Edgar Filing: NUVEEN DIVERSIFIED DIVIDEND & INCOME FUND

nvq

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21407

Nuveen Diversified Dividend and Income Fund

(Exact name of registrant as specified in charter)

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

Kevin J. McCarthy—Vice President and Secretary
333 West Wacker Drive, Chicago, Illinois 60606
(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 3/31/2011

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments

Portfolio of Investments (Unaudited)

Nuveen Diversified Dividend and Income Fund (JDD)
March 31, 2011


Shares			Description (1)							Value


			Common Stocks – 33.4% (24.8% of Total Investments)


			Aerospace & Defense – 1.5%

	20,800		Lockheed Martin Corporation							$	1,672,320
	40,500		Raytheon Company								2,060,235

			Total Aerospace & Defense								3,732,555


			Automobiles – 0.8%

	63,300		General Motors Company, (2)								1,964,199


			Biotechnology – 0.5%

	24,500		Amgen Inc., (2)								1,309,525


			Building Products – 0.5%

	35,400		Masonite Worldwide Holdings, (2), (17)								1,345,200


			Commercial Banks – 0.6%

	50,100		Wells Fargo & Company								1,588,170


			Commercial Services & Supplies – 1.1%

	103,600		Pitney Bowes Inc.								2,661,484


			Communications Equipment – 1.8%

	100,600		Motorola Mobility Holdings Inc., (2), (11)								2,454,640
	47,428		Motorola Solutions Inc., (2)								2,119,557

			Total Communications Equipment								4,574,197


			Computers & Peripherals – 0.6%

	36,000		Hewlett-Packard Company, (11)								1,474,920


			Containers & Packaging – 0.4%

	32,200		Packaging Corp. of America								930,258


			Diversified Financial Services – 0.9%

	510,100		Citigroup Inc.								2,254,642


			Diversified Telecommunication Services – 0.7%

	220,702		Frontier Communications Corporation, (11)								1,814,170


			Food & Staples Retailing – 0.7%

	40,000		CVS Caremark Corporation								1,372,800
	19,400		Kroger Co.								465,018

			Total Food & Staples Retailing								1,837,818


			Industrial Conglomerates – 0.6%

	80,000		General Electric Company								1,604,000


			Insurance – 5.4%

	187,500		Genworth Financial Inc., Class A, (2)								2,523,750
	107,900		Hartford Financial Services Group, Inc.								2,905,747
	31,200		Loews Corporation								1,344,408
	61,800		MetLife, Inc., (11)								2,764,314
	128,200		Symetra Financial Corporation								1,743,520
	86,500		Unum Group								2,270,625

			Total Insurance								13,552,364


			Machinery – 0.7%

	37,600		Ingersoll Rand Company Limited, Class A								1,816,456


			Media – 1.5%

	17,337		Metro-Goldwyn-Mayer, (17)								392,973
	51,000		National CineMedia, Inc.								952,170
	70,300		Time Warner Inc.								2,509,710

			Total Media								3,854,853


			Metals & Mining – 2.9%

	56,200		AngloGold Ashanti Limited, Sponsored ADR								2,694,790
	57,100		Barrick Gold Corporation								2,964,061
	37,400		Nucor Corporation								1,721,148

			Total Metals & Mining								7,379,999


			Oil, Gas & Consumable Fuels – 2.7%

	27,000		Eni S.p.A., Sponsored ADR								1,326,510
	14,000		Exxon Mobil Corporation								1,177,820
	16,100		Occidental Petroleum Corporation								1,682,289

	41,000		Total S.A., Sponsored ADR								2,499,770

			Total Oil, Gas & Consumable Fuels								6,686,389


			Pharmaceuticals – 5.3%

	43,400		GlaxoSmithKline PLC, Sponsored ADR								1,666,994
	56,000		Merck & Company Inc.								1,848,560
	205,000		Pfizer Inc.								4,163,550
	114,200		Sanofi-Aventis, ADR								4,022,124
	29,700		Valeant Pharmaceuticals International								1,479,357

			Total Pharmaceuticals								13,180,585


			Professional Services – 0.3%

	25,700		Nielsen Holdings BV, (2)								701,867


			Software – 2.2%

	156,600		CA Inc.								3,786,588
	68,100		Microsoft Corporation								1,727,016

			Total Software								5,513,604


			Tobacco – 0.7%

	24,700		Philip Morris International								1,621,061


			Wireless Telecommunication Services – 1.0%

	85,000		Vodafone Group PLC, Sponsored ADR								2,443,750

			Total Common Stocks (cost $74,363,198)								83,842,066


Shares			Description (1)							Value


			Real Estate Investment Trust Common Stocks – 35.6% (26.4% of Total Investments)

			Diversified – 1.4%

	109,550		Liberty Property Trust							$	3,604,195


			Industrial – 3.2%

	120,900		AMB Property Corp.								4,348,773
	231,550		ProLogis								3,700,169

			Total Industrial								8,048,942


			Office – 7.3%

	43,250		Boston Properties, Inc.								4,102,262
	136,637		CommonWealth REIT								3,548,463
	105,450		Mack-Cali Realty Corporation								3,574,755
	171,300		Piedmont Office Realty Trust								3,324,933
	49,750		SL Green Realty Corporation								3,741,200

			Total Office								18,291,613


			Residential – 6.0%

	142,076		Apartment Investment & Management Company, Class A								3,618,676
	31,225		AvalonBay Communities, Inc.								3,749,498
	70,150		Equity Residential								3,957,161
	30,100		Essex Property Trust Inc.								3,732,400

			Total Residential								15,057,735


			Retail – 8.9%

	45,850		Federal Realty Investment Trust								3,739,526
	243,460		General Growth Properties Inc.								3,768,761
	73,441		Macerich Company								3,637,533
	83,250		Regency Centers Corporation								3,619,710
	35,085		Simon Property Group, Inc.								3,759,709
	148,200		Weingarten Realty Trust								3,713,892

			Total Retail								22,239,131


			Specialized – 8.8%

	97,550		HCP, Inc.								3,701,047
	70,850		Health Care REIT, Inc.								3,715,374
	196,792		Host Hotels & Resorts Inc.								3,465,507
	35,324		Public Storage, Inc.								3,917,785
	157,150		Senior Housing Properties Trust								3,620,736
	66,650		Ventas Inc.								3,619,095

			Total Specialized								22,039,544

			Total Real Estate Investment Trust Common Stocks (Cost $64,250,981)								89,281,160


Shares			Description (1)		Coupon			Ratings (3)		Value


			Capital Preferred Securities – 0.6% (0.5% of Total Investments)

			Food Products – 0.6%

	15		HJ Heinz Finance Company, 144A		8.000%				BB+	$	1,612,500

			Total Capital Preferred Securities (cost $1,310,000)								1,612,500


					Weighted
Principal					Average
Amount (000)			Description (1)		Coupon	Maturity (4)		Ratings (3)		Value


			Variable Rate Senior Loan Interests – 31.5% (23.4% of Total Investments) (5)

			Air Freight & Logistics – 0.2%

$	424		Transdigm, Inc., Term Loan		4.000%		6/30/17		Ba2	$	428,248


			Biotechnology – 0.4%

	900		Grifols, Term Loan, WI/DD		TBD		TBD		BB		907,684


			Building Products – 0.7%

	800		Armstrong World Industries, Inc., Term Loan B		4.000%		5/23/17		BB-		805,000
	995		Goodman Global Inc., Term Loan		5.750%		10/28/16		B+		1,002,382

	1,795		Total Building Products								1,807,382


			Chemicals – 0.9%

	1,352		Rockwood Specialties Group, Inc., Term Loan		3.750%		2/09/18		BBB-		1,364,367
	998		Univar, Inc., Term Loan		5.000%		6/30/17		B		1,002,666

	2,350		Total Chemicals								2,367,033


			Communications Equipment – 1.1%

	867		Intelsat, Term Loan		5.250%		4/02/18		BB-		873,503
	661		Avaya, Inc., Term Loan B3		4.811%		10/26/17		B1		641,036
	1,328		Avaya, Inc., Term Loan		3.061%		10/27/14		B1		1,297,889

	2,856		Total Communications Equipment								2,812,428


			Diversified Financial Services – 0.4%

	1,033		Pinafore LLC, Term Loan		4.250%		9/29/16		BB		1,038,788


			Electric Utilities – 0.8%

	1,930		TXU Corporation, Term Loan B2		3.783%		10/10/14		B2		1,629,126
	469		TXU Corporation, Term Loan B3		3.759%		10/10/14		B2		394,986

	2,399		Total Electric Utilities								2,024,112


			Electronic Equipment & Instruments – 0.4%

	1,000		NDS Group, Ltd., Term Loan		4.000%		3/10/18		Ba2		998,438


			Food & Staples Retailing – 0.8%

	1,990		U.S. Foodservice, Inc., Term Loan		2.753%		7/03/14		B2		1,933,152


			Food Products – 1.3%

	64		Darling International, Inc., Term Loan		5.141%		12/17/16		BB+		64,600
	1,700		Del Monte Foods Company, Term Loan		4.500%		3/08/18		Ba3		1,703,320
	1,378		Michael Foods Group, Inc., Term Loan		4.250%		2/25/18		B1		1,387,739

	3,142		Total Food Products								3,155,659


			Health Care Providers & Services – 4.1%

	1,273		Community Health Systems, Inc., Term Loan		2.561%		7/25/14		BB		1,260,496
	228		United Surgical Partners International, Inc., Delayed Term Loan		2.250%		4/21/14		Ba3		225,362
	1,208		United Surgical Partners International, Inc., Term Loan		2.279%		4/21/14		Ba3		1,192,645
	65		Community Health Systems, Inc., Delayed Term Loan		2.561%		7/25/14		BB		64,852
	142		Community Health Systems, Inc., Extended Term Loan		3.811%		1/25/17		BB		141,783
	1,995		DaVita, Inc., Tranche B, Term Loan		4.500%		10/20/16		BB		2,006,749
	917		Kindred Healthcare, Term Loan, WI/DD		TBD		TBD		Ba3		914,089
	962		MultiPlan, Inc., Term Loan B		4.750%		8/26/17		Ba3		966,226
	1,642		Rehabcare Group, Inc., Term Loan B		6.000%		11/24/15		BB		1,651,415
	1,841		Universal Health Services, Inc., Term Loan B		4.000%		11/15/16		BB+		1,850,640

	10,273		Total Health Care Providers & Services								10,274,257


			Hotels, Restaurants & Leisure – 4.9%

	1,985		24 Hour Fitness Worldwide, Inc., New Term Loan		6.750%		4/22/16		Ba3		1,967,135
	89		Travelport LLC, Letter of Credit		4.807%		8/21/15		Ba3		88,372
	445		Travelport LLC, Term Loan		4.963%		8/21/15		Ba3		440,425
	383		Venetian Casino Resort LLC, Delayed Term Loan		3.000%		11/23/16		BB-		374,068
	1,516		Venetian Casino Resort LLC, Tranche B, Term Loan		3.000%		11/23/16		BB-		1,480,560
	1,347		Burger King Corporation, Tranche B		4.500%		10/19/16		BB-		1,346,501
	1,431		Dunkin Brands, Inc., Term Loan B1		4.250%		11/23/17		B		1,439,604
	83		OSI Restaurant Partners LLC, Revolver		3.540%		6/14/13		B+		81,047
	860		OSI Restaurant Partners LLC, Term Loan		2.563%		6/14/14		B+		836,185
	1,075		Reynolds Group Holdings, Inc., US Term Loan		4.250%		2/09/18		BB		1,081,645
	2,177		Seaworld Parks and Entertainment, Inc., Term Loan B		4.000%		8/17/17		BB+		2,193,091
	1,050		Six Flags Theme Parks, Inc., Tranche B, Term Loan		5.250%		6/30/16		BB		1,060,238

	12,441		Total Hotels, Restaurants & Leisure								12,388,871


			Household Products – 0.4%

	998		Visant Corporation, Term Loan		5.250%		12/22/16		Ba3		997,874


			Independent Power Producers & Energy Traders – 0.6%

	750		KGEN LLC, Synthetic Letter of Credit		2.063%		2/05/14		BB-		748,125
	834		KGEN LLC, Term Loan B		2.000%		2/08/14		BB-		831,734

	1,584		Total Independent Power Producers & Energy Traders								1,579,859


			Insurance – 0.2%

	622		Fidelity National Information Services, Inc., Term Loan B		5.250%		7/18/16		BBB-		626,345


			IT Services – 1.5%

	1,864		First Data Corporation, Term Loan B1		3.002%		9/24/14		B+		1,788,464
	1,937		SunGard Data Systems, Inc., Term Loan B		2.008%		2/28/14		BB		1,926,675

	3,801		Total IT Services								3,715,139


			Leisure Equipment & Products – 0.9%

	2,383		Cedar Fair LP, Term Loan		4.000%		12/15/17		Ba2		2,397,492


			Machinery – 0.1%

	237		Manitowoc Company, Term Loan		8.000%		11/06/14		BB		239,302


			Media – 5.4%

	1,777		Emmis Operating Company, Term Loan		4.308%		11/01/13		Caa2		1,719,670
	33		Nielsen Finance LLC, Term Loan A		2.259%		8/09/13		Ba2		33,293
	469		Nielsen Finance LLC, Term Loan B		4.009%		5/02/16		BB		470,041
	548		Nielsen Finance LLC, Term Loan C		3.759%		5/02/16		Ba2		547,777
	975		Tribune Company, Term Loan B, (6), (7)		0.000%		6/04/14		Ca		681,891
	1,956		Univision Communications, Inc., Term Loan		4.496%		3/31/17		B		1,909,156
	1,000		UPC Broadband Holding BV, Term Loan N		3.761%		12/31/17		Ba3		1,002,083
	1,608		Yell Group PLC, Term Loan		3.996%		7/31/14		N/R		672,726
	623		Bresnan Broadband Holdings LLC, Term Loan B		4.500%		12/14/17		BB+		628,308
	1,301		Interactive Data Corporation, Term Loan B		4.750%		2/11/18		Ba3		1,308,468
	1,552		Knology, Inc., Term Loan		4.000%		8/18/17		B+		1,555,361
	2,462		Mediacom Broadband LLC, Tranche D, Term Loan		5.500%		3/31/17		BB-		2,465,066
	681		SuperMedia, Term Loan		11.000%		12/31/15		B-		453,690

	14,985		Total Media								13,447,530


			Metals & Mining – 0.8%

	748		Novelis, Inc., Term Loan		4.000%		3/10/17		Ba2		750,997
	1,167		Walter Energy, Term Loan, WI/DD		TBD		TBD		BB-		1,175,708

	1,915		Total Metals & Mining								1,926,705


			Personal Products – 0.4%

	935		NBTY, Inc., Term Loan B1, DD1		4.250%		10/01/17		BB-		938,700


			Pharmaceuticals – 0.8%

	888		Warner Chilcott Corporation, Term Loan B1		4.250%		3/17/18		BBB-		893,572
	444		Warner Chilcott Corporation, Term Loan B2		4.250%		3/17/18		BBB-		446,786
	611		Warner Chilcott Corporation, Term Loan B3		4.250%		3/17/18		BBB-		614,331

	1,943		Total Pharmaceuticals								1,954,689


			Real Estate – 0.4%

	1,000		iStar Financial, Inc., Tranche A1		5.000%		6/28/13		B2		991,794


			Real Estate Management & Development – 0.6%

	568		LNR Property Corporation, Term Loan B		3.760%		7/12/11		B2		568,594
	999		Capital Automotive LP, Tranche B		5.000%		3/13/17		Ba3		991,370

	1,567		Total Real Estate Management & Development								1,559,964


			Road & Rail – 0.4%

	973		Swift Transportation Company, Inc., Term Loan		6.000%		12/21/16		BB-		978,792


			Semiconductors & Equipment – 1.2%

	1,993		Freescale Semiconductor, Inc., Term Loan		4.511%		12/01/16		B1		1,985,262
	1,000		NXP Semiconductor LLC, Term Loan, WI/DD		TBD		TBD		B-		1,011,875

	2,993		Total Semiconductors & Equipment								2,997,137


			Specialty Retail – 1.8%

	750		Burlington Coat Factory Warehouse Corporation, Term Loan B		6.250%		2/23/17		B-		741,680
	1,500		J Crew Group, Term Loan		4.750%		3/07/18		B1		1,496,914
	1,833		Jo-Ann Stores, Inc., Term Loan		4.750%		3/15/18		B+		1,821,187
	500		Pilot Travel Centers LLC, Term Loan		4.250%		3/30/18		BB+		502,500

	4,583		Total Specialty Retail								4,562,281

$	81,122		Total Variable Rate Senior Loan Interests (cost $80,617,760)								79,049,655


Principal
Amount (000) (8)			Description (1)		Coupon	Maturity		Ratings (3)		Value


			Emerging Markets Debt and Foreign Corporate Bonds- 26.2% (19.5% of Total Investments)

			Argentina – 1.0%

$	250		City of Buenos Aires, Argentina, 144A		12.500%		4/06/15		B2	$	277,500
	100		Republic of Argentina		8.750%		6/02/17		B		102,350
	377		Republic of Argentina		8.280%		12/31/33		B		335,839
	429		Republic of Argentina		8.280%		12/31/33		N/A		382,733
	558	EUR	Republic of Argentina		7.820%		12/31/33		B		598,766
	1,660		Republic of Argentina		2.500%		12/31/38		B		716,290
	380	EUR	Republic of Argentina		2.260%		12/31/38		B		196,566

			Total Argentina								2,610,044


			Brazil – 2.7%

	155		Banco Bradesco S.A., 144A		5.900%		1/16/21		Baa2		153,450
	280		Banco do Brasil, 144A		8.500%		10/20/49		Baa2		320,950
	255		Banco do Nordeste do Brasil, 144A		3.625%		11/09/15		Baa2		249,434
	605		Banco Nacional de Desenvolvimento Economico e Social, Reg S		6.369%		6/16/18		BBB-		657,938
	145		Braskem Finance Limited, Reg S		7.000%		5/07/20		BBB-		157,325
	225		Cia Brasileira de Bebidas		8.750%		9/15/13		A3		256,838
	695	BRL	Companhia Energetica de Sao Paulo, 144A		9.750%		1/15/15		Ba1		590,750
	760		Federative Republic of Brazil		5.875%		1/15/19		BBB-		841,700
	255		Federative Republic of Brazil		8.750%		2/04/25		BBB-		344,250
	155		Federative Republic of Brazil		10.125%		5/15/27		BBB-		234,825
	205		Federative Republic of Brazil		5.625%		1/07/41		BBB-		201,413
	191		Fibria Overseas Finance, 144A		7.500%		5/04/20		Ba1		207,235
	150		Fibria Overseas Finance, 144A		6.750%		3/03/21		Ba1		154,875
	265		Globo Comunicacao Participacoes, S.A., 144A		7.250%		4/26/22		BBB-		283,550
	120		Globo Comunicacao Participacoes, S.A., 144A		6.250%		7/29/49		BBB-		126,180
	450		Itau Unibanco Holdings S.A., 144A		5.750%		1/22/21		Baa2		445,842
	36	BRL	National Treasury Note of Brazil		6.000%		5/15/15		Baa3		447,458
	285		Petrobras International Finance Company		5.875%		3/01/18		Baa1		301,886
	195		Petrobras International Finance Company		7.875%		3/15/19		Baa1		228,947
	215		Rearden G Holdings, 144A		7.875%		3/30/20		BB-		233,275
	294		Telemar Norte Leste S.A., 144A		5.500%		10/23/20		Baa2		288,855

			Total Brazil								6,726,976


			Canada – 0.3%

	375		Pacific Rubiales Energy Corporation, 144A		8.750%		11/10/16		BB-		428,438
	265		PTTEP Canada International Limited, 144A, WI/DD		5.692%		4/05/21		BBB+		264,473

			Total Canada								692,911


			Chile – 0.6%

	125		Colbun S.A., 144A		6.000%		1/21/20		BBB-		128,126
	450		Coporacion Nacional del Cobre de Chile, Reg S		5.625%		9/21/35		A1		461,295
	420		Corporacion Nacional del Cobre, 144A		3.750%		11/04/20		A1		392,763
	195		E-CL S.A., 144A		5.625%		1/15/21		BBB-		195,286
	55		Empresa Nacional del Petroleo, 144A		4.875%		3/15/14		A3		58,346
	225		Empresa Nacional del Petroleo, Reg S		6.250%		7/08/19		A3		239,837

			Total Chile								1,475,653


			China – 0.1%

	205		Country Garden Holding Company, 144A		11.125%		2/23/18		BB-		208,075


			Colombia – 1.0%

	395		Bancolombia S.A.		6.125%		7/26/20		Baa3		395,000
	275		Republic of Colombia		7.375%		3/18/19		BBB-		330,000
	465		Republic of Colombia		11.750%		2/25/20		BBB-		699,360
	420,000	COP	Republic of Colombia		7.750%		4/14/21		BBB-		242,058
	175,000	COP	Republic of Colombia		9.850%		6/28/27		BBB-		112,696
	535		Republic of Colombia		10.375%		1/28/33		BBB-		803,838

			Total Colombia								2,582,952


			Costa Rica – 0.0%

	20		Republic of Costa Rica, Reg S		9.995%		8/01/20		BB+		27,330


			Cote d’Ivoire (Ivory Coast) – 0.1%

	690		Ivory Coast Republic, Reg S, (12)		2.500%		12/31/32		N/A		319,125


			Croatia – 0.3%

	325		Republic of Croatia, 144A		6.750%		11/05/19		BBB-		340,438
	130		Republic of Croatia, 144A		6.625%		7/14/20		BBB-		134,160
	215		Republic of Croatia, 144A		6.375%		3/24/21		BBB-		215,269

			Total Croatia								689,867


			Dominican Republic – 0.1%

	219		Dominican Republic, Reg S		9.040%		1/23/18		B		241,548


			El Salvador – 0.4%

	150		Republic of El Salvador, 144A		7.625%		2/01/41		Ba2		147,375
	105		Republic of El Salvador, Reg S		7.375%		12/01/19		Ba2		113,558
	196		Republic of El Salvador, Reg S		7.750%		1/24/23		Baa3		216,580
	510		Republic of El Salvador, Reg S		7.625%		9/21/34		Ba2		552,585

			Total El Salvador								1,030,098


			Hungary – 0.4%

	90	EUR	Republic of Hungary, Government Bond		5.750%		6/11/18		BBB-		125,660
	210		Republic of Hungary, Government Bond		6.250%		1/29/20		BBB-		213,675
	462		Republic of Hungary, Government Bond		6.375%		3/29/21		BBB-		462,462
	310		Republic of Hungary, Government Bond		7.625%		3/29/41		BBB-		310,310

			Total Hungary								1,112,107


			Indonesia – 2.2%

	295		Majapahit Holdings BV, Reg S		8.000%		8/07/19		BB		334,825
	1,140		Republic of Indonesia, Reg S		6.750%		3/10/14		BB		1,258,832
	1,090		Republic of Indonesia, Reg S		10.375%		5/04/14		BB		1,325,712
	430		Republic of Indonesia, Reg S		7.250%		4/20/15		BB		488,545
	100		Republic of Indonesia, Reg S		6.875%		1/17/18		BB		113,250
	775		Republic of Indonesia, Reg S		11.625%		3/04/19		BB		1,112,125
	125		Republic of Indonesia, Reg S		8.500%		10/12/35		BB		160,938
	695		Republic of Indonesia, Reg S		7.750%		1/17/38		BB		828,788

			Total Indonesia								5,623,015


			Ireland – 0.1%

	290		Vnesheconombank, 144A		6.800%		11/22/25		BBB		294,060


			Kazakhstan – 1.0%

	400		Kazakhstan Development Bank		6.500%		6/03/20		BBB		400,400
	375		Kazakhstan Temir Zholy JSC, Reg S		7.000%		5/11/16		BBB-		412,500
	225		Kazatomprom, Reg S		6.250%		5/20/15		Baa3		239,063
	430		KazMuniaGaz Finance Subsidiary, 144A		11.750%		1/23/15		BBB-		538,016
	265		KazMuniaGaz Finance Subsidiary, 144A		9.125%		7/02/18		BBB-		320,650
	325		KazMuniaGaz Finance Subsidiary, Reg S		9.125%		7/02/18		BBB-		392,275
	172		Tengizchevroil LLP, 144A		6.124%		11/15/14		BBB-		180,980

			Total Kazakhstan								2,483,884


			Lithuania – 0.5%

	175		Republic of Lithuania, 144A		7.375%		2/11/20		Baa1		194,825
	145		Republic of Lithuania, 144A		6.125%		3/09/21		Baa1		148,045
	725		Republic of Lithuania, Reg S		7.375%		2/11/20		Baa1		808,375

			Total Lithuania								1,151,245


			Malaysia – 0.6%

	450		Penerbangan Malaysia Berhad, Reg S		5.625%		3/15/16		A-		496,481
	115		Pertoliam Nasional Berhad, Reg S		7.625%		10/15/26		A-		146,780
	565		Petronas Capital Limited, 144A		5.250%		8/12/19		A1		600,914
	285		Petronas Capital Limited, Reg S		5.250%		8/12/19		A1		302,916

			Total Malaysia								1,547,091


			Mexico – 2.4%

	20		Banco Mercantil del Norte, Reg S		6.135%		10/13/16		Baa1		20,000
	120		Cemex SAB de CV, 144A		9.000%		1/11/18		B		125,850
	8,660	MXN	Mexico Bonos de DeSarrollo		8.000%		6/11/20		A		752,024
	9,000	MXN	Mexico Bonos de DeSarrollo		6.500%		6/10/21		Baa1		695,162
	100		Pemex Project Funding Master Trust		5.750%		3/01/18		Baa1		105,800
	550		Pemex Project Funding Master Trust		6.625%		6/15/35		Baa1		551,712
	174		United Mexican States		5.750%		10/12/11		Baa1		156,774
	650		United Mexican States		5.875%		2/17/14		Baa1		715,325
	40		United Mexican States		5.625%		1/15/17		Baa1		44,120
	150,000	ITL	United Mexican States, (10)		11.000%		5/08/17		Baa1		147,665
	560		United Mexican States		5.950%		3/19/19		Baa1		624,120
	500		United Mexican States		5.125%		1/15/20		Baa1		523,000
	660		United Mexican States		7.500%		4/08/33		Baa1		808,170
	90		United Mexican States		6.750%		9/27/34		Baa1		101,520
	694		United Mexican States		6.050%		1/11/40		Baa1		714,820

			Total Mexico								6,086,062


			Netherlands – 0.0%

	120		Myriad International Holdings BV, 144A		6.375%		7/28/17		Baa3		126,744


			Panama – 0.6%

	180		AES Panama, Reg S		6.350%		12/21/16		BBB-		191,430
	43		Republic of Panama		7.250%		3/15/15		BBB-		49,988
	615		Republic of Panama		8.875%		9/30/27		BBB-		830,250
	239		Republic of Panama		9.375%		4/01/29		BBB-		336,990

			Total Panama								1,408,658


			Peru – 0.9%

	280		Banco Credito del Peru, 144A		9.750%		11/06/69		BB		318,343
	510	PEN	Republic of Peru, Reg S, GDR		7.840%		8/12/20		BBB+		195,019
	125		Republic of Peru		9.875%		2/06/15		BBB-		156,250
	655		Republic of Peru		8.375%		5/03/16		BBB-		804,012
	345		Republic of Peru		8.750%		11/21/33		BBB-		463,163
	335		Republic of Peru		5.625%		11/18/50		BBB-		303,175

			Total Peru								2,239,962


			Philipines – 0.8%

	380		National Power Corporation		9.625%		5/15/28		BB		501,600
	60		Republic of the Philippines		8.250%		1/15/14		BB		69,450
	230		Republic of the Philippines		9.875%		1/15/19		BB		311,075
	275		Republic of the Philippines		8.375%		6/17/19		BB		346,500
	315		Republic of the Philippines		7.500%		9/25/24		BB		374,456
	200		Republic of the Philippines		5.500%		3/30/26		BB		197,500
	100		Republic of the Philippines		6.375%		1/15/32		BB		105,375

			Total Philipines								1,905,956


			Poland – 0.7%

	1,110		Republic of Poland		3.875%		7/16/15		A2		1,121,918
	340		Republic of Poland		6.375%		7/15/19		A2		378,332
235 EUR			Republic of Poland		5.250%		1/20/25		A2		323,467

			Total Poland								1,823,717


			Qatar – 0.4%

	265		Qatari Diar Finance QSC, 144A		3.500%		7/21/15		AA		265,994
	160		Qatari Diar Finance QSC, Reg S		5.000%		7/21/20		AA		158,200
	230		State of Qatar, 144A		6.400%		1/20/40		AA		242,075
	70		State of Qatar, Reg S		9.750%		6/15/30		AA		99,925
	140		State of Qatar, Reg S		6.400%		1/20/40		AA		147,350

			Total Qatar								913,544


			Russian Federation – 3.0%

	290		AlroS.A. Finance S.A., 144A		7.750%		11/03/20		BB-		310,880
	140		AlroS.A. Finance S.A., Reg S		8.875%		11/17/14		BB-		159,425
	635		Gaz Capital S.A., 144A		9.250%		4/23/19		Baa1		789,749
	140		Gaz Capital S.A., Reg S		8.625%		4/28/34		Baa1		172,690
	1,300		Russian Federation, 144A		3.625%		4/29/15		Baa1		1,314,625
	300		Russian Federation, 144A		5.000%		4/29/20		Baa1		303,375
	800		Russian Federation, Reg S		3.625%		4/29/15		Baa1		809,000
	180		Russian Federation, Reg S		11.000%		7/24/18		BBB		254,880
	1,500		Russian Federation, Reg S		5.000%		4/29/20		Baa1		1,516,875
	562		Russian Federation, Reg S		7.500%		3/31/30		Baa1		655,375
	375		Russian Ministry of Finance, Reg S		12.750%		6/24/28		BBB		655,781
	285		Sberbank, Reg S		5.499%		7/07/15		A3		299,606
	200		VTB Capital S.A., Reg S		6.551%		10/13/20		Baa1		202,500

			Total Russian Federation								7,444,761


			Serbia – 0.1%

	322		Republic of Serbia, Reg S		6.750%		11/01/24		BB		322,805


			South Africa – 1.0%

	190		Republic of South Africa		7.375%		4/25/12		A3		202,825
	4,765	ZAR	Republic of South Africa		8.000%		12/21/18		A3		678,581
	690		Republic of South Africa		6.875%		5/27/19		A3		801,262
	435		Republic of South Africa		6.250%		3/08/41		A3		448,320
	335		Transnet Limited, 144A		4.500%		2/10/16		A3		341,987

			Total South Africa								2,472,975


			South Korea – 0.2%

	135		Korea Development Bank		8.000%		1/23/14		A1		154,080
	115		National Agricutlural Cooperative Federation, Reg S		5.000%		9/30/14		A1		121,368
	140		Republic of Korea		5.750%		4/16/14		A1		152,536

			Total South Korea								427,984


			Sri Lanka – 0.1%

	170		Republic of Sri Lanka, 144A		6.250%		10/04/20		B+		165,325


			Trinidad – 0.1%

	185		Petroleum Company of Trinidad & Tobago Limited, 144A		9.750%		8/14/19		BBB		224,312


			Turkey – 1.2%

	500		Republic of Turkey, Government Bond		9.500%		1/15/14		BB		587,500
	135		Republic of Turkey, Government Bond		7.250%		3/15/15		BB		153,056
	905		Republic of Turkey, Government Bond		7.000%		9/26/16		BB		1,024,912
	185		Republic of Turkey, Government Bond		6.750%		4/03/18		BB		206,275
	965		Republic of Turkey, Government Bond		5.625%		3/30/21		BB		984,300
	200		Republic of Turkey, Government Bond		6.000%		1/14/41		Ba2		187,000

			Total Turkey								3,143,043


			Ukraine – 0.9%

	105		Naftogaz Ukraine		9.500%		9/30/14		B		115,500
	100		Republic of Ukraine, 144A		6.875%		9/23/15		B+		103,500
	250		Republic of Ukraine, 144A		7.750%		9/23/20		B+		257,813
	810		Republic of Ukraine, Reg S		7.650%		6/11/13		B+		853,416
	330		Republic of Ukraine, Reg S		6.580%		11/21/16		B+		334,620
	666		Ukraine Cabinet Ministers, 144A		7.950%		2/23/21		B+		686,812

			Total Ukraine								2,351,661


			United Arab Emirates – 0.4%

	242		Dubai Electricity and Water Authority, 144A		7.375%		10/21/20		Ba2		234,740
	100		Emirate of Abu Dhabi, Reg S		6.750%		4/08/19		AA		114,600
	386		International Petroleum Investment Company, IPIC GTMN Limited Special Purpose Vehicle, Abu Dhabi		5.000%		11/15/20		AA		374,420
	295		Waha Aerospace BV, 144A		3.925%		7/28/20		AA		294,500

			Total United Arab Emirates								1,018,260


			Uruguay – 0.8%

	565		Republic of Uruguay		9.250%		5/17/17		Ba1		723,200
	29		Republic of Uruguay		8.000%		11/18/22		Ba1		36,254
	510		Republic of Uruguay		7.875%		1/15/33		Ba1		614,550
	507		Republic of Uruguay		7.625%		3/21/36		Ba1		605,450

			Total Uruguay								1,979,454


			Venezuela – 1.2%

	790		Pertoleos de Venezuela S.A.		5.250%		4/12/17		B+		477,160
	215		Pertoleos de Venezuela S.A., Reg S		5.375%		4/12/27		B+		101,587
	475		Pertoleos de Venezuela S.A., 144A		8.500%		11/02/17		B+		335,825
	340		Pertoleos de Venezuela S.A., Reg S		8.500%		11/02/17		B+		240,380
	640		Republic of Venezuela, Reg S		12.750%		8/23/22		BB-		553,600
	607		Republic of Venezuela, Reg S		9.000%		5/07/23		BB-		415,590
	405		Republic of Venezuela, Reg S		8.250%		10/13/24		BB-		260,820
	760		Republic of Venezuela, Reg S		9.250%		5/07/28		BB-		514,900

			Total Venezuela								2,899,862

			Total Emerging Markets Debt and Foreign Corporate Bonds (cost $62,869,558)								65,771,066


Shares			Description (1)							Value


			Warrants – 0.0% (0.0% of Total Investments)

	610		Mexican Bonos, (9)								4,575
	610		Mexican Bonos, (9)								4,575

			Total Warrants (cost $30,500)								9,150


Principal
Amount (000)			Description (1)		Coupon	Maturity				Value


			Short-Term Investments – 7.3% (5.4% of Total Investments)

$	8,632		Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/11, repurchase price $8,631,643, collateralized by $8,820,000 U.S. Treasury Notes, 0.625%, due 1/31/13, value $8,808,975		0.010%		4/01/11			$	8,631,641
	9,592		Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/11, repurchase price $9,591,952, collateralized by $9,775,000 U.S. Treasury Notes, 2.875%, due 3/31/18, value $9,787,219		0.010%		4/01/11				9,591,949

$	18,224		Total Short-Term Investments (cost $18,223,590)								18,223,590

			Total Investments (cost $301,665,587) – 134.6%								337,789,187

			Borrowings – (31.8)% (13)								(79,800,000	)

			Other Assets Less Liabilities – (2.8)% (14)								(7,056,403	)

			Net Assets Applicable to Common Shares – 100%							$	250,932,784


Investments in Derivatives

Call Options Written outstanding at March 31, 2011:

Number of					Notional	Expiration		Strike
Contracts			Type		Amount (15)	Date		Price		Value


	(1,812	)	Frontier Communications Corporation	$	(1,630,800)		5/21/11	$	9.0	$	(9,060	)
	(360	)	Hewlett-Packard Company		(1,656,000)		5/21/11		46.0		(6,840	)
	(167	)	MetLife Inc.		(801,600)		6/18/11		48.0		(14,947	)
	(260	)	Motorola Mobility Holdings Inc.		(780,000)		7/16/11		30.0		(15,600	)

	(2,599	)	Total Call Options Written (premiums received $315,110)	$	(4,868,400)					$	(46,447	)

Interest Rate outstanding at March 31, 2011:

Unrealized

Fund

Fixed Rate

Appreciation

Notional

Pay/Receive

Floating Rate

Fixed

Payment

Effective

Termination

(Depreciation)

Counterparty

Amount

Floating Rate

Index

Rate*

Frequency

Date (12)

Date

(U.S. Dollars)

JPMorgan

19,950,000

Receive

1-Month USD-LIBOR

0.360

Monthly

3/21/11

3/21/12

2,606

JPMorgan

19,950,000

Receive

1-Month USD-LIBOR

1.193

Monthly

3/21/11

3/21/14

134,447

Morgan Stanley

19,950,000

Receive

1-Month USD-LIBOR

2.064

Monthly

3/21/11

3/21/16

257,711

394,764

* Annualized

Forward Foreign Currency Exchange Contracts outstanding at March 31, 2011:


										Unrealized
										Appreciation
		Amount			In Exchange For	Amount		Settlement		(Depreciation)
Counterparty	Currency Contracts to Deliver	(Local Currency)			Currency	(Local Currency)		Date		(U.S. Dollars)

RBC	Brazilian Real		1,612,000	U.S. Dollar			953,846		6/02/11	$	(21,541	)
RBC	Brazilian Real		35,000	U.S. Dollar			20,606		6/02/11		(571	)
Citibank	Colombian Peso		57,633,000	U.S. Dollar			30,803		4/28/11		(71	)
Citibank	Euro		84,000	U.S. Dollar			113,024		4/20/11		(5,985	)
RBC	Euro		1,760,000	U.S. Dollar			2,444,006		6/15/11		(46,787	)
HSBC	Kazakhstan Tenge		3,200,000	U.S. Dollar			21,843		4/13/11		(139	)
HSBC	Kazakhstan Tenge		2,800,000	U.S. Dollar			19,158		7/13/11		(127	)
RBC	Mexican Peso		9,586,000	U.S. Dollar			792,068		6/15/11		(8,618	)
Credit Suisse	Peruvian Nouveau Sol		366,000	U.S. Dollar			131,631		6/15/11		1,764
Credit Suisse	Peruvian Nouveau Sol		1,464,000	U.S. Dollar			524,957		6/15/11		5,490
Citibank	South African Rand		3,245,000	U.S. Dollar			471,178		6/15/11		(3,527	)
State Street Bank	South African Rand		1,462,000	U.S. Dollar			213,774		6/15/11		(99	)
Barclays Bank PLC	U.S. Dollar		80,794	Euro			57,000		6/15/11		(126	)
Barclays Bank PLC	U.S. Dollar		154,367	Euro			109,000		6/15/11		(107	)
JPMorgan Chase	U.S. Dollar		80,954	Euro			57,000		6/15/11		(286	)
Morgan Stanley	U.S. Dollar		799,261	Euro			573,000		6/15/11		11,663
State Street Bank	U.S. Dollar		153,421	Euro			109,000		6/15/11		839
Barclays Bank PLC	U.S. Dollar		703,904	Indonesian Rupiah			6,131,000,000		4/28/11		(2,504	)
HSBC	U.S. Dollar		152,560	Kazakhstan Tenge			22,350,000		4/13/11		969
Deutsche Bank	U.S. Dollar		173,919	Kazakhstan Tenge			25,580,000		7/07/11		2,252
JPMorgan Chase	U.S. Dollar		152,821	Kazakhstan Tenge			22,350,000		7/13/11		1,122
Deutsche Bank	U.S. Dollar		96,161	Kazakhstan Tenge			13,900,000		9/06/11		(323	)
Deutsche Bank	U.S. Dollar		651,584	Kazakhstan Tenge			93,991,000		9/12/11		(3,465	)
Deutsche Bank	U.S. Dollar		173,912	Kazakhstan Tenge			25,579,000		10/07/11		2,548
Barclays Bank PLC	U.S. Dollar		674,506	New Taiwan Dollar			19,790,000		4/28/11		(1,196	)
BNP Paribas	U.S. Dollar		211,344	Peruvian Nouveau Sol			585,000		6/15/11		(3,770	)
BNP Paribas	U.S. Dollar		211,420	Peruvian Nouveau Sol			585,000		6/15/11		(3,847	)
Credit Suisse	U.S. Dollar		13,466	Peruvian Nouveau Sol			38,000		6/15/11		18
State Street Bank	U.S. Dollar		26,969	Peruvian Nouveau Sol			76,000		6/15/11		(3	)
Barclays Bank PLC	U.S. Dollar		1,038,519	Philippine Peso			44,890,000		4/28/11		(5,473	)
UBS	U.S. Dollar		342,250	Polish Zloty			980,000		6/15/11		779
State Street Bank	U.S. Dollar		215,997	South African Rand			1,462,085		4/05/11		97
Deutsche Bank	U.S. Dollar		333,250	South Korean Won			374,640,000		6/15/11		6,733
JPMorgan Chase	U.S. Dollar		636,364	Yuan Renminbi			4,200,000		9/27/11		10,598
JPMorgan Chase	U.S. Dollar		48,574	Yuan Renminbi			315,000		9/27/11		(51	)

										$	(63,744	)

Fair Value Measurements

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


Level 1 –		Quoted prices in active markets for identical securities.
Level 2 –		Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of March 31, 2011:


	Level 1			Level 2			Level 3		Total

Investments:
Common Stocks *	$	82,103,893		$	1,738,173		$	—	$	83,842,066
REIT Common Stocks		89,281,160			—			—		89,281,160
Capital Preferred Securities		—			1,612,500			—		1,612,500
Variable Rate Senior Loan Interests		—			79,049,655			—		79,049,655
Emerging Markets Debt and Foreign Corporate Bonds		—			65,771,060			—		65,771,066
Warrants		—			—			9,150		9,150
Short-Term Investments		—			18,223,590			—		18,223,590
Derivatives:
Call Options Written		(46,447	)		—			—		(46,447	)
Interest Rate Swaps **		—			394,764			—		394,764
Forward Foreign Currency Exchange Contracts **		—			(63,744	)		—		(63,744	)

Total	$	171,338,606		$	166,726,004		$	9,150	$	338,073,760


*		Represents net unrealized appreciation (depreciation).

**		Refer to the Fund’s Portfolio of Investments for industry breakdown of Common Stocks classified as Level 2.

The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:


	Level 3 Emerging Markets
	Debt and Foreign			Level 3			Level 3
	Corporate Debt			Warrants			Total

Balance at the beginning of period	$	42,700		$	—		$	42,700
Gains (losses):
Net realized gains (losses)		—			—			—
Net change in unrealized appreciation (depreciation)		(12,200	)		(21,350	)		(33,550	)
Purchases at cost		—			30,500			30,500
Sales at proceeds		(30,500	)		—			(30,500	)
Net discounts (premiums)		—			—			—
Transfers into		—			—			—
Transfers out of		—			—			—

Balance at the end of period	$	—		$	9,150		$	9,150

During the period ended March 31, 2011, the Fund recognized no significant transfers to/from Level 1, Level 2 or Level 3.

Derivative Instruments and Hedging Activities

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

The following table presents the fair value of all derivative instruments held by the Fund as of March 31, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Equity Price

Options

—

Call options written, at value

46,447

Interest Rate

Swaps

Unrealized appreciation on interest rate swaps*

394,764

Unrealized depreciation on interest rate swaps*

—

Foreign Currency

Forward Foreign Currency

Unrealized appreciation on

44,872

Unrealized depreciation on

108,616

Exchange Rate

Exchange Contracts

forward foreign currency exchange contracts

Total

439,636

155,063


*		Represents cumulative unrealized appreciation (depreciation) of forward swap contracts as reported on the Portfolio of Investments. Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities but is not reflected in the cumulative appreciation (depreciation) presented above.

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, recognition of premium amortization and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At March 31, 2011, the cost of investments (excluding investments in derivatives) was $308,719,884.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at March 31, 2011, were as follows:



Gross unrealized:
Appreciation	$	45,129,343
Depreciation		(16,060,040	)

Net unrealized appreciation (depreciation) of investments	$	29,069,303


		For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

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

(2)		Non-income producing; issuer has not declared a dividend within the past twelve months.

(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4)		Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans may occur. As a result, the actual remaining maturity of Senior Loans held may be substantially less than the stated maturities shown.

(5)		Senior Loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks.

		Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan.

(6)		At or subsequent to March 31, 2011, this issue was under the protection of the Federal Bankruptcy Court.

(7)		Non-income producing; denotes that the issuer has defaulted on the payment of principal or interest.

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

(9)		For fair value measurement disclosure purposes, investment categorized as Level 3.

(10)		Market of issuance for this investment is Euro. Euro par Equals 77,469.

(11)		Investment, or portion of investment, has been pledged as collateral for call options written.

(12)		The Fund’s Adviser has concluded this issue in not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(13)		Borrowings as a percentage of total investments is 23.6%.

(14)		Other Assets Less Liabilities includes Value and/or Unrealized Appreciation (Depreciation) of derivative instruments as noted in Investments in Derivatives.

(15)		For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.

(16)		Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each swap contract.

(17)		For fair value measurement disclosure purposes, Common Stock categorized as Level 2.

N/A		Not applicable.

DD1		Investment, or portion of investment, purchased on a delayed delivery basis.

WI/DD		Purchased on a when-issued or delayed delivery basis.

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

ADR		American Depositary Receipt.

GDR		Global Depositary Receipt.

Reg S		Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

TBD		Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the Borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

BRL		Brazilian Real

COP		Colombian Peso

EUR		Euro

ITL		Italian Lira

PEN		Peruvian Nuevo Sol

ZAR		South African Rand

USD-LIBOR		United States Dollar-London Inter-bank Offered Rate

Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: EX-99 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 Diversified Dividend and Income Fund



By (Signature and Title)	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

Date May 27, 2011

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 May 27, 2011



By (Signature and Title)	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller (principal financial officer)

Date May 27, 2011