Nuveen Diversified Dividend and Income 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         811-21407         

        Nuveen Diversified Dividend and Income Fund         
(Exact name of registrant as specified in charter)


        333 West Wacker Drive, Chicago, Illinois, 60606         
Address of principal executive offices) (Zip code)


Jessica R. Droeger—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:          09/30/04         

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 Diversified Dividend and Income Fund (JDD)
September 30, 2004

Shares

Description(1)

Value
 

COMMON STOCKS - 34.0% (24.9% of Total Investments)

Aerospace & Defense - 1.9%

 

50,000

Lockheed Martin Corporation

$    2,789,000

85,000

Raytheon Company

3,228,300

6,017,300

Auto Components - 0.7%

 

245,600

Delphi Automotive System Corporation

2,281,624

Chemicals - 0.6%

 

143,000

DSM NV

1,873,300

Commercial Banks - 0.9%

 

69,200

Bank of America Corporation

2,998,436

Commercial Services & Supplies - 0.9%

 

65,000

Pitney Bowes Inc.

2,866,500

Communications Equipment - 0.5%

 

90,000

KT Corporation

1,626,300

Containers & Packaging - 0.8%

 

106,300

Packaging Corporation of America

2,601,161

Diversified Financial Services - 1.8%

 

50,000

Citigroup Inc.

2,206,000

85,000

J.P. Morgan Chase & Co.

3,377,050

5,583,050

Diversified Telecommuncation Services - 3.6%

 

110,500

SBC Communications Inc.

2,867,475

135,000

Sprint Corporation

2,717,550

52,500

Telecom Italia SpA, Sponsored ADR

1,614,900

110,600

Verizon Communications Inc.

4,355,428

11,555,353

Electric Utilities - 1.6%

 

65,000

FirstEnergy Corporation

2,670,200

220,000

Korea Electric Power Corporation

2,321,000

4,991,200

Food & Staples Retailing - 1.4%

 

135,000

Albertson's, Inc.

3,230,550

60,812

J Sainsbury plc, Sponsored ADR

1,143,266

4,373,816

Food Products - 0.6%

 

67,000

Tate and Lyle plc

1,879,350

Household Durables - 0.5%

 

77,000

Newell Rubbermaid Inc.

1,543,080

Household Products - 1.0%

 

48,000

Kimberly-Clark Corporation

3,100,320

Insurance - 1.9%

 

145,000

Aon Corporation

4,167,300

30,000

Hartford Financial Services Group, Inc.

1,857,900

6,025,200

Metals & Mining - 1.7%

 

146,000

Alumina Limited

2,388,560

26,500

Rio Tinto plc, Sponsored ADR

2,879,225

5,267,785

Multiline Retail - 0.6%

 

73,400

May Department Stores Company

1,881,242

Oil & Gas - 5.7%

 

44,600

ChevronTexaco Corporation

2,392,337

37,800

ConocoPhillips

3,131,730

23,000

Eni S.p.A., Sponsored ADR

2,582,900

80,000

Kerr-McGee Corporation

4,580,000

30,000

Total SA, Sponsored ADR

3,065,100

49,500

Unocal Corporation

2,128,500

17,880,567

Paper & Forest Products - 1.5%

 

55,500

International Paper Company

2,242,755

40,000

Weyerhaeuser Company

2,659,200

4,901,955

Real Estate - 0.6%

 

200,000

MFA Mortgage Investments, Inc.

1,842,000

Thrifts & Mortgage Finance - 2.5%

 

71,600

Fannie Mae

4,539,440

94,100

IndyMac Bancorp, Inc.

3,406,420

7,945,860

Tobacco - 2.2%

 

88,200

Altria Group, Inc.

4,148,928

113,000

Loews Corporation - Carolina Group

2,753,810

6,902,738

Water Utilities - 0.5%

 

82,800

United Utilities plc, Sponsored ADR

1,685,808

Total Common Stocks (cost $92,636,141)

107,623,945

CONVERTIBLE PREFERRED STOCK - 0.9% (0.6% of Total Investments)

Specialty Retail - 0.9%

 

57,000

Toys "R" Us, Inc.

2,739,420

Total Convertible Preferred Stock (cost $2,002,026)

2,739,420

REAL ESTATE INVESTMENT TRUST COMMON STOCKS - 31.1% (22.7% of Total Investments)

Apartments - 8.6%

 

242,800

AMLI Residential Properties Trust

7,417,540

114,900

Archstone-Smith Trust

3,635,436

57,500

AvalonBay Communities, Inc.

3,462,650

74,500

Camden Property Trust

3,441,900

129,600

Gables Residential Trust

4,425,840

164,400

Post Properties, Inc.

4,915,560

27,298,926

Diversified - 0.7%

 

36,300

Vornado Realty Trust

2,275,284

Healthcare - 3.7%

 

310,900

Nationwide Health Properties, Inc.

6,451,175

293,800

Senior Housing Properties Trust

5,235,516

11,686,691

Hotels - 1.0%

 

338,736

Hersha Hospitality Trust

3,184,118

Industrial - 0.6%

 

50,000

First Industrial Realty Trust, Inc.

1,845,000

Office Property - 10.8%

 

180,300

Arden Realty, Inc.

5,874,174

159,000

Brandywine Realty Trust

4,528,320

140,700

CRT Properties Inc.

3,018,015

594,600

HRPT Properties Trust

6,534,654

81,400

Highwoods Properties, Inc.

2,003,254

158,900

Mack-Cali Realty Corporation

7,039,270

104,500

Maguire Properties, Inc.

2,540,395

95,900

Reckson Associates Realty Corporation

2,757,125

34,295,207

Regional Malls - 1.4%

 

49,900

The Macerich Company

2,659,171

32,400

Simon Property Group, Inc.

1,737,612

4,396,783

Shopping Center - 3.3%

 

183,900

Cedar Shopping Centers Inc.

2,565,405

73,500

Federal Realty Investment Trust

3,234,000

160,000

Kite Realty Group Trust

2,104,000

107,100

New Plan Excel Realty Trust

2,677,500

10,580,905

Storage - 1.0%

 

77,700

Shurgard Storage Centers, Inc., Class A

3,014,760

Total Real Estate Investment Trust Common Stocks (cost $85,402,889)

98,577,674

REAL ESTATE INVESTMENT TRUST PREFERRED SECURITIES - 4.2% (3.1% of Total Investments)

Apartments - 2.4%

 

48,000

Apartment Investment & Management Company, Series Q, 10.100%

1,272,000

103,000

Apartment Investment & Management Company, Series R, 10.000%

2,747,010

150,000

Apartment Investment & Management Company, Series U, 7.750%

3,631,500

7,650,510

Diversified - 0.7%

 

103,800

Crescent Real Estate Equities Company, Series A, 6.750%

2,201,598

Office Property - 0.8%

 

35,000

Brandywine Realty Trust, Series D, 7.375%

881,125

64,000

Maguire Properties, Inc., Series A, 7.625%

1,593,600

2,474,725

Shopping Center - 0.3%

 

40,000

Cedar Shopping Centers Inc., 8.875%

1,055,000

Total Real Estate Investment Trust Preferred Securities (cost $13,378,998)

13,381,833

Ratings**

Principal

Stated  

Amount (000)

Description(1)

Maturity*

Moody's

S&P

Value
 

VARIABLE RATE SENIOR LOAN INTERESTS(2) - 25.9% (18.9% of Total Investments)

Aerospace & Defense - 1.2%

 $

351

Vought Aircraft Industries, Inc., Term Loan B

6/30/07

Ba3

B+

$    355,071

1,113

Vought Aircraft Industries, Inc., Term Loan C

6/30/08

Ba3

B+

1,125,426

2,373

Vought Aircraft Industries, Inc., Term Loan X

12/31/06

Ba3

B+

2,394,151

3,874,648

Auto Components - 3.9%

 

2,500

Federal-Mogul Corporation, Term Loan A (a)

2/24/24

NR

NR

2,307,813

2,863

HLI Operating Company, Inc., Term Loan B

6/03/09

Ba3

BB-

2,922,390

1,995

Mark IV Industries, Inc., Term Loan B

6/23/11

B1

BB-

2,028,042

1,493

Meridian Automotive Systems, First Lien Term Loan

8/28/10

B2

B+

1,422,850

1,762

Metaldyne Company LLC, Term Loan D

12/31/09

B2

BB-

1,761,812

1,369

Tenneco Automotive, Inc., Term Loan B

12/12/10

B1

B+

1,386,648

621

Tenneco Automotive, Inc., Term Loan B-1

12/12/10

B1

B+

628,707

12,458,262

Building Products - 0.6%

 

2,000

Nortek Inc., Term Loan B

8/27/11

B1

B+

2,025,834

Commercial Services & Supplies - 0.9%

 

2,914

Allied Waste North America, Inc., Term Loan B

1/15/10

Ba2

BB

2,961,847

Containers & Packaging - 2.5%

 

1,986

Graham Packaging Company L.P., Term Loan B

2/14/10

B2

CCC+

2,000,008

2,000

Owens-Illinois Group, Inc., Term Loan C

4/01/08

B1

BB-

2,003,333

218

Stone Container Corporation, Term Loan C

6/30/09

NR

NR

219,971

1,662

Stone Container Corporation, Term Loan B

6/30/09

NR

NR

1,673,602

1,990

United States Can Company, Term Loan B

1/15/10

B2

B

1,985,025

7,881,939

Diversified Conglomerate Manufacturing - 1.2%

 

1,909

EaglePicher Incorporated, Term Loan B

8/07/09

B2

B+

1,926,935

1,883

Amsted Industries Incorporated, Term Loan B

10/15/10

B1

BB-

1,906,780

3,833,715

Electrical Utilities - 0.6%

 

1,713

Sensus Metering Systems Inc., Term Loan B-1

12/17/10

B2

B+

1,734,457

257

Sensus Metering Systems Inc., Term Loan B-2

12/17/10

B2

B+

260,168

1,994,625

Food & Staples Retailing - 0.4%

 

1,218

Alimentation Couche-Tard Inc., Term Loan

12/17/10

Ba2

BB

1,230,298

Food Products - 1.0%

 

2,978

Michael Foods, Inc., Term Loan B

11/20/10

B1

B+

3,012,858

Healthcare Equipment & Supplies - 1.1%

 

1,980

Beverly Enterprises, Inc., Term Loan B

10/22/08

Ba3

BB

2,011,349

1,536

Kinetic Concepts, Inc., Term Loan B-1

8/11/10

B1

BB-

1,554,060

3,565,409

Healthcare Providers - 0.9%

 

2,936

Triad Hospitals, Inc., Term Loan B

9/30/08

Ba2

BB

2,980,349

Hotels Restaurants & Leisure - 4.2%

 

3,970

24 Hour Fitness Worldwide, Inc., Term Loan B

7/01/09

B1

B

4,022,106

2,638

Alliance Gaming Corporation, Term Loan B

9/05/09

Ba3

BB-

2,673,196

2,591

Venetian Casino Resort, Term Loan B

6/15/11

B1

B+

2,631,392

2,000

Metro-Goldwyn-Mayer Studios, Inc., Term Loan B

4/26/11

NR

NR

2,008,000

1,702

Wyndham International, Inc., Term Loan II

4/01/06

NR

NR

1,699,683

13,034,377

Insurance - 0.6%

 

2,000

Conseco, Inc., Term Loan

6/22/10

B2

BB-

2,035,417

Media - 5.1%

 

1,995

Charter Communications Operating, LLC, Term Loan B

4/07/11

B2

B

1,981,477

1,724

Dex Media West, LLC, Term Loan B

3/09/10

Ba2

BB-

1,748,478

2,000

Emmis Operating Company, Term Loan

11/10/11

Ba2

B+

2,018,611

2,000

Loews Cineplex Corporation, Term Loan B

6/30/11

B1

B

2,021,965

2,000

Rainbow Media Holdings LLC, Term Loan

3/31/12

Ba2

BB+

2,028,250

1,930

Regal Cinemas Corporation, Term Loan

11/10/10

Ba3

BB-

1,953,665

2,000

R.H. Donnelly Inc., Term Loan

6/30/11

Ba3

BB

2,028,021

1,990

WMG Acquisition Corp., Term Loan

2/27/11

B1

B+

2,020,027

15,800,494

Road & Rail - 0.9%

 

2,878

Laidlaw Inc., Term Loan B-1

6/19/09

Ba3

BB+

2,925,661

Wireless Telecommunication Services - 0.8%

 

2,481

Nextel Finance Company, Term Loan E

12/15/10

Ba1

BBB

2,496,260

Total Variable Rate Senior Loan Interests (cost $81,747,614)

82,111,993

EMERGING MARKET SOVEREIGN DEBT - 31.8% (23.2% of Total Investments)

Argentina - 0.4%

 

1,855

Argentina Republic, 1.980%

8/03/12

Caa1

CCC

1,384,164

Brazil - 1.7%

 

500

Braskem SA, 11.750%

1/22/14

NR

BB-

540,000

824

Brazil Republic, 2.125%

4/15/09

B1

BB-

808,645

600

Brazil Republic, 12.000%

4/15/10

B1

BB-

717,900

2,052

Brazil Republic, 8.000%

4/15/14

B1

BB-

2,042,728

1,055

Brazil Republic, 10.500%

7/14/14

B1

BB-

1,177,380

5,286,653

Bulgaria - 1.1%

 

2,133

Bulgaria Republic, 2.750%

7/28/12

Ba2

BBB-

2,130,127

1,100

Bulgaria Republic, 8.250%

1/15/15

Ba2

BBB-

1,358,335

3,488,462

Cayman Islands - 0.1%

 

270

CSN Islands IX Corporation 144A, 10.000%

1/15/15

B1

B+

271,350

Chile - 0.9%

 

550

Chile Republic, 6.875%

4/28/09

Baa1

A

617,375

430

Codelco Inc., 144A, 5.500%

10/15/13

A2

A

448,666

600

Codelco Inc., Reg S, 6.375%

11/30/12

A2

A

672,114

1,100

Empresa Nacional del Petroleo 144A, 4.875%

3/15/14

Baa1

A

1,086,542

2,824,697

Columbia - 1.4%

 

1,450

Columbia Republic, 9.750%

4/23/09

Ba2

BB

1,643,575

396

Columbia Republic, 9.750%

4/09/11

Ba2

BB+

449,582

500

Columbia Republic, 10.000%

1/23/12

Ba2

BB

556,500

450

Columbia Republic, 10.750%

1/15/13

Ba2

BB

517,950

575

Columbia Republic, 8.250%

12/22/14

Ba2

BB

570,688

600

Columbia Republic, 11.750%

2/25/20

Ba2

BB

736,500

4,474,795

Ecuador - 1.1%

 

4,450

Ecuador Republic, Reg S, 8.000%

8/15/30

Caa1

CCC+

3,621,188

El Salvador - 1.2%

 

2,440

El Salvador Republic, 8.500%

7/25/11

Baa3

BB+

2,747,159

1,080

El Salvador Republic, 7.750%

1/24/23

Baa3

BB+

1,166,816

3,913,975

Guatemala - 0.5%

 

490

Guatemala Government, Reg S, 9.250%

8/01/13

Ba2

BB-

552,190

880

Republic of Guatemala, 144A, 8.125% (DD, settling 10/06/04)

10/06/34

Ba2

BB-

899,800

1,451,990

Hong Kong - 0.3%

 

890

Hong Kong, 144A, 5.125%

8/01/14

A1

A+

918,081

Indonesia - 0.9%

 

3,000

Republic of Indonesia, 144A, 6.750%

3/10/14

B2

B

2,917,500

Malaysia - 1.6%

 

600

Malaysia Republic, 8.750%

6/01/09

Baa1

A-

719,550

500

Malaysia Republic, 7.500%

7/15/11

Baa1

A-

586,775

600

Petronas Capital Ltd., Reg S, 7.000%

5/22/12

Baa1

A-

686,680

2,700

Petronas Capital Limited, 7.000%

5/22/12

Baa1

A-

3,090,061

5,083,066

Mexico - 2.6%

 

700

Conproca SA, Reg S, 12.000%

12/16/10

Baa3

BBB-

892,860

1,000

Pemex Project F, Reg S, 7.375%

12/15/14

Baa1

BBB-

1,092,500

1,200

Pemex Project Funding Master Trust, 8.500%

2/15/08

Baa1

BBB-

1,351,500

1,400

Petroleos Mexicanos, 9.500%

9/15/27

Baa1

BBB-

1,711,500

2,420

United Mexican States, 6.625%

3/03/15

Baa2

BBB-

2,571,250

520

United Mexican States, 8.125%

12/30/19

Baa2

BBB-

598,000

8,217,610

Panama - 2.0%

 

650

Panama Republic, 9.625%

2/08/11

Ba1

BB

749,125

1,260

Panama Republic, 9.375%

1/16/23

Ba1

BB

1,379,700

3,850

Panama Republic, 9.375%

4/01/29

Ba1

BB

4,331,250

6,460,075

Peru - 1.9%

 

1,300

Peru Republic, 9.125%

2/21/12

Ba3

BB

1,462,500

450

Peru Republic, 9.875%

2/06/15

Ba3

BB

519,750

800

Peru Republic, 8.375%

5/03/16

Ba3

BB

836,000

528

Peru Republic, 5.000%

3/07/17

Ba3

BB

490,090

1,950

Peru Republic, 4.500%

3/07/17

Ba3

BB

1,746,161

950

Peru Republic, 8.750%

11/21/33

Ba3

BB

947,625

6,002,126

Philippines - 0.8%

 

1,143

Philippines Republic, 8.375%

2/15/11

Ba2

BB

1,163,003

1,000

Philippines Republic, 9.375%

1/18/17

Ba2

BB

1,056,250

300

Philippines Republic, 10.625%

3/16/25

Ba2

BB

321,750

2,541,003

Poland - 0.2%

 

500

Poland Republic, 5.250%

1/15/14

A2

BBB+

518,250

Qatar - 0.1%

 

458

Ras Laffan Liquefied Natural Gas Company Limited, 144A, 3.437%

9/15/09

Baa1

A-

453,913

Russia - 2.8%

 

500

Aries, 144A, 9.600%

10/25/14

Ba2

BB+

563,750

500

Russia Federation, 8.750%

7/24/05

Baa3

BB+

521,955

1,800

Russia Federation, 8.250%

3/31/10

Baa3

BB+

1,961,840

750

Russia Federation, 11.000%

7/24/18

Baa3

BB+

980,744

1,625

Russia Federation, 5.000%

3/31/30

Baa3

BB+

1,567,150

3,200

Russia Ministry of Finance, 3.000%

5/14/08

Ba2

BB+

2,900,746

600

Russia Ministry of Finance, 3.000%

5/14/11

Ba2

BB+

476,840

8,973,025

South Africa - 2.1%

 

4,950

South Africa Republic, 9.125%

5/19/09

Baa2

BBB

5,878,125

730

South Africa Republic, 6.500%

6/02/14

Baa2

BBB

781,100

6,659,225

South Korea - 0.7%

 

1,000

Export-Import Bank of Korea, 4.250%

11/27/07

A3

A-

1,014,121

435

Export-Import Bank of Korea, 4.500%

8/12/09

A3

A-

440,845

165

Export-Import Bank of Korea, 144A, 4.125%

2/10/09

A3

A-

165,155

500

LG Caltex Oil Corproation, 144A, 5.500%

8/25/14

Baa2

BBB

511,104

2,131,225

Thailand - 0.1%

 

290

PTT Public Company Limited, 144A, 5.750%

8/01/14

Baa1

BBB+

301,241

Tunisia - 0.6%

 

1,700

Banque de Tunisie, 7.375%

4/25/12

Baa2

BBB

1,940,125

Turkey - 1.6%

 

1,670

Turkey Republic, 12.375%

6/15/09

B1

BB-

2,087,500

800

Turkey Republic, 11.750%

6/15/10

B1

BB-

996,000

450

Turkey Republic, 9.000%

6/30/11

B1

BB-

502,594

400

Turkey Republic, 11.000%

1/14/13

B1

BB-

492,500

390

Turkey Republic, 7.250% (DD, settling 10/07/04)

3/15/15

B1

BB-

384,435

410

Turkey Republic, 11.875%

1/15/30

B1

BB-

567,850

5,030,879

Ukraine - 1.6%

 

800

Ukraine Cabinet Ministers, 144A, 5.330%

8/05/09

B1

B+

812,000

350

Ukraine Government, 6.875%

3/04/11

B1

B+

346,684

1,600

Ukraine Government, 144A, 7.650%

6/11/13

B1

B+

1,608,000

1,073

Ukraine Government, Reg S, 11.000%

3/15/07

B1

B+

1,173,982

1,000

Ukraine Government, Series 2004, 5.330%

8/05/09

B1

B+

1,017,146

4,957,812

Uruguay - 1.2%

 

1,800

Uruguay Republic, 7.250%

2/15/11

B3

B

1,701,000

2,520

Uruguay Republic, 7.875%

1/15/33

B3

B

2,041,225

3,742,225

Venezuela - 1.5%

 

500

Venezuela Republic, 2.750%

12/18/07

Caa1

B

498,995

2,600

Venezuela Republic, 5.375%

8/07/10

B2

B

2,360,556

335

Venezuela Republic, 8.500% (DD, settling 10/08/04)

10/08/14

B2

B

328,300

1,040

Venezuela Republic, 9.250%

9/15/27

B2

B

1,027,520

500

Venezuela Republic, 9.375%

1/13/34

B2

B

495,250

4,710,621

Vietnam - 0.8%

 

2,600

Socialist Republic of Vietnam, 4.000%

3/14/16

NR

BB-

2,435,592

Total Emerging Markets Sovereign Debt (cost $96,915,484)

100,710,868

U.S. CONVERTIBLE BONDS - 1.2% (0.8% of Total Investments)

Financials - 1.2%

 

5,000

Trizec Hahn Corporation, 3.000%

1/29/21

Ba1

NR

3,650,000

Total U.S. Convertible Bonds (cost $3,585,228)

3,650,000

U.S. CORPORATE BONDS - 3.7% (5.2% of Total Investments)

Hotels Restaurants & Leisure - 2.8%

 

2,000

Aztar Corporation, 9.000%

8/15/11

Ba3

B+

2,225,000

2,150

Harrahs Entertainment, 7.875%

12/15/05

Ba1

BB+

2,276,313

2,000

MGM Mirage, Inc., 6.750%

8/01/07

Ba1

BB+

2,120,000

2,000

Park Place Entertainment, 7.875%

12/15/05

Ba2

BB-

2,110,000

8,731,313

Real Estate - 2.4%

 

2,000

D.R. Horton, Inc., 7.500%

12/01/07

Ba1

BB+

2,210,000

2,000

KB Home, 8.625%

12/15/08

Ba2

BB-

2,260,000

3,000

Standard Pacific Corporation, 6.500%

10/01/08

Ba2

BB

3,150,000

7,620,000

Total U.S. Corporate Bonds (cost $16,039,638)

16,351,313

REPURCHASE AGREEMENTS - 2.7% (2.0% of Total Investments)
$

8,664

State Street Bank, 1.700%, dated 9/30/04, due 10/01/04, repurchase price $8,664,665

8,664,256

   collateralized by $6,705,000 U.S. Treasury Bonds, 7.500%, due 11/15/16, value $8,843,265

Total Repurchase Agreements (cost $8,664,256)

8,664,256

Total Investments (cost $400,372,274) - 137.0%

433,811,302

Other Assets less Liabilities - 0.9%

2,781,226

Preferred Shares, at Liquidation Value - (37.9)%

(120,000,000)

Net Assets Applicable to Common Shares - 100%

$316,592,528

(1)  

All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares

unless otherwise noted.

(2)  

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 a premium. These base lending rates are generally

(i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate

("LIBOR"), (ii) the prime rate offered by one or more major United States banks, or (iii) the certificate of deposit rate.

Senior Loans are generally considered to be 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.

Pursuant to the terms of certain of the variable rate senior loan agreements, the Fund may have senior loan

commitments. The Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans

having an aggregate value at least equal to the amount of unfunded senior loan commitments. At

September 30, 2004, the Fund had an unfunded loan commitment of $409,091.

*  

Senior Loans in the Fund's portfolio 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 in the Fund's portfolio may occur. As a result, the actual

remaining maturity of Senior Loans held in the Fund's portfolio may be substantially less than the stated

maturities shown. The Fund estimates that the actual average maturity of the Senior Loans held in its portfolio

will be approximately 18-24 months.

**  

Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to

be below investment grade.

(a)  

At or subsequent to September 30, 2004, this issue was under the protection of the federal bankruptcy court.

144A  

144A securities are those which are exempt from registration under Rule 144A of the Securities Act of 1933,

as amended. These securities may only be resold in transactions exempt from registration which are normally

those transactions with qualified institutional buyers.

Reg S  

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the U.S. without

registering those securities with the SEC. Specifically, Reg S provides a safe harbor from the registration

requirements of the Securities Act for offers and sales of securities by both foreign and domestic issuers that

are made outside the United States.

(DD)  

Security purchased on a delayed delivery basis.

NR  

Not rated.

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial

statement and federal income tax purposes are primarily due to recognition of premium amortization on debt

securities, recognition of income on REIT securities, and timing differences in recognizing certain gains and

losses on security transactions.

At September 30, 2004, the cost of investments was $401,196,490.

Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2004,

were as follows:

Gross unrealized:

   Appreciation

$34,456,252

   Depreciation

(1,841,440)

Net unrealized appreciation of investments

$32,614,812

Item 2. Controls and Procedures.

  1. 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)).
  2. 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 has materially affected, or is 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 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 Diversified Dividend and Income Fund        

By (Signature and Title)*          /s/ Jessica R. Droeger--Vice President and Secretary        

Date         11/29/04        

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--Chief Administrative Officer (Principal Executive Officer)        

Date         11/29/04        

By (Signature and Title)*         /s/ Stephen D. Foy--Vice President and Controller (Principal Financial Officer)        

Date         11/29/04        

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