UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21893
---------
Nuveen Global Government Enhanced Income 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 GOVERNMENT
ENHANCED INCOME
FUND
JGG
NUVEEN
MULTI-CURRENCY
SHORT-TERM
GOVERNMENT INCOME
FUND
JGT
High Current Income and Gains from
an Enhanced Global Debt Strategy
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<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 JGG, JGT
These Funds are managed by Nuveen Asset Management (NAM), a wholly-owned
subsidiary of Nuveen Investments. NAM's taxable fixed-income team has worked
together since 2000, with senior professionals averaging over 17 years of
investment experience. The team has managed both Funds since their inceptions in
2006 (JGG) and April 2007 (JGT), and is led by Andrew Stenwall, who is
responsible for developing and administering the Funds' portfolio strategies.
Mr. Stenwall, who has 18 years of industry experience, has been a Managing
Director of NAM since August 2004. Here he discusses the performance of the
Funds during the reporting period ending December 31, 2007.
WHAT WERE THE GENERAL ECONOMIC CONDITIONS AND MARKET TRENDS DURING THE REPORTING
PERIOD ENDED DECEMBER 31, 2007?
During the first part of the 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 year 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 of 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%.)
In contrast to the U.S. markets, international fixed income and currency markets
generally performed well during this period, continuing to benefit from the fall
in the value of the U.S. dollar relative to other currencies. During the third
quarter of 2007, the U.S. dollar reached new lows against the Euro and British
pound, and fell to parity with the Canadian dollar, a level not seen since the
late 1970s. While sub-prime mortgage worries injected more volatility into all
markets, strong growth outside the U.S. and continued access to capital helped
foreign markets weather much of the third and fourth quarter turmoil.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THIS REPORTING PERIOD?
For JGG, we continued to use an integrated, three-part investment strategy:
First, we kept substantially all of the Fund's assets invested directly, or
indirectly using derivatives, in
4
government debt securities from countries with relatively steep government debt
yield curves. Second, we sought to enhance the returns and reduce the risk of
the Fund's portfolio through an option strategy that involved selling slightly
out-of-the-money call options on individual or baskets of global government debt
securities representing approximately 80% of the Fund's managed assets. Third,
we bought the currencies of countries with relatively high interest rates and
sold the currencies of countries with relatively low interest rates in an effort
to enhance the Fund's return. The Fund was somewhat constrained by its option
strategy as global interest rates rose and credit spreads widened.
Since its inception in late April 2007, JGT completed its initial investment
period, and at the end of the year was invested directly in short-term
international government securities, and indirectly in international government
securities through the purchase of forward currency contracts and other
derivative instruments. The investments of the Fund are denominated in, or
otherwise provide exposure to, multiple foreign currencies.
In addition, we managed both Funds' currency positions using a two-part
proprietary risk management system; a stop-loss model and a technical indicator
that alerted us to increased levels of risks. This risk management system was
intended to help reduce or eliminate certain positions when it appeared that
market conditions or trends would cause the value of a Fund's investments to
decline significantly. For example, in late February 2007, global markets
responded negatively to a sell-off in the Chinese market. As global equity
markets experienced significant volatility, we closed out our foreign positions
in JGG and repatriated all funds back to U.S. LIBOR investments until the
markets calmed. As volatility normalized and the need for heightened risk
aversion eased, we fully reinvested JGG in various currencies. This strategy was
particularly helpful later in the year as the impact of the sub-prime mortgage
crisis was felt globally. Through the risk aversion system, we were able to
reduce exposure as needed.
HOW DID THE FUNDS PERFORM OVER THE REPORTING PERIOD?
The performance of JGG and JGT, as well as their comparative indices, are
presented in the accompanying table.
Total Returns on Net Asset Value*
For the period ended 12/31/07
<Table>
<Caption>
1-Year
JGG 3.84%
Citigroup-Hedged World Government Bond Index(1) 5.71%
Since Inception
(4/25/07 through 12/31/07)
JGT(2) 9.47%
Citigroup Non-U.S. World Government Bond Index(3) 9.27%
</Table>
- --------------------------------------------------------------------------------
* Returns less than one-year are cumulative.
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 individual Performance Overview for your Fund in this
report.
1 Citigroup-Hedged World Government Bond Index is an unmanaged
market-capitalization weighted Index that tracks the performance of the 18
government bond markets of Australia, Austria, Belgium, Canada, Denmark,
Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Portugal,
Spain, Sweden, Switzerland, the United Kingdom and the United States.
2 JGT elected to retain a portion of its realized long-term capital gains for
the tax year ended December 31, 2007, and pay required federal corporate income
taxes on this amount. 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 since inception total
return on NAV for the period April 25, 2007 (commencement of operations) through
December 31, 2007 when this benefit is included is 10.29%.
3 The Citigroup Non-U.S. World Government Bond Index is a market-weighted index
designed to reflect the performance of the international developed-government
fixed-income markets 20 countries as of January 1999.
- --------------------------------------------------------------------------------
For the one-year period ended December 31, 2007, the total return on net asset
value for JGG underperformed its comparative index, while the total return on
NAV for JGT outperformed its comparative index.
5
In JGG, the Fund benefited from long positions in countries with appreciating
currencies, such as Turkey, Brazil, Hungary, New Zealand, Australia, Iceland and
Mexico, as well as from shorting currencies in lower yielding countries such as
Switzerland and Japan. European currencies performed well on the back of a
relatively strong economic picture in Europe, with central banks normalizing the
rate difference with the U.S. fed funds rate. Overall, our long positions in
Norwegian krone and Hungarian forint also fared well.
Counterbalancing this, JGG's performance was constrained as rates rose globally
and the Fund's call options moved out of the money, which increased the Fund's
duration and volatility. The premiums we received from our long positions were
not high enough to offset rising yields on some of our swaps. Also dampening
performance over the first half of the period was our long position in Swedish
krona as interest rate hike expectations in that country depressed the value of
our positions. While the krona rebounded in the second half of 2007, we had
already reduced the position.
In the second half of 2007, sub-prime market concerns affected global swap
spreads, which widened significantly. JGG gains exposure to countries through
these swaps, but they underperformed government bonds for the period.
JGT was launched in the second quarter of 2007 amid a strong rally in the U.S.
dollar (USD). In spite of this, the portfolio's diversification in transitional
market currencies such as Turkey and Brazil benefited absolute performance over
this abbreviated initial period. The USD appreciation during the second quarter
also helped our foreign currency strategy, as low yielding currencies such as
the Swiss franc and Japanese yen depreciated against high yielding currencies
such as the New Zealand dollar and South African rand. We were positioned well
in high and low yielding and emerging markets currencies to benefit from the USD
appreciation except for our position in Swedish krona as interest rate hike
expectations in that country increased.
By the third quarter, concerns about the impact of potential defaults in the
U.S. sub-prime mortgage market led in several stages to a world-wide "credit
crunch." While there was a flight to investments dominated in U.S. dollars, the
dollar actually experienced a significant decline relative to many other
currencies in the last two quarters of 2007. In this environment, JGT benefited
from selective exposure to high yielding countries like Turkey and Brazil.
6
Distribution and Share Price
INFORMATION
On March 1, 2007, Nuveen Investments announced that JGG would move from a
monthly to a quarterly distribution schedule. JGG's last monthly distribution
was paid on April 2, 2007, and first quarterly distribution was paid on July 2,
2007. JGT declared its initial quarterly distribution of $0.4510 on June 1,
2007.
Each 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 a managed distribution program are:
- - Each 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 a Fund's past or future investment performance from its current
distribution rate.
- - Actual returns will differ from projected long-term returns (and therefore a
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 a Fund's capital. When
a 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 a
Fund's performance and forecast for its current fiscal year (which is the
calendar year for each Fund), estimates on the nature of your distributions
provided at the time the distributions are paid may differ from both the tax
information reported to you in your Fund's IRS Form
7
1099 statement provided at year end, as well as the ultimate economic sources
of distributions over the life of your investment.
The following table provides information regarding each 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 Funds' returns for the specified time
period was sufficient to meet the Funds' distributions.
<Table>
<Caption>
- ---------------------------------------------------------------------------------------
As of 12/31/07 JGG JGT*
- ---------------------------------------------------------------------------------------
Inception date 6/27/06 4/25/07
Calendar year:
Per share distribution:
From net investment income $1.21 $0.82
From short-term capital gains .01 0.67
From long-term capital gains -- 0.08
From return of capital 0.40 --
------- -------
Total per share distribution $1.62 $1.57
======= =======
Distribution rate on NAV 8.72% 8.13%
Annualized total returns**:
Excluding retained gain tax credit/refund(4):
1-year on NAV 3.84% N/A
Since inception on NAV 6.25% 9.47%
Including retained gain tax credit/refund(4):
1-year on NAV N/A N/A
Since inception on NAV N/A 10.29%
* For the period 4/25/07 (commencement of operations) through
12/31/07.
** Returns less than 1-year are cumulative.
- ---------------------------------------------------------------------------------------
</Table>
As of December 31, 2007, the Funds' shares were trading relative to their NAVs
as shown in the accompanying table.
<Table>
<Caption>
- ---------------------------------------------------------------------------------------------------------
12/31/07 Average 12-Month Period
Discount/Premium Discount/Premium
- ---------------------------------------------------------------------------------------------------------
JGG -11.90% 2.74%
JGT -12.33% 4.77%
- ---------------------------------------------------------------------------------------------------------
</Table>
- --------------------------------------------------------------------------------
4 JGT elected to retain a portion of its realized long-term capital gains for
the tax year ended December 31, 2007, and pay required federal corporate income
taxes on this amount. As reported on Form 2439, shareholders on record date must
include their pro-rata share of these gains on their applicable federal tax
returns, and are entitled to take offsetting tax credits, for their pro-rata
share of the taxes paid by the Fund. The total returns "Including retained gain
tax credit/refund" include the economic benefit to shareholders on record date
of these tax credits/refunds.
- --------------------------------------------------------------------------------
8
Retention of Realized Long-Term
CAPITAL GAINS
On December 14, 2007, Nuveen Multi-Currency Short-Term Government Income Fund
(JGT) (the "Fund") announced that 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.
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. 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 as shown
below.
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 JGT
- ----------------------------------------------------------------------
Long-Term Capital Gain Retained $ 0.4273
Less Federal Income Taxes Paid by Fund (0.1495)
NET LONG-TERM CAPITAL GAIN RETAINED $ 0.2778
- ----------------------------------------------------------------------
</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.
9
<Table>
JGG Nuveen Global
PERFORMANCE Government Enhanced
OVERVIEW Income Fund
as of December 31, 2007
</Table>
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2)
(PORTFOLIO ALLOCATION PIE CHART)
<Table>
AAA 77.2
BB or Lower 11.2
BBB 2.6
A 9.0
</Table>
2007 DISTRIBUTIONS PER SHARE(3)
(MONTHLY DISTRIBUTIONS BAR CHART)
<Table>
Jan 0.135
Feb 0.135
Mar 0.135
Jun 0.405
Sep 0.405
Dec 0.405
</Table>
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
(SHARE PRICE CHART)
<Table>
1/01/07 20.3800
20.1600
20.0200
20.2100
20.0700
19.8100
19.7200
19.6300
19.5500
19.4600
19.4600
19.3900
19.3600
19.5400
19.3600
19.3300
19.2600
19.6400
19.5000
19.6900
19.8500
19.8000
20.0000
19.8400
19.8700
19.8901
19.8100
19.8300
19.5000
19.4600
19.5200
19.5500
19.3800
19.2800
19.3300
19.3200
19.4500
19.2401
19.3500
19.2900
19.5000
19.4800
19.5100
19.6700
19.9300
19.9900
19.8000
19.7100
19.6000
19.5700
19.7000
19.8500
19.8200
19.9900
19.9400
20.0200
19.8500
19.8500
19.8900
19.9900
20.1000
20.1000
20.0900
19.9600
20.0300
20.0800
20.0700
20.0200
19.9600
19.8500
20.0100
19.8500
19.9000
19.9100
19.8800
19.9200
19.7700
19.6600
19.6500
19.7500
19.8600
19.8400
19.8500
20.0700
20.0800
19.7000
19.9000
20.1600
20.2700
20.1600
20.1000
20.1400
20.1900
20.1300
20.1500
20.1400
19.9200
19.7500
19.8200
19.7000
19.8200
20.0100
19.9300
20.0700
20.0900
20.2500
20.1000
20.0400
20.1500
19.9000
19.6200
19.5700
19.3200
19.2500
19.3500
19.1150
19.1400
19.0400
19.0100
19.0000
18.8600
18.3100
18.4600
18.6299
18.6700
18.6700
18.8000
18.8490
18.5500
18.5000
18.4200
18.2300
18.4000
18.2700
18.1000
18.0290
17.8700
17.5100
17.7399
17.6300
17.5700
17.4600
17.3200
16.9400
17.1300
17.6500
17.6500
17.5500
17.7600
17.4700
17.0600
17.2600
17.4600
17.4500
17.2900
17.3600
17.1400
16.7400
16.0200
17.0000
17.4500
17.7800
17.6800
17.6400
17.6000
17.5700
17.4700
17.7800
17.5300
17.6500
17.9300
18.1000
18.1200
17.9900
17.9700
17.9900
17.5600
17.6000
17.5400
17.5400
17.7000
17.4900
17.4400
17.3200
17.2800
17.2200
17.3600
17.4200
17.5500
17.5500
17.5200
17.5100
17.4300
17.3600
17.3300
17.3300
17.3300
17.4300
17.3600
17.4100
17.2000
17.1200
17.1500
17.1800
17.1900
17.0200
17.0700
17.0800
17.2000
17.4600
17.6000
17.4400
17.3600
17.1900
17.1500
17.1600
17.0500
16.7500
16.7300
16.5100
16.4700
16.5400
16.5400
16.5300
16.5000
16.3500
16.6500
16.5900
16.6800
16.7700
16.6100
16.7600
16.7900
17.0000
16.9420
16.9500
17.0600
17.1000
16.9900
17.0400
16.7900
16.5100
16.3500
16.3600
16.1400
16.1700
16.2600
16.1200
16.2700
16.4200
16.5300
16.4300
16.4150
12/31/2007 16.3600
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price $16.36
- -------------------------------------------------------------------------------------
Net Asset Value $18.57
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV -11.90%
- -------------------------------------------------------------------------------------
Current Distribution Rate(1) 9.90%
- -------------------------------------------------------------------------------------
Net Assets ($000) $173,302
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(INCEPTION 6/27/06)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year -12.27% 3.84%
- -------------------------------------------------------------------------------------
Since Inception -4.93% 6.25%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate is based on the Fund's current annualized quarterly
distribution divided by the Fund's current market price. The Fund's quarterly
distributions to its shareholders may be comprised of ordinary income, net
realized capital gains and, if at the end of the calendar year the Fund's
cumulative net ordinary income and net realized gains are less than the amount
of the Fund's distributions, a return of capital for tax purposes.
2 Excluding derivative transactions.
3 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.
10
<Table>
JGT Nuveen Multi-Currency
PERFORMANCE Short-Term Government
OVERVIEW Income Fund
as of December 31, 2007
</Table>
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
(PORTFOLIO ALLOCATION PIE CHART)
<Table>
AAA 63.9
BBB 16.9
A 16.9
BB or Lower 2.3
</Table>
2007 DISTRIBUTIONS PER SHARE(4)
(MONTHLY DISTRIBUTIONS BAR CHART)
<Table>
Jun 0.451
Sep 0.451
Dec 0.451
</Table>
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
(SHARE PRICE CHART)
<Table>
4/25/07 20.0000
20.0000
20.0200
20.0000
20.0000
20.0100
20.1300
20.2500
20.2500
20.2000
20.1200
20.2000
20.2300
20.3700
20.3000
20.2500
20.2800
20.2100
20.2000
20.0300
20.1000
20.1000
20.0700
20.0000
20.0000
20.0000
20.0000
20.0100
20.0000
20.0000
20.0000
20.0100
20.0500
20.0200
20.0000
19.6600
19.5000
19.3000
19.1800
19.4000
19.5400
19.3000
19.4500
19.2500
18.8900
19.2000
19.1200
19.3000
19.3000
19.3400
19.5600
19.5400
19.5000
19.5500
19.7000
19.4816
19.3400
19.3100
19.2200
19.6800
19.7000
19.6400
19.7500
19.6200
19.1500
19.1000
18.9000
18.9300
18.7000
18.6500
18.4000
18.5500
18.9100
18.3000
18.4000
18.6000
18.5800
18.1000
17.7500
17.1600
16.2500
16.9300
17.7000
17.7500
17.9000
18.1480
18.1900
17.9480
18.2400
17.8700
18.3500
18.0100
17.9000
18.2400
18.3000
18.4200
18.3900
18.4500
18.1600
17.6400
17.7300
17.4700
17.3400
17.7600
17.6900
17.8000
17.5500
17.2000
17.4000
17.5000
17.7400
17.9400
17.9400
18.1400
18.3600
18.5000
18.5000
18.5900
18.4800
18.7100
18.9200
18.8600
18.9200
18.6000
18.3600
18.3800
18.2400
18.2900
18.1400
18.0000
18.1700
18.1400
18.4000
18.5500
18.3700
18.5100
18.8100
18.6500
18.5900
18.4900
18.2700
18.5600
18.4500
18.5000
18.2600
18.1601
18.2000
18.2500
17.9000
18.2700
17.8900
18.1600
17.8600
17.6600
17.9500
18.0000
18.1100
18.1400
18.1000
18.4000
18.5000
18.2000
18.0900
18.1200
17.5200
17.5500
17.3500
17.0200
16.7400
16.8000
16.7400
16.8500
16.7500
16.6601
16.6500
16.6360
12/31/07 16.9300
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price(1) $16.93
- -------------------------------------------------------------------------------------
Net Asset Value(1) $19.31
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV -12.33%
- -------------------------------------------------------------------------------------
Current Distribution Rate(2) 10.66%
- -------------------------------------------------------------------------------------
Net Assets ($000) $858,833
- -------------------------------------------------------------------------------------
</Table>
CUMULATIVE TOTAL RETURN(5)
(Inception 4/25/07)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
Since Inception -7.75% 9.47%
- -------------------------------------------------------------------------------------
</Table>
5 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 return on share price when this benefit is included is -6.97% since
inception. The Fund's corresponding average annual total return on NAV when
this benefit is included is 10.29% since inception.
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 return of capital for tax purposes.
3 Excluding derivative transactions.
4 The Fund paid shareholders capital gains distributions in December 2007 of
$0.2137 per share.
11
SHAREHOLDER MEETING REPORT
The special meeting of shareholders was held in the offices of Nuveen
Investments on October 12, 2007; the meeting for Nuveen
Multi-Currency Short-Term Government Income Fund (JGT) was
subsequently adjourned to October 22, 2007 and additionally adjourned
to November 8, 2007, November 12, 2007, and November 30, 2007.
<Table>
<Caption>
JGG JGT
- ------------------------------------------------------------------------------------------------
Common Common
Shares Shares
- ------------------------------------------------------------------------------------------------
TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT:
For 4,225,754 19,950,386
Against 102,370 847,647
Abstain 153,282 766,451
Broker Non-Votes 1,364,406 2,826,126
- ------------------------------------------------------------------------------------------------
Total 5,845,812 24,390,610
- ------------------------------------------------------------------------------------------------
TO RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
FOR THE CURRENT FISCAL YEAR:
For 5,675,391 23,273,425
Against 60,775 543,922
Abstain 109,646 573,263
- ------------------------------------------------------------------------------------------------
Total 5,845,812 24,390,610
- ------------------------------------------------------------------------------------------------
</Table>
12
Report of INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
NUVEEN GLOBAL GOVERNMENT ENHANCED INCOME FUND
NUVEEN MULTI-CURRENCY SHORT-TERM GOVERNMENT INCOME FUND
In our opinion, the accompanying statements of assets and liabilities, including
the portfolios 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 positions of Nuveen Global Government Enhanced
Income Fund and Nuveen Multi-Currency Short-Term Government Income Fund (the
"Funds") at December 31, 2007, the results of each of their operations for the
period then ended, the changes in each of their net assets 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 Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits 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 audits, which included
confirmation of securities at December 31, 2007 with the custodian, provide a
reasonable basis for our opinion.
PricewaterhouseCoopers LLP
February 26, 2008
13
JGG
Nuveen Global Government Enhanced Income Fund
Portfolio of INVESTMENTS
as of December 31, 2007
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (2) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
SOVEREIGN DEBT - 22.9% (3)
GREECE - 9.0%
11,000EUR Hellenic Republic 4.300% 7/20/17 A1 $ 15,662,123
- -----------------------------------------------------------------------------------------------------------------------------------
TURKEY - 13.9%
7,100TRY Republic of Turkey, Government Bond 14.000% 1/19/11 Ba3 6,114,267
14,000TRY Republic of Turkey, Government Bond 10.404% 2/15/12 BB 13,451,609
5,000TRY Republic of Turkey, Government Bond 16.000% 3/07/12 Baa3 4,465,771
- -----------------------------------------------------------------------------------------------------------------------------------
26,100 Total Turkey 24,031,647
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SOVEREIGN DEBT (COST $36,373,894) 39,693,770
=================================================================================================================
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (2) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.4%
$ 18,700 Federal Home Loan Banks, Discount Notes (4)(5) 0.000% 2/22/08 Aaa $ 18,591,521
6,050 Federal Home Loan Banks, Discount Notes (5) 0.000% 2/27/08 Aaa 6,011,462
6,060 Federal Home Loan Banks, Discount Notes (5) 0.000% 3/7/08 Aaa 6,015,301
17,450 Federal Home Loan Banks, Discount Notes (5) 0.000% 3/10/08 Aaa 17,315,356
3,040 Federal Home Loan Banks, Discount Notes (5) 0.000% 3/17/08 Aaa 3,014,130
- -----------------------------------------------------------------------------------------------------------------------------------
$ 51,300 TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS 50,947,770
(COST $50,931,531)
===================================================================================================================================
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (2) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 48.1% (6)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 48.1%
$ 26,955 Federal Home Loan Banks, Discount Notes (5) 0.000% 1/9/08 Aaa $ 26,927,267
17,000 Federal Home Loan Banks, Discount Notes (5) 0.000% 1/11/08 Aaa 16,977,097
5,425 Federal Home Loan Banks, Discount Notes (5) 0.000% 1/18/08 Aaa 5,414,138
25,250 Federal Home Loan Banks, Discount Notes (5) 0.000% 2/8/08 Aaa 25,136,192
8,900 Federal National Mortgage Association (5) 0.000% 1/4/08 Aaa 8,896,477
- -----------------------------------------------------------------------------------------------------------------------------------
83,530 Total U.S. Government and Agency Obligations 83,351,171
(cost $83,351,171)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 83,530 TOTAL SHORT-TERM INVESTMENTS (COST $83,351,171) 83,351,171
===================================================================================================================================
TOTAL INVESTMENTS (COST $170,656,596) - 100.4% 173,992,711
=================================================================================================================
</Table>
14
<Table>
<Caption>
FLOATING PAY/RECEIVE
RATE FLOATING EXERCISE EXPIRATION NOTIONAL
DESCRIPTION COUNTERPARTY INDEX RATE RATE DATE AMOUNT PREMIUM VALUE
-----------------------------------------------------------------------------------------------------------------------------
PUT SWAPTIONS PURCHASED - 0.0%
OTC - 10-Year Goldman 6-Month Receive 2.750% 3/28/08 2,100,000,000 210,000 $ 66
Interest Rate Swap Sachs LIBOR JPY JPY
OTC - 10-Year Goldman 6-Month Receive 4.885 3/28/08 21,200,000 1,378 44
Interest Rate Swap Sachs LIBOR CHF CHF
OTC - 10-Year Goldman 6-Month Receive 5.570 3/28/08 395,000,000 217,250 857
Interest Rate Swap Sachs PRIBOR CZK CZK
OTC - 10-Year Goldman 6-Month Receive 5.730 3/28/08 11,000,000 825 4,735
Interest Rate Swap Sachs EURIBOR EUR EUR
OTC - 10-Year Goldman 6-Month Receive 6.830 3/28/08 56,000,000 30,800 683
Interest Rate Swap Sachs WIBOR PLN PLN
OTC - 10-Year Goldman 6-Month Receive 7.040 3/28/08 110,000,000 11,000 356
Interest Rate Swap Sachs NIBOR NOK NOK
OTC - 10-Year Lehman 3-Month Receive 7.760 3/28/08 34,000,000 5,950 1,546
Interest Rate Swap Brothers TELBOR ILS ILS
(7)
OTC - 10-Year Morgan 3-Month Receive 9.205 3/28/08 11,500,000 2,415 123
Interest Rate Swap Stanley NZD-BBR-FRA NZD NZD
-----------------------------------------------------------------------------------------------------------------------------
TOTAL PUT SWAPTIONS (COST $34,345) 8,410
==========================================================================================================
</Table>
<Table>
<Caption>
FLOATING PAY/RECEIVE
RATE FLOATING EXERCISE EXPIRATION NOTIONAL
DESCRIPTION COUNTERPARTY INDEX RATE RATE DATE AMOUNT PREMIUM VALUE
-----------------------------------------------------------------------------------------------------------------------------
CALL SWAPTIONS WRITTEN - (0.1)%
OTC - 10-Year Goldman 6-Month Receive 1.620% 1/28/08 (2,100,000,000) (2,625,000) $ (39,135)
Interest Rate Swap Sachs LIBOR JPY JPY
OTC - 10-Year Goldman 6-Month Receive 4.512 1/04/08 (11,000,000) (76,450) (65)
Interest Rate Swap Sachs EURIBOR EUR EUR
OTC - 10-Year HSBC Bank 6-Month Pay 3.150 1/04/08 (21,200,000) (142,040) (91)
Interest Rate Swap LIBOR CHF CHF
OTC - 10-Year Lehman 6-Month Receive 5.460 1/30/08 (110,000,000) (456,500) (63,081)
Interest Rate Swap Brothers NIBOR NOK NOK
OTC - 10-Year Morgan 3-Month Receive 7.660 1/29/08 (11,500,000) (23,460) (40,635)
Interest Rate Swap Stanley NZD-BBR-FRA NZD NZD
-----------------------------------------------------------------------------------------------------------------------------
TOTAL CALL SWAPTIONS WRITTEN (PREMIUMS RECEIVED $368,273) (143,007)
==========================================================================================================
OTHER ASSETS LESS LIABILITIES - (0.3)% (555,907)
==========================================================================================================
NET ASSETS - 100% $173,302,207
==========================================================================================================
</Table>
15
JGG
Nuveen Global Government Enhanced Income Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS OUTSTANDING AT DECEMBER 31, 2007:
<Table>
<Caption>
UNREALIZED
CURRENCY APPRECIATION
CONTRACTS TO AMOUNT IN EXCHANGE AMOUNT SETTLEMENT (DEPRECIATION)
DELIVER (LOCAL CURRENCY) FOR CURRENCY (LOCAL CURRENCY) DATE (U.S. DOLLARS)
--------------------------------------------------------------------------------------------------------------
Australian Canadian
Dollar 2,000,000 Dollar 1,715,460 1/03/08 $ (17,597)
Canadian Australian
Dollar 1,754,350 Dollar 2,000,000 1/03/08 (21,809)
Canadian New Zealand
Dollar 1,715,685 Dollar 2,300,000 1/03/08 30,899
Canadian
Dollar 4,820,125 U.S. Dollar 4,754,560 2/19/08 (131,929)
Czech Koruna 95,396,400 U.S. Dollar 5,400,000 2/14/08 149,007
Danish Krone 23,500,000 U.S. Dollar 4,632,459 2/14/08 22,013
Euro 11,300,000 U.S. Dollar 16,325,788 2/15/08 (206,279)
Iceland
Euro 2,820,256 Krona 270,660,000 9/24/08 (95,657)
Singapore
Japanese Yen 505,516,700 Dollar 6,500,000 1/04/08 (10,089)
Japanese Yen 882,000 U.S. Dollar 7,757 1/04/08 (141)
Japanese Yen 613,580,000 U.S. Dollar 5,500,000 2/19/08 (22,639)
New Taiwan
Dollar 138,315,000 U.S. Dollar 4,299,503 1/15/08 23,740
New Turkish
Lira 17,336,964 U.S. Dollar 14,537,116 2/14/08 (40,455)
New Zealand Canadian
Dollar 2,300,000 Dollar 1,653,424 1/03/08 (93,985)
Philippine
Peso 99,330,000 U.S. Dollar 2,401,015 1/04/08 (5,161)
Singapore
Dollar 6,500,000 U.S. Dollar 4,515,519 1/04/08 (1,451)
Singapore
Dollar 8,000,000 U.S. Dollar 5,572,777 2/14/08 (2,551)
South Korean
Won 5,163,950,000 U.S. Dollar 5,500,000 1/22/08 (26,383)
Swedish
Krona 119,000,000 U.S. Dollar 18,733,815 2/15/08 314,197
Swiss Franc 5,160,000 U.S. Dollar 4,609,201 2/13/08 39,112
U.S. Dollar 4,433,797 Japanese Yen 505,516,700 1/04/08 93,262
Philippine
U.S. Dollar 2,200,000 Peso 99,330,000 1/04/08 206,177
Colombian
U.S. Dollar 2,199,141 Peso 4,340,000,000 1/15/08 26,898
New Zealand
U.S. Dollar 8,435,350 Dollar 11,000,000 1/31/08 (1,212)
Philippine
U.S. Dollar 2,403,339 Peso 99,330,000 2/04/08 21
Brazilian
U.S. Dollar 5,500,000 Real 9,867,000 2/06/08 11,972
U.S. Dollar 4,579,787 Swiss Franc 5,160,000 2/13/08 (9,699)
Hungarian
U.S. Dollar 4,585,825 Forint 790,000,000 2/14/08 (32,040)
U.S. Dollar 4,470,675 Mexican Peso 48,518,000 2/14/08 (38,872)
Swedish
U.S. Dollar 454,207 Krona 2,852,034 2/15/08 (12,750)
Swedish
U.S. Dollar 18,497,403 Krona 116,147,966 2/15/08 (519,242)
Canadian
U.S. Dollar 4,854,104 Dollar 4,820,125 2/19/08 32,385
Colombian
U.S. Dollar 2,036,021 Peso 4,103,600,000 2/19/08 (16,867)
South
African
U.S. Dollar 5,412,918 Rand 37,000,000 2/19/08 (48,465)
Indonesian
U.S. Dollar 4,400,000 Rupiah 40,194,000,000 4/04/08 (149,323)
--------------------------------------------------------------------------------------------------------------
$ (554,913)
==============================================================================================================
</Table>
16
INTEREST RATE SWAPS OUTSTANDING AT DECEMBER 31, 2007:
<Table>
<Caption>
FUND FIXED RATE
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT TERMINATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE
-----------------------------------------------------------------------------------------------------------------------------
Goldman Sachs 110,000,000 NOK Pay 6-Month LIBOR 4.810% Annual 7/10/16
HSBC Bank 34,000,000 ILS Pay 3-Month TELBOR 5.760 Annual 11/21/17
JPMorgan 56,000,000 PLN Pay 6-Month WIBOR 5.650 Annual 7/10/16
Morgan Stanley 395,000,000 CZK Pay 6-Month CZK LIBOR 4.060 Annual 7/11/16
Morgan Stanley 2,100,000,000 JPY Pay 6-Month JPY LIBOR 2.116 Semiannual 7/13/17
UBS 21,200,000 CHF Pay 6-Month CHF LIBOR 3.443 Annual 9/24/17
UBS 11,500,000 NZD Pay 3-Month NZD-BBR 7.620 Semiannual 11/28/17
-----------------------------------------------------------------------------------------------------------------------------
=============================================================================================================================
<Caption>
UNREALIZED
APPRECIATION
DEPRECIATION
COUNTERPARTY (U.S. DOLLARS)
--------------------- --------------
Goldman Sachs $ (989,818)
HSBC Bank (216,909)
JPMorgan (207,223)
Morgan Stanley (524,555)
Morgan Stanley 940,437
UBS 235,587
UBS (70,128)
---------------------
$ (832,609)
=====================
</Table>
<Table>
(1) All percentages shown in the Portfolio of Investments are based on net assets unless
otherwise noted.
(2) Ratings (not covered by the report of independent registered public accounting firm):
Using the 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.
(3) Additional Sovereign Debt exposure is obtained from the Interest Rate Swap transactions.
(4) Portion of investment, with an aggregate market value of $1,053,851, has been pledged to
collateralize the net payment obligations under interest rate swap contracts.
(5) A zero coupon security does not pay a regular interest coupon to its holders during the
life of the security. Income to the holder of the security comes from accretion of the
difference between the original purchase price of the security at issuance and the par
value of the security at maturity and is effectively paid at maturity. The market prices
of zero coupon securities generally are more volatile than the market prices of securities
that pay interest periodically.
(6) Substantially all of the Fund's short-term investments are used as collateral for
derivative transactions.
(7) Investment valued at fair value using methods determined in good faith by, or at the
discretion of, the Board of Trustees.
CHF Swiss Franc
CZK Czech Koruna
EUR Euro
ILS Israeli Shekel
JPY Japanese Yen
NOK Norwegian Krone
NZD New Zealand Dollar
PLN Polish Zloty
TRY New Turkish Lira
EURIBOR Europe Inter-Bank Offered Rate
LIBOR London Inter-Bank Offered Rate
NIBOR Norwegian Inter-Bank Offered Rate
NZD-BBR-FRA New Zealand Dollar-Bank Bill Rate-Forward Rate Agreement
PRIBOR Prague Inter-Bank Offered Rate
TELBOR Tel Aviv Inter-Bank Offered Rate
WIBOR Warsaw Inter-Bank Offered Rate
</Table>
See accompanying notes to financial statements.
17
JGT
Nuveen Multi-Currency Short-Term Government Income Fund
Portfolio of INVESTMENTS
as of December 31, 2007
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (2) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 9.1%
AUTOS- 1.4%
$ 843 Capital Auto Receivable Asset Trust, Class A1B, 5.080% 1/20/09 AAA $ 843,091
Series 2006
429 Chase Manhattan Auto Owners Trust Asset Backed 3.870% 6/15/09 AAA 427,830
Notes and Certificates, Series 2005A-A3
1,830 Chase Manhattan Auto Owners Trust Asset Backed 4.840% 7/15/09 AAA 1,829,311
Notes and Certificates, Series 2005B-A3
2,093 Ford Credit Auto Owner Trust, Asset Backed 5.290% 12/15/09 AAA 2,097,817
Notes, Class A2A, Series 2006C
709 Honda Auto Receivables Owner Trust, Class A2, 5.250% 3/15/09 AAA 709,338
Series 2006-3
624 Honda Auto Receivables Owner Trust, Class A3, 4.610% 8/17/09 AAA 623,397
Series 2005-5
3,583 Harley-Davidson Motorcycle Trust, Series 5.260% 12/15/10 AAA 3,591,156
2007-2A2
908 Nissan Auto Receivables Owner Trust, Class A3, 4.190% 7/15/09 AAA 906,007
Series 2005C
828 Triad Auto Receivable Owner Trust, Class A3, 4.050% 3/12/10 AAA 826,818
Series 2005A
- -----------------------------------------------------------------------------------------------------------------------------------
11,847 Total Autos 11,854,765
- -----------------------------------------------------------------------------------------------------------------------------------
CARDS- 6.9%
5,000 Advanta Business Card Master Trust, Asset Backed 5.250% 10/20/10 AAA 5,004,913
Notes, Series 2001A
2,750 Advanta Business Card Master Trust, Asset Backed 4.750% 1/20/11 AAA 2,751,027
Notes, Series 2005-A4
7,200 American Express Credit Card Account Master 5.030% 1/18/11 AAA 7,199,029
Trust, 2005-3 Class A
1,250 Bank One Issuance Trust Series 2003-A6 5.140% 2/15/11 AAA 1,250,413
7,000 Capital One Master Trust, Class A 5.220% 6/15/11 AAA 7,004,545
4,375 Capital One Master Trust, Series 1998-1, Class A 6.310% 6/15/11 AAA 4,394,623
4,000 Capital One Master Trust, Series 2001-1, Class A 5.230% 12/15/10 AAA 4,001,818
3,000 Chase Credit Card Master Trust, Class A, Series 5.140% 7/15/10 AAA 3,000,971
2003-2
1,897 Chase Issuance Trust 05-A1 CL A1 5.040% 12/15/10 AAA 1,897,116
5,000 Citibank Credit Card Issuance Trust, Series 5.050% 2/7/10 AAA 5,001,344
2001-A1
7,000 Discover Card Master Trust I, Class A, Series 5.250% 1/15/08 AAA 7,000,766
2001-1
4,000 Gracechurch Card PLC, Credit Card Receivables 5.040% 9/15/10 AAA 3,980,656
Class A Series 9
3,335 Household Affinity Credit Card Trust, Asset 5.150% 2/15/10 AAA 3,335,924
Backed Notes, Series 2003-1A
2,000 MBNA Credit Card Master Note Trust, Class A, 5.390% 9/15/10 AAA 2,000,979
Series 1998E
1,310 MBNA Credit Card Master Note Trust, Class A3, 5.150% 8/16/10 AAA 1,310,452
Series 2003
- -----------------------------------------------------------------------------------------------------------------------------------
59,117 Total Cards 59,134,576
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER- 0.8%
6,850 SLM Student Loan Trust 2007-7 Class A1 5.040% 10/25/12 AAA 6,841,506
- -----------------------------------------------------------------------------------------------------------------------------------
$ 77,814 TOTAL ASSET-BACKED SECURITIES (COST $77,827,803) 77,830,847
===================================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (2) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 16.7%
$ 46,750 Federal Farm Credit Banks, Consolidated 0.000% 3/5/08 Aaa $ 46,415,784
Systemwide Notes (3)
38,700 Federal Home Loan Banks, Discount Notes (3) 0.000% 3/7/08 Aaa 38,414,549
38,550 Federal Home Loan Banks, Discount Notes (3) 0.000% 3/17/08 Aaa 38,221,940
21,000 Federal Home Loan Banks, Discount Notes (3) 0.000% 3/24/08 Aaa 20,804,595
- -----------------------------------------------------------------------------------------------------------------------------------
$ 145,000 TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS 143,856,868
(COST $143,809,793)
===================================================================================================================================
</Table>
18
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (2) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
SOVEREIGN DEBT - 23.2%
COLOMBIA - 1.2%
20,000,000COP Republic of Colombia 11.750% 3/01/10 BB $ 10,267,344
- -----------------------------------------------------------------------------------------------------------------------------------
MEXICO - 1.1%
110,000MXN Mexican Treasury Bills (3) 0.000% 3/13/08 A 9,919,102
- -----------------------------------------------------------------------------------------------------------------------------------
NORWAY - 2.8%
130,000NOK Norwegian Government Bond 5.500% 5/15/09 AAA 24,202,742
- -----------------------------------------------------------------------------------------------------------------------------------
TURKEY - 18.1%
10,000TRY Republic of Turkey, Government Bond 14.000% 1/19/11 Ba3 8,611,645
164,000TRY Republic of Turkey, Government Bond 16.000% 3/07/12 Baa3 146,477,287
- -----------------------------------------------------------------------------------------------------------------------------------
174,000 Total Turkey 155,088,932
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SOVEREIGN DEBT (COST $170,337,075) 199,478,120
=================================================================================================================
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY RATINGS (2) VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 51.6%
SOVEREIGN DEBT - 26.1%
HUNGARY - 13.5%
11,000,000HUF Republic of Hungary, Treasury Bill (3) 0.000% 1/23/08 A2 $ 63,338,254
9,200,000HUF Republic of Hungary, Treasury Bill (3) 0.000% 2/06/08 A2 52,827,144
- -----------------------------------------------------------------------------------------------------------------------------------
20,200,000 Total Hungary 116,165,398
- -----------------------------------------------------------------------------------------------------------------------------------
MEXICO - 2.3%
110,000MXN Mexican Treasury Bills (3) 0.000% 1/17/08 A 10,046,344
112,000MXN Mexican Treasury Bills (3) 0.000% 2/21/08 A 10,152,245
- -----------------------------------------------------------------------------------------------------------------------------------
222,000 Total Mexico 20,198,589
- -----------------------------------------------------------------------------------------------------------------------------------
UNITED KINGDOM - 10.3%
44,323GBP United Kingdom, Treasury Bill (3) 0.000% 1/07/08 AAA 88,148,118
- -----------------------------------------------------------------------------------------------------------------------------------
Total Sovereign Debt (cost $224,718,690) 224,512,105
=================================================================================================================
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 25.5%
$ 9,575 Federal Home Loan Banks, Discount Notes (3) 0.000% 1/4/08 Aaa 9,571,537
4,700 Federal Home Loan Banks, Discount Notes (3) 0.000% 1/10/08 Aaa 4,694,901
4,800 Federal Home Loan Banks, Discount Notes (3) 0.000% 1/11/08 Aaa 4,795,333
3,700 Federal Home Loan Banks, Discount Notes (3) 0.000% 1/18/08 Aaa 3,692,522
55,750 Federal Home Loan Banks, Discount Notes (3) 0.000% 1/25/08 Aaa 55,563,052
27,100 Federal Home Loan Banks, Discount Notes (3) 0.000% 2/4/08 Aaa 26,990,200
4,400 Federal Home Loan Banks, Discount Notes (3) 0.000% 2/6/08 Aaa 4,381,036
36,600 Federal Home Loan Banks, Discount Notes (3) 0.000% 2/15/08 Aaa 36,382,687
25,250 Federal Home Loan Banks, Discount Notes (3) 0.000% 2/27/08 Aaa 25,078,289
47,787 Federal National Mortgage Association (3) 0.000% 2/6/08 Aaa 47,547,109
- -----------------------------------------------------------------------------------------------------------------------------------
$ 219,662 Total U.S. Government and Agency Obligations 218,696,666
(cost $218,696,666)
========== -----------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $443,415,356) 443,208,771
=================================================================================================================
TOTAL INVESTMENTS (COST $835,390,027) - 100.6% 864,374,606
=================================================================================================================
OTHER ASSETS LESS LIABILITIES - (0.6)% (5,541,565)
=================================================================================================================
NET ASSETS - 100% $ 858,833,041
=================================================================================================================
</Table>
19
JGT
Nuveen Multi-Currency Short-Term Government Income Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS OUTSTANDING AT DECEMBER 31, 2007:
<Table>
<Caption>
UNREALIZED
CURRENCY APPRECIATION
CONTRACTS TO AMOUNT IN EXCHANGE AMOUNT SETTLEMENT (DEPRECIATION)
DELIVER (LOCAL CURRENCY) FOR CURRENCY (LOCAL CURRENCY) DATE (U.S. DOLLARS)
--------------------------------------------------------------------------------------------------------------
Brazilian
Real 125,000,000 U.S. Dollar 70,422,535 1/03/08 $ 230,254
Israeli
Shekel 39,844,000 U.S. Dollar 10,136,875 1/15/08 (215,426)
Israeli
Shekel 40,170,000 U.S. Dollar 10,090,430 1/15/08 (346,572)
Israeli
Shekel 20,690,000 U.S. Dollar 5,190,407 1/15/08 (185,286)
Israeli
Shekel 71,636,130 U.S. Dollar 18,226,168 1/17/08 (386,514)
Philippine
Peso 954,922,500 U.S. Dollar 23,082,487 1/04/08 (49,620)
Singapore
Dollar 25,128,890 U.S. Dollar 17,459,712 1/07/08 (6,753)
Brazilian
U.S. Dollar 69,140,992 Real 125,000,000 1/03/08 1,051,289
Philippine
U.S. Dollar 21,150,000 Peso 954,922,500 1/04/08 1,982,108
Singapore
U.S. Dollar 17,094,483 Dollar 25,128,890 1/07/08 371,982
Israeli
U.S. Dollar 10,159,776 Shekel 39,844,000 1/15/08 192,524
Israeli
U.S. Dollar 10,254,839 Shekel 40,170,000 1/15/08 182,163
Israeli
U.S. Dollar 5,273,756 Shekel 20,690,000 1/15/08 101,936
U.S. Dollar 13,605,446 Mexican Peso 148,020,450 1/15/08 (57,346)
Israeli
U.S. Dollar 17,809,743 Shekel 71,636,130 1/17/08 802,939
Norwegian
U.S. Dollar 17,985,954 Krone 97,010,840 1/17/08 (127,950)
Philippine
U.S. Dollar 23,104,827 Peso 954,922,500 2/04/08 202
Pound
U.S. Dollar 23,064,384 Sterling 11,200,000 2/05/08 (792,343)
Brazilian
U.S. Dollar 125,000,000 Real 70,157,715 2/06/08 (329,348)
Colombian
U.S. Dollar 5,000,000 Peso 10,070,000,000 2/19/08 (45,111)
Colombian
U.S. Dollar 32,535,847 Peso 65,576,000,000 2/19/08 (269,532)
South
African
U.S. Dollar 16,894,989 Rand 115,147,800 2/19/08 (200,261)
South
African
U.S. Dollar 65,432,144 Rand 445,305,000 2/19/08 (869,505)
South
African
U.S. Dollar 65,586,759 Rand 447,000,000 2/19/08 (778,370)
U.S. Dollar 40,599,625 Mexican Peso 442,000,000 2/20/08 (241,821)
Indonesian
U.S. Dollar 25,000,000 Rupiah 228,375,000,000 4/04/08 (848,429)
Iceland
U.S. Dollar 9,303,095 Krona 635,820,000 9/24/08 147,085
Iceland
U.S. Dollar 18,591,075 Krona 1,270,700,000 9/24/08 295,313
Iceland
U.S. Dollar 18,633,504 Krona 1,273,600,000 9/24/08 295,987
--------------------------------------------------------------------------------------------------------------
$ (96,405)
==============================================================================================================
</Table>
<Table>
(1) All percentages shown in the Portfolio of Investments are based on net assets unless
otherwise noted.
(2) Ratings (not covered by the report of independent registered public accounting firm):
Using the 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.
(3) A zero coupon security does not pay a regular interest coupon to its holders during the
life of the security. Income to the holder of the security comes from accretion of the
difference between the original purchase price of the security at issuance and the par
value of the security at maturity and is effectively paid at maturity. The market prices
of zero coupon securities generally are more volatile than the market prices of securities
that pay interest periodically.
COP Columbian Peso
GBP Great British Pound Sterling
HUF Hungarian Forint
MXN Mexican Peso
NOK Norwegian Krone
TRY New Turkish Lira
</Table>
See accompanying notes to financial statements.
20
Statement of
ASSETS & LIABILITIES December 31, 2007
<Table>
<Caption>
GLOBAL MULTI-CURRENCY
GOVERNMENT SHORT-TERM
ENHANCED GOVERNMENT
INCOME (JGG) INCOME (JGT)
- ---------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $87,305,425 and $391,974,671,
respectively) $90,641,540 $421,165,835
Short-term investments (cost $83,351,171 and $443,415,356,
respectively) 83,351,171 443,208,771
Put swaptions purchased, at value (cost $34,345 and $--,
respectively) 8,410 --
Cash 86,161 --
Cash denominated in foreign currencies (cost $112,204 and
$267, respectively) 111,693 265
Unrealized appreciation on forward foreign currency exchange
contracts 949,683 5,653,782
Unrealized appreciation on interest rate swaps 581,341 --
Receivables:
Interest 660,380 2,065,913
Investments sold 206,247 9,589,488
Other assets 805 3,698
- ---------------------------------------------------------------------------------------------
Total assets 176,597,431 881,687,752
- ---------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 9,402,495
Call swaptions written, at value (premiums received $368,273
and $--, respectively) 143,007 --
Unrealized depreciation on forward foreign currency exchange
contracts 1,504,596 5,750,187
Unrealized depreciation on interest rate swaps 1,413,950 --
Payables:
Federal corporate income tax -- 6,650,000
Put swaptions purchased 34,203 --
Accrued expenses:
Management fees 129,137 650,668
Offering costs -- 24,594
Other 70,331 376,767
- ---------------------------------------------------------------------------------------------
Total liabilities 3,295,224 22,854,711
- ---------------------------------------------------------------------------------------------
Net assets $173,302,207 $858,833,041
- ---------------------------------------------------------------------------------------------
Shares outstanding 9,330,610 44,467,793
- ---------------------------------------------------------------------------------------------
Net asset value per share outstanding $ 18.57 $ 19.31
- ---------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 93,306 $ 444,678
Paid-in surplus(1) 174,000,236 860,166,747
Undistributed (Over-distribution of) net investment income (2,869,640) (23,268,098)
Accumulated net realized gain (loss) from investments and
derivative transactions (96,163) (7,438,199)
Net unrealized appreciation (depreciation) of investments
and derivative transactions 2,174,468 28,927,913
- ---------------------------------------------------------------------------------------------
Net assets $173,302,207 $858,833,041
- ---------------------------------------------------------------------------------------------
(1) Multi-Currency Short-Term Government Income's (JGT) Paid-in-surplus includes retained
realized long-term capital gains of $19,000,000,
net of federal corporate income taxes of $6,650,000.
</Table>
See accompanying notes to financial statements.
21
Statement of
OPERATIONS
<Table>
<Caption>
GLOBAL MULTI-CURRENCY
GOVERNMENT SHORT-TERM
ENHANCED GOVERNMENT
INCOME (JGG) INCOME (JGT)
------------ ----------------
FOR THE PERIOD
4/25/07
YEAR (COMMENCEMENT
ENDED OF OPERATIONS)
12/31/07 THROUGH 12/31/07
- -----------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 8,891,474 $ 37,698,817
- -----------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,560,689 5,039,739
Shareholders' servicing agent fees and expenses 126 199
Custodian's fees and expenses 118,204 844,501
Trustees' fees and expenses 2,453 15,423
Professional fees 16,961 58,065
Shareholders' reports - printing and mailing expenses 21,323 162,391
Stock exchange listing fees 9,685 --
Investor relations expense 19,508 160,662
Other expenses 4,324 8,774
- -----------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 1,753,273 6,289,754
Custodian fee credit (6,989) (27,380)
- -----------------------------------------------------------------------------------------------
Net expenses 1,746,284 6,262,374
- -----------------------------------------------------------------------------------------------
Net investment income 7,145,190 31,436,443
- -----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (net of federal corporate income taxes of $--
and $6,650,000 on long-term capital gains retained,
respectively) 291,397 3,649,739
Call options written -- 3,398,448
Call swaptions written 1,979,340 --
Foreign currencies 4,785,690 6,103,371
Forwards (4,698,702) 6,650,081
Swaps 1,266,000 --
Change in net unrealized appreciation (depreciation) of:
Investments 1,917,384 28,984,579
Call swaptions written (13,411) --
Foreign currencies 1,197 39,739
Forwards (549,423) (96,405)
Swaps (5,484,020) --
- -----------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (504,548) 48,729,552
- -----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ 6,640,642 $ 80,165,995
- -----------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements.
22
Statement of
CHANGES in NET ASSETS
<Table>
<Caption>
MULTI-CURRENCY
SHORT-TERM
GLOBAL GOVERNMENT GOVERNMENT
ENHANCED INCOME (JGG) INCOME (JGT)
---------------------------------------- --------------------
FOR THE PERIOD FOR THE PERIOD
6/27/06 4/25/07
YEAR (COMMENCEMENT (COMMENCEMENT
ENDED OF OPERATIONS) OF OPERATIONS)
12/31/07 THROUGH 12/31/06 THROUGH 12/31/07
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,145,190 $ 3,491,725 $ 31,436,443
Net realized gain (loss) from:
Investments (net of federal corporate income taxes of $--
and $6,650,000 on long-term
capital gains retained, respectively) 291,397 (1,262) 3,649,739
Call options written -- -- 3,398,448
Call swaptions written 1,979,340 (670,616) --
Foreign currencies 4,785,690 206,698 6,103,371
Forwards (4,698,702) 117,750 6,650,081
Swaps 1,266,000 708,315 --
Change in net unrealized appreciation (depreciation) of:
Investments 1,917,384 1,392,796 28,984,579
Call swaptions written (13,411) 238,677 --
Foreign currencies 1,197 25,347 39,739
Forwards (549,423) (5,490) (96,405)
Swaps (5,484,020) 4,651,411 --
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 6,640,642 10,155,351 80,165,995
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (11,255,340) (6,251,758) (36,390,648)
From accumulated net realized gains (91,105) -- (33,203,731)
Tax return of capital (3,742,116) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from distributions to
shareholders (15,088,561) (6,251,758) (69,594,379)
- ---------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares, net of offering costs -- 176,305,000 845,012,698
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 1,156,983 284,466 3,148,643
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share
transactions 1,156,983 176,589,466 848,161,341
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (7,290,936) 180,493,059 858,732,957
Net assets at the beginning of period 180,593,143 100,084 100,084
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $173,302,207 $ 180,593,143 $ 858,833,041
=================================================================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ (2,869,640) $ (482,706) $ (23,268,098)
=================================================================================================================================
</Table>
See accompanying notes to financial statements.
23
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding New York
Stock Exchange symbols are Nuveen Global Government Enhanced Income Fund (JGG)
and Nuveen Multi-Currency Short-Term Government Income Fund (JGT). The Funds are
registered under the Investment Company Act of 1940, as amended, as
non-diversified, closed-end management investment companies. Global Government
Enhanced Income (JGG) and Multi-Currency Short-Term Government Income (JGT) were
organized as Massachusetts business trusts on April 13, 2006 and February 14,
2007, respectively.
Prior to the commencement of operations, each Fund had no operations other than
those related to organizational matters, the initial capital contribution of
$100,084 per Fund by Nuveen Asset Management (the "Adviser"), a wholly owned
subsidiary of Nuveen Investments, Inc. ("Nuveen"), the recording of the
organization expenses ($10,000 for Global Government Enhanced Income (JGG) and
$11,000 for Multi-Currency Short-Term Government Income (JGT)) and their
reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of
Nuveen.
Global Government Enhanced Income's (JGG) primary investment objective is to
provide a high level of current income and gains. The Fund's secondary
investment objective is to seek capital preservation. The Fund intends to pursue
its investment objectives primarily by investing in global government debt
securities directly, or indirectly by investing in debt related derivative
instruments. In addition, the Fund will employ an option strategy and a currency
strategy.
Multi-Currency Short-Term Government Income's (JGT) primary investment objective
is to provide an attractive level of current income and total return. The Fund
seeks to achieve its investment objective by investing directly in short-term
international (non-U.S.) government securities and indirectly in short-term
international (non-U.S.) government securities through the purchase of forward
currency contracts and other derivative instruments relating to such short-term
international government securities.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Investment Valuation
The prices of fixed-income securities, short-term international (non-U.S.)
government securities and derivative instruments are generally provided by an
independent pricing service approved by each 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
Funds, 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. Investments initially valued in currencies other than the
U.S. dollar are converted to the U.S. dollar using exchange rates obtained from
pricing services. As a result, the NAV of the Fund's shares may be affected by
changes in the value of currencies in relation to the U.S. dollar. The value of
securities traded in markets outside the United States or denominated in
currencies other than the U.S. dollar may be affected significantly on a day
that the NYSE is closed and an investor is not able to purchase, redeem or
exchange shares. If the pricing service is unable to supply a price for a
fixed-income or derivative instrument the Funds may use market quotes provided
by major broker/dealers 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 Funds, or its designee, may
establish fair value in accordance with procedures established in good faith by
the Board of Trustees. Short-term U.S. government securities 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 Funds have 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 Funds had no such outstanding purchase commitments.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
24
Federal Income Taxes
Each Fund is a separate tax payer for federal income tax purposes. Each Fund
intends to comply with the requirements of Subchapter M of the Internal Revenue
Code applicable to regulated investment companies. Each Fund intends to
distribute substantially all of its investment company taxable income to
shareholders. In any year when the Funds realize net capital gains, the Funds
may choose to distribute all or a portion of their net capital gains to
shareholders, or alternatively, to retain all or a portion of their net capital
gains and pay federal corporate income taxes on such retained gains. During the
tax year ended December 31, 2007, Multi-Currency Short-Term Government Income
(JGT) retained $19,000,000 of realized long-term capital gains and accrued a
provision for federal corporate income taxes of $6,650,000 the net of which has
been reclassified to Paid-in surplus. Global Government Enhanced Income (JGG)
did not elect to retain realized long-term capital gains during the tax years
ended December 31, 2007 and December 31, 2006.
Effective June 29, 2007, the Funds 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 be
taken in the course of preparing the Funds' 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 Funds 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 Funds have no
examinations in progress.
For all open tax years and all major taxing jurisdictions through the end of the
reporting period, management of the Funds has reviewed all tax positions taken
or expected to be taken in the preparation of the Funds' tax returns and
concluded the adoption of FIN 48 resulted in no impact to the Funds' net assets
or results of operations as of and during the fiscal year ended December 31,
2007.
The Funds are 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 income tax
regulations, which may differ from accounting principles generally accepted in
the United States.
Each Fund intends to make quarterly cash distributions to shareholders of a
stated dollar amount per share. Subject to approval and oversight by each Fund's
Board of Trustees, each Fund seeks to maintain a stable distribution level
designed to deliver the long-term return potential of each Fund's investment
strategy through regular quarterly distributions (a "Managed Distribution
Program"). Total distributions during a calendar year generally will be made
from each Fund's net investment income, net realized capital gains and net
unrealized capital gains in the Fund's portfolio, if any. The portion of
distributions paid 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 a 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 a Fund's total return on net asset value exceeds total
distributions during a calendar year, the excess will be reflected as an
increase in net asset value per share. The final determination of the source and
character of all distributions for the fiscal year are made after the end of the
fiscal year and reflected in the accompanying financial statements.
Organization and Offering Costs
Nuveen Investments, LLC has agreed to reimburse all organization expenses
(approximately $10,000 for Global Government Enhanced Income (JGG) and $11,000
for Multi-Currency Short-Term Government Income (JGT)) and pay all offering
costs (other than the sales load) that exceed $.04 per share for each of the
Funds. Global Government Enhanced Income's (JGG) and Multi-Currency Short-Term
Government Income's (JGT) share of offering costs ($370,000 and $1,117,302,
respectively) were recorded as reductions of the proceeds from the sales of
shares.
Foreign Currency Transactions
The Funds are authorized to engage in foreign currency exchange transactions,
including foreign currency forward, options and futures contracts. To the extent
that a Fund invests in securities and/or contracts that are denominated in a
currency other than U.S. dollars, the Funds will be subject to currency risk,
which is the risk that an increase in the U.S. dollar relative to the foreign
currency will reduce returns or portfolio value. Generally, when the U.S. dollar
rises in value against a foreign currency, the Funds'
25
Notes to
FINANCIAL STATEMENTS (continued)
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 net unrealized appreciation (depreciation) of foreign currencies" on
the Statement of Operations.
The books and records of the Funds are maintained in U.S. dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at 4:00 p.m. Eastern time. Investments and income and expenses are
translated on the respective dates of such transactions. Net realized foreign
currency gains and losses resulting from changes in exchange rates include
foreign currency gains and losses between trade date and settlement date of the
transactions, foreign currency transactions, and the difference between the
amounts of interest and dividends recorded on the books of a Funds and the
amounts actually received.
Interest Rate Swap Transactions
The Funds are authorized to enter into interest rate swap contracts consistent
with their investment objectives and policies to obtain a desired return at a
lower cost than if the Funds had invested directly in the asset that yielded the
desired return. In connection with these contracts, securities in the Funds'
portfolios may be identified as collateral in accordance with the terms of the
respective swap contract. Interest rate swap contracts involve the exchange by a
Fund with another party of their respective commitments to pay or receive
interest, (i.e., an exchange of floating rate payments for fixed rate payments
with respect to a specified notional amount of principal).
Interest rate swap contracts are valued daily. The Funds accrue daily the
periodic payments expected to be paid and received on each interest rate swap
contract and recognizes in unrealized gain (loss) the daily changes in the
market value of the Funds' contractual rights and obligations under the
contracts. Unrealized gains are reported as an asset and unrealized losses are
reported as a liability on the Statement of Assets and Liabilities. Income
received or paid by the Funds on an interest rate swap contract is reported as a
realized gain or loss on the Statement of Operations. For tax purposes, periodic
payments are treated as ordinary income or expense. Additionally, realized gains
or losses are recorded upon the termination of a interest rate swap contract and
are equal to the difference between the Funds' basis in the interest rate swap
and the proceeds from (or cost of) the closing transaction. The amount of
payment obligation is based on the notional amount of the interest rate swap
contract.
Entering into interest rate swap contracts involves, to varying degrees,
elements of credit, market and documentation risk in excess of the amounts
recognized on the Statements of Assets and Liabilities. Such risks involve the
possibility that there will be no liquid market for these contracts, that there
may be unfavorable changes in interest rates, and default by the counterparty on
its obligation to perform or disagree as to the meaning of the contractual terms
in the contracts. If there is a default by the counterparty to an interest rate
swap contract, the Fund will be limited to contractual remedies pursuant to the
contracts related to the transaction. There is no assurance that the
counterparty to an interest rate swap will be able to meet their obligations
pursuant to the swap contracts or that, in the event of default, a Fund will
succeed in pursuing contractual remedies. A Fund thus assumes the risk that it
may be delayed in, or prevented from, obtaining payments owed to it pursuant to
the interest rate swap contracts. The Funds help manage the credit risks
associated with interest rate swap transactions by entering into agreements only
with counterparties the Adviser believes have the financial resources to honor
their obligations and by having the Adviser continually monitor the financial
stability of the swap counterparties. Multi-Currency Short-Term Government
Income (JGT) did not enter into any interest rate swap transactions during the
period April 25, 2007 (commencement of operations) through December 31, 2007.
Options Transactions
Each Fund is authorized to purchase put options and write (sell) call options on
securities, swaps or currencies. The purchase of put options involves the risk
of loss of all or a part of the cash paid for the options. Put options purchased
are accounted for in the same manner as portfolio securities. The risk
associated with purchasing put options is limited to the premium paid. When a
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 a
Fund enters into a closing purchase transaction. When a call option expires or a
Fund enters into a closing purchase transaction, the difference between the net
premium received and any amount paid at expiration or on 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 a writer
of a call option, bears the risk of an unfavorable change in the market value of
the security, swap or currency underlying the written option. There is the risk
a Fund may not be able to enter into a closing
26
TRANSACTION BECAUSE OF AN ILLIQUID MARKET. MULTI-CURRENCY SHORT-TERM GOVERNMENT
INCOME (JGT) DID NOT ENTER INTO ANY OPTION TRANSACTIONS DURING THE PERIOD APRIL
25, 2007 (COMMENCEMENT OF OPERATIONS) THROUGH DECEMBER 31, 2007.
Forward Foreign Currency Exchange Contracts
Each Fund is authorized to enter into forward foreign currency exchange
contracts under two circumstances: (i) when a Fund enters into a contract for
the purchase or sale of a security denominated in a foreign currency to "lock
in" the U.S. exchange rate of the transaction, with such period being a
short-dated contract covering the period between transaction date and settlement
date; or (ii) when the Adviser believes that the currency of a particular
foreign country may experience a substantial movement against the U.S. dollar or
against another foreign currency. Forward foreign currency contracts are valued
daily at the forward rate. The change in market value is recorded as an
unrealized gain or loss by a Fund. When the contract is closed or offset with
the same counterparty, a Fund records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed or offset.
Forward foreign currency contracts will generally not be entered into for terms
greater than three months. The use of forward foreign currency contracts does
not eliminate fluctuations in the underlying prices of a Fund's investment
securities; however, it does establish a rate of exchange that can be achieved
in the future. The use of forward foreign currency contracts involves the risk
that anticipated currency movements will not be accurately predicted. A forward
foreign currency contract would limit the risk of loss due to a decline in the
value of a particular currency; however, it also would limit any potential gain
that might result should the value of the currency increase instead of decrease.
These contracts may involve market risk in excess of the unrealized gain or loss
reflected in the Statements of Assets and Liabilities. In addition, the Funds
could be exposed to risks if counterparties to the contracts are unable to meet
the terms of their contracts. The counterparty risk exposure is, therefore,
closely monitored and contracts are only executed with high credit quality
financial institutions.
Repurchase Agreements
In connection with transactions in repurchase agreements, it is the Funds'
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
Each 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 changers for any days on
which the Funds overdraw their account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, its Officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, in the normal course of business, the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and 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.
27
Notes to
FINANCIAL STATEMENTS (continued)
2. FUND SHARES
Transactions in Fund shares were as follows:
<Table>
<Caption>
MULTI-CURRENCY
SHORT-TERM
GOVERNMENT
GLOBAL GOVERNMENT ENHANCED INCOME
INCOME (JGG) (JGT)
-------------------------------------- ----------------
FOR THE PERIOD FOR THE PERIOD
6/27/06 4/25/07
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED OF OPERATIONS) OF OPERATIONS)
12/31/07 THROUGH 12/31/06 THROUGH 12/31/07
- -----------------------------------------------------------------------------------------------------------------------------
Shares sold -- 9,250,000 44,300,000
Shares issued to shareholders due to reinvestment of
distributions 60,808 14,562 162,553
- -----------------------------------------------------------------------------------------------------------------------------
60,808 9,264,562 44,462,553
- -----------------------------------------------------------------------------------------------------------------------------
</Table>
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding put swaptions purchased,
call swaptions written, short-term investments and derivative transactions) for
the fiscal year ended December 31, 2007, were as follows:
<Table>
<Caption>
GLOBAL MULTI-CURRENCY
GOVERNMENT SHORT-TERM
ENHANCED GOVERNMENT
INCOME INCOME
(JGG) (JGT)*
- --------------------------------------------------------------------------------------------------
Purchases:
Investment securities $ 62,414,824 $813,609,672
U.S. Government and agency obligations 179,364,712 753,838,296
Sales and maturities:
Investment securities 66,050,057 561,251,171
U.S. Government and agency obligations 129,545,275 615,452,345
- --------------------------------------------------------------------------------------------------
</Table>
* For the period April 25, 2007 (commencement of operations) through December
31, 2007.
Transactions in call swaptions written for Global Government Enhanced Income
(JGG) for the fiscal year ended December 31, 2007, were as follows:
<Table>
<Caption>
GLOBAL GOVERNMENT ENHANCED
INCOME (JGG)
---------------------------------
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
- ---------------------------------------------------------------------------------------------------
Outstanding, beginning of year 2,656,000,000 $ 440,905
Call swaptions written 7,777,100,000 4,164,231
Call swaptions terminated in closing purchase transactions (2,050,400,000) (1,611,769)
Call swaptions expired (6,031,000,000) (2,557,712)
Call swaptions exercised (98,000,000) (67,382)
- ---------------------------------------------------------------------------------------------------
Outstanding, end of year 2,253,700,000 $ 368,273
- ---------------------------------------------------------------------------------------------------
</Table>
Transactions in call options written for Multi-Currency Short-Term Government
Income (JGT) for the period April 25, 2007 (commencement of operations) through
ended December 31, 2007, were as follows:
<Table>
<Caption>
MULTI-CURRENCY SHORT-TERM
GOVERNMENT INCOME (JGT)
---------------------------------
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
- ---------------------------------------------------------------------------------------------------
Outstanding, beginning of year -- $ --
Call options written 613,000,000 5,236,509
Call options terminated in closing purchase transactions (125,000,000) (2,313,750)
Call options expired (488,000,000) (2,922,759)
- ---------------------------------------------------------------------------------------------------
Outstanding, end of year -- $ --
- ---------------------------------------------------------------------------------------------------
</Table>
28
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 amortization of premium, the recognition of unrealized gain or
loss for tax (mark-to-market) for certain foreign currency contracts, and timing
differences in recognizing certain gains and losses on investment transactions.
To the extent that differences arise that are permanent in nature, such amounts
are reclassified within the capital accounts 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 values of the Funds.
At December 31, 2007, the cost of investments (including put swaptions
purchased, but excluding call swaptions written) was as follows:
<Table>
<Caption>
GLOBAL MULTI-CURRENCY
GOVERNMENT SHORT-TERM
ENHANCED GOVERNMENT
INCOME INCOME
(JGG) (JGT)
- --------------------------------------------------------------------------------------------------------
Cost of investments $170,711,307 $835,661,098
- --------------------------------------------------------------------------------------------------------
</Table>
Gross unrealized appreciation and gross unrealized depreciation of investments
(including put swaptions purchased, but excluding call swaptions written) at
December 31, 2007, were as follows:
<Table>
<Caption>
GLOBAL MULTI-CURRENCY
GOVERNMENT SHORT-TERM
ENHANCED GOVERNMENT
INCOME INCOME
(JGG) (JGT)
- --------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $3,319,270 $31,115,056
Depreciation (29,456) (2,401,548)
- --------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $3,289,814 $28,713,508
- --------------------------------------------------------------------------------------------------------
</Table>
The tax components of undistributed net ordinary income and net long-term
capital gains at December 31, 2007, the Funds' tax year end, were as follows:
<Table>
<Caption>
GLOBAL MULTI-CURRENCY
GOVERNMENT SHORT-TERM
ENHANCED GOVERNMENT
INCOME INCOME
(JGG) (JGT)
- --------------------------------------------------------------------------------------------------------
Undistributed net ordinary income * $ -- $ --
Undistributed net long-term capital gains -- 1,027,862
- --------------------------------------------------------------------------------------------------------
</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 Funds' tax year ended
December 31, 2007, was designated for purposes of the dividends paid deduction
as follows:
<Table>
<Caption>
GLOBAL MULTI-CURRENCY
GOVERNMENT SHORT-TERM
ENHANCED GOVERNMENT
INCOME INCOME
(JGG) (JGT)*
- --------------------------------------------------------------------------------------------------------
Distributions from net ordinary income ** $11,346,445 $66,167,565
Distributions from net long-term capital gains*** -- 3,426,814
Tax return of capital 3,742,116 --
- --------------------------------------------------------------------------------------------------------
</Table>
* For the period April 25, 2007 (commencement of operations) through December
31, 2007.
** Net ordinary income consists of net taxable income derived from dividends,
interest, and net short-term capital gains, if any.
*** The Funds hereby designate these amounts paid during the fiscal year ended
December 31, 2007, as long-term capital gain dividends pursuant to Internal
Revenue Code Section 852(b)(3).
29
Notes to
FINANCIAL STATEMENTS (continued)
The tax character of Global Government Enhanced Income's (JGG) distributions
paid during the period June 27, 2006 (commencement of operations) through
December 31, 2006, was designated for purposes of the dividends paid deduction
as follows:
<Table>
<Caption>
GLOBAL
GOVERNMENT
ENHANCED
INCOME
(JGG)
- ----------------------------------------------------------------------------------
Distributions from net ordinary income * $6,251,758
Distributions from 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 Funds have elected to defer net realized losses from investments incurred
from November 1, 2007 through December 31, 2007, the Funds' tax year end,
("post-October losses") in accordance with federal income tax regulations.
Post-October losses are treated as having arisen on the first day of the
following fiscal year:
<Table>
<Caption>
GLOBAL MULTI-CURRENCY
GOVERNMENT SHORT-TERM
ENHANCED GOVERNMENT
INCOME INCOME
(JGG) (JGT)
- --------------------------------------------------------------------------------------------------------
Post-October Capital Losses $423,168 $10,680,565
Post-October Currency Losses 654,593 --
- --------------------------------------------------------------------------------------------------------
</Table>
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each 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 each individual 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, for each Fund is based upon the
average daily Managed Assets of each Fund as follows:
<Table>
<Caption>
AVERAGE DAILY MANAGED ASSETS FUND-LEVEL FEE RATE
- -----------------------------------------------------------------------------------------------------------------
For the first $500 million .7000%
For the next $500 million .6750
For the next $500 million .6500
For the next $500 million .6250
For Managed Assets over $2 billion .6000
- -----------------------------------------------------------------------------------------------------------------
</Table>
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>
30
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 Funds 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 Funds from the Adviser or its affiliates. The Board of Trustees has
adopted a deferred compensation plan for independent Trustees that enables
Trustees to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised funds.
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 each Fund and the Adviser, and resulted in the automatic
termination of each Fund's agreement. The Board of Trustees of each Fund
considered and approved a new investment management agreement with the Adviser
on the same terms as the previous agreements. The new ongoing investment
management agreement was approved by the shareholders of each Fund and took
effect on November 13, 2007, for Global Government Enhanced Income (JGG) and
November 30, 2007, for Multi-Currency Short-Term Government Income (JGT).
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 each Fund. Certain conflicts
of interest may arise as a result of such indirect affiliation. For example, the
Funds are 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 Funds to pursue their investment
objectives and policies.
31
Notes to
FINANCIAL STATEMENTS (continued)
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.
32
Financial
HIGHLIGHTS
33
Financial
HIGHLIGHTS
Selected data for a share outstanding throughout each period:
<Table>
<Caption>
Investment Operations
--------------------------------
Net
Realized/
Beginning Net Unrealized
Net Asset Investment Gain
Value Income(a) (Loss)(b) Total
- -------------------------------------------------------------------------------------------
GLOBAL GOVERNMENT ENHANCED INCOME (JGG)
- -------------------------------------------------------------------------------------------
Year Ended:
2007 $19.48 $.77 $ (.06) $ 0.71
2006(c) 19.10 .38 .72 1.10
MULTI-CURRENCY SHORT-TERM GOVERNMENT INCOME (JGT)
- -------------------------------------------------------------------------------------------
Year Ended:
2007(d) 19.10 .72 1.09 1.81
- -------------------------------------------------------------------------------------------
<Caption>
Less Distributions
-------------------------------------------
Net
Investment Capital Tax Return
Income Gains of Capital Total
- ------------------------------------------------------------------------------------------
GLOBAL GOVERNMENT ENHANCED INCOME (JGG)
- -------------------------------------------------------------------------------------------
Year Ended:
2007 $(1.21) $(0.01) $ (.40) $(1.62)
2006(c) (.68) -- -- (.68)
MULTI-CURRENCY SHORT-TERM GOVERNMENT INCOME (JGT)
- -------------------------------------------------------------------------------------------
Year Ended:
2007(d) (0.82) (0.75) -- (1.57)
- -------------------------------------------------------------------------------------------
<Caption>
Ending Ending
Offering Net Asset Market
Costs Value Value
- ------------------------------------------------------------------------------------------
GLOBAL GOVERNMENT ENHANCED INCOME (JGG)
- -------------------------------------------------------------------------------------------
Year Ended:
2007 $ -- $18.57 $16.36
2006(c) (.04) 19.48 20.40
MULTI-CURRENCY SHORT-TERM GOVERNMENT INCOME (JGT)
- -------------------------------------------------------------------------------------------
Year Ended:
2007(d) (.03) 19.31 $16.93
- -------------------------------------------------------------------------------------------
</Table>
34
<Table>
<Caption>
Ratios/Supplemental Data
----------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Total Returns Before Credit After Credit***
------------------- ----------------------------- -----------------------------
Based Based on
on Net Net Net Portfolio
Market Asset Ending Net Investment Investment Turnover
Value** Value** Assets (000) Expenses Income Expenses Income Rate
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
(12.27)% 3.84% $173,302 .99% 4.04% .99% 4.04% 302%
5.55 5.56 180,593 1.07* 3.79* 1.06* 3.79* --
- -------------------------------------------------------------------------------------------------------------------
(7.75)% 9.47% 858,833 1.07* 5.40* 1.07* 5.40* 205%
- -------------------------------------------------------------------------------------------------------------------
</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 divided income at net asset value and reinvested
capital gains distributions at net asset value, if any. The last dividend
declared in the period, which is typically paid on the first business day
of the following month, is assumed to be reinvested at the ending net
asset value. The actual reinvest price for the last dividend declared in
the period may often be based on the Fund's market price (and not its net
asset value), and therefore may be different from the price used in the
calculation. Total returns are not annualized.
- Multi-Currency Short-Term Government Income (JGT) 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
----------------------------------------------------------------------------------
MULTI-CURRENCY SHORT-TERM GOVERNMENT INCOME (JGT)
Tax Year Ended 12/31:
2007 December 31 (6.97)% 10.29%
</Table>
*** After custodian fee credit, where applicable.
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) Net of federal corporate income taxes on long-term capital gains retained
by Multi-Currency Short-Term Government Income (JGT) of $0.15 per share
for the period April 25, 2007 (commencement of operations) through
December 31, 2007.
(c) For the period June 27, 2006 (commencement of operations) through December
31, 2006.
(d) For the period April 25, 2007 (commencement of operations) through
December 31, 2007.
See accompanying notes to financial statements.
35
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>
36
<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).
</Table>
37
<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:
- - GIFFORD R. ZIMMERMAN
9/9/56 Chief Managing Director (since
333 W. Wacker Drive Administrative 1988 2002), Assistant
Chicago, IL 60606 Officer Secretary 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.
- - 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.
</Table>
38
<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):
- - 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.
- - 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).
</Table>
39
<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):
- - 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.
- - 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.
40
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.
41
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.
42
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.
43
NOTES
44
NOTES
45
NOTES
46
OTHER USEFUL INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds 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 Funds 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
Each 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.
Each 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.
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
Each Fund intends to repurchase shares of its own 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.
Distribution Information
Nuveen Global Government Enhanced Income Fund (JGG) and Nuveen Multi-Currency
Short-Term Government Income Fund (JGT) hereby designate 41.29% and 59.20%,
respectively, of ordinary dividends paid as interest-related dividends under
section 871(k) of the Internal Revenue Code. Further, JGT hereby designates
45.40% of ordinary dividends paid as short-term capital gain dividends under
section 871(k) of the Internal Revenue Code.
47
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-G-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 Government Enhanced Income 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
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 $25,199 $0 $0 $0
------- --- --- ---
Percentage approved pursuant to
pre-approval exception 0% 0% 0% 0%
------- --- --- ---
December 31, 2006 $29,200 $0 $0 $0
------- --- --- ---
Percentage approved pursuant to
pre-approval exception 0% 0% 0% 0%
------- --- --- ---
(1) "Audit Fees" are the aggregate fees billed for professional services for
the audit of the Fund's annual financial statements and services provided
in connection with statutory and regulatory filings or engagements.
(2) "Audit Related Fees" are the aggregate fees billed for assurance and
related services reasonably related to the performance of the audit or
review of financial statements 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.
AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
FISCAL YEAR ENDED SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS
- ----------------- --------------------- ------------------ -------------------
December 31, 2007 $0 $0 $0
--- --- ---
Percentage approved pursuant to
pre-approval exception 0% 0% 0%
--- --- ---
December 31, 2006 $0 $0 $0
--- --- ---
Percentage approved pursuant to
pre-approval exception 0% 0% 0%
--- --- ---
NON-AUDIT SERVICES
The following table shows the amount of fees that PricewaterhouseCoopers 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.
Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service Total Non-Audit Fees
Providers (engagements billed to Adviser and
related directly to the Affiliated Fund Service
Total Non-Audit Fees operations and financial Providers (all other
Fiscal Year Ended Billed to Fund reporting of the Fund) engagements) Total
- ----------------- -------------------- ------------------------ ----------------------- -----
December 31, 2007 $0 $0 $0 $0
December 31, 2006 $0 $0 $0 $0
"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 registrant invests its assets primarily in fixed income securities and cash
management securities. In the rare event that a fixed income issuer were to
issue a proxy or that the registrant were to receive a proxy issued by a cash
management security, NAM would either engage an independent third party to
determine how the proxy should be voted or vote the proxy with the consent, or
based on the instructions, of the registrant's Board of Trustees or its
representative. A member of NAM's legal department would oversee the
administration of the voting, and ensure that records were maintained in
accordance with Rule 206(4)-6, reports were filed with the SEC on Form N-PX, and
the results provided to the registrant's Board of Trustees and made available to
shareholders as required by applicable rules.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Asset Management (NAM) is the registrant's investment adviser. (NAM is
also referred to as the "Adviser".) NAM, as Adviser, provides discretionary
investment advisory services. NAM is responsible for the selection and on-going
monitoring of the Fund's investment portfolio, managing the Fund's business
affairs and providing certain clerical, bookkeeping and administrative services.
The following section provides information on the portfolio managers at the
Adviser:
Item 8 (a)(1). PORTFOLIO MANAGER BIOGRAPHIES
Andrew J. Stenwall leads NAM's Taxable Fixed Income Team and is responsible for
developing and administering the portfolio strategy of the team. Mr. Stenwall
has been a Managing Director of NAM since August 2004. Prior to joining NAM, Mr.
Stenwall served as the Fixed Income Chief Investment Officer for Banc of America
Capital Management ("BACAP") from 2002 through 2004, prior to which he was a
Managing Director in charge of BACAP's taxable fixed income management and the
leader of its structured products team. Mr. Stenwall joined BACAP in June of
1997.
Saied Simozar, Ph.D., is the Managing Director-Global Interest Rate Strategies
of NAM's Taxable Fixed Income Team (since December 2004), and he is responsible
for managing all active interest-rate and currency positions across all taxable
fixed-income portfolios. From October 2001 to October 2004, Dr. Simozar was the
Managing Director of Global Interest Rate Strategies for BACAP where he was
responsible for managing all non-U.S. interest rate positions and emerging
market investments. From March 1998 to May 2001, he was a senior portfolio
manager for Putnam Investments.
Ben Emons, Analyst & Portfolio Manager, Mr. Emons specializes in International
Fixed Income and FX and is part of the fund management team under Saied Simozar.
He was born and raised in the Netherlands and worked for ABN AMRO in Amsterdam
and London for most of his European career where he developed extensive
experience in global fixed income research and trading. After coming to the
United States in 2003, Mr. Emons worked for IndyMac Bank in Pasadena,
California, where he established an institutional broker/dealer operation
specializing in Structured Products. A member of the investment community since
1994, Mr. Emons obtained a Masters degree in International Finance and Monetary
Economics & Derivatives from the University of Amsterdam.
Steve Lee, FX Trading & Portfolio Manager, is responsible for FX and Derivative
trading and is a member of the fund management team under Saied Simozar. He was
born in South Korea and moved to the United States when he was thirteen. He has
been active in Global Macro strategies and FX trading since 1995. Most recently,
he was a Senior Vice President and FX Trader with HSBC Bank USA. He began his
career with Deutsche Bank on their Forward Currency desk and also worked as a
portfolio manager at Vega Asset Management and Tribeca Global Investments in New
York. He obtained his Bachelor of Arts, Economics and Mathematics from Yale
University and his MBA in Finance from New York University, Stern School of
Business.
ITEM 8 (a)(2). OTHER ACCOUNTS MANAGED
In addition to their responsibilities for the management of the Fund, the team
listed above is primarily responsible for the day-to-day portfolio management of
the following accounts:
Portfolio Number of
Manager Type of Account Managed Accounts Assets*
- -------------------------------------------------------------------------------
Andrew J. Stenwall Registered
Investment 3 $1.127 billion
Company
Other Pooled 0 0
Investment Vehicles
Other Accounts 4079 661.2 million
Saied Simozar Registered
Investment 3 $1.127 billion
Company
Other Pooled 0 0
Investment Vehicles
Other Accounts 4078 658.8 million
Ben Emons Registered
Investment 4 $1.055 billion
Company
Other Pooled 0 0
Investment Vehicles
Other Accounts 3 17.1 million
Steve Lee Registered
Investment 4 $1.055 billion
Company
Other Pooled 0 0
Investment Vehicles
Other Accounts 3 17.1 million
- ----------
* Assets are as of December 31, 2007. None of the assets are subject to an
advisory fee based on performance.
Material Conflicts of Interest. NAM's Taxable Fixed Income Team's simultaneous
management of the Fund and the other registered investment companies and other
accounts noted above may present actual or apparent conflicts of interest with
respect to the allocation and aggregation of securities and orders placed on
behalf of the Fund. NAM has adopted several policies that address such potential
conflicts of interest, including best execution and trade allocation policies
that are designed to ensure (1) that portfolio management is seeking the best
price for portfolio trades under the circumstances, (2) fair and equitable
allocation of investment opportunities among accounts over time, and (3)
compliance with applicable regulatory requirements. All accounts are to be
treated in a non-preferential manner, such that allocations are not based upon
account performance, fee structure or preference of the portfolio manager. In
addition, NAM has adopted a Code of Conduct that sets forth policies regarding
conflicts of interest.
ITEM 8 (a)(3). FUND MANAGER COMPENSATION
Salary and Cash Bonus. In addition to a salary and other guaranteed
compensation, each member of the investment team is eligible to receive an
annual cash bonus. The level of these bonuses and year to year changes to base
compensation are based upon evaluations and determinations made by Mr. Stenwall
for all team members reporting to him, and for all team members, including Mr.
Stenwall, upon evaluations and determinations made by the CEO and President of
Nuveen Investments. These reviews and evaluations take into account a number of
factors, including the effectiveness of the team's investment strategies, the
performance of the accounts for which the team serves as portfolio management
relative to any benchmarks established for the accounts (which for the Fund will
be the Fund's ability to meet the Fund's investment objectives, the team's and
the individual's effectiveness in communicating investment performance to
shareholders and their representatives, the team's and the individual's
contribution to NAM's investment process and execution of investment strategies,
and the team's overall assets under management. The cash bonus component is also
impacted by the overall performance of Nuveen Investments in achieving its
business objectives.
Long-Term Incentive Compensation. Each member of the investment team is eligible
to receive bonus compensation in the form of equity-based awards comprised of
securities issued by Nuveen Investments or options thereon, and/or other forms
of long-term deferred compensation. The amount of such compensation is dependent
upon the same factors articulated for cash bonus awards but also takes into
account the individual's long-term potential with the firm.
ITEM 8 (a)(4). OWNERSHIP OF JGG SECURITIES AS OF DECEMBER 31, 2007.
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
- ------------------------------------------------------------------------------------------------------------
Stenwall X
Simozar X
Lee X
Emons X
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
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 Government Enhanced Income 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.