N-Q 1 c19306nvq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS nvq
Table of Contents

 
 
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   811-21893    
Nuveen Global Government Enhanced 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:    9/30/2007   
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.
 
 

 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
Certification

Table of Contents

Item 1. Schedule of Investments
Portfolio of Investments (Unaudited)
Nuveen Global Government Enhanced Income Fund (JGG)
September 30, 2007
                               
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (2)   Value  
   
   
 
                    
   
Sovereign Debt – 24.7% (3)
   
 
                    
   
Greece – 8.8%
   
 
                    
  11,000  EUR    
Hellenic Republic
   4.300%   7/20/17   A1   $ 15,277,813  
   
   
 
                    
   
Sweden – 10.2%
   
 
                    
  119,000  SEK    
Republic of Sweden
   3.750%   8/12/17   AAA     17,668,191  
   
   
 
                    
   
Turkey – 5.7%
   
 
                    
  7,100  TRY    
Republic of Turkey, Government Bond
   14.000%   1/19/11   Ba3     5,726,471  
  5,000  TRY    
Republic of Turkey, Government Bond
   16.000%   3/07/12   Baa3     4,200,497  
   
  12,100      
Total Turkey
                 9,926,968  
   
         
Total Sovereign Debt (cost $40,528,483)
                 42,872,972  
           
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (2)   Value  
 
 
 
                    
 
U.S. Government and Agency Obligations – 21.5%
 
 
                    
$ 6,600    
Federal Home Loan Mortgage Corportation, Notes (4)
   0.000%   12/07/07   Aaa   $ 6,545,279  
  5,400    
Federal National Mortgage Association
   0.000%   12/14/07   Aaa     5,350,552  
  8,900    
Federal National Mortgage Association
   0.000%   1/04/08   Aaa     8,797,009  
  17,000    
Federal Home Loan Banks, Discount Notes
   0.000%   1/11/08   Aaa     16,788,792  
 
$ 37,900    
Total U.S. Government and Agency Obligations (cost $37,442,616)
                 37,481,632  
 
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (2)   Value  
 
 
 
                    
 
Short-Term Investments – 56.8%
 
 
                    
 
U.S. Government and Agency Obligations – 53.8%
 
 
                    
$ 60,000    
Federal National Mortgage Association
   0.000%   10/10/07   Aaa   $ 59,922,900  
  24,000    
Federal National Mortgage Association
   0.000%   11/09/07   Aaa     23,866,880  
  4,000    
Federal Farm Credit Banks, Consolidated Systemwide Notes
   0.000%   11/15/07   Aaa     3,977,500  
  6,000    
Federal Home Loan Banks, Discount Notes
   0.000%   11/28/07   Aaa     5,956,740  
 
  94,000    
Total U.S. Government and Agency Obligations (cost $93,724,020)
                 93,724,020  
 
 
 
                    
 
Repurchase Agreements – 3.0%
 
 
                    
  5,146    
Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/28/07,
repurchase price $5,147,199, collateralized by $4,165,000 U.S. Treasury Bonds,
7.250%, due 8/15/22, value $5,253,106
   3.750%   10/01/07   NA     5,145,591  
     
$ 99,146    
Total Short-Term Investments (cost $98,869,611)
                 98,869,611  
 
                                             
            Put     Call                  
            Notional     Notional     Expiration   Strike        
      Type   Amount (5)     Amount     Date   Price     Value  
         
 
 
                                    
 
Put Options – 0.9%
                                    
 
 
                                    
       
Goldman Sachs Currency Option
     34,000,000  BRL     17,000,000  USD   10/18/07   $ 2.000     $ 1,546,728  
         
 
Total Put Options (cost $425,510)
                               1,546,728  
         
                                     
        Floating   Pay/Receive                      
        Rate   Floating   Exercise   Expiration   Notional          
Description   Counter Party   Index   Rate   Rate   Date   Amount   Premium   Value  
 
   
 
                                
   
Put Swaptions – 0.0%
   
 
                                
OTC – 10-Year
Interest Rate Swap		  
Citibank
   6-Month NIBOR   Receive   7.200%   12/27/07   110,000,000 NOK   16,500 NOK   $ 3  
OTC – 10-Year
Interest Rate Swap		  
Citibank
   6-Month CIBOR   Receive   6.350%   12/27/07   100,000,000 DKK   15,000 DKK     2  
OTC – 10-Year
Interest Rate Swap		  
Goldman Sachs
   6-Month WIBOR   Receive   7.640%   12/27/07   51,000,000 PLN   3,000 USD     0  
OTC – 10-Year
Interest Rate Swap		  
Goldman Sachs
   6-Month PRIBOR   Receive   6.440%   12/27/07   390,000,000 CZK   3,000 USD     0  
OTC – 10-Year
Interest Rate Swap		  
Goldman Sachs
   3-Month STIBOR   Receive   6.380%   12/27/07   119,000,000 SEK   2,281 USD     1  
OTC – 10-Year
Interest Rate Swap		  
Goldman Sachs
   6-Month EURIBOR   Receive   6.175%   12/27/07   11,000,000 EUR   1,166 USD     1  
OTC – 10-Year
Interest Rate Swap		  
Goldman Sachs
   6-Month LIBOR   Receive   4.950%   12/27/07   21,200,000 CHF   1,817 USD     1  
 
    Total Put Swaptions (cost $17,105)                     8  
     
    Total Investments (cost $177,283,325)                   180,770,951  
     
                                     
        Floating   Pay/Receive                      
        Rate   Floating   Exercise   Expiration   Notional          
Description   Counter Party   Index   Rate   Rate   Date   Amount   Premium   Value  
 
   
 
                                
   
Call Swaptions Written – (0.1%)
   
 
                                
OTC – 10-Year
Interest Rate Swap		  
Citibank
   6-Month CIBOR   Receive   4.745%   10/22/07   (100,000,000) DKK   (302,500) DKK   $ (57,863 )
OTC – 10-Year
Interest Rate Swap		  
Citibank
   6-Month NIBOR   Receive   5.660%   10/24/07   (110,000,000) NOK   (324,500) NOK     (60,190 )
OTC – 10-Year
Interest Rate Swap		  
Morgan Stanley
   3-Month STIBOR   Receive   4.700%   10/19/07   (119,000,000) SEK   (301,070) SEK     (11,800 )
OTC – 10-Year
Interest Rate Swap		  
Morgan Stanley
   28-Day TIIE   Receive   8.220%   10/25/07   (200,000,000) MXN   (600,000) MXN     (48,065 )
OTC – 10-Year
Interest Rate Swap		  
UBS
   6-Month LIBOR   Receive   3.403%   10/22/07   (21,200,000) CHF   (72,080) CHF     (61,757 )
 
    Total Call Swaptions Written (premium received $277,900)                   (239,675 )
     
    Other Assets Less Liabilities – (3.8)%                     (6,543,210 )
     
    Net Assets – 100%                   $ 173,988,066  
     
Forward Foreign Currency Exchange Contracts outstanding at September 30, 2007:
                                         
                                    Unrealized  
                                    Appreciation  
Currency Contracts   Amount     In Exchange For   Amount     Settlement     (Depreciation)  
to Deliver   (Local Currency)     Currency   (Local Currency)     Date     (U.S. Dollars)  
 
Australian Dollar
     2,500,000     U.S. Dollar     2,145,000       10/17/07     $ (71,729 )
Australian Dollar
     2,000,000     Canadian Dollar     1,754,350       1/03/08       8,964  
Brazilian Real
     9,362,250     U.S. Dollar     4,750,000       10/02/07       (355,308 )
Brazilian Real
     7,396,875     U.S. Dollar     3,750,000       10/02/07       (283,574 )
Brazilian Real
     7,488,000     U.S. Dollar     4,000,000       10/02/07       (83,265 )
Brazilian Real
     24,247,125     U.S. Dollar     12,953,216       10/22/07       (239,196 )
Canadian Dollar
     1,754,350     Australian Dollar     2,000,000       1/03/08       (7,225 )
Canadian Dollar
     1,715,685     New Zealand Dollar     2,300,000       1/03/08       16,120  
Danish Krone
     23,477,080     U.S. Dollar     4,400,000       10/22/07       (93,077 )
Euro
     11,297,300     U.S. Dollar     15,434,936       11/15/07       (691,221 )
Euro
     3,000,000     Iceland Krona     270,660,000       12/21/07       7,448  
Euro
     3,002,996     Iceland Krona     270,660,000       12/21/07       (74,592 )
Euro
     2,820,256     Iceland Krona     270,660,000       9/24/08       307,267  
Hungarian Forint
     714,790,000     U.S. Dollar     3,857,474       10/17/07       (198,949 )
Iceland Krona
     243,846,000     U.S. Dollar     3,896,724       10/17/07       (43,711 )
Iceland Krona
     270,660,000     Euro     3,000,000       12/21/07       14,201  
Iceland Krona
     270,660,000     Euro     3,002,996       12/21/07       57,221  
Iceland Krona
     270,660,000     Euro     2,820,256       9/24/08       (296,779 )
Indian Rupee
     81,080,000     U.S. Dollar     2,042,317       10/17/07       8,120  
Israeli Shekel
     16,855,560     U.S. Dollar     3,905,366       10/25/07       (292,385 )
Japanese Yen
     509,117,400     U.S. Dollar     4,400,000       10/22/07       (44,207 )
New Zealand Dollar
     2,600,000     U.S. Dollar     1,999,655       10/23/07       33,467  
New Zealand Dollar
     2,300,000     Canadian Dollar     1,715,685       1/03/08       (15,766 )
South African Rand
     28,014,000     U.S. Dollar     3,905,860       10/16/07       (151,312 )
Swedish Krona
     130,000,000     U.S. Dollar     19,117,647       11/15/07       (1,084,546 )
Swiss Franc
     5,188,832     U.S. Dollar     4,400,000       10/22/07       (64,449 )
Swiss Franc
     4,777,600     U.S. Dollar     4,000,000       10/24/07       (111,268 )
Taiwan Dollar
     65,550,000     U.S. Dollar     2,000,000       10/15/07       (12,459 )
Taiwan Dollar
     72,765,000     U.S. Dollar     2,200,000       10/15/07       (33,967 )
New Turkish Lira
     6,025,000     U.S. Dollar     4,802,710       11/15/07       (112,347 )
U.S. Dollar
     12,980,260     Brazilian Real     24,247,125       10/02/07       241,887  
U.S. Dollar
     2,000,000     South African Rand     14,108,400       10/16/07       43,271  
U.S. Dollar
     2,165,813     Australian Dollar     2,500,000       10/17/07       50,916  
U.S. Dollar
     2,000,000     Hungarian Forint     357,720,000       10/17/07       30,056  
U.S. Dollar
     2,000,000     Hungarian Forint     357,070,000       10/17/07       26,367  
U.S. Dollar
     4,383,312     Hungarian Forint     790,000,000       10/17/07       99,926  
U.S. Dollar
     2,000,000     Indian Rupee     81,080,000       10/17/07       34,198  
U.S. Dollar
     2,000,000     Iceland Krona     121,298,000       10/17/07       (39,882 )
U.S. Dollar
     2,000,000     Iceland Krona     122,548,000       10/17/07       (19,683 )
U.S. Dollar
     4,400,000     Mexican Peso     48,518,800       10/17/07       30,824  
U.S. Dollar
     2,000,000     South African Rand     13,905,600       10/16/07       13,901  
U.S. Dollar
     2,000,000     Columbian Peso     4,340,000,000       10/18/07       140,485  
U.S. Dollar
     4,253,650     Australian Dollar     5,000,000       10/22/07       178,840  
U.S. Dollar
     2,000,000     Columbian Peso     4,103,600,000       10/22/07       23,211  
U.S. Dollar
     4,223,924     South African Rand     30,000,000       10/22/07       117,217  
U.S. Dollar
     2,046,226     New Zealand Dollar     2,600,000       10/23/07       (80,038 )
U.S. Dollar
     3,621,950     New Zealand Dollar     5,000,000       10/23/07       159,181  
U.S. Dollar
     4,000,000     Israeli Shekel     16,855,560       10/25/07       197,751  
U.S. Dollar
     1,663,252     Swedish Krona     11,000,000       11/15/07       46,164  
U.S. Dollar
     3,974,345     Swiss Franc     4,777,600       10/24/07       136,923  
 
 
                                   $ (2,477,009 )
 
Interest Rate Swaps outstanding at September 30, 2007:
                                                         
            Fund                                      
            Pay/                                   Unrealized  
            Receive   Floating           Fixed Rate           Appreciation  
    Notional   Floating   Rate   Fixed Rate   Payment   Termination     (Depreciation)  
Counterparty   Amount   Rate   Index   (Annualized)   Frequency   Date     (U.S. Dollars)  
 
Goldman Sachs
   110,000,000 NOK   Pay   6-Month NIBOR     4.810 %   Annual     7/10/16     $ (1,154,735 )
Goldman Sachs
   196,000,000 MXN   Pay   28-Day TIIE     9.150     28-Day     6/27/16       960,589  
JPMorgan
   56,000,000 PLN   Pay   6-Month WIBOR     5.650     Annual     7/10/16       101,930  
Merrill Lynch
   19,500,000 CAD   Pay   3-Month CAD-BA-CDOR     4.353     Semiannual     11/21/16       (647,292 )
Morgan Stanley
   2,100,000,000 JPY   Pay   6-Month JPY LIBOR     2.116     Semiannual     7/13/17       495,034  
Morgan Stanley
   395,000,000 CZK   Pay   6-Month PRIBOR     4.060     Annual     7/11/16       (429,882 )
Morgan Stanley
   103,000,000 DKK   Pay   6-Month CIBOR     4.458     Annual     7/7/16       (477,938 )
UBS
   21,200,000 CHF   Pay   6-Month CHF LIBOR     3.443     Annual     9/24/17       (22,996 )
 
 
                                                   $ (1,175,290 )
 
     
 (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)  
Additional Sovereign Debt exposure is obtained from the Interest Rate Swap transactions.
   
 
 (4)  
Portion of investment, with an aggregate market value of $1,378,475, has been pledged to collateralize the net payment obligations under interest rate swap contracts.
   
 
 (5)  
Put Notional Amount is calculated by multiplying the Call Notional Amount by Strike Price.
   
 
BRL
CAD
CHF
CZK
DKK
EUR
JPY
PLN
MXN
NOK
SEK
TRY
USD
BA-CDOR
CIBOR
EURIBOR
LIBOR
NIBOR
PRIBOR
STIBOR
TIIE
WIBOR
NA		  
Brazilian Real
Canadian Dollar
Swiss Franc
Czech Koruna
Danish Krone
Euro
Japanese Yen
Polish Zloty
Mexican Peso
Norwegian Krone
Swedish Krona
New Turkish Lira
U.S. Dollar
Bankers Acceptances Offered Rate
Copenhagen Inter-Bank Offered Rate
Europe Inter-Bank Offered Rate
London Inter-Bank Offered Rate
Norwegian Inter-Bank Offered Rate
Prague Inter-Bank Offered Rate
Stockholm Inter-Bank Offered Rate
Mexican Peso-Inter-Bank Equilibrium Interest Rate
Warsaw Inter-Bank Offered Rate
Not applicable
Incom 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 and timing differences in recognizing certain gains and losses on investment transactions.
At September 30, 2007, the cost of investments was $177,701,234.
Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2007, were as follows:
         
 
 
        
Gross unrealized:
        
Appreciation
   $ 3,504,515  
Depreciation
     (434,798 )
 
        
 
 
        
Net unrealized appreciation (depreciation) of investments
   $ 3,069,717  
 
        
 

Table of Contents

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.

 

Table of Contents

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 November 29, 2007
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 November 29, 2007
         
     
By (Signature and Title)*  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date November 29, 2007
 
*   Print the name and title of each signing officer under his or her signature.