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:    3/31/2008   

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.

 

 

Nuveen Diversified Dividend and Income Fund (JDD)
March 31, 2008

Shares				Description (1)								Value
				Common Stocks – 34.9% (22.3% of Total Investments)
				Aerospace & Defense – 2.2%
	32,600			Lockheed Martin Corporation								$	3,237,180
	52,200			Raytheon Company									3,372,642
				Total Aerospace & Defense									6,609,822
				Capital Markets – 1.2%
	84,000			JPMorgan Chase & Co.									3,607,800
				Commercial Banks – 1.6%
	80,000			Bank of America Corporation									3,032,800
	65,000			Wachovia Corporation									1,755,000
				Total Commercial Banks									4,787,800
				Commercial Services & Supplies – 1.6%
	135,100			Pitney Bowes Inc.									4,731,202
				Communications Equipment – 0.4%
	131,000			Motorola, Inc.									1,218,300
				Containers & Packaging – 0.7%
	95,000			Packaging Corp. of America									2,121,350
				Diversified Financial Services – 0.5%
	75,100			Citigroup Inc.									1,608,642
				Diversified Telecommunication Services – 3.5%
	109,500			AT&T Inc.									4,193,850
	90,000			KT Corporation, Sponsored ADR									2,137,500
	52,500			Telecom Italia S.p.A., Sponsored ADR									1,096,725
	87,000			Verizon Communications Inc.									3,171,150
				Total Diversified Telecommunication Services									10,599,225
				Electric Utilities – 1.2%
	32,200			EDP – Energias de Portugal, S.A., Sponsored ADR									1,959,277
	118,000			Korea Electric Power Corporation, Sponsored ADR									1,774,720
				Total Electric Utilities									3,733,997
				Food Products – 0.4%
	39,722			Kraft Foods Inc.									1,231,779
				Hotels, Restaurants & Leisure – 0.7%
	40,000			Starwood Hotels & Resorts Worldwide, Inc.									2,070,000
				Household Durables – 0.9%
	112,000			Newell Rubbermaid Inc.									2,561,440
				Household Products – 1.6%
	73,000			Kimberly-Clark Corporation									4,712,150
				Industrial Conglomerates – 1.3%
	109,000			General Electric Company									4,034,090
				Insurance – 2.9%
	75,000			Genworth Financial Inc., Class A									1,698,000
	65,400			Hartford Financial Services Group, Inc.									4,955,358
	40,000			Travelers Companies, Inc.									1,914,000
				Total Insurance									8,567,358
				Machinery – 0.9%
	32,700			Caterpillar Inc.									2,560,083
				Media – 1.0%
	55,000			CBS Corporation, Class B									1,214,400
	66,400			Gannett Company Inc.									1,928,920
				Total Media									3,143,320
				Multi-Utilities – 0.8%
	82,800			United Utilities PLC, Sponsored ADR									2,272,661
				Oil, Gas & Consumable Fuels – 3.9%
	33,000			Chevron Corporation									2,816,880
	37,900			ConocoPhillips									2,888,359
	57,500			Eni S.p.A., Sponsored ADR									3,916,325
	30,000			Total S.A., Sponsored ADR									2,220,300
				Total Oil, Gas & Consumable Fuels									11,841,864
				Paper & Forest Products – 1.0%
	71,100			International Paper Company									1,933,920
	97,000			Stora Enso Oyj, Sponsored ADR									1,123,561
				Total Paper & Forest Products									3,057,481
				Pharmaceuticals – 2.7%
	60,000			GlaxoSmithKline PLC, ADR									2,545,800
	140,000			Pfizer Inc.									2,930,200
	68,000			Sanofi-Aventis, ADR									2,552,720
				Total Pharmaceuticals									8,028,720
				Thrifts & Mortgage Finance – 1.4%
	129,200			Federal National Mortgage Association									3,400,544
	141,000			IndyMac Bancorp, Inc.									699,360
				Total Thrifts & Mortgage Finance									4,099,904
				Tobacco – 2.5%
	57,400			Altria Group, Inc.									1,274,280
	47,000			Loews Corp – Carolina Group									3,409,850
	57,400			Philip Morris International									2,903,292
				Total Tobacco									7,587,422
				Total Common Stocks (cost $97,629,782)									104,786,410

Shares				Description (1)								Value
				Real Estate Investment Trust Common Stocks – 37.7% (24.2% of Total Investments)
				Industrial – 1.8%
	556,400			DCT Industrial Trust Inc.								$	5,541,744
				Office – 6.2%
	42,700			Boston Properties, Inc.									3,931,389
	200,300			Brandywine Realty Trust									3,397,088
	158,900			Mack-Cali Realty Corporation									5,674,319
	70,400			SL Green Realty Corporation									5,735,488
				Total Office									18,738,284
				Residential – 6.4%
	45,516			Apartment Investment & Management Company, Class A									1,629,928
	57,500			AvalonBay Communities, Inc.									5,549,900
	198,100			Equity Residential									8,219,169
	99,100			Post Properties, Inc.									3,827,242
				Total Residential									19,226,239
				Retail – 10.4%
	252,900			Cedar Shopping Centers Inc.									2,953,872
	73,500			Federal Realty Investment Trust									5,729,325
	221,000			Kite Realty Group Trust									3,094,000
	64,900			Macerich Company									4,560,523
	104,800			Simon Property Group, Inc.									9,736,968
	77,200			Weingarten Realty Investors Trust									2,658,768
	152,400			Westfield Group									2,496,059
				Total Retail									31,229,515
				Specialized – 12.9%
	184,700			Ashford Hospitality Trust Inc.									1,049,096
	130,500			Cogdell Spencer Inc.									2,051,460
	473,300			DiamondRock Hospitality Company									5,996,711
	347,300			Extra Space Storage Inc.									5,622,787
	169,500			Health Care Property Investors Inc.									5,730,795
	37,174			Public Storage, Inc.									3,294,360
	328,700			Senior Housing Properties Trust									7,790,190
	159,000			Ventas Inc.									7,140,690
				Total Specialized									38,676,089
				Total Real Estate Investment Trust Common Stocks (cost $109,733,221)									113,411,871

						Weighted
Principal						Average
Amount (000)				Description (1)		Coupon		Maturity (3)		Ratings (2)		Value
				Variable Rate Senior Loan Interests – 36.9% (23.6% of Total Investments) (4)
				Aerospace & Defense – 1.0%
$	1,166			Hexcel Corporation, Term Loan B		5.054%		3/01/12		BB+		$	1,131,019
	1,586			Vought Aircraft Industries, Inc., Term Loan		7.340%		12/22/11		Ba3			1,458,744
	364			Vought Aircraft Industries, Inc., Tranche B, Letter of Credit		7.100%		12/22/10		Ba3			332,576
	3,116			Total Aerospace & Defense									2,922,339
				Auto Components – 0.7%
	459			Gen Tek Inc., Additional Term Loan B		4.800%		2/28/11		BB-			425,873
	1,707			Gen Tek Inc., Term Loan B		6.260%		2/28/11		BB-			1,583,571
	2,166			Total Auto Components									2,009,444
				Building Products – 1.4%
	780			Armstrong World Industries, Inc., Tranche B, Term Loan		4.309%		10/02/13		BBB-			732,769
	1,930			Nortek, Inc., Term Loan B		5.350%		8/27/11		Ba3			1,672,666
	969			Stile Acquisition Corporation, Canadian Term Loan		5.184%		4/05/13		BB-			835,237
	973			Stile Acquisition Corporation, Term Loan B		5.183%		4/05/13		BB-			838,823
	4,652			Total Building Products									4,079,495
				Chemicals – 2.2%
	400			Celanese Holdings LLC, Credit Linked Deposit		3.119%		4/02/14		BB+			374,000
	1,588			Celanese Holdings LLC, Term Loan		6.229%		4/02/14		BB+			1,484,780
	1,058			Georgia Gulf Corporation, Term Loan		5.580%		10/03/13		Ba3			964,821
	1,970			Hexion Specialty Chemicals, Inc., Term Loan C4		5.375%		5/05/13		Ba3			1,835,178
	1,940			Rockwood Specialties Group, Inc., Term Loan E		4.744%		7/30/12		BB+			1,843,539
	6,956			Total Chemicals									6,502,318
				Commercial Services & Supplies – 0.9%
	105			Aramark Corporation, Letter of Credit		0.000%		1/24/14		BB-			98,411
	1,658			Aramark Corporation, Term Loan		4.571%		1/24/14		BB-			1,549,055
	1,100			Berry Plastics Holding Corporation, Term Loan		5.095%		4/03/15		BB-			940,041
	2,863			Total Commercial Services & Supplies									2,587,507
				Containers & Packaging – 1.1%
	2,822			Graham Packaging Company, L.P., Term Loan		5.959%		10/07/11		B+			2,590,145
	175			Smurfit-Stone Container Corporation, Deposit-Funded Commitment		6.700%		11/01/10		BB			166,604
	196			Smurfit-Stone Container Corporation, Term Loan B		5.125%		11/01/11		BB			186,783
	372			Smurfit-Stone Container Corporation, Term Loan C		5.125%		11/01/11		BB			354,807
	117			Smurfit-Stone Container Corporation, Tranche C-1		5.125%		11/01/11		BB			111,355
	3,682			Total Containers & Packaging									3,409,694
				Diversified Consumer Services – 0.6%
	1,975			Weight Watchers International, Inc., Term Loan B		4.250%		1/26/14		BB+			1,862,672
				Diversified Telecommunication Services – 2.0%
	1,990			Alltel Communications, Inc., Term Loan B3		5.568%		5/18/15		BB-			1,800,120
	1,950			Intelsat, Tranche B, Term Loan		5.611%		7/01/13		BB			1,831,343
	1,970			MetroPCS Wireless, Inc., Term Loan		5.500%		11/03/13		Ba3			1,811,579
	470			Verifone, Inc., Term Loan B		5.250%		10/31/13		BB			437,100
	6,380			Total Diversified Telecommunication Services									5,880,142
				Electric Utilities – 1.5%
	1,702			Dynegy Holdings, Inc., Delayed Term Loan		4.204%		4/02/13		Ba1			1,572,340
	297			Dynegy Holdings, Inc., Term Loan		4.683%		4/02/13		Ba1			274,472
	1,995			TXU Corporation, Term Loan B-2		6.579%		10/10/14		Ba3			1,821,572
	1,000			TXU Corporation, Term Loan		6.583%		10/10/14		Ba3			910,500
	4,994			Total Electric Utilities									4,578,884
				Electrical Equipment – 0.5%
	1,409			Sensus Metering Systems, Inc., Term Loan B-1		5.800%		12/17/10		BB			1,267,826
	97			Sensus Metering Systems, Inc., Term Loan B-2		6.878%		12/17/10		BB			87,457
	1,506			Total Electrical Equipment									1,355,283
				Electronic Equipment & Instruments – 0.3%
	983			Sensata Technologies B.V., Term Loan		5.056%		4/27/13		BB			854,775
				Food Products – 1.4%
	1,995			Dean Foods Company Term Loan		4.450%		4/02/14		BB			1,859,194
	2,315			Michael Foods, Inc., Term Loan B		6.698%		11/21/10		BB-			2,250,025
	4,310			Total Food Products									4,109,219
				Gas Utilities – 0.6%
	2,000			Energy Transfer Partners LP, Term Loan		4.878%		11/01/12		BBB-			1,899,500
				Health Care Equipment & Supplies – 0.9%
	400			Bausch & Lomb, Inc., Delayed Draw Term Loan, (5)		3.473%		4/24/15		BB-			189,318
	1,596			Bausch & Lomb, Inc., Term Loan		5.946%		4/24/15		BB-			1,553,380
	997			Biomet, Inc., Term Loan		5.696%		12/25/13		BB-			961,085
	2,993			Total Health Care Equipment & Supplies									2,703,783
				Health Care Providers & Services – 3.5%
	96			Community Health Systems, Inc., Delayed Draw, Term Loan, WI/DD (5),(6)		0.750%		7/25/14		BB			(7,284	)
	1,872			Community Health Systems, Inc., Term Loan, WI/DD		5.335%		7/25/14		BB			1,729,582
	1,265			DaVita Inc., Term Loan B-1		5.139%		10/05/12		BB+			1,191,232
	1,975			HCA, Inc., Term Loan		4.946%		11/18/13		BB			1,819,293
	1,944			Health Management Associates, Inc., Term Loan		4.446%		2/28/14		BB-			1,693,090
	1,038			LifePoint Hospitals, Inc., Term Loan B		4.710%		4/18/12		BB			961,200
	1,960			Quintiles Transnational Corporation, Term Loan B		4.700%		3/29/13		BB			1,839,950
	154			United Surgical Partners International, Inc., Delayed Term Loan		5.843%		4/18/14		Ba3			128,226
	1,249			United Surgical Partners International, Inc., Term Loan		5.490%		4/18/14		Ba3			1,117,523
	11,553			Total Health Care Providers & Services									10,472,812
				Hotels, Restaurants & Leisure – 3.0%
	1,960			24 Hour Fitness Worldwide, Inc., Term Loan B		6.820%		6/08/12		Ba3			1,675,800
	2,127			Burger King Corporation, Term Loan B		4.250%		6/30/12		BB+			2,100,368
	771			CBRL Group, Inc., Term Loan B-1		4.620%		4/28/13		BB			720,150
	93			CBRL Group, Inc., Term Loan B-2		4.620%		4/28/13		BB			86,531
	1,950			Penn National Gaming, Inc., Term Loan B		5.126%		10/03/12		BBB-			1,857,917
	89			Travelport LLC, Letter of Credit		4.946%		8/23/13		BB-			78,197
	445			Travelport LLC, Term Loan		4.954%		8/23/13		BB-			389,716
	600			Venetian Casino Resort LLC, Delayed Draw, Term Loan (5),(6)		0.750%		5/23/14		BB			(68,386	)
	2,382			Venetian Casino Resort LLC, Term Loan		4.450%		5/23/14		BB			2,110,507
	10,417			Total Hotels, Restaurants & Leisure									8,950,800
				Independent Power Producers & Energy Traders – 1.0%
	750			Kgen LLC, Synthetic Letter of Credit		4.500%		2/05/14		BB			678,750
	1,234			Kgen LLC, Term Loan B		4.500%		2/05/14		BB			1,117,109
	469			NRG Energy Inc., Credit Linked Deposit		2.560%		2/01/13		Ba1			439,589
	962			NRG Energy Inc., Term Loan		4.196%		2/01/13		Ba1			902,722
	3,415			Total Independent Power Producers & Energy Traders									3,138,170
				Insurance – 0.3%
	1,165			Conseco, Inc., Term Loan		4.704%		10/10/13		Ba3			906,892
				IT Services – 1.2%
	1,990			First Data Corporation, Term Loan B-1		5.355%		9/24/14		BB-			1,797,080
	2,037			SunGard Data Systems, Inc., Term Loan B		4.878%		2/28/14		BB			1,896,384
	4,027			Total IT Services									3,693,464
				Media – 7.6%
	1,985			CanWest Mediaworks LP, Term Loan		5.085%		7/10/15		Ba1			1,836,125
	990			Cequel Communications LLC, Term Loan B		6.508%		11/05/13		BB-			838,901
	2,195			Charter Communications Operating Holdings LLC, Term Loan		5.260%		3/06/14		B+			1,859,381
	1,960			CSC Holdings, Inc., Term Loan		4.750%		3/29/13		Ba1			1,836,557
	1,985			Discovery Communications Holdings LLC, Term Loan		4.696%		5/14/14		B+			1,827,441
	1,928			Emmis Operating Company, New Term Loan		4.671%		11/01/13		B+			1,619,791
	1,975			Idearc, Inc., Term Loan		4.700%		11/17/14		BBB-			1,589,134
	975			Metro-Goldwyn-Mayer Studios, Inc., Term Loan B		5.940%		4/08/12		N/R			775,794
	1,970			Neilsen Finance LLC, Term Loan		5.346%		8/09/13		Ba3			1,782,858
	1,985			Tribune Company, Term Loan B		5.542%		6/04/14		BB-			1,335,268
	933			Tribune Company, Term Loan X		7.396%		6/04/09		BB-			839,500
	67			Univision Communications, Inc., Delayed Draw, Term Loan (5),(6)		1.000%		9/29/14		B+			(14,010	)
	1,933			Univision Communications, Inc., Term Loan		5.494%		9/29/14		Ba3			1,529,396
	2,000			UPC Broadband Holding BV, Term Loan N		4.869%		12/31/14		Ba3			1,785,000
	1,910			WMG Acquisition Corporation, Term Loan		4.417%		2/28/11		BB-			1,726,406
	2,000			Yell Group PLC, Term Loan		4.704%		10/27/12		Ba3			1,678,214
	26,791			Total Media									22,845,756
				Metals & Mining – 0.5%
	677			Amsted Industries, Inc., Delayed Draw Term Loan		5.077%		4/08/13		BB			646,238
	931			Amsted Industries, Inc., Term Loan		6.053%		4/08/13		BB			888,751
	1,608			Total Metals & Mining									1,534,989
				Oil, Gas & Consumable Fuels – 0.3%
	387			Targa Resources, Inc., Synthetic Letter of Credit		4.696%		10/31/12		Ba3			366,774
	686			Targa Resources, Inc., Term Loan B		6.828%		10/31/12		Ba3			649,863
	1,073			Total Oil, Gas & Consumable Fuels									1,016,637
				Paper & Forest Products – 0.6%
	1,945			Georgia-Pacific Corporation, Term Loan B		4.727%		12/21/12		BB+			1,807,004
				Pharmaceuticals – 1.4%
	2,178			Mylan Laboratories Inc., Term Loan		6.078%		10/02/14		BB			2,105,052
	1,980			Royalty Pharma Finance Trust, Term Loan		4.946%		4/16/13		Baa2			1,968,863
	4,158			Total Pharmaceuticals									4,073,915
				Real Estate Management & Development – 0.3%
	1,320			LNR Property Corporation, Term Loan B		6.360%		7/12/11		BB			1,040,600
				Road & Rail – 0.7%
	111			Hertz Corporation, Letter of Credit		2.599%		12/21/12		BB+			104,000
	614			Hertz Corporation, Term Loan		4.430%		12/21/12		BB+			575,156
	1,767			Swift Transportation Company, Inc., Term Loan		6.500%		5/10/14		BB-			1,333,157
	2,492			Total Road & Rail									2,012,313
				Specialty Retail – 0.4%
	1,500			TRU 2005 RE Holding Co. I LLC, Term Loan		6.119%		12/08/08		B3			1,350,750
				Textiles, Apparel & Luxury Goods – 0.4%
	1,395			HBI Branded Apparel Limited Inc., Term Loan		4.891%		9/05/13		BB			1,342,344
				Trading Companies & Distributors – 0.6%
	990			Ashtead Group Public Limited Company, Term Loan		4.750%		8/31/11		BB+			908,325
	196			Brenntag Holdings GmbH and Co. KG, Acquisition Facility		5.794%		1/20/14		B+			170,714
	804			Brenntag Holdings GmbH and Co. KG, Facility B2		5.794%		1/20/14		B+			698,661
	1,990			Total Trading Companies & Distributors									1,777,700
$	123,425			Total Variable Rate Senior Loan Interests (cost $121,868,553)									110,719,201

Principal
Amount (000) (7)				Description (1)		Coupon		Maturity		Ratings (2)		Value
				Emerging Markets Debt and Foreign Corporate Bonds – 38.3% (24.5% of Total Investments)
				Argentina – 2.7%
$	420			Alto Parana S.A., 144A		6.375%		6/09/17		BBB+		$	427,391
	2,885			Argentina Republic		7.000%		4/17/17		B+			2,181,781
	885			Argentine Beverages Financial Trust, 144A		7.375%		3/22/12		N/R			907,125
	655			Compania de Transporte Energia, 144A		8.875%		12/15/16		B			535,463
	645			Province of Buenos Aires, 144A		9.625%		4/18/28		B+			488,588
	4,437			Republic of Argentina		3.092%		8/03/12		B+			2,368,409
	1,334	ARS		Republic of Argentina		8.280%		12/31/33		B+			1,097,399
				Total Argentina									8,006,156
				Brazil – 3.7%
	1,500	BRL		Banco ABN AMRO Real S.A., Reg S		16.200%		2/22/10		N/R			907,420
	190			Centrais Eletricas Brasileiras S.A., 144A		7.750%		11/30/15		BB+			200,450
	400			Cia Brasileira de Bebidas		10.500%		12/15/11		Baa1			480,000
	1,370	BRL		Companhia Energetica de Sao Paulo, Corporate Bond, 144A		9.750%		1/15/15		Ba3			838,962
	765			Federative Republic of Brazil		8.500%		9/24/12		BB+			1,323,988
	775			Federative Republic of Brazil		8.750%		2/04/25		BB+			951,313
	590			Globo Comunicacao Participacoes, S.A., 144A		7.250%		4/26/22		BB+			578,200
	405			ISA Capital do Brasil S.A., 144A		8.800%		1/30/17		BB			423,225
	100	BRL		National Treasury Note of Brazil		6.000%		11/15/09		BB+			966,325
	200	BRL		National Treasury Note of Brazil		6.000%		5/15/15		BB+			1,805,744
	930			Petrobras International Finance Company		5.875%		3/01/18		Baa1			899,817
	1,060			Petrobras International Finance Company		8.375%		12/10/18		Baa1			1,218,999
	1,100	BRL		RBS Zero Hora Editora Jornalistica S.A., 144A		11.250%		6/15/17		BB-			513,076
				Total Brazil									11,107,519
				Chile – 2.4%
	565			Celulosa Arauco Y Constitucion		5.625%		4/20/15		BBB+			564,331
	600			Coldelco Inc., Reg S		6.375%		11/30/12		Aa3			657,267
	450			Corporacion Nacional del Cobre de Chile, Reg S		5.625%		9/21/35		Aa3			420,932
	1,245			Corporacion Nacional del Cobre de Chile, Reg S		6.150%		10/24/36		Aa3			1,275,316
	430			Corporacion Nacional del Cobre, 144A		5.500%		10/15/13		Aa3			451,858
	1,765			Corporacion Nacional del Cobre, 144A		4.750%		10/15/14		Aa3			1,762,517
	245			Empresa Nacional del Petroleo, Reg S		6.750%		11/15/12		A			265,707
	1,100			Empresa Nacional del Petroleo, 144A		4.875%		3/15/14		A			1,073,367
	550			Enersis S.A.		7.375%		1/15/14		BBB			607,442
				Total Chile									7,078,737
				Colombia – 1.5%
	1,120			Bancolombia S.A.		6.875%		5/25/17		Ba1			1,080,800
	650,000	COP		Bogota Distrito Capital, 144A		9.750%		7/26/28		BB+			302,955
	470			EEB International Limited, 144A		8.750%		10/31/14		BB			486,450
	1,075			Republic of Colombia		10.000%		1/23/12		BBB-			1,280,325
	350			Republic of Colombia		8.250%		12/22/14		BBB-			407,750
	597,000	COP		Republic of Colombia		9.850%		6/28/27		BB+			317,564
	635			TGI International Inc., 144A		9.500%		10/03/17		BB			658,813
				Total Colombia									4,534,657
				Costa Rica – 0.2%
	225			Republic of Costa Rica, Reg S		8.050%		1/31/13		BB+			249,188
	310			Republic of Costa Rica, Reg S		6.548%		3/20/14		BB+			322,400
				Total Costa Rica									571,588
				Ecuador – 0.2%
	490			Republic of Ecuador, Reg S		10.000%		8/15/30		B-			476,525
				Egypt – 0.3%
	875	EGP		Egypt Republic, Treasury Bill		0.000%		6/24/08		BBB-			157,984
	3,550	EGP		Egypt Republic, Treasury Bill (8)		0.000%		7/29/08		BBB-			636,794
				Total Egypt									794,778
				Gabon – 1.2%
	3,360			Republic of Gabon, 144A		8.200%		12/12/17		BB-			3,540,600
				Ghana – 0.0%
	90			Republic of Ghana, 144A		8.500%		10/04/17		B+			94,500
				Hong Kong – 0.2%
	615			Hutchison Whampoa International Ltd		6.500%		2/13/13		A-			630,508
				Hungary – 0.3%
	180,800	HUF		Republic of Hungary, Treasury Bill		6.000%		10/24/12		BBB+			960,880
				India – 0.1%
	355			Icici Bank Limited Bahrain, 144A		6.625%		10/03/12		Baa2			354,755
				Indonesia – 2.1%
	315			Excelcomindo Finance Company B.V., 144A		7.125%		1/18/13		Ba2			310,274
	410			PT Berlian Laju Tanker Finance B.V., 144A		7.500%		5/15/14		B1			252,150
	3,415,000	IDR		Indonesia Republic		11.000%		11/15/20		BB+			350,638
	1,195			Majapahit Holdings B.V., 144A		7.250%		10/17/11		BB-			1,197,988
	885			Majapahit Holdings B.V.		7.750%		10/17/16		BB-			870,610
	875			Majapahit Holdings B.V.		7.875%		6/29/37		BB-			805,000
	1,770			Republic of Indonesia		7.7500%		1/17/38		BB-			1,840,800
	580			Republic of Indonesia, Reg S		8.500%		10/12/35		BB-			659,038
				Total Indonesia									6,286,498
				Israel – 0.2%
	585			State of Israel		5.500%		11/09/16		A			615,441
				Kazakhstan – 0.1%
	300			Tengizchevroil LLP, 144A		6.124%		11/15/14		BBB-			287,730
				Malaysia – 1.5%
	950			Penerbangan Malaysia Berhad, Reg S		5.625%		3/15/16		A-			1,010,053
	525			Pertoliam Nasional Berhad, Reg S		7.625%		10/15/26		A1			665,648
	1,125			Petronas Capital Limited, Reg S		7.000%		5/22/12		A1			1,249,137
	1,100			Republic of Malaysia		8.750%		6/01/09		A-			1,168,297
	550			Sarawak International Inc.		5.500%		8/03/15		A-			526,742
				Total Malaysia									4,619,877
				Mexico – 3.0%
	895			Conproca S.A., Reg S		12.000%		6/16/10		BBB+			1,006,875
	735			Pemex Project Funding Master Trust, 144A		5.750%		3/01/18		BBB+			753,655
	555			Pemex Project Funding Master Trust, 144A		6.625%		6/15/35		BBB+			577,132
	6,575			United Mexican States		8.000%		12/19/13		A+			635,831
	595			United Mexican States		11.375%		9/15/16		BBB+			871,675
	2,305			United Mexican States		6.750%		9/27/34		BBB+			2,576,990
	2,532			United Mexican States		6.050%		1/11/40		BBB+			2,538,330
				Total Mexico									8,960,488
				Pakistan – 0.2%
	330			Pakistan Mobile Communications Ltd., 144A		8.625%		11/13/13		B+			290,399
	320			Pakistan Mobile Communications Ltd., 144A, Reg S		8.625%		11/13/13		B+			281,831
				Total Pakistan									572,230
				Panama – 1.0%
	315			AES Panama S.A., 144A		6.350%		12/21/16		BBB-			315,289
	704			Republic of Panama		6.700%		1/26/36		BB+			719,840
	405			Republic of Panama		7.250%		3/15/15		BB+			445,500
	465			Republic of Panama		9.375%		4/01/29		BB+			613,800
	720			Republic of Panama		9.625%		2/08/11		BB+			825,120
				Total Panama									2,919,549
				Peru – 3.6%
	2,285			Republic of Peru		8.375%		5/03/16		BB+			2,732,860
	615			Republic of Peru		8.750%		11/21/33		BB+			802,575
	1,100			Republic of Peru		9.125%		2/21/12		BB+			1,277,650
	2,430			Republic of Peru		9.875%		2/06/15		BB+			3,076,380
	630			Republic of Peru		6.550%		3/14/37		BB+			652,995
	1,200			Republic of Peru, Certificates of Deposit		0.000%		7/03/08		BBB-			431,773
	2,800			Republic of Peru, Certificates of Deposit		0.000%		7/03/08		BBB-			985,077
	1,485			Republic of Peru, Enhanced Pass Thru Notes, 144A		0.000%		5/31/18		BB			994,950
				Total Peru									10,954,260
				Philippines – 0.7%
	255			Bangko Sentral ng Pilippinas, Series A		8.600%		6/15/27		BB-			299,625
	220			National Power Corporation, Reg S		7.343%		8/23/11		BB-			235,065
	945			Republic of the Philippines		8.250%		1/15/14		BB-			1,086,750
	420			Republic of the Philippines		8.375%		2/15/11		BB-			462,000
				Total Philippines									2,083,440
				Qatar – 0.3%
	147			Ras Laffan Liquefied Natural Gas Co., Ltd., 144A		3.437%		9/15/09		Aa2			147,926
	308			Ras Laffan Liquefied Natural Gas Company Limited, Reg S		3.437%		9/15/09		Aa2			309,603
	575			Ras Laffan Liquefied Natural Gas II, Reg S		5.298%		9/30/20		Aa2			560,567
				Total Qatar									1,018,096
				Russian Federation – 3.4%
	170	EUR		Gaz Capital S.A., 144A		5.030%		2/25/14		A3			238,149
	640			Gaz Capital S.A., 144A		6.212%		11/22/16		A3			593,600
	695			Gaz Capital S.A., 144A		7.288%		8/16/37		A3			637,419
	525			Gazprom		10.500%		10/21/09		A3			570,728
	586			GazStream S.A., 144A		5.625%		7/22/13		A3			585,561
	620			Irkut Corporation, Loan Participations, Moscow River B.V.		8.250%		4/10/09		N/R			624,650
	3,614			Russia Federation, Reg S		7.500%		3/31/30		BBB+			4,167,030
	990			Russian Ministry of Finance, Reg S		12.750%		6/24/28		BBB+			1,788,287
	550			Saving Bank of the Russian Federation, Participations		6.230%		2/11/15		A2			553,163
	490			VTB Capital S.A., Corporate Bonds, 144A		3.839%		8/01/08		A2			485,100
				Total Russian Federation									10,243,687
				Serbia – 0.8%
	2,500			Republic of Serbia, 144A		3.750%		11/01/24		BB-			2,309,500
				South Africa – 0.8%
	1,140			Republic of South Africa		7.375%		4/25/12		BBB+			1,236,900
	1,425			Republic of South Africa		5.875%		5/30/22		BBB+			1,314,563
				Total South Africa									2,551,463
				Thailand – 0.1%
	250			Bangkok Bank Public Company Limited, Reg S		9.025%		3/15/29		BBB			264,794
				Trinidad and Tobago – 1.7%
	945			First Citizens Saint Lucia Limited, Reg S		5.125%		2/14/11		A1			1,021,239
	180			National Gas Company of Trinidad and Tobago, 144A		6.050%		1/15/36		A3			169,365
	1,325			Petroleum Company of Trinidad & Tobago Limited, 144A		6.000%		5/08/22		BBB+			1,302,209
	963			Republic of Trinidad and Tobago, Reg S		9.750%		7/01/20		A-			1,309,584
	1,275			Republic of Trinidad and Tobago, Reg S		5.875%		5/17/27		A-			1,246,950
				Total Trinidad and Tobago									5,049,347
				Tunisia – 1.2%
	3,215			Banque de Tunisie		7.375%		4/25/12		BBB			3,488,275
				Turkey – 0.4%
	1,680	TRY		Republic of Turkey, Government Bond		16.000%		3/07/12		BB			1,186,690
				Ukraine – 1.1%
	2,635			Republic of Ukraine, Reg S		6.875%		3/04/11		BB-			2,727,489
	615			Ukraine Export-Import Bank Loan Participation with Credit Suisse International		8.400%		2/09/16		Ba2			601,962
				Total Ukraine									3,329,451
				Uruguay – 2.4%
	4,985			Oriental Republic of Uruguay		7.625%		3/21/36		BB-			5,072,238
	125			Republic of Uruguay		7.500%		3/15/15		BB-			135,625
	1,435			Republic of Uruguay		9.250%		5/17/17		BB-			1,704,063
	315			Republic of Uruguay		8.000%		11/18/22		BB-			338,625
	117			Republic of Uruguay		7.875%		1/15/33		BB-			123,180
				Total Uruguay									7,373,731
				Venezuela – 0.9%
	635			Republic of Venezuela, Reg S		7.000%		12/01/18		BB-			512,763
	815			Republic of Venezuela, Reg S		4.894%		4/20/11		BB-			690,100
	125			Republic of Venezuela		8.500%		10/08/14		BB-			116,250
	1,425			Republic of Venezuela		9.250%		9/15/27		BB-			1,357,313
				Total Venezuela									2,676,426
				Total Emerging Markets Debt and Foreign Corporate Bonds (cost $113,891,713)									114,942,176

Principal
Amount (000)				Description (1)		Coupon		Maturity		Ratings		Value
				Short-Term Investments – 8.5% (5.4% of Total Investments)
				Sovereign Debt – 0.2%
$	2,775	EGP		Egypt Republic, Treasury Bill		0.000%		4/15/08		BBB-		$	508,067
				Repurchase Agreements – 8.3%
	24,954			Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/08, repurchase price $24,954,789, collateralized by $25,425,000 U.S. Treasury Notes, 1.750%, due 3/31/10, value $25,456,781		1.100%		4/01/08		N/A			24,954,027
$	27,729			Total Short-Term Investments (cost $25,455,741)									25,462,094
				Total Investments (cost $468,579,010) – 156.3%									469,321,752
				Borrowings – (14.9)% (9)									(45,000,000	)
				Other Assets Less Liabilities – (1.4)%									(3,968,623	)
				FundPreferred Shares, at Liquidation Value – (40.0)% (9)									(120,000,000	)
				Net Assets Applicable to Common Shares – 100%								$	300,353,129

																		Unrealized
																		Appreciation
		Amount				In Exchange For				Amount				Settlement				(Depreciation)
Currency Contracts to Deliver		(Local Currency)				Currency				(Local Currency)				Date				(U.S. Dollars)
Brazilian Real			6,750,000			U.S. Dollar					3,968,729				6/18/08			$	180,382
Colombian Peso			1,295,187,000			U.S. Dollar					694,098				4/23/08				(9,904	)
Euro			1,042,000			U.S. Dollar					1,590,832				6/18/08				(48,369	)
Hungarian Forint			164,073,000			U.S. Dollar					975,736				6/18/08				(6,624	)
Israeli Shekel			3,450,000			U.S. Dollar					990,156				6/18/08				12,761
New Turkish Lira			1,766,000			U.S. Dollar					1,407,909				6/18/08				121,791
U.S. Dollar			140,098			Indonesian Rupiah					1,287,500,000				4/23/08				(490	)
U.S. Dollar			1,014,109			Israeli Shekel					3,450,000				6/18/08				(36,714	)
U.S. Dollar			1,255,086			Malaysian Ringgit					4,010,000				6/18/08				(2,822	)
U.S. Dollar			1,490,593			Peruvian Nouveau					4,120,000				6/18/08				25,216
U.S. Dollar			622,571			Nigerian Naira					74,086,000				9/19/08				(5,368	)
																		$	229,859

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.
(3)		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.
(4)		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.
(5)		Position or portion of position represents an unfunded Senior Loan commitment outstanding at March 31, 2008.
(6)		Negative value represents unrealized depreciation on unfunded Senior Loan commitment outstanding at March 31, 2008.
(7)		Principal amount denominated in U.S. Dollars, unless otherwise noted.
(8)		Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.
(9)		Borrowings and FundPreferred shares, at Liquidation Value as a percentage of total investments are (9.6)% and (25.6)%, respectively.
N/A		Not applicable.
N/R		Not rated.
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.
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.
WI/DD		Purchased on a when issued or delayed delivery basis.
ARS		Argentine Peso
BRL		Brazilian Real
COP		Colombian Peso
EGP		Egyptian Pound
EUR		Euro
HUF		Hungarian Forint
IDR		Indonesian Rupiah
TRY		New Turkish Lira