core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed's unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Fed's target of 6.5%. As of December 2013, the national unemployment rate was 6.7%, down from 7.0% in November 2013. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.7% for the twelve months ended November 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.

For much of the reporting period, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500^® Index, the Dow Jones Industrial Average and the Russell 2000^® Index, each hit all-time highs during the reporting period. The S&P 500^® Index gained 32.39% and the Dow Jones Industrial Average gained 29.65% during the reporting period. Gold suffered its first annual decline since 2000. The Nikkei Index rose 57%, while most European developed markets generated double-digit returns. Easing money policies by the world's central banks continued, joined by significant steps in Japan, while economic growth remained weak. Returns from most developing markets underperformed developed markets, with China and Brazil both posting negative returns for the reporting period.

What key strategies were used to manage the Funds during this twelve-month reporting period ended December 31, 2013?

Both of the Funds continued to employ the same fundamental investment strategies and tactics used previously, although implementation of those strategies depended on the individual characteristics of the portfolios, as well as market conditions. The Funds' management teams used a highly collaborative, research-driven approach that we believe offers the best opportunity to achieve consistent, superior long-term performance on a risk-adjusted basis across the full range of market environments. Going into the reporting period, the Funds were generally positioned for an environment of continued moderate economic growth and improving financial conditions, a posture we remained committed to during the reporting period. Nonetheless, we made shifts on an ongoing basis that were geared toward improving each Fund's profile in response to changing conditions and valuations. These strategic moves are discussed in more detail later in this report.

During this reporting period, JGG's investment objective of high current income and gains with a secondary objective of seeking capital preservation remained unchanged. JGG features a more traditional, multi-sector global bond strategy that invests primarily in sovereign, corporate and other types of debt from developed and emerging markets around the world. JGG intends to actively manage its country, currency, sector and interest rate exposures as market conditions change. JGG will invest at least 80% of its managed assets in global debt securities, including but not limited to global sovereign and government-related debt, domestic and foreign debt securities, U.S. government securities, residential and commercial mortgage-backed securities and asset backed securities. JGG will invest primarily in securities rated investment grade at the time of purchase, from issuers in both developed and emerging market countries.

Our constructive view of the global economy and financial stabilization continued to unfold during the reporting period, as global economic data improved, U.S. fiscal uncertainties moderated, Chinese policy visibility improved and global monetary conditions remained accommodative. As a result, our key sector and interest rate themes in the Fund remained intact, favoring corporate bonds over governments and a defensive interest rate posture. We also retained the Fund's industry focus on financials as well as cyclically-sensitive industries within corporate bonds. Portfolio activity was centered on bottom-up credit and issue selection. We increased the Fund's investment grade and emerging market credit exposures during the period in response to specific opportunities. We reduced the Fund's high yield exposure as the reporting period came to a close on the heels of the segment's strong performance in 2013. In addition, we actively repositioned currency exposures based on fundamental developments and valuation shifts, including additions to the Brazilian real,

Malaysian ringgit, U.S. dollar and reductions in the Canadian dollar, Indian rupee, Korean won, Norwegian krone and Turkish lira.

JGT seeks to provide the potential for an attractive level of current income and total return. The Fund offers actively managed diversified exposure to foreign currencies and short-term global yields by investing directly and indirectly in a portfolio of short-term international government securities denominated in unhedged, non-U.S. currencies. Indirect investments in international non-U.S. government securities are made by purchasing forward currency contracts and other derivative instruments that are collateralized by direct investments in U.S. cash equivalents, including U.S. government debt and agency paper. This strategy may create the economic effect of financial leverage. JGT also actively manages both long and short currency positions in multiple currencies.

The reporting period was marked by bouts of volatility in the foreign exchange market. Throughout the reporting period, we actively repositioned the Fund's currency exposure based on changes in valuations and fundamental economic developments. We increased focus on currency selection as the dollar is no longer in a broad based downtrend and global monetary policies respond to domestic priorities and developments. We remained underweight the Japanese yen and euro, and the Fund's net short U.S dollar exposure was decreased. We continued to invest in countries that should benefit from improving global growth, working toward improving external balances, or implementing structural reforms. We increased our currency exposure in Brazil, Malaysia and the U.K as those currencies exhibited either attractive yields and/or improving growth. We reduced currency exposures in Canada, Chile, India, Korea, Norway and Turkey in response to changes in valuations and fundamental developments. As we experienced opportunities in the diverging economic macro fundamentals and monetary policies, the Fund ended the reporting period with short currency exposures in Japan, Canada and Korea.

How did the Funds perform during this twelve-month reporting period ended December 31, 2013?

The tables in the Performance Overview and Holding Summaries section of this report provide total return performance for the Funds for the one-year, five-year and since inception periods ended December 31, 2013. For the twelve-month reporting period, the Funds' total returns at net asset value (NAV) underperformed their respective index.

During the reporting period, JGG underperformed the Barclays Global Aggregate Bond Index. The underperformance was largely due to the negative impact of currency positioning. Currencies were volatile in the summer and early fall as the U.S. dollar declined versus the euro and the British pound, while emerging market currencies were hit amid fears of growth and rising rates. The most notable detractors were the Fund's exposures to the Indian rupee, Turkish lira, Brazilian real and Australian dollar. Also detracting from performance was our underweight to the euro. The Fund's exposure to the Mexican peso contributed to the performance as Mexico passed several reform measures that may attract foreign investments and increase growth potential. Also, the Fund's significant underweight to the Japanese yen was a positive contributor to performance during the reporting period.

Interest rate positioning had mixed results, but in aggregate was a detractor in terms of the Fund's twelve-month reporting period returns. Our overall defensive interest rate positioning globally added value as the Fund's duration, or interest rate sensitivity, was significantly shorter than the benchmark and mid-period adjustments proved beneficial to returns. However, country selection within interest rate market positioning had a net negative impact during the reporting period. Our underweight duration in the euro zone and Japan in favor of higher yielding markets such as Mexico and South Africa was disadvantageous as rates rose less in Europe and Japan. Overweights to interest rates in smaller G-10 countries (major world economies) were partial positive offsets to the other exposures.

The improvement in credit spreads and stabilization in markets helped drive positive contribution from the Fund's corporate bond exposure during the twelve-month reporting period. Our positioning in high yield corporate bonds was the largest positive contributor to the Fund's performance, both through our overweight in the sector, as well as from issue selection and tactical repositioning within high yield during the reporting period. High yield was the top-performing fixed

income sector as it benefited from strong issuer fundamentals, accommodative financing conditions, and the reduced U.S. fiscal and monetary policy uncertainty later in the reporting period represented a catalyst for risk assets. High yield investors also became more comfortable with rising Treasury yields as macro fundamentals improved. Even as Treasury rates drifted higher in November and December, the high yield asset class again managed to outperform its fixed income peers. The spread between high yield and Treasuries tightened to end the year at 428 basis points, despite what turned out to be another brisk period for high yield bond issuance.

The Fund also experienced positive performance contribution from investment grade credit. The Fund's focus on the financial, energy and metals/mining sectors was helpful, including European bank preferreds. Emerging market credit, both investment grade and high yield, also contributed to performance.

In the current environment, income generation and interest rate risk management are key considerations. Given strong fundamentals and still attractive valuations, we are maintaining the Fund's emphasis on investment grade and high yield credit. These sectors provide strong income generation and are defensive relative to rising interest rates. Within corporate bonds, we believe issue and credit selection can be more important drivers of performance and risk management than high level sector selection. Despite recent outperformance, financial issues continued to be attractive, as are selected cyclicals. Within investment grade, we prefer BBB-rated over A-rated industrials, given better relative value and lesser risk of re-leveraging behavior in lower rated credits.

We anticipate U.S. rates to be pressured higher as they move closer to fair value levels. Although we don't expect a shock higher in yields, interest rate volatility could rise in response to economic developments. We are maintaining our defensive duration posture in the Fund and very limited exposure to Treasuries and mortgage-backed securities. We see value for return and diversification in selected developed foreign currencies and bonds, but with a sharp focus on market selection. We remain focused on developments in currencies, as we see the current market uncertainty creating valuation opportunities.

JGT also underperformed its Comparative Benchmark, which is a 50% blend of the Citigroup Non-U.S. World Government Bond 1-3 Year Index and JPMorgan Emerging Local Markets Index Plus. The Fund was negatively impacted by the general appreciation of the U.S. dollar, given the short dollar bias of the Fund, but the income generated by both currency and short-term bond exposures helped to mitigate some of those losses.

Currencies were very volatile in the summer and early fall as the U.S. dollar declined versus the euro and the British pound, while emerging market currencies were hit amid fears of growth and rising rates. Emerging market currencies with high current account deficits were the worst performers even as the central banks in those countries intervened to support their currencies. The largest detractor in terms of currencies was the Fund's overweight to growth oriented currencies, which suffered from capital outflows and concerns about current account imbalances. The most notable detractors were the Fund's exposures to the Indian rupee, Turkish lira, South African rand, Australian dollar and Brazilian real. On the other hand, the Fund's exposure to the Mexican peso contributed to the performance as Mexico passed several reform measures that may attract foreign investments and increase growth potential.

Our currency positioning also emphasized an underweight to the euro, given fundamental economic growth headwinds faced by the region, and to the Japanese yen, in light of policy divergence from the U.S. and other domestic developments in Japan. The Fund's significant underweight to the Japanese yen was a positive contributor to performance during the reporting period. We maintained this underweight due to fundamental reasons surrounding Japanese policy developments. As the Bank of Japan continued its efforts to lift inflation and improve economic conditions, its quantitative easing program put downward pressure on the Japanese yen. We also maintained this position to help protect the Fund's other foreign positions from a generalized rise in the dollar. Similarly, we held an underweight to the euro for portfolio and currency specific reasons. However, the euro positioning was a drag on results throughout the reporting period as the euro appreciated amid U.S. uncertainty and stronger-than-expected European economic performance and capital inflows into the euro zone during the latter half of the reporting period.

IMPACT OF LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the return of JGG relative to its benchmarks was the Fund's use of leverage through the use of bank borrowings. The Fund uses leverage because our research has shown that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, use of leverage also can expose shareholders to additional volatility. For example, as the prices of securities held by the Fund decline, the negative impact of these valuation changes on common share NAV and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by the Fund generally are rising. Leverage had a negative impact on the performance of JGG during this reporting period.

JGG also continued to use interest rate swap contracts in order to hedge leverage costs. The impact on performance was positive during this reporting period.

JGT's investment strategies did not create the economic effects of leverage for the Fund during this reporting period.

As of December 31, 2013, JGG's percentages of leverage are shown in the accompanying table.

	JGG
Effective Leverage*		33.54	%
Regulatory Leverage*		31.46	%

* Effective leverage is the Fund's effective economic leverage and includes regulatory leverage. Effective leverage attempts to measure the extent to which the return and risk of an investment in the Fund's shares are magnified through the use of certain forms of leverage. This Fund uses leverage in the form of borrowings from a credit facility, and may also use derivatives that increase or decrease investment risk compared to the exposure level of the securities in the portfolio. This measure includes the notional value of certain of these derivatives considered to increase investment risk. The Fund's borrowings are considered regulatory leverage as they are part of the Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

JGG'S REGULATORY LEVERAGE

Bank Borrowings

JGG employs regulatory leverage through the use of bank borrowings. As of December 31, 2013, the Fund has outstanding bank borrowings of $56,000,000.

Refer to Notes to Financial Statements, Note 8 – Borrowing Arrangements for further details.

THE FUNDS' CURRENCY INVESTMENT EXPOSURE IN EXCESS OF MANAGED ASSETS

Currency investment exposure in excess of managed assets is a Fund's net exposure to currencies other than the U.S. dollar greater than the amount of managed assets resulting from:

(i) the purchase of non-U.S. dollar denominated securities, and

(ii) the use of foreign exchange contracts such as forwards or options.

As of December 31, 2013, JGT's currency investment exposure in excess of the Fund's managed assets is as shown in the accompanying table.

				JGT
Currency Investment Exposure in Excess of Managed Assets					2.71	%

JGG's investment strategies did not create currency investment exposure for the Fund that exceeded its managed assets as of the end of this reporting period.

The following table provides estimated information regarding each Fund's distributions and total return performance for the fiscal year ended December 31, 2013. This information is intended to help you better understand whether the Funds' returns for the specified time period were sufficient to meet their distributions.

As of December 31, 2013	JGG			JGT
Inception date		6/27/06			4/25/07
Fiscal year (calendar year) ended December 31, 2013:
Per share distribution:
From net investment income	$	0.00		$	0.00
From long-term capital gains		0.08			0.03
From short-term capital gains		0.00			0.00
Return of capital		1.06			1.03
Total per share distribution	$	1.14		$	1.06
Distribution rate on NAV		8.68	%		8.77	%
Current distribution rate*		8.60	%		9.33	%
Average annual total returns:
Excluding retained gain tax credit/refund***:
1-Year on NAV		(7.49	)%		(10.83	)%
5-Year on NAV		2.17	%		2.29	%
Since inception on NAV		3.46	%		2.15	%
Including retained gain tax credit/refund***:
1-Year on NAV		N/A			(10.83	)%
5-Year on NAV		N/A			2.29	%
Since inception on NAV		N/A			2.25	%

* Current distribution rate is based each Fund's current annualized quarterly distribution divided by the Fund's current market price. Each Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes.

*** JGT elected to retain a portion of its realized long-term capital gains for the tax year ended December 31, 2007, and pay required federal corporate income taxes on this amount. As reported on Form 2439, 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 shareholders on record date of these tax credits/refunds. The Fund had no retained capital gains for the tax years ended December 31, 2008 through December 31, 2013.

SHARE REPURCHASES

During November 2013, the Nuveen Funds' Board of Directors/Trustees reauthorized the Funds' open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of their outstanding shares.

As of December 31, 2013, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired shares as shown in the accompanying table.

	JGG		JGT
Shares Cumulatively Repurchased and Retired		95,500		3,521,500
Shares Authorized for Repurchase		935,000		4,635,000

During the current reporting period, the Funds repurchased and retired shares at a weighted average price and a weighted average discount per share as shown in the accompanying table.

	JGG			JGT
Shares Repurchased and Retired		69,600			1,962,431
Weighted Average Price Per Share Repurchased and Retired	$	11.56		$	10.84
Weighted Average Discount Per Share Repurchased and Retired		13.94	%		15.39	%

OTHER SHARE INFORMATION

As of December 31, 2013, and during the current reporting period, the Funds' share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

	JGG			JGT
Share NAV	$	13.13		$	12.08
Share Price	$	11.39		$	10.08
Premium/(Discount) to NAV		(13.25	)%		(16.56	)%
12-Month Average Premium/(Discount) to NAV		(10.02	)%		(13.38	)%

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:

Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the corporate securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like the Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Leverage Risk. A Fund's use of leverage creates the possibility of higher volatility for the Fund's per share NAV, market price, and distributions. Leverage risk can be introduced through regulatory leverage (issuing preferred shares or debt borrowings at the Fund level) or through certain derivative investments held in a Fund's portfolio. Leverage typically magnifies the total return of a Fund's portfolio, whether that return is positive or negative. The use of leverage creates an opportunity for increased common share net income, but there is no assurance that a Fund's leveraging strategy will be successful.

Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations. This is particularly true for funds employing a managed distribution program.

Below-Investment Grade Risk. Investments in securities below-investment grade quality are predominantly speculative and subject to greater volatility and risk of default.

Non-U.S. Securities Risk. Investments in non-U.S securities involve special risks not typically associated with domestic investments including currency risk and adverse political, social and economic development. These risks often are magnified in emerging markets.

Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing the Funds to reinvest in lower-yielding securities.

Derivatives Strategy Risk. Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments.

Issuer Credit Risk. This is the risk that a security in a Fund's portfolio will fail to make dividend or interest payments when due.

Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.

Currency Risk. Changes in exchange rates will affect the value of a Fund's investments.

Counterparty Risk. To the extent that a Fund's derivative investments are purchased or sold in over-the-counter transactions, the Fund will be exposed to the risk that counterparties to these transactions will be unable to meet their obligations.

Shares			Description (1)	Coupon				Ratings (2)	Value
			LONG-TERM INVESTMENTS – 141.6% (98.6% of Total Investments)
			$25 PAR (OR SIMILAR) RETAIL STRUCTURES – 2.6% (1.9% of Total Investments)
			Commercial Banks – 1.3%
	15,000		Morgan Stanley		7.125	%		BB+	$	392,100
	30,000		PNC Financial Services		6.125	%		BBB		757,500
	20,000		Regions Financial Corporation		6.375	%		BB		443,000
			Total Commercial Banks							1,592,600
			Consumer Finance – 0.3%
	20,000		Discover Financial Services		6.500	%		BB		460,800
			Diversified Financial Services – 0.4%
	18,425		Citigroup Inc.		7.125	%		BB+		477,945
			Insurance – 0.6%
	25,000		Hartford Financial Services Group Inc.		7.875	%		BB+		716,500
			Total $25 Par (or similar) Retail Structures (cost $3,424,812)							3,247,845
Principal Amount (000) (4)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			CORPORATE BONDS – 70.1% (48.8% of Total Investments)
			Aerospace & Defense – 0.6%
$	680		Exelis, Inc.		5.550	%	10/01/21	BBB+	$	683,941
			Airlines – 0.3%
	300		Air Canada, 144A		6.750	%	10/01/19	BB		316,500
			Auto Components – 1.6%
	300		Allison Transmission Inc., 144A		7.125	%	5/15/19	B+		323,250
	400		American & Axle Manufacturing Inc.		6.625	%	10/15/22	B+		421,000
	250		Gestamp Funding Lux SA, 144A		5.625	%	5/31/20	BB		254,375
	250		Pittsburgh Glass Works LLC, 144A		8.000	%	11/15/18	B		263,125
	300		Stackpole International Intermediate Company, 144A		7.750	%	10/15/21	B+		312,000
	350		TRW Automotive Inc., 144A		4.450	%	12/01/23	BBB–		339,500
	1,850		Total Auto Components							1,913,250
			Automobiles – 0.5%
	200	EUR	Fiat Finance & Trade SA		7.000	%	3/23/17	BB–		300,090
	370		General Motors Financial Company Inc., 144A		4.250	%	5/15/23	BB+		351,963
			Total Automobiles							652,053
			Beverages – 0.2%
	300		Andalou Efes Biracilik ve Malt Sanayii AS, 144A		3.375	%	11/01/22	BBB–		238,500
			Building Products – 0.5%
	645		Owens Corning Incorporated		4.200	%	12/15/22	BBB–		615,931

Principal Amount (000) (4)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			Capital Markets – 2.9%
$	1,210		Goldman Sachs Group, Inc.		6.000	%	6/15/20	A	$	1,387,358
	1,000		Goldman Sachs Group, Inc.		5.250	%	7/27/21	A		1,094,842
	300		Lazard Group LLC		4.250	%	11/14/20	BBB		299,349
	450		Morgan Stanley		4.875	%	11/01/22	BBB+		460,647
	250		Morgan Stanley		3.750	%	2/25/23	A		243,266
	3,210		Total Capital Markets							3,485,462
			Chemicals – 2.0%
	300		Eagle Spinco Inc., 144A		4.625	%	2/15/21	BB		294,000
	745		Eastman Chemical Company		3.600	%	8/15/22	BBB		715,244
	300		Ineos Group Holdings SA, 144A		6.125	%	8/15/18	B–		301,500
	250		Momentive Performance Materials Inc.		8.875	%	10/15/20	B3		263,125
	300		Petrologisitics LP Finance, 144A		6.250	%	4/01/20	B		300,750
	300		PolyOne Corporation		5.250	%	3/15/23	BB		292,500
	225		Taminco Global Chemical Corporation, 144A		9.750	%	3/31/20	B–		255,375
	2,420		Total Chemicals							2,422,494
			Commercial Banks – 1.9%
	535		CIT Group Inc.		5.000	%	8/01/23	BB		514,938
	285		HSBC Holdings PLC		6.800	%	6/01/38	A+		350,594
	355		Royal Bank of Scotland Group PLC		6.100	%	6/10/23	BBB–		357,874
	400		Santander UK PLC, 144A		5.000	%	11/07/23	A–		401,488
	300		VTB Bank OJSC via VTB Capital SA, Loan Participiation, 144A		6.875	%	5/29/18	BBB		327,360
	340		Wells Fargo & Company		3.450	%	2/13/23	A+		321,448
	2,215		Total Commercial Banks							2,273,702
			Commercial Services & Supplies – 2.1%
	200		ABX Group Inc.		6.375	%	12/01/19	Ba3		203,000
	300		ADT Corporation, 144A		6.250	%	10/15/21	BBB–		315,000
	250		Casella Waste Systems Inc.		7.750	%	2/15/19	Caa1		256,250
	400		Ceridian Corporation, 144A		8.875	%	7/15/19	B1		460,000
	300		Clean Harbors Inc.		5.250	%	8/01/20	BB+		309,000
	235	EUR	Europcar Groupe SA, 144A		11.500	%	5/15/17	B–		376,697
	250		Iron Mountain Inc.		5.750	%	8/15/24	B1		231,875
	375		R.R. Donnelley & Sons Company		7.625	%	6/15/20	BB–		407,813
			Total Commercial Services & Supplies							2,559,635
			Communications Equipment – 0.2%
	300		Nokia Corporation		5.375	%	5/15/19	BB–		311,250
			Computers & Peripherals – 0.6%
	300		NCR Escrow Corporation, 144A		6.375	%	12/15/23	BB		306,375
	350		Seagate HDD Cayman		7.000	%	11/01/21	BBB–		386,313
	650		Total Computers & Peripherals							692,688
			Construction Materials – 0.3%
	300		Cemex SAB de CV, 144A		9.000	%	1/11/18	BB–		329,250
			Containers & Packaging – 0.8%
	250		Ardagh Packaging Finance / MP HD USA, 144A		4.875	%	11/15/22	N/R		247,500
	415		Ball Corporation		4.000	%	11/15/23	BB+		371,425
	350		Reynolds Group		7.125	%	4/15/19	B+		372,750
	1,015		Total Containers & Packaging							991,675

Principal Amount (000) (4)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			Diversified Consumer Services – 0.3%
$	400		Office Depot de Mexico SA de CV, 144A		6.875	%	9/20/20	BB+	$	406,000
			Diversified Financial Services – 5.6%
	2,500		Bank of America Corporation		5.700	%	1/24/22	A		2,829,628
	540		BNP Paribas		2.700	%	8/20/18	A+		550,126
	550		Citigroup Inc.		4.500	%	1/14/22	A		582,842
	620		General Electric Capital Corporation		5.300	%	2/11/21	AA		693,544
	515		General Electric Capital Corporation		6.875	%	1/10/39	AA+		662,082
	490		JPMorgan Chase & Company		3.375	%	5/01/23	A		456,680
	545		JPMorgan Chase & Company		6.400	%	5/15/38	A+		650,460
	350		Nationstar Mortgage LLC Capital Corporation		7.875	%	10/01/20	B+		363,125
	6,110		Total Diversified Financial Services							6,788,487
			Diversified Telecommunication Services – 2.7%
	450		AT&T, Inc.		5.550	%	8/15/41	A		456,687
	375		CyrusOne LP Finance		6.375	%	11/15/22	B+		388,125
	400		Frontier Comminications Corporation		8.500	%	4/15/20	Ba2		448,000
	350		IntelSat Limited, 144A		6.750	%	6/01/18	B–		371,875
	595		Qwest Corporation		6.750	%	12/01/21	BBB–		651,504
	555		Verizon Communications		5.150	%	9/15/23	A–		595,899
	200		Verizon Communications		6.550	%	9/15/43	A–		233,992
	200		Windstream Corporation		6.375	%	8/01/23	BB+		187,000
	3,125		Total Diversified Telecommunication Services							3,333,082
			Electric Utilities – 0.9%
	300		AES Gener SA, 144A		8.375	%	12/18/73	Ba2		312,750
	225		Intergen NV, 144A		7.000	%	6/30/23	B+		232,875
	600		Origin Energy Finance Limited, 144A		3.500	%	10/09/18	BBB		602,963
	1,125		Total Electric Utilities							1,148,588
			Energy Equipment & Services – 2.1%
	820		Ensco PLC		4.700	%	3/15/21	BBB+		867,348
	155		Gulfmark Offshore Inc.		6.375	%	3/15/22	BB–		156,163
	300		Precision Drilling Corporation		6.500	%	12/15/21	Ba1		319,500
	765		Transocean Inc.		3.800	%	10/15/22	BBB–		725,087
	420		Weatherford International Limited		7.000	%	3/15/38	Baa2		464,883
	2,460		Total Energy Equipment & Services							2,532,981
			Food Products – 1.2%
	375		JBS USA LLC		7.250	%	6/01/21	BB		390,938
	250		Marfrig Holding Europe BV, 144A		9.875	%	7/24/17	B		246,875
	300		Minerva Luxembourg SA, 144A		7.750	%	1/31/23	BB–		297,750
	200		Mriya Agro Holding PLC, 144A		9.450	%	4/19/18	B–		171,000
	350		Pinnacle Foods Finance LLC, 144A		4.875	%	5/01/21	B–		330,750
	1,475		Total Food Products							1,437,313
			Gas Utilities – 0.3%
	375		AmeriGas Finance LLC		7.000	%	5/20/22	Ba2		406,875
			Health Care Providers & Services – 1.2%
	400		HCA Holdings Inc.		7.750	%	5/15/21	B–		437,000
	375		Kindred Healthcare Inc., Term Loan		8.250	%	6/01/19	B–		399,375
	275	EUR	Labco SAS, 144A		8.500	%	1/15/18	BB–		401,962
	250		Tenet Healthcare Corporation		4.375	%	10/01/21	BB		235,000
			Total Health Care Providers & Services							1,473,337

Principal Amount (000) (4)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			Hotels, Restaurants & Leisure – 0.4%
$	200		Shearer's Foods LLC, 144A		9.000	%	11/01/19	B	$	211,000
	250		Wynn Macau Limited, 144A		5.250	%	10/15/21	BB		250,313
	450		Total Hotels, Restaurants & Leisure							461,313
			Independent Power Producers & Energy Traders – 1.2%
	244		Calpine Corporation, 144A		7.500	%	2/15/21	BB+		266,265
	485		Constellation Energy Group		5.150	%	12/01/20	BBB+		516,089
	300		Dynegy Holdings, Inc., Term Loan		5.875	%	6/01/23	B+		283,500
	400		Genon Energy Inc.		9.500	%	10/15/18	B		453,000
	1,429		Total Independent Power Producers & Energy Traders							1,518,854
			Industrial Conglomerates – 0.3%
	2,000	NOK	Grieg Seafood ASA		8.660	%	12/21/15	N/R		344,583
			Insurance – 2.2%
	750		AFLAC Insurance		6.450	%	8/15/40	A–		882,451
	495		Genworth Holdings Inc.		4.800	%	2/15/24	BBB–		488,941
	385		Liberty Mutual Group Inc., 144A		4.950	%	5/01/22	Baa2		398,095
	415		Swiss Re Treasury US Corporation, 144A		4.250	%	12/06/42	AA–		356,627
	510		UnumProvident Corporation		5.625	%	9/15/20	BBB		559,034
	2,555		Total Insurance							2,685,148
			IT Services – 0.7%
	565		Computer Sciences Corporation		4.450	%	9/15/22	BBB		544,965
	300		First Data Corporation		6.750	%	11/01/20	BB–		312,000
	865		Total IT Services							856,965
			Machinery – 1.4%
	1,000		Eaton Corporation		4.150	%	11/01/42	A–		888,336
	300	EUR	Loxam SAS, 144A		7.375	%	1/24/20	B		441,600
	425		Terex Corporation		6.000	%	5/15/21	BB–		439,344
			Total Machinery							1,769,280
			Media – 4.3%
	325		Cequel Communication Holdings I, 144A		5.125	%	12/15/21	B–		304,688
	720		Comcast Corporation		6.400	%	5/15/38	A–		831,419
	620		DIRECTV Holdings LLC		3.800	%	3/15/22	BBB		595,594
	300		Dish DBS Corporation		4.250	%	4/01/18	BB–		306,000
	300		Gannett Company Inc., 144A		5.125	%	7/15/20	Ba1		303,750
	275		McGraw-Hill Global Education Holdings, 144A		9.750	%	4/01/21	BB		303,875
	400		Nara Cable Funding Limited, 144A		8.875	%	12/01/18	BB–		430,000
	555		News America Holdings Inc.		6.650	%	11/15/37	BBB+		647,830
	200		Sinclair Television Group, 144A		6.375	%	11/01/21	B1		207,000
	300		Sirius XM Radio Inc., 144A		5.750	%	8/01/21	BB		303,000
	410		Time Warner Cable Inc.		5.875	%	11/15/40	BBB		354,669
	345		Time Warner Inc.		6.100	%	7/15/40	BBB+		376,522
	250	CAD	Videotron Limited, 144A		5.625	%	6/15/25	BB		227,112
			Total Media							5,191,459
			Metals & Mining – 5.2%
	975		Alcoa Inc.		5.400	%	4/15/21	BBB–		995,754
	200		Anglogold Holdings PLC		6.500	%	4/15/40	Baa3		156,000
	715		ArcelorMittal		6.750	%	2/25/22	BB+		777,563
	720		Cliffs Natural Resources Inc.		4.800	%	10/01/20	BBB–		715,620
	300		Coeur d'Alene Mines Corporation		7.875	%	2/01/21	BB–		304,500
	250		Eldorado Gold Corporation, 144A		6.125	%	12/15/20	BB		240,625
	300		FMG Resources, 144A		8.250	%	11/01/19	BB+		336,750
	640		Freeport McMoRan Copper & Gold, Inc.		3.550	%	3/01/22	BBB		608,256

Principal Amount (000) (4)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			Metals & Mining (continued)
$	400		Inmet Mining Corporation, 144A		8.750	%	6/01/20	B+	$	434,000
	700		Newmont Mining Corporation		3.500	%	3/15/22	Baa1		595,830
	200		Severstal OAO Via Steel Capital SA, 144A		4.450	%	3/19/18	BB+		197,750
	320		Teck Resources Limited		6.250	%	7/15/41	BBB		318,538
	250		TMK OAO Capital SA, 144A		6.750	%	4/03/20	B+		240,625
	285		Vale Overseas Limited		6.875	%	11/10/39	A–		294,811
	200		Vedanta Resources PLC, 144A		6.000	%	1/31/19	BB		193,500
	6,455		Total Metals & Mining							6,410,122
			Multiline Retail – 0.7%
	865		Macys Retail Holdings Inc.		3.875	%	1/15/22	BBB+		852,611
			Oil, Gas & Consumable Fuels – 13.7%
	165		Anadarko Petroleum Corporation		6.200	%	3/15/40	BBB–		182,512
	875		Apache Corporation		4.250	%	1/15/44	A–		786,685
	400	CAD	Athabasca Oil Corporation, 144A		7.500	%	11/19/17	B		350,200
	400		Atlas Pipeline LP Finance, 144A		5.875	%	8/01/23	B+		381,000
	375		Bill Barrett Corporation		7.000	%	10/15/22	B1		389,063
	250		Breitburn Energy Partners LP		7.875	%	4/15/22	B–		260,000
	250		Cheniere Energy Inc., 144A		5.625	%	2/01/21	BB+		244,375
	1,000		CNPC General Capital Limited, 144A		3.400	%	4/16/23	A+		916,083
	200		Concho Resources Inc.		5.500	%	10/01/22	BB+		206,500
	200		CONSOL Energy Inc.		8.250	%	4/01/20	BB		216,500
	350		Everest Acquisition LLC Finance, 144A		7.750	%	9/01/22	B		392,000
	1,000		Gazprom OAO Via Gaz Capital SA, 144A		3.850	%	2/06/20	Baa1		965,000
	300		Gibson Energy, 144A		6.750	%	7/15/21	BB		317,250
	300		Halcon Resources Corporation. `		9.750	%	7/15/20	CCC+		312,750
	350		Hercules Offshore LLC, 144A		7.500	%	10/01/21	B		371,000
	400		Key Energy Services Inc.		6.750	%	3/01/21	BB–		410,000
	400		Linn Energy LLC Finance Corporation, 144A		7.000	%	11/01/19	B+		404,000
	1,000		Lukoil International Finance, 144A		3.416	%	4/24/18	BBB		1,008,750
	300		Martin Mid-Stream Partners LP Finance		7.250	%	2/15/21	B–		306,000
	350		MEG Energy Corportation, 144A		7.000	%	3/31/24	BB		354,375
	250		Murphy Oil USA Inc., 144A		6.000	%	8/15/23	BB		251,250
	675		Nabors Industries Inc.		4.625	%	9/15/21	BBB		675,791
	250		Newfield Exlporation Company		5.625	%	7/01/24	BBB–		248,750
	400		Niska Gas Storage US LLC		8.875	%	3/15/18	B		416,000
	330		Northern Tier Energy LLC		7.125	%	11/15/20	BB–		344,850
	300		Oasis Petroleum Inc., 144A		6.875	%	3/15/22	B		318,000
	290		Offshore Group Investment Limited		7.500	%	11/01/19	B–		315,375
	350	CAD	Paramount Resources Limited, 144A		7.625	%	12/04/19	B		334,843
	300		PBF Holding Company LLC		8.250	%	2/15/20	BB+		325,500
	300		Pertamina PT, 144A		4.875	%	5/03/22	Baa3		275,250
	400		PetroBakken Energy Limited, 144A		8.625	%	2/01/20	B–		404,000
	210		Petrobras International Finance Company		5.375	%	1/27/21	Baa1		208,401
	500		Petrohawk Energy Corporation		7.250	%	8/15/18	A		539,000
	250		Range Resources Corporation		5.000	%	8/15/22	BB		245,625
	1,000		Rowan Companies Inc.		4.875	%	6/01/22	BBB–		1,014,752
	350		Sandridge Energy Inc.		8.125	%	10/15/22	B2		371,000
	250		Seadrill Limited, 144A		6.125	%	9/15/20	N/R		249,375
	2,000	NOK	Ship Finance International Limited		6.610	%	10/19/17	N/R		331,393
	250		SM Energy Company		6.625	%	2/15/19	BB–		265,625
	250		Targa Resources Inc., 144A		4.250	%	11/15/23	BB		223,750
	700		Thai Oil PCL, 144A		3.625	%	1/23/23	Baa1		622,290
			Total Oil, Gas & Consumable Fuels							16,754,863

Principal Amount (000) (4)		Description (1)	Coupon			Maturity	Ratings (2)	Value
		Paper & Forest Products – 1.4%
$	715	Domtar Corporation		4.400	%	4/01/22	BBB–	$	684,587
	720	Domtar Corporation		6.750	%	2/15/44	BBB–		734,489
	250	Tembec Industries, Inc.		11.250	%	12/15/18	B3		273,750
	1,685	Total Paper & Forest Products							1,692,826
		Personal Products – 0.3%
	300	Albea Beauty Holdings SA, 144A		8.375	%	11/01/19	B+		312,000
		Pharmaceuticals – 1.2%
	400	AbbVie Inc.		2.900	%	11/06/22	A		373,862
	300	Endo Pharmaceutical Holdings Inc.		7.000	%	12/15/20	B1		321,000
	375	Par Pharmaceutical Companies Inc.		7.375	%	10/15/20	B–		387,656
	335	VP Escrow Corporation, 144A		6.375	%	10/15/20	B1		353,006
	1,410	Total Pharmaceuticals							1,435,524
		Real Estate Investment Trust (REIT) – 2.9%
	1,000	CommomWealth REIT		5.875	%	9/15/20	BBB–		1,028,818
	480	HCP Inc.		3.750	%	2/01/19	BBB+		498,568
	1,000	Liberty Property Trust		3.375	%	6/15/23	Baa1		910,130
	1,000	Senior Housing Properties Trust		6.750	%	4/15/20	BBB–		1,110,370
	3,480	Total Real Estate Investment Trust (REIT)							3,547,886
		Real Estate Management & Development – 1.1%
	350	Country Garden Holding Company, 144A		11.125	%	2/23/18	Ba2		388,500
	250	Evergrande Real Estate Group Limited, 144A		8.750	%	10/30/18	BB–		251,875
	200	Gemdale International Investment Limited		7.125	%	11/16/17	BB–		206,750
	200	Kaisa Group Holdings Limited, 144A		8.875	%	3/19/18	B+		204,500
	300	Mattamy Group Corporation, 144A		6.500	%	11/15/20	BB		297,000
	1,300	Total Real Estate Management & Development							1,348,625
		Road & Rail – 0.2%
	265	Hertz Corporation		7.375	%	1/15/21	B		290,838
		Software – 0.2%
	250	BMC Software Finance Inc., 144A		8.125	%	7/15/21	B–		257,500
		Textiles, Apparel & Luxury Goods – 0.2%
	230	Jones Group		6.875	%	3/15/19	B+		243,800
		Tobacco – 0.8%
	1,030	Reynolds American Inc.		3.250	%	11/01/22	Baa2		949,367
		Transportation Infrastructure – 0.8%
	954	Asciano Finance, 144A		5.000	%	4/07/18	Baa2		1,011,456
		Wireless Telecommunication Services – 2.1%
	625	American Tower Company		5.050	%	9/01/20	BBB		660,921
	350	Digicel Limited, 144A		7.000	%	2/15/20	B1		353,500
	300	Eileme AB, 144A		11.625	%	1/31/20	B		359,619
	200	Millicom International Cellular SA, 144A		6.625	%	10/15/21	BB+		206,900
	200	Softbank Corporation, 144A		4.500	%	4/15/20	BB+		195,000
	400	Sprint Nextel Corporation		7.000	%	3/01/20	BB+		446,000
	300	Wind Acquisition Finance SA, 144A		7.250	%	2/15/18	BB		314,250
	2,375	Total Wireless Telecommunication Services							2,536,190
		Total Corporate Bonds (cost $87,480,889)							85,484,204

Principal Amount (000) (4)			Description (1)	Coupon			Maturity		Ratings (2)	Value
			$1,000 PAR (OR SIMILAR) INSTITUTIONAL STRUCTURES – 6.2% (4.3% of Total Investments)
			Capital Markets – 0.5%
	200	EUR	Baggot Securities Limited, 144A		10.240	%		N/A (3)	N/R	$	289,722
$	350		Dresdner Funding Trust, 144A		8.151	%	6/30/31		BB		362,250
			Total Capital Markets								651,972
			Commercial Banks – 2.1%
	690	EUR	Barclays Bank PLC		4.750	%		N/A (3)	BBB–		806,848
	355		Rabobank Nederland, 144A		11.000	%		N/A (3)	A–		469,931
	1,400		Wachovia Capital Trust III		5.570	%		N/A (3)	BBB+		1,281,000
			Total Commercial Banks								2,557,779
			Diversified Financial Services – 1.3%
	1,100		General Electric Capital Corporation		7.125	%		N/A (3)	AA–		1,229,250
	325		JPMorgan Chase & Company		6.000	%		N/A (3)	BBB		310,781
	1,425		Total Diversified Financial Services								1,540,031
			Electric Utilities – 0.3%
	360		Electricite de France, 144A		5.250	%		N/A (3)	A3		358,020
			Insurance – 1.6%
	570		Catlin Insurance Company Limited		7.249	%		N/A (3)	BBB+		591,375
	250		Genworth Financial Inc.		6.150	%	11/15/66		Ba1		221,250
	355		Lincoln National Corporation		6.050	%	4/20/67		BBB		352,338
	305		Prudential Financial Inc.		5.200	%	3/15/44		BBB+		295,087
	530		ZFS Finance USA Trust V		6.500	%	5/09/37		A		563,125
	2,010		Total Insurance								2,023,175
			IT Services – 0.4%
	400		Zayo Escrow Corporation		8.125	%	1/01/20		B1		438,000
			Total $1,000 Par (or similar) Institutional Structures (cost $7,602,401)								7,568,977
Principal Amount (000) (4)			Description (1)	Coupon			Maturity		Ratings (2)	Value
			SOVEREIGN DEBT – 56.0% (39.0% of Total Investments)
			Bermuda – 0.8%
$	900		Bermuda Government, 144A		5.603	%	7/20/20		AA–	$	967,500
			Brazil – 0.7%
	1,000		Federative Republic of Brazil		2.625	%	1/05/23		BBB		860,000
			Indonesia – 1.1%
	1,300		Republic of Indonesia, 144A		5.875	%	3/13/20		Baa3		1,374,100
			Italy – 1.8%
	1,450	EUR	Buoni Poliennali del Tesoro, Italian Treasury Bond		4.750	%	6/01/17		BBB+		2,161,858
			Malaysia – 2.3%
	9,250	MYR	Republic of Malaysia		3.172	%	7/15/16		A		2,812,955
			Mexico – 16.7%
	15,000	MXN	Mexico Bonos de DeSarrollo		8.000	%	12/17/15		A		1,238,809
	85,800	MXN	Mexico Bonos de DeSarrollo		4.750	%	6/14/18		A		6,414,560
	56,300	MXN	Mexico Bonos de DeSarrollo		8.000	%	12/07/23		A		4,796,054
	40,100	MXN	Mexico Bonos de DeSarrollo		7.750	%	11/13/42		A		3,135,294
	60,000	MXN	United Mexican States		9.500	%	12/18/14		A		4,843,243
	257,200	MXN	Total Mexico								20,427,960

Principal Amount (000) (4)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			Norway – 2.2%
	15,000	NOK	Norwegian Government Bond		4.500	%	5/22/19	AAA	$	2,737,210
			Poland – 1.8%
	6,850	PLN	Republic of Poland		2.500	%	7/25/18	A		2,154,052
			Russia – 1.5%
$	1,800		Russian Federation, 144A		4.500	%	4/04/22	Baa1		1,822,500
			South Africa – 7.1%
	62,000	ZAR	Republic of South Africa		7.250	%	1/15/20	A–		5,847,918
	1,300		Republic of South Africa		5.875	%	9/16/25	Baa1		1,352,000
	12,800	ZAR	Republic of South Africa		10.500	%	12/21/26	A–		1,437,849
			Total South Africa							8,637,767
			South Korea – 5.1%
	6,500,000	KRW	South Korea Stability Bond		2.840	%	12/02/14	Aa3		6,168,444
			Sweden – 1.2%
	8,500	SEK	Republic of Sweden		3.500	%	6/01/22	AAA		1,439,317
			Turkey – 8.9%
	12,300	TRY	Republic of Turkey, Government Bond		9.000	%	3/08/17	BBB		5,562,759
	5,975	TRY	Republic of Turkey, Government Bond		10.500	%	1/15/20	BBB		2,841,531
	3,370	TRY	Republic of Turkey, Government Bond		7.100	%	3/08/23	BBB		1,284,175
	1,000		Republic of Turkey, Government Bond		3.250	%	3/23/23	Baa3		822,500
	500		Republic of Turkey, Government Bond		4.875	%	4/16/43	Baa3		382,750
			Total Turkey							10,893,715
			Ukraine – 0.7%
	900		Republic of Ukraine, 144A		7.750	%	9/23/20	B–		830,250
			United Kingdom – 4.1%
	1,500	GBP	United Kingdom Gilt		3.750	%	9/07/20	Aa1		2,683,473
	1,300	GBP	United Kingdom, Treasury Bill		3.750	%	9/07/19	Aa1		2,328,656
	2,800	GBP	Total United Kingdom							5,012,129
			Total Sovereign Debt (cost $77,474,317)							68,299,757
Principal Amount (000)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 6.7% (4.6% of Total Investments)
$	790		Banc of America Alternative Loan Trust, Pass Through Certificates, Series 2006-6		6.000	%	7/25/46	Caa3	$	648,809
	774		Bayview Opportunity Master Fund Trust, 2013-8NPL		3.223	%	3/28/33	N/R		773,005
	750		CarFinance Capital Auto Trust, Automobile Receivables-Backed Notes, Series 2013-1, 144A		3.450	%	3/15/19	Baa3		737,273
	628		Countrywide Asset Backed Certificates, Series 2007-4 A2		5.530	%	4/25/47	Caa1		574,381
	421		Countrywide Home Loans Mortgage, Series 2005-27		5.500	%	12/25/35	Caa1		399,923
	3,850		Fannie Mae TBA Mortgage Pool, WI/DD		3.000	%	TBA	N/R		3,654,793
	1,000		Nationstar Mortgage Advance Receivables Trust 2013-T1A		3.721	%	6/20/44	BB		998,480
	363		Wedgewood Real Estate Trust, Mortgage Pool 2013-1A		5.000	%	7/25/43	N/R		360,644
	8,576		Total Asset-Backed and Mortgage-Backed Securities (cost $8,245,091)							8,147,308
			Total Long-Term Investments (cost $184,227,510)							172,748,091

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 2.0% (1.4% of Total Investments)

REPURCHASE AGREEMENTS – 2.0% (1.4% of Total Investments)

2,402

Repurchase Agreement with State Street Bank, dated 12/31/13, repurchase price
$2,402,340, collateralized by $2,580,000 U.S. Treasury Notes, 1.250%,
due 2/29/20, value $2,454,927

0.000

1/02/14

2,402,340

Total Short-Term Investments (cost $2,402,340)

2,402,340

Total Investments (cost $186,629,850) – 143.6%

175,150,431

Borrowings – (45.9)% (5), (10)

(56,000,000

)

Other Assets Less Liabilities – 2.3% (6)

2,844,580

Net Assets – 100%

121,995,011

Investments in Derivatives as of December 31, 2013

Forward Foreign Currency Exchange Contracts outstanding:

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date	Unrealized Appreciation (Depreciation) (6)
Bank of America	U.S. Dollar		3,520,692	Malaysian Ringgit		11,400,000	2/11/14	$	(48,077	)
Barclays	Australian Dollar		17,200,000	U.S. Dollar		15,593,176	2/13/14		276,572
Barclays	Polish Zloty		6,675,000	U.S. Dollar		2,195,240	2/20/14		(7,625	)
Barclays	U.S. Dollar		15,553,960	Australian Dollar		17,200,000	2/13/14		(237,356	)
Citibank N.A.	Australian Dollar		3,900,000	U.S. Dollar		3,535,662	2/13/14		62,711
Citibank N.A.	Euro		3,496,500	U.S. Dollar		4,749,443	2/14/14		(60,606	)
Citibank N.A.	Euro		209,000	U.S. Dollar		284,039	2/14/14		(3,477	)
Citibank N.A.	Japanese Yen		878,000,000	U.S. Dollar		8,538,564	2/14/14		199,751
Citibank N.A.	Mexican Peso		19,500,000	U.S. Dollar		1,505,861	1/17/14		14,042
Citibank N.A.	Swedish Krona		19,700,000	U.S. Dollar		2,962,629	1/17/14		(99,516	)
Citibank N.A.	U.S. Dollar		6,008,427	Mexican Peso		79,000,000	1/17/14		35,354
Citibank N.A.	U.S. Dollar		1,358,614	Swedish Krona		9,000,000	1/17/14		40,336
Citibank N.A.	U.S. Dollar		230,220	Swedish Krona		1,480,000	1/17/14		(171	)
Citibank N.A.	U.S. Dollar		13,926,297	Australian Dollar		15,400,000	2/13/14		(212,594	)
Citibank N.A.	U.S. Dollar		17,743,570	Euro		13,000,000	2/14/14		140,211
Citibank N.A.	U.S. Dollar		855,554	Euro		620,000	2/14/14		(2,635	)
Credit Suisse	Norwegian Krone		21,100,000	U.S. Dollar		3,425,750	2/18/14		(47,098	)
Credit Suisse	Pound Sterling		3,108,000	U.S. Dollar		5,099,078	2/10/14		(46,293	)
Credit Suisse	U.S. Dollar		8,738,225	Pound Sterling		5,350,000	2/10/14		118,834
Credit Suisse	U.S. Dollar		18,110	Norwegian Krone		110,000	2/18/14		(5	)
Credit Suisse	U.S. Dollar		2,696,872	Malaysian Ringgit		8,750,000	2/24/14		(33,898	)
Credit Suisse	U.S. Dollar		7,523,004	Malaysian Ringgit		24,200,000	3/04/14		(161,910	)
Goldman Sachs	U.S. Dollar		8,805,321	Pound Sterling		5,400,000	2/20/14		133,858
JPMorgan	South African Rand		39,650,000	U.S. Dollar		3,805,365	2/20/14		51,686
JPMorgan	South Korean Won		6,600,000,000	U.S. Dollar		6,193,694	2/04/14		(74,107	)
JPMorgan	Turkish Lira		4,080,000	U.S. Dollar		1,989,785	2/11/14		106,781
JPMorgan	Turkish Lira		8,600,000	U.S. Dollar		4,002,420	2/11/14		33,344
Morgan Stanley	Brazilian Real		39,000,000	U.S. Dollar		16,546,457	1/03/14		15,780
Morgan Stanley	Canadian Dollar		9,300,000	U.S. Dollar		8,681,285	1/10/14		(72,048	)
Morgan Stanley	Japanese Yen		780,000,000	U.S. Dollar		7,602,117	2/10/14		194,214
Morgan Stanley	U.S. Dollar		16,815,418	Brazilian Real		39,000,000	1/03/14		(284,741	)
Morgan Stanley	U.S. Dollar		16,410,688	Brazilian Real		39,000,000	2/04/14		(12,823	)
Morgan Stanley	U.S. Dollar		7,435,596	Japanese Yen		780,000,000	2/10/14		(27,694	)
Nomura International	U.S. Dollar		8,773,170	New Zealand Dollar		10,500,000	1/08/14		(139,184	)

Investments in Derivatives as of December 31, 2013 (continued)

Forward Foreign Currency Exchange Contracts outstanding (continued):

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date	Unrealized Appreciation (Depreciation) (6)
UBS	Canadian Dollar		4,100,000	U.S. Dollar		3,839,670	1/22/14	$	(18,223	)
UBS	Canadian Dollar		5,200,000	U.S. Dollar		4,878,918	1/22/14		(14,019	)
UBS	U.S. Dollar		7,640,660	Canadian Dollar		8,000,000	1/22/14		(113,063	)
UBS	U.S. Dollar		289,374	Canadian Dollar		305,000	1/22/14		(2,384	)
								$	(296,073	)

Credit Default Swaps outstanding:

Clearing House				Referenced Entity				Buy/Sell Protection (7)				Current Credit Spread (8)				Notional Amount				Fixed Rate (Annualized)				Termination Date				Value				Unrealized Appreciation (Depreciation)
Citigroup				Markit CDX NA HY21 Index				Sell					3.05	%		$	2,000,000				5.000	%		12/20/18				$	173,833			$	31,957

Interest Rate Swaps outstanding:

Counterparty

Notional
Amount

Fund
Pay/Receive
Floating Rate

Floating Rate Index

Fixed Rate
(Annualized)

Fixed Rate
Payment
Frequency

Effective
Date (9)

Termination
Date

Unrealized
Appreciation
(Depreciation) (6)

JPMorgan

22,469,000

Receive

1-Month USD-LIBOR-BBA

1.255

Monthly

12/01/14

12/01/18

673,332

JPMorgan

22,469,000

Receive

1-Month USD-LIBOR-BBA

1.673

Monthly

12/01/14

12/01/20

1,344,644

JPMorgan

2,000,000

Receive

3-Month USD-LIBOR-BBA

2.078

Semi-Annually

2/19/13

2/19/23

131,655

Morgan Stanley

11,000,000

Receive

3-Month USD-LIBOR-BBA

2.095

Semi-Annually

3/19/13

3/19/23

739,929

Morgan Stanley

3,000,000

Receive

3-Month USD-LIBOR-BBA

2.055

Semi-Annually

3/22/13

3/22/23

213,169

60,938,000

3,102,729

Futures Contracts outstanding:

Description	Contract Position	Number of Contracts			Contract Expiration	Notional Amount at Value (Local Currency)			Notional Amount at Value (Base Currency)*			Unrealized Appreciation (Depreciation)
5-Year U.S. Treasury Note	Short		(88	)	3/14		(10,499,500	) USD	$	(10,499,500	)	$	135,229
10-Year U.S. Treasury Note	Short		(20	)	3/14		(2,460,938	) USD		(2,460,938	)		578
Euro-Bund	Long		22		3/14		3,061,740	EUR		4,212,034			(22,183	)
UK Long GILT Bond	Long		10		3/14		1,065,600	GBP		1,764,580			(42,028	)
Ultra Long U.S. Treasury Bond	Short		(26	)	3/14		(3,542,500	) USD		(3,542,500	)		77,394
									$	(10,526,324	)	$	148,990

* The aggregate Notional Amount at Value of long and short positions is $5,976,614 and $(16,502,938), respectively.

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

(2) Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(3) Perpetual security. Maturity date is not applicable.

(4) Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

(5) Borrowings as a percentage of Total Investments is 32.0%.

(6) Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of certain derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

(7) The Fund entered into the credit default swap to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning that referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short.

(8) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of a higher likelihood of performance by the seller of protection.

(9) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.

(10) The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.

TBA To be announced. Maturity date not known prior to settlement of this transaction.

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

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

CAD Canadian Dollar

EUR Euro

GBP British Pound Sterling

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

PLN Polish Zloty

SEK Swedish Krona

TRY Turkish Lira

USD United States Dollar

ZAR South African Rand

USD-LIBOR-BBA United States Dollar-London Inter-Bank Offered Rate

See accompanying notes to financial statements.

Shares		Description (1)	Coupon				Ratings (2)	Value
		LONG-TERM INVESTMENTS – 90.1% (91.5% of Total Investments)
		$25 PAR (OR SIMILAR) RETAIL STRUCTURES – 0.2% (0.2% of Total Investments)
		Commercial Banks – 0.2%
	50,000	Morgan Stanley7.125% BB+						$	1,307,000
		Total $25 Par (or similar) Retail Structures (cost $1,250,000)							1,307,000
Principal Amount (000) (3)		Description (1)	Coupon			Maturity	Ratings (2)	Value
		CORPORATE BONDS – 15.6% (15.8% of Total Investments)
		Auto Components – 0.3%
$	750	Chassix Inc., 144A		9.250	%	8/01/18	B–	$	798,750
	1,000	Pittsburgh Glass Works LLC, 144A		8.000	%	11/15/18	B		1,052,500
	1,750	Total Auto Components							1,851,250
		Automobiles – 0.6%
	1,250	Jaguar Land Rover PLC, 144A		4.125	%	12/15/18	BB		1,257,813
	1,580	Jaguar Land Rover PLC, 144A		8.125	%	5/15/21	BB		1,797,250
	2,830	Total Automobiles							3,055,063
		Building Products – 0.1%
	750	U.S. Concrete Inc., 144A		8.500	%	12/01/18	B		766,875
		Chemicals – 0.4%
	1,000	Ineos Group Holdings SA, 144A		6.125	%	8/15/18	B–		1,005,000
	1,000	TPC Group Inc., 144A		8.750	%	12/15/20	B		1,062,500
	2,000	Total Chemicals							2,067,500
		Commercial Banks – 0.9%
	3,000	Export Import Bank of Korea		1.250	%	11/20/15	Aa3		3,009,246
	2,000	VTB Capital SA, 144A		6.875	%	5/29/18	BBB		2,182,400
	5,000	Total Commercial Banks							5,191,646
		Consumer Finance – 0.5%
	3,000	Ford Motor Credit Company		1.500	%	1/17/17	BBB–		2,998,656
		Containers & Packaging – 0.4%
	1,000	Beverage Packaging Holdings Luxembourg II SA, 144A		6.000	%	6/15/17	CCC+		1,012,500
	1,000	Reynolds Group		7.875	%	8/15/19	B+		1,105,000
	2,000	Total Containers & Packaging							2,117,500
		Diversified Telecommunication Services – 0.3%
	1,500	Level 3 Financing Inc.		8.625	%	7/15/20	BB–		1,680,000
		Electric Utilities – 0.6%
	3,000	Power Sector Asset and Liabilities Management Corporation, 144A		6.875	%	11/02/16	BBB–		3,375,000
		Food Products – 0.2%
	1,250	Smithfield Foods Inc.		5.250	%	8/01/18	BB–		1,309,375

Principal Amount (000) (3)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			Health Care Providers & Services – 0.1%
$	400		Iasis Healthcare Capital Corporation		8.375	%	5/15/19	CCC+	$	424,000
			Independent Power Producers & Energy Traders – 0.3%
	1,500		GenOn Energy Inc.		7.875	%	6/15/17	B		1,650,000
			Machinery – 0.2%
	1,250		Trinseo Materials Operating, 144A		8.750	%	2/01/19	B		1,290,625
			Media – 0.5%
	790		Sirius XM Radio Inc., 144A		5.750	%	8/01/21	BB		797,900
	1,500		WideOpenWest Finance Capital Corporation		10.250	%	7/15/19	CCC+		1,665,000
	2,290		Total Media							2,462,900
			Metals & Mining – 1.4%
	2,000		ArcelorMittal		4.250	%	3/01/16	BB+		2,087,500
	2,500		Cliffs Natural Resources Inc.		3.950	%	1/15/18	BBB–		2,524,487
	1,000		Steel Capital SA, 144A		4.450	%	3/19/18	BB+		988,750
	2,000		Xstrata Finance Canada Limited, 144A		5.800	%	11/15/16	BBB		2,203,532
	7,500		Total Metals & Mining							7,804,269
			Oil, Gas & Consumable Fuels – 6.8%
	1,000	CAD	Athabasca Oil Corporation, 144A		7.500	%	11/19/17	B		875,500
	3,000		CNOOC Finance 2013 Limited		1.125	%	5/09/16	AA–		2,988,948
	5,000		CNPC General Capital Limited, 144A		1.450	%	4/16/16	A+		4,952,680
	1,500		CONSOL Energy Inc.		8.250	%	4/01/20	BB		1,623,750
	3,000		Gaz Capital SA, 144A		5.092	%	11/29/15	Baa1		3,190,500
	654		Kodiak Oil and Gas Corporation		8.125	%	12/01/19	B		725,940
	3,000		Korea National Oil Corporation, 144A		5.375	%	7/30/14	A+		3,074,796
	3,000		Lukoil International Finance BV, 144A		3.416	%	4/24/18	BBB		3,026,250
	800	CAD	Paramount Resources Limited, 144A		7.625	%	12/04/19	B		765,357
	2,000		Petrobras International Finance Company		3.875	%	1/27/16	Baa1		2,058,924
	2,000		Petrohawk Energy Corporation		7.250	%	8/15/18	A		2,156,000
	5,000		Petroleos Mexicanos		4.875	%	3/15/15	BBB+		5,235,000
	2,000		Rosneft Oil Corporation, 144A		3.149	%	3/06/17	Baa1		2,025,000
	3,000		Sinopec Capital 2013 Limited, 144A		1.250	%	4/24/16	Aa3		2,988,183
	2,000		Transocean Inc.		2.500	%	10/15/17	BBB–		2,021,188
			Total Oil, Gas & Consumable Fuels							37,708,016
			Personal Products – 0.2%
	1,000		Albea Beauty Holdings SA, 144A		8.375	%	11/01/19	B+		1,040,000
			Real Estate Management & Development – 0.4%
	1,000		Country Garden Holding Company, 144A		11.125	%	2/23/18	Ba2		1,110,000
	1,000		Rialto Holdings LLC		7.000	%	12/01/18	B		1,010,000
	2,000		Total Real Estate Management & Development							2,120,000
			Specialty Retail – 0.2%
	1,000		Toys"R"Us Property Company II LLC		8.500	%	12/01/17	Ba2		1,030,000
			Transportation Infrastructure – 0.2%
	800		Aviation Capital Group Corporation, 144A		3.875	%	9/27/16	BBB–		826,310
			Wireless Telecommunication Services – 1.0%
	4,000		Telefonica Emisiones SAU		3.992	%	2/16/16	BBB+		4,201,592
	1,500		Wind Acquisition Finance SA, 144A		7.250	%	2/15/18	BB		1,571,250
	5,500		Total Wireless Telecommunication Services							5,772,842
			Total Corporate Bonds (cost $86,649,819)							86,541,827

Principal Amount (000) (3)			Description (1)	Coupon			Maturity	Ratings (2)	Value
			SOVEREIGN DEBT – 68.8% (70.0% of Total Investments)
			Argentina – 1.0%
$	5,500		Republic of Argentina		7.000	%	10/03/15	B–	$	5,472,500
			Brazil – 14.3%
	1,000		Banco Nacional de Desenvolvimento Economico e Social, 144A		3.375	%	9/26/16	BBB		1,010,000
	67,100	BRL	Letra De Tesouro Nacional de Brazil		0.000	%	7/01/14	A–		27,101,347
	61,250	BRL	Letra De Tesouro Nacional de Brazil		0.000	%	1/01/15	A–		23,439,026
	74,500	BRL	Letra De Tesouro Nacional de Brazil		0.000	%	4/01/15	A–		27,726,568
			Total Brazil							79,276,941
			Canada – 7.3%
	16,000	CAD	Province of Ontario		3.250	%	9/08/14	Aa2		15,285,291
	10,000	CAD	Province of Ontario		3.150	%	9/08/15	Aa2		9,713,815
	16,000	CAD	Quebec Province		5.500	%	12/01/14	Aa2		15,658,687
	42,000	CAD	Total Canada							40,657,793
			Colombia – 2.1%
	5,500		Republic of Colombia		8.250	%	12/22/14	BBB		5,857,500
	9,948,000	COP	Republic of Colombia		12.000	%	10/22/15	BBB		5,809,013
			Total Colombia							11,666,513
			Hungary – 0.3%
	1,500		Republic of Hungary, Government Bond		4.125	%	2/19/18	Ba1		1,516,500
			Indonesia – 1.9%
	8,000		Republic of Indonesia, 144A		7.250	%	4/20/15	Baa3		8,556,000
	2,000		Republic of Indonesia, 144A		7.500	%	1/15/16	Baa3		2,200,000
	10,000		Total Indonesia							10,756,000
			Ireland – 1.5%
	2,000	EUR	Irish Republic Treasury Bond		4.600	%	4/18/16	BBB+		2,980,067
	3,400	EUR	Irish Republic Treasury Bond		5.500	%	10/18/17	BBB+		5,315,962
	5,400	EUR	Total Ireland							8,296,029
			Italy – 5.2%
	5,000	EUR	Buoni Poliennali del Tesoro, Italian Treasury Bond		3.000	%	4/15/15	BBB+		7,050,459
	5,000	EUR	Buoni Poliennali del Tesoro, Italian Treasury Bond		4.750	%	9/15/16	BBB+		7,423,253
	10,000	EUR	Buoni Poliennali del Tesoro, Italian Treasury Bond		4.000	%	2/01/17	BBB+		14,595,771
	20,000	EUR	Total Italy							29,069,483
			Malaysia – 4.7%
	85,000	MYR	Republic of Malaysia		3.197	%	10/15/15	A		25,898,025
			Mexico – 10.6%
	166,000	MXN	Mexico Bonos de DeSarrollo		8.000	%	12/17/15	A		13,709,491
	245,500	MXN	Mexico Bonos de DeSarrollo		7.250	%	12/15/16	A		20,236,089
	120,000	MXN	Mexico Bonos de DeSarrollo		4.750	%	6/14/18	A		8,971,412
	200,500	MXN	United Mexican States		9.500	%	12/18/14	A		16,184,503
	732,000	MXN	Total Mexico							59,101,495
			Norway – 1.9%
	60,000	NOK	Norwegian Government Bond		5.000	%	5/15/15	AAA		10,363,313

Principal Amount (000) (3)			Description (1)	Coupon			Maturity		Ratings (2)		Value
			Peru – 2.4%
	25,000	PEN	Republic of Peru Treasury Bond		8.600	%		8/12/17		A–	$	10,264,776
$	1,146		Republic of Peru		9.875	%		2/06/15		BBB+		1,253,724
	1,500		Republic of Peru		8.375	%		5/03/16		BBB+		1,734,750
			Total Peru									13,253,250
			Poland – 1.0%
	5,500		Republic of Poland		3.875	%		7/16/15		A2		5,754,650
			Portugal – 0.2%
	1,000	EUR	Portugal Obrigacoes do Tesouro		5.650	%		2/15/24		BB+		1,320,318
			Russia – 1.5%
	8,000		Russian Federation, 144A		3.625	%		4/29/15		Baa1		8,260,000
			South Africa – 4.6%
	5,500		Republic of South Africa		6.500	%		6/02/14		Baa1		5,623,750
	32,000	ZAR	Republic of South Africa		13.500	%		9/15/15		A–		3,406,792
	55,000	ZAR	Republic of South Africa		8.250	%		9/15/17		Baa1		5,467,115
	115,000	ZAR	Republic of South Africa		8.000	%		12/21/18		A–		11,336,818
			Total South Africa									25,834,475
			Spain – 2.6%
	5,000	EUR	Kingdom of Spain, Bonos y Obligado Del Esatado		3.300	%		10/31/14		BBB		6,977,066
	5,000	EUR	Kingdom of Spain, Bonos y Obligado Del Esatado		4.250	%		10/31/16		BBB		7,313,218
	10,000	EUR	Total Spain									14,290,284
			Trinidad and Tobago – 0.1%
	800		Republic of Trinidad and Tobago		4.375	%		1/16/24		A		821,200
			Turkey – 4.5%
	12,950	TRY	Republic of Turkey, Government Bond		0.000	%		4/09/14		BBB		5,893,666
	5,900	TRY	Republic of Turkey, Government Bond		7.500	%		9/24/14		BBB		2,705,242
	36,800	TRY	Republic of Turkey, Government Bond		6.500	%		1/07/15		Baa1		16,590,806
	55,650	TRY	Total Turkey									25,189,714
			Ukraine – 0.8%
	4,500		Republic of Ukraine, 144A		6.875	%		9/23/15		B–		4,383,000
			Vietnam – 0.3%
	1,500		Socialist Republic of Vietnam, 144A		6.875	%		1/15/16		BB–		1,601,250
			Total Sovereign Debt (cost $407,968,681)									382,782,733
Principal Amount (000)			Description (1)	Coupon			Maturity		Ratings (2)		Value
			ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 5.5% (5.5% of Total Investments)
$	2,168		Bayview Opportunity Master Fund Trust, 2013-8NPL		3.228	%		3/28/33		N/R	$	2,164,412
	3,456		Countrywide Asset Backed Certificates, Series 2007-4 A2		5.530	%		4/25/47		Caa1		3,163,198
	3,425		Fannie Mae Mortgage Pool		3.000	%		6/01/43		N/R		3,256,157
	6,000		Goldman Sachs Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2007-GG10		5.806	%		8/10/45		A		6,588,408
	2,675		Monty Parent Issuer LLC 2013-LTR1		3.470	%		10/20/15		CCC		2,672,833
	1,000		Nationstar Mortgage Advance Receivables Trust 2013-T1		3.721	%		6/20/44		BB		998,480
	1,747		Oaktree Real Estate Investments, Comnmerial Mortgage Asset Backed Securities ORES NPL LLC 2013-LV2I, 144A		3.081	%		9/25/25		N/R		1,747,408
	1,354		Stanwich Mortgage Loan Trust, Series 2012-NPL5		2.981	%		10/18/42		N/R		1,353,230
	2,912		Vericrest Opportunity Loan Transferee, Private CMO 2013 NPL1		4.250	%		8/25/58		N/R		2,951,112
	2,921		Walter Investment Management Company Capital Trust, Series 2012-AA		4.549	%		10/16/50		BBB		2,960,874

Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (2)		Value
		ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued)
$	2,461	Wedgewood Real Estate Trust, Mortgage Pool 2013-1A		5.000	%		7/25/43		N/R	$	2,444,368
	30,119	Total Asset-Backed and Mortgage-Backed Securities (cost $30,912,680)									30,300,480
		Total Long-Term Investments (cost $526,781,180)									500,932,040
Principal Amount (000)		Description (1)	Coupon			Maturity		Ratings (2)		Value
		SHORT-TERM INVESTMENTS – 8.4% (8.5% of Total Investments)
		SOVEREIGN DEBT – 0.5% (0.5% of Total Investments)
		Philippines – 0.5%
$	3,000	Republic of the Philippines		8.250	%		1/15/14		N/R	$	3,007,500
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 7.2% (7.3% of Total Investments)
	25,000	Freddie Mac Notes		0.145	%		3/27/14		AAA		25,000,875
	15,000	Fannie Mae Notes		1.250	%		3/27/14		AAA		15,025,650
	40,000	Total U.S. Government and Agency Obligations									40,026,525
		REPURCHASE AGREEMENTS – 0.7% (0.7% of Total Investments)
	3,578	Repurchase Agreement with State Street Bank, dated 12/31/13, repurchase price $3,577,777, collateralized by $3,840,000 U.S. Treasury Notes, 1.250%, due 2/29/20, value $3,653,844		0.000	%		1/02/14		N/A	$	3,577,777
		Total Short-Term Investments (cost $46,609,635)									46,611,802
		Total Investments (cost $573,390,815) – 98.5%									547,543,842
		Other Assets Less Liabilities – 1.5% (4)									8,530,725
		Net Assets – 100%								$	556,074,567

Investments in Derivatives as of December 31, 2013

Forward Foreign Currency Exchange Contracts outstanding:

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date	Unrealized Appreciation (Depreciation) (4)
Bank of America	U.S. Dollar		18,066,708	Malaysian Ringgit		58,500,000	2/11/14	$	(246,709	)
Barclays	Australian Dollar		73,000,000	U.S. Dollar		66,180,340	2/13/14		1,173,825
Barclays	U.S. Dollar		40,748,566	Mexican Peso		540,000,000	1/17/14		563,355
Barclays	U.S. Dollar		5,649,505	Mexican Peso		75,000,000	1/17/14		88,262
Barclays	U.S. Dollar		3,767,695	Mexican Peso		49,000,000	1/17/14		(19,020	)
Barclays	U.S. Dollar		470,928	Mexican Peso		6,200,000	1/17/14		3,394
Barclays	U.S. Dollar		66,013,900	Australian Dollar		73,000,000	2/13/14		(1,007,385	)
Barclays	U.S. Dollar		6,001,765	Peruvian Nouveau Sol		17,000,000	3/03/14		19,771
BNP Paribas	U.S. Dollar		20,607,750	New Zealand Dollar		25,000,000	1/17/14		(63,667	)
Citibank N.A.	Euro		35,150,000	U.S. Dollar		47,745,721	2/14/14		(609,270	)
Citibank N.A.	Japanese Yen		2,900,000,000	U.S. Dollar		28,202,545	2/14/14		659,771
Citibank N.A.	U.S. Dollar		32,818,180	Mexican Peso		431,500,000	1/17/14		193,105
Citibank N.A.	U.S. Dollar		62,442,260	Australian Dollar		69,050,000	2/13/14		(953,221	)
Citibank N.A.	U.S. Dollar		55,960,490	Euro		41,000,000	2/14/14		442,203
Credit Suisse	Norwegian Krone		63,604,000	U.S. Dollar		10,326,607	2/18/14		(141,973	)
Credit Suisse	Turkish Lira		23,000,000	U.S. Dollar		10,756,711	1/17/14		86,503
Credit Suisse	U.S. Dollar		22,287,902	Turkish Lira		46,000,000	1/17/14		(947,486	)
Credit Suisse	U.S. Dollar		2,012,651	Turkish Lira		4,200,000	1/17/14		(64,178	)
Credit Suisse	U.S. Dollar		28,174,649	Pound Sterling		17,250,000	2/10/14		383,155

Investments in Derivatives as of December 31, 2013 (continued)

Forward Foreign Currency Exchange Contracts outstanding (continued):

Counterparty	Currency Contracts to Deliver	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date	Unrealized Appreciation (Depreciation) (4)
Credit Suisse	U.S. Dollar		29,588,534	Malaysian Ringgit		96,000,000	2/24/14	$	(371,905	)
Credit Suisse	U.S. Dollar		40,723,701	Malaysian Ringgit		131,000,000	3/04/14		(876,457	)
Goldman Sachs	Japanese Yen		3,000,000,000	U.S. Dollar		30,021,015	1/21/14		1,531,810
Goldman Sachs	South Korean Won		19,000,000,000	U.S. Dollar		17,994,128	2/18/14		(49,327	)
Goldman Sachs	U.S. Dollar		28,840,330	South African Rand		300,000,000	1/17/14		(298,802	)
Goldman Sachs	U.S. Dollar		27,539,750	South African Rand		287,000,000	1/17/14		(235,022	)
Goldman Sachs	U.S. Dollar		133,459	South African Rand		1,400,000	1/17/14		(265	)
Goldman Sachs	U.S. Dollar		40,765,375	Pound Sterling		25,000,000	2/20/14		619,712
JPMorgan	Euro		24,000,000	U.S. Dollar		32,602,824	2/14/14		(413,387	)
JPMorgan	South Korean Won		17,200,000,000	U.S. Dollar		16,141,141	2/04/14		(193,128	)
JPMorgan	U.S. Dollar		19,979,040	New Zealand Dollar		24,000,000	1/31/14		(276,140	)
Morgan Stanley	Brazilian Real		61,000,000	U.S. Dollar		25,880,356	1/03/14		24,682
Morgan Stanley	Canadian Dollar		30,000,000	U.S. Dollar		28,004,145	1/10/14		(232,412	)
Morgan Stanley	Canadian Dollar		22,000,000	U.S. Dollar		20,566,899	1/10/14		(139,910	)
Morgan Stanley	Japanese Yen		2,900,000,000	U.S. Dollar		28,264,281	2/10/14		722,079
Morgan Stanley	U.S. Dollar		26,301,039	Brazilian Real		61,000,000	1/03/14		(445,365	)
Morgan Stanley	U.S. Dollar		25,667,999	Brazilian Real		61,000,000	2/04/14		(20,056	)
Nomura International	U.S. Dollar		40,941,460	New Zealand Dollar		49,000,000	1/08/14		(649,527	)
UBS	Canadian Dollar		70,000,000	U.S. Dollar		65,677,747	1/22/14		(188,720	)
UBS	Canadian Dollar		6,320,000	U.S. Dollar		5,957,936	1/22/14		11,135
UBS	U.S. Dollar		29,607,557	Canadian Dollar		31,000,000	1/22/14		(438,121	)
								$	(2,358,691	)

Futures Contracts outstanding:

Description	Contract Position	Number of Contracts			Contract Expiration	Notional Amount at Value			Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note	Short		(38	)	3/14	$	(8,352,875	)	$	15,334
5-Year U.S. Treasury Note	Short		(351	)	3/14		(41,878,688	)		529,445
10-Year U.S. Treasury Note	Short		(45	)	3/14		(5,537,109	)		98,454
90-Day Eurodollar	Short		(250	)	3/16		(61,606,250	)		152,385
90-Day Eurodollar	Short		(300	)	6/16		(73,691,250	)		179,112
						$	(191,066,172	)	$	974,730

	Global Income Opportunities (JGG)			Diversified Currency Opportunities (JGT)
Assets
Long-term investments, at value (cost $184,227,510 and $526,781,180, respectively)	$	172,748,091		$	500,932,040
Short-term investments, at value (cost $2,402,340 and $46,609,635, respectively)		2,402,340			46,611,802
Cash denominated in foreign currencies (cost $172,621 and $315,811, respectively)		173,095			312,569
Cash collateral at brokers⁽¹⁾		1,171,621			6,343,000
Credit default swaps premiums paid		168,156			—
Unrealized appreciation on:
Forward foreign currency exchange contracts, net		396,559			2,390,308
Interest rate swaps		3,102,729			—
Receivable for:
Dividends		20,098			25,977
Due from broker (net of amounts uncollectible of $135,899 and $—, respectively)		605,066			150,747
Interest		2,336,969			4,809,404
Reclaims		21,175			12,752
Variation margin on credit default swaps		5,677			—
Variation margin on futures contracts		33,398			68,141
Other assets		29,402			47,063
Total assets		183,214,376			561,703,803
Liabilities
Borrowings		56,000,000			—
Cash overdraft		585,477			—
Unrealized depreciation on forward foreign currency exchange contracts, net		692,632			4,748,999
Payable for:
Investments purchased		3,671,301			—
Shares repurchased		—			151,900
Accrued expenses:
Interest on borrowings		52,251			—
Management fees		131,765			413,211
Trustees fees		1,106			47,022
Other		84,833			268,104
Total liabilities		61,219,365			5,629,236
Net assets	$	121,995,011		$	556,074,567
Shares outstanding		9,289,418			46,043,135
Net asset value per share outstanding	$	13.13		$	12.08
Net assets consist of:
Shares, ($.01) par value per share	$	92,894		$	460,431
Paid-in surplus		133,260,156			610,848,656
Undistributed (Over-distribution of) net investment income		(2,678,837	)		(23,183,446	)
Accumulated net realized gain (loss)		(163,424	)		(4,770,052	)
Net unrealized appreciation (depreciation)		(8,515,778	)		(27,281,022	)
Net assets	$	121,995,011		$	556,074,567
Authorized shares		Unlimited			Unlimited

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives.

	Global Income Opportunities (JGG)			Diversified Currency Opportunities (JGT)
Investment Income (net of foreign tax withheld of $3,545 and $76,574, respectively)	$	9,240,623		$	21,718,576
Expenses
Management fees		1,679,414			5,530,643
Interest expense on borrowings		709,198			—
Shareholder servicing agent fees and expenses		283			460
Custodian fees and expenses		141,802			360,577
Trustees fees and expenses		5,119			16,895
Professional fees		95,539			93,724
Shareholder reporting expenses		32,879			130,952
Stock exchange listing fees		8,586			33,171
Investor relations expenses		30,262			106,406
Other expenses		23,224			66,998
Total expenses		2,726,306			6,339,826
Net investment income (loss)		6,514,317			15,378,750
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(193,905	)		(8,491,949	)
Forward foreign currency exchange contracts		(6,822,974	)		(52,686,694	)
Futures contracts		256,147			336,174
Options purchased		(256,883	)		(1,329,323	)
Options written		29,625			612,250
Swaps		1,049,316			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(13,264,387	)		(24,362,430	)
Forward foreign currency exchange contracts		(824,780	)		(7,819,786	)
Futures contracts		(107,787	)		974,730
Swaps		2,843,444			—
Net realized and unrealized gain (loss)		(17,292,184	)		(92,767,028	)
Net increase (decrease) in net assets from operations	$	(10,777,867	)	$	(77,388,278	)

	Global Income Opportunities (JGG)						Diversified Currency Opportunities (JGT)
	Year Ended 12/31/13			Year Ended 12/31/12			Year Ended 12/31/13			Year Ended 12/31/12
Operations
Net investment income (loss)	$	6,514,317		$	2,133,034		$	15,378,750		$	10,512,060
Net realized gain (loss) from:
Investments and foreign currency		(193,905	)		3,052,339			(8,491,949	)		(2,617,593	)
Forward foreign currency exchange contracts		(6,822,974	)		2,546,152			(52,686,694	)		51,995,401
Futures contracts		256,147			283,574			336,174			—
Options purchased		(256,883	)		(28,100	)		(1,329,323	)		(1,180,825	)
Options written		29,625			8,200			612,250			830,850
Swaps		1,049,316			4,591,954			—			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(13,264,387	)		2,305,944			(24,362,430	)		11,052,644
Forward foreign currency exchange contracts		(824,780	)		465,856			(7,819,786	)		10,892,907
Futures contracts		(107,787	)		161,500			974,730			—
Options purchased		—			—			—			95,650
Options written		—			—			—			(203,850	)
Swaps		2,843,444			(4,745,821	)		—			—
Net increase (decrease) in net assets from operations		(10,777,867	)		10,774,632			(77,388,278	)		81,377,244
Distributions to Shareholders
From net investment income		—			(7,958,039	)		—			—
From accumulated net realized gains		(770,358	)		(3,225,987	)		(1,486,107	)		(31,349,996	)
Return of capital		(9,942,604	)		—			(48,832,158	)		(22,123,393	)
Decrease in net assets from distributions to shareholders		(10,712,962	)		(11,184,026	)		(50,318,265	)		(53,473,389	)
Capital Share Transactions
Shares issued in reorganization		—			—			—			75,834,805
Shares repurchased and retired		(806,265	)		—			(21,316,878	)		(4,603,053	)
Net increase (decrease) in net assets from capital share transactions		(806,265	)		—			(21,316,878	)		71,231,752
Net increase (decrease) in net assets		(22,297,094	)		(409,394	)		(149,023,421	)		99,135,607
Net assets at the beginning of period		144,292,105			144,701,499			705,097,988			605,962,381
Net assets at the end of period	$	121,995,011		$	144,292,105		$	556,074,567		$	705,097,988
Undistributed (Over-distribution of) net investment income at the end of period	$	(2,678,837	)	$	(2,101,044	)	$	(23,183,446	)	$	539,068

	Global Income Opportunities (JGG)
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets from Operations	$	(10,777,867	)
Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchases of investments		(136,407,706	)
Proceeds from sales and maturities of investments		150,148,820
Proceeds from (Purchases of) short-term investments, net		(875,777	)
Proceeds from (Payments for) cash denominated in foreign currencies, net		(122,914	)
Proceeds from (Payments for) swap contracts, net		1,041,109
Proceeds from (Payments for) terminated options purchased, net		244,047
Premiums paid for options purchased		(505,975	)
Premiums received for options written		29,625
Amortization (Accretion) of premiums and discounts, net		1,472,051
(Increase) Decrease in:
Cash collateral at brokers		(1,171,621	)
Receivable for dividends		(7,793	)
Receivable for due from broker		278,948
Receivable for interest		420,649
Receivable for reclaims		(21,175	)
Receivable for variation margin on credit default swaps		(5,677	)
Receivable for variation margin on futures contracts		96,054
Other assets		28,084
Increase (Decrease) in:
Payable for investments purchased		2,255,488
Payable for variation margin on futures contracts		(2,538	)
Accrued interest on borrowings		(17,657	)
Accrued management fees		(17,741	)
Accrued Trustees fees		18
Accrued other expenses		(985	)
Net realized (gain) loss from:
Investments and foreign currency		193,905
Options purchased		256,883
Options written		(29,625	)
Paydowns		(2,273	)
Swaps		(1,041,109	)
Change in net unrealized (appreciation) depreciation of:
Investments and foreign currency		13,264,387
Forward foreign currency exchange contracts		824,780
Swaps		(2,811,487	)
Proceeds from litigation settlement		50,483
Net cash provided by (used in) operating activities		16,785,411
Cash Flows from Financing Activities:
Increase (Decrease) in cash overdraft		(266,184	)
Repayments of borrowings		(5,000,000	)
Cash distributions paid to shareholders		(10,712,962	)
Cost of shares repurchased and retired		(806,265	)
Net cash provided by (used in) financing activities		(16,785,411	)
Net Increase (Decrease) in Cash		—
Cash at the beginning of period		—
Cash at the End of Period	$	—
Supplemental Disclosure of Cash Flow Information
Cash paid for interest on borrowings (excluding borrowing costs) was $665,454.

Selected data for a share outstanding throughout each period:


			Investment Operations								Less Distributions																						Total Returns
	Beginning Net Asset Value		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Return of Capital			Total			Offering Costs			Discount from Shares Repurchased and Retired			Ending Net Asset Value		Ending Market Value		Based on Net Asset Value(b)			Based on Market Value(b)
Global Income Opportunities (JGG)
Year Ended 12/31:
2013	$	15.42	$	.70	$	(1.86	)	$	(1.16	)	$	—		$	(.08	)	$	(1.06	)	$	(1.14	)	$	—		$	.01		$	13.13	$	11.39		(7.49	)%		(10.97	)%
2012		15.46		.23		.93			1.16			(.86	)		(.34	)		—			(1.20	)		—			—			15.42		14.02		7.70			7.49
2011		16.33		.17		.26			.43			(.36	)		—			(.94	)		(1.30	)		—			—			15.46		14.16		2.82			(1.19	)
2010		16.76		.14		.99			1.13			(.76	)		(.06	)		(.74	)		(1.56	)		—			—			16.33		15.65		6.85			(.22	)
2009		18.00		.27		.05			.32			(.87	)		(.05	)		(.64	)		(1.56	)		—			—	*		16.76		17.23		1.70			18.57
Diversified Currency Opportunities (JGT)
Year Ended 12/31:
2013		14.69		.32		(1.95	)		(1.63	)		—			(.03	)		(1.03	)		(1.06	)		—			.08			12.08		10.08		(10.83	)		(13.99	)
2012		14.01		.24		1.64			1.88			—			(.71	)		(.50	)		(1.21	)		—			.01			14.69		12.87		13.73			16.54
2011		15.64		.12		(.46	)		(.34	)		(.65	)		(.24	)		(.41	)		(1.30	)		—			.01			14.01		12.11		(2.39	)**		(3.27	)
2010		17.12		.36		(.42	)		(.06	)		(.13	)		—			(1.29	)		(1.42	)		—			—	*		15.64		13.77		(.18	)		(1.44	)
2009		16.51		.49		1.62			2.11			(.93	)		(.48	)		(.10	)		(1.51	)		—	*		.01			17.12		15.41		13.35			22.55

	Ratios/Supplemental Data
			Ratios to Average Net Assets(c)
	Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
Global Income Opportunities (JGG)
Year Ended 12/31:
2013	$	121,995		2.03	%		4.85	%		72	%
2012		144,292		1.16			1.47			93
2011		144,701		1.06			1.10			36
2010		152,834		1.06			.82			105
2009		156,253		1.08			1.54			177
Diversified Currency Opportunities (JGT)
Year Ended 12/31:
2013		556,075		.99			2.40			86
2012		705,098		.99			1.65			117
2011		605,962		1.06			.77			41
2010		683,648		1.13			2.28			77
2009		748,957		1.07			2.92			103

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) 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 may take 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 Net Asset Value is the combination of changes in net asset value, reinvested divided 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 Fund's 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.

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, where applicable.

• Each ratio includes the effect of all interest expense paid and other costs related to borrowings as follows:

Global Income Opportunities (JGG)	Ratios of Borrowings Interest Expense to Average Net Assets(e)
Year Ended 12/31:
2013		.53	%
2012		.07

(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5—Investment Transactions) divided by the average long-term market value during the period.

(e) The Fund did not utilize borrowings prior to the fiscal year ended December 31, 2012.

* Rounds to less than $.01 per share.

** During the fiscal year ended December 31, 2011, Diversified Currency Opportunities (JGT) received payments from the Adviser of $36,215 to offset losses realized on the disposal of investments purchased in violation of the Fund's investment restrictions. This reimbursement did not have an impact on the Fund's Total Return Based on Net Asset Value.

1. General Information and Significant Accounting Policies

General Information

Fund Information

The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):

• Nuveen Global Income Opportunities Fund (JGG) ("Global Income Opportunities (JGG)")

• Nuveen Diversified Currency Opportunities Fund (JGT) ("Diversified Currency Opportunities (JGT)")

The Funds are registered under the Investment Company Act of 1940, as amended, as non-diversified closed-end registered investment companies. Global Income Opportunities (JGG) and Diversified Currency Opportunities (JGT) were organized as Massachusetts business trusts on April 13, 2006 and February 14, 2007, respectively.

Investment Adviser

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Investment Objectives

Global Income Opportunities' (JGG) primary investment objective is to provide a high level of current income and gains. The Fund's secondary investment objective is to seek capital preservation. The Fund invests at least 80% of its managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates) in global debt securities, including but not limited to global sovereign and government-related debt, domestic and foreign debt securities, U.S. government securities, residential and commercial mortgage-backed securities and asset backed securities. The Fund may invest up to 20% in other types of securities, including, but not limited to, preferred securities of domestic and foreign issuers and convertible debt. The Fund may invest in global debt from issuers in both developed and emerging market countries. The Fund will invest primarily in securities rated investment grade at the time of purchase (or unrated but deemed to be of comparable quality by the Sub-Adviser.) However, the Fund may invest up to 30% of its managed assets in securities rated below investment grade (or unrated but deemed to be of comparable quality by the Sub-Adviser). The Fund may not invest in debt rated below CCC. The Fund will use futures, forwards and other derivatives to create or reduce exposure to countries, sectors, currencies, and interest rates in seeking to enhance total returns and/or manage risk. This strategy may create the economic effect of leverage. The Sub-Adviser will monitor and adjust investments using a propriety risk reduction methodology.

Diversified Currency Opportunities' (JGT) primary investment objective is to provide an attractive level of current income and total return. The Fund invests in currencies and short-term debt of both developed market and emerging market countries and has the flexibility to short foreign currencies. The Fund will maintain a foreign currency orientation with a maximum net exposure of the dollar of 35%. The Fund invests at least 80% of its managed assets in U.S. and foreign government securities, forward currency contracts, and other currency related derivative instruments and may invest 20% in corporate, assets-backed or other types of non-government debt. The Fund seeks to maintain a weighted-average, leverage-adjusted duration of two years or less and may employ effective leverage of up to 175% through currency forward contracts. This strategy may create the economic effect of leverage. The Sub-Adviser will monitor and adjust investments using a propriety risk reduction methodology.

The Funds are subject to regulation as a commodity pool under the Commodity Exchange Act, and the Adviser has registered with the Commodity Futures Trading Commission as a commodity pool operator.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP").

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds' portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of December 31, 2013, the following Fund had outstanding when-issued/delayed delivery purchase commitments as follows:

				Global Income Opportunities (JGG)
Outstanding when-issued/delayed delivery purchase commitments				$	3,671,336

There were no such outstanding purchase commitments in Diversified Currency Opportunities (JGT).

Investment Income

Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period such amounts will be recognized as "Legal fee refund" on the Statement of Operations.

Dividends and Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Each Fund makes quarterly cash distributions to shareholders of a stated dollar amount per share. Subject to approval and oversight by the Funds' Board of Trustees, each Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Fund's investment strategy through regular quarterly distributions (a "Managed Distribution Program"). Total distributions during a calendar year generally will be made from each Fund's net investment income, net realized capital gains and net unrealized capital gains in the Fund's portfolio, if any. The portion of distributions paid attributed to net unrealized gains, if any, is distributed from the Fund's assets and is treated by shareholders as a non-taxable distribution ("Return of Capital") for tax purposes. In the event that total distributions during a calendar year exceed a Fund's total return on net asset value, the difference will reduce net asset value per share. If a Fund's total return on net asset value exceeds total distributions during a calendar year, the excess will be reflected as an increase in net asset value per share. The final determination of the source and character of all distributions for the fiscal year is made after the end of the fiscal year and is reflected in the financial statements contained in the annual report as of December 31 each year.

The actual character of distributions made by the Funds during the fiscal years ended December 31, 2013 and December 31, 2012, are reflected in the accompanying financial statements.

Due from Broker

Global Income Opportunities (JGG) has an outstanding trade receivable in the amount of $605,066 from an affiliated entity of Lehman Brothers Holdings, Inc., ("Lehman") which filed for Chapter 11 bankruptcy protection. The trade receivable is recognized as a component of "Due from broker" on the Statement of Assets and Liabilities. The Fund's Adviser has agreed that to the extent that this asset is not ultimately recovered by the Fund, the Adviser or another party shall reimburse the Fund for this asset. The Fund's custodian has also agreed to waive any overdraft charges resulting from this receivable. As the receivable is an offset of the overdraft noted on the Fund's accounting records and recognized as a component of "Cash overdraft" on the Statement of Assets and Liabilities, there has been no effect on the Fund's net asset value.

Indemnifications

Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. As of December 31, 2013, the Funds were not invested in any portfolio securities or derivatives, other than repurchase agreements, forward foreign currency exchange contracts and swap contracts further described in Note 3 – Portfolio Securities and Investments in Derivatives that are subject to netting agreements.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

Prices of fixed-income securities, short-term U.S. and international government securities, forward foreign currency exchange contracts and swaps are provided by a pricing service approved by the Funds' Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (NAV) of the Funds' shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds' NAV is determined, or if under the Funds' procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds' Board of Trustees. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

The value of exchange-traded options are based on the mean of the closing bid and ask prices. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Exchange-traded options and futures contracts are generally classified as Level 1. Options traded in the over-the-counter market are valued using an evaluated mean price and are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds' Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and

other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds' Board of Trustees or its designee.

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

Global Income Opportunities (JGG)	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
$25 Par (or similar) Retail Structures	$	3,247,845	$	—		$	—	$	3,247,845
Corporate Bonds		—		85,484,204			—		85,484,204
$1,000 Par (or similar) Institutional Structures		—		7,568,977			—		7,568,977
Sovereign Debt		—		68,299,757			—		68,299,757
Asset-Backed and Mortgage-Backed Securities		—		8,147,308			—		8,147,308
Short-Term Investments:
Repurchase Agreements		—		2,402,340			—		2,402,340
Derivatives:
Forward Foreign Currency Exchange Contracts**		—		(296,073	)		—		(296,073	)
Credit Default Swaps**		—		31,957			—		31,957
Interest Rate Swaps**		—		3,102,729			—		3,102,729
Futures Contracts**		148,990		—			—		148,990
Total	$	3,396,835	$	174,741,199		$	—	$	178,138,034
Diversified Currency Opportunities (JGT)	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
$25 Par (or similar) Retail Structures	$	1,307,000	$	—		$	—	$	1,307,000
Corporate Bonds		—		86,541,827			—		86,541,827
Sovereign Debt		—		382,782,733			—		382,782,733
Asset-Backed and Mortgage-Backed Securities		—		30,300,480			—		30,300,480
Short-Term Investments*:
Sovereign Debt		—		3,007,500			—		3,007,500
U.S. Government & Agency Obligations		—		40,026,525			—		40,026,525
Repurchase Agreements		—		3,577,777			—		3,577,777
Derivatives:
Forward Foreign Currency Exchange Contracts**		—		(2,358,691	)		—		(2,358,691	)
Futures Contracts**		974,730		—			—		974,730
Total	$	2,281,730	$	543,878,151		$	—	$	546,159,881

* Refer to the Fund's Portfolio of Investments for industry and country classifications, where applicable.

** Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.

The Nuveen funds' Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds' pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund's investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

Global Income Opportuntities (JGG) and Diversified Currency Opportunities (JGT) may invest in non-U.S. securities (as described in Note 1 – General Information and Significant Accounting Policies, Investment Objectives). As of December 31, 2013, Global Income Opportuntities (JGG) and Diversified Currency Opportunities's (JGT) investments in non-U.S. securities were as follows:

Global Income Opportuntities (JGG)	Value		% of Total Investments
Country:
Mexico	$	20,757,209		11.9	%
Turkey		11,132,216		6.4
South Africa		8,793,767		5.0
United Kingdom		8,759,531		5.0
South Korea		6,168,444		3.5
Russia		4,561,985		2.6
Canada		4,187,693		2.4
Other*		31,573,495		18.0
Total	$	95,934,340		54.8	%

* Includes all other countries less than $4,187,693.

Diversified Currency Opportunities (JGT)	Value		% of Total Investments
Country:
Brazil	$	81,335,864		14.9	%
Mexico		64,336,495		11.8
Canada		44,502,181		8.1
Italy		29,069,484		5.3
Malaysia		25,898,025		4.7
South Africa		25,834,476		4.7
Turkey		25,189,715		4.6
Russia		19,672,900		3.6
Spain		18,491,876		3.4
Peru		13,253,250		2.4
Other*		96,498,313		17.6
Total	$	444,082,579		81.1	%

* Includes all other countries less than $13,253,250.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, forward foreign currency exchange contracts, futures, options purchased, options written and swap contracts, when applicable, are recognized as a component of "Net realized gain (loss) from investments and foreign currency" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of "Change in net unrealized appreciation (depreciation) of investments and foreign currency" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with forward foreign currency exchange contracts, futures, options purchased, options written and swaps are recognized as a component of "Change in net unrealized appreciation (deprecation) of forward foreign currency exchange contracts, futures contracts, options purchased, options written and swaps," respectively on the Statement of Operations, when applicable.

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.

Fund	Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Global Income Opportunities (JGG)	State Street Bank	$	2,402,340	$	(2,402,340	)	$	—
Diversified Currency Opportunities (JGT)	State Street Bank		3,577,777		(3,577,777	)		—

* As of December 31, 2013, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund's Portfolio of Investments for details on the repurchase agreements.

Investment in Derivatives

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Forward Foreign Currency Exchange Contracts

Each Fund is authorized to enter into forward foreign currency exchange contracts ("forward contract") under two circumstances: (i) when a Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency to "lock in" the U.S. exchange rate of the transaction, with such period being a short-dated contract covering the period between transaction date and settlement date; or (ii) when the Sub-Adviser, believes that the currency of a particular foreign country may experience a substantial movement against the U.S. dollar or against another foreign currency.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all details of the contract are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery.

Forward contracts are valued daily at the forward rate. The net amount recorded on these transactions for each counterparty is recognized as a component of "Unrealized appreciation and/or depreciation on forward foreign currency exchange contracts, net" on the Statement of Assets and Liabilities. The change in value of the forward contracts during the reporting period is recognized as a component of "Change in net unrealized appreciation (depreciation) of forward foreign currency exchange contracts" on the Statement of Operations. When the contract is closed or offset with the same counterparty, a Fund recognizes the difference between the value of the contract at the time it was entered and the value at the time it was closed or offset as a component of "Net realized gain (loss) from forward foreign currency exchange contracts" on the Statement of Operations.

Forward contracts will generally not be entered into for terms greater than three months, but may have maturities of up to six months or more. The use of forward contracts does not eliminate fluctuations in the underlying prices of a Fund's investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reflected on the Statement of Assets and Liabilities. Forward contracts are subject to counterparty risk if the counterparty fails to perform as specified in the contract due to financial impairment or other reason.

During the fiscal year ended December 31, 2013, Global Income Opportunities (JGG) and Diversified Currency Opportunities (JGT) utilized forward foreign currency exchange contracts to reduce risk and to take active currency exposures. These contracts were used to reduce risk by hedging select foreign currency risks associated with each Fund's foreign debt investments. The Funds also actively managed currency exposures through these contracts in an attempt to benefit from the potential appreciation.

The average notional amount of forward foreign currency exchange contracts outstanding during the fiscal year ended December 31, 2013, was as follows:

				Global Income Opportunities (JGG)				Diversified Currency Opportunities (JGT)
Average notional amount of forward foreign currency exchange contracts outstanding*				$	270,139,649			$	1,373,831,470

* The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

The following table presents the fair value of all forward foreign currency exchange contracts held by the Funds as of December 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

(Liability) Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Global Income Opportunities (JGG)

Foreign currency
exchange rate

Forward contracts

Unrealized appreciation on forward foreign
currency exchange contracts, net

1,094,646

Unrealized depreciation on forward foreign
currency exchange contracts, net

(1,021,460

)

Foreign currency
exchange rate

Forward contracts

Unrealized appreciation on forward foreign
currency exchange contracts, net

(698,087

)

Unrealized depreciation on forward foreign
currency exchange contracts, net

328,828

Total

396,559

(692,632

)

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

(Liability) Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Diversified Currency Opportunities (JGT)

Foreign currency
exchange rate

Forward contracts

Unrealized appreciation on forward foreign
currency exchange contracts, net

4,000,129

Unrealized depreciation on forward foreign
currency exchange contracts, net

(7,271,632

)

Foreign currency
exchange rate

Forward contracts

Unrealized appreciation on forward foreign
currency exchange contracts, net

(1,609,821

)

Unrealized depreciation on forward foreign
currency exchange contracts, net

2,522,633

Total

2,390,308

(4,748,999

)

The following table presents the forward foreign currency contracts, which are subject to netting agreements, as well as collateral delivered related to those forward foreign currency contracts.

Fund	Counterparty	Gross Unrealized Appreciation on Forward Foreign Currency Exchange Contracts*		Gross Unrealized (Depreciation) on Forward Foreign Currency Exchange Contracts*			Amounts Netted on Statement of Assets and Liabilities			Net Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts			Collateral Pledged to (from) Counterparty			Net Exposure
Global Income Opportunites (JGG)
	Bank of America	$	—	$	(48,077	)	$	—		$	(48,077	)	$	—		$	(48,077	)
	Barclays		276,572		(244,981	)		(244,981	)		31,591			—			31,591
	Citibank N.A.		492,405		(378,999	)		(378,999	)		113,406			—			113,406
	Credit Suisse		118,834		(289,204	)		118,834			(170,370	)		170,370			—
	Goldman Sachs		133,858		—			—			133,858			—			133,858
	JPMorgan		191,811		(74,107	)		(74,107	)		117,704			—			117,704
	Morgan Stanley		209,994		(397,306	)		209,994			(187,312	)		—			(187,312	)
	Nomura International		—		(139,184	)		—			(139,184	)		139,184			—
	UBS		—		(147,689	)		—			(147,689	)		—			(147,689	)
Total		$	1,423,474	$	(1,719,547	)	$	(369,259	)	$	(296,073	)	$	309,554		$	13,481
Diversified Currency Opportunities (JGT)
	Bank of America	$	—	$	(246,709	)	$	—		$	(246,709	)	$	246,709		$	—
	Barclays		1,848,607		(1,026,405	)		(1,026,405	)		822,202			(774,324	)		47,878
	BNP Paribas		—		(63,667	)		—			(63,667	)		—			(63,667	)
	Citibank N.A.		1,295,079		(1,562,491	)		1,295,079			(267,412	)		267,412			—
	Credit Suisse		469,658		(2,401,999	)		469,658			(1,932,341	)		1,932,341			—
	Goldman Sachs		2,151,522		(583,416	)		(583,416	)		1,568,106			(1,568,106	)		—
	JPMorgan		—		(882,655	)		—			(882,655	)		882,655			—
	Morgan Stanley		746,761		(837,743	)		746,761			(90,982	)		—			(90,982	)
	Nomura International		—		(649,527	)		—			(649,527	)		649,527			—
	UBS		11,135		(626,841	)		11,135			(615,706	)		540,000			(75,706	)
Total		$	6,522,762	$	(8,881,453	)	$	912,812		$	(2,358,691	)	$	2,176,214		$	(182,477	)

* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward contracts during the fiscal year ended December 31, 2013, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Forward Foreign Currency Exchange Contracts			Change in Net Unrealized Appreciation (Depreciation) of Forward Foreign Currency Exchange Contracts
Global Income Opportunities (JGG)	Foreign currency exchange rate	Forward contracts	$	(6,822,974	)	$	(824,780	)
Diversified Currency Opportunities (JGT)	Foreign currency exchange rate	Forward contracts		(52,686,694	)		(7,819,786	)

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as "Deposits with brokers for open futures contracts" on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days "mark-to-market" of the open

contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund's account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund's account with an amount equal to depreciation. These daily cash settlements are also known as "variation margin." Variation margin is recognized as a receivable and/or payable for "Variation margin on futures contracts" on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by "marking-to-market" on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of "Change in net unrealized appreciation (depreciation) of futures contracts" on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of "Net realized gain (loss) from futures contracts" on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the fiscal year ended December 31, 2013, Global Income Opportunities (JGG) and Diversified Currency Opportunities (JGT) sold U.S. Treasury futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure. The Fund's also used selected foreign bond futures to actively manage exposure to those markets.

The average notional amount of futures contracts outstanding during the fiscal year ended December 31, 2013, was as follows:

				Global Income Opportunities (JGG)				Diversified Currency Opportunities (JGT)
Average notional amount of futures contracts outstanding*				$	47,437,834			$	69,858,434

* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the fiscal year and at the end of each quarter within the current fiscal year.

The following table presents the fair value of all futures contracts held by the Funds as of December 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

(Liability) Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Global Income Opportunities (JGG)

Interest rate

Futures contracts

Receivable for variation margin on futures contracts*

213,201

—

Interest rate

Futures contracts

Receivable for variation margin of futures contracts*

(64,211

)

—

Diversified Currency Opportunities (JGT)

Interest rate

Futures contracts

Receivable for variation margin on futures contracts*

974,730

—

* Value represents unrealized appreciation (depreciation) of futures contracts as reported on the Fund's Portfolio of Investments and not cash collateral at brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts during the fiscal year ended December 31, 2013, and the primary underlying risk exposure.

Fund

Underlying
Risk Exposure

Derivative
Instrument

Net Realized
Gain (Loss) from
Futures Contracts

Change in Net Unrealized
Appreciation (Depreciation) of
Futures Contracts

Global Income Opportunities (JGG)

Interest rate

Futures contracts

256,147

(107,787

)

Diversified Currency Opportunities (JGT)

Interest rate

Futures contracts

336,174

974,730

Swap Contracts

Each Fund is authorized to enter into swap contracts consistent with its investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).

Interest Rate Swaps Contracts

Each Fund may use interest rate swap and forward interest rate swap contracts ("interest rate swap contracts") for purposes of risk reduction or expressing market views. An example of risk reduction would be to synthetically convert certain Fund positions in fixed-rate securities effectively into adjustable rate instruments and thereby shorten the average interest rate reset time and duration of each Fund's portfolio of investments. An example of

expressing a market view would be to enter into swap contracts of different tenors that offset one another in whole or in part (in one case paying the fixed leg, in the other case receiving the fixed leg), in order to benefit if certain changes occur in the slope of the yield curve. Interest rate swap contracts involve each Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap transactions involve the Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the swap contract. Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that each Fund is to receive. Interest rate swap contracts are valued daily. Upon entering into an interest rate swap (and beginning on the effective date for a forward swap), each Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities. Payments made or received upon entering into the swap agreement are to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)" with the change during the fiscal period recognized on the Statement of Operations as a component of "Change in net unrealized appreciation (depreciation) of swaps." Once periodic payments are settled in cash, the net amount is recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of interest rate swap contracts. For tax purposes, periodic payments are treated as ordinary income or expense.

During the fiscal year ended December 31, 2013 Global Income Opportunities (JGG) continued to use interest rate swaps to partially fix its interest cost of leverage, which the Fund employs through the use of bank borrowings, as well as part of an overall portfolio interest rate strategy.

The average notional amount of interest rate swap contracts outstanding during the fiscal year ended December 31, 2013, was as follows:

				Global Income Opportunities (JGG)
Average notional amount of interest rate swap contracts outstanding*				$	57,738,000

* The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Credit Default Swaps

A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap.

Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain. Payments received or made at the beginning of the measurement period are recognized as a component of "Credit default swap premiums paid and/or received" on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss.

Changes in the value of a credit default swap during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps," and realized gains and losses are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations. Investments in swaps cleared through an exchange obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days "mark-to-market" of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund's account with an amount equal to appreciation and conversely if the Fund has unrealized depreciation the clearing broker would debit a Fund's account with an amount equal to depreciation. These daily cash settlements are also known as "variation margin." Variation margin is recognized as a receivable and/or payable for "Variation margin on credit default swaps" on the Statement of Assets and Liabilities. The maximum potential amount of future payments the

Fund could incur as a seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

During the fiscal year ended December 31, 2013, Global Income Opportunities (JGG) continued to use credit default swaps as a way to take on credit risk and earn a commensurate credit spread.

The average notional amount of credit default swap contracts outstanding during the fiscal year ended December 31, 2013, was as follows:

				Global Income Opportunities (JGG)
Average notional amount of credit default swap contracts outstanding*				$	5,241,622

* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

The following table presents the fair value of all swap contracts held by the Funds as of December 31, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

(Liability) Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Global Income Opportunities (JGG)

Credit

Swaps

Receivable for variation margin on credit default swaps**

31,957

—

Interest rate

Swaps

Unrealized appreciation on interest rate swaps

3,102,729

—

** Value represents unrealized appreciation (depreciation) of swaps as reported in the Fund's Portfolio of Investments and not cash collateral with brokers, if any, the receivable or payable for variation margin on swap contracts or premiums paid or received presented on the Statement of Assets and Liabilities.

The following table presents the swap contacts, which are subject to netting agreements, as well as the collateral delivered related to those swap contracts.

	Counterparty	Gross Unrealized Appreciation on Interest Rate Swaps***		Gross Unrealized (Depreciation) on Interest Rate Swaps***		Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation on Interest Rate Swaps		Collateral Pledged to (from) Counterparty			Net Exposure
Global Income Opportunities (JGG)
	JPMorgan	$	2,149,631	$	—	$	—	$	2,149,631	$	(2,149,631	)	$	—
	Morgan Stanley		953,098		—		—		953,098		(397,845	)		555,253
Total		$	3,102,729	$	—	$	—	$	3,102,729	$	(2,547,476	)	$	555,253

*** Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts during the fiscal year ended December 31, 2013, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps			Change in Net Unrealized Appreciation (Depreciation) of Swaps
Global Income Opportunities (JGG)
	Credit	Swaps	$	1,183,380		$	(77,051	)
	Interest rate	Swaps		(134,064	)		2,920,495
Total			$	1,049,316		$	2,843,444

Options Transactions

The purchase of options and/or swaptions involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options and/or swaptions, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When a Fund purchases an option and/or swaption, an amount equal to the premium paid (the premium plus commission) is recognized as a component of "Options and/or Swaptions purchased, at value" on the Statement of Assets and Liabilities. When a Fund writes an option and/or swaption, an amount equal to the net premium received (the premium less commission) is recognized as a component of "Options and/or Swaptions written, at value" on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option and/or swaption until the option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options and/or swaptions purchased

during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of options and/or swaptions purchased" on the Statement of Operations. The changes in the value of options and/or swaptions written during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of options and/or swaptions written" on the Statement of Operations. When an option and/or swaption is exercised or expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of "Net realized gain (loss) from options and/or swaptions purchased and/or written" on the Statement of Operations. The Fund, as a writer of an option and/or swaption, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option and/or swaption. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

During the fiscal year ended December 31, 2013, Global Income Opportunities (JGG) and Diversified Currency Opportunities (JGT) wrote put options and purchased call options on select currencies in an attempt to benefit from changes in the spot values of these currencies.

The average notional amount of outstanding options contracts during the fiscal year ended December 31, 2013, were as follows:

	Global Income Opportunities (JGG)		Diversified Currency Opportunities (JGT)
Average notional amount of outstanding options purchased*	$	4,938,541	$	37,278,195
	Global Income Opportunities (JGG)		Diversified Currency Opportunities (JGT)
Average notional amount of outstanding options written*	$	585,750	$	12,105,500

* The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) on options contracts during the fiscal year ended December 31, 2013, and the primary underlying risk exposure.

Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Options Purchased/Written			Change in Net Unrealized Appreciation (Depreciation) of Options Purchased/Written
Global Income Opportunities (JGG)
	Foreign currency exchange rate	Options purchased	$	(256,883	)	$	—
	Foreign currency exchange rate	Options written		29,625			—
Diversified Currency Opportunities (JGT)
	Foreign currency exchange rate	Options purchased	$	(1,329,323	)	$	—
	Foreign currency exchange rate	Options written		612,250			—

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Transactions in Fund shares were as follows:

	Global Income Opportunities (JGG)					Diversified Currency Opportunities (JGT)
	Year Ended 12/31/13			Year Ended 12/31/12		Year Ended 12/31/13			Year Ended 12/31/12
Shares issued in reorganization		—			—		—			5,096,842
Shares issued to shareholders due to reinvestment of distributions		—			—		—			—
Shares repurchased and retired		(69,600	)		—		(1,962,431	)		(357,790	)
Weighted average:
Price per share repurchased and retired	$	11.56		$	—	$	10.84		$	12.85
Discount per share repurchased and retired		13.94	%		—		15.39	%		12.07	%

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) for the fiscal year ended December 31, 2013, were as follows:

	Global Income Opportunities (JGG)		Diversified Currency Opportunities (JGT)
Purchases	$	136,407,706	$	421,924,623
Sales and maturities		150,148,820		364,495,403

Transactions in options written for each Fund during the fiscal year ended December 31, 2013, were as follows:

	Global Income Opportunities (JGG)						Diversified Currency Opportunities (JGT)
	Number of Contracts			Premiums Received			Number of Contracts			Premiums Received
Options outstanding, beginning of period		—		$	—			—		$	—
Options written		1			29,625			1			612,250
Options expired		(1	)		(29,625	)		(1	)		(612,250	)
Options outstanding, end of period		—		$	—			—		$	—

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its investment company taxable income to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. In any year when the Funds realize net capital gains, each Fund may choose to distribute all or a portion of its net capital gains to shareholders, or alternatively, to retain all or a portion of its net capital gains and pay federal corporate income taxes on such retained gains.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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 the amortization of premium, recognition of unrealized gain or loss for tax (mark-to-market) for certain foreign currency contracts, and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

As of December 31, 2013, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

	Global Income Opportunities (JGG)			Diversified Currency Opportunities (JGT)
Cost of investments	$	187,967,886		$	580,631,922
Gross unrealized:
Appreciation	$	1,766,296		$	2,827,614
Depreciation		(14,583,751	)		(35,915,694	)
Net unrealized appreciation (depreciation) of investments	$	(12,817,455	)	$	(33,088,080	)

Permanent differences, primarily due to reorganization adjustments, net operating losses, return of capital distributions, foreign currency reclasses, distribution reclasses, nondeductible stock issuance costs and treatment of notional principal contracts, resulted in reclassifications among the Funds' components of net assets as of December 31, 2013, the Funds' tax year end, as follows:

	Global Income Opportunities (JGG)			Diversified Currency Opportunities (JGT)
Paid-in surplus	$	(9,942,604	)	$	(76,363,663	)
Undistributed (Over-distribution of) net investment income		2,850,378			11,217,001
Accumulated net realized gain (loss)		7,092,226			65,146,662

The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2013, the Funds' tax year end, were as follows:

	Global Income Opportunities (JGG)		Diversified Currency Opportunities (JGT)
Undistributed net ordinary income	$	—	$	—
Undistributed net long-term capital gains		—		—

The tax character of distributions paid during the Funds' tax years ended December 31, 2013 and December 31, 2012, was designated for purposes of the dividends paid deduction as follows:

2013	Global Income Opportunities (JGG)		Diversified Currency Opportunities (JGT)
Distributions from net ordinary income¹	$	—	$	—
Distributions from net long-term capital gains²		770,358		1,486,107
Return of capital		9,942,604		48,832,158
2012	Global Income Opportunities (JGG)		Diversified Currency Opportunities (JGT)
Distributions from net ordinary income¹	$	9,836,192	$	12,219,580
Distributions from net long-term capital gains		1,347,834		19,130,416
Return of capital		—		22,123,393

¹ Net ordinary income consists of net taxable income derived from dividends and interest, and current year earnings and profits attributable to realized gains.

² The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended December 31, 2013.

The Funds have elected to defer late-year losses, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The Funds have elected to defer losses as follows:

	Global Income Opportunities (JGG)		Diversified Currency Opportunities (JGT)
Post-October capital losses³	$	—	$	3,795,322
Late-year ordinary losses⁴		956,385		14,378,080

³ Capital losses incurred from November 1, 2013 through December 31, 2013, the Funds' tax year end.

⁴ Specified losses incurred from November 1, 2013 through December 31, 2013.

7. Management Fees and Other Transactions with Affiliates

Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

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

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

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

* For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, 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 trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of December 31, 2013, the complex-level fee rate for each of these Funds was .1686%.

The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Board of Trustees

William Adams IV*

Robert P. Bremner

Jack B. Evans

William C. Hunter

David J. Kundert

John K. Nelson

William J. Schneider

Thomas S. Schreier, Jr.*

Judith M. Stockdale

Carole E. Stone

Virginia L. Stringer

Terence J. Toth

* Interested Board Member.

Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606

Custodian
State Street Bank &
Trust Company
Boston, MA 02111

Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603

Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL 60606

Transfer Agent and
Shareholder Services
State Street Bank &
Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.

Nuveen Funds' Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Share Information

Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

				JGG				JGT
Shares repurchased					69,600				1,962,431

Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

n Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's 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 Barclays Global Aggregate Bond Index: An index that provides a broad-based measure of the global investment-grade fixed income markets. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges.

n JGT Blended Index (Comparative Index): A 50% blend of the 1) Citigroup Non-US World Government Bond 1-3 Year Index: an index of fixed rate government bonds with a maturity of one year or longer and amounts outstanding of at least U.S. $25 million and 2) JPMorgan Emerging Local Markets Index Plus: an index that tracks total returns for local-currency-denominated money market instruments. It consists of foreign exchange forward contracts laddered with maturities ranging from one to three months. Country weights are based on a trade-weighted allocation, with maximum weight of 10% for countries with convertible currencies and 2% for countries with non-convertible currencies. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

n Dow Jones Industrial Average: A price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

n Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.

n Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

n Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

n Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

n Nikkei Index: A price-weighted average comprised of Japan's 225 top-rated Japanese companies linked in the first section of the Tokyo Stock Exchange. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

n Russell 2000^® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

n S&P 500^® Index: An unmanaged index generally considered representative of the U.S. stock market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at twelve. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

Name,
Year of Birth
& Address

Position(s) Held
with the Funds

Year First
Elected or
Appointed
and Term⁽¹⁾

Principal
Occupation(s)
Including other
Directorships
During Past 5 Years

Number
of Portfolios
in Fund Complex
Overseen by
Board Member

Independent Board Members:

nWILLIAM J. SCHNEIDER

1944
333 W. Wacker Drive Chicago, IL 60606

Chairman and
Board Member

1996
Class III

Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.

206

nROBERT P. BREMNER

1940
333 W. Wacker Drive Chicago, IL 60606

Board Member

1996
Class lll

Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.

206

nJACK B. EVANS

1948
333 W. Wacker Drive Chicago, IL 60606

Board Member

1999
Class lll

President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.

206

nWILLIAM C. HUNTER

1948
333 W. Wacker Drive Chicago, IL 60606

Board Member

2004
Class l

Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.

206

nDAVID J. KUNDERT

1942
333 W. Wacker Drive Chicago, IL 60606

Board Member

2005
Class ll

Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.

206

Name,
Year of Birth
& Address

Position(s) Held
with the Funds

Year First
Elected or
Appointed
and Term⁽¹⁾

Principal
Occupation(s)
Including other
Directorships
During Past 5 Years

Number
of Portfolios
in Fund Complex
Overseen by
Board Member

Independent Board Members (continued):

nJOHN K. NELSON

1962
333 West Wacker Drive
Chicago, IL 60606

Board Member

2013
Class ll

Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Whole- sale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.

206

nJUDITH M. STOCKDALE

1947
333 W. Wacker Drive
Chicago, IL 60606

Board Member

1997
Class l

Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).

206

nCAROLE E. STONE

1947
333 W. Wacker Drive
Chicago, IL 60606

Board Member

2007
Class l

Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).

206

nVIRGINIA L. STRINGER

1944
333 W. Wacker Drive
Chicago, IL 60606

Board Member

2011
Class l

Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute's Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).

206

nTERENCE J. TOTH

1959
333 W. Wacker Drive
Chicago, IL 60606

Board Member

2008
Class lI

Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).

206

Name,
Year of Birth
& Address

Position(s) Held
with the Funds

Year First
Elected or
Appointed
and Term⁽¹⁾

Principal
Occupation(s)
Including other
Directorships
During Past 5 Years

Number
of Portfolios
in Fund Complex
Overseen by
Board Member

Interested Board Members:

nWILLIAM ADAMS IV⁽²⁾

1955
333 W. Wacker Drive
Chicago, IL 60606

Board Member

2013
Class ll

Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda s Club Chicago.

132

nTHOMAS S. SCHREIER, JR.⁽²⁾

1962
333 W. Wacker Drive
Chicago, IL 60606

Board Member

2013
Class lll

Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman's Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).

132

Name,
Year of Birth
& Address

Position(s) Held
with the Funds

Year First
Elected or
Appointed⁽³⁾

Principal
Occupation(s)
During Past 5 Years

Number
of Portfolios
in Fund Complex
Overseen by
Officer

Officers of the Funds:

nGIFFORD R. ZIMMERMAN

1956
333 W. Wacker Drive
Chicago, IL 60606

Chief
Administrative
Officer

1988

Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.

206

nCEDRIC H. ANTOSIEWICZ

1962
333 W. Wacker Drive
Chicago, IL 60606

Vice President

2007

Managing Director of Nuveen Securities, LLC.

100

nMARGO L. COOK

1964
333 W. Wacker Drive
Chicago, IL 60606

Vice President

2009

Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.

206

nLORNA C. FERGUSON

1945
333 W. Wacker Drive
Chicago, IL 60606

Vice President

1998

Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).

206

Name,
Year of Birth
& Address

Position(s) Held
with the Funds

Year First
Elected or
Appointed⁽³⁾

Principal
Occupation(s)
During Past 5 Years

Number
of Portfolios
in Fund Complex
Overseen by
Officer

Officers of the Funds (continued):

nSTEPHEN D. FOY

1954
333 W. Wacker Drive
Chicago, IL 60606

Vice President and Controller

1998

Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.

206

nSCOTT S. GRACE

1970
333 W. Wacker Drive
Chicago, IL 60606

Vice President
and Treasurer

2009

Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley's Global Financial Services Group (2000-2003); Chartered Accountant Designation.

206

nWALTER M. KELLY

1970
333 W. Wacker Drive
Chicago, IL 60606

Chief Compliance Officer and
Vice President

2003

Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.

206

nTINA M. LAZAR

1961
333 W. Wacker Drive
Chicago, IL 60606

Vice President

2002

Senior Vice President of Nuveen Investment Holdings, Inc.

206

nKEVIN J. MCCARTHY

1966
333 W. Wacker Drive
Chicago, IL 60606

Vice President
and Secretary

2007

Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.

206

nKATHLEEN L. PRUDHOMME

1953
901 Marquette Avenue
Minneapolis, MN 55402

Vice President and
Assistant Secretary

2011

Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).

206

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

NUVEEN GLOBAL INCOME OPPORTUNITIES FUND

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with PricewaterhouseCoopers LLP the Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

	Audit Fees Billed			Audit-Related Fees			Tax Fees			All Other Fees
Fiscal Year Ended	to Fund (1)			Billed to Fund (2)			Billed to Fund (3)			Billed to Fund (4)
December 31, 2013	$	44,250		$	0		$	4,470		$	0

Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%

December 31, 2012	$	41,722		$	0		$	2,650		$	0

Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%	0		%

(1) “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

(2) “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

(3) “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.

(4) “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

	Audit-Related Fees			Tax Fees Billed to			All Other Fees
	Billed to Adviser and			Adviser and			Billed to Adviser
	Affiliated Fund			Affiliated Fund			and Affiliated Fund
Fiscal Year Ended	Service Providers			Service Providers			Service Providers
December 31, 2013	$	0		$	0		$	0

Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%

December 31, 2012	$	0		$	0		$	0

Percentage approved pursuant to pre-approval exception	0		%	0		%	0		%

NON-AUDIT SERVICES

The following table shows the amount of fees that PricewaterhouseCoopers LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that PricewaterhouseCoopers LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PricewaterhouseCoopers LLP about any non-audit services that PricewaterhouseCoopers LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PricewaterhouseCoopers LLP’s independence.

			Total Non-Audit Fees
			billed to Adviser and
			Affiliated Fund Service		Total Non-Audit Fees
			Providers (engagements		billed to Adviser and
			related directly to the		Affiliated Fund Service
	Total Non-Audit Fees		operations and financial		Providers (all other
Fiscal Year Ended	Billed to Fund		reporting of the Fund)		engagements)		Total
December 31, 2013	$	4,470	$	0	$	0	$	4,470
December 31, 2012	$	2,650	$	0	$	0	$	2,650

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective

amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Jack B. Evans, David J. Kundert, Carole E. Stone and Terence J. Toth.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

In addition to the Fund, as of December 31, 2013, the portfolio managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

	(ii) Number of Other Accounts Managed and Assets by Account Type*									(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager	Other Registered Investment Companies			Other Pooled Investment Vehicles			Other Accounts			Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Steve Lee	2	$	577 million	0	0		0	0		0	0	0	0	0	0
Tim Palmer	5	$	1.83 billion	1	$	62.6 million	7	$	493 million	0	0	0	0	0	0

* Assets are as of December 31, 2013.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Period*	(a) TOTAL NUMBER OF SHARES (OR UNITS) PURCHASED	(b) AVERAGE PRICE PAID PER SHARE (OR UNIT)		(c) TOTAL NUMBER OF SHARES (OR UNITS) PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS	(d)* MAXIMUM NUMBER (OR APPROXIMATE DOLLAR VALUE) OF SHARES (OR UNITS) THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS

JANUARY 1-31, 2013	0			0	935,000

FEBRUARY 1-28, 2013	0			0	935,000

MARCH 1-31, 2013	0			0	935,000

APRIL 1-30, 2013	0			0	935,000

MAY 1-31, 2013	0			0	935,000

JUNE 1-30, 2013	0			0	935,000

JULY 1-31, 2013	8,600	$	12.30	8,600	926,400

AUGUST 1-31, 2013	0			0	926,400

SEPTEMBER 1-30, 2013	0			0	926,400

OCTOBER 1-31, 2013	9,637	$	11.63	9,637	916,763

NOVEMBER 1-30, 2013	25,863	$	11.62	25,863	909,137

DECEMBER 1-31, 2013	25,500	$	11.24	25,500	883,637

TOTAL	69,600

* The registrant’s repurchase program, for the repurchase of 935,000 shares, was authorized November 15, 2012. The program was reauthorized for a maximum repurchase amount of 935,000 shares on November 20, 2013. Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and 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 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.

Investment Company Act file number			811-21893

Nuveen Global Income Opportunities Fund
(Exact name of registrant as specified in charter)

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

Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606
(Name and address of agent for service)

Registrant’s telephone number, including area code:				(312) 917-7700

Date of fiscal year end:	December 31

Date of reporting period:		December 31, 2013

	Average Annual
	1-Year			5-Year			Since Inception¹
JGT at NAV		(10.83	)%		2.29	%		2.25	%
JGT at Share Price		(13.99	)%		3.23	%		(0.02	)%

Chairman's Letter to Shareholders					4
Portfolio Managers' Comments					5
Fund Leverage and Currency Investment Exposure					10
Share Information					11
Risk Considerations					14
Performance Overview and Holding Summaries					17
Report of Independent Registered Public Accounting Firm					20
Portfolios of Investments					21
Statement of Assets and Liabilities					39
Statement of Operations					40
Statement of Changes in Net Assets					41
Statement of Cash Flows					42
Financial Highlights					44
Notes to Financial Statements					46
Additional Fund Information					62
Glossary of Terms Used in this Report					63
Reinvest Automatically, Easily and Conveniently					64
Board Members & Officers					65

AAA/U.S. Guaranteed	2.4	%
AA	8.7	%
A	28.8	%
BBB	30.8	%
BB or Lower	25.7	%
N/R	3.6	%

United States⁶	45.2	%
Mexico	11.9	%
Turkey	6.4	%
South Africa	5.0	%
United Kingdom	5.0	%
South Korea	3.5	%
Russia	2.6	%
Canada	2.4	%
Other	18.0	%

Corporate Bonds	48.8	%
Sovereign Debt	39.0	%
Asset-Backed and Mortgage-Backed Securities	4.6	%
$1,000 Par (or similar) Institutional Structures	4.3	%
Repurchase Agreements	1.4	%
$25 Par (or similar) Retail Structures	1.9	%

AAA/U.S. Guaranteed	9.3	%
AA	9.1	%
A	38.9	%
BBB	29.7	%
BB or Lower	9.9	%
N/R	3.1	%

United States⁷	18.9	%
Brazil	14.9	%
Mexico	11.8	%
Canada	8.1	%
Italy	5.3	%
Malaysia	4.7	%
South Africa	4.7	%
Turkey	4.6	%
Russia	3.6	%
Spain	3.4	%
Peru	2.4	%
Other	17.6	%

Sovereign Debt	70.5	%
Corporate Bonds	15.8	%
U.S. Government and Agency Obligations	7.3	%
Asset-Backed and Mortgage-Backed Securities	5.5	%
Repurchase Agreements	0.7	%
$25 Par (or similar) Retail Structures	0.2	%

	Borrowings at End of Period(e)
Global Income Opportunities (JGG)	Aggregate Amount Outstanding (000)		Asset Coverage Per $1,000
Year Ended 12/31:
2013	$	56,000	$	3,178
2012		61,000		3,365

Name of Portfolio Manager	None	$1 - $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	Over $1,000,000
Steve Lee			X
Timothy Palmer				X

By (Signature and Title)	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary
Date: March 6, 2014

By (Signature and Title)	/s/ Gifford R. Zimmerman
	Gifford R. Zimmerman
	Chief Administrative Officer (principal executive officer)
Date: March 6, 2014


By (Signature and Title)	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller (principal financial officer)
Date: March 6, 2014