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 881-21903
-----------------------
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: December 31, 2007
-----------------------
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
Annual Report
DECEMBER 31, 2007
Nuveen Investments
CLOSED-END FUNDS
NUVEEN
GLOBAL VALUE
OPPORTUNITIES FUND
JGV
High Level of Total Return from a Diversified Global
Portfolio Primarily Invested in Equity and Debt
Securities
NUVEEN INVESTMENTS LOGO
Life is complex.
Nuveen
makes things
e-simple.
-----------------------------------
It only takes a minute to sign up
for e-Reports. Once enrolled,
you'll receive an e-mail as soon as
your Nuveen Investments Fund
information is ready--no more
waiting for delivery by regular
mail. Just click on the link within
the e-mail to see the report, and
save it on your computer if you
wish.
Free e-Reports right to your e-mail!
<Table>
www.investordelivery.com OR www.nuveen.com/accountaccess
If you received your Nuveen Fund If you received your Nuveen Fund
dividends and statements from your dividends and statements directly from
financial advisor or brokerage Nuveen.
account.
</Table>
NUVEEN INVESTMENTS LOGO
Chairman's
LETTER TO SHAREHOLDERS
<Table>
(TIMOTHY
SCHWERTFEGER
PHOTO) Timothy R. Schwertfeger Chairman of the Board
</Table>
Dear Shareholder:
Once again, I am pleased to report that over the twelve-month period covered by
this report your Fund continued to provide you with attractive income. For more
details about the management strategy and performance of your Fund, please read
the Portfolio Manager's Comments, the Distribution and Share Price Information,
and the Performance Overview sections of this report.
With the recent volatility in the stock market, many have begun to wonder which
way the market is headed, and whether they need to adjust their holdings of
investments. No one knows what the future will bring, which is why we think a
well-balanced portfolio that is structured and carefully monitored with the help
of an investment professional is an important component in achieving your
long-term financial goals. A well-diversified portfolio may actually help to
reduce your overall investment risk, and we believe that investments like your
Nuveen Investments Fund can be important building blocks in a portfolio crafted
to perform well through a variety of market conditions.
We are grateful that you have chosen us as a partner as you pursue your
financial goals and we look forward to continuing to earn your trust in the
months and years ahead. At Nuveen Investments, our mission continues to be to
assist you and your financial advisor by offering investment services and
products that can help you to secure your financial objectives.
Sincerely,
(TIMOTHY SCHWERTFEGER SIG)
Timothy R. Schwertfeger
Chairman of the Board
February 15, 2008
Portfolio Manager's COMMENTS
NUVEEN INVESTMENTS CLOSED-END FUNDS JGV
The Fund's investment portfolio has been managed since its inception in 2006 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. Here Dave speaks about the performance of the Fund for
the twelve-month period ending December 31, 2007.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MARKET DURING 2007?
During the first part of the reporting period, equities generally performed well
as favorable corporate earnings and export-driven economic growth were
sufficient to offset some growing anxiety over the deteriorating housing and
mortgage markets. The second half of the period was dominated by concerns about
the impact of possible sub-prime mortgage defaults and fears of a recession,
especially as the impact began to spread beyond mortgage lenders to
international and domestic money center banks and other financial institutions.
When data began to show the potential for a severely weakening economy, the
Federal Reserve cut the widely followed short-term fed funds rate by a half a
percentage point in September, by another quarter of a percentage point in
October and yet another quarter point in December. (On January 22 and 29, 2008,
after the close of this reporting period, the Federal Reserve cut the fed funds
rate by a combined 1.25%, bringing the rate to 3.00%.)
- --------------------------------------------------------------------------------
Discussions of specific investments are for illustrative purposes only and are
not intended as recommendations of individual investments. The views expressed
in this commentary represent those of the portfolio manager as of the date of
this report and are subject to change at any time, based on market conditions
and other factors. The Fund disclaims any obligation to advise shareholders of
such changes.
- --------------------------------------------------------------------------------
Despite increased volatility in the second half of the year, global equity
markets generally registered positive returns in 2007. Many international equity
benchmarks outpaced U.S. stocks. The MSCI World Index returned 12.41% for 2007,
with emerging market countries such as Brazil, India and China leading the
field. By comparison, the S&P 500 Index returned 5.49% in 2007. Overall,
investors grappled with uncertain credit markets, U.S. housing and
mortgage-related concerns, increased commodity prices, and, in the latter half
of the year, apprehension over a U.S. recession. In general, large-cap and
growth oriented stocks performed considerably better than small-cap and value
stocks.
4
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUND DURING THIS PERIOD?
Our basic investment philosophy continued to focus on buying good or improving
business franchises around the globe whose securities were selling below their
intrinsic value. In 2007, we found that the best value opportunities were in the
securities of those businesses that were most leveraged to the growth of the
global economy. We continued to like the materials, food, agriculture and energy
sectors, which all benefit from increased global demand. Conversely, we were
rewarded for not holding financial and retail stocks in the developed markets,
especially during the second half of the year, as these sectors experienced
sizable corrections. On the fixed-income side, we continued to find some value
in mortgage products, both interest only strips and adjustable rate offerings.
Corporate and high yield bonds remained unattractive to us during most of the
year. Writing covered calls remained an attractive way to enhance yield and
expected total return. Call options were attractive due to higher implied
volatility, higher interest rates and higher valuations for common stocks.
- --------------------------------------------------------------------------------
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 the Fund in this report.
1 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. Shareholders on record date are entitled to take an
offsetting tax credit for their pro-rata share of the taxes paid by the Fund.
The total return shown does not include the economic benefit to shareholders of
record of this tax credit/refund. The Fund's corresponding total return on NAV
for the twelve-month period ended December 31, 2007, when this benefit is
included is 7.49%.
2 JGV's Benchmark is comprised of 1) 80% MSCI All Country World Index 2) 15%
Lehman US Aggregate Bond Index 3) 5% Lehman 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 Lehman US Aggregate Bond
Index represents securities that are SEC-registered, taxable and dollar
denominated. The index covers the US investment grade fixed rate bond market,
with index components for government and corporate securities, mortgage
pass-through securities, and asset-backed securities. The Lehman 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.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM OVER THIS TWELVE-MONTH PERIOD?
The performance of JGV, as well as its comparative benchmark, is presented in
the accompanying table.
Total Returns on Net Asset Value
For the twelve-month period ended 12/31/07
<Table>
JGV(1) 6.48%
Comparative Benchmark(2) 10.53%
</Table>
For the twelve-month period ended December 31, 2007, the total return on net
asset value of the Fund underperformed its comparative benchmark. This was due
in large part to the Fund's relatively large allocations to mortgage-backed
securities and convertible bonds when compared with the benchmark. As a result
of the widespread sell-off in these instruments in the latter half of 2007, the
Fund's debt-related holdings more than offset the positive performance of the
Fund's equity allocation.
Our equity holdings in the energy, consumer staples and materials sectors were
the largest contributors to positive performance. In particular, our overweight
exposure to the materials sector, relative to the MSCI World Index, enhanced the
Fund's return. The strongest individual contributors to performance were
domestic coal producer Peabody Energy Corp., global agricultural equipment
supplier Agco Corp., and gold mining companies Barrick Gold Corp. and Lihir Gold
Ltd. Our global focus allowed us to participate in several fast growing foreign
markets and benefit from the declining value of the dollar. Our covered call
writing strategy generated positive cash flow, which also enhanced the Fund's
performance.
The Fund's worst performers for the year were pulp and paper producer
AbitibiBowater, Inc., Japanese consumer finance company Takefuji, and gold
mining companies NovaGold and Gold Fields Ltd.
5
Distribution and Share Price
INFORMATION
On March 1, 2007, Nuveen Investments announced that the Fund would move from a
monthly to a quarterly distribution schedule. The last monthly distribution was
paid on April 2, 2007, and first quarterly distribution was paid on July 2,
2007.
The Fund has a managed distribution program. The goal of a managed distribution
program is to provide shareholders with relatively consistent and predictable
cash flow by systematically converting its 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, it 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 Form 1099 statement provided at
year end, as well as the ultimate economic sources of distributions over the
life of your investment.
6
The following table provides information regarding the Fund's distributions and
total return performance for the fiscal year ended December 31, 2007. 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 was sufficient to meet the Fund's distributions.
<Table>
<Caption>
- ----------------------------------------------------------------------------
As of 12/31/07 JGV
- ----------------------------------------------------------------------------
Inception date 7/24/06
Calendar year:
Per share distribution:
From net investment income $0.38
From short-term capital gains 1.34
From long-term capital gains 0.25
From return of capital --
-------
Total per share distribution $1.97
=======
Distribution rate on NAV 9.92%
Annualized total returns:
Excluding retained gain tax credit/refund(3):
1-year on NAV 6.48%
Since inception on NAV 11.08%
Including retained gain tax credit/refund(3):
1-year on NAV 7.49%
Since inception on NAV 11.81%
- ----------------------------------------------------------------------------
</Table>
As of December 31, 2007, the Fund's share price was trading at -7.81% discount
to its NAV, compared with an average discount of -7.24% for the entire
twelve-month period.
- --------------------------------------------------------------------------------
3 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, Common shareholders on
record date must include their pro-rata share of these gains on their applicable
federal tax returns, and are entitled to take offsetting tax credits, for their
pro-rata share of the taxes paid by the Fund. The total returns "including
retained gain tax credit/refund" include the economic benefit to shareholders on
record date of these tax credits/refunds.
- --------------------------------------------------------------------------------
7
Retention of Realized Long-Term
CAPITAL GAINS
On December 14, 2007, the Fund announced it would retain a portion of its
realized long-term capital gains for the tax year ended December 31, 2007, and
would pay any required federal corporate income taxes on these gains.
We believe retaining realized long-term capital gains enables the Fund to better
preserve and grow its capital base for long-term investors. This increases
earnings potential over time, providing the opportunity for more stable growth
of distributions and high share prices.
Common shareholders of record on December 31, 2007, holding the Fund in a
taxable account must include their pro-rata share of the Fund's retained gains
as reported on IRS Form 2439 on their 2007 federal income tax returns. They will
be entitled to take an offsetting federal income tax credit equal to their
pro-rata share of taxes the Fund paid on its retained gains. Common shareholders
also will be entitled to increase their Fund investments' cost basis by the net
amount of gains retained by the Fund. The Fund's net asset value on December 27,
2007, was reduced to reflect the accrual of the Fund's estimated tax liability.
The Fund's final per share retained long-term capital gains and corresponding
federal corporate income taxes paid are as follows:
<Table>
<Caption>
PER SHARE JGV
- ----------------------------------------------------------------------
Long-Term Capital Gain Retained $ 0.5544
Less Federal Income Taxes Paid by Fund (0.1940)
NET LONG-TERM CAPITAL GAIN RETAINED $ 0.3604
- ----------------------------------------------------------------------
</Table>
Final amounts for retained gains and taxes paid will be reported to shareholders
of record on IRS Form 2439. Investors who hold shares in "street name" should
receive Form 2439 from their brokerage firm by March 31, 2008. Investors who own
shares directly through the Funds' transfer agent will receive Form 2439 in
mid-February 2008. These gains will not be reported on Form 1099-DIV, which only
reflects realized capital gains actually distributed to shareholders and taxable
in 2007. Shareholders who held Funds in a taxable account should wait to file
their tax returns until both Form 2439 and 1099-DIV are received. More details
about these Funds, as well as additional information on retained capital gains
and related tax information are available on www.nuveen.com/taxinfo.
8
<Table>
JGV Nuveen Global Value
PERFORMANCE Opportunities Fund
OVERVIEW as of December 31, 2007
</Table>
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS)(4)
(PIE CHART)
<Table>
Common Stocks 72.7
Warrants 0.2
Structured Notes 3.2
Convertible Preferred Securities 4.4
Mortgage-Backed Securities 4.9
Convertible Bonds 5.9
Corporate Bonds 8.7
</Table>
2007 DISTRIBUTIONS PER SHARE(5,6)
(BAR CHART)
<Table>
Jan 0.115
Feb 0.115
Mar 0.120
Jun 0.378
Sep 0.430
Dec 0.430
</Table>
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
(LINE GRAPH)
<Table>
<Caption>
1/01/07 19.66
- ------- -----
19.48
19.88
19.79
19.7
19.83
19.86
19.58
19.4
19.25
19.7
19.7
19.89
19.95
19.97
19.94
19.83
20
20
19.86
19.68
19.49
19.55
19.66
19.56
19.09
19.4
19.69
19.55
19.41
18.6
18.52
18.3
17.54
18.73
18.9
18.82
18.42
18.34
18.8
18.7
18.75
18.4
18.69
19
18.65
18.15
18.69
19.73
19.9
18.9
18.73
18.55
12/31/07 18.3
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price(1) $18.30
- -------------------------------------------------------------------------------------
Net Asset Value(1) $19.85
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.81%
- -------------------------------------------------------------------------------------
Current Distribution Rate(2) 9.40%
- -------------------------------------------------------------------------------------
Net Assets ($000) $384,149
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN(3)
(INCEPTION 7/24/06)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year 2.94% 6.48%
- -------------------------------------------------------------------------------------
Since Inception 2.61% 11.08%
- -------------------------------------------------------------------------------------
</Table>
COUNTRIES
(AS A % OF TOTAL INVESTMENTS)(4)
<Table>
- -------------------------------------------------------------------------------------
United States 58.6%
- -------------------------------------------------------------------------------------
Canada 12.1%
- -------------------------------------------------------------------------------------
United Kingdom 8.3%
- -------------------------------------------------------------------------------------
Japan 5.7%
- -------------------------------------------------------------------------------------
South Africa 4.8%
- -------------------------------------------------------------------------------------
Taiwan 3.0%
- -------------------------------------------------------------------------------------
Australia 2.9%
- -------------------------------------------------------------------------------------
Other 4.6%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(AS A % OF TOTAL INVESTMENTS)(4)
<Table>
- -------------------------------------------------------------------------------------
Metals & Mining 27.4%
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 12.5%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 9.4%
- -------------------------------------------------------------------------------------
Food Products 8.4%
- -------------------------------------------------------------------------------------
Electric Utilities 7.7%
- -------------------------------------------------------------------------------------
Residentials 4.9%
- -------------------------------------------------------------------------------------
Communications Equipment 4.4%
- -------------------------------------------------------------------------------------
Capital Markets 3.9%
- -------------------------------------------------------------------------------------
Pharmaceuticals 3.6%
- -------------------------------------------------------------------------------------
Commercial Services & Supplies 2.2%
- -------------------------------------------------------------------------------------
Road & Rail 1.8%
- -------------------------------------------------------------------------------------
Other 13.8%
- -------------------------------------------------------------------------------------
</Table>
1 Net Asset Value (NAV) reflects an adjustment, made subsequent to December 31,
2007, for the amount of the tax liability associated with the Fund's retention
of a portion of its long-term capital gains and the Fund's payment of federal
corporate income tax thereon, and therefore differs from the NAV published
shortly after that date. The Share Price is actual as of December 31, 2007,
and did not reflect the knowledge of the subsequent adjustment to NAV.
2 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.
3 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 an offsetting tax credit, 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 of
record of this tax credit/refund. The Fund's corresponding average annual
total returns on share price when this benefit is included are 3.99% and
3.33%, for the 1-year and since inception periods, respectively. The Fund's
corresponding average annual total returns on NAV when this benefit is
included are 7.49% and 11.81%, for the 1-year and since inception periods,
respectively.
4 Excluding common stocks sold short and derivative transactions.
5 Effective March 1, 2007, the Fund changed from a monthly distribution to a
quarterly distribution schedule. The Fund's last monthly distribution was
declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly
distribution was declared June 1, 2007, and paid on July 2, 2007.
6 The Fund paid shareholders a short-term capital gain distribution in December
2007 of $0.3771 per share.
9
SHAREHOLDER MEETING REPORT
The special meeting of shareholders was held in the offices of Nuveen
Investments on October 12, 2007; the meeting was subsequently
adjourned to October 22, 2007, and additionally adjourned to November
8, 2007.
<Table>
<Caption>
JGV
- -----------------------------------------------------------------------------------
Common
Shares
- -----------------------------------------------------------------------------------
TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT:
For 7,276,880
Against 315,970
Abstain 350,326
Broker Non-Votes 1,741,161
- -----------------------------------------------------------------------------------
Total 9,684,337
- -----------------------------------------------------------------------------------
TO APPROVE A NEW SUB-ADVISORY AGREEMENT BETWEEN NUVEEN ASSET MANAGEMENT AND
TRADEWINDS GLOBAL INVESTORS, LLC:
For 7,232,330
Against 343,070
Abstain 367,776
Broker Non-Votes 1,741,161
- -----------------------------------------------------------------------------------
Total 9,684,337
- -----------------------------------------------------------------------------------
TO RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM FOR THE CURRENT FISCAL YEAR:
For 9,232,767
Against 148,385
Abstain 303,185
- -----------------------------------------------------------------------------------
Total 9,684,337
- -----------------------------------------------------------------------------------
</Table>
10
Report of INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
NUVEEN GLOBAL VALUE OPPORTUNITIES FUND
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Nuveen Global Value Opportunities
Fund (the "Fund") at December 31, 2007, the results of its operations for the
year then ended, the changes in its net assets for the periods then ended and
the financial highlights for the periods then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audit. We conducted our audit of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit, which included confirmation of securities at December 31, 2007 with the
custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
February 26, 2008
11
JGV
Nuveen Global Value Opportunities Fund
Portfolio of INVESTMENTS
as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 75.1%
AEROSPACE & DEFENSE - 1.1%
72,300 Thales S.A. $ 4,306,789
- --------------------------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 1.0%
84,000 Amgen Inc., (2), (5) 3,900,960
- --------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 2.3%
801,600 Allied Waste Industries, Inc., (2), (5) 8,833,632
- --------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 9.7%
553,950 Chunghwa Telecom Co., Ltd., Sponsored ADR (5) 11,693,885
126,200 KT Corporation, Sponsored ADR 3,255,960
903,200 Nippon Telegraph and Telephone Corporation, ADR 22,272,911
(5)
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 37,222,756
-------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 7.9%
600 Ameren Corporation 32,526
349,900 Centrais Electricas Brasileiras S.A., ADR 4,511,366
234,600 IDACORP, INC 8,262,612
176,800 Korea Electric Power Corporation, Sponsored ADR 3,686,280
332,000 PNM Resources Inc. 7,121,400
140,000 Progress Energy, Inc. (5) 6,780,200
- --------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 30,394,384
-------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 8.6%
587,000 Smithfield Foods, Inc., (2), (5) 16,976,039
1,056,500 Tyson Foods, Inc., Class A (5) 16,196,144
- --------------------------------------------------------------------------------------------------------------------------------
Total Food Products 33,172,183
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 0.0%
5,400 Matsushita Electric Industrial Co., Ltd., ADR 110,376
- --------------------------------------------------------------------------------------------------------------------------------
INSURANCE - 0.9%
634,600 Benfield Group, Limited 3,533,337
- --------------------------------------------------------------------------------------------------------------------------------
MARINE - 0.4%
54,150 Stolt-Nielsen S.A. 1,642,737
- --------------------------------------------------------------------------------------------------------------------------------
MEDIA - 1.2%
127,900 Scholastic Corporation, (2), (5) 4,462,431
- --------------------------------------------------------------------------------------------------------------------------------
METALS & MINING - 22.9%
287,600 AngloGold Ashanti Limited, Sponsored ADR 12,312,156
740,000 Apex Silver Mines Limited, (2), (5) 11,277,600
467,600 Barrick Gold Corporation 19,662,579
544,000 Crystallex International Corporation, (2) 1,240,320
1,077,500 Gabriel Resources, Limited, (2) 2,150,743
462,800 Gold Fields Limited (5) 6,571,760
200,000 Ivanhoe Mines Ltd., (2) 2,146,000
218,969 Kinross Gold Corporation, (2) 4,029,030
3,393,000 Lihir Gold Limited, (2) 10,556,194
275,000 Moto Goldmines, Limited, (2) 1,017,022
270,700 Newmont Mining Corporation (5) 13,218,281
411,100 NovaGold Resources Inc., (2), (5) 3,354,576
- --------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 87,536,261
-------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.6%
223,900 Puget Energy, Inc. 6,141,577
- --------------------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 10.4%
144,900 Arch Coal Inc. (5) 6,510,357
</Table>
12
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS (continued)
213,200 BP Amoco PLC (5) $ 15,599,844
3,800 Nexen Inc. 122,626
25,600 Patriot Coal Corporation 1,068,544
256,000 Peabody Energy Corporation (5) 15,779,840
8,400 Royal Dutch Shell PLC, Class A 707,280
- --------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 39,788,491
-------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 1.2%
218,400 Abitibi-Bowater Inc. 4,501,224
- --------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 3.7%
278,200 AstraZeneca Group (5) 11,912,524
770,000 Patheon Inc., (2) 2,434,166
200 Sanofi-Aventis, ADR 9,106
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 14,355,796
-------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 1.5%
46,500 Union Pacific Corporation 5,841,330
- --------------------------------------------------------------------------------------------------------------------------------
SOFTWARE - 0.7%
75,000 Microsoft Corporation (5) 2,670,000
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $270,084,904) 288,414,264
===================================================================================================================
<Caption>
SHARES DESCRIPTION (1) COUPON RATINGS (3) VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED SECURITIES - 4.5%
COMMUNICATIONS EQUIPMENT - 4.5%
21,358 Lucent Technologies Capital Trust I 7.750% B2 $ 17,257,691
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED SECURITIES (COST 17,257,691
$22,014,415)
=====================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED SECURITIES - 5.0%
RESIDENTIALS - 5.0%
$ 207 Fannie Mae Mortgage Pool 100195 6.21% 8/20/22 AAA $ 210,512
3,008 Fannie Mae Mortgage Pool 2003-86 IL (I/O) 4.50% 4/25/13 AAA 44,853
240 Fannie Mae Mortgage Pool 357922 4.25% 3/1/34 AAA 237,712
53 Fannie Mae Mortgage Pool 708743 4.34% 6/1/33 AAA 53,379
140 Fannie Mae Mortgage Pool 713939 4.52% 4/1/33 AAA 140,022
802 Fannie Mae Mortgage Pool 816594 4.91% 2/1/35 AAA 807,477
29,355 Fannie Mae Mortgage Pool Strips 345-17 (I/O) 4.50% 5/1/20 AAA 4,208,169
995 Fannie Mae, Collateralized Mortgage Obligations, 4.50% 3/25/18 AAA 85,911
Series 2004-75, Class KI (I/O)
1,899 Fannie Mae, Collateralized Mortgage Obligations, 4.50% 5/25/19 AAA 229,115
Series 2004-86, Class KI (I/O)
4,016 Fannie Mae, Collateralized Mortgage Obligations, 4.50% 8/25/25 AAA 817,816
Series 2005-69, Class PI (I/O)
3,749 Federal Home Loan Collateralized Mortgage, 5.00% 6/15/21 AAA 401,435
Series 2595 (I/O)
3,814 Federal Home Loan Mortgage Corporation, 6.24% 1/1/33 AAA 3,864,541
Collateralized Mortgage Obligation,
Pool 780184
871 Federal Home Loan Mortgage Corporation, 4.90% 2/1/33 AAA 886,289
Collateralized Mortgage Obligation,
Pool 780284
4,094 Federal Home Loan Mortgage Corporation, Mortgage 4.50% 8/15/17 AAA 290,837
Pool 2640 (I/O)
1,164 Federal Home Loan Mortgage Corporation, Mortgage 4.50% 3/15/18 AAA 110,211
Pool 2890, Class IA (I/O)
997 Federal Home Loan Mortgage Corporation, Mortgage 4.50% 2/15/19 AAA 119,934
Pool 2890,, Class KI (I/O)
2,969 Federal Home Loan Mortgage Corporation, Mortgage 5.00% 8/15/25 AAA 189,044
Pool, FHR 2627 BI (I/O)
1,839 Federal Home Loan Mortgage Corporation, Mortgage 4.50% 10/15/12 AAA 25,665
Pool, FHR 2872 JI (I/O)
1,480 Federal Home Loan Mortgage Corporation, Mortgage 4.50% 1/15/19 AAA 166,857
Pool, FHR 2906 EI (I/O)
319 Federal Home Loan Mortgage Corporation, Mortgage 4.50% 5/15/18 AAA 67,568
Pool, Series 2626 JI (I/O)
127 Federal Home Loan Mortgage Corporation, Pool 5.76% 2/1/32 AAA 130,743
789045
6,143 GNMA Mortgage Pool 081832 5.00% 1/20/37 AAA 6,181,623
- ------------------------------------------------------------------------------------------------------------------------------------
68,281 Total Residentials 19,269,713
- ------------------------------------------------------------------------------------------------------------------------------------
$ 68,281 TOTAL MORTGAGE-BACKED SECURITIES (COST 19,269,713
$20,266,505)
====================================================================================================================================
</Table>
13
JGV
Nuveen Global Value Opportunities Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS - 6.1%
AIRLINES - 1.6%
$ 6,438 JetBlue Airways Corporation 3.500% 7/15/33 CCC+ $ 6,325,335
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 1.0%
5,129 Omnicare, Inc. 3.250% 12/15/35 B+ 3,763,404
- ------------------------------------------------------------------------------------------------------------------------------------
METALS & MINING - 2.8%
6,647 Coeur d'Alene Mines Corporation, Convertible 1.250% 1/15/24 B- 6,090,314
Bond
4,480 Gold Reserve, Inc., Convertible Bonds 5.500% 6/15/22 N/R 4,424,000
- ------------------------------------------------------------------------------------------------------------------------------------
11,127 Total Metals & Mining 10,514,314
- ------------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 0.7%
3,000 Credence Systems Corporation, Convertible Bond 1.500% 5/15/08 N/R 2,853,750
- ------------------------------------------------------------------------------------------------------------------------------------
$ 25,694 TOTAL CONVERTIBLE BONDS (COST $23,423,114) 23,456,803
====================================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS - 8.9%
AUTO COMPONENTS - 0.5%
$ 2,000 Lear Corporation, Series B 8.110% 5/15/09 B- $ 1,980,000
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 0.8%
3,979 Lehman Brothers Holdings Inc., Trust 00650 3.240% 7/26/21 A+ 3,068,804
- ------------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 0.5%
2,000 Leucadia National Corporation 7.000% 8/15/13 BB+ 1,925,000
- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.5%
1,766 UCAR Finance Inc. 10.250% 2/15/12 B 1,830,017
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 0.8%
3,000 Elizabeth Arden Inc. 7.750% 1/15/14 B1 2,955,000
- ------------------------------------------------------------------------------------------------------------------------------------
METALS & MINING - 2.6%
8,300 MagIndustries Corporation (6) 11.000% 12/14/12 N/R 7,714,053
2,000 Phelps Dodge Corporation 7.125% 11/01/27 BB+ 2,173,212
- ------------------------------------------------------------------------------------------------------------------------------------
10,300 Total Metals & Mining 9,887,265
- ------------------------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 2.5%
2,000 Arch Western Finance LLC 6.750% 7/01/13 BB- 1,950,000
2,000 Ship Finance International Limited 8.500% 12/15/13 B+ 2,037,500
2,000 Teekay Shipping Corporation 8.875% 7/15/11 BB- 2,107,500
3,750 USEC Inc. 6.750% 1/20/09 CCC 3,590,625
- ------------------------------------------------------------------------------------------------------------------------------------
9,750 Total Oil, Gas & Consumable Fuels 9,685,625
- ------------------------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.4%
2,000 Bowater Inc. 9.500% 10/15/12 B 1,670,000
- ------------------------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.3%
1,000 CSX Transportation, Inc. 9.750% 6/15/20 BBB- 1,293,605
- ------------------------------------------------------------------------------------------------------------------------------------
$ 35,795 TOTAL CORPORATE BONDS (COST $34,796,922) 34,295,316
====================================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
STRUCTURED NOTES - 3.2%
CAPITAL MARKETS - 3.2%
$ 4,500 Lehman Brothers Holdings 10.000% 3/07/22 $ 4,728,600
9,000 Morgan Stanley Group, Inc., Credit Linked Note 0.000% 6/20/17 7,749,000
(7)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 13,500 TOTAL STRUCTURED NOTES (COST $13,500,000) 12,477,600
====================================================================================================================================
</Table>
14
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
WARRANTS - 0.2%
1,452,500 MagIndustries Corporation (6) $ 632,834
================================================================================================================================
TOTAL WARRANTS (COST $632,414) 632,834
===================================================================================================================
TOTAL INVESTMENTS (COST $384,718,274) - 103.0% 395,804,221
===================================================================================================================
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS SOLD SHORT - (5.1)%
BEVERAGES - (0.4)%
(32,600) Hansen Natural Corporation $ (1,443,854)
- --------------------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - (0.3)%
(6,000) Apple, Inc., (2) (1,188,480)
- --------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - (0.6)%
(17,000) Alcon Inc. (2,431,680)
- --------------------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - (0.9)%
(74,000) Bankrate Inc., (2) (3,558,660)
- --------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - (2.3)%
(36,000) Allergan, Inc. (2,312,640)
(112,100) Merck & Co. Inc. (6,514,131)
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals (8,826,771)
-------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - (0.6)%
(17,700) AutoZone, Inc., (2) (2,122,407)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS SOLD SHORT (PROCEEDS (19,571,852)
$17,969,793)
===================================================================================================================
</Table>
15
JGV
Nuveen Global Value Opportunities Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (4) DATE PRICE VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (4.3)%
(6,000) Allied Waste Industries (7,500,000) 1/19/08 12.50 (60,000)
(800) Amgen, Inc. (4,400,000) 1/19/08 55.00 (4,400)
(7,400) Apex Silver Mines Limited (12,950,000) 1/19/08 17.50 (37,000)
(1,080) Arch Coal Inc. (3,240,000) 1/19/08 30.00 (1,609,200)
(1,730) AstraZeneca PLC (8,650,000) 1/19/08 50.00 (8,650)
(1,050) AstraZeneca PLC (4,725,000) 7/19/08 45.00 (241,500)
(4,200) Bowater, Inc. (10,500,000) 1/19/08 25.00 (21,000)
(500) BP Amoco, PLC (3,000,000) 1/19/08 60.00 (662,500)
(1,460) BP Amoco, PLC (9,490,000) 1/19/08 65.00 (1,219,100)
(5,530) Chunghwa Telecom Company Limited (10,507,000) 3/22/08 19.00 (2,820,300)
(3,700) Gold Fields Limited (6,475,000) 1/19/08 17.50 (18,500)
(750) Microsoft Corporation (2,437,500) 1/19/08 32.50 (241,875)
(1,000) Newmont Mining Corporation (4,500,000) 1/19/08 45.00 (430,000)
(9,030) Nipon Telegraph & Telephone Corporation (22,575,000) 6/21/08 25.00 (1,467,375)
(3,080) NovaGold Resources, Inc. (3,080,000) 1/19/08 10.00 (23,100)
(1,875) Peabody Energy Corporation (7,500,000) 1/19/08 40.00 (4,059,375)
(1,400) Progress Energy, Inc. (6,300,000) 1/19/08 45.00 (497,000)
(1,275) Scholastic Corporation (3,825,000) 3/22/08 30.00 (733,125)
(1,300) Smithfield Foods Inc. (4,550,000) 1/19/08 35.00 (13,000)
(3,100) Smithfield Foods Inc. (9,300,000) 1/17/09 30.00 (1,162,500)
(3,800) Tyson Foods Inc. (5,700,000) 1/19/08 15.00 (266,000)
(4,120) Tyson Foods Inc. (6,180,000) 1/17/09 15.00 (1,071,200)
- ---------------------------------------------------------------------------------------------------------------------------------
(64,180) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (157,384,500) (16,666,700)
$14,784,796)
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES - 6.4% 24,583,019
====================================================================================================================
NET ASSETS - 100% $ 384,148,688
====================================================================================================================
</Table>
<Table>
(1) All percentages shown in the Portfolio of Investments are based on net assets unless
otherwise noted.
(2) Non-income producing.
(3) Ratings (not covered by the report of independent registered public accounting firm):
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) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by the Strike Price by 100.
(5) Investment has been pledged as collateral to cover call options written.
(6) Investment valued at fair value using methods determined in good faith by, or at the
discretion of, the Board of Trustees.
(7) A zero coupon security does not pay regular interest coupon to its holders during the life
of the security. Income to the holder of the security comes from accretion of the
difference between the original purchase price of the security at issuance and the par
value of the security at maturity and is effectively paid at maturity. The market prices
of zero coupon securities generally are more volatile than the market prices of securities
that pay interest periodically.
ADR American Depositary Receipt.
N/R Not rated.
I/O Interest only security.
</Table>
See accompanying notes to financial statements
16
Statement of
ASSETS & LIABILITIES
December 31, 2007
<Table>
- --------------------------------------------------------------------------
ASSETS
Investments, at value (cost $384,718,274) $395,804,221
Cash 6,430,719
Cash denominated in foreign currencies (cost $53,177) 51,132
Deposits with brokers for securities sold short 16,984,675
Receivables:
Dividends 164,289
Interest 1,126,042
Investments sold 2,806,568
Paydowns 1,223,356
Reclaims 6,847
Other assets 4,510
- --------------------------------------------------------------------------
Total assets 424,602,359
- --------------------------------------------------------------------------
LIABILITIES
Payable for federal corporate income tax 3,755,513
Securities sold short, at value (proceeds $17,969,793) 19,571,852
Call options written, at value (premiums received
$14,784,796) 16,666,700
Accrued expenses:
Management fees 330,533
Other 86,475
Dividends payable for securities sold short 42,598
- --------------------------------------------------------------------------
Total liabilities 40,453,671
- --------------------------------------------------------------------------
Net assets $384,148,688
==========================================================================
Shares outstanding 19,355,240
==========================================================================
Net asset value per share outstanding $ 19.85
==========================================================================
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------
Shares, $.01 par value per share $ 193,552
Paid-in surplus(1) 375,012,622
Undistributed (Over-distribution of) net investment income 1,342,522
Accumulated net realized gain (loss) from investments and
derivative transactions --
Net unrealized appreciation (depreciation) of investments
and derivative transactions 7,599,992
- --------------------------------------------------------------------------
Net assets $384,148,688
==========================================================================
Authorized shares Unlimited
==========================================================================
</Table>
(1) Includes retained realized long-term capital gains of $10,730,037, net of
federal corporate income taxes of $3,755,513.
See accompanying notes to financial statements.
17
Statement of
OPERATIONS
Year ended December 31, 2007
<Table>
<Caption>
- -----------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign tax withheld of $414,429) $ 5,530,228
Interest 8,953,879
- -----------------------------------------------------------------------------
Total investment income 14,484,107
- -----------------------------------------------------------------------------
EXPENSES
Management fees 3,941,400
Dividend expense on securities sold short 131,301
Shareholders' servicing agent fees and expenses 138
Custodian's fees and expenses 131,843
Trustees' fees and expenses 6,513
Professional fees 63,164
Shareholders' reports - printing and mailing expenses 72,618
Stock exchange listing fees 9,634
Investor relations expense 41,447
Prime broker expense 19,598
Other expenses 5,683
- -----------------------------------------------------------------------------
Total expenses before custodian fee credit 4,423,339
Custodian fee credit (8,769)
- -----------------------------------------------------------------------------
Net expenses 4,414,570
- -----------------------------------------------------------------------------
Net investment income 10,069,537
- -----------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments and securities sold short (net of federal
corporate income taxes of $3,755,513 on long-term
capital gains retained) 32,577,941
Call options written 5,438,248
Foreign currencies (70,282)
Change in net unrealized appreciation (depreciation) of:
Investments and securities sold short (27,035,571)
Call options written 6,126,536
Foreign currencies (278)
- -----------------------------------------------------------------------------
Net realized and unrealized gain (loss) 17,036,594
- -----------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ 27,106,131
=============================================================================
</Table>
See accompanying notes to financial statements.
18
Statement of
CHANGES in NET ASSETS
<Table>
<Caption>
FOR THE PERIOD
7/24/06
(COMMENCEMENT
YEAR ENDED OF OPERATIONS)
12/31/07 THROUGH 12/31/06
- -----------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 10,069,537 $ 3,072,582
Net realized gain (loss) from:
Investments and securities sold short (net of federal
corporate income taxes of $3,755,513 and $0, respectively,
on long-term capital gains retained) 32,577,941 3,506,736
Call options written 5,438,248 (316,307)
Foreign currencies (70,282) 7,220
Change in net unrealized appreciation (depreciation) of:
Investments and securities sold short (27,035,571) 36,519,459
Call options written 6,126,536 (8,008,440)
Foreign currencies (278) (1,714)
- -----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 27,106,131 34,779,536
- -----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (7,324,512) (5,042,632)
From accumulated net realized gains (30,710,470) (2,891,016)
Tax return of capital -- (679,434)
- -----------------------------------------------------------------------------------------------
Increase (decrease) in net assets from distributions to
shareholders (38,034,982) (8,613,082)
- -----------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares, net of offering costs -- 368,811,001
- -----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share
transactions -- 368,811,001
- -----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (10,928,851) 394,977,455
Net assets at the beginning of period 395,077,539 100,084
- -----------------------------------------------------------------------------------------------
Net assets at the end of period $384,148,688 $395,077,539
===============================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ 1,342,522 $ (1,663,416)
===============================================================================================
</Table>
See accompanying notes to financial statements.
19
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
Nuveen Global Value Opportunities Fund (the "Fund") is a diversified, 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.
Prior to the commencement of operations, the Fund had no operations other than
those related to organizational matters, the initial capital contribution of
$100,084 by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary
of Nuveen Investments, Inc. ("Nuveen"), and the recording of the organization
expenses ($10,000) and their reimbursement by Nuveen Investments, LLC, also a
wholly owned subsidiary of Nuveen.
The Fund seeks to provide a high level of total return primarily by investing in
a diversified global portfolio of equity securities, as well as debt securities
issued by corporate and governmental entities.
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. The value of options written are based on the
last sale price in the case of exchange-traded options or, in the case of
options traded in the OTC market, the last asked price. The prices of
fixed-income securities are generally provided by an independent pricing service
approved by the Fund's Board of Trustees. When price quotes are not readily
available, the pricing service or, in the absence of a pricing service for a
particular investment, 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 by the pricing service or the Board of Trustees' designee.
If the pricing service is unable to supply a price for a fixed-income security
or derivative instrument the Fund may use a market quote provided by a major
broker/dealer in such investments. If it is determined that the market price for
an investment or derivative instrument is unavailable or inappropriate, the
Board of Trustees of the Fund, or its designee, may establish fair value in
accordance with procedures established in good faith by the Board of Trustees.
Short-term investments are valued at amortized cost, which approximates market
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 December 31, 2007,
the Fund had no such outstanding purchase commitments.
Investment Income
Dividend income on securities 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.
Federal 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. During the tax year ended
December 31, 2007, the Fund retained $10,730,037 of realized long-term capital
gains and accrued a provision for federal corporate income taxes of $3,755,513,
the net of which has been reclassified to Paid-in surplus. The Fund did not
retain realized long-term capital gains during the tax year ended December 31,
2006.
Effective June 29, 2007, the Fund adopted Financial Accounting Standards Board
(FASB) Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN
48). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the affirmative evaluation of tax positions taken or expected to
20
be taken in the course of preparing the Fund's tax returns to determine whether
it is "more-likely-than-not" (i.e. greater than 50-percent) of being sustained
by the applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold may result in a tax benefit or expense in the
current year.
Implementation of FIN 48 required management of the Fund to analyze all open tax
years, as defined by the statute of limitations, for all major jurisdictions,
which includes federal and certain states. Open tax years are those that are
open for examination by taxing authorities (i.e. the last four tax year ends and
the interim tax period since then). The Fund has no examinations in progress.
For all open tax years and all major taxing jurisdictions through the end of the
reporting period, management of the Fund has reviewed all tax positions taken or
expected to be taken in the preparation of the Fund's tax returns and concluded
the adoption of FIN 48 resulted in no impact to the Fund's net assets or results
of operations as of and during the fiscal year ended December 31, 2007.
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.
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 accompanying financial statements.
Options Transactions
The Fund is authorized to write (sell) call options. When the Fund writes a call
option, an amount equal to the net premium received (the premium less
commission) is recorded as a liability 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. 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 on effecting a closing
purchase transaction, including commission, is treated as a net realized gain on
option contracts written or, if the net premium received is less than the amount
paid, as a net realized loss on option contracts written. The Fund, as writer of
a call option, bears the risk of an unfavorable change in the market value of
the security 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.
Foreign Currency Transactions
The Fund is authorized to engage in foreign currency exchange transactions,
including foreign currency forward, options and futures 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 gains or losses resulting from changes in foreign exchange rates are
included in "Realized gain (loss) on foreign currencies" and "Change in
unrealized appreciation (depreciation) of foreign currencies" on the Statement
of Operations.
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
21
Notes to
FINANCIAL STATEMENTS (continued)
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.
Short Sales
The Fund is authorized to make short sales of securities if the Fund owns at
least an equal amount of such securities or securities convertible into
securities of the same issuer. To secure its obligation to deliver securities
sold short, the Fund has instructed the custodian to segregate assets in an
equivalent amount of the securities sold short or securities convertible into or
exchangeable for such securities. 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 expense in the Statement of Operations. Short
sales are valued daily and the corresponding unrealized gains or losses are
included in the Statement of Operations.
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.
Organization and Offering Costs
Nuveen Investments, LLC has agreed to reimburse all organization expenses
(approximately $10,000) and pay all offering costs (other than the sales load)
that exceed $.04 per share. The Fund's share of offering costs of $774,000 was
recorded as a reduction of the proceeds from the sale of shares.
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.
2. FUND SHARES
The Fund did not engage in transactions of its own shares during the fiscal year
ended December 31, 2007. During the period July 24, 2006 (commencement of
operations) through December 31, 2006, the Fund sold 19,350,000 shares.
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities and proceeds from securities sold
short, but excluding call options written and short-term investments) during the
fiscal year ended December 31, 2007, aggregated $296,113,988 and $319,078,924,
respectively.
Transactions in call options written during the fiscal year ended December 31,
2007, were as follows:
<Table>
<Caption>
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
- -------------------------------------------------------------------------------------------------------------
Outstanding, beginning of period 75,873 $14,352,985
Call options written 107,487 25,793,112
Call options terminated in closing
purchase transactions (58,050) (14,806,889)
Call options expired (26,332) (5,306,701)
Call options exercised (34,798) (5,247,711)
- -------------------------------------------------------------------------------------------------------------
Outstanding, end of the period 64,180 $14,784,796
- -------------------------------------------------------------------------------------------------------------
</Table>
22
4. 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 December 31, 2007, the cost of investments (excluding proceeds received on
securities sold short and call options written) was $383,372,188.
Gross unrealized appreciation and gross unrealized depreciation of investments
(excluding proceeds received on securities sold short and call options written)
at December 31, 2007, were as follows:
<Table>
- --------------------------------------------------------------------------------
Gross unrealized:
Appreciation $38,781,108
Depreciation (26,349,075)
- --------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $12,432,033
- --------------------------------------------------------------------------------
</Table>
The tax components of undistributed net ordinary income and net long-term
capital gains at December 31, 2007, the Fund's tax year end, were as follows:
<Table>
- --------------------------------------------------------------------------------
Undistributed net ordinary income * $ --
Undistributed net long-term capital gains --
- --------------------------------------------------------------------------------
</Table>
* 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 tax years ended
December 31, 2007 and December 31, 2006, was designated for purposes of the
dividends paid deduction as follows:
<Table>
<Caption>
2007
- --------------------------------------------------------------------------------
Distributions from net ordinary income * $33,306,084
Distributions from net long-term capital gains ** 4,728,898
Tax return of capital --
- --------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
FOR THE PERIOD JULY 24, 2006 (COMMENCEMENT OF OPERATIONS) THROUGH DECEMBER 31, 2006
- -------------------------------------------------------------------------------------------------------
Distributions from net ordinary income * $7,933,648
Distributions from net long-term capital gains --
Tax return of capital 679,434
- -------------------------------------------------------------------------------------------------------
</Table>
* Net ordinary income consists of net taxable income derived from dividends,
interest, and net short-term capital gains, if any.
** The Fund hereby designates this amount paid during the fiscal year ended
December 31, 2007, as long-term capital gain dividends pursuant to the
Internal Revenue Code Section 852(b)(3).
5. 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 Assets of the Fund as follows:
<Table>
<Caption>
AVERAGE DAILY MANAGED ASSETS 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
- -----------------------------------------------------------------------------------------------------------------
</Table>
23
Notes to
FINANCIAL STATEMENTS (continued)
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 assets managed as stated in the tables below. As
of December 31, 2007, the complex level fee rate was .1846%.
Effective August 20, 2007, the complex-level fee schedule is as follows:
<Table>
<Caption>
COMPLEX-LEVEL 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
- ------------------------------------------------------------------------------------------------
</Table>
Prior to August 20, 2007, the complex-level fee schedule was as follows:
<Table>
<Caption>
COMPLEX-LEVEL 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 .1698
$125 billion .1617
$200 billion .1536
$250 billion .1509
$300 billion .1490
- ------------------------------------------------------------------------------------------------
</Table>
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
preferred stock issued by or borrowings by the Nuveen funds) of
Nuveen-sponsored funds in the U.S.
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"), under which Tradewinds manages the investment portfolio of the
Fund. Nuveen owns a controlling interest in Tradewinds while key management of
Tradewinds owns a non-controlling minority interest. 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.
Agreement and Plan of Merger
On June 20, 2007, Nuveen Investments announced that it had entered into a
definitive Agreement and Plan of Merger ("Merger Agreement") with Windy City
Investments, Inc. ("Windy City"), a corporation formed by investors led by
Madison Dearborn Partners, LLC ("Madison Dearborn"), pursuant to which Windy
City would acquire Nuveen Investments. Madison Dearborn is a private equity
investment firm based in Chicago, Illinois. The merger was consummated on
November 13, 2007.
The consummation of the merger was deemed to be an "assignment" (as that term is
defined in the Investment Company Act of 1940) of the investment management
agreement between the Fund and the Adviser and, if applicable, the sub-advisory
agreement between the Adviser and the sub-adviser of the Fund, and resulted in
the automatic termination of each such agreement. The Board of Trustees of the
Fund considered and approved a new investment management agreement with the
Adviser, and, if applicable, a new sub-advisory agreement between the Adviser
and the sub-adviser on the same terms as the previous agreements. Each new
24
ongoing investment management agreement and sub-advisory agreement, if
applicable, was approved by the shareholders of THE FUND AND TOOK EFFECT ON
NOVEMBER 13, 2007.
The investors led by Madison Dearborn includes an affiliate of Merrill Lynch. As
a result, Merrill Lynch is an indirect "affiliated person" (as that term is
defined in the Investment Company Act of 1940) of the Fund. Certain conflicts of
interest may arise as a result of such indirect affiliation. For example, the
Fund is generally prohibited from entering into principal transactions with
Merrill Lynch and its affiliates. The Adviser does not believe that any such
prohibitions or limitations as a result of Merrill Lynch's affiliation will
significantly impact the ability of the Fund to pursue its investment objectives
and policies.
6. NEW ACCOUNTING PRONOUNCEMENT
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods within those fiscal
years. The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of December 31, 2007, management does not believe the adoption
of SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.
25
Financial
HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
<Table>
<Caption>
Investment Operations
-----------------------------------
Beginning Net Net Realized/
Net Asset Investment Unrealized
Value Income(a) Gain (Loss)(c) Total
- ------------------------------------------------------------------------------------
Year Ended 12/31:
2007 $ 20.41 $ .52 $ .89 $1.41
2006(b) 19.10 .16 1.64 1.80
- ------------------------------------------------------------------------------------
<Caption>
Less Distributions
-------------------------------------------
Net Ending Ending
Investment Capital Tax Return Offering Net Asset Market
Income Gains of Capital Total Costs Value Value
- -----------------------------------
Year Ended 12/31:
2007 $ (.38) $(1.59) $ -- $ (1.97) $ -- $ 19.85 $18.30
2006(b) (.26) (.15) (.04) (.45) (.04) 20.41 19.70
- -----------------------------------
</Table>
26
<Table>
<Caption>
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
- ---------------------------------------------------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------------------------------------------------
</Table>
* Annualized.
** - Total Return 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 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 tax year ended December 31, 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 Return on Market Value
and Net Asset Value when these benefits are included are as follows:
<Table>
<Caption>
Total Returns
--------------------------------
Shareholders Based on Based on
of Record on Market Value Net Asset Value
----------------------------------------------------------------------------------
Tax Year Ended 12/31:
2007 December 31 3.99% 7.49%
2006(b) N/A N/A N/A
</Table>
N/A The Fund did not elect to retain a portion of its realized long-term
capital gains prior to the tax year ended December 31, 2007.
*** After custodian fee credit, where applicable.
+ Each ratio includes the effect of the dividend expense on securities sold
short as follows:
<Table>
<Caption>
Ratio of Dividend Expense on
Securities Sold Short to Average Net Assets
-------------------------------------------
Year Ended 12/31:
2007 .03%
2006(b) .02*
</Table>
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) For the period July 24, 2006 (commencement of operations) through December
31, 2006.
(c) Net of federal corporate income taxes on long-term capital gains retained
by the Fund of $0.19 per share for the fiscal year ended December 31,
2007.
See accompanying notes to financial statements.
27
BOARD MEMBERS & OFFICERS
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board
Members of the Funds. The number of board members of the Fund is currently set
at eight. None of the board members who are not interested persons of the Funds
has ever been a director or employee of, or consultant to, Nuveen or its
affiliates. The names and business addresses of the board members and officers
of the Funds, their principal occupations and other affiliations during the past
five years, the number of portfolios each oversees and other directorships they
hold are set forth below.
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH YEAR FIRST NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS ELECTED OR IN FUND COMPLEX PRINCIPAL OCCUPATION(S)
APPOINTED OVERSEEN BY INCLUDING OTHER DIRECTORSHIPS
AND TERM(2) BOARD MEMBER DURING PAST 5 YEARS
BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS:
- - TIMOTHY R.
SCHWERTFEGER(1)
3/28/49 Chairman of 1994 Former director
333 W. Wacker Drive the Board and CLASS I (1994-November 12, 2007),
Chicago, IL 60606 Board Member Chairman (1996-June 30,
2007), Non-Executive Chairman
(July 1, 2007-November 12,
2007) and Chief Executive
184 Officer (1996-June 30, 2007)
of Nuveen Investments, Inc.
and Nuveen Asset Management
and certain other subsidi-
aries of Nuveen Investments,
Inc.; formerly, Director
(1992-2006) of Institutional
Capital Corporation.
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
- - ROBERT P. BREMNER
8/22/40 Lead 1997 184 Private Investor and
333 W. Wacker Drive Independent CLASS III Management Consultant.
Chicago, IL 60606 Board member
- - JACK B. EVANS
10/22/48 1999 President, The Hall-Perrine
333 W. Wacker Drive Board member CLASS III Foundation, a private philan-
Chicago, IL 60606 thropic corporation (since
1996); Director and Vice
Chairman, United Fire Group,
a publicly held company;
Member of the Board of
Regents for the State of Iowa
University System; Director,
Gazette Companies; Life
Trustee of Coe College and
184 Iowa College Foundation;
Member of the Advisory
Council of the Department of
Finance in the Tippie College
of Business, University of
Iowa; formerly, Director,
Alliant Energy; formerly,
Director, Federal Reserve
Bank of Chicago; formerly,
President and Chief Operating
Officer, SCI Financial Group,
Inc., a regional financial
services firm.
- - WILLIAM C. HUNTER
3/6/48 2004 Dean, Tippie College of
333 W. Wacker Drive Board member CLASS II Business, University of Iowa
Chicago, IL 60606 (since July 2006); formerly,
Dean and Distinguished
Professor of Finance, School
of Business at the Univer-
sity of Connecticut
(2003-2006); previously,
Senior Vice President and
Director of Research at the
184 Federal Reserve Bank of
Chicago (1995-2003); Director
(since 1997), Credit Research
Center at George Washington
University; Director (since
2004) of Xerox Corporation;
Director (since 2005), Beta
Gamma Sigma International
Honor Society; Director, SS&C
Technologies, Inc. (May
2005-October 2005).
</Table>
28
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH YEAR FIRST NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS ELECTED OR IN FUND COMPLEX PRINCIPAL OCCUPATION(S)
APPOINTED OVERSEEN BY INCLUDING OTHER DIRECTORSHIPS
AND TERM(2) BOARD MEMBER DURING PAST 5 YEARS
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED):
- - DAVID J. KUNDERT
10/28/42 2005 Director, Northwestern Mutual
333 W. Wacker Drive Board member CLASS II Wealth Management Company;
Chicago, IL 60606 Retired (since 2004) as
Chairman, JPMorgan Fleming
Asset Management, President
and CEO, Banc One Investment
Advisors Corporation, and
President, One Group Mutual
Funds; prior thereto,
Executive Vice President,
182 Banc One Corporation and
Chairman and CEO, Banc One
Investment Management Group;
Member, Board of Regents,
Luther College; member of the
Wisconsin Bar Association;
member of Board of Directors,
Friends of Boerner Botanical
Gardens; member of Investment
Committee, Greater Milwaukee
Foundation.
- - WILLIAM J. SCHNEIDER
9/24/44 1997 Chairman of Miller-Valentine
333 W. Wacker Drive Board member CLASS III Partners Ltd., a real estate
Chicago, IL 60606 investment company, formerly,
Senior Partner and Chief
184 Operating Officer (retired,
2004); Director, Dayton
Development Coalition;
formerly, Member, Business
Advisory Council, Cleveland
Federal Reserve Bank.
- - JUDITH M. STOCKDALE
12/29/47 1997 Executive Director, Gaylord
333 W. Wacker Drive Board member CLASS I and Dorothy Donnelley
Chicago, IL 60606 Foundation (since 1994);
184 prior thereto, Executive
Director, Great Lakes
Protection Fund (from 1990 to
1994).
- - CAROLE E. STONE
6/28/47 2007 Director, Chicago Board
333 W. Wacker Drive Board member CLASS I Options Exchange (since
Chicago, IL 60606 2006); Chair New York Racing
Association Oversight Board
(2005-12/2007); Commissioner,
New York State Commission on
Public Authority Reform
184 (since 2005); formerly
Director, New York State
Division of the Budget
(2000-2004), Chair, Public
Authorities Control Board
(2000-2004) and Director,
Local Government Assistance
Corporation (2000-2004).
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL
ELECTED OR OVERSEEN OCCUPATION(S)
APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
OFFICERS OF THE FUND:
- - GIFFORD R. ZIMMERMAN
9/9/56 Chief Managing Director (since
333 W. Wacker Drive Administrative 1988 2002), Assistant Secretary
Chicago, IL 60606 Officer and Associate General
Counsel, formerly, Vice
President and Assistant
General Counsel, of Nuveen
Investments, LLC; Managing
Director (since 2002),
Associate General Counsel and
Assistant Secretary, of
Nuveen Asset Management; Vice
President and Assistant
Secretary of NWQ Investment
Management Company, LLC.
(since 2002), Nuveen
Investments Advisers Inc.
(since 2002), Symphony Asset
Management LLC, and NWQ
184 Investment Management
Company, LLC (since 2003),
Tradewinds Global Investors,
LLC, and Santa Barbara Asset
Management, LLC (since 2006);
Nuveen HydePark Group LLC and
Richards & Tierney, Inc.
(since 2007); Managing
Director, Associate General
Counsel and Assistant
Secretary of Rittenhouse
Asset Management, Inc. (since
2003); Managing Director
(since 2004) and Assistant
Secretary (since 1994) of
Nuveen Investments, Inc.,
Assistant Secretary (since
2003) of Symphony Asset
Management LLC.
</Table>
29
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL
ELECTED OR OVERSEEN OCCUPATION(S)
APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
OFFICERS OF THE FUND (CONTINUED):
- - WILLIAM ADAMS IV
6/9/55 Executive Vice President,
333 W. Wacker Drive Vice President 2007 U.S. Structured Products
Chicago, IL 60606 of Nuveen Investments,
120 LLC, (since 1999), prior
thereto, Managing
Director of Structured
Investments.
- - JULIA L. ANTONATOS
9/22/63 Managing Director (since
333 W. Wacker Drive Vice President 2004 2005), formerly Vice
Chicago, IL 60606 184 President (2002-2005) of
Nuveen Investments, LLC;
Chartered Financial
Analyst.
- - CEDRIC H. ANTOSIEWICZ
1/11/62 Managing Director, (since
333 W. Wacker Drive Vice President 2007 120 2004) previously, Vice
Chicago, IL 60606 President (1993-2004) of
Nuveen Investments, LLC.
- - MICHAEL T. ATKINSON
2/3/66 Vice President Vice President (since
333 W. Wacker Drive and Assistant 2000 184 2002) of Nuveen
Chicago, IL 60606 Secretary Investments, LLC.
- - PETER H. D'ARRIGO
11/28/67 Vice President and
333 W. Wacker Drive Vice President 1999 Treasurer of Nuveen
Chicago, IL 60606 Investments, LLC and
Nuveen Investments, Inc.;
Vice President and
Treasurer of Nuveen Asset
Management (since 2002),
Nuveen Investments
Advisers Inc. (since
2002); NWQ Investment
Management Company, LLC.
(since 2002); Rittenhouse
Asset Management, Inc.
(since 2003), Tradewinds
NWQ Global Investors, LLC
184 (since 2006), Santa
Barbara Asset Management,
LLC (since 2006) and
Nuveen HydePark Group,
LLC and Richards &
Tierney, Inc. (since
2007); Treasurer of
Symphony Asset Management
LLC (since 2003);
formerly, Vice President
and Treasurer (1999-2004)
of Nuveen Advisory Corp.
and Nuveen Institutional
Advisory Corp.(3),
Chartered Financial
Analyst.
- - LORNA C. FERGUSON
10/24/45 Managing Director (since
333 W. Wacker Drive Vice President 1998 2004), formerly, Vice
Chicago, IL 60606 President of Nuveen
Investments, LLC,
Managing Director (2004)
184 formerly, Vice President
(1998-2004) of Nuveen
Advisory Corp. and Nuveen
Institutional Advisory
Corp.(3); Managing
Director (since 2005) of
Nuveen Asset Management.
- - STEPHEN D. FOY
5/31/54 Vice President Vice President (since
333 W. Wacker Drive and Controller 1998 1993) and Funds
Chicago, IL 60606 Controller (since 1998)
of Nuveen Investments,
LLC; Vice President
(since 2005) of Nuveen
184 Asset Management;
formerly, Vice President
and Funds Controller
(1998-2004) of Nuveen
Investments, Inc.;
Certified Public
Accountant.
- - WALTER M. KELLY
2/24/70 Chief Compliance Vice President (since
333 W. Wacker Drive Officer and 2003 2006) formerly, Assistant
Chicago, IL 60606 Vice President Vice President and
Assistant General Counsel
(2003-2006) of Nuveen
Investments, LLC;
184 Assistant Vice President
and Assistant Secretary
of the Nuveen Funds
(2003-2006); previously,
Associate (2001-2003) at
the law firm of
VedderPrice P.C.
</Table>
30
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL
ELECTED OR OVERSEEN OCCUPATION(S)
APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
OFFICERS OF THE FUND (CONTINUED):
- - DAVID J. LAMB
3/22/63 Vice President (since
333 W. Wacker Drive Vice President 2000 2000) of Nuveen
Chicago, IL 60606 184 Investments, LLC;
Certified Public
Accountant.
- - TINA M. LAZAR
8/27/61 Vice President of Nuveen
333 W. Wacker Drive Vice President 2002 184 Investments, LLC (since
Chicago, IL 60606 1999).
- - LARRY W. MARTIN
7/27/51 Vice President Vice President, Assistant
333 W. Wacker Drive and Assistant 1988 Secretary and Assistant
Chicago, IL 60606 Secretary General Counsel of Nuveen
Investments, LLC;
formerly, Vice President
and Assistant Secretary
of Nuveen Advisory Corp.
and Nuveen Institutional
Advisory Corp.(3); Vice
President (since 2005)
and Assistant Secretary
of Nuveen Investments,
Inc.; Vice President
(since 2005) and
Assistant Secretary
(since 1997) of Nuveen
Asset Management; Vice
President (since 2000),
Assistant Secretary and
184 Assistant General Counsel
(since 1998) of
Rittenhouse Asset
Management, Inc.; Vice
President and Assistant
Secretary of Nuveen
Investments Advisers Inc.
(since 2002); NWQ
Investment Management
Company, LLC (since
2002), Symphony Asset
Management LLC (since
2003), Tradewinds Global
Investors, LLC, Santa
Barbara Asset Management
LLC (since 2006) and of
Nuveen HydePark Group,
LLC and Richards &
Tierney, Inc. (since
2007).
- - KEVIN J. MCCARTHY
3/26/66 Vice President Vice President, Nuveen
333 W. Wacker Drive and Secretary 2007 Investments, LLC (since
Chicago, IL 60606 2007); Vice President,
and Assistant Secretary,
Nuveen Asset Management,
Rittenhouse Asset
Management, Inc., Nuveen
Investment Advisers Inc.,
Nuveen Investment
Institutional Services
Group LLC, NWQ Investment
Management Company, LLC,
Tradewinds Global Inves-
184 tors LLC, NWQ Holdings,
LLC, Symphony Asset
Management LLC, Santa
Barbara Asset Management
LLC, Nuveen HydePark
Group, LLC and Richards &
Tierney, Inc. (since
2007); Vice President and
Assistant General
Counsel, Nuveen
Investments, Inc. (since
2007). prior thereto,
Partner, Bell, Boyd &
Lloyd LLP (1997-2007).
- - JOHN V. MILLER
4/10/67 Managing Director (since
333 W. Wacker Drive Vice President 2007 2007), formerly, Vice
Chicago, IL 60606 184 President (2002-2007) of
Nuveen Investments, LLC;
Chartered Financial
Analyst.
- - JAMES F. RUANE
7/3/62 Vice President Vice President, Nuveen
333 W. Wacker Drive and Assistant 2007 Investments (since 2007);
Chicago, IL 60606 Secretary prior thereto, Partner,
184 Deloitte & Touche USA LLP
(since 2005), formerly,
senior tax manager (since
2002); Certified Public
Accountant.
</Table>
31
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL
ELECTED OR OVERSEEN OCCUPATION(S)
APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
OFFICERS OF THE FUND (CONTINUED):
- - MARK L. WINGET
12/21/68 Vice President Vice President, Nuveen
333 W. Wacker Drive and Assistant 2008 Investments, LLC (since
Chicago, IL 60606 Secretary 2008); Vice President and
Assistant Secretary,
Nuveen Asset Management,
Rittenhouse Asset
Management, Inc., Nuveen
Investment Advisers Inc.,
Nuveen Investment
Institutional Services
Group LLC, NWQ Investment
Management Company, LLC,
Tradewinds Global Inves-
184 tors, LLC, NWQ Holdings,
LLC, Symphony Asset
Management LLC, Santa
Barbara Asset Management,
LLC, Nuveen HydePark
Group, LLC and Richards &
Tierney, Inc. (since
2008); Vice President and
Assistant General
Counsel, Nuveen
Investments Inc. (since
2008); prior thereto,
Counsel, VedderPrice P.C.
(1997-2007).
</Table>
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, by reason of being the former Chairman and
Chief Executive Officer of Nuveen Investments, Inc. and having previously
served in various other capacities with Nuveen Investments, Inc. and its
subsidiaries. It is expected that Mr. Schwertfeger will resign from the
Board of Trustees by the end of the second quarter of 2008.
(2) Board Members serve three year terms. The Board of Trustees is divided into
three classes, Class I, Class II, and Class III, with each being elected to
serve until the third succeeding annual shareholders' meeting subsequent to
its election or thereafter in each case when its respective successors are
duly elected or appointed. The first year elected or appointed represents
the year in which the board member was first elected or appointed to any
fund in the Nuveen Complex.
(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were
reorganized into Nuveen Asset Management, effective January 1, 2005.
(4) Officers serve one year terms through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
32
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.
33
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.
34
Glossary of
TERMS USED in this REPORT
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.
Market Yield (also known as Dividend Yield or Current Yield): Market yield 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.
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.
35
NOTES
36
NOTES
37
NOTES
38
OTHER USEFUL INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
The Fund's (i) 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, 2007, and (iii) a description of the
policies and procedures that the Fund used to determine how to vote proxies
relating to portfolio securities are available 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 1-202-942-8090
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 450 Fifth Street NW, Washington, D.C. 20549.
CEO Certification Disclosure
The Fund's Chief Executive Officer has submitted to the New York Stock Exchange
the annual CEO certification as required by Section 303A.12(a) of the NYSE
Listed Company Manual.
The Fund has filed with the Securities and Exchange Commission the certification
of its Chief Executive Officer and Chief Financial Officer required by Section
302 of the Sarbanes-Oxley Act.
Distribution Information
Nuveen Global Value Opportunities Fund (JGV) hereby designates 7.58% of ordinary
dividends paid during 2007 as dividends qualifying for the 70% dividends
received deduction for corporations and 16.58% as qualified dividend income for
individuals under Section 1(h)(11) of the Internal Revenue Code.
Board of Trustees
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carol E. Stone
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
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. No
shares were repurchased during the period covered by this report. Any
future repurchases will be reported to shareholders in the next
annual or semi-annual report.
39
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.
Managing $170 billion in assets, as of September 30, 2007, Nuveen Investments
offers access to a number of different asset classes and investing solutions
through a variety of products. Nuveen Investments markets its capabilities under
six distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader
in value-style equities; Rittenhouse, a leader in growth-style equities;
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios; Santa Barbara, a leader in growth equities; and
Tradewinds, a leader in global equities.
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.
EAN-H-1207D
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
Share prices
Fund details
Daily financial news
Investor education
Interactive planning tools
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. [There were no amendments to or waivers
from the Code during the period covered by this report.] The registrant has
posted the code of ethics on its website at www.nuveen.com/etf. (To view the
code, click on the Shareholder Resources drop down menu box, click on Fund
Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors (the "Board") determined that the registrant
has at least one "audit committee financial expert" (as defined in Item 3 of
Form N-CSR) serving on its Audit Committee. The registrant's audit committee
financial expert is Jack B. Evans, Chairman of the Audit Committee, who is
"independent" for purposes of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen Global Value Opportunities Fund
The following tables show the amount of fees that PricewaterhouseCoopers, the
Fund's auditor, billed to the Fund during the Fund's last two full fiscal years.
For engagements with PricewaterhouseCoopers the Audit Committee approved in
advance all audit services and non-audit services that PricewaterhouseCoopers
provided to the Fund, except for those non-audit services that were subject to
the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval
exception"). The pre-approval exception for services provided directly to the
Fund waives the pre-approval requirement for services other than audit, review
or attest services if: (A) the aggregate amount of all such services provided
constitutes no more than 5% of the total amount of revenues paid by the Fund to
its accountant during the fiscal year in which the services are provided; (B)
the Fund did not recognize the services as non-audit services at the time of the
engagement; and (C) the services are promptly brought to the Audit Committee's
attention, and the Committee (or its delegate) approves the services before the
audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
<Table>
<Caption>
AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES
FISCAL YEAR ENDED TO FUND(1) BILLED TO FUND(2) BILLED TO FUND(3) BILLED TO FUND
===================================================================================================================
December 31, 2007 $ 28,341 $ 0 $ 2,715 $ 0
- -------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
- -------------------------------------------------------------------------------------------------------------------
===================================================================================================================
December 31, 2006 $ 23,500 $ 0 $ 0 $ 0
- -------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
- -------------------------------------------------------------------------------------------------------------------
1 "Audit Fees" are the aggregate fees billed for professional services for the
audit of the Fund's annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.
2 "Audit Related Fees" are the aggregate fees billed for assurance and related
services reasonably related to the performance of the audit or review of
financial statements and are not reported under "Audit Fees".
3 "Tax Fees" are the aggregate fees billed for professional services for tax
advice, tax compliance, and tax planning.
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by PricewaterhouseCoopers to
Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAM ("Control Affiliate") that
provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for
engagements directly related to the Fund's operations and financial reporting,
during the Fund's last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to PricewaterhouseCoopers by the Fund, the Adviser and Affiliated
Fund Service Providers during the fiscal year in which the services are provided
that would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.
FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS
===================================================================================================================
December 31, 2007 $ 0 $ 0 $ 0
- -------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
- -------------------------------------------------------------------------------------------------------------------
December 31, 2006 $ 0 $ 0 $ 0
- -------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
- -------------------------------------------------------------------------------------------------------------------
NON-AUDIT SERVICES
The following table shows the amount of fees that PricewaterhouseCoopers billed
during the Fund's last two full fiscal years for non-audit services. For
engagements entered into on or after May 6, 2003, the Audit Committee is
required to pre-approve non-audit services that PricewaterhouseCoopers provides
to the Adviser and any Affiliated Fund Services Provider, if the engagement
related directly to the Fund's operations and financial reporting (except for
those subject to the de minimis exception described above). The Audit Committee
requested and received information from PricewaterhouseCoopers about any
non-audit services that PricewaterhouseCoopers rendered during the Fund's last
fiscal year to the Adviser and any Affiliated Fund Service Provider. The
Committee considered this information in evaluating PricewaterhouseCoopers
independence.
FISCAL YEAR ENDED TOTAL NON-AUDIT FEES
BILLED TO ADVISER AND
AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES
PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND
RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE
TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER
BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL
=====================================================================================================================
December 31, 2007 $ 2,715 $ 0 $ 0 $ 2,715
December 31, 2006 $ 0 $ 0 $ 0 $ 0
</Table>
"Non-Audit Fees billed to Adviser" for both fiscal year ends represent "Tax
Fees" billed to Adviser in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit
Committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the Audit Committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the Audit Committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the Audit Committee at
the next Audit Committee meeting if they are expected to be for an amount under
$5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant's Board has a separately designated Audit Committee established
in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934,
as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are
Robert P. Bremner, Jack B. Evans, David J. Kundert and William J. Schneider. Mr.
Eugene S. Sunshine, who also served as a member of the Committee during this
reporting period, has resigned from the Board. His resignation became effective
on July 31, 2007.
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.
The Adviser has engaged Tradewinds Global Investors, LLC, formerly known as
Tradewinds NWQ Global Investors, LLC, ("Tradewinds") as Sub-Adviser to provide
discretionary investment advisory services. As part of these services, the
Adviser has also delegated to the Sub-Adviser the full responsibility for proxy
voting and related duties in accordance with the Sub-Adviser's policy and
procedures. The Adviser periodically will monitor the Sub-Adviser's voting to
ensure that they are carrying out their duties. The Sub-Adviser's proxy voting
policies and procedures are summarized as follows:
Tradewinds' Proxy Voting Policies and Procedures apply to securities held in
client accounts over which Tradewinds has voting authority. Tradewinds' Proxy
Voting Policy seeks to ensure that proxies for which Tradewinds has ultimate
voting authority are voted consistently and solely in the best economic
interests of the beneficiaries of these equity investments. In addition,
Tradewinds may determine not to vote proxies relating to certain securities if
Tradewinds determines it would be in its clients' overall best interests not to
vote, such as when Tradewinds is in the process of selling the securities, or
the securities are foreign securities subject to share blocking (short-term
prohibitions on selling after voting). If a client requests Tradewinds to follow
specific voting guidelines, Tradewinds will review the request and inform the
client only if Tradewinds is not able to follow the client's request.
The Proxy Voting Committee is responsible for oversight of the proxy voting
process. Tradewinds has engaged the services of Institutional Shareholder
Services, Inc. ("ISS") to make recommendations to Tradewinds on the voting of
proxies for securities held in its clients' accounts. Tradewinds reviews and
frequently follows ISS recommendations. However, Tradewinds may not vote in
accordance with the ISS recommendations when Tradewinds believes an ISS
recommendation is not in the best economic interest of clients. Specifically,
Tradewinds will usually vote against any proposals for granting employees stock
options, and if ISS or Tradewinds does not receive information about the proxy
vote in time to research the proxy issues, Tradewinds will vote no on all such
issues.
If Tradewinds is faced with a material conflict of interest in voting a proxy,
such as when it manages the assets of a company or its pension plan and any of
Tradewinds' clients hold any securities of that company, Tradewinds will vote
proxies relating to such company's securities in accordance with the ISS
recommendations to avoid any conflict of interest.
Tradewinds shall retain required records relating to the voting of proxies and
shall provide a client with information on how Tradewinds voted proxies on
behalf of the client as requested.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Adviser has engaged Tradewinds Global Investors, LLC, for a portion of the
registrant's investments (Tradewinds is also referred to as "Sub-Adviser").
Tradewinds, as Sub-Adviser, provides discretionary investment advisory services.
The following section provides information on the portfolio managers at the
Sub-Adviser:
ITEM 8 (a)(1). PORTFOLIO MANAGER BIOGRAPHY
DAVID IBEN, Prior to joining NWQ in 2000, and forming the affiliate Tradewinds,
Mr. Iben was lead Portfolio Manager, CEO, and a founding member of Palladian
Capital Management. Before launching Palladian, he worked at Cramblit & Carney,
Inc. managing large institutional accounts. Formerly, he was acting CIO at the
Farmers Group, responsible for $16 billion of investable assets before his
departure in 1996.
ITEM 8 (a)(2). OTHER ACCOUNTS MANAGED
<Table>
David Iben
(a) RICs
Number of accts 7
Assets ($000s) $1,768,073
(b) Other pooled accts
Non-performance fee accts
Number of accts 8
Assets ($000s) $749,263
(c) Other
Non-performance fee accts
Number of accts 6,112
Assets ($000s) $7,174,080
Performance fee accts
Number of accts 3
Assets ($000s) $2,831,918
</Table>
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has
day-to-day management responsibilities with respect to more than one account.
More specifically, portfolio managers who manage multiple accounts are presented
with the following potential conflicts:
- The management of multiple accounts may result in a
portfolio manager devoting unequal time and attention to the
management of each account. Tradewinds seeks to manage such
competing interests for the time and attention of portfolio
managers by having portfolio managers focus on a particular
investment discipline. Most accounts managed by a portfolio
manager in a particular investment strategy are managed
using the same investment models.
- If a portfolio manager identifies a limited investment
opportunity which may be suitable for more than one account,
an account may not be able to take full advantage of that
opportunity due to an allocation of filled purchase or sale
orders across all eligible accounts. To deal with these
situations, Tradewinds has adopted procedures for allocating
portfolio transactions across multiple accounts.
- With respect to many of its clients' accounts, Tradewinds
determines which broker to use to execute transaction
orders, consistent with its duty to seek best execution of
the transaction. However, with respect to certain other
accounts, Tradewinds may be limited by the client with
respect to the selection of brokers or may be instructed to
direct trades through a particular broker. In these cases,
Tradewinds may place separate, non-simultaneous,
transactions for a Fund and other accounts which may
temporarily affect the market price of the security or the
execution of the transactions, or both, to the detriment of
the Fund or the other accounts.
- The Fund is subject to different regulation than other
pooled investment vehicles and other accounts managed by the
portfolio managers. As a consequence of this difference in
regulatory requirements, the Fund may not be permitted to
engage in all the investment techniques or transactions or
to engage in these transactions to the same extent as the
other accounts managed by the portfolio managers. Finally,
the appearance of a conflict of interest may arise where
Tradewinds has an incentive, such as a performance-based
management fee, which relates to the management of some
accounts, with respect to which a portfolio manager has
day-to-day management responsibilities.
Tradewinds has adopted certain compliance procedures which are designed to
address these types of conflicts common among investment managers. However,
there is no guarantee that such procedures will detect each and every situation
in which a conflict arises.
In addition, Merrill Lynch & Co. (and its affiliates) is an indirect investor in
Nuveen and therefore is considered an affiliate of Tradewinds under certain
federal securities laws. Tradewinds may have a conflict of interest due to its
relationship with Merrill Lynch & Co. (and its affiliates).
ITEM 8 (a)(3). FUND MANAGER COMPENSATION
Tradewinds's portfolio managers participate in a highly competitive compensation
structure with the purpose of attracting and retaining the most talented
investment professionals and rewarding them through a total compensation program
as determined by the firm's executive committee. The total compensation program
consists of both a base salary and an annual bonus that can be a multiple of the
base salary. The portfolio manager's performance is formally evaluated annually
and based on a variety of factors. Bonus compensation is primarily a function of
the firm's overall annual profitability and the individual portfolio manager's
contribution as measured by the overall investment performance of client
portfolios in the strategy they manage relative to the strategy's general
benchmark for one, three and five year periods (as applicable), as well as an
objective review of stock recommendations and the quality of primary research,
and subjective review of the professional's contributions to portfolio strategy,
teamwork, collaboration and work ethic.
The total compensation package includes availability of equity-like incentive
for purchase (whose value is determined by the increase in profitability of
Tradewinds over time) made to most investment professionals. Additionally, the
portfolio managers have been provided compensation in conjunction with signing
long-term employment agreements.
ITEM 8 (a)(4). OWNERSHIP OF JGV SECURITIES AS OF DECEMBER 31, 2007
<Table>
<Caption>
NAME OF PORTFOLIO $1 - $10,001- $50,001- $100,001 $500,001- Over
MANAGER NONE $10,000 $50,000 $100,000 $500,000 $1,000,000 $1,000,000
- -------------------------------------------------------------------------------------------
David Iben X
- -------------------------------------------------------------------------------------------
</Table>
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Period* (a) (b) (c) (d)*
TOTAL NUMBER OF AVERAGE TOTAL NUMBER OF SHARES MAXIMUM NUMBER (OR
SHARES (OR PRICE (OR UNITS) PURCHASED AS APPROXIMATE DOLLAR VALUE) OF
UNITS) PAID PER PART OF PUBLICLY SHARES (OR UNITS) THAT MAY YET
PURCHASED SHARE (OR ANNOUNCED PLANS OR BE PURCHASED UNDER THE PLANS OR
UNIT) PROGRAMS PROGRAMS
NOVEMBER 21 - 30, 2007
0 $ - - 1,900,000
DECEMBER 1-31, 2007
0 $ - - 1,900,000
TOTAL 0
* The registrant's repurchase program was announced November 21, 2007. The
registrant's repurchase program authorized the repurchase of 1,900,000 shares.
The repurchases made by the registrant pursuant to the program were all 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. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable
because the code is posted on registrant's website at www.nuveen.com/etf and
there were no amendments during the period covered by this report. (To view the
code, click on the Shareholder Resources drop down menu box, click on Fund
Governance and then Code of Conduct.)
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
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: See 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: March 7, 2008
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: March 7, 2008
By (Signature and Title)* /s/ Stephen D. Foy
------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: March 7, 2008
* Print the name and title of each signing officer under his or her signature.