N-CSRS 1 c52431nvcsrs.htm N-CSRS nvcsrs
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21903
Nuveen Global Value 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: June 30, 2009
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. SS. 3507.
 
 

 


 

 
ITEM 1. REPORTS TO SHAREHOLDERS
(NUVEEN INVESTMENTS LOGO)
 
 
Closed-End Funds
 
     
 
Nuveen Investments
Closed-End Funds
High Level of Total Return from a Diversified Global
Portfolio Primarily Invested in Equity and Debt Securities
   
     
Semi-Annual Report
June 30, 2009
   
 
 

             
           
Nuveen Global Value
Opportunities Fund
JGV
           
             
             
             

(JUNE 09)


 

 


 

 
Chairman’s
Letter to Shareholders

 
(ROBERT P. BREMNER PHOTO)
 
Dear Shareholder,
 
The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government’s actions are very encouraging and, more importantly, reflect a commitment to act decisively to meet the economic challenges we face.
 
The performance information in the attached report reflects the impact of many forces at work in the equity and fixed-income markets. The comments by the portfolio manager describe the strategies being used to pursue your Fund’s long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully.
 
Your Board is particularly sensitive to our shareholders’ concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment.
 
On behalf of myself and the other members of your Fund’s Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
-s- Robert P. Bremner
Robert P. Bremner
Chairman of the Nuveen Fund Board
August 24, 2009

     
     
Nuveen Investments
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Portfolio Manager’s Comments

 
 
Nuveen Global Value Opportunities Fund (JGV)
 
JGV’s investment portfolio is managed by Tradewinds Global Investors, LLC, (Tradewinds), a wholly-owned subsidiary of Nuveen Investments. David Iben, Chief Investment Officer, Managing Director and Portfolio Manager at Tradewinds, is responsible for the strategy and overall portfolio management of the Fund. Dave has over 25 years of investment management experience.
 
(After the end of this reporting period, Tradewinds announced that Emily Alejos and Michael Hart joined Dave as members of the Fund’s portfolio management team. Emily Alejos, CFA, Managing Director and Portfolio Manager, has been a portfolio manager and senior consumer sector analyst at Tradewinds since 2007. Michael Hart, CFA, Senior Vice President and Portfolio Manager, has been a global securities analyst at Tradewinds since 2007 and a portfolio manager since 2008.)
 
Here Dave Iben speaks about the management strategy and performance of the Fund for the six-month period ending June 30, 2009.
 
What key strategies were used to manage the Fund during this reporting period?
 
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
The Fund seeks a high level of total return by investing primarily in a diversified global portfolio of value equity securities, as well as corporate and governmental debt securities, and by opportunistically using leverage, primarily via writing options and shorting a small position in equities. Our basic investment philosophy continues to be to search for good or improving business franchises around the globe whose securities are selling below what we believe to be their intrinsic value.
 
In the first half of 2009, the best value opportunities we found were in the securities of those businesses that were most leveraged to the growth of global economies. We continued to like materials, food, agriculture and energy stocks, all of which are positioned to benefit from increased global demand. On the fixed-income side, we decreased the Fund’s exposure to corporate bonds and increased its convertible bond positions. During the period, we continued to write covered calls on selected long equity positions to enhance cash flow and expected total return.

     
     
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  Nuveen Investments
     


 

 
How did the Fund perform over the six-month period?
 
The performance of JGV, as well as a comparative benchmark and general market index, is presented in the accompanying table.
 
 
Past performance does not guarantee future results. Current performance may be higher or lower than the data shown.
 
Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the Performance Overview for your Fund in this report.
 
Six-month returns are cumulative; one-year returns are annualized
 
JGV’s Comparative Benchmark is comprised of 1) 80% MSCI All Country World Index: 2) 15% Barclays Capital U.S. Aggregate Bond Index, and 3) 5% Barclays Capital High Yield Index. The MSCI All Country World Index is published by Morgan Stanley Capital International, Inc. It is a free float-adjusted market capitalization index that is designed to measure global developed and emerging market equity performance. The index covers 49 developed and emerging market countries. The Barclays Capital U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Barclays Capital High Yield Index covers the universe of fixed rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures and 144-As are also included.
 
The S&P 500 Index is an unmanaged Index generally considered representative of the U.S. Stock Market.
 
Average Annual Total Return on Common Share Net Asset Value*
For periods ended 6/30/09
 
         
    Six-Month   1-Year
JGV
  25.70%   -4.54%
Comparative Benchmark1
  9.35%   -22.99%
S&P 500 Index2
  3.16%   -26.21%
         
 
For the six-month period ended June 30, 2009, the total return on net asset value of the Fund significantly outperformed its comparative benchmark and the S&P 500 Index.
 
The portfolio’s long holdings in the materials, energy and health care sectors were the largest contributors to outperformance over the period. Its materials sector holdings continued to be significantly overweight versus the benchmark. Convertible preferred equity Lucent Technologies Capital Trust, 7.75%, 03/15/2017 was the Fund’s top contributor to performance. Other positive contributors to performance were the equities of protein provider Tyson Foods Incorporated and global gold producer AngloGold Ashanti Limited. Convertible bonds, which as an asset class were punished in 2008 primarily due to overselling by hedge funds forced to raise capital, rebounded strongly in the first half of 2009. The Fund’s convertible bond positive performance for the period was paced by its holding in Delta Petroleum Corporation.
 
Individual security performance within the Fund’s short equity positions was mixed, but overall, these positions contributed positively to the Fund’s results. The group’s return was led by a sharp decline in global health care company Abbott Laboratories’ share price in late February. This position was terminated prior to the end of the period.
 
While most of the Fund’s positions in the financial sector provided positive performance, especially those in emerging markets, the portfolio was relatively underweight in this area versus its benchmark. This produced some modest drag on relative portfolio returns since this sector outperformed the benchmark during the period.
 
The Fund’s worst performer for the six months was a convertible bond holding in MagIndustries. Other underperformers included equity positions in Japanese telecommunications provider Nippon Telegraph & Telephone, gold producer Barrick Gold (the world’s largest gold company in terms of market capitalization, annual production and reserves), and hog producer/pork processor Smithfield Foods Incorporated.
 
Corporate bonds represented the largest fixed-income holdings, and performance of individual bonds over the period was evenly mixed.

     
     
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Distribution and
Share Price Information

 
 
The following information regarding your Fund’s distributions is current as of June 30, 2009, and likely will vary over time based on the Fund’s investment activities and portfolio investment value changes.
 
The Fund maintained its quarterly distribution to shareholders over the six month reporting period. Some of the factors affecting the amount and composition of these distributions are summarized below.
 
The Fund has a managed distribution program. The goal of this program is to provide shareholders with relatively consistent and predictable cash flow by systematically converting the Fund’s expected long-term return potential into regular distributions. As a result, regular distributions throughout the year are likely to include a portion of expected long-term gains (both realized and unrealized), along with net investment income.
 
Important points to understand about the managed distribution program are:
 
•  The Fund seeks to establish a relatively stable distribution rate that roughly corresponds to the projected total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about the Fund’s past or future investment performance from its current distribution rate.
 
•  Actual returns will differ from projected long-term returns (and therefore the Fund’s distribution rate), at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) Fund net asset value.
 
•  Each distribution is expected to be paid from some or all of the following sources:
 
  •  net investment income (regular interest and dividends),
 
  •  realized capital gains, and
 
  •  unrealized gains, or, in certain cases, a return of principal (non-taxable distributions).
 
•  A non-taxable distribution is a payment of a portion of the Fund’s capital. When the Fund’s returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when the Fund’s returns fall short of distributions, the shortfall will represent a portion of your original principal, unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when the Fund’s total return exceeds distributions.
 
•  Because distribution source estimates are updated during the year based on the Fund’s performance and forecast for its current fiscal year (which is the calendar year for the Fund), estimates on the nature of your distribution provided at the time the distributions are paid may differ from both the tax information reported to you in your Fund’s IRS

     
     
6
  Nuveen Investments
     


 

Form 1099 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment.
 
The following table provides estimated information regarding the Fund’s distributions and total return performance for the six months ended June 30, 2009. The distribution information is presented on a tax basis rather than on a generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Fund’s returns for the specified time period were sufficient to meet the Fund’s distributions.
 
         
As of 6/30/09   JGV  
Inception date
    7/24/06  
Six months ended June 30, 2009:
       
Per share distribution:
       
From net investment income
    0.31  
From realized capital gains
    0.20  
Tax return of capital
    0.02  
         
Total per share distribution
    0.53  
         
         
Distribution rate on NAV
    3.31%  
         
Annualized total returns:
       
Excluding retained gain tax credit/refund3:
       
Six month (Cumulative) on NAV
    25.70%  
1-Year on NAV
    -4.54%  
Since inception on NAV
    3.27%  
         
Including retained gain tax credit/refund3:
       
Six month (Cumulative) on NAV
    25.70%  
1-Year on NAV
    -4.54%  
Since inception on NAV
    3.62%  
         
 
 
The Fund 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 year ended December 31, 2008.
 
Common Share Repurchases and Share Price Information
 
The Fund’s Board of Trustees approved an open-market share repurchase program on July 30, 2008, under which the Fund may repurchase an aggregate of up to 10% of its outstanding common shares. As of June 30, 2009, the Fund has cumulatively repurchased 178,500 common shares, representing approximately 0.9% of its common shares outstanding. During the six-month reporting period, common shares were repurchased at a weighted average discount per share of 20.22% and a weighted average purchase price of $11.12.
 
As of June 30, 2009, the Fund’s share price was trading at a -11.82% discount to its NAV, compared with an average discount of -14.96% for the entire six-month period.
 

     
     
Nuveen Investments
  7
     


 

       
       
JGV
Performance
OVERVIEW
    Nuveen Global Value
Opportunities Fund
      June 30, 2009

     
Fund Snapshot
Share Price   $14.10
     
Net Asset Value   $15.99
     
Premium/(Discount) to NAV   -11.82%
     
Current Distribution Rate1   7.55%
     
Net Assets ($000)   $306,551
     
     
Countries
(as a % of total investments)2
United States   51.0%
     
Canada   11.6%
     
United Kingdom   7.6%
     
South Africa   3.8%
     
Japan   3.4%
     
France   3.0%
     
Australia   2.8%
     
South Korea   2.7%
     
Netherlands   2.4%
     
Brazil   2.0%
     
Thailand   1.8%
     
Italy   1.3%
     
Sweden   1.2%
     
Russia   0.8%
     
Other   4.6%
     
     
Industries
(as a % of total investments)2
Metals & Mining   20.1%
     
Oil, Gas & Consumable Fuels   14.3%
     
Food Products   6.2%
     
Diversified Telecommunication Services   5.6%
     
Communications Equipment   5.3%
     
Pharmaceuticals   5.2%
     
Electric Utilities   5.1%
     
Energy Equipment & Services   3.6%
     
Residentials   3.2%
     
Commercial Banks   2.2%
     
Internet Software & Services   1.8%
     
Multi-Utilities   1.7%
     
Software   1.7%
     
Hotels, Restaurants & Leisure   1.6%
     
Airlines   1.6%
     
Short-Term Investments   6.8%
     
Other   14.0%
     
         
Average Annual Total Return
(Inception 7/24/06)
    On Share Price   On NAV
6-month (Cumulative)   23.66%   25.70%
         
1-Year   -11.80%   -4.54%
         
Since Inception   -1.65%   3.27%
         
 
         
Average Annual Total Return4
(Including retained gain tax credit/refund)
    On Share Price   On NAV
6-month (Cumulative)   23.66%   25.70%
         
1-Year   -11.80%   -4.54%
         
Since Inception   -1.28%   3.62%
         
 
 
Portfolio Allocation (as a % of total investments)2
 
(PIE CHART)
 
2008-2009 Distributions Per Share3
 
(BAR GRAPH)
 
Share Price Performance—Weekly Closing Price
 
(LINE GRAPH)
 
1  Current Distribution Rate is based on the Fund’s current annualized quarterly distribution divided by the Fund’s current market price. The Fund’s quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a tax return of capital.
2  Excluding common stocks sold short and call options written.
3  The Fund paid shareholders a long-term capital gain distribution in December 2008 of $0.4163 per share.
4  As previously explained in the Distribution and Share Price Information section of this report, the Fund elected to retain a portion of its realized long-term capital gains for the tax year ended December 31, 2007, and pay required federal corporate income taxes on these amounts. These standardized total returns include the economic benefit to shareholders of record of this tax credit/refund. The Fund had no retained capital gains for the tax year ended December 31, 2008.

     
     
8
  Nuveen Investments
     


 

 
Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on May 6, 2009; at this meeting the shareholders were asked to vote on the election of Board Members.

                             
                            JGV
Approval of the Board Members was reached as follows:   Common Shares
Robert P. Bremner
                           
For
                          14,813,879
Withhold
                          426,119
                             
Total
                          15,239,998
                             
Jack B. Evans
                           
For
                          14,811,830
Withhold
                          428,168
                             
Total
                          15,239,998
                             
William J. Schneider
                           
For
                          14,815,134
Withhold
                          424,864
                             
Total
                          15,239,998
                             

     
     
Nuveen Investments
  9
     


 

           
           
  JGV
    Nuveen Global Value Opportunities Fund
Portfolio of INVESTMENTS
          June 30, 2009 (Unaudited)

 
                                         
 
                             
 
                             
Shares     Description (1)                     Value  
       
Common Stocks – 68.5%
         
       
Aerospace & Defense – 1.4%
                                         
  92,800    
Thales S.A., (2)
                          $ 4,166,152  
                                         
       
Capital Markets – 1.3%
                                         
  1,218,027    
Endeavor Financial Corporation, Corporate Shares S, (2)
                            1,466,052  
  195,615    
UBS AG, (2), (6)
                            2,388,459  
                                         
       
Total Capital Markets
                            3,854,511  
                                         
       
Commercial Banks – 2.2%
                                         
  719,500    
Bangkok Bank Public Company Limited
                            2,354,607  
  46,000    
Bangkok Bank Public Company Limited
                            145,107  
  90,603    
Bank Hapoalim BM, (2)
                            240,137  
  112,100    
Bank Leumi le-Israel B.M, (2)
                            294,176  
  14,910    
ICICI Bank Limited, ADR
                            439,845  
  12,095,500    
Krung Thai Bank Public Company Limited
                            3,177,421  
  370,000    
Metropolitan Bank & Trust Company
                            241,202  
                                         
       
Total Commercial Banks
                            6,892,495  
                                         
       
Communications Equipment – 1.2%
                                         
  371,600    
LM Ericsson Telefonaktiebolaget (6)
                            3,634,248  
                                         
       
Construction Materials – 0.1%
                                         
  70,000    
Akcansa Cimento A.S, (2)
                            156,849  
  9,776    
Cemex SAB de CV, Sponsored ADR, (2)
                            91,308  
                                         
       
Total Construction Materials
                            248,157  
                                         
       
Diversified Telecommunication Services – 5.3%
                                         
  28,086    
China Unicom Limited, ADR
                            374,667  
  6,863    
Chunghwa Telecom Co., Ltd, (2)
                            136,093  
  217,000    
Deutsche Telekom AG (6)
                            2,560,600  
  142,979    
KT Corporation, Sponsored ADR
                            2,053,178  
  348,000    
Nippon Telegraph and Telephone Corporation, ADR (6)
                            7,081,800  
  81,778    
Telecom Egypt SAE
                            229,952  
  4,000,000    
Telecom Italia S.p.A.
                            3,940,424  
                                         
       
Total Diversified Telecommunication Services
                            16,376,714  
                                         
       
Electric Utilities – 5.2%
                                         
  368,050    
Centrais Electricas Brasileiras S.A., ADR Pref., (2)
                            4,806,733  
  20,000    
Centrais Electricas Brasileiras S.A., ADR, (2)
                            291,600  
  34,500    
Electricite de France S.A
                            1,684,561  
  516,300    
Korea Electric Power Corporation, Sponsored ADR, (2)
                            5,937,450  
  85,000    
Progress Energy, Inc.
                            3,215,550  
                                         
       
Total Electric Utilities
                            15,935,894  
                                         
       
Electronic Equipment & Instruments – 0.9%
                                         
  86,000    
Tech Data Corporation, (2), (6)
                            2,813,060  
                                         
       
Energy Equipment & Services – 2.6%
                                         
  501,000    
BJ Services Company (6)
                            6,828,630  
  20,000    
Technip SA, (2)
                            986,199  
                                         
       
Total Energy Equipment & Services
                            7,814,829  
                                         
       
Food Products – 6.4%
                                         
  53,625    
Cresud S.A., ADR
                            505,684  
  347,525    
Gruma S.A.B de C.V, (2)
                            356,280  
  20,550    
Industrias Bachoco S.A.B. de C.V., ADR
                            437,715  
  542,000    
Smithfield Foods, Inc., (2), (6)
                            7,571,740  
  822,000    
Tyson Foods, Inc., Class A (6)
                            10,365,420  
  1,702,000    
Universal Robina Corporation
                            247,226  
  2,040    
Wimm-Bill-Dann Foods OJSC, (2)
                            112,098  
                                         
       
Total Food Products
                            19,596,163  
                                         

     
     
10
  Nuveen Investments
     


 

                                         
 
                             
 
                             
Shares     Description (1)                     Value  
       
Health Care Providers & Services – 0.6%
                                         
  125,000    
Health Net Inc., (2), (6)
                          $ 1,943,750  
                                         
       
Household Durables – 0.1%
                                         
  322,201    
Turk Sise ve Cam Fabrikalari SA, (2)
                            260,807  
                                         
       
Household Products–0.4%
                                         
  56,000    
KAO Corporation
                            1,218,581  
                                         
       
Independent Power Producers & Energy Traders – 0.1%
                                         
  2,225,000    
Energy Development Corporation
                            181,975  
  9,825    
Huaneng Power International Inc., Sponsored ADR
                            275,788  
                                         
       
Total Independent Power Producers & Energy Traders
                            457,763  
                                         
       
Insurance – 0.6%
                                         
  62,800    
Loews Corporation (6)
                            1,720,720  
                                         
       
Internet Software & Services–1.9%
                                         
  337,000    
eBay Inc., (2), (6)
                            5,772,810  
                                         
       
Marine – 0.3%
                                         
  82,000    
Stolt-Nielsen S.A.
                            890,415  
                                         
       
Media – 0.8%
                                         
  125,000    
Scholastic Corporation (6)
                            2,473,750  
                                         
       
Metals & Mining – 15.2%
                                         
  199,800    
AngloGold Ashanti Limited, Sponsored ADR (6)
                            7,318,674  
  236,500    
Barrick Gold Corporation (6)
                            7,934,575  
  520,285    
Crystallex International Corporation, (2)
                            114,463  
  15,453    
First Uranium Corporation, (2)
                            54,205  
  131,200    
Geovic Mining Corporation, (2)
                            67,678  
  358,534    
Gold Fields Limited Sponsored ADR (6)
                            4,320,335  
  7,200    
Impala Platinum Holdings Limited, Sponsored ADR
                            159,192  
  4,550    
Impala Platinum Holdings Limited
                            100,680  
  263,603    
Ivanhoe Mines Ltd., (2), (6)
                            1,476,177  
  3,146,732    
Lihir Gold Limited, (2)
                            7,366,786  
  1,862,500    
Minara Resources Limited, (2)
                            1,240,928  
  127,000    
Mineral Deposits Limited, (2)
                            63,293  
  239,700    
Newmont Mining Corporation (6)
                            9,796,539  
  1,541,599    
NovaGold Resources Inc., (2)
                            6,598,044  
  4,400    
Silver Standard Resources, Inc., (2)
                            82,500  
                                         
       
Total Metals & Mining
                            46,694,069  
                                         
       
Multi-Utilities – 1.8%
                                         
  78,000    
Ameren Corporation
                            1,941,420  
  332,000    
PNM Resources Inc.
                            3,555,720  
                                         
       
Total Multi-Utilities
                            5,497,140  
                                         
       
Oil, Gas & Consumable Fuels – 11.3%
                                         
  230,900    
Arch Coal Inc.
                            3,548,933  
  209,000    
BP PLC, Sponsored ADR (6)
                            9,965,120  
  270,559    
Cameco Corporation (6)
                            6,926,310  
  35,000    
Chevron Corporation (6)
                            2,318,750  
  121,100    
Gazprom OAO, (2)
                            2,459,087  
  79,262    
Petrobras Energia Participaciones S.A., ADR
                            470,816  
  2,845    
PetroChina Company Limited, Sponsored ADR
                            314,316  
  274,000    
PetroChina Company Limited
                            302,787  
  17,425    
Petroleo Brasileiro, Sponsored ADR
                            581,298  
  8,400    
Royal Dutch Shell PLC, Class A, ADR, (6)
                            421,596  
  142,000    
Royal Dutch Shell PLC, Class B, Sponsored ADR (6)
                            7,222,120  
  4,528    
S-Oil Corporation
                            201,700  
                                         
       
Total Oil, Gas & Consumable Fuels
                            34,732,833  
                                         
       
Paper & Forest Products – 0.1%
                                         
  73,200    
Mondi Plc
                            249,692  
  15,955    
Mondi Plc
                            70,274  
                                         
       
Total Paper & Forest Products
                            319,966  
                                         

     
     
Nuveen Investments
  11
     


 

       
       
   JGV
    Nuveen Global Value Opportunities Fund (continued)
Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

                                         
 
                             
 
                             
Shares     Description (1)                     Value  
       
Pharmaceuticals – 5.3%
                                         
  174,500    
AstraZeneca PLC, Sponsored ADR (6)
                          $ 7,702,430  
  38,781    
Doctor Reddy’s Laboratories Limited, Sponsored ADR
                            657,338  
  325,000    
Pfizer Inc. (6)
                            4,875,000  
  90,200    
Sanofi-Aventis, Sponsored ADR (6)
                            2,659,998  
  1,196,000    
United Laboratories International Holdings Ltd
                            468,509  
                                         
       
Total Pharmaceuticals
                            16,363,275  
                                         
       
Real Estate Management & Development – 0.0%
                                         
  25,075    
IRSA Inversiones y Representaciones S.A, (2) GDR
                            120,109  
                                         
       
Software – 1.7%
                                         
  221,000    
Microsoft Corporation (6)
                            5,253,170  
                                         
       
Specialty Retail – 0.4%
                                         
  57,000    
Lowe’s Companies, Inc. (6)
                            1,106,370  
                                         
       
Trading Companies & Distributors – 0.7%
                                         
  189,000    
Mitsui & Company Limited
                            2,239,589  
                                         
       
Water Utilities – 0.2%
                                         
  16,200    
Companhia de Saneamento Basico do Estado de Sao Paulo, ADR, (2)
                            485,838  
                                         
       
Wireless Telecommunication Services – 0.4%
                                         
  14,500    
NII Holdings Inc., Class B, (2)
                            276,515  
  6,850    
SK Telecom Company Limited, ADR
                            103,778  
  700    
SK Telecom Company Limited
                            95,420  
  46,992    
TIM Participacoes S.A., ADR
                            83,456  
  17,259    
Turkcell Iletisim Hizmetleri A.S., ADR
                            239,210  
  51,600    
Turkcell Iletisim Hizmetleri SA
                            285,280  
  4,977    
Vivo Participacoes S.A., ADR
                            92,325  
                                         
       
Total Wireless Telecommunication Services
                            1,175,984  
                                         
       
Total Common Stocks (cost $251,103,593)
    210,059,162  
                                         
 
                             
 
                             
Shares     Description (1)   Coupon           Ratings (3)     Value  
       
Convertible Preferred Securities – 4.2%
         
       
Communications Equipment – 4.2%
                                         
  21,358    
Lucent Technologies Capital Trust I
    7.750%               B3     $ 13,028,380  
                                         
       
Total Convertible Preferred Securities (cost $22,014,415)
    13,028,380  
                                         
 
                             
Principal
                             
Amount (000)     Description (1)   Coupon     Maturity     Ratings (3)     Value  
       
Mortgage-Backed Securities – 3.3%
         
       
Residentials – 3.3%
                                         
$ 166    
Fannie Mae Mortgage Pool 100195, (8)
    4.79%       8/20/22       AAA     $ 164,385  
  181    
Fannie Mae Mortgage Pool 357922
    3.39%       3/01/34       AAA       185,678  
  24    
Fannie Mae Mortgage Pool 708743
    3.81%       6/01/33       AAA       24,235  
  61    
Fannie Mae Mortgage Pool 713939
    3.28%       4/01/33       AAA       62,575  
  641    
Fannie Mae Mortgage Pool 816594
    4.91%       2/01/35       AAA       658,898  
  22,939    
Fannie Mae Mortgage Pool Strips 345-17 (I/O)
    4.50%       5/01/20       AAA       2,269,934  
  658    
Fannie Mae, Collateralized Mortgage Obligations, Series 2004-75, Class KI (I/O)
    4.50%       3/25/18       AAA       34,206  
  1,378    
Fannie Mae, Collateralized Mortgage Obligations, Series 2004-86, Class KI (I/O)
    4.50%       5/25/19       AAA       103,386  
  3,462    
Fannie Mae, Collateralized Mortgage Obligations, Series 2005-69, Class PI (I/O)
    4.50%       8/25/25       AAA       276,459  
  2,476    
Federal Home Loan Collateralized Mortgage, Series 2595 (I/O)
    5.00%       6/15/21       AAA       155,987  
  1,453    
Federal Home Loan Mortgage Corporation, Collateralized Mortgage Obligation, Pool 780184
    4.52%       1/01/33       AAA       1,479,080  

     
     
12
  Nuveen Investments
     


 

                                         
 
                             
Principal
                             
Amount (000)     Description (1)   Coupon     Maturity     Ratings (3)     Value  
       
Residentials (continued)
                                         
$ 96    
Federal Home Loan Mortgage Corporation, Collateralized Mortgage Obligation, Pool 780284
    3.81%       2/01/33       AAA     $ 96,520  
  2,446    
Federal Home Loan Mortgage Corporation, Mortgage Pool 2640 (I/O)
    4.50%       8/15/17       AAA       99,598  
  805    
Federal Home Loan Mortgage Corporation, Mortgage Pool 2890, Class IA (I/O)
    4.50%       3/15/18       AAA       45,638  
  740    
Federal Home Loan Mortgage Corporation, Mortgage Pool 2890,, Class KI (I/O)
    4.50%       2/15/19       AAA       54,110  
  1,450    
Federal Home Loan Mortgage Corporation, Mortgage Pool, FHR 2627 BI (I/O)
    5.00%       8/15/25       AAA       20,223  
  1,107    
Federal Home Loan Mortgage Corporation, Mortgage Pool, FHR 2906 EI (I/O)
    4.50%       1/15/19       AAA       75,350  
  319    
Federal Home Loan Mortgage Corporation, Mortgage Pool, Series 2626 JI (I/O)
    4.50%       5/15/18       AAA       30,902  
  67    
Federal Home Loan Mortgage Corporation, Pool 789045
    2.99%       2/01/32       AAA       68,041  
  645    
Freddie Mac Mortgage Pool 2479
    6.00%       5/15/31       AAA       651,244  
  3,451    
GNMA Mortgage Pool 081832
    5.00%       1/20/37       AAA       3,536,768  
                                         
  44,565    
Total Residentials
                            10,093,217  
                                         
$ 44,565    
Total Mortgage-Backed Securities (cost $12,582,746)
                            10,093,217  
                                         
 
                             
Principal
                             
Amount (000)     Description (1)   Coupon     Maturity     Ratings (3)     Value  
       
Convertible Bonds – 7.7%
         
       
Airlines – 1.6%
                                         
$ 5,175    
JetBlue Airways Corporation
    3.750%       3/15/35       CCC     $ 4,980,938  
                                         
       
Auto Components – 0.4%
                                         
  1,463    
Magna International Inc., Class A
    6.500%       3/31/10       N/R       1,273,451  
                                         
       
Health Care Providers & Services – 1.0%
                                         
  4,169    
Omnicare, Inc.
    3.250%       12/15/35       B+       2,907,878  
                                         
       
Machinery – 0.1%
                                         
  500    
Tata Motors Limited, ADR
    0.000%       7/12/12       B+       421,763  
                                         
       
Metals & Mining – 1.8%
                                         
  3,650    
Coeur d’Alene Mines Corporation, Convertible Bond
    1.250%       1/15/24       CCC–       3,202,875  
  4,480    
Gold Reserve, Inc., Convertible Bonds
    5.500%       6/15/22       N/R       2,284,800  
                                         
  8,130    
Total Metals & Mining
                            5,487,675  
                                         
       
Oil, Gas & Consumable Fuels – 1.8%
                                         
  280    
Dana Gas, Convertible Bond (7)
    7.500%       10/31/12       N/R       214,714  
  7,500    
Delta Petroleum Corporation, Convertible Bond
    3.750%       5/01/37       CC       4,762,500  
  700    
Magnolia Finance, Convertible to MOL Hungarian Oil & Gas
    0.000%       3/20/49       B+       461,046  
                                         
  8,480    
Total Oil, Gas & Consumable Fuels
                            5,438,260  
                                         
       
Wireless Telecommunication Services – 1.0%
                                         
  4,104    
NII Holdings Inc.
    3.125%       6/15/12       N/R       3,175,469  
                                         
$ 32,021    
Total Convertible Bonds (cost $21,727,821)
                            23,685,434  
                                         
 
                             
Principal
                             
Amount (000)     Description (1)   Coupon     Maturity     Ratings (3)     Value  
       
Corporate Bonds – 10.5%
         
       
Automobiles – 0.2%
                                         
$ 585    
Toyota Motor Credit Corporation
    0.000%       3/28/38       AA+     $ 582,075  
                                         
       
Capital Markets – 0.2%
                                         
  3,979    
Lehman Brothers Holdings Inc., Trust 00650 (4)
    3.240%       7/26/21       N/R       606,798  
                                         
       
Diversified Telecommunication Services – 0.4%
                                         
  1,281    
Telecom Italia Capital
    4.875%       10/01/10       BBB       1,294,372  
                                         
       
Electrical Equipment – 0.1%
                                         
  322    
UCAR Finance Inc.
    10.250%       2/15/12       Ba3       305,900  
                                         
       
Energy Equipment & Services – 1.1%
                                         
  3,876    
Calfrac Holdings LP, 144A
    7.750%       2/15/15       B+       3,352,740  
                                         
       
Hotels, Restaurants & Leisure – 1.7%
                                         
  3,210    
Punch Taverns Corporation, Convertible Bonds
    5.000%       12/14/10       N/R       5,112,539  
                                         

     
     
Nuveen Investments
  13
     


 

       
       
   JGV
    Nuveen Global Value Opportunities Fund (continued)
Portfolio of INVESTMENTS June 30, 2009 (Unaudited)

                                         
 
                             
Principal
                             
Amount (000)     Description (1)   Coupon     Maturity     Ratings (3)     Value  
       
Media – 0.6%
                                         
$ 2,360    
Scholastic Corporation
    5.000%       4/15/13       BB–     $ 1,935,200  
                                         
       
Metals & Mining – 2.3%
                                         
  8,300    
MagIndustries Corporation (7)
    11.000%       12/14/12       N/R       5,540,250  
  2,000    
Phelps Dodge Corporation
    7.125%       11/01/27       Baa2       1,585,438  
                                         
  10,300    
Total Metals & Mining
                            7,125,688  
                                         
       
Oil, Gas & Consumable Fuels – 1.6%
                                         
  5,773    
Delta Petroleum Corporation
    7.000%       4/01/15       CC       3,146,285  
  2,000    
Ship Finance International Limited
    8.500%       12/15/13       B+       1,685,000  
                                         
  7,773    
Total Oil, Gas & Consumable Fuels
                            4,831,285  
                                         
       
Paper & Forest Products – 0.1%
                                         
  2,000    
Bowater Inc. (4)
    9.500%       10/15/12       Ca       310,000  
                                         
       
Personal Products – 0.9%
                                         
  3,000    
Elizabeth Arden Inc.
    7.750%       1/15/14       B+       2,610,000  
                                         
       
Road & Rail – 0.4%
                                         
  1,000    
CSX Transportation, Inc.
    9.750%       6/15/20       BBB–       1,166,191  
                                         
       
Specialty Retail – 0.9%
                                         
  3,450    
Office Depot Inc.
    6.250%       8/15/13       B–       2,778,830  
                                         
$ 43,136    
Total Corporate Bonds (cost $38,823,453)
                            32,011,618  
                                         
 
                             
 
                             
Shares     Description (1)                     Value  
       
Warrants – 1.4%
         
       
Capital Markets – 0.1%
                                         
  609,013    
Endeavor Financial Corporation
                          $ 272,267  
                                         
         
       
Metals & Mining – 1.3%
                                         
  1,130,499    
NovaGold Resources Inc.
                            3,989,418  
                                         
       
Total Warrants (cost $305,749)
                            4,261,685  
                                         
 
                             
 Principal
                             
Amount (000)     Description (1)   Coupon     Maturity           Value  
       
Short-Term Investments – 7.0%
                                         
$ 21,387    
Repurchase Agreement with State Street Bank, dated 6/30/09, repurchase price $21,387,360 collateralized by $21,850,000 U.S. Treasury Bills, 0.000%, due 12/10/09, value $21,819,410
    0.000%       7/01/09             $ 21,387,360  
                                         
       
Total Short-Term Investments (cost $21,387,360)
    21,387,360  
                                         
       
Total Investments (cost $367,945,137) – 102.6%
    314,526,856  
                                         
 
                             
 
                             
Shares     Description (1)                     Value  
       
Common Stocks Sold Short – (3.7)%
         
       
Chemicals – (0.4)%
                                         
  (24,500 )  
Sigma-Aldrich Corporation
                          $ (1,214,220 )
                                         
       
Diversified Consumer Services – (0.6)%
                                         
  (8,800 )  
Strayer Education Inc.
                            (1,919,368 )
                                         
       
Health Care Equipment & Supplies – (0.6)%
                                         
  (25,700 )  
C. R. Bard, Inc.
                            (1,913,365 )
                                         
       
Hotels, Restaurants & Leisure – (0.2)%
                                         
  (16,500 )  
P.F. Changs China Bistro, Inc., (2)
                            (528,990 )
                                         
       
Internet & Catalog Retail – (0.1)%
                                         
  (4,000 )  
Amazon.com, Inc., (2)
                            (334,640 )
                                         

     
     
14
  Nuveen Investments
     


 

                                         
 
                             
 
                             
Shares     Description (1)                     Value  
       
Personal Products – (0.3)%
                                         
  (12,900 )  
Chattem Inc., (2)
                          $ (878,490 )
                                         
       
Specialty Retail – (1.5)%
                                         
  (29,600 )  
AutoZone, Inc., (2)
                            (4,472,856 )
                                         
       
Total Common Stocks Sold Short (proceeds $10,973,910)
    (11,261,929 )
                                         
 
                             
 
        Notional
    Expiration
    Strike
       
Number of Contracts     Type   Amount (5)     Date     Price     Value  
       
Call Options Written – (3.2)%
                                         
  (1,690 )  
AngloGold Ashanti Limited
  $ (5,915,000 )     1/16/10     $ 35.00     $ (1,098,500 )
  (1,745 )  
AstraZeneca PLC
    (6,980,000 )     1/16/10       40.00       (1,073,175 )
  (1,492 )  
Barrick Gold Corporation
    (7,460,000 )     1/16/10       50.00       (104,440 )
  (2,505 )  
BJ Services Company
    (3,757,500 )     1/16/10       15.00       (400,800 )
  (1,045 )  
BP PLC
    (5,225,000 )     1/16/10       50.00       (276,925 )
  (1,045 )  
BP PLC
    (6,270,000 )     1/16/10       60.00       (52,250 )
  (1,352 )  
Cameco Corporation
    (3,042,000 )     1/16/10       22.50       (730,080 )
  (175 )  
Chevron Corporation
    (1,487,500 )     1/16/10       85.00       (11,375 )
  (175 )  
Chevron Corporation
    (1,750,000 )     1/16/10       100.00       (1,750 )
  (2,170 )  
Deutsche Telekom AG
    (2,712,500 )     1/16/10       12.50       (179,025 )
  (2,527 )  
eBay, Inc.
    (5,054,000 )     1/16/10       20.00       (232,484 )
  (1,624 )  
Gold Fields Limited
    (2,030,000 )     7/18/09       12.50       (60,900 )
  (1,250 )  
Health Net Inc.
    (2,500,000 )     1/16/10       20.00       (115,625 )
  (1,000 )  
Ivanhoe Mines Ltd.
    (750,000 )     1/16/10       7.50       (77,500 )
  (3,716 )  
LM Ericsson Telefonaktiebolaget
    (3,716,000 )     1/16/10       10.00       (445,920 )
  (628 )  
Loews Corporation
    (1,884,000 )     1/16/10       30.00       (102,050 )
  (570 )  
Lowe’s Companies, Inc.
    (997,500 )     1/16/10       17.50       (188,100 )
  (1,105 )  
Microsoft Corporation
    (1,933,750 )     1/16/10       17.50       (740,350 )
  (1,105 )  
Microsoft Corporation
    (2,210,000 )     1/16/10       20.00       (519,350 )
  (1,353 )  
Newmont Mining Corporation
    (7,441,500 )     1/16/10       55.00       (158,301 )
  (1,740 )  
Nippon Telegraph & Telephone Corporation
    (3,915,000 )     9/19/09       22.50       (82,650 )
  (1,740 )  
Nippon Telegraph & Telephone Corporation
    (4,350,000 )     9/19/09       25.00       (34,800 )
  (3,250 )  
Pfizer Inc.
    (4,875,000 )     1/16/10       15.00       (429,000 )
  (710 )  
Royal Dutch Shell PLC
    (3,550,000 )     7/18/09       50.00       (99,400 )
  (902 )  
Sanofi-Aventis
    (2,706,000 )     1/16/10       30.00       (250,305 )
  (625 )  
Scholastic Corporation
    (1,406,250 )     12/19/09       22.50       (104,688 )
  (2,710 )  
Smithfield Foods, Inc.
    (4,742,500 )     1/16/10       17.50       (331,975 )
  (860 )  
Tech Data Corporation
    (2,580,000 )     1/16/10       30.00       (408,500 )
  (4,110 )  
Tyson Foods, Inc.
    (4,110,000 )     1/16/10       10.00       (1,356,300 )
  (1,956 )  
UBS AG
    (3,423,000 )     1/16/10       17.50       (107,580 )
                                         
  (46,875 )  
Total Call Options Written (premiums received $9,804,247)
    (108,774,000 )                     (9,774,098 )
                                         
       
Other Assets Less Liabilities – 4.3%
                            13,060,465  
                                         
       
Net Assets – 100%
                          $ 306,551,294  
                                         
 
             
        (1)   All percentages shown in the Portfolio of Investments are based on net assets.
        (2)   Non-income producing; issuer has not declared a dividend within the past twelve months.
        (3)   Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.
        (4)   This issue is under protection of the Federal Bankruptcy Court. As a result, the Adviser has concluded this issue is not likely to meet its interest payment obligations and has directed the custodian to cease accruing additional income and “write-off” any remaining recorded balances on the Fund’s records.
        (5)   For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.
        (6)   Investment, or portion of investment, has been pledged as collateral for cover call options written.
        (7)   Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.
        (8)   For SFAS No. 157 purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 — Fair Value measurements for more information.
        144A   Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
        ADR   American Depositary Receipt.
        GDR   Global Depositary Receipt.
        N/R   Not rated.
        I/O   Interest only security.
See accompanying notes to financial statements.

     
     
Nuveen Investments
  15
     


 

           
           
  
    Statement of
ASSETS & LIABILITIES
          June 30, 2009 (Unaudited)

 
         
Assets
       
Investments, at value (cost $367,945,137)
  $ 314,526,856  
Cash denominated in foreign currencies (cost $38,835)
    38,936  
Deposits with brokers (at cost, which approximates value)
    14,661,848  
Receivables:
       
Dividends
    116,848  
Interest
    1,323,314  
Investments sold
    2,110,972  
Paydowns
    2,518  
Other assets
    11,182  
         
Total assets
    332,792,474  
         
Liabilities
       
Securities sold short, at value (proceeds $10,973,910)
    11,261,929  
Call options written, at value (premiums received $9,804,247)
    9,774,098  
Payables:
       
Dividends
    4,762,614  
Investments purchased
    128,829  
Accrued expenses:
       
Management fees
    253,634  
Other
    60,076  
         
Total liabilities
    26,241,180  
         
Net assets
  $ 306,551,294  
         
Shares outstanding
    19,176,740  
         
Net asset value per share outstanding
  $ 15.99  
         
         
Net assets consist of:
       
         
Shares, $.01 par value per share
  $ 191,767  
Paid-in surplus
    373,050,166  
Undistributed (Over-distribution of) net investment income
    (4,381,379 )
Accumulated net realized gain (loss) from investments, foreign currency and call options written
    (8,634,862 )
Net unrealized appreciation (depreciation) of investments, foreign currency and call options written
    (53,674,398 )
         
Net assets
  $ 306,551,294  
         
Authorized shares
    Unlimited  
         
 
See accompanying notes to financial statements.

     
     
16
  Nuveen Investments
     


 

           
           
  
    Statement of
OPERATIONS
      Six Months Ended June 30, 2009 (Unaudited)

 
         
Investment Income
       
Dividends (net of foreign tax withheld of $207,149)
  $ 3,758,572  
Interest
    2,836,304  
         
Total investment income
    6,594,876  
         
Expenses
       
Management fees
    1,333,167  
Dividend expense on securities sold short
    47,639  
Shareholders’ servicing agent fees and expenses
    181  
Custodian’s fees and expenses
    44,390  
Trustees’ fees and expenses
    4,947  
Professional fees
    23,846  
Shareholders’ reports – printing and mailing expenses
    45,054  
Stock exchange listing fees
    4,572  
Investor relations expense
    21,280  
Other expenses
    54,402  
         
Total expenses before custodian fee credit
    1,579,478  
Custodian fee credit
    (19 )
         
Net expenses
    1,579,459  
         
Net investment income
    5,015,417  
         
Realized and Unrealized Gain (Loss)
       
Net realized gain (loss) from:
       
Investments, securities sold short and foreign currency
    (20,768,079 )
Call options written
    19,057,683  
Change in net unrealized appreciation (depreciation) of:
       
Investments, securities sold short and foreign currency
    77,495,563  
Call options written
    (16,322,412 )
         
Net realized and unrealized gain (loss)
    59,462,755  
         
Net increase (decrease) in net assets from operations
  $ 64,478,172  
         
 
See accompanying notes to financial statements.

     
     
Nuveen Investments
  17
     


 

           
           
  
    Statement of
CHANGES IN NET ASSETS
           (Unaudited)

 
                 
    Six Months Ended
    Year Ended
 
    6/30/09     12/31/08  
Operations
               
Net investment income
  $ 5,015,417     $ 8,930,091  
Net realized gain (loss) from:
               
Investments, securities sold short and foreign currency
    (20,768,079 )     5,352,197  
Call options written
    19,057,683       14,945,376  
Change in net unrealized appreciation (depreciation) of:
               
Investments, securities sold short and foreign currency
    77,495,563       (140,682,006 )
Call options written
    (16,322,412 )     18,234,465  
                 
Net increase (decrease) in net assets from operations
    64,478,172       (93,219,877 )
                 
Distributions to Shareholders
               
From and in excess of net investment income
    (10,206,175 )      
From net investment income
          (8,328,480 )
From accumulated net realized gains
          (28,472,755 )
                 
Increase (decrease) in net assets from distributions to shareholders
    (10,206,175 )     (36,801,235 )
                 
Capital Share Transactions
               
Cost of shares repurchased
    (415,433 )     (1,432,846 )
                 
Net increase (decrease) in net assets from capital share transactions
    (415,433 )     (1,432,846 )
                 
Net increase (decrease) in net assets
    53,856,564       (131,453,958 )
Net assets at the beginning of period
    252,694,730       384,148,688  
                 
Net assets at the end of period
  $ 306,551,294     $ 252,694,730  
                 
Undistributed (Over-distribution of) net investment income at the end of period
  $ (4,381,379 )   $ 809,379  
                 
 
See accompanying notes to financial statements.

     
     
18
  Nuveen Investments
     


 

           
           
       Notes to
FINANCIAL STATEMENTS (Unaudited)
           

 
 
1.  General Information and Significant Accounting Policies
Nuveen Global Value Opportunities Fund (the “Fund”) is a closed-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s shares are listed on the New York Stock Exchange and trade under the ticker symbol “JGV.” The Fund was organized as a Massachusetts business trust on May 17, 2006.
 
The Fund seeks to provide a high level of total return primarily by investing primarily in a diversified global portfolio of equity securities, as well as corporate and governmental debt securities.
 
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States.
 
Investment Valuation
Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Exchange traded options are valued on last price or average of the bid/ask if no trades occurred. OTC option values are modeled using market implied volatilities. The prices of fixed-income securities are generally provided by an independent pricing service approved by the Fund’s Board of Trustees. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment and call option written the Board of Trustees of the Fund or its designee, may establish fair value using a wide variety of market data including 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. Short-term investments are valued at amortized cost, which approximates value.
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method. 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 Fund has instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At June 30, 2009, the Fund had no such outstanding purchase commitments.
 
Investment Income
Dividend income on investments purchased and dividend expense on securities sold short are recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also includes paydown gains and losses, if any.
 
Income Taxes
The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. The Fund intends to distribute substantially all of its investment company taxable income to shareholders. In any year when the Fund realizes net capital gains, the 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. The Fund had no retained capital gains for the tax year ended December 31, 2008.
 
For all open tax years and all major taxing jurisdictions, management of the Fund 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 Fund 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.

     
     
Nuveen Investments
  19
     


 

       
       
   
    Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)

 
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 corporate income tax regulations, which may differ from accounting principles generally accepted in the United States.
 
The Fund makes quarterly cash distributions to shareholders of a stated dollar amount per share. Subject to approval and oversight by the Fund’s Board of Trustees, the Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of the Fund’s investment strategy through regular quarterly distributions (a “Managed Distribution Program”). Total distributions during a calendar year generally will be made from the 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 from net unrealized gains, if any, would be distributed from the Fund’s assets and would be treated by shareholders as a non-taxable distribution for tax purposes. In the event that total distributions during a calendar year exceed the Fund’s total return on net asset value, the difference will be treated as a return of capital for tax purposes and will reduce net asset value per share. If the 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 are made after the end of the fiscal year and are reflected in the financial statements contained in the annual report as of December 31 each year.
 
The actual character of distributions made by the Fund during the fiscal year ended December 31, 2008, is reflected in the accompanying financial statements.
 
The distributions made by the Fund during the six months ended June 30, 2009, are provisionally classified as being “From and in excess of net investment income,” and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating “Undistributed (Over-distribution of) net investment income” as of June 30, 2009, the distribution amounts provisionally classified as “From and in excess of net investment income” were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2009, reflect an over-distribution of net investment income.
 
Foreign Currency Transactions
The Fund is authorized to engage in foreign currency exchange transactions, including foreign currency forward, futures, options and swap contracts. To the extent that the Fund invests in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund 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.
 
The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments and 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 the Fund and the amounts actually received.
 
The realized and unrealized gains or losses resulting from changes in foreign exchange rates are included in “Net realized gain (loss) from investments, securities sold short and foreign currency” and “Change in net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency” on the Statement of Operations.
 
Options Transactions
The Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to write (sell) call options, in an attempt to manage such risk. When the Fund writes a call option, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Call options written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option expires or the Fund enters into a closing purchase transaction. The changes in value of the options written during the reporting period are recognized as “Change in net unrealized appreciation (depreciation) of call options written” on the Statement of Operations. When a call option expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or upon executing a closing purchase transaction, including commission, is recognized as “Net realized gain from call options written” or, if the net premium received is less than the amount paid, as “Net realized loss from call options written” on the Statement of Operations. The Fund, as writer of a call option, has no control over whether the underlying instrument may be sold (called) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
 
The average notional balance on call options written during the six months ended June 30, 2009, was $(118,865,250). Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on call options written.

     
     
20
  Nuveen Investments
     


 

Short Sales
The Fund is authorized to make short sales of securities. To secure its obligation to deliver securities sold short, the Fund has instructed the custodian to segregate assets of the Fund as collateral with an equivalent amount of the securities sold short. The collateral required is determined by reference to the market value of the short positions. The Fund is obligated to pay to the party to which the securities were sold short, dividends declared on the stock by the issuer and records such amounts as “Dividend expense on securities sold short” on the Statement of Operations. Short sales are valued daily and the corresponding unrealized gains or losses are included in “Change in net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency” on the Statement of Operations.
 
Liabilities for securities sold short are reported at market value in the accompanying financial statements. Short sale transactions result in off-balance sheet risk because the ultimate obligation may exceed the related amounts shown on the Statement of Assets and Liabilities. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund’s loss on a short sale is potentially unlimited because there is no upward limit on the price a borrowed security could attain. The Fund will realize a gain if the price of the security declines between those dates.
 
Market and Counterparty Credit Risk
In the normal course of business the Fund may invest in financial instruments and enters 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 the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of the 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. Futures contracts expose the Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearing house, which is counterparty to all exchange traded futures, guarantees the futures contract against default.
 
The Fund helps manage counterparty credit risk by entering into agreements only with counterparties Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, all counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund 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 predetermined threshold amount.
 
Repurchase Agreements
In connection with transactions in repurchase agreements, it is the 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 seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
 
Custodian Fee Credit
The Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on the Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which the Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
 
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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.

     
     
Nuveen Investments
  21
     


 

       
       
   
    Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)

 
2.  Fair Value Measurements
In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:
 
         
Level 1     Quoted prices in active markets for identical securities.
Level 2     Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3     Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of June 30, 2009:
 
                                 
    Level 1     Level 2     Level 3     Total  
Investments:
                               
Common Stocks
  $ 177,517,575     $ 32,541,587     $     $ 210,059,162  
Preferred Securities *
          13,028,380             13,028,380  
Mortgaged-Backed Securities
          9,928,832       164,385       10,093,217  
Convertible Bonds
          23,470,720       214,714       23,685,434  
Corporate Bonds
          26,471,368       5,540,250       32,011,618  
Warrants
    272,267       3,989,418             4,261,685  
Short-Term Investments
    21,387,360                   21,387,360  
Common Stocks Sold Short
    (11,261,929 )                 (11,261,929 )
Call Options Written
    (9,774,098 )                 (9,774,098 )
                                 
Total
  $ 178,141,175     $ 109,430,305     $ 5,919,349     $ 293,490,829  
                                 
Preferred Securities may include Convertible Preferred Securities, $25 Par (or similar) Preferred Securities and Capital Preferred Securities.
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
 
         
    Level 3
 
    Investments  
Balance at beginning of period
  $ 4,374,361  
Gains (losses):
       
Net realized gains (losses)
    69  
Net change in unrealized appreciation (depreciation)
    1,401,869  
Net purchases at cost (sales at proceeds)
    155,417  
Net discounts (premiums)
    55,674  
Net transfers in to (out of) at end of period fair value
    (68,041 )
         
Balance at end of period
  $ 5,919,349  
         
 
“Change in net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency” presented on the Statement of Operations includes $1,402,233 of net appreciation (depreciation) related to securities classified as Level 3 at year end.
 
3.  Derivative Instruments and Hedging Activities
During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 161 (SFAS No. 161) “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to better understand: a) how and why a fund uses derivative instruments; b) how derivative instruments are accounted for; and c) how derivative instruments affect a fund’s financial position, results of operations and cash flows, if any. The Fund records derivative instruments at fair value with changes in fair value recognized on the Statement of Operations. Even though the Fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for SFAS No. 161 disclosure purposes. For additional information on derivative instruments in which the Fund was invested during and at the end of the reporting period, refer to the Portfolio of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.
 
The following tables present the fair value of all derivative instruments held by the Fund as of June 30, 2009, 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
    Derivative
  Asset Derivatives   Liability Derivatives
Underlying Risk Exposure   Instrument   Location   Value   Location   Value
Equity Price
    Options       $   –     Call options written, at value   $ 9,774,098  
                                 

     
     
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  Nuveen Investments
     


 

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2009, on derivative instruments, as well as the primary risk exposure associated with each.
 
         
Net Realized Gain (Loss) from Call Options Written
       
         
Risk Exposure
       
Equity Price
  $ 19,057,683  
         
         
Change in Net Unrealized Appreciation (Depreciation) of Call Options Written
       
         
Risk Exposure
       
Equity Price
  $ (16,322,412 )
         
 
4.  Fund Shares
On July 30, 2008, the Fund’s Board of Trustees approved an open-market share repurchase program under which the Fund may repurchase an aggregate of up to approximately 10% of its outstanding Common shares.
 
Transactions in shares were as follows:
 
                 
    Six Months
    Year
 
    Ended
    Ended
 
    6/30/09     12/31/08  
Shares repurchased
    (38,300 )     (140,200 )
                 
Weighted average:
               
Price per share repurchased
  $ 10.83     $ 10.20  
Discount per share repurchased
    19.70 %     21.07 %
                 
 
5.  Investment Transactions
Purchases and sales (including maturities and proceeds from securities sold short but excluding short-term investments and call options written) during the six months ended June 30, 2009, aggregated $54,650,627 and $52,875,916, respectively.
 
Transactions in call options written during the six months ended June 30, 2009, were as follows:
 
                 
    Number of
    Premiums
 
    Contracts     Received  
Outstanding, beginning of period
    62,554     $ 19,032,805  
Call options written
    47,444       9,839,479  
Call options terminated in closing purchase transactions
    (3,100 )     (1,138,621 )
Call options expired
    (55,056 )     (16,982,402 )
Call options exercised
    (4,967 )     (947,014 )
                 
Outstanding, end of the period
    46,875     $ 9,804,247  
                 
 
6.  Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the recognition of unrealized gain for tax (mark-to-market) on passive foreign investment companies, the treatment of paydown gains and losses, recognition of premium amortization, 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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At June 30, 2009, the cost of investments (excluding proceeds received on securities sold short and call options written) was $368,608,327.
 
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding proceeds received on securities sold short and call options written) at June 30, 2009, were as follows:
 
         
Gross unrealized:
       
Appreciation
  $ 22,673,320  
Depreciation
    (76,754,791 )
         
Net unrealized appreciation (depreciation) of investments
  $ (54,081,471 )
         

     
     
Nuveen Investments
  23
     


 

       
       
   
    Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)

 
The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2008, the Fund’s last tax year end, were as follows:
 
         
Undistributed net ordinary income *
  $  
Undistributed net long-term capital gains
    3,750,880  
         
Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
 
The tax character of distributions paid during the Fund’s last tax year ended December 31, 2008, was designated for purposes of the dividends paid deduction as follows:
 
         
Distributions from net ordinary income *
  $ 27,174,888  
Distributions from net long-term capital gains
    9,626,347  
         
*    Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
 
The Fund elected to defer net realized losses from investments incurred from November 1, 2008 through December 31, 2008, the Fund’s last tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year:
 
         
Post-October currency losses
  $ 14,728  
Post-October capital losses
    9,308,373  
         
 
7.  Management Fees and Other Transactions with Affiliates
The Fund’s management fee is separated into two components-a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser and a specific fund-level component, based only on the amount of assets within the Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee, payable monthly, is based upon the average daily managed net assets of the Fund as follows:
 
         
Average Daily Managed Net Assets (1)   Fund-Level Fee Rate
For the first $500 million
    .8000 %
For the next $500 million
    .7750  
For the next $500 million
    .7500  
For the next $500 million
    .7250  
For Managed Assets over $2 billion
    .7000  
         
 
The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of June 30, 2009, the complex level fee rate was .1970%.
 
The complex-level fee schedule is as follows:
 
         
Complex-Level Net Asset Breakpoint Level (1)   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  
         
(1)  The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fee components, daily managed net assets include assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB)

     
     
24
  Nuveen Investments
     


 

trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed net assets in certain circumstances.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into a Sub-Advisory Agreement with Tradewinds Global Investors, LLC (“Tradewinds”), a subsidiary of Nuveen, under which Tradewinds manages the investment portfolio of the Fund. Tradewinds is compensated for its services to the Fund from the management fee paid to the Adviser.
 
The Fund pays 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 Fund 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.
 
8.  Subsequent Events
In May 2009, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 165 (SFAS No. 165) “Subsequent Events.” SFAS No. 165 requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. SFAS No. 165 is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS No. 165 requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date—that is, whether that date represents the date the financial statements were issued or were available to be issued. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The Fund has performed an evaluation of subsequent events through August 26, 2009, which is the date the financial statements were issued.

     
     
Nuveen Investments
  25
     


 

           
           
       Financial
HIGHLIGHTS (Unaudited)
      Selected data for a Common share outstanding throughout each period:

 
                                                                                         
          Investment Operations     Less Distributions                    
                                                          Ending
       
    Beginning
    Net
    Net Realized/
          Net
                            Net
    Ending
 
    Net Asset
    Investment
    Unrealized
          Investment
    Capital
    Tax Return
          Offering
    Asset
    Market
 
    Value     Income(a)     Gain (Loss)(d)     Total     Income     Gains     of Capital     Total     Costs     Value     Value  
Year Ended 12/31:                                                                                        
2009(b)   $ 13.15     $ .26     $ 3.11     $ 3.37     $ (0.53 )****   $     $     $ (0.53 )   $     $ 15.99     $ 14.10  
2008     19.85       .46       (5.26 )     (4.80 )     (0.43 )     (1.47 )           (1.90 )           13.15       11.89  
2007     20.41       .52       .89       1.41       (.38 )     (1.59 )           (1.97 )           19.85       18.30  
2006(c)     19.10       .16       1.64       1.80       (.26 )     (.15 )     (.04 )     (.45 )     (.04 )     20.41       19.70  
                                                                                         
 
(a) Per share Net Investment Income is calculated using the average daily shares method.
(b) For the six months ended June 30, 2009.
(c) For the period July 24, 2006 (commencement of operations) through December 31, 2006.
(d) Net of federal corporate income taxes on long-term capital gains retained by the Fund per share as follows:
 
         
    Long-Term
 
    Capital Gains
 
    Retained  
Year Ended 12/31:
2009(b)     N/A  
2008     N/A  
2007   $ 0.19  
2006(c)     N/A  
         

     
     
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  Nuveen Investments
     


 

                                                                 
          Ratios/Supplemental Data  
                      Ratios to Average Net Assets
    Ratios to Average Net Assets
       
    Total Returns           Before Credit     After Credit**        
    Based on
    Based on
                Net
          Net
    Portfolio
 
    Market
    Net Asset
    Ending Net
          Investment
          Investment
    Turnover
 
    Value*     Value*     Assets (000)     Expenses†     Income†     Expenses†     Income†     Rate  
                                                                 
      23.66 %     25.70 %   $ 306,551       1.18 %***     3.75 %***     1.18 %***     3.75 %***     22 %
      (26.03 )     (24.85 )     252,695       1.14       2.63       1.12       2.65       60  
      2.94       6.48       384,149       1.10       2.51       1.10       2.51       76  
      .82       9.27       395,078       1.12 ***     1.87 ***     1.12 ***     1.87 ***     17  
                                                                 
 
*
• Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period takes place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
  Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the 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.
 
• The Fund elected to retain a portion of its realized long-term capital gains for the following tax years ended December 31, (which is the fiscal year end for the Fund) and pay required federal corporate income taxes on these amounts. As reported on Form 2439, shareholders on record date must include their pro-rata share of these gains on their applicable federal tax returns, and are entitled to take offsetting tax credits, for their pro-rata share of the taxes paid by the Fund. The standardized total returns shown above do not include the economic benefit to shareholders on record date of these tax credits/refunds. The Fund’s corresponding Total Returns Based on Market Value and Net Asset Value when these benefits are included are as follows:
 
                         
          Total Returns  
             
                Based on
 
    Shareholders of
    Based on
    Net Asset
 
    Record on     Market Value     Value  
Year Ended 12/31:
2009(b)
    N/A       23.66 %     25.70 %
2008
    N/A       (26.03 )     (24.85 )
2007
    December 31       3.99       7.49  
2006(c)
    N/A       .82       9.27  
                         
 
** After custodian fee credit, where applicable.
*** Annualized.
**** Represents distributions paid “From and in excess of net investment income” for the six months ended June 30, 2009.
Each ratio includes the effect of dividend expense on securities sold short as follows:
 
         
Ratio of Dividend Expense on
 
Securities Sold Short to Average Net Assets  
Year Ended 12/31:
2009(b)     .04 %***
2008     .03  
2007     .03  
2006(c)     .02 ***
         
 
N/A Not applicable for the six months ended June 30, 2009. The Fund had no retained capital gains for the tax year ended December 31, 2008, or for the period July 24, 2006 (commencement of operations) through to December 31, 2006.
 
See accompanying notes to financial statements.

     
     
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Annual Investment Management
Agreement Approval Process

 
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 27-29, 2009 (the “May Meeting”), the Board of Trustees (the “Board,” and each Trustee, a “Board Member”) of the Fund, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Fund for an additional one-year period. These agreements include the investment advisory agreement between Nuveen Asset Management (“NAM”) and the Fund and the sub-advisory agreement between NAM and Tradewinds Global Investors, LLC (the “Sub-Adviser”). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2009 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.
 
In addition, in evaluating the advisory agreement (the “Investment Management Agreement”) and the sub-advisory agreement (the “Sub-advisory Agreement,” and the Investment Management Agreement and Sub-advisory Agreement are each an “Advisory Agreement”), the Independent Board Members reviewed a broad range of information relating to the Fund, NAM and the Sub-Adviser (NAM and the Sub-Adviser are each a “Fund Adviser”), including absolute performance, fee and expense information for the Fund as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable) of the Fund, the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries other than Winslow Capital Management, Inc. (“Winslow Capital”), which was recently acquired in December 2008), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Fund resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A.  Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization

     
     
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  Nuveen Investments
     


 

and business; the types of services that the Fund Adviser or its affiliates provide and are expected to provide to the Fund; the performance record of the Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
 
In reviewing the services provided and the initiatives undertaken during the past year, the Independent Board Members recognized the severe market turmoil experienced in the capital markets during recent periods, including sustained periods of high volatility, credit disruption and government intervention. The Independent Board Members considered the Fund Adviser’s efforts, expertise and other actions taken to address matters as they arose that impacted the Fund. The Independent Board Members recognized the role of the Investment Services group which, among other things, monitors the various positions throughout the Nuveen fund complex to identify and address any systematic risks. In addition, the Capital Markets Committee of NAM provides a multi-departmental venue for developing new policies to mitigate any risks. The Independent Board Members further recognized NAM’s continuous review of the Nuveen funds’ investment strategies and mandates in seeking to continue to refine and improve the investment process for the funds, particularly in light of market conditions. With respect to closed-end funds that issued auction rate preferred shares (“ARPs”) or that otherwise utilize leverage, the Independent Board Members noted, in particular, NAM’s efforts in refinancing the preferred shares of such funds frozen by the collapse of the auction rate market and managing leverage during a period of rapid market declines, particularly for the non-equity funds. Such efforts included negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs, liquidating portfolio securities during difficult times to meet leverage ratios, and seeking alternative forms of debt and other leverage that may over time reduce financing costs associated with ARPs and enable the funds that have issued ARPs to restore liquidity to ARPs holders. The Independent Board Members also noted Nuveen’s continued commitment and efforts to keep investors and financial advisers informed as to its progress with the ARPs through, among other things, conference calls, emails, press releases, information posted on its website, and telephone calls and in-person meetings with financial advisers. In addition to the foregoing, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing advertising and marketing for the closed-end funds; maintaining websites; and providing educational seminars.
 
As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Fund Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Fund, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.
 
In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members considered NAM’s compliance program, including the report of the chief compliance officer regarding the Fund’s compliance policies and procedures.
 
The Independent Board Members also considered NAM’s oversight of the performance, business activities and compliance of the Sub-Adviser. In that regard, the Independent Board Members reviewed an evaluation of the Sub-Adviser from NAM. The evaluation also included information relating to the Sub-Adviser’s organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Fund, developments affecting the Sub-Adviser, and an analysis of the Sub-Adviser. As described in further detail below, the Board considered the performance of the Fund. The Board also recognized that the Sub-advisory Agreement was essentially an agreement for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Fund. As part of their oversight, the Independent Board Members also continued their program of seeking to visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members met with the Sub-Adviser in February 2008 and 2009.

     
     
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Annual Investment Management
Agreement Approval Process (continued)

The Independent Board Members noted that NAM recommended the renewal of the Sub-advisory Agreement and considered the basis for such recommendations and any qualifications in connection therewith.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the Fund under the Investment Management Agreement or Sub-advisory Agreement, as applicable, were satisfactory.
 
B.  The Investment Performance of the Fund and Fund Advisers
The Board considered the investment performance of the Fund, including the Fund’s historic performance as well as its performance compared to funds with similar investment objectives (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data as well as recognized and/or customized benchmarks. The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund’s Performance Peer Group and recognized and/or customized benchmarks for the quarter- and one-year periods ending December 31, 2008 and for the same periods ending March 31, 2009. The Independent Board Members also reviewed performance information of the Nuveen funds managed by the Sub-Adviser in the aggregate ranked by peer group and the performance of such funds, in the aggregate, relative to their benchmark. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.
 
In comparing a fund’s performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund’s investment objectives and strategies thereby hindering a meaningful comparison of the fund’s performance with that of the Performance Peer Group. The Independent Board Members further considered the performance of the Fund in the context of the volatile market conditions during the past year, and their impact on various asset classes and the portfolio management of the Fund.
 
Based on their review and factoring in the severity of market turmoil in 2008, the Independent Board Members determined that the Fund’s investment performance over time had been satisfactory.
 
C.  Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of the Fund reviewing, among other things, the Fund’s gross management fees, net management fees and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the fee and expenses of a comparable universe of unaffiliated funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”).
 
The Independent Board Members further reviewed data regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the asset level of a fund relative to peers, the size and particular composition of the Peer Universe or Peer Group, the investment objectives of the peers, expense anomalies, changes in the funds comprising the Peer Universe or Peer Group from year to year, levels of reimbursement and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. The Independent Board Members also considered, among other things, the differences in the use and type of leverage compared to the peers. In reviewing the fee schedule for the Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999).
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.

     
     
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2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Fund and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Fund. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Fund (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Fund, the Independent Board Members believe such facts justify the different levels of fees.
 
In considering the fees of the Sub-Adviser, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable.
 
3. Profitability of Fund Advisers
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers other than Winslow Capital) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2008. In addition, the Independent Board Members reviewed information regarding the financial results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.
 
In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Fund as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Fund, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Fund. Based on their review of the overall fee arrangements of the Fund, the Independent Board Members determined that the advisory fees and expenses of the Fund were reasonable.

     
     
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Annual Investment Management
Agreement Approval Process (continued)

 
D.  Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. In this regard, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio. While economies of scale result when costs can be spread over a larger asset base, the Independent Board Members also recognized that the asset levels generally declined in 2008 due to, among other things, the market downturn. Accordingly, for funds with a reduction in assets under management, advisory fee levels may have increased as breakpoints in the fee schedule were no longer surpassed.
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Fund’s complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex generally are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Generally, the complex-wide pricing reduces Nuveen’s revenue because total complex fund assets have consistently grown in prior years. As noted, however, total fund assets declined in 2008 resulting in a smaller downward adjustment of revenues due to complex-wide pricing compared to the prior year.
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
E.  Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Fund. In this regard, the Independent Board Members considered revenues received by affiliates of NAM for serving as agent at Nuveen’s trading desk.
 
In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions. With respect to the Sub-Adviser, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Fund’s portfolio transactions. The Independent Board Members further noted that the Sub-Adviser’s profitability may be lower if it were required to pay for this research with hard dollars.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.
 
F.  Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreement and Sub-advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to the Fund and that the Investment Management Agreement and the Sub-advisory Agreement be renewed.

     
     
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  Nuveen Investments
     


 

 
Reinvest Automatically
Easily and Conveniently

 
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Dividend Reinvestment Plan
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares.
 
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested.
 
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

     
     
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Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting dividends and/or distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

     
     
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  Nuveen Investments
     


 

 
Glossary of Terms
Used in this 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  Current Distribution Rate (also known as Market Yield, Dividend Yield or Current Yield): Current distribution rate is based on the Fund’s current annualized quarterly distribution divided by the Fund’s current market price. The Fund’s quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a tax return of capital.
 
n  Net Asset Value (NAV): A Fund’s NAV per share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.

     
     
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Notes

 

     
     
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Notes

 

     
     
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Notes

 

     
     
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  Nuveen Investments
     


 

 
Other Useful Information

 
 
Board of Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
 
 
Fund Manager
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank & Trust Company
Boston, MA
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL
 
Quarterly Portfolio of Investments And Proxy Voting Information
 
You may obtain (i) the Fund’s quarterly portfolio of investments, (ii) information regarding how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the 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 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
The Fund’s Chief Executive Officer 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.
 
The Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common Share Information
 
The Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Fund repurchased shares of its common stock as shown in the accompanying table.
 
             
Common Shares
   
Repurchased    
 
  38,300          
 
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 

     
     
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Nuveen Investments:
Serving Investors for Generations

 
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.
 
We offer many different investing solutions for
our clients’ different needs.
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009.
 
Find out how we can help you reach your financial goals.
 
To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
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ESA-H-0609D


 

ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
                                 
    (a)   (b)   (c)   (d)*
        AVERAGE   TOTAL NUMBER OF SHARES   MAXIMUM NUMBER (OR
    TOTAL NUMBER OF   PRICE   (OR UNITS) PURCHASED AS   APPROXIMATE DOLLAR VALUE) OF
    SHARES (OR   PAID PER   PART OF PUBLICLY   SHARES (OR UNITS) THAT MAY YET
    UNITS)   SHARE (OR   ANNOUNCED PLANS OR   BE PURCHASED UNDER THE PLANS OR
Period*   PURCHASED   UNIT)   PROGRAMS   PROGRAMS
JANUARY 1-31, 2009
    0               0       1,794,800  
 
                               
FEBRUARY 1-28, 2009
    16,600       10.48       16,600       1,778,200  
 
                               
MARCH 1-31, 2009
    12,900       9.39       12,900       1,765,300  
 
                               
APRIL 1-30, 2009
    0               0       1,765,300  
 
                               
MAY 1-31, 2009
    0               0       1,765,300  
 
                               
JUNE 1-30, 2009
    8,800       13.59       8,800       1,756,500  
 
                               
TOTAL
    38,300                          
 
*   The registrant’s repurchase program, which authorized the repurchase of 1,935,000 shares, was announced August 7, 2008. 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 to this filing.
(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.

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
(Registrant) Nuveen Global Value Opportunities Fund
 
   
By (Signature and Title)* /s/ Kevin J. McCarthy      
  Kevin J. McCarthy     
  Vice President and Secretary     
 
Date: September 8, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
     
By (Signature and Title)* /s/ Gifford R. Zimmerman      
  Gifford R. Zimmerman     
  Chief Administrative Officer
(principal executive officer) 
   
 
Date: September 8, 2009
         
     
By (Signature and Title)* /s/ Stephen D. Foy      
  Stephen D. Foy     
  Vice President and Controller
(principal financial officer) 
   
 
Date: September 8, 2009
 
*   Print the name and title of each signing officer under his or her signature.