategy Income and Growth Fund (JPC)
September 30, 2007


Shares		Description (1)	Value


		Common Stocks – 38.8% (25.2% of Total Investments)

		Aerospace & Defense – 0.6%

	22,910	Boeing Company	$	2,405,321
	12,930	Finmeccanica SpA		376,679
	17,656	Lockheed Martin Corporation		1,915,499
	19,000	Orbital Sciences Corporation, (2)		422,560
	43,900	Thales S.A.		2,573,453
	12,730	United Technologies Corporation		1,024,510

		Total Aerospace & Defense		8,718,022


		Airlines – 0.1%

	42,100	Lufthansa AG		1,210,855
	2,000	Ryanair Holdings PLC, (2)		83,020

		Total Airlines		1,293,875


		Auto Components – 0.4%

	5,630	Aftermarket Tech, (2)		178,696
	40,810	Aisin Seiki Company Limited		1,630,766
	9,980	Cooper Tire & Rubber		243,512
	8,910	Johnson Controls, Inc.		1,052,360
	23,950	Magna International Inc., Class A		2,306,625

		Total Auto Components		5,411,959


		Automobiles – 0.7%

	24,530	Daimler-Chrysler AG, (2)		2,457,906
	37,480	Honda Motor Company Limited		1,250,333
	28,310	Nissan Motor		566,483
	88,350	Nissan Motor		885,308
	1,140	S.A. D’Ieteren N.V		508,791
	18,840	Toyota Motor Corporation		2,201,642
	3,640	Volkswagen AG		164,437
	70,300	Yamaha Motor Company Limited		1,793,227

		Total Automobiles		9,828,127


		Beverages – 1.2%

	99,780	Coca Cola Amatil Limited		796,858
	48,470	Coca-Cola Company		2,785,571
	28,640	Coca-Cola Enterprises Inc.		693,661
	25,540	Diageo PLC, Sponsored ADR		2,240,624
	54,690	Fomento Economico Mexicano S.A.B.		2,045,406
	66,280	Heineken N.V.		4,349,440
	8,270	Molson Coors Brewing Company, Class B		824,271
	17,960	Pepsi Bottling Group, Inc.		667,573
	41,410	SABMiller PLC		1,179,369

		Total Beverages		15,582,773


		Biotechnology – 0.6%

	69,500	Amgen, Inc., (2)		3,931,615
	17,770	Cephalon, Inc., (2)		1,298,276
	23,340	Genzyme Corporation, (2)		1,446,146
	4,090	Invitrogen Corporation, (2)		334,276
	6,940	Novo-Nordisk A/S		840,018

		Total Biotechnology		7,850,331


		Capital Markets – 1.3%

	5,460	Ameriprise Financial, Inc.		344,581
	188,000	Babcock & Brown Limited		4,582,595
	22,910	Bank of New York Company, Inc.		1,011,247
	2,020	BlackRock Inc.		350,288
	18,270	Credit Suisse Group		1,213,031
	15,040	Deutsche Bank AG		1,930,986
	60,300	Invesco PLC		1,646,190
	105,390	Investec PLC		1,104,014
	58,550	JPMorgan Chase & Co.		2,682,761
	5,560	Marketaxess, (2)		83,400
	20,480	SEI Investments Company		558,694
	16,470	UBS AG		877,028

		Total Capital Markets		16,384,815


		Chemicals – 1.0%

	570	Agrium, Inc.		30,997
	15,280	Air Products & Chemicals, Inc.		1,493,773
	14,260	Ashland, Inc.		858,595
	940	Bayer AG		74,824
	6,350	CF Industries Holdings, Inc.		482,029
	8,080	Lubrizol Corporation		525,685
	207,300	Mitusi Chemicals		2,059,194
	38,670	Mosaic Company, (2)		2,069,618
	67,230	Shin-Etsu Chemical Company Limited		4,647,249
	7,830	Syngenta AG		339,274
	14,060	Terra Industries, Inc., (2)		439,516

		Total Chemicals		13,020,754


		Commercial Banks – 1.9%

	16,050	Allied Irish Banks		777,944
	14,880	Allied Irish Banks		360,708
	74,260	Allianz SE, ADR		1,728,030
	91,180	Banco Bilbao Vizcaya Argentaria S.A.		2,122,670
	12,960	Banco Bradesco S.A., ADR		380,635
	40,870	Banco Santander Central S.A.		789,200
	7,970	BANK OF IRELAND		148,311
	24,090	Bank of Montreal		1,577,413
	12,170	Bank of Nova Scotia		638,925
	39,640	Barclays PLC		1,927,297
	59,110	Barclays PLC		720,191
	780	Canadian Imperial Bank of Commerce		77,953
	17,570	Colonial BancGroup, Inc.		379,863
	31,950	Credit Agricole S.A.		1,232,373
	130,600	DnB NOR ASA		2,003,361
	34,900	ICICI Bank Limited, ADR		1,839,928
	17,510	Kookmin Bank		1,435,645
	24,160	Lloyds TSB Group PLC, Sponsored ADR		1,074,154
	2,600	National Bank of Greece S.A.		165,724
	27,250	National Bank of Greece S.A.		351,798
	11,460	Northern Trust Corporation		759,454
	21,070	PNC Financial Services Group, Inc.		1,434,867
	4,860	Prosperity Bancshares, Inc.		161,158
	154,690	Royal Bank of Scotland, PLC, (2)		1,661,601
	70	Shinhan Financial Group Company Limited		8,981
	4,990	SVB Financial Group, (2)		236,326
	20,920	Sydbank A/S		910,366
	3,960	UMB Financial Corporation		169,726
	3,840	Wintrust Financial Corporation		163,930

		Total Commercial Banks		25,238,532


		Commercial Services & Supplies – 0.8%

	327,800	Allied Waste Industries, Inc., (2)		4,179,450
	22,400	Apollo Group, Inc., (2)		1,347,360
	5,140	CLARCOR, Inc.		175,839
	3,576	Consolidated Graphics, Inc., (2)		224,537
	3,250	CSG Systems International, Inc., (2)		69,063
	6,100	Dun and Bradstreet, Inc.		601,521
	170,960	Michael Page International PLC		1,442,858
	11,120	Republic Services, Inc.		363,735
	293,300	Toppan Printing Company Limited		3,020,710

		Total Commercial Services & Supplies		11,425,073


		Communications Equipment – 0.6%

	1,630	Comtech Telecom Corporation, (2)		87,189
	100,120	Corning Incorporated		2,467,958
	13,810	Juniper Networks, Inc., (2)		505,584
	79,780	Nokia Oyj, Sponsored ADR		3,026,055
	5,800	Polycom, Inc., (2)		155,788
	28,970	QUALCOMM, Inc.		1,224,272
	6,470	Tandberg ASA		155,712

		Total Communications Equipment		7,622,558


		Computers & Peripherals – 0.7%

	23,241	Apple, Inc., (2)		3,568,423
	18,860	Dell, Inc., (2)		520,536
	40,100	Hewlett-Packard Company		1,996,579
	8,270	International Business Machines Corporation (IBM)		974,206
	8,090	NCR Corporation, (2)		402,882
	44,023	Network Appliance, Inc., (2)		1,184,659
	7,520	Novatel Wireless, (2)		170,328
	9,980	SanDisk Corporation, (2)		549,898

		Total Computers & Peripherals		9,367,511


		Construction & Engineering – 0.6%

	315,280	AMEC PLC		4,779,912
	6,140	Fluor Corporation		884,037
	114,200	JGC Corporation		2,202,176

		Total Construction & Engineering		7,866,125


		Construction Materials – 0.0%

	2,050	Cemex S.A. de CV, Sponsored ADR, (2)		61,336
	1,790	Texas Industries, Inc.		140,515

		Total Construction Materials		201,851


		Consumer Finance – 0.2%

	11,180	MasterCard, Inc.		1,654,305
	45,600	Takefuji Corporation		905,132
	35,920	Western Union Company		753,242

		Total Consumer Finance		3,312,679


		Distributors – 0.1%

	82,910	Jardine Cycle & Carriage Limited		1,032,538


		Diversified Consumer Services – 0.1%

	12,370	ITT Educational Services, Inc., (2)		1,505,305


		Diversified Financial Services – 0.5%

	15,280	CIT Group, Inc.		614,256
	30,160	Credit Suisse Group, (2)		2,000,513
	22,400	Eaton Vance Corporation		895,104
	3,780	Fortis		111,305
	23,160	ING Group N.V., Sponsored ADR		1,026,220
	14,060	Nasdaq Stock Market, Inc., (2)		529,781
	19,090	State Street Corporation		1,301,174

		Total Diversified Financial Services		6,478,353


		Diversified Telecommunication Services – 1.9%

	38,190	AT&T, Inc.		1,615,819
	430	Brasil Telecom		32,087
	15,830	BT Group PLC		994,599
	10,700	Cbeyond, Inc., (2)		436,453
	106,600	Chunghwa Telecom Co., Ltd., Sponsored ADR		1,969,968
	19,700	France Telecom S.A., Sponsored ADR		658,768
	145,650	KT Corporation, Sponsored ADR		3,648,533
	389,550	Nippon Telegraph and Telephone Corporation, ADR		9,064,829
	7,770	Portugal Telecom S.A.		109,091
	14,940	Royal KPN Nederland PTT N.V		259,508
	59,090	Telecom Argentina S.A., (2)		1,450,660
	39,324	Telecom Corporation of New Zealand, Limited		666,942
	39,031	Telecom Corporation of New Zealand, Limited		132,212
	24,830	Telefonica S.A.		2,080,257
	54,110	Telefonos de Mexico S.A. de C.V., Series L		1,778,596

		Total Diversified Telecommunication Services		24,898,322


		Electric Utilities – 2.3%

	33,600	Ameren Corporation		1,764,000
	6,390	Black Hills Corporation		262,118
	263,700	Centrais Electricas Brasileiras S.A., ADR		3,698,393
	1,080	CPFL Energia S.A.		62,888
	11,450	DPL Inc.		300,677
	40,600	E.ON AG		2,491,622
	35,370	Edison International		1,961,267
	9,640	El Paso Electric Company, (2)		222,973
	9,940	Enel S.p.A, Sponsored ADR		560,318
	15,810	FPL Group, Inc.		962,513
	100,500	IDACORP, Inc.		3,290,370
	245,500	Korea Electric Power Corporation, Sponsored ADR		5,683,325
	34,370	PG&E Corporation		1,642,886
	4,740	Pike Electric Corporation, (2)		88,922
	148,600	PNM Resources Inc.		3,459,408
	73,060	Progress Energy, Inc.		3,422,861
	66,390	Reliant Energy Inc., (2)		1,699,584

		Total Electric Utilities		31,574,125


		Electrical Equipment – 0.4%

	36,840	ABB Limted		970,165
	2,880	Acuity Brands Inc.		145,382
	59,420	Emerson Electric Co.		3,162,332
	18,930	Nikon Corporation		650,969

		Total Electrical Equipment		4,928,848


		Electronic Equipment & Instruments – 0.7%

	3,944	Itron Inc., (2)		367,068
	4,390	LG Philips LCD Company Limited, Sponsored ADR, (2)		105,097
	32,500	MEMC Electronic Materials, (2)		1,912,950
	4,360	Mettler-Toledo International Inc., (2)		444,720
	60,500	Tech Data Corporation, (2)		2,427,260
	11,640	Tektronix Inc.		322,894
	3,737	Teledyne Technologies Inc., (2)		199,518
	69,070	Thermo Fisher Scientific, Inc., (2)		3,986,720

		Total Electronic Equipment & Instruments		9,766,227


		Energy Equipment & Services – 0.7%

	19,630	Dresser Rand Group, Inc., (2)		838,397
	43,600	Global Industries, Limited, (2)		1,123,136
	8,260	Matrix Service Company, (2)		173,047
	30,850	National-Oilwell Varco Inc., (2)		4,457,825
	10,600	Technip		947,715
	23,110	Tidewater Inc.		1,452,232
	4,250	Trico Marine Services Inc., (2)		126,650

		Total Energy Equipment & Services		9,119,002


		Food & Staples Retailing – 0.4%

	18,600	Casino Guichard-Perrachon S.A.		1,950,477
	3,660	Koninklijke Ahold N.V., (2)		55,083
	24,190	Kroger Co.		689,899
	50,180	Marks and Spencer Group PLC		631,923
	3,820	Nash Finch Company		152,151
	38,820	Safeway Inc.		1,285,330

		Total Food & Staples Retailing		4,764,863


		Food Products – 1.2%

	52,490	ConAgra Foods, Inc.		1,371,564
	17,555	Flowers Foods Inc.		382,699
	33,350	H.J. Heinz Company		1,540,770
	198,950	Jeronimo Martins SGPS		1,222,716
	6,050	Kellogg Company		338,800
	22,230	Monsanto Company		1,906,000
	460	Nestle S.A.		51,486
	147,000	Smithfield Foods, Inc., (2)		4,630,500
	98,450	Tingyi Holding Corporation		151,971
	166,000	Tyson Foods, Inc., Class A		2,963,100
	70,840	Unilever PLC		2,243,503

		Total Food Products		16,803,109


		Gas Utilities – 0.3%

	1,440	BG PLC		124,452
	4,850	E.ON AG		896,710
	27,740	Energen Corporation		1,584,509
	2,640	Gas Natural SDG		149,074
	28,820	Questar Corporation		1,513,915

		Total Gas Utilities		4,268,660


		Health Care Equipment & Supplies – 0.4%

	20,050	Alfresa Holdings Corporation		1,279,472
	29,100	Baxter International Inc.		1,637,748
	23,714	Express Scripts, Inc., (2)		1,323,715
	2,970	Lifecell Corporation, (2)		111,583
	109,400	Paramount Bed Company Limited		1,468,635
	4,602	Surmodics Inc., (2)		225,544

		Total Health Care Equipment & Supplies		6,046,697


		Health Care Providers & Services – 0.4%

	6,060	Coventry Health Care, Inc., (2)		376,993
	31,500	Humana Inc., (2)		2,201,220
	6,570	Mentor Corporation		302,549
	24,223	Wellcare Health Plans Inc., (2)		2,553,831

		Total Health Care Providers & Services		5,434,593


		Hotels, Restaurants & Leisure – 0.2%

	5,340	Bally Technologies, Inc., (2)		189,196
	15,300	Choice Hotels International, Inc.		576,351
	24,360	McDonald’s Corporation		1,326,889
	13,910	Multimedia Games, Inc., (2)		118,513

		Total Hotels, Restaurants & Leisure		2,210,949


		Household Durables – 0.5%

	460	Koninklijke Philips Electronics N.V.		20,672
	78,750	Matsushita Electric Industrial Co., Ltd., ADR		1,460,813
	30,821	Newell Rubbermaid Inc.		888,261
	24,940	PPR		4,692,207

		Total Household Durables		7,061,953


		Household Products – 0.6%

	39,640	Colgate-Palmolive Company		2,827,125
	146,000	KAO Corporation		4,359,727
	13,947	Kimberly-Clark Corporation		979,916

		Total Household Products		8,166,768


		Independent Power Producers & Energy Traders – 0.1%

	22,910	NRG Energy Inc., (2)		968,864


		Industrial Conglomerates – 0.4%

	25,390	General Electric Company		1,051,146
	250,340	Keppel Corporation		2,426,722
	16,460	Siemens AG, Sponsored ADR		2,259,135
	3,330	Teleflex Inc.		259,474

		Total Industrial Conglomerates		5,996,477


		Insurance – 1.1%

	1,830	Aegon N.V.		34,825
	27,475	AFLAC Incorporated		1,567,174
	11,160	Amtrust Financial Services, Inc.		169,297
	17,180	Aon Corporation		769,836
	13,440	Arch Capital Group Limited, (2)		1,000,070
	25,770	AXA-UAP		1,149,600
	8,910	Axis Capital Holdings Limited		346,688
	254,800	Benfield Group, Limited		1,511,829
	8,570	Delphi Financial Group, Inc.		346,399
	3,970	Fairfax Financial Holdings Limited		968,680
	24,490	HCC Insurance Holdings Inc.		701,394
	48,197	Philadelphia Consolidated Holding Corporation, (2)		1,992,464
	6,550	Power Financial Corporation		273,287
	9,010	Seabright Insurance Holdings Inc., (2)		153,801
	8,120	Security Capital Assurance Limited		185,461
	22,140	Sun Life Financial Inc.		1,161,243
	5,914	Tower Group Inc.		154,829
	3,870	Universal American Financial Corporation, (2)		88,555
	66,930	WR Berkley Corporation		1,983,136
	1,280	ZURICH Financial Services AG		383,973

		Total Insurance		14,942,541


		Internet & Catalog Retail – 0.1%

	20,450	Amazon.com, Inc., (2)		1,904,918


		Internet Software & Services – 0.1%

	17,340	Chordiant Software, Inc., (2)		240,332
	36,000	eBay Inc., (2)		1,404,720
	4,110	Open Text Corporation, (2)		106,737

		Total Internet Software & Services		1,751,789


		IT Services – 0.2%

	34,150	Accenture Limited		1,374,538
	12,400	CGI Group Inc., (2)		141,360
	7,320	Convergys Corporation, (2)		127,075
	12,710	FactSet Research Systems Inc.		871,271
	11,820	Savvis Inc., (2)		458,380

		Total IT Services		2,972,624


		Leisure Equipment & Products – 0.3%

	19,150	Canon Inc.		1,039,654
	34,730	Fuji Photo Film Co., Ltd.		1,605,505
	8,040	FujiFilm Holdings Corporation, ADR		368,714
	16,550	Hasbro, Inc.		461,414
	11,940	Marvel Entertainment Inc., (2)		279,874
	7,890	Sturm, Ruger, & Company, (2)		141,310

		Total Leisure Equipment & Products		3,896,471


		Life Sciences Tools & Services – 0.0%

	7,990	Illumina Inc., (2)		414,521


		Machinery – 1.0%

	58,130	ABB Limited		1,524,750
	115,720	AGCO Corporation, (2)		5,875,104
	20,646	Harsco Corporation		1,223,688
	29,760	ITT Industries Inc.		2,021,597
	30,760	Manitowoc Company Inc.		1,362,053
	156,840	Mitsui Engineering & Shipbuilding Company Limited		888,894
	3,727	Parker Hannifin Corporation		416,790
	8,580	RBC Bearings Inc., (2)		329,043
	3,300	Robbins & Myers, Inc.		189,057
	1,780	Volvo AB		30,883

		Total Machinery		13,861,859


		Marine – 0.2%

	181,660	Kawasaki Kisen Kaisha Limited		2,668,005


		Media – 0.8%

	56,590	DIRECTV Group, Inc., (2)		1,374,005
	47,270	Echostar Communications Corporation, (2)		2,212,709
	42,860	McGraw-Hill Companies, Inc.		2,182,003
	54,400	Scholastic Corporation, (2)		1,896,384
	19,700	Shaw Communication Inc.		489,348
	7,180	Thomson Corporation		301,057
	46,460	Walt Disney Company		1,597,759
	8,370	WPP Group PLC		564,975

		Total Media		10,618,240


		Metals & Mining – 4.4%

	770	Agnico-Eagle Mines, Limited		38,346
	6,700	Alumina Limited, Sponsored ADR		169,510
	67,765	Anglo American PLC, ADR		2,266,729
	199,200	AngloGold Ashanti Limited, Sponsored ADR		9,340,488
	204,700	Apex Silver Mines Limited, (2)		3,981,415
	213,500	Barrick Gold Corporation		8,599,780
	9,290	BHP Billiton PLC		668,044
	3,680	Compass Minerals International, Inc.		125,267
	148,530	Cookson Group		2,318,697
	235,600	Crystallex International Corporation, (2)		746,852
	11,450	Freeport-McMoRan Copper & Gold, Inc.		1,200,991
	169,800	Gabriel Resources, Limited, (2)		430,198
	251,900	Gold Fields Limited		4,556,871
	1,504,600	Lihir Gold Limited, (2)		5,260,321
	500,810	Mitsubishi Materials		3,113,031
	204,000	Moto Goldmines, Limited, (2)		607,088
	183,700	Newmont Mining Corporation		8,216,901
	58,800	NovaGold Resources Inc., (2)		970,788
	496,500	Orezone Resources Inc., (2)		923,490
	4,280	Rio Tinto PLC, Sponsored ADR		1,469,752
	132,270	SSAB Svenskt Stal AB		4,895,392

		Total Metals & Mining		59,899,951


		Multiline Retail – 0.5%

	15,850	Big Lots, Inc., (2)		472,964
	34,540	Costco Wholesale Corporation		2,119,720
	39,520	Dollar Tree Stores Inc., (2)		1,602,141
	19,060	Family Dollar Stores, Inc.		506,234
	15,180	Kohl’s Corporation, (2)		636,936
	12,800	Target Corporation		813,696

		Total Multiline Retail		6,151,691


		Multi-Utilities – 0.3%

	47,210	National Grid Group PLC		757,278
	138,900	Puget Energy, Inc.		3,398,883

		Total Multi-Utilities		4,156,161


		Oil, Gas & Consumable Fuels – 3.0%

	1,080	Acergy S.A., Sponsored ADR		32,076
	60,500	Arch Coal Inc.		2,041,270
	5,240	Bill Barrett Corporation, (2)		206,508
	123,120	BP Amoco PLC		8,538,372
	37,550	Chesapeake Energy Corporation		1,324,013
	10,180	Chevron Corporation		952,644
	9,410	China Petroleum and Chemical Corporation		1,158,465
	30,200	Eni S.p.A., Sponsored ADR		2,227,552
	9,980	EOG Resources, Inc.		721,853
	15,280	Equitable Resources Inc.		792,574
	21,410	Frontier Oil Corporation		891,512
	10,910	Hess Corporation		725,842
	13,530	Murphy Oil Corporation		945,612
	52,600	Nexen Inc.		1,606,404
	2,980	Norsk Hydro ASA		129,183
	79,500	Peabody Energy Corporation		3,805,665
	8,656	Pioneer Drilling Company, (2)		105,430
	36,610	Repsol YPF S.A.		1,299,655
	98,080	Royal Dutch Shell PLC, Class B, Sponsored ADR		8,052,368
	8,090	St Mary Land and Exploration Company		288,570
	56,750	StatoilHydro ASA		1,924,960
	7,985	Sunoco, Inc.		565,178
	21,120	Total S.A., Sponsored ADR		1,711,354
	12,072	Valero Energy Corporation		810,997

		Total Oil, Gas & Consumable Fuels		40,858,057


		Paper & Forest Products – 0.3%

	10,520	Aracruz Celulose S.A.		774,167
	6,570	Buckeye Technologies Inc., (2)		99,470
	7,730	Potlatch Corporation		348,082
	17,950	Rayonier Inc.		862,318
	8,400	Stora Enso Oyj, R Shares		163,619
	55,210	Votorantim Celulose e Papel S.A.		1,580,110

		Total Paper & Forest Products		3,827,766


		Personal Products – 0.0%

	9,430	Herbalife, Limited		428,688
	3,400	Oriflame Cosmetics		206,297

		Total Personal Products		634,985


		Pharmaceuticals – 1.3%

	9,650	Abraxis Bioscience Inc., (2)		220,310
	17,900	Astellas Pharma Inc.		858,651
	115,620	AstraZeneca Group		5,789,093
	2,330	Doctor Reddy’s Labortories Limited, Sponsored ADR		38,119
	6,790	Eli Lilly and Company		386,555
	6,720	GlaxoSmithKline PLC, ADR		357,504
	20,870	H. Lundbeck A/S		566,870
	98,000	Kissei Pharaceuticals Company Limited		1,774,605
	34,110	Merck & Co. Inc.		1,763,146
	1,480	Novo Nordisk A/S		178,634
	189,800	Patheon Inc., (2)		591,545
	9,310	Pozen Inc., (2)		102,969
	88,770	Sanofi-Aventis, ADR		3,765,623
	35,760	Shionogi & Company Limited		551,351
	17,880	Warner Chilcott Limited, (2)		317,728

		Total Pharmaceuticals		17,262,703


		Real Estate/Mortgage – 0.5%

	119,090	CFX Retail Property Trust		252,562
	548,950	DB RREEF Trust		979,093
	3,180	Essex Property Trust Inc.		373,873
	7,046	LaSalle Hotel Properties		296,496
	8,480	Lexington Corporate Properties Trust		169,685
	13,561	SL Green Realty Corporation		1,583,518
	10,931	Tanger Factory Outlet Centers		443,689
	21,703	Taubman Centers Inc.		1,188,239
	719,470	Wing Tai Holdings Limited		1,869,508

		Total Real Estate/Mortgage		7,156,663


		Real Estate Management & Development – 0.0%

	11,430	IMMOFINANZ AG		142,613
	94,390	New World Development Company, Limited		262,267

		Total Real Estate Management & Development		404,880


		Road & Rail – 0.4%

	31,360	Canadian National Railways Company		1,787,520
	15,970	Canadian Pacific Railway Limited		1,122,531
	33,430	Hertz Global Holdings, Inc., (2)		759,530
	14,730	Landstar System		618,218
	5,090	Union Pacific Corporation		575,475

		Total Road & Rail		4,863,274


		Semiconductors & Equipment – 0.9%

	14,310	ASM Lithography Holding N.V., (2)		474,424
	86,010	ASM Lithography Holding N.V., (2)		2,826,289
	14,960	Intel Corporation		386,866
	243,470	Micron Technology, Inc., (2)		2,702,517
	3,460	Monolithic Power Systems, Inc., (2)		87,884
	67,920	National Semiconductor Corporation		1,841,990
	10,730	Semtech Corporation, (2)		219,750
	56,580	STMicroelectronics N.V.		947,715
	161,720	Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR		1,636,606
	27,370	Teradyne Inc., (2)		377,706
	23,050	Trident Microsystems Inc., (2)		366,265
	9,040	Zoran Corporation, (2)		182,608

		Total Semiconductors & Equipment		12,050,620


		Software – 0.6%

	7,170	Ansys Inc., (2)		244,999
	9,075	Aspen Technology Inc., (2)		129,954
	43,550	Autodesk, Inc., (2)		2,176,194
	12,378	Blackbaud, Inc.		312,421
	6,270	Blackboard, Inc., (2)		287,417
	32,650	Business Objects S.A., (2)		1,465,006
	28,000	Cadence Design Systems, Inc., (2)		621,320
	17,110	Cognos Inc., (2)		710,578
	42,040	Intuit Inc., (2)		1,273,812
	6,210	SPSS Inc., (2)		255,479
	23,580	Synopsys Inc., (2)		638,546

		Total Software		8,115,726


		Specialty Retail – 0.3%

	6,865	Aeropostale, Inc., (2)		130,847
	29,610	American Eagle Outfitters, Inc.		779,039
	19,090	Gap, Inc.		352,020
	5,430	Gymboree Corporation, (2)		191,353
	2,610	Hennes & Mauritz AB		165,451
	3,150	J. Crew Group Inc., (2)		130,725
	5,210	Luxottica Group S.p.A.		176,619
	10,780	PetSmart Inc.		343,882
	53,180	RadioShack Corporation		1,098,699
	19,620	Sony Corporation		942,937

		Total Specialty Retail		4,311,572


		Textiles, Apparel & Luxury Goods – 0.1%

	3,780	Deckers Outdoor Corporation, (2)		415,044
	1,100	Gildan Activewear Inc, Sponsored ADR, (2)		43,329
	8,258	Guess Inc.		404,887
	7,640	VF Corporation		616,925

		Total, Textiles Apparel & Luxury Goods		1,480,185


		Thrifts & Mortgage Finance – 0.0%

	42,630	Hudson City Bancorp, Inc.		655,644


		Tobacco – 0.3%

	10,640	British American Tobacco PLC		765,867
	7,800	Imperial Tobacco Group		715,728
	260	Japan Tobacco, Inc.		1,428,280
	34,550	UST Inc.		1,713,675

		Total Tobacco		4,623,550


		Trading Companies & Distributors – 0.0%

	2,660	W.W. Grainger, Inc.		242,565


		Transportation Infrastructure – 0.2%

	630,470	Macquarie Airports		2,433,592


		Wireless Telecommunication Services – 0.0%

	7,200	China Unicom Limited, WI/DD		150,043
	1,390	Mobile Telesystems, Sponsored ADR		96,341

		Total Wireless Telecommunication Services		246,384

		Total Common Stocks (cost $496,896,485)		526,557,575


Shares		Description (1)	Coupon	Ratings (3)	Value


		Convertible Preferred Securities – 1.8% (1.2% of Total Investments)

		Automobiles – 0.4%

	27,250	General Motors Corporation, Convertible Bonds	1.500%	B-	$	770,085
	63,700	General Motors Corporation, Convertible Notes, Senior Debentures, Series B	5.250%	B-		1,356,173
	119,500	General Motors Corporation	6.250%	B-		2,926,555

		Total Automobiles				5,052,813


		Capital Markets – 0.0%

	4,900	Affiliated Managers Group Inc., Convertible Bond	5.100%	BB		278,075


		Commercial Banks – 0.1%

	14,750	Sovereign Capital Trust IV, Convertible Security	4.375%	Baa1		632,775
	8,250	Washington Mutual, Inc., Unit 1 Trust	5.375%	A3		396,083

		Total Commercial Banks				1,028,858


		Communications Equipment – 0.7%

	8,400	Lucent Technologies Capital Trust I	7.750%	B1		8,064,000


		Containers & Packaging – 0.0%

	12,500	Owens-Illinois, Inc., Convertible Bonds	4.750%	B-		562,500


		Electric Utilities – 0.1%

	18,850	Centerpoint Energy Inc.	2.000%	BBB-		651,268
	6,500	CMS Energy Corporation, Convertible Bonds	4.500%	Ba2		572,813

		Total Electric Utilities				1,224,081


		Food Products – 0.0%

	4,750	Bunge Limited, Convertible Bonds	4.875%	BB		637,094


		Independent Power Producers & Energy Traders – 0.1%

	500	NRG Energy Inc., Convertible Bond	4.000%	B2		1,079,765


		Metals & Mining – 0.1%

	800	Freeport McMoran Copper & Gold, Inc.	5.500%	B-		1,826,300


		Oil, Gas & Consumable Fuels – 0.1%

	7,750	Chesapeake Energy Corporation	5.000%	B		862,358
	550	El Paso Corporation	4.990%	B		777,631

		Total Oil, Gas & Consumable Fuels				1,639,989


		Real Estate – 0.1%

	20,550	HRPT Properties Trust, Preferred Convertible Bonds	6.500%	BBB-		472,034
	9,050	Simon Property Group, Inc., Series I	6.000%	BBB+		727,892

		Total Real Estate				1,199,926


		U.S. Agency – 0.1%

	19	Federal National Mortgage Association	5.375%	AA-		1,862,986

		Total Convertible Preferred Securities (cost $23,292,082)				24,456,387


Shares		Description (1)	Coupon	Ratings (3)	Value


		$25 Par (or similar) Preferred Securities – 46.8% (30.2% of Total Investments)

		Capital Markets – 6.2%

	229,904	BNY Capital Trust V, Series F	5.950%	Aa3	$	5,248,708
	148,300	Compass Capital Trust III	7.350%	A2		3,668,942
	7,000	CSFB USA, Series 2002-10 (SATURNS)	7.000%	Aa1		172,480
	946,417	Deutsche Bank Capital Funding Trust II	6.550%	Aa3		22,572,045
	34,200	First Union Institutional Capital II (CORTS)	8.200%	A1		929,898
	3,900	Goldman Sachs Capital I, Series A (CORTS)	6.000%	A1		85,449
	4,400	Goldman Sachs Group Inc. (SATURNS)	5.750%	AA-		93,676
	4,800	Goldman Sachs Group Inc., Series 2004-06 (SATURNS)	6.000%	A1		105,072
	40,400	Goldman Sachs Group Inc., Series 2004-4 (CORTS)	6.000%	A1		869,004
	7,400	Goldman Sachs Group Inc., Series GSC-3 (PPLUS)	6.000%	A1		160,432
	521,588	Lehman Brothers Holdings Capital Trust III, Series K	6.375%	A2		11,730,514
	3,300	Lehman Brothers Holdings Capital Trust IV, Series L	6.375%	A2		75,834
	106,161	Merrill Lynch Preferred Capital Trust III	7.000%	A1		2,622,177
	122,400	Merrill Lynch Preferred Capital Trust IV	7.120%	A1		3,051,432
	346,000	Merrill Lynch Preferred Capital Trust V	7.280%	A1		8,615,400
	314,334	Morgan Stanley Capital Trust III	6.250%	A1		7,204,535
	456,907	Morgan Stanley Capital Trust IV	6.250%	A1		10,380,927
	305,429	Morgan Stanley Capital Trust VII	6.600%	A2		7,000,433

		Total Capital Markets				84,586,958


		Commercial Banks – 8.7%

	72,670	ABN AMRO Capital Fund Trust V	5.900%	A1		1,558,045
	73,600	ASBC Capital I	7.625%	A3		1,832,640
	28,685	BAC Capital Trust I	7.000%	Aa2		716,551
	80,855	BAC Capital Trust II	7.000%	Aa2		2,006,821
	281,200	BAC Capital Trust III	7.000%	Aa2		6,990,632
	2,200	BAC Capital Trust IV	5.875%	Aa2		49,500
	1,200	BAC Capital Trust VIII	6.000%	Aa2		27,072
	5,000	BAC Capital Trust X	6.250%	Aa2		116,300
	334,086	Banco Santander Series 144A	6.800%	Aa3		7,757,076
	201,906	Banco Santander, 144A	6.500%	A		4,675,396
	13,731	Banco Santander	6.410%	Aa3		304,691
	9,100	BancorpSouth Capital Trust I	8.150%	Baa1		228,774
	231,600	Banesto Holdings, Series A, 144A	10.500%	A1		6,984,199
	81,700	Bank One Capital Trust VI	7.200%	Aa3		2,049,036
	4,000,000	BNP Paribas	7.195%	AA-		3,990,604
	300	Capital One Capital II Corporation	7.500%	Baa1		7,392
	217,300	Citizens Funding Trust I	7.500%	Baa2		5,104,377
	107,000	Cobank ABC, 144A, (8)	7.000%	A		5,257,231
	338,400	Fleet Capital Trust VIII	7.200%	Aa2		8,487,072
	759,620	HSBC Finance Corporation	6.875%	AA-		18,838,576
	16,860	HSBC Holdings PLC, Series A	6.200%	A1		378,676
	137,400	KeyCorp Capital Trust IX	6.750%	Baa1		3,233,022
	539,400	National City Capital Trust II	6.625%	A3		11,408,310
	47,900	National City Capital Trust IV	0.000%	A2		1,202,530
	43,550	PNC Capital Trust	6.125%	A2		987,714
	13,129	Royal Bank of Scotland Group PLC, Series L	5.750%	A1		277,022
	91,395	Royal Bank of Scotland Group PLC, Series N	6.350%	A1		2,051,818
	100,000	Royal Bank of Scotland PLC, Series T	7.250%	Aa3		2,510,000
	192,827	USB Capital Trust XI	6.600%	A1		4,527,578
	30,060	VNB Capital Trust I	7.750%	A3		754,205
	130,248	Wachovia Capital Trust IX	6.375%	A1		3,004,821
	169,217	Wachovia Trust IV	6.375%	A1		3,952,909
	80,735	Wells Fargo Capital Trust V	7.000%	Aa2		2,011,109
	86,002	Wells Fargo Capital Trust VII	5.850%	Aa2		1,952,245
	81,400	Zions Capital Trust B	8.000%	BBB-		2,048,838

		Total Commercial Banks				117,282,782


		Computers & Peripherals – 0.0%

	4,447	IBM Inc., Trust Certificates, Series 2001-2	7.100%	A+		111,019


		Diversified Financial Services – 4.1%

	63,130	BAC Capital Trust XII	6.875%	Aa3		1,590,876
	70,400	Citigroup Capital Trust VII	7.125%	Aa2		1,761,408
	241,654	Citigroup Capital Trust VIII	6.950%	Aa2		5,918,106
	30,600	Citigroup Capital XIV	6.875%	Aa2		761,940
	367,800	CitiGroup Capital XIX	7.250%	Aa2		9,412,002
	68,755	Citigroup Capital XV	6.500%	Aa3		1,617,118
	54,800	Citigroup Capital XVI	6.450%	Aa2		1,282,868
	19,000	Citigroup Capital XVII	6.350%	Aa2		436,050
	11,000	General Electric Capital Corporation	6.050%	AAA		266,640
	564,518	ING Group N.V.	7.200%	A1		13,746,013
	786,475	ING Group N.V.	7.050%	A		19,016,966
	6,300	ING Group N.V.	6.200%	A1		136,143

		Total Diversified Financial Services				55,946,130


		Diversified Telecommunication Services – 0.3%

	67,000	AT&T Inc.	6.375%	A		1,595,940
	21,900	BellSouth Capital Funding (CORTS)	7.100%	A		470,850
	18,300	BellSouth Corporation (CORTS)	7.000%	A		431,194
	17,500	Verizon Communications (CORTS)	7.625%	A		441,875
	22,600	Verizon Communications (CORTS)	7.375%	A		574,492
	3,700	Verizon Communications, Series 2004-1 (SATURNS)	6.125%	A+		87,875
	1,800	Verizon Global Funding Corporation Trust III, Series III (CORTS)	6.250%	A		42,345
	13,900	Verizon New England Inc., Series B	7.000%	A3		345,415

		Total Diversified Telecommunication Services				3,989,986


		Electric Utilities – 0.6%

	22,200	DTE Energy Trust I	7.800%	Baa3		563,658
	40,670	Entergy Louisiana LLC	7.600%	A-		1,017,563
	135,100	FPL Group Capital Inc.	6.600%	A3		3,261,314
	500	Georgia Power Company	5.750%	A		11,255
	6,600	National Rural Utilities Cooperative Finance Corporation	6.100%	A3		149,490
	4,900	National Rural Utilities Cooperative Finance Corporation	5.950%	A3		112,602
	134,400	Virginia Power Capital Trust	7.375%	Baa2		3,372,096

		Total Electric Utilities				8,487,978


		Food Products – 0.2%

	27,100	Dairy Farmers of America Inc., 144A, (8)	7.875%	BBB-		2,834,492


		Insurance – 10.1%

	556,210	Ace Ltd., Series C	7.800%	BBB		14,216,728
	9,156	Aegon N.V.	6.875%	A-		218,554
	976,600	Aegon N.V., (8)	6.375%	A-		21,729,350
	1,000,000	AMBAC Finanacial Group Inc.	0.000%	Aa3		865,501
	5,867	AMBAC Financial Group Inc.	5.950%	AA		130,541
	25,700	Arch Capital Group Limited, Series B	7.785%	BBB-		643,785
	408,100	Arch Capital Group Limited	8.000%	BBB-		10,426,955
	14,700	Berkley WR Corporation, Capital Trust II	6.750%	BBB-		343,833
	1,221,100	Delphi Financial Group, Inc.	8.000%	BBB+		31,174,683
	3,000,000	Everest Reinsurance Holdings, Inc.	6.600%	Baa1		2,787,321
	322,955	EverestRe Capital Trust II	6.200%	Baa1		7,017,812
	113,400	EverestRe Group Limited	7.850%	Baa1		2,852,010
	82,200	Financial Security Assurance Holdings	6.250%	AA		1,869,228
	3,500	Lincoln National Capital Trust VI	6.750%	A-		84,350
	1,800	Markel Corporation	7.500%	BBB-		45,324
	809,050	PartnerRe Limited, Series C	6.750%	BBB+		18,689,055
	82,200	PLC Capital Trust III	7.500%	BBB+		2,040,204
	33,600	PLC Capital Trust IV	7.250%	BBB+		828,912
	7,600	PLC Capital Trust V	6.125%	BBB+		166,440
	47,900	Protective Life Corporation	7.250%	BBB		1,183,130
	37,400	Prudential PLC	6.750%	A		897,600
	377,051	RenaissanceRe Holdings Limited, Series B	7.300%	BBB		8,970,043
	75,000	RenaissanceRe Holdings Ltd	6.600%	BBB		1,587,750
	341,200	XL Capital Ltd, Series B	7.625%	Baa1		8,471,996

		Total Insurance				137,241,105


		Media – 2.9%

	27,900	CBS Corporation	7.250%	BBB		696,663
	410,172	CBS Corporation	6.750%	BBB		9,417,549
	580,200	Comcast Corporation	7.000%	BBB+		14,475,990
	605,900	Viacom Inc.	6.850%	BBB		14,444,656

		Total Media				39,034,858


		Oil, Gas & Consumable Fuels – 0.9%

	477,800	Nexen Inc.	7.350%	Baa3		11,945,000


		Real Estate/Mortgage – 10.8%

	10,300	AvalonBay Communities, Inc., Series H	8.700%	BBB		268,315
	15,266	BRE Properties, Series C	6.750%	BBB-		343,027
	658,185	Developers Diversified Realty Corporation, Series G	8.000%	BBB-		16,665,244
	74,900	Developers Diversified Realty Corporation, Series H	7.375%	BBB-		1,801,345
	73,000	Duke Realty Corporation, Series L	6.600%	BBB		1,661,480
	36,828	Duke-Weeks Realty Corporation	6.950%	BBB		859,934
	389,370	Equity Residential Properties Trust, Series N	6.480%	BBB		8,827,018
	267,400	First Industrial Realty Trust, Inc., Series J	7.250%	BBB-		6,382,838
	232,400	HRPT Properties Trust, Series B	8.750%	BBB-		5,884,368
	652,100	HRPT Properties Trust, Series C	7.125%	BBB-		16,054,702
	456,287	Kimco Realty Corporation, Series F	6.650%	BBB+		10,768,373
	32,982	Prologis Trust, Series C	8.540%	BBB		1,957,277
	12,500	Prologis Trust, Series G	6.750%	BBB		289,250
	2,000	PS Business Parks, Inc., Series K	7.950%	BBB-		50,300
	51,900	Public Storage, Inc., Series E	6.750%	BBB+		1,177,092
	15,000	Public Storage, Inc., Series F	6.450%	BBB+		328,350
	8,259	Public Storage, Inc., Series H	6.950%	BBB+		192,682
	149,400	Public Storage, Inc., Series I	7.250%	BBB+		3,670,758
	1,700	Public Storage, Inc., Series K	7.250%	BBB+		41,480
	226,441	Public Storage, Inc., Series M	6.625%	BBB+		5,015,668
	32,300	Public Storage, Inc., Series V	7.500%	BBB+		809,761
	228,400	Public Storage, Inc.	6.750%	BBB+		5,184,680
	319,900	Realty Income Corporation, Series E	6.750%	BBB-		7,517,650
	216,495	Regency Centers Corporation	7.450%	BBB-		5,293,303
	9,100	Regency Centers Corporation	7.250%	BBB-		221,767
	7,000	Simon Property Group, Inc., Series G	7.890%	BBB		349,020
	1,000	Vornado Realty Trust, Series F	6.750%	BBB-		22,260
	16,800	Vornado Realty Trust, Series G	6.625%	BBB-		375,984
	3,400	Vornado Realty Trust, Series H	6.750%	BBB-		76,364
	54,200	Vornado Realty Trust, Series I	6.625%	BBB-		1,203,240
	1,113,245	Wachovia Preferred Funding Corporation	7.250%	A2		28,988,900
	628,830	Weingarten Realty Trust, Preferred Securities	6.750%	A-		14,714,622

		Total Real Estate/Mortgage				146,997,052


		Thrifts & Mortgage Finance – 1.9%

	99,700	Countrywide Capital Trust III (PPLUS)	8.050%	BBB		2,078,745
	1,107,335	Countrywide Capital Trust IV	6.750%	BBB		21,316,199
	121,978	Countrywide Capital Trust V	7.000%	BBB		2,348,077

		Total Thrifts & Mortgage Finance				25,743,021


		Wireless Telecommunication Services – 0.1%

	33,900	United States Cellular Corporation	8.750%	A-		856,653

		Total $25 Par (or similar) Preferred Securities (cost $675,518,671)				635,057,034


Principal			Weighted Average
Amount (000)		Description (1)	Coupon	Maturity (5)	Ratings (3)	Value


		Variable Rate Senior Loan Interests – 10.3% (6.6% of Total Investments) (4)


		Airlines – 0.1%

$	995	American Airlines, Term Loan	7.414%	12/17/10	BB-	$	974,843
	998	Delta Air Lines, Term Loan, WI/DD	TBD	TBD	B		969,238

	1,993	Total Airlines					1,944,081


		Auto Components – 0.1%

	1,500	Federal Mogul Corporation, Term Loan A (11)	6.890%	12/31/07	N/R		1,494,375


		Building Products – 0.6%

	2,588	Building Materials Corporation of America	8.125%	2/22/14	BB		2,390,684
	2,992	Nortek, Inc., Term Loan B	7.610%	8/27/11	Ba2		2,887,558
	997	Stile Acquisition Corporation, Term Loan B	7.360%	4/05/13	BB		940,954
	998	Stile Acquisition Corporation, Term Loan B	7.360%	4/05/13	BB		942,559
	990	TFS Acquisition, Term Loan	8.698%	8/11/13	B+		965,250

	8,565	Total Building Products					8,127,005


		Chemicals – 0.2%

	1,000	Celanese Corporation, Term Loan C, WI/DD	TBD	TBD	BB		981,953
	2,000	Hercules Inc., Term Loan B	7.110%	7/11/13	BB		1,972,500

	3,000	Total Chemicals					2,954,453


		Commercial Services & Supplies – 0.2%

	2,509	Aramark Corporation, Term Loan	7.198%	1/24/14	BB-		2,468,965
	179	Aramark, Letter of Credit	7.198%	1/24/14	BB-		176,459

	2,688	Total Commercial Services & Supplies					2,645,424


		Containers & Packaging – 0.1%

	342	Bluegrass Container Company LLC, 1st Lien Term Loan	7.617%	6/30/13	BB		340,504
	1,143	Bluegrass Container Company, LLC, Term Loan B	7.581%	6/30/13	BB		1,137,999

	1,485	Total Containers & Packaging					1,478,503


		Diversified Consumer Services – 0.3%

	1,500	Laureate Education Inc., Term Loan, WI/DD	TBD	TBD	B1		1,456,875
	2,000	Thomson Learning Center, Term Loan	7.950%	7/05/14	B+		1,943,334

	3,500	Total Diversified Consumer Services					3,400,209


		Diversified Telecommunication Services – 0.1%

	1,510	Intelsat, Ltd., Term Loan B	7.360%	7/01/13	BB+		1,494,126


		Electric Utilities – 0.3%

	4,478	Calpine Corporation	7.448%	3/29/09	N/R		4,425,729


		Energy Equipment & Services – 0.2%

	1,455	Kinder Morgan, Inc., Term Loan	6.639%	5/30/14	Ba2		1,429,182
	1,995	Petroleum Geo-Services, Term Loan	6.950%	7/01/12	Ba2		1,955,516

	3,450	Total Energy Equipment & Services					3,384,698


		Health Care Equipment & Supplies – 0.3%

	4,000	Biomet Term Loan, WI/DD	TBD	TBD	BB-		3,959,286


		Health Care Providers & Services – 1.6%

	371	Community Health Systems, Inc., Delayed Draw, Term Loan, (9) (10)	0.500%	7/25/14	BB		(5,870	)
	5,629	Community Health Systems, Inc., Term Loan	7.756%	7/25/14	BB		5,539,765
	500	Concentra, Inc., Term Loan	7.448%	6/25/14	B+		485,000
	5,960	HCA, Inc. Term Loan	7.448%	11/18/13	BB		5,855,688
	995	Health Management Associates, Term Loan	6.947%	2/28/14	Ba2		948,048
	477	IASIS Healthcare Corporation,	5.960%	3/14/14	Ba2		331,777
	127	IASIS Healthcare Corporation	5.024%	3/14/14	Ba2		121,542
	1,389	IASIS Healthcare LLC, Term Loan B	7.359%	3/14/14	Ba2		1,327,255
	747	LifePoint Hospitals Holdings, Inc., Term Loan B	7.165%	4/18/12	BB		729,735
	1,858	Select Medical Corporation, Term Loan	7.477%	2/24/12	Ba2		1,777,034
	998	Select Medical Corporation, Term Loan	7.198%	2/24/12	Ba2		954,275
	320	Sun Healthcare Group, Inc., Term Loan	5.047%	4/12/14	Ba2		193,863
	1,808	Sun Healthcare Group, Inc., Term Loan	7.367%	4/19/14	Ba2		1,753,574
	404	Sun Healthcare Group, Inc., Term Loan	7.229%	4/19/14	Ba2		392,056
	995	Vanguard Health Holding Company, LLC, Replacement Term Loan	7.448%	9/23/11	Ba3		966,400

	22,578	Total Health Care Providers & Services					21,370,142


		Hotels, Restaurants & Leisure – 0.6%

	988	Cedar Fair LP, Term Loan	7.129%	8/30/12	BB		969,807
	999	Intrawest Corporation, Term Loan	7.182%	4/24/08	N/R		988,877
	669	Travelport, Term Loan	7.448%	8/23/13	BB-		653,615
	134	Travelport, Term Loan	7.448%	8/23/13	BB-		131,148
	1,167	Venetian Casino Resort, LLC, Delayed Draw, Term Loan, (9) (10)	0.750%	5/23/08	BB		(27,951	)
	4,821	Venetian Casino Resort, LLC, Term Loan, DD1	6.950%	5/23/14	BB		4,705,742

	8,778	Total Hotels, Restaurants & Leisure					7,421,238


		Independent Power Producers & Energy Traders – 0.3%

	800	NRG Energy Inc., Delayed Draw, Term Loan (9)(10)	0.500%	2/01/13	BB		(14,000	)
	2,603	NRG Energy Inc., Term Loan	6.948%	2/01/13	Ba1		2,560,284
	1,084	NRG Energy Inc., Term Loan	6.848%	2/01/13	Ba1		1,065,571

	4,487	Total Independent Power Producers & Energy Traders					3,611,855


		Insurance – 0.1%

	1,998	Conseco, Inc., Term Loan	7.129%	10/10/13	Ba3		1,895,899


		Internet Software & Services – 0.1%

	1,000	Sabre Group Holdings, Inc., Term Loan	7.358%	9/30/14	B+		952,875


		IT Services – 0.1%

	2,000	First Data Term Loan, Tranche B, WI/DD	TBD	TBD	BB-		1,923,334


		Machinery – 0.1%

	1,975	Oshkosh Truck Corporation, Term Loan	7.450%	12/06/13	BBB-		1,950,683


		Media – 2.5%

	1,993	Blockbuster, Inc., Term Loan B	9.623%	8/20/11	B		1,985,849
	1,995	Cequel Communications LLC., Term Loan B	7.373%	11/05/13	B+		2,883,997
	1,075	Charter Communications Operating, LLC, Term Loan	7.360%	3/06/14	B+		1,040,447
	3,000	Charter Communications Operating, LLC, Term Loan	7.130%	3/06/14	B+		2,903,573
	1,500	Citadel Broadcasting Company, Term Loan	6.794%	6/12/14	BB-		1,436,720
	3,990	Discovery Communications, Term Loan	7.198%	5/14/14	N/R		3,925,163
	983	Idearc Inc., Term Loan, WI/DD	TBD	TBD	BBB-		969,015
	2,975	Neilsen Finance LLC, Term Loan B	7.360%	8/09/13	Ba3		2,896,886
	954	Philadelphia Newspapers, Term Loan	8.860%	6/29/13	N/R		901,280
	995	Readers Digest Association, Term Loan, WI/DD	TBD	TBD	B+		946,914
	2,433	Tribune Company, Term Loan	7.860%	6/04/09	BB		2,390,750
	6,000	Tribune Company, Term Loan	8.360%	6/04/14	BB		5,475,831
	423	Univision Communications, Delayed Draw, Term Loan, (9) (10)	1.000%	9/29/14	B+		(19,644	)
	6,577	Univision Communications, Term Loan	7.610%	9/29/14	Ba3		6,271,615

	34,893	Total Media					34,008,396


		Paper & Forest Products – 0.3%

	2,982	Georgia-Pacific Corporation, Term Loan	7.383%	12/21/12	BB+		2,927,016
	1,439	Ply Gem Industries Inc., Term Loan	7.950%	8/15/11	BB-		1,356,458
	54	Ply Gem Industries Inc., Term Loan	7.950%	8/15/11	BB-		50,687

	4,475	Total Paper & Forest Products					4,334,161


		Real Estate Management & Development – 0.3%

	1,000	LNR Property Corporation, Term Loan B	8.110%	7/12/11	BB		970,834
	3,000	Realogy Corporation, Term Loan, WI/DD	TBD	TBD	BB		2,817,000

	4,000	Total Real Estate Management & Development					3,787,834


		Road & Rail – 0.4%

	5,419	Swift Transportation, Term Loan	8.375%	5/10/14	BB-		4,945,444


		Software – 0.3%

	2,860	Dealer Computer Service, Term Loan	7.198%	10/26/12	BB		2,785,163
	1,256	Intergraph Corporation, Term Loan	7.474%	5/29/13	B+		1,225,455

	4,116	Total Software					4,010,618


		Specialty Retail – 0.7%

	4,442	Burlington Coat Factory Warehouse Corporation, Term Loan	7.760%	5/28/11	B2		4,274,505
	3,468	Michaels Stores Inc., Term Loan	7.638%	10/31/13	B		3,370,790
	1,500	Toys “R” Us, Inc., Term Loan	8.665%	12/08/08	B3		1,489,531

	9,410	Total Specialty Retail					9,134,826


		Wireless Telecommunication Services – 0.4%

	4,000	Asurion Corporation, Term Loan	8.360%	7/03/14	N/R		3,893,334
	997	Leap Wireless International Inc., Term Loan	7.448%	1/10/12	Ba2		987,084

	4,997	Total Wireless Telecommunication Services					4,880,418

$	146,295	Total Variable Rate Senior Loan Interests (cost $142,360,980)					139,535,612


Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value


		Convertible Bonds – 10.1% (6.5% of Total Investments)

		Aerospace & Defense – 0.2%

$	400	Alliant Techsystems, Inc., Convertible Bonds	2.750%	2/15/24	B+	$	574,500
	450	DRS Technologies, Inc., Convertible Bonds, 144A	2.000%	2/01/26	B+		486,000
	800	L-3 Communications Corporation, Convertible Bond	3.000%	8/01/35	BB+		930,000
	750	Lockheed Martin Corporation	5.325%	8/15/33	A-		1,144,200

	2,400	Total Aerospace & Defense					3,134,700


		Auto Components – 0.1%

	300	Goodyear Tire & Rubber Company, Convertible Bonds	4.000%	6/15/34	B		767,250


		Biotechnology – 0.5%

	3,900	Amgen Inc., 144A	0.125%	2/01/11	A+		3,641,625
	950	Amgen Inc.	0.375%	2/01/13	A+		868,063
	650	Cephalon, Inc., Series B	2.000%	6/01/15	B-		1,096,063
	1,000	Genzyme Corporation	1.250%	12/01/23	BBB		1,062,500

	6,500	Total Biotechnology					6,668,251


		Capital Markets – 0.0%

	250	BlackRock Inc.	2.625%	2/15/35	A+		440,313


		Commercial Banks – 0.2%

	2,750	U.S. Bancorp, Convertible Bonds	3.606%	8/06/37	AA		2,740,925


		Communications Equipment – 0.5%

	750	Ciena Corporation, Convertible Bond	0.875%	6/15/17	B		847,500
	2,750	Ciena Corporation	3.750%	2/01/08	B		2,743,125
	200	CommScope Inc.	1.000%	3/15/24	Ba3		465,750
	960	Liberty Media Corporation, Senior Debentures Exchangeable for Motorola Common Stock	3.500%	1/15/31	BB+		782,428
	750	Lucent Technologies Inc.	2.750%	6/15/23	Ba2		719,063
	469	Nortel Networks Corp.	4.250%	9/01/08	B-		462,551
	450	Nortel Networks Corporation, Convertible Bonds, 144A	1.750%	4/15/12	B-		378,000
	500	Nortel Networks Corporation, Convertible Bonds, 144A	2.125%	4/15/14	B-		408,750

	6,829	Total Communications Equipment					6,807,167


		Computers & Peripherals – 0.4%

	1,250	EMC Corporation, Convertible Bonds 144A	1.750%	12/01/11	BBB+		1,778,125
	1,000	EMC Corporation, Convertible Bonds 144A	1.750%	12/01/13	BBB+		1,433,750
	350	Maxtor Corporation, Convertible Bonds	2.375%	8/15/12	BB+		550,813
	1,250	Sandisk Corporation, Convertible Bond	1.000%	5/15/13	BB-		1,193,750

	3,850	Total Computers & Peripherals					4,956,438


		Construction & Engineering – 0.1%

	250	Fluor Corporation, Convertible Bonds	1.500%	2/15/24	A3		644,688
	350	Quanta Services, Inc., Convertible Bonds	4.500%	10/01/23	B+		847,000

	600	Total Construction & Engineering					1,491,688


		Consumer Finance – 0.0%

	250	Americredit Corp.	1.750%	11/15/23	B+		267,813


		Containers & Packaging – 0.0%

	550	Sealed Air Corporation, 144A	3.000%	6/30/33	BBB		528,000


		Diversified Financial Services – 0.0%

	250	Leucadia National Corporation, Convertible Bonds	3.750%	4/15/14	BB-		553,438


		Diversified Telecommunication Services – 0.1%

	1,000	Qwest Communications International Inc., Convertible Bond	3.500%	11/15/25	Ba3		1,660,000


		Electric Utilities – 0.1%

	500	Centerpoint Energy Inc., Convertible Bond	3.750%	5/15/23	BBB-		724,375
	500	Covanta Holding Corporation, Convertible Bonds	1.000%	2/01/27	B1		511,250

	1,000	Total Electric Utilities					1,235,625


		Electrical Equipment – 0.0%

	250	General Cable Corporation, Convertible Bonds	0.875%	11/15/13	B+		365,313


		Electronic Equipment & Instruments – 0.2%

	500	Anixter Internatinal Inc., Convertible Bond	0.000%	7/07/33	BB-		624,375
	700	Roper Industries Inc.	1.481%	1/15/34	BB+		579,250
	500	Solectron Corporation, Series B	0.500%	2/15/34	BB-		492,500
	500	Tech Data Corporation, Convertible Bonds	2.750%	12/15/26	BBB-		490,625
	500	Vishay Intertechnology Inc.	3.625%	8/01/23	B+		500,625

	2,700	Total Electronic Equipment & Instruments					2,687,375


		Energy Equipment & Services – 1.2%

	750	Halliburton Company, Convertible Bond	3.125%	7/15/23	A		1,546,875
	4,125	Nabors Industries Inc., Convertible Bond Series 144A	0.940%	5/15/11	A-		3,975,469
	850	Nabors Industries Inc., Convertible Bond Series 144A	0.940%	5/15/11	A-		819,188
	4,850	Nabors Industries Inc.	0.000%	6/15/23	NA		5,068,250
	750	Schlumberger Limited, Convertible Bonds	1.500%	6/01/23	A+		2,177,813
	550	Schlumberger Limited	2.125%	6/01/23	A+		1,444,438
	600	Transocean Inc.	1.500%	5/15/21	BBB+		946,500

	12,475	Total Energy Equipment & Services					15,978,533


		Food Products – 0.1%

	900	Archer Daniels Midland Company, Convertible Bonds, 144A	0.875%	2/15/14	A		865,125
	1,000	General Mills, Inc., Convertible Bonds (12)	5.733%	4/11/37	BBB+		1,006,926

	1,900	Total Food Products					1,872,051


		Health Care Equipment & Supplies – 0.4%

	550	Beckman Coulter Inc., Convertible Bonds, 144A	2.500%	12/15/36	BBB		644,188
	2,350	Medtronic, Inc., Convertible Bond	1.500%	4/15/11	AA-		2,611,438
	800	Medtronic, Inc., Convertible Bond	1.625%	4/15/13	AA-		905,000
	250	Medtronic, Inc.	1.500%	4/15/11	AA-		277,813
	725	Saint Jude Medical, Inc., Convertible Bonds	1.220%	12/15/08	BBB+		740,406

	4,675	Total Health Care Equipment & Supplies					5,178,845


		Health Care Providers & Services – 0.7%

	450	AmeriGroup Corporation, Convertible Bond	2.000%	5/15/12	BB		463,500
	900	Health Management Associates Inc.	1.500%	8/01/23	Baa3		885,375
	250	Laboratory Corporation of America Holdings	0.000%	9/11/21	BBB-		263,750
	950	Lifepoint Hospitals, Inc., Convertible Bonds	3.500%	5/15/14	B		850,250
	250	Manor Care Inc., Convertible Bond	2.000%	6/01/36	BBB		329,063
	600	Manor Care, Inc.	2.125%	8/01/35	BBB-		879,750
	6,090	Omnicare, Inc.	3.250%	12/15/35	BB-		4,955,738
	225	Saint Jude Medical, Inc., Convertible Bonds	1.220%	12/15/08	BBB+		229,781

	9,715	Total Health Care Providers & Services					8,857,207


		Hotels, Restaurants & Leisure – 0.5%

	2,750	Caesars Entertainment Inc.	5.360%	4/15/24	Baa3		3,718,000
	750	Carnival Corporation	2.000%	4/15/21	A-		945,938
	500	Hilton Hotels Corporation	3.375%	4/15/23	BB+		1,036,250
	1,150	International Game Technology	2.600%	12/15/36	BBB		1,147,125

	5,150	Total Hotels, Restaurants & Leisure					6,847,313


		Industrial Conglomerates – 0.1%

	1,000	3M Company	0.000%	11/21/32	Aa1		930,000


		Insurance – 0.4%

	250	American Equity Investment Life Holding Company	5.250%	12/06/24	BB+		264,063
	750	American Financial Group Inc.	1.486%	6/02/33	BBB		379,688
	500	Aon Corporation, Convertible Bonds	3.500%	11/15/12	BBB+		1,045,000
	2,750	Prudential Financial, Inc., Convertible Bonds	3.325%	12/12/36	A+		2,829,283

	4,250	Total Insurance					4,518,034


		Internet & Catalog Retail – 0.1%

	500	Amazon.com Inc., Convertible Bonds	4.750%	2/01/09	Ba3		618,125
	250	Priceline.com, Inc., Convertible Bonds	0.500%	9/30/11	B+		558,125
	250	Priceline.com, Inc., Convertible Bonds	0.750%	9/30/13	B+		555,313

	1,000	Total Internet & Catalog Retail					1,731,563


		Internet Software & Services – 0.0%

	500	Yahoo! Inc., Convertible Bond	0.000%	4/01/08	BBB-		662,500


		IT Services – 0.1%

	1,000	Electronic Data Systems Corporation, Convertible Bonds	3.875%	7/15/23	BBB-		1,007,500


		Leisure Equipment & Products – 0.1%

	500	Eastman Kodak Company	3.375%	10/15/33	B		533,125
	300	Hasbro Inc.	2.750%	12/01/21	BBB		397,875

	800	Total Leisure Equipment & Products					931,000


		Life Sciences Tools & Services – 0.1%

	350	Apogent Technologies, Inc., Convertible Bonds	4.396%	12/15/33	BBB+		708,995
	500	Charles River Laboratories International, Inc.	2.250%	6/15/13	BB-		642,500
	250	Fisher Scientific International, Inc., Convertible Bonds	2.500%	10/01/23	BBB+		621,250

	1,100	Total Life Sciences Tools & Services					1,972,745


		Machinery – 0.2%

	1,000	Danaher Corporation, Convertible Bonds	0.000%	1/22/21	A+		1,208,750
	250	Kaydon Corporation, Convertible Bonds	4.000%	5/23/23	BB-		449,063
	500	Trinity Industries Inc., Convertible Bonds	3.875%	6/01/36	BB-		520,625

	1,750	Total Machinery					2,178,438


		Media – 0.7%

	200	ELF Special Financing Limited, Convertible Bonds, 144A	6.082%	6/15/09	Ba3		221,020
	600	ELF Special Financing Limited, Convertible Bonds, 144A	6.044%	6/15/09	Ba3		650,820
	400	Getty Images, Inc., Convertible Bonds	0.500%	6/09/23	Ba2		385,500
	500	Interpublic Group Companies Inc.	4.500%	3/15/23	Ba3		540,625
	500	Interpublic Group, Inc., Convertible Bonds	4.250%	3/15/23	Ba3		554,375
	300	Lamar Advertising Company, Convertible	2.875%	12/31/10	B1		345,375
	1,100	Liberty Media Corporation, Senior Debentures, Exchangeable for PCS Common Stock, Series 1	4.000%	11/15/29	BB+		715,000
	1,500	Liberty Media Corporation	0.750%	3/30/23	BB+		1,663,125
	750	Omnicom Group Inc.	0.000%	7/01/38	A-		808,125
	1,250	Omnicom Group, Inc.	0.000%	2/07/31	A-		1,292,188
	500	Sinclair Broadcast Group, Inc., Convertible Bonds	3.000%	5/15/27	B		471,250
	1,500	Walt Disney Company, Convertible Senior Notes	2.125%	4/15/23	A2		1,835,625

	9,100	Total Media					9,483,028


		Metals & Mining – 0.2%

	1,511	Coeur d’Alene Mines Corporation, Convertible Bond	1.250%	1/15/24	B-		1,359,900
	650	Newmont Mining Corporation	1.625%	7/15/17	BBB+		741,813

	2,161	Total Metals & Mining					2,101,713


		Multiline Retail – 0.0%

	250	Saks, Inc., Convertible Bonds	2.000%	3/15/24	B+		375,938


		Oil, Gas & Consumable Fuels – 0.7%

	1,000	Chesapeake Energy Corporation, 144A	2.750%	11/15/35	BB		1,102,500
	1,750	Chesapeake Energy Corporation, Convertible Bonds	2.500%	5/15/37	BB		1,795,938
	250	Devon Energy Corporation	4.900%	8/15/08	Baa1		437,813
	5,550	Peabody Energy Corp., Convertible Bond	4.750%	12/15/66	Ba3		5,855,250

	8,550	Total Oil, Gas & Consumable Fuels					9,191,501


		Pharmaceuticals – 0.4%

	500	Allergan Inc., Convertible Bond	1.500%	4/01/26	A		580,625
	750	Bristol-Myers Squibb Company, Convertible Bond	5.194%	9/15/23	A+		756,600
	650	Teva Pharmaceutical Finance, Series A	0.500%	2/01/24	BBB		788,938
	800	Teva Pharmaceutical Finance, Series B	0.250%	2/01/24	BBB		1,041,000
	750	Watson Pharmaceuticals Inc., Convertible Bond	1.750%	3/15/23	BB+		732,188
	1,500	Wyeth, Convertible Bond	4.888%	1/15/24	A+		1,588,155

	4,950	Total Pharmaceuticals					5,487,506


		Real Estate – 0.7%

	550	Archstone-Smith Trust, Corporate Bond Convertible	4.000%	7/15/36	BBB+		576,125
	1,250	Boston Properties Limited Partnership, Convertible Bonds, 144A	2.875%	2/15/37	BBB+		1,193,750
	450	Brandywine Operating Partnership, Convertible Bonds	3.875%	10/15/26	BBB-		418,500
	550	BRE Properties Inc., Convertible Bond	4.125%	8/15/26	BBB		559,625
	750	Developers Diversified Realty Corporation, Convertible Bonds	3.000%	3/15/12	BBB		705,938
	500	Duke Realty Corporation, Series D	3.750%	12/01/11	BBB+		474,375
	250	Health Care REIT, Inc., Convertible Bonds	4.750%	12/01/26	Baa2		260,000
	800	Hospitality Properties Trust, Convertible Bonds	3.800%	3/15/27	BBB		770,000
	500	Host Hotels & Resorts Inc, Convertible Bonds, 144A	2.625%	4/15/27	BB		453,125
	400	Host Marriot LP, Convertible Bonds, 144A	3.250%	4/15/24	Ba1		559,500
	1,000	Prologis, Convertible Bonds, 144A	2.250%	4/01/37	BBB+		1,023,750
	650	Vornado Realty Trust, Convertible Bonds	2.850%	4/01/27	BBB		611,813
	700	Vornado Realty, Convertible Bond	3.875%	4/15/25	BBB		905,625
	650	Weingarten Realty Investment Trust, Convertible Bonds	3.950%	8/01/26	A-		663,813

	9,000	Total Real Estate					9,175,939


		Real Estate Management & Development – 0.0%

	400	Forest City Enterprises, Inc., Convertible Bonds	3.625%	10/15/11	BB-		411,040


		Road & Rail – 0.0%

	250	CSX Corporation	0.000%	10/30/21	BBB-		380,000


		Semiconductors & Equipment – 0.5%

	500	Advanced Micro Devices Inc., Convertible Bond	5.750%	8/15/12	B		516,250
	1,000	Advanced Micro Devices, Inc., Convertible Bonds	6.000%	5/01/15	B		903,750
	1,750	Intel Corporation, Convertible Bond	2.950%	12/15/35	A-		1,820,000
	1,250	Micron Technology, Inc.	1.875%	6/01/14	BB-		1,223,438
	250	ON Semiconductor Corporation, Convertible Bonds	0.000%	4/15/24	B		342,188
	500	ON Semiconductor Corporation	2.625%	12/15/26	B		693,750
	750	Xilinx Inc., Convertible Bond, 144A	3.125%	3/15/37	BB		735,000

	6,000	Total Semiconductors & Equipment					6,234,376


		Software – 0.1%

	250	Amdocs Limited	0.500%	3/15/24	BBB-		264,375
	250	Computer Associates International Inc., Convertible Bond, Series 144A	1.625%	12/15/09	Ba1		336,563
	500	Red Hat Inc., Convertible Bond	0.500%	1/15/24	B+		505,625

	1,000	Total Software					1,106,563


		Specialty Retail – 0.1%

	750	TJX Companies, Inc.	0.000%	2/13/21	A-		735,938
	500	United Auto Group, Inc., Convertible Bonds	3.500%	4/01/26	B		528,750

	1,250	Total Specialty Retail					1,264,688


		Textiles, Apparel & Luxury Goods – 0.0%

	250	Iconix Brand Group, Inc.	1.875%	6/30/12	B-		270,313


		Thrifts & Mortgage Finance – 0.2%

	2,500	Countrywide Financial Corporation, Convertible Bonds, 144A	1.860%	4/15/37	A		2,294,000


		Wireless Telecommunication Services – 0.1%

	400	American Tower Corporation	3.000%	8/15/12	BB+		868,000
	1,150	Liberty Media Corporation Convertible Bonds	3.750%	2/15/30	BB+		672,750

	1,550	Total Wireless Telecommunication Services					1,540,750

$	122,005	Total Convertible Bonds (cost $131,777,954)					136,287,380


Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value


		Corporate Bonds – 9.4% (6.0% of Total Investments)

		Aerospace & Defense – 0.1%

$	1,000	Hexcel Corporation, Term Loan	6.750%	2/01/15	B+	$	992,500


		Auto Components – 0.0%

	500	Keystone Automotive Operations Inc.	9.750%	11/01/13	CCC+		410,000


		Chemicals – 0.2%

	1,000	Nell AF Sarl	8.375%	8/15/15	B		917,500
	1,500	Rockwood Specialties Group Inc., Series WI	7.500%	11/15/14	B-		1,503,750

	2,500	Total Chemicals					2,421,250


		Commercial Services & Supplies – 0.0%

	600	Williams Scotsman Inc.	8.500%	10/01/15	B+		663,000


		Containers & Packaging – 0.3%

	2,000	Owens-Brockway Glass Containers, Guaranteed Senior Note	8.250%	5/15/13	B		2,080,000
	2,000	Owens-Illinois Inc.	7.800%	5/15/18	B		1,980,000

	4,000	Total Containers & Packaging					4,060,000


		Diversified Telecommunication Services – 0.2%

	2,000	Intelsat Subsidiary Holding Company Limited	8.500%	1/15/13	B		2,040,000


		Electric Utilities – 0.1%

	500	Mirant North America LLC	7.375%	12/31/13	B2		510,000
	1,000	Sierra Pacific Resources, Series 2006	6.750%	8/15/17	B1		988,750

	1,500	Total Electric Utilities					1,498,750


		Energy Equipment & Services – 0.1%

	1,500	Pride International Inc.	7.375%	7/15/14	Ba2		1,545,000


		Food & Staples Retailing – 0.2%

	2,000	Stater Brothers Holdings Inc.	8.125%	6/15/12	B+		2,047,500


		Food Products – 0.2%

	2,243	Dole Foods Company	7.875%	7/15/13	B-		2,198,140


		Health Care Providers & Services – 0.5%

	2,000	Community Health Systems, Inc.	8.875%	7/15/15	B-		2,065,000
	700	HCA Inc.	9.125%	11/15/14	BB-		740,250
	700	HCA Inc.	9.250%	11/15/16	BB-		745,500
	2,500	U.S. Oncology Inc.	10.750%	8/15/14	B3		2,593,750

	5,900	Total Health Care Providers & Services					6,144,500


		Hotels, Restaurants & Leisure – 1.5%

	2,000	Boyd Gaming Corporation	7.750%	12/15/12	Ba3		2,065,000
	1,500	Herbst Gaming Inc.	7.000%	11/15/14	B-		1,237,500
	1,400	Jacobs Entertainment Inc.	9.750%	6/15/14	B-		1,400,000
	2,000	Landry’s Restaurants Inc., Series B	7.500%	12/15/14	B3		2,000,000
	1,600	Park Place Entertainment	8.125%	5/15/11	Ba1		1,640,000
	2,500	Park Place Entertainment	7.000%	4/15/13	Baa3		2,609,235
	2,000	Pinnacle Entertainment Inc.	8.250%	3/15/12	B-		2,035,000
	750	Pinnacle Entertainment Inc.	8.750%	10/01/13	B-		776,250
	1,750	Seminole Hard Rock Entertainment, Inc.	8.220%	3/15/14	BB		1,717,188
	4,000	Universal City Development Partners	11.750%	4/01/10	B1		4,190,000

	19,500	Total Hotels, Restaurants & Leisure					19,670,173


		Household Products – 0.1%

	1,650	Central Garden & Pet Company	9.125%	2/01/13	B		1,555,125


		Independent Power Producers & Energy Traders – 0.1%

	400	NRG Energy Inc.	7.250%	2/01/14	B1		402,000
	400	NRG Energy Inc.	7.375%	2/01/16	B1		402,000

	800	Total Independent Power Producers & Energy Traders					804,000

		Insurance –0.7%
	9,900	Progressive Corporation	6.700%		A2		9,621,652


		IT Services – 0.5%

	1,625	Global Cash Access LLC	8.750%	3/15/12	B-		1,690,000
	4,750	Sungard Data Systems Inc.	9.125%	8/15/13	B-		4,963,750

	6,375	Total IT Services					6,653,750


		Machinery – 0.1%

	2,000	Greenbrier Companies, Inc.	8.375%	5/15/15	B+		2,005,000


		Media – 1.8%

	4,000	Allbritton Communications Company, Series B	7.750%	12/15/12	B1		4,060,000
	1,000	Cablevision Systems Corporation, Series B	8.125%	8/15/09	B+		1,020,000
	5,000	Cablevision Systems Corporation	7.250%	7/15/08	B+		5,025,000
	2,000	Charter Communications Operating LLC, 144A	8.000%	4/30/12	B+		2,000,000
	1,975	Medianews Group Inc.	6.375%	4/01/14	B		1,471,375
	1,950	Panamsat Corporation	9.000%	8/15/14	B2		2,018,250
	4,550	Vertis Inc.	9.750%	4/01/09	B1		4,641,000
	4,000	Young Broadcasting Inc., Senior Subordinated Note	10.000%	3/01/11	Caa1		3,710,000

	24,475	Total Media					23,945,625


		Multi-Utilities – 0.2%

	1,400	Bon-Ton Department Stores Inc.	10.250%	3/15/14	B-		1,316,000
	1,600	Dynegy Holdings Inc.	8.375%	5/01/16	B2		1,616,000

	3,000	Total Multi-Utilities					2,932,000


		Oil, Gas & Consumable Fuels – 0.7%

	2,400	Baytex Energy Ltd	9.625%	7/15/10	B-		2,484,000
	400	Chaparral Energy Inc.	8.500%	12/01/15	CCC+		377,000
	2,345	Chesapeake Energy Corporation	7.750%	1/15/15	BB		2,424,144
	1,000	Hilcorp Energy I LP/Hilcorp Finance Company, Series 144A	7.750%	11/01/15	B		982,500
	2,000	SemGroup LP, 144A	8.750%	11/15/15	B1		1,965,000
	1,000	Whiting Petroleum Corporation	7.000%	2/01/14	B1		965,000

	9,145	Total Oil, Gas & Consumable Fuels					9,197,644


		Paper & Forest Products – 0.5%

	5,000	Georgia-Pacific Corporation	8.125%	5/15/11	B		5,100,000
	2,000	Georgia-Pacific Corporation	7.700%	6/15/15	B		2,000,000

	7,000	Total Paper & Forest Products					7,100,000


		Personal Products – 0.1%

	1,500	Prestige Brands Inc.	9.250%	4/15/12	B-		1,522,500


		Real Estate – 0.3%

	3,000	Felcor Lodging Trust Inc., 144A	0.000%	12/01/11	Ba3		2,992,500
	1,000	Trustreet Properties, Inc.	7.500%	4/01/15	AAA		1,072,585
	500	Ventas Realty LP, Series WI	7.125%	6/01/15	BB+		512,500

	4,500	Total Real Estate					4,577,585


		Semiconductors & Equipment – 0.3%

	1,600	Avago Technologies Finance Pte Limited	10.375%	12/01/13	B		1,728,000
	2,000	NXP BV	8.110%	10/15/13	BB		1,865,000

	3,600	Total Semiconductors & Equipment					3,593,000


		Software – 0.1%

	2,000	Telcorida Technologies, Inc.	9.396%	7/15/12	B		1,875,000


		Specialty Retail – 0.2%

	3,000	Warnaco Inc., Senior Notes	8.875%	6/15/13	BB-		3,157,500


		Textiles, Apparel & Luxury Goods – 0.2%

	3,000	Jostens IH Corporation	7.625%	10/01/12	B1		3,067,500


		Wireless Telecommunication Services – 0.1%

	1,500	IPCS, Inc.	7.485%	5/01/13	B1		1,462,500

$	126,688	Total Corporate Bonds (cost $128,882,721)					126,761,194


Principal Amount (000)/ Shares			Description (1)	Coupon	Maturity	Ratings (3)	Value


			Capital Preferred Securities – 27.6% (17.8% of Total Investments)

			Capital Markets – 3.8%

	1,250		C.A. Preferred Fund Trust II	7.000%	10/30/49	A1	$	1,234,545
	26,000		C.A. Preferred Funding Trust	7.000%	1/30/49	A1		25,614,862
	10,700		Dresdner Funding Trust I, 144A	8.151%	6/30/31	A1		11,637,427
	1,600		Kleinwort Benson Group PLC	5.848%	12/31/99	NA		1,367,512
	1,600		MUFG Capital Finance 2	4.850%	7/25/56	BBB+		2,020,559
	8,000		UBS Preferred Funding Trust I	8.622%	10/29/49	Aa2		8,694,248

			Total Capital Markets					50,569,153


			Commercial Banks – 16.3%

	3,000		AB Svensk Exportkredit, 144A	6.375%	10/27/49	AA-		2,974,068
	9,500		Abbey National Capital Trust I	8.963%	6/30/50	A+		11,626,376
	2,155		AgFirst Farm Credit Bank	8.393%	12/15/16	A-		2,326,760
	6,500		AgFirst Farm Credit Bank	7.300%	12/15/53	A-		6,408,721
	3,000		Bank One Capital III	8.750%	9/01/30	Aa3		3,589,551
	2,000		BanPonce Trust I, Series A	8.327%	2/01/27	A3		2,083,260
	13,030		Barclays Bank PLC, 144A	8.550%	6/15/49	Aa3		14,100,206
	1,500		Barclays Bank PLC	7.434%	12/15/57	Aa3		1,596,887
	2,200		BBVA International Perferred SA, Unipersonal	5.919%	10/18/49	A1		1,972,157
	700		Capital One Capital IV Corporation	6.745%	2/17/37	Baa1		625,976
	8,000		CBG Florida REIT Corporation	7.114%	11/15/49	Baa3		7,732,528
	3,000		Centura Capital Trust I, 144A	8.845%	6/01/27	A2		3,139,713
	1,500		DBS Capital Funding Corporation, 144A	7.657%	3/15/49	Aa3		1,610,763
	1,400		Den Norske Bank, 144A	7.729%	6/29/49	Aa3		1,482,011
	6,200		First Empire Capital Trust I	8.234%	2/01/27	A3		6,466,495
	2,000		First Midwest Bancorp Inc.	6.950%	12/01/33	Baa1		2,072,920
	1,800		HBOS Capital Funding LP, Notes	6.850%	3/23/49	A1		1,719,158
	16,200		HBOS PLC, Series 144A	6.413%	4/01/49	A1		14,384,336
	2,400		HSBC Capital Funding LP, 144A	9.547%	12/31/49	A1		2,633,273
	5,750		HSBC Capital Funding LP, Debt	10.176%	6/30/50	A1		7,719,617
	11,000		KBC Bank Fund Trust III, 144A	9.860%	5/02/50	A1		12,060,939
	6,800		Lloyds TSB Bank PLC, Subordinated Note	6.900%	11/22/49	Aa2		6,783,245
	11,500		Mizuho Financial Group	8.375%	4/27/49	Aa3		11,981,689
	5,000		NB Capital Trust IV	8.250%	4/15/27	Aa3		5,203,700
	8,000		North Fork Capital Trust II	8.000%	12/15/27	Baa1		8,345,056
	3,000		Northgroup Preferred Capital Corporation, 144A	6.378%	10/15/57	A1		2,794,806
	600		Reliance Capital Trust I, Series B	8.170%	5/01/28	N/R		632,938
	2,000		Royal Bank of Scotland Group PLC, Series U, WI/DD	0.000%	3/31/49	A1		2,090,000
	2,500		Shinsei Finance II Cayman Limited, Perpetual Maturity, 144A	7.160%	7/25/49	Baa2		2,226,563
	8,000		Sparebanken Rogaland, Notes, 144A	6.443%	5/01/49	A2		7,774,288
	4,000		Standard Chartered PLC, 144A	7.014%	1/30/58	BBB+		3,808,664
	9,450		Swedbank ForeningsSparbanken AB, 144A	9.000%	9/17/50	Aa3		10,208,259
	4,000		Unicredito Italiano Capital Trust, 144A	9.200%	4/05/51	A1		4,374,452
	800		Union Bank of Norway	7.068%	11/19/49	A2		1,210,814
	–		Union Planters Preferred Fund, 144A	7.750%	7/15/53	A2		32,840,625
	14,200		Washington Mutual Preferred Funding Cayman, Series A-1, 144A	7.250%	3/15/49	Baa1		12,635,870

			Total Commercial Banks					221,236,684


			Diversified Financial Services – 1.2%

	3,100		Fulton Capital Trust I	6.290%	2/01/36	A3		2,923,198
	10,400		JPMorgan Chase Capital Trust XVIII	6.950%	8/17/36	Aa3		10,254,847
	2,800		Old Mutual Capital Funding, Notes	8.000%	6/22/53	Baa2		2,848,720

			Total Diversified Financial Services					16,026,765


			Diversified Telecommunication Services – 0.8%

	10		Centaur Funding Corporation, Series B, 144A	9.080%	4/21/20	BBB		11,083,386


			Insurance – 4.6%

	2,300		American General Capital II	8.500%	7/01/30	Aa3		2,837,970
	2,300		American International Group, Inc.	6.250%	3/15/37	Aa3		2,172,375
	13,000		AXA SA, 144A	6.463%	12/14/49	BBB+		12,031,630
	2,000		Liberty Mutual Group	7.800%	3/15/37	Baa3		1,951,914
	5,700		MetLife Inc.	6.400%	12/15/66	BBB+		5,437,196
	1,150		Nationwide Financial Services Capital Trust	7.899%	3/01/37	Baa1		1,276,040
	6,600		Nationwide Financial Services Inc.	6.750%	5/15/67	Baa1		6,383,936
	5,500		Oil Insurance Limited, 144A	7.558%	12/30/49	Baa1		5,622,117
	1,100		Prudential PLC	6.500%	6/29/49	A		1,037,643
	9,900		QBE Capital Funding Trust II, 144A	0.000%	6/01/49	BBB		9,724,552
	14,600		XL Capital, Limited	6.500%	10/15/57	BBB		13,660,359

			Total Insurance					62,135,732


			Oil, Gas & Consumable Fuels – 0.4%

	6,110		KN Capital Trust III	7.630%	4/15/28	B1		5,499,287


			Road & Rail – 0.4%

	6,400		Burlington Northern Santa Fe Funding Trust I	6.613%	12/15/55	BBB		5,788,429


			Thrifts & Mortgage Finance – 0.1%

	1,500		Washington Mutual Preferred Funding Trust II	6.665%	3/15/57	Baa1		1,294,844

			Total Capital Preferred Securities (cost $389,472,627)					373,634,280


Shares			Description (1)				Value


			Investment Companies – 2.4% (1.5% of Total Investments)

	65,094		Blackrock Preferred and Corporate Income Strategies Fund				$	1,172,994
	441,510		Blackrock Preferred Income Strategies Fund					7,792,652
	57,893		Blackrock Preferred Opportunity Trust					1,196,648
	542,663		Flaherty and Crumrine/Claymore Preferred Securities Income Fund Inc.					9,887,320
	110,426		Flaherty and Crumrine/Claymore Total Return Fund Inc.					2,053,924
	388,926		John Hancock Preferred Income Fund III					7,840,748
	52,411		John Hancock Preferred Income Fund II					1,154,614
	50,586		John Hancock Preferred Income Fund					1,119,468

			Total Investment Companies (cost $35,406,896)					32,218,368


Principal
Amount (000)			Description (1)	Coupon	Maturity		Value


			Short-Term Investments – 7.8% (5.0% of Total Investments)

			U.S. Government and Agency Obligations – 0.6%

$	8,000		United States of America Treasury Bills	4.860%	1/10/08		$	7,891,257


			Repurchase Agreements – 7.2%
	55,262		Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/28/07, repurchase price $55,279,415, collateralized by: $42,990,000 U.S. Treasury Bonds, 7.250%, due 8/15/22, value $54,221,138, $2,025,000 U.S. Treasury Bonds, 5.250%, due 2/15/29, value $2,146,500	3.750%	10/01/07			55,262,146
	42,579		Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/28/07, repurchase price $42,592,289 collateralized by $43,925,000 U.S. Treasury Bonds, 4.000%, due 2/15/14, value $43,430,844	3.750%	10/01/07			42,578,983

	97,841		Total Repurchase Agreements					97,841,129

$	105,841		Total Short-Term Investments (cost $105,732,386)					105,732,386

			Total Investments (cost $2,129,340,802) – 155.0					2,100,240,216


Shares			Description				Value


			Common Stocks Sold Short – (0.6)%

			Health Care Equipment & Supplies – (0.1)%

	(8,000	)	Alcon Inc.				$	(1,151,360	)


			Internet Software & Services – (0.1)%

	(23,200	)	Bankrate Inc., (2)					(1,069,984	)


			Multiline Retail – (0.0)%

	(11,200	)	Kohl’s Corporation, (2)					(642,096	)


			Pharmaceuticals – (0.2)%

	(19,800	)	Allergan, Inc.					(1,276,506	)
	(32,100	)	Merck & Co. Inc.					(1,659,249	)

			Total Pharmaceuticals					(2,935,755	)


			Specialty Retail – (0.1)%

	(8,600	)	AutoZone, Inc., (2)					(998,804	)


			Textiles, Apparel & Luxury Goods – (0.1)%

	(22,900	)	Coach, Inc., (2)					(1,082,483	)


			Thrifts & Mortgage Finance – (0.0)%

	(200	)	FirstFed Financial Corporation, (2)					(9,910	)

			Total Common Stocks Sold Short (proceeds $8,171,712)					(7,890,392	)


			Notional		Expiration	Strike
Contracts		Type	Amount (6)		Date	Price		Value


		Call Options Written – (0.6)% (7)

	777	AGCO Corporation	$	3,108,000	1/19/08	$	40.0	$	(936,285	)
	2,100	Allied Waste Industries		2,625,000	1/19/08		12.5		(231,000	)
	1,175	Allied Waste Industries		1,468,750	1/19/08		12.5		(129,250	)
	330	Ameren Corporation		1,650,000	12/22/07		50.0		(118,800	)
	330	Amgen, Inc.		1,897,500	1/19/08		57.5		(102,300	)
	249	Amgen, Inc.		1,245,000	4/19/08		50.0		(234,683	)
	990	Anglogold Limited		4,455,000	1/19/08		45.0		(509,850	)
	1,530	Apex Silver Mines Limited		3,060,000	1/19/08		20.0		(283,050	)
	450	Arch Coal Inc.		1,350,000	1/19/08		30.0		(238,500	)
	415	Astrazenica PLC		2,075,000	1/19/08		50.0		(125,538	)
	315	Astrazenica PLC		1,732,500	1/19/08		55.0		(31,500	)
	1,060	Barrick Gold Corporation		3,445,000	1/19/08		32.5		(922,200	)
	910	BP Amoco, PLC		6,825,000	1/19/08		75.0		(120,575	)
	1,060	Chunghwa Telecom Company Limited (12)		1,855,000	3/22/08		17.5		(201,815	)
	1,780	Crystallex International Corporation		890,000	10/20/07		5.0		(8,900	)
	360	EBay, Inc.		1,170,000	1/19/08		32.5		(273,600	)
	1,050	Gold Fields Limited		1,837,500	1/19/08		17.5		(207,375	)
	510	KT Corporation		1,275,000	1/19/08		25.0		(75,225	)
	770	Matsushita Electric Industrial Company, Limited		1,347,500	12/22/07		17.5		(128,975	)
	1,830	Newmont Mining Corporation		8,235,000	1/19/08		45.0		(585,600	)
	525	Nexen Inc.		1,575,000	12/22/07		30.0		(127,313	)
	2,900	Nipon Telegraph & Telephone Corporation		6,525,000	12/22/07		22.5		(456,750	)
	795	Peabody Energy Corporation		3,577,500	1/19/08		45.0		(477,000	)
	550	Progress Energy, Inc.		2,475,000	1/19/08		45.0		(171,875	)
	1,380	Puget Energy, Inc.		3,450,000	1/19/08		25.0		(110,400	)
	820	Royal Dutch Shell PLC		6,560,000	1/19/08		80.0		(438,700	)
	400	Sanofi Aventis		1,700,000	12/22/07		42.5		(75,000	)
	540	Scholastic Corporation		1,620,000	3/22/08		30.0		(337,500	)
	1,470	Smithfield Foods Inc.		4,410,000	1/19/08		30.0		(499,800	)
	450	Tech Data Corporation		1,800,000	1/17/09		40.0		(265,500	)
	1,660	Tyson Foods Inc.		3,735,000	1/19/08		22.5		(24,900	)

	29,481	Total Call Options Written (premiums received $6,918,435)		88,974,250					(8,449,759	)

		Other Assets Less Liabilities – (1.6)%							(20,869,479	)

		Preferred Shares, at Liquidation Value – (52.2)%							(708,000,000	)

		Net Assets Applicable to Common Shares – 100%						$	1,355,030,586

Interest Rate Swaps outstanding at September 30, 2007:

Fund

Fixed Rate

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Termination

Appreciation

Counterparty

Amount

Floating Rate

Index

(Annualized)

Frequency

Date

(Depreciation)

JPMorgan

71,000,000

Receive

1-Month USD-LIBOR

2.994%

Monthly

1/22/08

519,857

Morgan Stanley

71,000,000

Receive

1-Month USD-LIBOR

3.406

Monthly

1/22/09

1,200,483

1,720,340

USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)


(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.

(2)		Non-income producing.

(3)		Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.

(4)		Senior Loans in which the Fund invests generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks.

		Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan.

(5)		Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans may occur. As a result, the actual remaining maturity of Senior Loans held may be substantially less than the stated maturities shown.

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

(7)		The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written.

(8)		Investment is eligible for the Dividends Received Deduction.

(9)		Position or portion of position represents an unfunded Senior Loan commitment outstanding at September 30, 2007.

(10)		Negative value represents unrealized depreciation on Senior Loan commitment at September 30, 2007.

(11)		At or subsequent to September 30, 2007, this issue was under the protection of the Federal Bankruptcy Court.

(12)		Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.

N/R		Not rated.

WI/DD		Purchased on a when-issued or delayed delivery basis.

144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.

ADR		American Depositary Receipt.

CORTS		Corporate Backed Trust Securities.

DD1		Portion of investment purchased on a delayed delivery basis.

PPLUS		PreferredPlus Trust.

SATURNS		Structured Asset Trust Unit Repackaging.

TBD		Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the Borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

Income Tax Information

The following information is presented on an income tax basis based on the information currently available to the Funds. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, recognition of premium amortization, recognition of income on REIT investments, timing differences in the recogniction of income and timing differences in recognizing certain gains and losses on investment transactions.

At September 30, 2007, the cost of investments was $2,148,383,390.

Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2007, were as follows:




Gross unrealized:
Appreciation	$	61,194,992
Depreciation		(109,338,166	)



Net unrealized appreciation (depreciation) of investments	$	(48,143,174	)

Item 2. Controls and Procedures.

	a.		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

	b.		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Multi-Strategy Income & Growth Fund



By (Signature and Title)*	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

Date November 29, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By (Signature and Title)*	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer (principal executive officer)

Date November 29, 2007



By (Signature and Title)*	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller (principal financial officer)

Date November 29, 2007


*		Print the name and title of each signing officer under his or her signature.

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