Nuveen Investments Closed-End Funds High Current Income and Total Return from a Portfolio of Dividend-Paying Common Stocks, REIT Stocks, Emerging Markets Debt, and Senior Loans |
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Semi-Annual Report June 30, 2010 |
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Nuveen Diversified Dividend and Income Fund JDD |
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Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. | |
For additional information, see the Performance Overview page in this report. | |
1 | Comparative Benchmark performance is a blended return consisting of: 1) 18.75% of the return of the Russell 3000 Value Index, which measures the performance of those Russell 3000 Index companies with lower price-to book ratios and lower forecasted growth values, 2) 6.25% of the return of the MSCI EAFE ex-Japan Value Index, a capitalization weighted index that selects the lower 50% of the price-to-book ranked value stocks traded in the developed markets of Europe, Asia and the Far East, excluding Japan, 3) 25% of the return of the Dow Jones Wilshire Real Estate Securities Index, an unmanaged, market capitalization-weighted index comprised of publicly traded REITs and real estate companies, 4) 25% of the return of the JPMorgan EMBI Global Diversified Index, which tracks total returns for U.S.-dollar-denominated debt instruments issued by emerging markets sovereign and quasi sovereign entities, and 5) 25% of the return of the CSFB Leveraged Loan Index, which consists of approximately $150 billion of tradable term loans with at least one year to maturity and rated BBB or lower. Benchmark returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in a benchmark. |
2 | The S&P 500 Stock Index is an unmanaged Index generally considered representative of the U.S. Stock Market. Index returns do not include the effects of any sales charges or management fees. It is not possible to invest directly in an index. |
6-Month | 1-Year | 5-Year | ||||
JDD
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2.50% | 34.39% | .57% | |||
Comparative
Benchmark1
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1.60% | 26.44% | 3.17% | |||
S&P 500 Stock
Index2
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-6.65% | 14.43% | -0.79% | |||
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| The Fund seeks to establish a relatively stable common share distribution rate that roughly corresponds to the projected total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about the Funds past or future investment performance from its current distribution rate. |
| Actual common share returns will differ from projected long-term returns (and therefore the Funds distribution rate), at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) Fund net asset value. |
| Each distribution is expected to be paid from some or all of the following sources: |
| net investment income (regular interest and dividends), | |
| realized capital gains, and | |
| unrealized gains, or, in certain cases, a return of principal (non-taxable distributions). |
| A non-taxable distribution is a payment of a portion of the Funds capital. When the Funds returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when the Funds returns fall short of distributions, the shortfall will represent a portion of your original principal, unless the |
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9 | |
shortfall is offset during other time periods over the life of your investment (previous or subsequent) when the Funds total return exceeds distributions. |
| Because distribution source estimates are updated during the year based on the Funds performance and forecast for its current fiscal year (which is the calendar year for the Fund), estimates on the nature of your distributions provided at the time the distributions are paid may differ from both the tax information reported to you in your Funds IRS Form 1099 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment. |
3 | The Fund elected to retain a portion of its realized long-term capital gains for the tax years ended December 31, 2007 and December 31, 2006, and pay required federal corporate income taxes on these amounts. As reported on Form 2439, Common shareholders on record date must include their pro-rata share of these gains on their applicable federal tax returns, and are entitled to take offsetting tax credits, for their pro-rata share of the taxes paid by the Fund. The total returns Including retained gain tax credit/refund include the economic benefit to Common shareholders on record date of these tax credits/refunds. The Fund had no retained capital gains for the tax years ended December 31, 2009 and December 31, 2008. |
As of 6/30/10 (Common Shares) | JDD | |||
Inception date
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9/25/03 | |||
Six months ended June 30, 2010:
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||||
Per share distribution:
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||||
From net investment income
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$0.18 | |||
From realized capital gains
|
0.29 | |||
Return of capital
|
0.00 | |||
Total per share distribution
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$0.47 | |||
Annualized distribution rate on NAV
|
8.58% | |||
Average annual total returns:
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||||
Excluding retained gain tax
credit/refund3:
|
||||
Six-Month (Cumulative) on NAV
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2.50% | |||
1-Year on NAV
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34.39% | |||
5-Year on NAV
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0.57% | |||
Since inception on NAV
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4.81% | |||
Including retained gain tax
credit/refund3:
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||||
Six-Month (Cumulative) on NAV
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2.50% | |||
1-Year on NAV
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34.39% | |||
5-Year on NAV
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1.25% | |||
Since inception on NAV
|
5.34% | |||
Common Shares |
% of Outstanding |
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Repurchased | Common Shares | |||
240,001
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1.2% |
10
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Nuveen Investments | |
Weighted Average |
Weighted Average |
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Common Shares |
Price Per Common Share |
Discount Per Common Share |
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Repurchased | Repurchased | Repurchased | ||||||
30,100
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$9.81 | 14.97% |
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JDD Performance OVERVIEW |
Nuveen Diversified Dividend and Income Fund |
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as of June 30, 2010 |
Fund Snapshot | ||
Common Share Price | $9.86 | |
Common Share Net Asset Value | $10.95 | |
Premium/(Discount) to NAV | -9.95% | |
Current Distribution Rate1 | 9.53% | |
Net Assets Applicable to Common Shares ($000) |
$218,615 | |
Portfolio Composition |
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(as a % of total investments)2 | ||
Real Estate Investment Trust | 25.0% | |
Emerging Markets Debt | 19.2% | |
Pharmaceuticals | 5.3% | |
Media | 5.1% | |
Insurance | 5.1% | |
Health Care Providers & Services | 4.2% | |
Hotels, Restaurants & Leisure | 3.9% | |
Oil, Gas & Consumable Fuels | 1.9% | |
Diversified Telecommunication Services | 1.5% | |
Road & Rail | 1.5% | |
Metals & Mining | 1.5% | |
Short-Term Investments | 7.0% | |
Other | 18.8% | |
Real Estate Investment Trust |
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Top Five
Sub-Industries |
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(as a % of total investments)2 | ||
Specialized | 7.1% | |
Office | 6.0% | |
Retail | 5.0% | |
Residential | 3.9% | |
Industrial | 1.9% | |
Emerging Markets Debt |
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and Foreign Corporate Bonds |
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Top Five Countries |
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(as a % of total investments)2 | ||
Russian Federation | 2.1% | |
Brazil | 1.6% | |
Mexico | 1.4% | |
Turkey | 1.1% | |
Netherlands | 1.1% | |
Average Annual Total Return |
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(Inception 9/25/03) | ||||
On Share Price | On NAV | |||
6-Month (Cumulative) | 6.01% | 2.50% | ||
1-Year | 50.56% | 34.39% | ||
5-Year | 1.57% | 0.57% | ||
Since Inception | 3.45% | 4.81% | ||
Average Annual Total
Return3 |
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(Including retained gain tax credit/refund) | ||||
On Share Price | On NAV | |||
6-Month (Cumulative) | 6.01% | 2.50% | ||
1-Year | 50.56% | 34.39% | ||
5-Year | 2.29% | 1.25% | ||
Since Inception | 3.99% | 5.34% | ||
1 | Current Distribution Rate is based on the Funds current annualized quarterly distribution divided by the Funds current market price. The Funds quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Funds cumulative net ordinary income and net realized gains are less than the amount of the investments in Funds distributions, a return of capital for tax purposes. |
2 | Excluding investments in derivatives. |
3 | As previously explained in the Common Share Distribution and Share Price Information section of this report, the Fund elected to retain a portion of its realized long-term capital gains for the tax years ended December 31, 2007 and December 31, 2006, and pay required federal corporate income taxes on these amounts. These standardized total returns include the economic benefit to Common shareholders of record of this tax credit/refund. The Fund had no retained capital gains for the tax years ended December 31, 2009 and December 31, 2008. |
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Nuveen Investments | |
JDD | ||
Approval of the Board Members was reached as follows: | ||
Common Shares | ||
William C. Hunter
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For
|
16,459,656 | |
Withhold
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523,745 | |
Total
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16,983,401 | |
Judith M. Stockdale
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For
|
16,449,919 | |
Withhold
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533,482 | |
Total
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16,983,401 | |
Carole E. Stone
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For
|
16,438,583 | |
Withhold
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544,818 | |
Total
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16,983,401 | |
William J. Schneider
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For
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16,458,095 | |
Withhold
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525,306 | |
Total
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16,983,401 | |
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JDD
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Nuveen Diversified Dividend and
Income Fund Portfolio of Investments |
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June 30, 2010 (Unaudited) |
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Shares | Description (1) | Value | ||||||||||||||||||||
Common Stocks 31.3% (24.0% of Total
Investments)
|
||||||||||||||||||||||
Aerospace & Defense 1.8%
|
||||||||||||||||||||||
30,500 |
Lockheed Martin Corporation
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$ | 2,272,250 | |||||||||||||||||||
34,100 |
Raytheon Company
|
1,650,099 | ||||||||||||||||||||
Total Aerospace & Defense
|
3,922,349 | |||||||||||||||||||||
Biotechnology 0.5%
|
||||||||||||||||||||||
21,000 |
Amgen Inc., (10)
|
1,104,600 | ||||||||||||||||||||
Building Products 0.7%
|
||||||||||||||||||||||
35,400 |
Masonite Worldwide Holdings, (10)
|
1,557,600 | ||||||||||||||||||||
Commercial Banks 0.6%
|
||||||||||||||||||||||
50,100 |
Wells Fargo & Company
|
1,282,560 | ||||||||||||||||||||
Commercial Services & Supplies 1.1%
|
||||||||||||||||||||||
103,600 |
Pitney Bowes Inc.
|
2,275,056 | ||||||||||||||||||||
Communications Equipment 1.0%
|
||||||||||||||||||||||
332,000 |
Motorola, Inc., (10)
|
2,164,640 | ||||||||||||||||||||
Containers & Packaging 0.3%
|
||||||||||||||||||||||
32,200 |
Packaging Corp. of America
|
709,044 | ||||||||||||||||||||
Diversified Financial Services 1.2%
|
||||||||||||||||||||||
714,500 |
Citigroup Inc., (10), (13)
|
2,686,520 | ||||||||||||||||||||
Diversified Telecommunication
Services 0.8%
|
||||||||||||||||||||||
60,000 |
Verizon Communications Inc.
|
1,681,200 | ||||||||||||||||||||
Food & Staples Retailing 0.6%
|
||||||||||||||||||||||
68,000 |
Kroger Co.
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1,338,920 | ||||||||||||||||||||
Household Products 1.0%
|
||||||||||||||||||||||
37,200 |
Kimberly-Clark Corporation
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2,255,436 | ||||||||||||||||||||
Industrial Conglomerates 0.5%
|
||||||||||||||||||||||
80,000 |
General Electric Company
|
1,153,600 | ||||||||||||||||||||
Insurance 6.5%
|
||||||||||||||||||||||
154,000 |
Genworth Financial Inc., Class A, (10), (13)
|
2,012,780 | ||||||||||||||||||||
121,100 |
Hartford Financial Services Group, Inc.
|
2,679,943 | ||||||||||||||||||||
37,000 |
Loews Corporation
|
1,232,470 | ||||||||||||||||||||
61,800 |
MetLife, Inc.
|
2,333,568 | ||||||||||||||||||||
115,900 |
Symetra Financial Corporation
|
1,390,800 | ||||||||||||||||||||
60,500 |
Travelers Companies, Inc.
|
2,979,625 | ||||||||||||||||||||
66,500 |
Unum Group
|
1,443,050 | ||||||||||||||||||||
Total Insurance
|
14,072,236 | |||||||||||||||||||||
Machinery 1.5%
|
||||||||||||||||||||||
25,300 |
Caterpillar Inc.
|
1,519,771 | ||||||||||||||||||||
37,600 |
Ingersoll Rand Company Limited, Class A
|
1,296,824 | ||||||||||||||||||||
26,328 |
Trinity Industries Inc.
|
466,532 | ||||||||||||||||||||
Total Machinery
|
3,283,127 | |||||||||||||||||||||
Media 0.0%
|
||||||||||||||||||||||
3,577 |
SuperMedia Inc., (10)
|
65,423 | ||||||||||||||||||||
Metals & Mining 2.0%
|
||||||||||||||||||||||
41,000 |
AngloGold Ashanti Limited, Sponsored ADR, (13)
|
1,770,380 | ||||||||||||||||||||
57,100 |
Barrick Gold Corporation
|
2,592,911 | ||||||||||||||||||||
Total Metals & Mining
|
4,363,291 | |||||||||||||||||||||
Oil, Gas & Consumable Fuels 2.5%
|
||||||||||||||||||||||
41,300 |
Eni S.p.A., Sponsored ADR
|
1,509,515 | ||||||||||||||||||||
14,000 |
Exxon Mobil Corporation
|
798,980 |
14
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Nuveen Investments | |
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Shares | Description (1) | Value | ||||||||||||||||||||
Oil, Gas & Consumable Fuels (continued)
|
||||||||||||||||||||||
16,100 |
Occidental Petroleum Corporation
|
$ | 1,242,115 | |||||||||||||||||||
41,000 |
Total S.A., Sponsored ADR
|
1,830,240 | ||||||||||||||||||||
Total Oil, Gas & Consumable Fuels
|
5,380,850 | |||||||||||||||||||||
Pharmaceuticals 5.1%
|
||||||||||||||||||||||
94,400 |
Biovail Corporation
|
1,816,256 | ||||||||||||||||||||
43,400 |
GlaxoSmithKline PLC, Sponsored ADR
|
1,476,034 | ||||||||||||||||||||
85,000 |
Merck & Company Inc.
|
2,972,450 | ||||||||||||||||||||
155,000 |
Pfizer Inc.
|
2,210,300 | ||||||||||||||||||||
89,000 |
Sanofi-Aventis, ADR
|
2,675,340 | ||||||||||||||||||||
Total Pharmaceuticals
|
11,150,380 | |||||||||||||||||||||
Road & Rail 0.5%
|
||||||||||||||||||||||
16,500 |
Union Pacific Corporation, (13)
|
1,146,915 | ||||||||||||||||||||
Software 1.9%
|
||||||||||||||||||||||
168,700 |
CA Inc.
|
3,104,080 | ||||||||||||||||||||
46,400 |
Microsoft Corporation
|
1,067,664 | ||||||||||||||||||||
Total Software
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4,171,744 | |||||||||||||||||||||
Tobacco 1.2%
|
||||||||||||||||||||||
55,300 |
Philip Morris International
|
2,534,952 | ||||||||||||||||||||
Total Common Stocks (cost $69,689,927)
|
68,300,443 | |||||||||||||||||||||
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Shares | Description (1) | Value | ||||||||||||||||||||
Real Estate Investment Trust Common
Stocks 32.6% (25.0% of Total Investments)
|
||||||||||||||||||||||
Diversified 1.4%
|
||||||||||||||||||||||
41,391 |
Vornado Realty Trust
|
$ | 3,019,473 | |||||||||||||||||||
Industrial 2.5%
|
||||||||||||||||||||||
115,450 |
AMB Property Corp.
|
2,737,320 | ||||||||||||||||||||
272,650 |
ProLogis
|
2,761,945 | ||||||||||||||||||||
Total Industrial
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5,499,265 | |||||||||||||||||||||
Office 7.8%
|
||||||||||||||||||||||
42,250 |
Boston Properties, Inc.
|
3,014,115 | ||||||||||||||||||||
79,900 |
Corporate Office Properties
|
3,017,024 | ||||||||||||||||||||
193,700 |
Douglas Emmett Inc.
|
2,754,414 | ||||||||||||||||||||
437,150 |
HRPT Properties Trust
|
2,714,701 | ||||||||||||||||||||
96,750 |
Mack-Cali Realty Corporation
|
2,876,378 | ||||||||||||||||||||
48,100 |
SL Green Realty Corporation
|
2,647,424 | ||||||||||||||||||||
Total Office
|
17,024,056 | |||||||||||||||||||||
Residential 5.1%
|
||||||||||||||||||||||
137,326 |
Apartment Investment & Management Company, Class A
|
2,660,005 | ||||||||||||||||||||
29,525 |
AvalonBay Communities, Inc.
|
2,756,749 | ||||||||||||||||||||
67,800 |
Equity Residential
|
2,823,192 | ||||||||||||||||||||
29,100 |
Essex Property Trust Inc.
|
2,838,414 | ||||||||||||||||||||
Total Residential
|
11,078,360 | |||||||||||||||||||||
Retail 6.5%
|
||||||||||||||||||||||
44,300 |
Federal Realty Investment Trust
|
3,112,961 | ||||||||||||||||||||
70,991 |
Macerich Company
|
2,649,384 | ||||||||||||||||||||
80,450 |
Regency Centers Corporation
|
2,767,480 | ||||||||||||||||||||
38,035 |
Simon Property Group, Inc.
|
3,071,326 | ||||||||||||||||||||
70,400 |
Taubman Centers Inc.
|
2,649,152 | ||||||||||||||||||||
Total Retail
|
14,250,303 | |||||||||||||||||||||
Specialized 9.3%
|
||||||||||||||||||||||
94,300 |
Health Care Property Investors Inc.
|
3,041,175 | ||||||||||||||||||||
134,950 |
Healthcare Realty Trust, Inc.
|
2,964,851 | ||||||||||||||||||||
209,192 |
Host Hotels & Resorts Inc.
|
2,819,908 | ||||||||||||||||||||
34,124 |
Public Storage, Inc.
|
2,999,841 | ||||||||||||||||||||
139,900 |
Senior Housing Properties Trust
|
2,813,389 |
Nuveen Investments
|
15 | |
JDD
|
Nuveen Diversified Dividend and Income Fund
(continued) Portfolio of Investments June 30, 2010 (Unaudited) |
|
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|
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Shares | Description (1) | Value | ||||||||||||||||||||
Specialized (continued)
|
||||||||||||||||||||||
271,600 |
Sunstone Hotel Investors Inc., (10)
|
$ | 2,696,988 | |||||||||||||||||||
64,400 |
Ventas Inc.
|
3,023,580 | ||||||||||||||||||||
Total Specialized
|
20,359,732 | |||||||||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost
$58,661,071)
|
71,231,189 | |||||||||||||||||||||
|
||||||||||||||||||||||
|
||||||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||||
Capital Preferred Securities 0.7% (0.5% of
Total Investments)
|
||||||||||||||||||||||
Food Products 0.7%
|
||||||||||||||||||||||
15 |
HJ Heinz Finance Company, 144A
|
8.000% | BB+ | $ | 1,606,875 | |||||||||||||||||
Capital Preferred Securities (cost $1,310,000)
|
1,606,875 | |||||||||||||||||||||
|
Weighted |
|||||||||||||||||||||
Principal |
Average |
|||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity (3) | Ratings (2) | Value | |||||||||||||||||
Variable Rate Senior Loan Interests 31.7%
(24.3% of Total Investments) (4)
|
||||||||||||||||||||||
Chemicals 1.8%
|
||||||||||||||||||||||
$ | 400 |
Celanese US Holdings LLC, Credit Linked Deposit
|
2.101% | 4/02/14 | BB+ | $ | 377,500 | |||||||||||||||
904 |
Celanese US Holdings LLC, Term Loan
|
2.042% | 4/02/14 | BB+ | 859,084 | |||||||||||||||||
941 |
Hexion Specialty Chemicals, Inc., Term Loan C4
|
2.625% | 5/05/13 | Ba3 | 852,095 | |||||||||||||||||
1,871 |
Rockwood Specialties Group, Inc., Term Loan H
|
6.000% | 5/15/14 | Ba2 | 1,873,673 | |||||||||||||||||
4,116 |
Total Chemicals
|
3,962,352 | ||||||||||||||||||||
Commercial Services & Supplies 0.5%
|
||||||||||||||||||||||
995 |
Universal City Development Partners, Ltd., Term Loan
|
5.500% | 11/06/14 | Ba2 | 992,923 | |||||||||||||||||
Diversified Telecommunication
Services 1.3%
|
||||||||||||||||||||||
330 |
Intelsat, Tranche B2, Term Loan A
|
2.792% | 1/03/14 | BB | 306,353 | |||||||||||||||||
330 |
Intelsat, Tranche B2, Term Loan B
|
2.792% | 1/03/14 | BB | 306,259 | |||||||||||||||||
330 |
Intelsat, Tranche B2, Term Loan C
|
2.792% | 1/03/14 | BB | 306,259 | |||||||||||||||||
1,906 |
Intelsat, Tranche B2, Term Loan
|
2.792% | 7/03/13 | BB | 1,801,052 | |||||||||||||||||
2,896 |
Total Diversified Telecommunication Services
|
2,719,923 | ||||||||||||||||||||
Electric Utilities 1.4%
|
||||||||||||||||||||||
777 |
Dynegy Holdings, Inc., Delayed Term Loan
|
4.100% | 4/02/13 | Ba2 | 727,528 | |||||||||||||||||
216 |
Dynegy Holdings, Inc., Term Loan
|
4.100% | 4/02/13 | Ba2 | 201,898 | |||||||||||||||||
1,945 |
TXU Corporation, Term Loan B2
|
3.975% | 10/10/14 | B+ | 1,442,947 | |||||||||||||||||
975 |
TXU Corporation, Term Loan B3
|
3.851% | 10/10/14 | B+ | 723,130 | |||||||||||||||||
3,913 |
Total Electric Utilities
|
3,095,503 | ||||||||||||||||||||
Electronic Equipment &
Instruments 0.4%
|
||||||||||||||||||||||
960 |
Sensata Technologies B.V., Term Loan
|
2.078% | 4/27/13 | BB | 898,800 | |||||||||||||||||
Food Products 0.6%
|
||||||||||||||||||||||
1,300 |
Michael Foods Group, Inc., Term Loan B
|
6.250% | 6/29/16 | BB | 1,303,453 | |||||||||||||||||
Health Care Equipment &
Supplies 0.9%
|
||||||||||||||||||||||
1,955 |
Biomet, Inc., Term Loan
|
3.510% | 3/25/15 | BB | 1,883,071 | |||||||||||||||||
Health Care Providers &
Services 5.4%
|
||||||||||||||||||||||
97 |
Community Health Systems, Inc., Delayed Term Loan
|
2.788% | 7/25/14 | BB | 90,781 | |||||||||||||||||
1,892 |
Community Health Systems, Inc., Term Loan
|
2.788% | 7/25/14 | BB | 1,769,399 | |||||||||||||||||
1,041 |
Fresenius SE, Term Loan C1
|
4.500% | 9/10/14 | BBB | 1,043,190 | |||||||||||||||||
594 |
Fresenius SE, Term Loan C2
|
4.500% | 9/10/14 | BBB | 595,897 | |||||||||||||||||
1,655 |
HCA, Inc., Term Loan
|
3.783% | 3/31/17 | BB | 1,584,744 | |||||||||||||||||
1,815 |
Health Management Associates, Inc., Term Loan
|
2.283% | 2/28/14 | BB | 1,692,441 | |||||||||||||||||
1,910 |
Quintiles Transnational Corporation, Term Loan B
|
2.471% | 3/31/13 | BB | 1,836,944 | |||||||||||||||||
1,945 |
Rehabcare Group Inc., Term Loan B
|
6.000% | 11/24/15 | BB | 1,938,869 | |||||||||||||||||
229 |
United Surgical Partners International, Inc., Delayed Term Loan
|
2.350% | 4/21/14 | Ba3 | 212,178 | |||||||||||||||||
1,217 |
United Surgical Partners International, Inc., Term Loan
|
2.336% | 4/19/14 | Ba3 | 1,125,889 | |||||||||||||||||
12,395 |
Total Health Care Providers & Services
|
11,890,332 | ||||||||||||||||||||
Hotels, Restaurants & Leisure 5.0%
|
||||||||||||||||||||||
2,000 |
24 Hour Fitness Worldwide, Inc., Term Loan B
|
6.750% | 4/22/16 | Ba2 | 1,857,500 | |||||||||||||||||
642 |
CBRL Group, Inc., Term Loan B1
|
1.850% | 4/27/13 | BB | 625,126 |
16
|
Nuveen Investments | |
|
Weighted |
|||||||||||||||||||||
Principal |
Average |
|||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity (3) | Ratings (2) | Value | |||||||||||||||||
Hotels, Restaurants & Leisure (continued)
|
||||||||||||||||||||||
$ | 24 |
CBRL Group, Inc., Term Loan B2
|
1.850% | 4/26/13 | BB | $ | 23,767 | |||||||||||||||
2,426 |
Cedar Fair LP, Extended US Term Loan
|
4.347% | 8/30/14 | BB | 2,404,229 | |||||||||||||||||
994 |
Reynolds Group Holdings, Inc., US Term Loan
|
6.250% | 11/05/15 | BB | 989,278 | |||||||||||||||||
1,990 |
SW Acquisitions Co., Inc., Term Loan
|
5.750% | 6/01/16 | BB+ | 1,989,067 | |||||||||||||||||
89 |
Travelport LLC, Letter of Credit
|
3.033% | 8/23/13 | Ba3 | 83,725 | |||||||||||||||||
445 |
Travelport LLC, Term Loan
|
2.811% | 8/23/13 | Ba3 | 417,269 | |||||||||||||||||
588 |
Venetian Casino Resort LLC, Delayed Term Loan
|
2.100% | 5/23/14 | B | 521,278 | |||||||||||||||||
2,328 |
Venetian Casino Resort LLC, Term Loan
|
2.100% | 5/23/14 | B | 2,063,837 | |||||||||||||||||
11,526 |
Total Hotels, Restaurants & Leisure
|
10,975,076 | ||||||||||||||||||||
Independent Power Producers & Energy
Traders 0.8%
|
||||||||||||||||||||||
750 |
KGEN LLC, Synthetic Letter of Credit
|
2.313% | 2/05/14 | BB | 697,500 | |||||||||||||||||
1,206 |
KGEN LLC, Term Loan B
|
2.125% | 2/08/14 | BB | 1,121,811 | |||||||||||||||||
1,956 |
Total Independent Power Producers & Energy Traders
|
1,819,311 | ||||||||||||||||||||
Industrial Conglomerates 0.3%
|
||||||||||||||||||||||
747 |
CF Industries, Inc., Term Loan
|
4.500% | 4/05/15 | BBB | 748,947 | |||||||||||||||||
Insurance 0.2%
|
||||||||||||||||||||||
498 |
Conseco, Inc., Term Loan
|
7.500% | 10/10/13 | B2 | 482,560 | |||||||||||||||||
IT Services 1.6%
|
||||||||||||||||||||||
1,945 |
First Data Corporation, Term Loan B1
|
3.097% | 9/24/14 | B+ | 1,640,553 | |||||||||||||||||
1,986 |
SunGard Data Systems, Inc., Term Loan B
|
2.100% | 2/28/14 | BB | 1,873,993 | |||||||||||||||||
3,931 |
Total IT Services
|
3,514,546 | ||||||||||||||||||||
Machinery 0.3%
|
||||||||||||||||||||||
693 |
Manitowoc Company, Term Loan
|
7.500% | 11/06/14 | BB | 692,184 | |||||||||||||||||
Media 6.7%
|
||||||||||||||||||||||
1,910 |
Charter Communications Operating Holdings LLC, Term Loan C
|
3.790% | 9/06/16 | BB+ | 1,783,051 | |||||||||||||||||
235 |
Charter Communications Operating Holdings LLC, Term Loan
|
2.350% | 3/06/14 | BB+ | 218,637 | |||||||||||||||||
1,828 |
Emmis Operating Company, Term Loan
|
4.537% | 11/01/13 | Caa2 | 1,614,488 | |||||||||||||||||
722 |
Idearc, Inc., Term Loan
|
8.000% | 12/31/15 | B | 621,173 | |||||||||||||||||
2,481 |
Mediacom Broadband LLC, Tranche D, Term Loan
|
5.500% | 3/31/17 | BB | 2,429,558 | |||||||||||||||||
958 |
Metro-Goldwyn-Mayer
Studios, Inc., Term Loan B, (5), (6), (7)
|
18.500% | 4/09/12 | N/R | 436,934 | |||||||||||||||||
586 |
Nielsen Finance LLC, Term Loan A
|
2.350% | 8/09/13 | Ba3 | 552,279 | |||||||||||||||||
1,247 |
Nielsen Finance LLC, Term Loan B
|
4.100% | 5/02/16 | Ba3 | 1,202,298 | |||||||||||||||||
1,475 |
Tribune Company, Term Loan B, (5), (6)
|
3.000% | 6/04/14 | Ca | 901,962 | |||||||||||||||||
341 |
Tribune Company, Term Loan X, (5), (6)
|
2.750% | N/A | Ca | 206,791 | |||||||||||||||||
1,987 |
Univision Communications, Inc., Term Loan
|
2.597% | 9/29/14 | B2 | 1,672,991 | |||||||||||||||||
2,000 |
UPC Broadband Holding BV, Term Loan N
|
2.180% | 12/31/17 | Ba3 | 1,837,500 | |||||||||||||||||
1,690 |
Yell Group PLC, Term Loan
|
4.097% | 7/31/14 | N/R | 1,105,452 | |||||||||||||||||
17,460 |
Total Media
|
14,583,114 | ||||||||||||||||||||
Pharmaceuticals 1.8%
|
||||||||||||||||||||||
1,242 |
Mylan Laboratories, Inc., Term Loan
|
3.754% | 10/02/14 | BB+ | 1,234,424 | |||||||||||||||||
1,564 |
Warner Chilcott Corporation, Add on Term Loan
|
5.750% | 4/30/15 | BB+ | 1,563,783 | |||||||||||||||||
483 |
Warner Chilcott Corporation, Term Loan A
|
5.500% | 10/30/14 | BB+ | 482,809 | |||||||||||||||||
228 |
Warner Chilcott Corporation, Term Loan B1
|
5.750% | 4/30/15 | BB+ | 227,349 | |||||||||||||||||
379 |
Warner Chilcott Corporation, Term Loan B2
|
5.750% | 4/30/15 | BB+ | 378,577 | |||||||||||||||||
3,896 |
Total Pharmaceuticals
|
3,886,942 | ||||||||||||||||||||
Real Estate Management &
Development 0.5%
|
||||||||||||||||||||||
1,150 |
LNR Property Corporation, Term Loan B
|
7.750% | 7/12/11 | CCC | 1,112,615 | |||||||||||||||||
Road & Rail 1.5%
|
||||||||||||||||||||||
266 |
Hertz Corporation, Letter of Credit
|
2.098% | 12/21/12 | Ba1 | 253,972 | |||||||||||||||||
1,439 |
Hertz Corporation, Term Loan
|
2.100% | 12/21/12 | Ba1 | 1,373,264 | |||||||||||||||||
1,731 |
Swift Transportation Company, Inc., Term Loan
|
8.250% | 5/12/14 | B | 1,606,336 | |||||||||||||||||
3,436 |
Total Road & Rail
|
3,233,572 | ||||||||||||||||||||
Textiles, Apparel & Luxury
Goods 0.3%
|
||||||||||||||||||||||
720 |
Phillips-Van Heusen Corporation, Tommy Hilfiger B.V., U.S.
Tranche B, Term Loan
|
4.750% | 5/06/16 | BBB | 721,350 | |||||||||||||||||
Nuveen Investments
|
17 | |
JDD
|
Nuveen Diversified Dividend and Income Fund
(continued) Portfolio of Investments June 30, 2010 (Unaudited) |
|
Weighted |
|||||||||||||||||||||
Principal |
Average |
|||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity (3) | Ratings (2) | Value | |||||||||||||||||
Trading Companies &
Distributors 0.4%
|
||||||||||||||||||||||
$ | 116 |
Brenntag Holdings GmbH & Co. KG, Acquisition Facility
|
4.070% | 1/20/14 | BBB | $ | 114,691 | |||||||||||||||
666 |
Brenntag Holdings GmbH & Co. KG, Facility B2
|
4.078% | 1/20/14 | BBB | 659,118 | |||||||||||||||||
782 |
Total Trading Companies & Distributors
|
773,809 | ||||||||||||||||||||
$ | 75,325 |
Total Variable Rate Senior Loan Interests (cost
$74,695,641)
|
69,290,383 | |||||||||||||||||||
|
||||||||||||||||||||||
Principal |
||||||||||||||||||||||
Amount (000) (8) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||
Emerging Markets Debt and Foreign Corporate
Bonds 25.0% (19.2% of Total Investments)
|
||||||||||||||||||||||
Argentina 0.8%
|
||||||||||||||||||||||
$ | 210 |
Arcos Dorados S.A., 144A
|
7.500% | 10/01/19 | BBB | $ | 220,500 | |||||||||||||||
250 |
City of Buenos Aires, Argentina, 144A
|
12.500% | 4/06/15 | B2 | 254,375 | |||||||||||||||||
958 |
Republic of Argentina
|
8.280% | 12/31/33 | B | 659,837 | |||||||||||||||||
121 |
Republic of Argentina
|
8.280% | 12/31/33 | B | 80,916 | |||||||||||||||||
724 | EUR |
Republic of Argentina
|
7.820% | 12/31/33 | B | 522,682 | ||||||||||||||||
175 | EUR |
Republic of Argentina
|
2.260% | 12/31/38 | B | 64,200 | ||||||||||||||||
Total Argentina
|
1,802,510 | |||||||||||||||||||||
Bahrain 0.2%
|
||||||||||||||||||||||
430 |
Kingdom of Bahrain, 144A
|
5.500% | 3/31/20 | A | 434,058 | |||||||||||||||||
Brazil 2.0%
|
||||||||||||||||||||||
280 |
Banco do Brasil, 144A
|
8.500% | 10/20/49 | Baa2 | 310,100 | |||||||||||||||||
605 |
Banco Nacional de Desenvolvimento Economico e Social, Reg S
|
6.369% | 6/16/18 | BBB | 646,594 | |||||||||||||||||
225 |
Cia Brasileira de Bebidas
|
8.750% | 9/15/13 | A3 | 264,375 | |||||||||||||||||
695 | BRL |
Companhia Energetica de Sao Paulo, 144A
|
9.750% | 1/15/15 | Ba2 | 493,194 | ||||||||||||||||
280 |
Federative Republic of Brazil
|
10.500% | 7/14/14 | BBB | 357,000 | |||||||||||||||||
120 |
Federative Republic of Brazil
|
7.875% | 3/07/15 | BBB | 142,800 | |||||||||||||||||
650 |
Federative Republic of Brazil
|
6.000% | 1/17/17 | BBB | 718,250 | |||||||||||||||||
70 |
Federative Republic of Brazil
|
11.000% | 8/17/40 | BBB | 94,080 | |||||||||||||||||
265 |
Globo Comunicacao Participacoes, S.A., 144A
|
7.250% | 4/26/22 | BBB | 276,925 | |||||||||||||||||
70 | BRL |
National Treasury Note of Brazil
|
10.000% | 1/01/12 | BBB+ | 377,167 | ||||||||||||||||
155 |
Petrobras International Finance Company
|
8.375% | 12/10/18 | Baa1 | 185,626 | |||||||||||||||||
385 |
Petrobras International Finance Company
|
7.875% | 3/15/19 | Baa1 | 442,426 | |||||||||||||||||
150 |
Telemar Norte Leste S.A., 144A
|
9.500% | 4/23/19 | Baa2 | 180,375 | |||||||||||||||||
Total Brazil
|
4,488,912 | |||||||||||||||||||||
Canada 0.1%
|
||||||||||||||||||||||
225 |
Pacific Rubiales Energy Corporation, 144A
|
8.750% | 11/10/16 | B+ | 244,125 | |||||||||||||||||
Cayman Islands 0.4%
|
||||||||||||||||||||||
471 |
Fibria Overseas Finance, 144A
|
7.500% | 5/04/20 | Ba1 | 480,420 | |||||||||||||||||
180 |
Minerva Overseas II Limited, 144A
|
10.875% | 11/15/19 | B | 180,000 | |||||||||||||||||
120 |
Pontis Limited
|
6.250% | 7/20/10 | BBB | 118,200 | |||||||||||||||||
Total Cayman Islands
|
778,620 | |||||||||||||||||||||
Chile 0.3%
|
||||||||||||||||||||||
125 |
Colbun S.A., 144A
|
6.000% | 1/21/20 | BBB | 130,978 | |||||||||||||||||
450 |
Coporacion Nacional del Cobre de Chile, Reg S
|
5.625% | 9/21/35 | A1 | 460,935 | |||||||||||||||||
55 |
Empresa Nacional del Petroleo, 144A
|
4.875% | 3/15/14 | A3 | 58,467 | |||||||||||||||||
Total Chile
|
650,380 | |||||||||||||||||||||
Colombia 1.3%
|
||||||||||||||||||||||
1,020 |
Republic of Colombia
|
11.750% | 2/25/20 | BBB | 1,519,800 | |||||||||||||||||
839,000 | COP |
Republic of Colombia
|
9.850% | 6/28/27 | BB+ | 570,846 | ||||||||||||||||
535 |
Republic of Colombia
|
10.375% | 1/28/33 | BBB | 790,462 | |||||||||||||||||
Total Colombia
|
2,881,108 | |||||||||||||||||||||
Costa Rica 0.2%
|
||||||||||||||||||||||
285 |
Republic of Costa Rica, Reg S
|
9.995% | 8/01/20 | BB+ | 384,750 | |||||||||||||||||
Cote dIvoire (Ivory Coast) 0.2%
|
||||||||||||||||||||||
615 |
Ivory Coast Republic, Reg S
|
2.500% | 12/31/32 | N/A | 353,625 | |||||||||||||||||
Croatia 0.1%
|
||||||||||||||||||||||
325 |
Republic of Croatia, 144A
|
6.750% | 11/05/19 | BBB | 340,815 | |||||||||||||||||
18
|
Nuveen Investments | |
|
||||||||||||||||||||||
Principal |
||||||||||||||||||||||
Amount (000) (8) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||
Dominican Republic 0.1%
|
||||||||||||||||||||||
$ | 100 |
Dominican Republic, 144A
|
7.500% | 5/06/21 | B1 | $ | 103,500 | |||||||||||||||
219 |
Dominican Republic, Reg S
|
9.040% | 1/23/18 | B | 243,729 | |||||||||||||||||
Total Dominican Republic
|
347,229 | |||||||||||||||||||||
Egypt 0.1%
|
||||||||||||||||||||||
125 |
Arab Republic of Egypt, 144A
|
6.875% | 4/30/40 | BB+ | 122,500 | |||||||||||||||||
El Salvador 0.5%
|
||||||||||||||||||||||
416 |
Republic of El Salvador, Reg S
|
7.750% | 1/24/23 | Ba1 | 458,640 | |||||||||||||||||
510 |
Republic of El Salvador, Reg S
|
7.625% | 9/21/34 | Ba1 | 558,450 | |||||||||||||||||
Total El Salvador
|
1,017,090 | |||||||||||||||||||||
Gabon 0.1%
|
||||||||||||||||||||||
235 |
Republic of Gabon, Reg S
|
8.200% | 12/12/17 | BB | 252,695 | |||||||||||||||||
Germany 0.1%
|
||||||||||||||||||||||
215 |
Rearden G Holdings
|
7.875% | 3/30/20 | BB | 218,225 | |||||||||||||||||
Hungary 0.1%
|
||||||||||||||||||||||
195 |
Republic of Hungary, Government Bond
|
6.250% | 1/29/20 | Baa1 | 192,606 | |||||||||||||||||
31,000 | HUF |
Republic of Hungary, Treasury Bill
|
6.000% | 11/24/23 | Baa1 | 115,363 | ||||||||||||||||
Total Hungary
|
307,969 | |||||||||||||||||||||
Indonesia 0.5%
|
||||||||||||||||||||||
135 |
Republic of Indonesia, Reg S
|
10.375% | 5/04/14 | BB | 166,725 | |||||||||||||||||
130 |
Republic of Indonesia, Reg S
|
7.250% | 4/20/15 | BB | 148,463 | |||||||||||||||||
110 |
Republic of Indonesia, Reg S
|
6.875% | 3/09/17 | BB | 124,629 | |||||||||||||||||
385 |
Republic of Indonesia, Reg S
|
11.625% | 3/04/19 | BB | 555,362 | |||||||||||||||||
Total Indonesia
|
995,179 | |||||||||||||||||||||
Iraq 0.1%
|
||||||||||||||||||||||
350 |
Republic of Iraq
|
5.800% | 1/15/28 | N/R | 284,900 | |||||||||||||||||
Kazakhstan 1.1%
|
||||||||||||||||||||||
340 |
Halyk Savings Bank of Kazakhstan
|
7.250% | 5/03/17 | Ba2 | 316,200 | |||||||||||||||||
400 |
Kazakhstan Development Bank
|
6.500% | 6/03/20 | BBB | 382,000 | |||||||||||||||||
430 |
KazMuniaGaz Finance Subsidiary, 144A
|
11.750% | 1/23/15 | Baa2 | 528,384 | |||||||||||||||||
465 |
KazMuniaGaz Finance Subsidiary, 144A
|
9.125% | 7/02/18 | Baa2 | 535,912 | |||||||||||||||||
325 |
KazMuniaGaz Finance Subsidiary, Reg S
|
9.125% | 7/02/18 | Baa1 | 375,375 | |||||||||||||||||
193 |
Tengizchevroil LLP, 144A
|
6.124% | 11/15/14 | BBB | 199,708 | |||||||||||||||||
Total Kazakhstan
|
2,337,579 | |||||||||||||||||||||
Lithuania 0.4%
|
||||||||||||||||||||||
175 |
Republic of Lithuania, 144A
|
7.375% | 2/11/20 | Baa1 | 186,243 | |||||||||||||||||
725 |
Republic of Lithuania
|
7.375% | 2/11/20 | Baa1 | 763,063 | |||||||||||||||||
Total Lithuania
|
949,306 | |||||||||||||||||||||
Malaysia 0.7%
|
||||||||||||||||||||||
450 |
Penerbangan Malaysia Berhad, Reg S
|
5.625% | 3/15/16 | A | 503,640 | |||||||||||||||||
275 |
Pertoliam Nasional Berhad, Reg S
|
7.625% | 10/15/26 | A | 344,639 | |||||||||||||||||
565 |
Petronas Capital Limited, 144A
|
5.250% | 8/12/19 | A1 | 596,201 | |||||||||||||||||
Total Malaysia
|
1,444,480 | |||||||||||||||||||||
Mexico 1.9%
|
||||||||||||||||||||||
80 |
Banco Mercantil del Norte, Reg S
|
6.135% | 10/13/16 | A3 | 80,198 | |||||||||||||||||
255 |
Cemex Finance LLC, 144A
|
9.500% | 12/14/16 | B | 247,350 | |||||||||||||||||
120 |
Corporacion GEO S.A.B. de C.V, 144A
|
9.250% | 6/30/20 | BB | 120,444 | |||||||||||||||||
2,785 | MXN |
Mexico Bonos de DeSarrollo
|
7.250% | 12/15/16 | A | 223,458 | ||||||||||||||||
2,825 | MXN |
Mexico Bonos de DeSarrollo
|
7.750% | 12/14/17 | A | 232,281 | ||||||||||||||||
100 |
Pemex Project Funding Master Trust
|
5.750% | 3/01/18 | Baa1 | 105,259 | |||||||||||||||||
450 |
United Mexican States
|
5.875% | 2/17/14 | Baa1 | 495,900 | |||||||||||||||||
4,669 | MXN |
United Mexican States
|
9.500% | 12/18/14 | A | 408,793 | ||||||||||||||||
150,000 | ITL |
United Mexican States, (9)
|
11.000% | 5/08/17 | Baa1 | 129,073 | ||||||||||||||||
450 |
United Mexican States
|
5.950% | 3/19/19 | Baa1 | 501,750 | |||||||||||||||||
500 |
United Mexican States
|
7.500% | 4/08/33 | Baa1 | 628,750 |
Nuveen Investments
|
19 | |
JDD
|
Nuveen Diversified Dividend and Income Fund
(continued) Portfolio of Investments June 30, 2010 (Unaudited) |
|
||||||||||||||||||||||
Principal |
||||||||||||||||||||||
Amount (000) (8) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||
Mexico (continued)
|
||||||||||||||||||||||
$ | 730 |
United Mexican States
|
6.050% | 1/11/40 | Baa1 | $ | 773,800 | |||||||||||||||
150 |
Urbi Desarrollos Urbanos S.A.B. de C.V, 144A
|
9.500% | 1/21/20 | BB | 156,375 | |||||||||||||||||
Total Mexico
|
4,103,431 | |||||||||||||||||||||
Morocco 0.1%
|
||||||||||||||||||||||
105 | EUR |
Kingdom of Morocco, Reg S
|
5.375% | 6/27/17 | BBB | 134,719 | ||||||||||||||||
Netherlands 1.4%
|
||||||||||||||||||||||
454 |
Intergas Finance B.V., Reg S
|
6.375% | 5/14/17 | Baa1 | 456,270 | |||||||||||||||||
375 |
Kazakhstan Temir Zholy JSC, Reg S
|
7.000% | 5/13/16 | Baa3 | 370,781 | |||||||||||||||||
105 |
Majapahit Holdings BV, 144A
|
8.000% | 8/07/19 | BB | 116,025 | |||||||||||||||||
685 |
Majapahit Holdings BV, Reg S
|
8.000% | 8/07/19 | BB | 756,925 | |||||||||||||||||
1,050 |
Majapahit Holdings BV
|
7.875% | 6/28/37 | BB | 1,078,875 | |||||||||||||||||
240 |
Voto Votorantim Overseas Trading Operations, 144A
|
6.625% | 9/25/19 | BBB | 244,800 | |||||||||||||||||
Total Netherlands
|
3,023,676 | |||||||||||||||||||||
Pakistan 0.2%
|
||||||||||||||||||||||
160 |
Islamic Republic of Pakistan, Reg S
|
7.125% | 3/31/16 | B | 152,442 | |||||||||||||||||
130 |
Islamic Republic of Pakistan, Reg S
|
6.875% | 6/01/17 | B | 118,144 | |||||||||||||||||
175 |
Islamic Republic of Pakistan, Reg S
|
7.875% | 3/31/36 | B | 134,633 | |||||||||||||||||
Total Pakistan
|
405,219 | |||||||||||||||||||||
Panama 0.8%
|
||||||||||||||||||||||
180 |
AES Panama, Reg S
|
6.350% | 12/21/16 | BB+ | 186,134 | |||||||||||||||||
160 |
Republic of Panama
|
7.250% | 3/15/15 | BBB | 186,000 | |||||||||||||||||
1,060 |
Republic of Panama
|
8.875% | 9/30/27 | BBB | 1,417,750 | |||||||||||||||||
Total Panama
|
1,789,884 | |||||||||||||||||||||
Peru 0.9%
|
||||||||||||||||||||||
280 |
Banco Credito del Peru, 144A
|
9.750% | 11/06/69 | BB | 312,200 | |||||||||||||||||
410 |
Republic of Peru
|
7.350% | 7/21/25 | BBB | 493,025 | |||||||||||||||||
895 |
Republic of Peru
|
8.750% | 11/21/33 | BBB | 1,217,200 | |||||||||||||||||
Total Peru
|
2,022,425 | |||||||||||||||||||||
Philippines 1.0%
|
||||||||||||||||||||||
380 |
National Power Corporation
|
9.625% | 5/15/28 | BB | 465,500 | |||||||||||||||||
130 |
Republic of the Philippines
|
9.875% | 1/15/19 | BB | 173,394 | |||||||||||||||||
200 |
Republic of the Philippines
|
6.500% | 1/20/20 | BB | 220,600 | |||||||||||||||||
75 |
Republic of the Philippines
|
9.500% | 10/21/24 | BB | 100,785 | |||||||||||||||||
205 |
Republic of the Philippines
|
9.500% | 2/02/30 | BB | 278,287 | |||||||||||||||||
750 |
Republic of the Philippines
|
6.375% | 10/23/34 | BB | 754,650 | |||||||||||||||||
130 |
The Power Sector Assets and Liabilities Management Corporation
of the Philippines, Reg S
|
7.250% | 5/27/19 | BB | 144,048 | |||||||||||||||||
Total Philippines
|
2,137,264 | |||||||||||||||||||||
Poland 0.5%
|
||||||||||||||||||||||
20 |
Republic of Poland
|
5.000% | 10/19/15 | A2 | 21,294 | |||||||||||||||||
580 |
Republic of Poland
|
6.375% | 7/15/19 | A2 | 644,510 | |||||||||||||||||
335 | EUR |
Republic of Poland
|
5.250% | 1/20/25 | A2 | 408,631 | ||||||||||||||||
Total Poland
|
1,074,435 | |||||||||||||||||||||
Qatar 0.4%
|
||||||||||||||||||||||
300 |
Commercial Bank of Qatar, 144A
|
7.500% | 11/18/19 | A2 | 321,028 | |||||||||||||||||
230 |
State of Qatar, 144A
|
6.400% | 1/20/40 | Aa2 | 245,525 | |||||||||||||||||
225 |
State of Qatar, Reg S
|
9.750% | 6/15/30 | Aa2 | 327,375 | |||||||||||||||||
Total Qatar
|
893,928 | |||||||||||||||||||||
Russian Federation 2.8%
|
||||||||||||||||||||||
310 |
Alrosa Finance S.A., Reg S
|
8.875% | 11/17/14 | Ba3 | 329,762 | |||||||||||||||||
505 |
Gaz Capital S.A., Reg S
|
9.250% | 4/23/19 | Baa1 | 583,275 | |||||||||||||||||
635 |
Gaz Capital S.A., 144A
|
9.250% | 4/23/19 | Baa1 | 733,425 | |||||||||||||||||
325 |
Gaz Capital S.A., Reg S
|
8.625% | 4/28/34 | Baa1 | 374,156 | |||||||||||||||||
1,300 |
Russian Federation, 144A
|
3.625% | 4/29/15 | Baa1 | 1,264,250 | |||||||||||||||||
300 |
Russian Federation, 144A
|
5.000% | 4/29/20 | Baa1 | 291,000 | |||||||||||||||||
425 |
Russian Federation, Reg S
|
11.000% | 7/24/18 | BBB | 588,094 | |||||||||||||||||
600 |
Russian Federation, Reg S
|
5.000% | 4/29/20 | Baa1 | 582,000 | |||||||||||||||||
156 |
Russian Federation, Reg S
|
7.500% | 3/31/30 | Baa1 | 176,701 |
20
|
Nuveen Investments | |
|
||||||||||||||||||||||
Principal |
||||||||||||||||||||||
Amount (000) (8) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||
Russian Federation (continued)
|
||||||||||||||||||||||
$ | 375 |
Russian Ministry of Finance, Reg S
|
12.750% | 6/24/28 | BBB | $ | 630,038 | |||||||||||||||
340 |
Transcapitalinvest LP, Reg S
|
5.670% | 3/05/14 | Baa1 | 347,650 | |||||||||||||||||
155 |
VTB Capital S.A., 144A
|
6.465% | 3/04/15 | Baa1 | 155,775 | |||||||||||||||||
Total Russian Federation
|
6,056,126 | |||||||||||||||||||||
Serbia 0.1%
|
||||||||||||||||||||||
334 |
Republic of Serbia, Reg S
|
6.750% | 11/01/24 | BB | 328,498 | |||||||||||||||||
South Africa 0.8%
|
||||||||||||||||||||||
565 |
Republic of South Africa
|
7.375% | 4/25/12 | A3 | 619,014 | |||||||||||||||||
390 |
Republic of South Africa
|
6.875% | 5/27/19 | A3 | 448,013 | |||||||||||||||||
730 |
Republic of South Africa
|
5.500% | 3/09/20 | A3 | 758,287 | |||||||||||||||||
Total South Africa
|
1,825,314 | |||||||||||||||||||||
South Korea 0.2%
|
||||||||||||||||||||||
135 |
Korea Development Bank
|
8.000% | 1/23/14 | A1 | 153,791 | |||||||||||||||||
115 |
National Agricultural Cooperative Federation, Reg S
|
5.000% | 9/30/14 | A | 119,909 | |||||||||||||||||
140 |
Republic of Korea
|
5.750% | 4/16/14 | A1 | 152,888 | |||||||||||||||||
Total South Korea
|
426,588 | |||||||||||||||||||||
Trinidad 0.1%
|
||||||||||||||||||||||
185 |
Petroleum Company of Trinidad & Tobago Limited, 144A
|
9.750% | 8/14/19 | BBB | 211,825 | |||||||||||||||||
Tunisia 0.2%
|
||||||||||||||||||||||
195 |
Banque de Tunisie
|
7.375% | 4/25/12 | BBB | 212,804 | |||||||||||||||||
110 | EUR |
Banque de Tunisie, Reg S
|
4.500% | 6/22/20 | BBB | 131,823 | ||||||||||||||||
Total Tunisia
|
344,627 | |||||||||||||||||||||
Turkey 1.4%
|
||||||||||||||||||||||
500 |
Republic of Turkey, Government Bond
|
9.500% | 1/15/14 | BB | 591,875 | |||||||||||||||||
135 |
Republic of Turkey, Government Bond
|
7.250% | 3/15/15 | BB | 151,875 | |||||||||||||||||
550 |
Republic of Turkey, Government Bond
|
6.750% | 4/03/18 | BB | 605,000 | |||||||||||||||||
1,325 |
Republic of Turkey, Government Bond
|
7.250% | 3/05/38 | BB | 1,427,688 | |||||||||||||||||
340 |
Republic of Turkey, Government Bond
|
6.750% | 5/30/40 | BB | 342,550 | |||||||||||||||||
Total Turkey
|
3,118,988 | |||||||||||||||||||||
Ukraine 0.9%
|
||||||||||||||||||||||
505 |
Republic of Ukraine, Reg S
|
6.875% | 3/04/11 | B | 506,263 | |||||||||||||||||
325 |
Republic of Ukraine, Reg S
|
6.385% | 6/26/12 | B | 325,000 | |||||||||||||||||
510 |
Republic of Ukraine, Reg S
|
7.650% | 6/11/13 | B | 516,426 | |||||||||||||||||
595 | EUR |
Republic of Ukraine, Reg S
|
4.950% | 10/13/15 | B | 638,465 | ||||||||||||||||
Total Ukraine
|
1,986,154 | |||||||||||||||||||||
United Arab Emirates 0.1%
|
||||||||||||||||||||||
190 |
Emirate of Abu Dhabi, 144A
|
5.500% | 4/08/14 | AA | 207,484 | |||||||||||||||||
100 |
Emirate of Abu Dhabi
|
6.750% | 4/08/19 | 114,630 | ||||||||||||||||||
Total United Arab Emirates
|
322,114 | |||||||||||||||||||||
Uruguay 0.7%
|
||||||||||||||||||||||
360 |
Republic of Uruguay
|
7.875% | 1/15/33 | BB | 428,400 | |||||||||||||||||
962 |
Republic of Uruguay
|
7.625% | 3/21/36 | BB | 1,120,326 | |||||||||||||||||
Total Uruguay
|
1,548,726 | |||||||||||||||||||||
Venezuela 1.1%
|
||||||||||||||||||||||
110 |
Petroleos de Venezuela S.A., Reg S
|
5.250% | 4/12/17 | B+ | 59,400 | |||||||||||||||||
1,400 |
Republic of Venezuela, Reg S
|
7.750% | 10/13/19 | BB | 843,500 | |||||||||||||||||
625 |
Republic of Venezuela, Reg S
|
9.000% | 5/07/23 | BB | 390,625 | |||||||||||||||||
255 |
Republic of Venezuela, Reg S
|
9.250% | 5/07/28 | BB | 156,825 | |||||||||||||||||
270 |
Republic of Venezuela
|
8.500% | 10/08/14 | BB | 208,575 | |||||||||||||||||
260 |
Republic of Venezuela
|
8.250% | 10/13/24 | BB | 151,450 | |||||||||||||||||
285 |
Republic of Venezuela
|
7.650% | 4/21/25 | BB | 154,613 | |||||||||||||||||
565 |
Republic of Venezuela
|
9.375% | 1/13/34 | BB | 353,125 | |||||||||||||||||
Total Venezuela
|
2,318,113 | |||||||||||||||||||||
Total Emerging Markets Debt and Foreign Corporate Bonds (cost
$51,441,053)
|
54,708,109 | |||||||||||||||||||||
Nuveen Investments
|
21 | |
JDD
|
Nuveen Diversified Dividend and Income Fund
(continued) Portfolio of Investments June 30, 2010 (Unaudited) |
|
||||||||||||||||||||||
Principal |
||||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||||
Short-Term Investments 9.1% (7.0% of Total
Investments)
|
||||||||||||||||||||||
$ | 19,832 |
Repurchase Agreement with Fixed Income Clearing Corporation,
dated 6/30/10, repurchase price $19,908,246, collateralized by:
$11,205,000 U.S. Treasury Notes, 2.500%, due 6/30/17, value
$11,162,981 and $8,740,000 U.S. Treasury Notes, 3.000%, due
2/28/17, value $9,144,225
|
0.000% | 7/01/10 | $ | 19,831,560 | ||||||||||||||||
Total Short-Term Investments (cost $19,831,560)
|
19,831,560 | |||||||||||||||||||||
Total Investments (cost $275,629,252) 130.4%
|
284,968,559 | |||||||||||||||||||||
Borrowings (29.7)% (11)
|
(65,000,000 | ) | ||||||||||||||||||||
Other Assets Less Liabilities (0.7)%
|
(1,353,748 | ) | ||||||||||||||||||||
Net Assets Applicable to Common Shares 100%
|
$ | 218,614,811 | ||||||||||||||||||||
|
||||||||||||||||||||
|
Notional |
Expiration |
Strike |
|||||||||||||||||
Number of Contracts | Type | Amount (12) | Date | Price | Value | |||||||||||||||
(410 | ) |
Anglogold Limited
|
$ | (1,640,000 | ) | 10/16/10 | $ | 40.0 | $ | (213,200 | ) | |||||||||
(3,090 | ) |
Citigroup Inc.
|
(1,236,000 | ) | 9/18/10 | 4.0 | (72,615 | ) | ||||||||||||
(1,540 | ) |
Genworth Financial Inc.
|
(2,618,000 | ) | 9/18/10 | 17.0 | (36,960 | ) | ||||||||||||
(165 | ) |
Union Pacific Corporation
|
(1,237,500 | ) | 8/21/10 | 75.0 | (25,988 | ) | ||||||||||||
(5,205 | ) |
Total Call Options Written (premiums received $612,662)
|
$ | (6,731,500 | ) | $ | (348,763 | ) | ||||||||||||
Forward Foreign Currency Exchange Contracts outstanding at
June 30, 2010: |
||||||||||||||||||||
Unrealized |
||||||||||||||||||||
Appreciation |
||||||||||||||||||||
Amount |
In Exchange |
Amount |
Settlement |
(Depreciation) |
||||||||||||||||
Currency Contracts to Deliver | (Local Currency) | For Currency | (Local Currency) | Date | (U.S. Dollars) | |||||||||||||||
Brazilian Real
|
781,000 | U.S. Dollar | 420,005 | 9/15/10 | $ | (5,528 | ) | |||||||||||||
Brazilian Real
|
781,000 | U.S. Dollar | 420,458 | 9/15/10 | (5,075 | ) | ||||||||||||||
Colombian Peso
|
2,995,523,000 | U.S. Dollar | 1,580,334 | 7/30/10 | 3,452 | |||||||||||||||
Euro
|
1,107,000 | U.S. Dollar | 1,321,492 | 9/15/10 | (32,747 | ) | ||||||||||||||
Euro
|
1,106,000 | U.S. Dollar | 1,320,929 | 9/15/10 | (32,086 | ) | ||||||||||||||
Euro
|
153,000 | U.S. Dollar | 187,428 | 9/15/10 | 257 | |||||||||||||||
Euro
|
125,000 | U.S. Dollar | 153,735 | 9/15/10 | 817 | |||||||||||||||
Hungarian Forint
|
23,700,000 | U.S. Dollar | 98,635 | 9/15/10 | (2,124 | ) | ||||||||||||||
Israeli Shekel
|
2,270,000 | U.S. Dollar | 592,751 | 9/15/10 | 8,991 | |||||||||||||||
Mexican Peso
|
12,433,000 | U.S. Dollar | 962,724 | 9/15/10 | 8,843 | |||||||||||||||
Peruvian Nouveau Sol
|
890,000 | U.S. Dollar | 311,734 | 10/14/10 | (2,158 | ) | ||||||||||||||
Turkish Lira
|
950,000 | U.S. Dollar | 581,930 | 9/15/10 | (10,928 | ) | ||||||||||||||
U.S. Dollar
|
415,954 | Colombian Peso | 788,232,000 | 7/30/10 | (1,018 | ) | ||||||||||||||
U.S. Dollar
|
198,911 | Colombian Peso | 377,930,000 | 7/30/10 | 37 | |||||||||||||||
U.S. Dollar
|
31,044 | Colombian Peso | 59,200,000 | 7/30/10 | 120 | |||||||||||||||
U.S. Dollar
|
98,245 | Colombian Peso | 187,156,000 | 7/30/10 | 277 | |||||||||||||||
U.S. Dollar
|
278,400 | Colombian Peso | 534,528,000 | 7/30/10 | 2,982 | |||||||||||||||
U.S. Dollar
|
995,823 | Euro | 817,000 | 9/15/10 | 3,647 | |||||||||||||||
U.S. Dollar
|
307,676 | Indonesian Rupiah | 2,822,000,000 | 7/30/10 | 2,196 | |||||||||||||||
U.S. Dollar
|
584,630 | Israeli Shekel | 2,270,000 | 9/15/10 | (869 | ) | ||||||||||||||
U.S. Dollar
|
155,668 | Kazakhstan Tenge | 22,343,000 | 7/13/10 | (4,191 | ) | ||||||||||||||
U.S. Dollar
|
118,089 | Kazakhstan Tenge | 16,993,000 | 7/12/10 | (2,874 | ) | ||||||||||||||
U.S. Dollar
|
37,044 | Kazakhstan Tenge | 5,364,000 | 7/12/10 | (676 | ) | ||||||||||||||
U.S. Dollar
|
467,235 | Kazakhstan Tenge | 68,450,000 | 3/10/11 | (6,264 | ) | ||||||||||||||
U.S. Dollar
|
662,529 | Mexican Peso | 8,606,000 | 9/15/10 | (2,263 | ) | ||||||||||||||
U.S. Dollar
|
618,505 | New Taiwan Dollar | 19,820,000 | 7/30/10 | (1,101 | ) | ||||||||||||||
U.S. Dollar
|
313,050 | Peruvian Nouveau Sol | 890,000 | 10/14/10 | 842 | |||||||||||||||
U.S. Dollar
|
303,311 | Philippine Peso | 14,060,000 | 7/30/10 | (919 | ) | ||||||||||||||
U.S. Dollar
|
293,066 | South Korean Won | 365,160,000 | 9/15/10 | 5,043 | |||||||||||||||
U.S. Dollar
|
596,621 | Turkish Lira | 950,000 | 9/15/10 | (3,764 | ) | ||||||||||||||
U.S. Dollar
|
105,034 | Ukraine Hryvna | 1,050,341 | 7/22/10 | 27,625 | |||||||||||||||
U.S. Dollar
|
105,100 | Ukraine Hryvna | 1,051,000 | 7/22/10 | 27,642 | |||||||||||||||
U.S. Dollar
|
994,877 | Yuan Renminbi | 6,681,000 | 9/28/10 | (9,639 | ) | ||||||||||||||
U.S. Dollar
|
255,804 | Yuan Renminbi | 1,719,000 | 9/28/10 | (2,305 | ) | ||||||||||||||
Ukraine Hryvna
|
1,261,000 | U.S. Dollar | 120,095 | 7/22/10 | (39,170 | ) | ||||||||||||||
Ukraine Hryvna
|
840,341 | U.S. Dollar | 87,536 | 7/22/10 | (18,600 | ) | ||||||||||||||
$ | (91,528 | ) | ||||||||||||||||||
22
|
Nuveen Investments | |
For Fund portfolio compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |||||
(2) | Ratings: Using the highest of Standard & Poors Group (Standard & Poors), Moodys Investor Service, Inc. (Moodys) or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. | |||||
(3) | 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. | |||||
(4) | Senior Loans 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) | At or subsequent to June 30, 2010, this issue was under the protection of the Federal Bankruptcy Court. | |||||
(6) | Non-income producing; denotes that the issuer has defaulted on the payment of principal or interest. | |||||
(7) | At or subsequent to June 30, 2010, the Funds Adviser concluded this issue is not likely to meet its future interest payment obligations and has directed the Funds custodian to cease accruing additional income and write-off any remaining recorded balances on the Funds records. | |||||
(8) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. | |||||
(9) | Market of issuance for this investment is Euro. Euro par equals 77,469. | |||||
(10) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |||||
(11) | Borrowings as a percentage of Total Investments is 22.8%. | |||||
(12) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. | |||||
(13) | Investment, or portion of investment, has been pledged as collateral for call options written. | |||||
N/A | Not applicable. | |||||
N/R | Not rated. | |||||
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. | |||||
Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. | |||||
BRL | Brazilian Real | |||||
COP | Colombian Peso | |||||
EUR | Euro | |||||
HUF | Hungarian Forint | |||||
ITL | Italian Lira | |||||
MXN | Mexican Peso |
Nuveen Investments
|
23 | |
|
Statement of ASSETS & LIABILITIES |
||||
June 30, 2010 (Unaudited) |
Assets
|
||||
Investments, at value (cost $275,629,252)
|
$ | 284,968,559 | ||
Cash
|
27,641 | |||
Cash denominated in foreign currencies (cost $122,277)
|
120,575 | |||
Unrealized appreciation on forward foreign currency exchange
contracts
|
92,771 | |||
Receivables:
|
||||
Dividends
|
340,323 | |||
Interest
|
1,268,762 | |||
Investments sold
|
15,430,159 | |||
Reclaims
|
44,912 | |||
Other assets
|
142,752 | |||
Total assets
|
302,436,454 | |||
Liabilities
|
||||
Borrowings
|
65,000,000 | |||
Call options written, at value (premiums received $612,662)
|
348,763 | |||
Unrealized depreciation on forward foreign currency exchange
contracts
|
184,299 | |||
Payable:
|
||||
Common share dividends
|
4,538,209 | |||
Investment purchased
|
13,402,663 | |||
Accrued expenses:
|
||||
Interest on borrowings
|
70,312 | |||
Management fees
|
173,904 | |||
Other
|
103,493 | |||
Total liabilities
|
83,821,643 | |||
Net assets applicable to Common shares
|
$ | 218,614,811 | ||
Common shares outstanding
|
19,962,818 | |||
Net asset value per Common share outstanding (net assets
applicable to Common shares, divided by Common shares
outstanding)
|
$ | 10.95 | ||
Net assets applicable to Common shares consist of:
|
||||
Common shares, $.01 par value per share
|
$ | 199,628 | ||
Paid-in surplus
|
284,966,991 | |||
Undistributed (Over-distribution of) net investment income
|
(7,397,814 | ) | ||
Accumulated net realized gain (loss)
|
(68,656,765 | ) | ||
Net unrealized appreciation (depreciation)
|
9,502,771 | |||
Net assets applicable to Common shares
|
$ | 218,614,811 | ||
Authorized shares:
|
||||
Common
|
Unlimited | |||
FundPreferred
|
Unlimited | |||
24
|
Nuveen Investments | |
|
Statement of OPERATIONS |
||||
Six Months Ended June 30, 2010 (Unaudited) |
Investment Income
|
||||
Dividends (net of foreign tax withheld of $58,112)
|
$ | 2,035,376 | ||
Interest (net of foreign tax withheld of $926)
|
2,824,056 | |||
Total investment income
|
4,859,432 | |||
Expenses
|
||||
Management fees
|
1,294,850 | |||
Shareholders servicing agent fees and expenses
|
842 | |||
Interest expense on borrowings
|
419,647 | |||
Fees on borrowings
|
14,672 | |||
Custodians fees and expenses
|
85,947 | |||
Trustees fees and expenses
|
6,309 | |||
Professional fees
|
30,109 | |||
Shareholders reports printing and mailing
expenses
|
52,812 | |||
Stock exchange listing fees
|
4,507 | |||
Investor relations expense
|
19,365 | |||
Other expenses
|
8,128 | |||
Total expenses before custodian fee credit and expense
reimbursement
|
1,937,188 | |||
Custodian fee credit
|
(31 | ) | ||
Expense reimbursement
|
(233,659 | ) | ||
Net expenses
|
1,703,498 | |||
Net investment income
|
3,155,934 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
|
||||
Investments and foreign currency
|
11,720,942 | |||
Call options written
|
(434,164 | ) | ||
Forward foreign currency exchange contracts
|
547,505 | |||
Change in net unrealized appreciation (depreciation) of:
|
||||
Investments and foreign currency
|
(9,181,485 | ) | ||
Call options written
|
143,462 | |||
Forward foreign currency exchange contracts
|
(221,201 | ) | ||
Net realized and unrealized gain (loss)
|
2,575,059 | |||
Net increase (decrease) in net assets applicable to Common
shares from operations
|
$ | 5,730,993 | ||
Nuveen Investments
|
25 | |
|
Statement of CHANGES IN NET ASSETS (Unaudited) |
Six Months |
Year |
|||||||
Ended |
Ended |
|||||||
6/30/10 | 12/31/09 | |||||||
Operations
|
||||||||
Net investment income
|
$ | 3,155,934 | $ | 9,311,155 | ||||
Net realized gain (loss) from:
|
||||||||
Investments and foreign currency
|
11,720,942 | (29,549,660 | ) | |||||
Call options written
|
(434,164 | ) | | |||||
Forward foreign currency exchange contracts
|
547,505 | (897,928 | ) | |||||
Change in net unrealized appreciation (depreciation) of:
|
||||||||
Investments and foreign currency
|
(9,181,485 | ) | 95,462,545 | |||||
Call options written
|
143,462 | 120,437 | ||||||
Forward foreign currency exchange contracts
|
(221,201 | ) | 32,106 | |||||
Distributions to FundPreferred shareholders:
|
||||||||
From net investment income
|
| (85,612 | ) | |||||
Net increase (decrease) in net assets applicable to Common
shares from operations
|
5,730,993 | 74,393,043 | ||||||
Distributions to Common Shareholders
|
||||||||
From and in excess of net investment income
|
(9,385,838 | ) | | |||||
From net investment income
|
| (9,467,887 | ) | |||||
Return of capital
|
| (8,145,997 | ) | |||||
Decrease in net assets applicable to Common shares from
distributions to Common shareholders
|
(9,385,838 | ) | (17,613,884 | ) | ||||
Capital Share Transactions
|
||||||||
Cost of Common shares repurchased and retired
|
(295,844 | ) | (1,837,111 | ) | ||||
Net increase (decrease) in net assets applicable to Common
shares from capital share transactions
|
(295,844 | ) | (1,837,111 | ) | ||||
Net increase (decrease) in net assets applicable to Common
shares
|
(3,950,689 | ) | 54,942,048 | |||||
Net assets applicable to Common shares at the beginning of period
|
222,565,500 | 167,623,452 | ||||||
Net assets applicable to Common shares at the end of period
|
$ | 218,614,811 | $ | 222,565,500 | ||||
Undistributed (Over-distribution of) net investment income at
the end of period
|
$ | (7,397,814 | ) | $ | (1,167,910 | ) | ||
26
|
Nuveen Investments | |
|
Statement of CASH FLOWS |
||||
Six Months Ended June 30, 2010 (Unaudited) |
Cash Flows from Operating Activities:
|
||||
Net Increase (Decrease) In Net Assets Applicable to Common
Shares from Operations
|
$ | 5,730,993 | ||
Adjustments to reconcile the net increase (decrease) in net
assets applicable to Common Shares from operations to net cash
provided by (used in) operating activities:
|
||||
Purchases of investments
|
(98,835,976 | ) | ||
Proceeds from sales and maturities of investments
|
115,312,067 | |||
Proceeds from (Purchase of) short-term investments, net
|
(12,398,035 | ) | ||
Proceeds from (Payments for) cash denominated in foreign
currencies, net
|
(122,215 | ) | ||
Proceeds from (Payments for) closed foreign currency spot
contracts
|
(19,997 | ) | ||
Cash paid for call options terminated
|
(693,200 | ) | ||
Premiums received on call options written
|
612,662 | |||
Amortization (Accretion) of premiums and discounts, net
|
(148,706 | ) | ||
(Increase) Decrease in receivable for dividends
|
137,065 | |||
(Increase) Decrease in receivable for interest
|
276,236 | |||
(Increase) Decrease in receivable for investments sold
|
(14,747,168 | ) | ||
(Increase) Decrease in receivable for reclaims
|
(3,291 | ) | ||
(Increase) Decrease in other assets
|
(88,526 | ) | ||
Increase (Decrease) in payable for investments purchased
|
10,885,130 | |||
Increase (Decrease) in interest on borrowings
|
4,341 | |||
Increase (Decrease) in accrued management fees
|
(3,850 | ) | ||
Increase (Decrease) in accrued other liabilities
|
(79,377 | ) | ||
Net realized (gain) loss from investments and foreign currency
|
(11,720,942 | ) | ||
Net realized (gain) loss from call options written
|
434,164 | |||
Net realized (gain) loss from paydowns
|
945,747 | |||
Net realized (gain) loss from sink payments on bond securities
|
74,000 | |||
Change in net unrealized (appreciation) depreciation of
investments and foreign currency
|
9,181,485 | |||
Change in net unrealized (appreciation) depreciation of call
options written
|
(143,462 | ) | ||
Change in net unrealized (appreciation) depreciation of forward
foreign currency exchange contracts
|
221,201 | |||
Capital gain and return of capital distributions from investments
|
360,768 | |||
Net cash provided by (used in) operating activities
|
5,171,114 | |||
Cash Flows from Financing Activities:
|
||||
Cash distributions paid to Common shareholders
|
(4,847,629 | ) | ||
Cost of Common shares repurchased and retired
|
(295,844 | ) | ||
Net cash provided by (used in) financing activities
|
(5,143,473 | ) | ||
Net Increase (Decrease) in Cash
|
27,641 | |||
Cash at the beginning of period
|
| |||
Cash at the end of Period
|
$ | 27,641 | ||
Nuveen Investments
|
27 | |
Notes to FINANCIAL STATEMENTS (Unaudited) |
|||||
1. | General Information and Significant Accounting Policies |
28
|
Nuveen Investments | |
Nuveen Investments
|
29 | |
Notes to FINANCIAL STATEMENTS (Unaudited) (continued) |
30
|
Nuveen Investments | |
Nuveen Investments
|
31 | |
Notes to FINANCIAL STATEMENTS (Unaudited) (continued) |
32
|
Nuveen Investments | |
2. | Fair Value Measurements |
Level 1 | | Quoted prices in active markets for identical securities. | ||
Level 2 | | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | ||
Level 3 | | Significant unobservable inputs (including managements assumptions in determining the fair value of investments). |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments:
|
||||||||||||||||
Common Stocks
|
$ | 68,300,443 | $ | | $ | | $ | 68,300,443 | ||||||||
REIT Common Stocks
|
71,231,189 | | | 71,231,189 | ||||||||||||
Preferred Securities *
|
| 1,606,875 | | 1,606,875 | ||||||||||||
Variable Rate Senior Loan Interests
|
| 69,290,383 | | 69,290,383 | ||||||||||||
Emerging Markets Debt and Foreign Corporate Bonds
|
| 54,708,109 | | 54,708,109 | ||||||||||||
Short-Term Investments
|
19,831,560 | | | 19,831,560 | ||||||||||||
Derivatives:
|
||||||||||||||||
Call Options Written
|
(348,763 | ) | | | (348,763 | ) | ||||||||||
Forward Foreign Currency Exchange Contracts **
|
| (91,528 | ) | | (91,528 | ) | ||||||||||
Total
|
$ | 159,014,429 | $ | 125,513,839 | $ | | $ | 284,528,268 | ||||||||
* | Preferred Securities includes Convertible Preferred Securities, $25 Par (or similar) Preferred Securities and Capital Preferred Securities held by the Fund at the end of the reporting period, if any. |
** | Represents net unrealized appreciation (depreciation). |
Level 3 |
||||
Emerging Markets |
||||
Debt and Foreign |
||||
Corporate Bonds | ||||
Balance at the beginning of period
|
$ | 229,331 | ||
Gains (losses):
|
||||
Net realized gains (losses)
|
(51,562 | ) | ||
Net change in unrealized appreciation (depreciation)
|
43,296 | |||
Net purchases at cost (sales at proceeds)
|
(221,065 | ) | ||
Net discounts (premiums)
|
| |||
Net transfers into (out of) at end of period fair value
|
| |||
Balance at the end of period
|
$ | | ||
3. | Derivative Instruments and Hedging Activities |
Location on the Statement of Assets and Liabilities | ||||||||||||||
Derivative |
Asset Derivatives | Liability Derivatives | ||||||||||||
Underlying Risk Exposure | Instrument | Location | Value | Location | Value | |||||||||
Equity Price
|
Options | | $ | | Call options written, at value | $ | 348,763 | |||||||
Foreign Currency Exchange Rate
|
Forward Foreign Currency Exchange Contracts |
Unrealized appreciation on forward foreign currency exchange contracts |
92,771 |
Unrealized depreciation on forward foreign currency exchange contracts |
184,299 | |||||||||
Total
|
$ | 92,771 | $ | 533,062 | ||||||||||
Nuveen Investments
|
33 | |
Notes to FINANCIAL STATEMENTS (Unaudited) (continued) |
Net Realized Gain (Loss) from Call Options Written
|
||||
Risk Exposure
|
||||
Equity Price
|
$(434,164 | ) | ||
Net Realized Gain (Loss) from Forward Foreign Currency
Exchange Contracts
|
||||
Risk Exposure
|
||||
Foreign Currency Exchange Rate
|
$547,505 | |||
Change in Net Unrealized Appreciation (Depreciation) of Call
Options Written
|
||||
Risk Exposure
|
||||
Equity Price
|
$143,462 | |||
Change in Net Unrealized Appreciation (Depreciation) of
Forward Foreign Currency Exchange Contracts
|
||||
Risk Exposure
|
||||
Foreign Currency Exchange Rate
|
$(221,201 | ) | ||
4. | Fund Shares |
Six Months |
Year |
|||||||
Ended |
Ended |
|||||||
6/30/10 | 12/31/09 | |||||||
Common shares repurchased and retired
|
(30,100 | ) | (209,901) | |||||
Weighted average:
|
||||||||
Price per Common share repurchased and retired
|
$ | 9.81 | $ | 8.73 | ||||
Discount per Common share repurchased and retired
|
14.97 | % | 15.61 | % | ||||
Six Months Ended |
Year Ended |
|||||||||||||||
6/30/10 | 12/31/09 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
FundPreferred shares redeemed:
|
||||||||||||||||
Series T
|
N/A | N/A | 1,440 | $ | 36,000,000 | |||||||||||
Series W
|
N/A | N/A | 1,440 | 36,000,000 | ||||||||||||
Total
|
N/A | N/A | 2,880 | $ | 72,000,000 | |||||||||||
5. | Investment Transactions |
Number of |
Premiums |
|||||||
Contracts | Received | |||||||
Outstanding, beginning of period
|
1,540 | $ | 259,037 | |||||
Options written
|
5,205 | 612,662 | ||||||
Options terminated in closing purchase transactions
|
(1,540) | (259,037) | ||||||
Options expired
|
| | ||||||
Outstanding, end of period
|
5,205 | $ | 612,662 | |||||
34
|
Nuveen Investments | |
6. | Income Tax Information |
Cost of investments
|
$ | 284,536,150 | ||
Gross unrealized:
|
||||
Appreciation
|
$ | 26,846,068 | ||
Depreciation
|
(26,413,659 | ) | ||
Net unrealized appreciation (depreciation) of investments
|
$ | 432,409 | ||
Undistributed net ordinary income *
|
$ | | ||
Undistributed net long-term capital gains
|
| |||
* | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Distributions from net ordinary income *
|
$ | 9,554,083 | ||
Distributions from net long-term capital gains
|
| |||
Tax return of capital
|
8,145,997 | |||
* | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Expiration:
|
||||
December 31, 2016
|
$ | 39,039,775 | ||
December 31, 2017
|
32,452,667 | |||
Total
|
$ | 71,492,442 | ||
7. | Management Fees and Other Transactions with Affiliates |
Average Daily Managed Assets * | Fund-Level Fee Rate | |||
For the first $500 million
|
.7000 | % | ||
For the next $500 million
|
.6750 | |||
For the next $500 million
|
.6500 | |||
For the next $500 million
|
.6250 | |||
For Managed Assets over $2 billion
|
.6000 | |||
Nuveen Investments
|
35 | |
Notes to FINANCIAL STATEMENTS (Unaudited) (continued) |
Complex-Level Managed Asset Breakpoint Level * | Effective Rate at Breakpoint Level | |||
$55 billion
|
.2000 | % | ||
$56 billion
|
.1996 | |||
$57 billion
|
.1989 | |||
$60 billion
|
.1961 | |||
$63 billion
|
.1931 | |||
$66 billion
|
.1900 | |||
$71 billion
|
.1851 | |||
$76 billion
|
.1806 | |||
$80 billion
|
.1773 | |||
$91 billion
|
.1691 | |||
$125 billion
|
.1599 | |||
$200 billion
|
.1505 | |||
$250 billion
|
.1469 | |||
$300 billion
|
.1445 | |||
* | The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fees, daily managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trusts issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed assets in certain circumstances. As of June 30, 2010, the complex-level fee rate was .1857%. |
Year Ending |
Year Ending |
|||||||||
September 30, | September 30, | |||||||||
2003 * | .32 | % | 2008 | .32 | % | |||||
2004 | .32 | 2009 | .24 | |||||||
2005 | .32 | 2010 | .16 | |||||||
2006 | .32 | 2011 | .08 | |||||||
2007 | .32 | |||||||||
* | From the commencement of operations. |
8. | Senior Loan Commitments |
36
|
Nuveen Investments | |
9. | Borrowing Arrangements |
10. | New Accounting Pronouncements |
11. | Subsequent Events |
Nuveen Investments
|
37 | |
Financial HIGHLIGHTS (Unaudited) |
|||||
Selected data for a Common share outstanding throughout each period: |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions |
Discount |
|||||||||||||||||||||||||||||||||||||||||||||||||||
from Net |
Distributions |
Net |
from |
|||||||||||||||||||||||||||||||||||||||||||||||||
Beginning |
Net |
Investment |
from Capital |
Investment |
Capital |
Return of |
Common |
Ending |
||||||||||||||||||||||||||||||||||||||||||||
Common |
Realized/ |
Income to |
Gains to |
Income to |
Gains to |
Capital to |
Shares |
Common |
||||||||||||||||||||||||||||||||||||||||||||
Share |
Net |
Unrealized |
FundPreferred |
FundPreferred |
Common |
Common |
Common |
Repurchased |
Share |
Ending |
||||||||||||||||||||||||||||||||||||||||||
Net Asset |
Investment |
Gain |
Share- |
Share- |
Share- |
Share- |
Share- |
and |
Net Asset |
Market |
||||||||||||||||||||||||||||||||||||||||||
Value | Income(a) | (Loss)(b) | holders(c) | holders(c) | Total | holders | holders | holders | Total | Retired | Value | Value | ||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2010(g) | $ | 11.13 | $ | .16 | $ | .13 | $ | | $ | | $ | .29 | $ | (.47 | )** | $ | | $ | | $ | (.47 | ) | $ | | * | $ | 10.95 | $ | 9.86 | |||||||||||||||||||||||
2009 | 8.30 | .46 | 3.24 | | * | | * | 3.70 | (.47 | ) | | (.41 | ) | (.88 | ) | .01 | 11.13 | 9.73 | ||||||||||||||||||||||||||||||||||
2008 | 16.09 | .89 | (7.19 | ) | (.18 | ) | | (6.48 | ) | (.78 | ) | (.06 | ) | (.47 | ) | (1.31 | ) | | 8.30 | 6.32 | ||||||||||||||||||||||||||||||||
2007 | 19.22 | 1.02 | (2.30 | ) | (.12 | ) | (.19 | ) | (1.59 | ) | (.90 | ) | (.64 | ) | | (1.54 | ) | | 16.09 | 14.28 | ||||||||||||||||||||||||||||||||
2006 | 16.88 | .99 | 2.98 | (.13 | ) | (.15 | ) | 3.69 | (.98 | ) | (.37 | ) | | (1.35 | ) | | 19.22 | 21.03 | ||||||||||||||||||||||||||||||||||
2005 | 16.85 | .83 | 1.00 | (.09 | ) | (.10 | ) | 1.64 | (.71 | ) | (.90 | ) | | (1.61 | ) | | 16.88 | 16.35 | ||||||||||||||||||||||||||||||||||
FundPreferred Shares at End of Period | Borrowings at End of Period | |||||||||||||||||||
Aggregate |
Liquidation |
Aggregate |
||||||||||||||||||
Amount |
and Market |
Asset |
Amount |
Asset |
||||||||||||||||
Outstanding |
Value |
Coverage |
Outstanding |
Coverage |
||||||||||||||||
(000) | Per Share | Per Share | (000) | Per $1,000 | ||||||||||||||||
Year Ended 12/31:
|
||||||||||||||||||||
2010(g)
|
$ | | $ | | $ | | $ | 65,000 | $ | 4,363 | ||||||||||
2009
|
| | | 65,000 | 4,424 | |||||||||||||||
2008
|
72,000 | 25,000 | 83,203 | | | |||||||||||||||
2007
|
120,000 | 25,000 | 92,729 | 45,000 | 10,891 | |||||||||||||||
2006
|
120,000 | 25,000 | 105,715 | 45,000 | 12,276 | |||||||||||||||
2005
|
120,000 | 25,000 | 95,857 | | | |||||||||||||||
(a) | Per share Net Investment Income is calculated using the average daily shares method. | |
(b) | Net of federal corporate income taxes on long-term capital gains retained by the Fund per share as follows: |
Long-Term |
||||
Capital Gains |
||||
Retained | ||||
Year Ended 12/31: | ||||
2010(g) | N/A | |||
2009 | N/A | |||
2008 | N/A | |||
2007 | $ | .25 | ||
2006 | .25 | |||
2005 | N/A | |||
(c) | The amounts shown are based on Common share equivalents. |
38
|
Nuveen Investments | |
Total Returns | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||
Based on |
Ratios to Average Net Assets |
Ratios to Average Net Assets |
||||||||||||||||||||||||||||||
Common |
Ending |
Applicable to Common Shares |
Applicable to Common Shares |
|||||||||||||||||||||||||||||
Share |
Net Assets |
Before Reimbursement(e) | After Reimbursement(e)(f) | |||||||||||||||||||||||||||||
Based on |
Net |
Applicable to |
Net |
Net |
Portfolio |
|||||||||||||||||||||||||||
Market |
Asset |
Common |
Investment |
Investment |
Turnover |
|||||||||||||||||||||||||||
Value(d) | Value(d) | Shares (000) | Expenses | Income | Expenses | Income | Rate | |||||||||||||||||||||||||
6.01 | % | 2.50 | % | $ | 218,615 | 1.70 | %*** | 2.57 | %*** | 1.50 | %*** | 2.78 | %*** | 34 | % | |||||||||||||||||
72.17 | 47.30 | 222,566 | 1.89 | 4.73 | 1.59 | 5.02 | 77 | |||||||||||||||||||||||||
(49.58 | ) | (42.60 | ) | 167,623 | 2.13 | 6.28 | 1.65 | 6.77 | 49 | |||||||||||||||||||||||
(25.75 | ) | (9.00 | ) | 325,097 | 2.20 | 5.06 | 1.74 | 5.53 | 48 | |||||||||||||||||||||||
38.72 | 22.66 | 387,432 | 1.70 | 5.03 | 1.26 | 5.47 | 44 | |||||||||||||||||||||||||
16.36 | 10.21 | 340,113 | 1.42 | 4.53 | .99 | 4.96 | 49 | |||||||||||||||||||||||||
(d) | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period takes place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in Common Share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Funds market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
The Fund elected to retain a portion of its realized long-term capital gains for the following tax years ended December 31, (which is the fiscal year end for the Fund) and pay required federal corporate income taxes on these amounts. As reported on Form 2439, Common shareholders on record date must include their pro-rata share of these gains on their applicable federal tax returns, and are entitled to take offsetting tax credits, for their pro-rata share of the taxes paid by the Fund. The standardized total returns shown above do not include the economic benefit to Common shareholders on record date of these tax credits/refunds. The Funds corresponding Total Returns Based on Market Value and Common Share Net Asset Value when these benefits are included are as follows: |
Total Returns | ||||||||||||
Common |
Based on |
|||||||||||
Shareholders |
Based on |
Common Share |
||||||||||
of Record on | Market Value | Net Asset Value | ||||||||||
Year Ended 12/31:
|
||||||||||||
2010(g)
|
N/A | 6.01 | % | 2.50 | % | |||||||
2009
|
N/A | 72.17 | 47.30 | |||||||||
2008
|
N/A | (49.58 | ) | (42.60 | ) | |||||||
2007
|
December 31 | (24.47 | ) | (7.60 | ) | |||||||
2006
|
December 29 | 40.37 | 24.26 | |||||||||
2005
|
N/A | 16.36 | 10.21 | |||||||||
(e) |
Ratios do not reflect
the effect of dividend payments to FundPreferred shareholders,
when applicable.
|
|
Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to FundPreferred shares and/or borrowings, where applicable. | ||
Each ratio includes the effect of the interest expense paid on borrowings as follows: |
Ratio of Borrowings Interest
Expense to |
||||
Average Net Assets Applicable to Common Shares (h) | ||||
Year Ended 12/31: | ||||
2010(g) | .35 | %*** | ||
2009 | .38 | |||
2008 | .38 | |||
2007 | .66 | |||
2006 | .26 | *** | ||
2005 | | |||
(f) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Funds net cash on deposit with the custodian bank, where applicable. | |
(g) | For the six months ended June 30, 2010. | |
(h) | Borrowings Interest Expense includes amortization of borrowing costs. Borrowing Costs were fully amortized and expensed as of December 31, 2009. | |
N/A | Not applicable for six months ended June 30, 2010. The Fund had no retained capital gains for the tax years ended December 31, 2009, December 31, 2008 and December 31, 2005. | |
* | Rounds to less than $.01 per share. | |
** | Represents distributions paid From and in excess of net investment income for the six months ended June 30, 2010. | |
*** | Annualized. |
Nuveen Investments
|
39 | |
A. | Nature, Extent and Quality of Services |
40
|
Nuveen Investments | |
B. | The Investment Performance of the Fund and Fund Advisers |
Nuveen Investments
|
41 | |
C. | Fees, Expenses and Profitability |
42
|
Nuveen Investments | |
D. | Economies of Scale and Whether Fee Levels Reflect These Economies of Scale |
Nuveen Investments
|
43 | |
E. | Indirect Benefits |
F. | Other Considerations |
44
|
Nuveen Investments | |
Nuveen Investments
|
45 | |
46
|
Nuveen Investments | |
n | Average Annual Total Return: This is a commonly used method to express an investments performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
n | Collateralized Debt Obligations (CDOs): Collateralized debt obligations are a type of asset-backed security constructed from a portfolio of fixed-income assets. CDOs usually are divided into different tranches having different ratings and paying different interest rates. Losses, if any, are applied in reverse order of seniority and so junior tranches generally offer higher coupons to compensate for added default risk. |
n | Current Distribution Rate: Current distribution rate is based on the Funds current annualized quarterly distribution divided by the Funds current market price. The Funds quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Funds cumulative net ordinary income and net realized gains are less than the amount of the Funds distributions, a tax return of capital. |
n | Net Asset Value (NAV): A Funds NAV per common share is calculated by subtracting the liabilities of the Fund (including any debt or preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day. |
Nuveen Investments
|
47 | |
48
|
Nuveen Investments | |
Nuveen Investments
|
49 | |
50
|
Nuveen Investments | |
Common Shares |
||||
Repurchased | ||||
30,100
|
Nuveen Investments
|
51 | |
Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
(a) | See Portfolio of Investments in Item 1. | ||
(b) | Not applicable. |
(b) | (c) | (d)* | ||||||||||||||
(a) | AVERAGE | TOTAL NUMBER OF SHARES | MAXIMUM NUMBER (OR | |||||||||||||
TOTAL NUMBER OF | PRICE | (OR UNITS) PURCHASED AS | APPROXIMATE DOLLAR VALUE) OF | |||||||||||||
SHARES (OR | PAID PER | PART OF PUBLICLY | SHARES (OR UNITS) THAT MAY YET | |||||||||||||
UNITS) | SHARE (OR | ANNOUNCED PLANS OR | BE PURCHASED UNDER THE PLANS OR | |||||||||||||
Period* | PURCHASED | UNIT) | PROGRAMS | PROGRAMS | ||||||||||||
JANUARY 1-31, 2010
|
16,000 | 9.82 | 16,000 | 1,853,899 | ||||||||||||
FEBRUARY 1-28, 2010
|
0 | 0 | 1,853,899 | |||||||||||||
MARCH 1-31, 2010
|
0 | 0 | 1,853,899 | |||||||||||||
APRIL 1-30, 2010
|
0 | 0 | 1,853,899 | |||||||||||||
MAY 1-31, 2009
|
13,300 | 9.80 | 13,300 | 1,840,599 | ||||||||||||
JUNE 1-30, 2009
|
800 | 9.72 | 800 | 1,839,799 | ||||||||||||
TOTAL
|
30,100 |
* | The registrants repurchase program, which authorized the repurchase of 2,015,000 shares, was announced October 3, 2009. Any repurchases made by the registrant pursuant to the program were made through open-market transactions. |
(a) | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the Exchange Act)(17 CFR 240.13a-15(b) or 240.15d-15(b)). | ||
(b) | There were no changes in the registrants 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting. |
(Registrant) Nuveen Diversified Dividend and Income Fund |
||||
By (Signature and Title) | /s/ Kevin J. McCarthy | |||
Kevin J. McCarthy | ||||
Vice President and Secretary | ||||
By (Signature and Title) | /s/ Gifford R. Zimmerman | |||
Gifford R. Zimmerman | ||||
Chief Administrative Officer (principal executive officer) |
||||
By (Signature and Title) | /s/ Stephen D. Foy | |||
Stephen D. Foy | ||||
Vice President and Controller (principal financial officer) |
||||