N-Q 1 c47044nvq.htm FORM N-Q N-Q
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      811-21903     
Nuveen Global Value Opportunities 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:    9/30/2008   
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.
 
 

 


TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
EX-99.CERT


Table of Contents

Item 1. Schedule of Investments
Portfolio of Investments (Unaudited)
Nuveen Global Value Opportunities Fund (JGV)
September 30, 2008
                             
Shares     Description (1)               Value  
 
 
 
                   
 
Common Stocks – 77.7%
 
 
                   
 
Aerospace & Defense – 1.5%
 
 
                   
  92,800    
Thales S.A.
              $ 4,683,123  
 
 
 
                   
 
Automobiles – 0.1%
 
 
                   
  28,400    
Tata Motors Limited
                217,544  
 
 
 
                   
 
Biotechnology – 2.7%
 
 
                   
  136,000    
Amgen Inc., (2), (5)
                8,060,720  
 
 
 
                   
 
Capital Markets – 1.1%
 
 
                   
  195,615    
UBS AG, (5)
                3,431,087  
 
 
 
                   
 
Commercial Banks – 0.5%
 
 
                   
  33,300    
Bangkok Bank Public Company Limited, Foreign Reg
                102,024  
  46,000    
Bangkok Bank Public Company Limited, NVDR
                140,514  
  68,900    
Bank Hapoalim B.M.
                216,350  
  74,100    
Bank Leumi le-Israel B.M.
                268,722  
  15,350    
ICICI Bank Limited, ADR
                361,032  
  1,019,500    
Krung Thai Bank Public Company Limited
                200,227  
  181,500    
Metropolitan Bank & Trust Company
                131,933  
 
 
Total Commercial Banks
                1,420,802  
   
 
 
                   
 
Commercial Services & Supplies – 2.9%
 
 
                   
  801,600    
Allied Waste Industries, Inc., (2), (5)
                8,905,776  
 
 
 
                   
 
Communications Equipment – 1.2%
 
 
                   
  371,600    
LM Ericsson Telefonaktiebolaget, (5)
                3,504,188  
 
 
 
                   
 
Construction Materials – 0.1%
 
 
                   
  42,600    
Akcansa Cimento A.S.
                131,179  
  3,900    
Cemex S.A.B. de C.V., Sponsored ADR, (2)
                67,158  
 
 
Total Construction Materials
                198,337  
   
 
 
                   
 
Containers & Packaging – 0.1%
 
 
                   
  236,600    
Turk Sise ve Cam Fabrikalari S.A., (2)
                285,287  
 
 
 
                   
 
Diversified Telecommunication Services – 10.1%
 
 
                   
  4,855    
Chunghwa Telecom Co., Ltd., Sponsored ADR, (2)
                114,918  
  161,100    
KT Corporation, Sponsored ADR, (5)
                2,704,869  
  2,175    
KT Corporation, (5)
                75,103  
  903,200    
Nippon Telegraph and Telephone Corporation, ADR, (5)
                20,331,032  
  360,000    
Sprint Nextel Corporation, (2), (5)
                2,196,000  
  1,000    
Telecom Egypt SAE, GDR, 144A
                13,556  
  199,400    
Telecom Egypt SAE
                528,257  
  4,000,000    
Telecom Italia S.p.A.
                4,534,187  
 
 
Total Diversified Telecommunication Services
                30,497,922  
   
 
 
                   
 
Electric Utilities – 9.5%
 
 
                   
  78,000    
Ameren Corporation, (5)
                3,044,340  
  368,050    
Centrais Electricas Brasileiras S.A., ADR Pref.
                4,575,450  
  12,350    
Centrais Electricas Brasileiras S.A., ADR
                176,836  
  14,160    
Huaneng Power International Inc.
                376,939  
  234,600    
IdaCorp, Inc., (5)
                6,824,514  
  534,075    
Korea Electric Power Corporation, Sponsored ADR
                6,617,189  
  332,000    
PNM Resources Inc.
                3,399,680  
  85,000    
Progress Energy, Inc., (5)
                3,666,050  
 
 
Total Electric Utilities
                28,680,998  
   
 
 
                   
 
Energy Equipment & Services – 3.5%
 
 
                   
  501,000    
BJ Services Company, (5)
                9,584,130  
  20,000    
Technip S.A., (5)
                1,123,824  
 
 
Total Energy Equipment & Services
                10,707,954  
   
 
 
                   
 
Food Products – 7.5%
 
 
                   
  53,625    
Cresud, Inc.
                563,063  
  214,900    
Gruma S.A.B de C.V.
                442,120  
  20,550    
Industries Bachoco S.A., Sponsored ADR
                502,037  
  587,000    
Smithfield Foods, Inc., (2), (5)
                9,321,560  
  974,500    
Tyson Foods, Inc., Class A, (5)
                11,635,530  
 
 
Total Food Products
                22,464,310  
   
 
 
                   
 
Health Care Providers & Services – 1.0%
 
 
                   
  125,000    
Health Net Inc., (2), (5)
                2,950,000  
 
 
 
                   
 
Household Products – 1.1%
 
 
                   
  125,000    
KAO Corporation
                3,352,189  
 
 
 
                   
 
Internet Software & Services – 1.0%
 
 
                   
  140,000    
eBay Inc., (2), (5)
                3,133,200  
 
 
 
                   
 
Marine – 0.3%
 
 
                   
  82,000    
Stolt-Nielsen S.A.
                973,079  
 
 
 
                   
 
Media – 1.1%
 
 
                   
  125,000    
Scholastic Corporation, (5)
                3,210,000  
 
 
 
                   
 
Metals & Mining – 16.5%
 
 
                   
  360,500    
AngloGold Ashanti Limited, Sponsored ADR, (5)
                8,327,550  
  740,000    
Apex Silver Mines Limited, (2)
                1,272,800  
  298,500    
Barrick Gold Corporation, (5)
                10,966,890  
  659,500    
Crystallex International Corporation, (2)
                534,195  
  29,300    
First Uranium Corporation, (2)
                93,881  
  131,200    
Geovic Mining Corporation, (2)
                85,063  
  514,450    
Gold Fields Limited Sponsored ADR, (5)
                4,933,576  
  4,550    
Impala Platinum Holdings Limited
                92,885  
  245,650    
Ivanhoe Mines Ltd., (2), (5)
                1,488,639  
  3,669,900    
Lihir Gold Limited, (2)
                7,455,321  
  2,715    
Lonmin PLC
                111,041  
  745,000    
Minara Resources Limited
                970,823  
  270,700    
Newmont Mining Corporation, (5)
                10,492,332  
  411,100    
NovaGold Resources Inc., (2)
                2,676,261  
  12,100    
Silver Standard Resources, Inc., (2)
                200,013  
 
 
Total Metals & Mining
                49,701,270  
   
 
 
                   
 
Oil, Gas & Consumable Fuels – 9.8%
 
 
                   
  10,050    
Addax Petroleum Company
                272,816  
  56,900    
Arch Coal Inc., (5)
                1,871,441  
  209,000    
BP Amoco PLC, (5)
                10,485,530  
  145,000    
Cameco Corporation, (5)
                3,234,950  
  35,000    
Chevron Corporation, (5)
                2,886,800  
  61,250    
Petrobras Energia Participaciones S.A.
                602,700  
  274,000    
PetroChina Company Limited
                284,438  
  2,845    
PetroChina Company Limited, ADR
                292,267  
  17,425    
Petroleo Brasileiras S.A.
                652,044  
  8,400    
Royal Dutch Shell PLC, Class A, ADR, (5)
                495,684  
  142,000    
Royal Dutch Shell PLC, Class B, Sponsored ADR, (5)
                8,106,780  
  6,750    
S-Oil Corporation
                388,801  
 
 
Total Oil, Gas & Consumable Fuels
                29,574,251  
   
 
 
                   
 
Paper & Forest Products – 0.6%
 
 
                   
  351,700    
AbitibiBowater Inc., (2), (5)
                1,361,079  
  73,200    
Mondi PLC
                341,636  
 
 
Total Paper & Forest Products
                1,702,715  
   
 
 
                   
 
Pharmaceuticals – 4.2%
 
 
                   
  174,500    
AstraZeneca Group, (5)
                7,657,060  
  48,100    
Doctor Reddy’s Laboratories Limited, Sponsored ADR
                536,315  
  395,000    
Patheon Inc., (2)
                1,299,037  
  90,200    
Sanofi-Aventis, ADR
                2,964,874  
  592,000    
United Laboratories
                193,809  
 
 
Total Pharmaceuticals
                12,651,095  
   
 
 
                   
 
Software – 0.6%
 
 
                   
  75,000    
Microsoft Corporation, (5)
                2,001,750  
 
 
 
                   
 
Water Utilities – 0.2%
 
 
                   
  16,200    
Companhia de Saneamento Basico do Estado de Sao Paulo, ADR, (2)
                459,270  
 
 
 
                   
 
Wireless Telecommunication Services – 0.5%
 
 
                   
  10,350    
NII Holdings Inc., Class B, (2)
                392,472  
  700    
SK Telecom Company Limited
                119,821  
  25,250    
SK Telecom Company Limited, ADR
                475,205  
  17,400    
TIM Participacoes S.A.
                36,119  
  51,600    
Turkcell Iletisim Hizmetleri A.S.
                307,424  
  10,100    
Turkcell Iletisim Hizmetleri A.S., ADR
                151,399  
  11,300    
Vivo Participacoes S.A., (2)
                50,475  
 
 
Total Wireless Telecommunication Services
                1,532,915  
   
 
Total Common Stocks (cost $310,740,487)
                234,299,782  
   
                             
Shares     Description (1)   Coupon       Ratings (3)   Value  
 
 
 
                   
 
Convertible Preferred Securities – 2.8%
 
 
                   
 
Communications Equipment – 2.8%
 
 
                   
  21,358    
Lucent Technologies Capital Trust I
  7.750%       B2   $ 8,329,620  
 
 
Total Convertible Preferred Securities (cost $22,014,415)
                8,329,620  
   
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (3)   Value  
 
 
 
                   
 
Mortgage-Backed Securities – 4.9%
 
 
                   
 
Residentials – 4.9%
 
 
                   
$ 182    
Fannie Mae Mortgage Pool 100195, (6)
  5.40%   8/20/22   AAA   $ 183,824  
  282    
Fannie Mae Mortgage Pool 2003-86 IL (I/O)
  4.50%   4/25/13   AAA     29  
  202    
Fannie Mae Mortgage Pool 357922
  4.29%   3/01/34   AAA     203,794  
  32    
Fannie Mae Mortgage Pool 708743
  4.12%   6/01/33   AAA     32,322  
  68    
Fannie Mae Mortgage Pool 713939
  4.41%   4/01/33   AAA     68,566  
  704    
Fannie Mae Mortgage Pool 816594
  4.92%   2/01/35   AAA     702,603  
  26,167    
Fannie Mae Mortgage Pool Strips 345-17 (I/O)
  4.50%   5/01/20   AAA     3,540,923  
  833    
Fannie Mae, Collateralized Mortgage Obligations, Series 2004-75, Class KI (I/O)
  4.50%   3/25/18   AAA     74,036  
  1,648    
Fannie Mae, Collateralized Mortgage Obligations, Series 2004-86, Class KI (I/O)
  4.50%   5/25/19   AAA     187,817  
  3,927    
Fannie Mae, Collateralized Mortgage Obligations, Series 2005-69, Class PI (I/O)
  4.50%   8/25/25   AAA     1,096,494  
  3,251    
Federal Home Loan Collateralized Mortgage, Series 2595 (I/O)
  5.00%   6/15/21   AAA     399,910  
  2,124    
Federal Home Loan Mortgage Corporation, Collateralized Mortgage Obligation, Pool 780184
  6.41%   1/01/33   AAA     2,161,226  
  101    
Federal Home Loan Mortgage Corporation, Collateralized Mortgage Obligation, Pool 780284
  5.81%   2/01/33   AAA     103,305  
  3,321    
Federal Home Loan Mortgage Corporation, Mortgage Pool 2640 (I/O)
  4.50%   8/15/17   AAA     244,270  
  991    
Federal Home Loan Mortgage Corporation, Mortgage Pool 2890, Class IA (I/O)
  4.50%   3/15/18   AAA     92,774  
  873    
Federal Home Loan Mortgage Corporation, Mortgage Pool 2890, Class KI (I/O)
  4.50%   2/15/19   AAA     99,869  
  2,969    
Federal Home Loan Mortgage Corporation, Mortgage Pool, FHR 2627 BI (I/O)
  5.00%   8/15/25   AAA     123,539  
  1,287    
Federal Home Loan Mortgage Corporation, Mortgage Pool, FHR 2906 EI (I/O)
  4.50%   1/15/19   AAA     142,601  
  319    
Federal Home Loan Mortgage Corporation, Mortgage Pool, Series 2626 JI (I/O)
  4.50%   5/15/18   AAA     60,011  
  91    
Federal Home Loan Mortgage Corporation, Pool 789045
  5.76%   2/01/32   AAA     92,943  
  5,123    
GNMA Mortgage Pool 081832
  5.00%   1/20/37   AAA     5,202,527  
 
  54,495    
Total Residentials
                14,813,383  
 
$ 54,495    
Total Mortgage-Backed Securities (cost $15,526,833)
                14,813,383  
 
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (3)   Value  
 
 
 
                   
 
Convertible Bonds – 3.8%
 
 
                   
 
Auto Components – 0.4%
 
 
                   
$ 1,463    
Magna International Inc., Class A
  6.500%   3/31/10   N/R   $ 1,381,413  
 
 
 
                   
 
Health Care Providers & Services – 1.1%
 
 
                   
  5,129    
Omnicare, Inc.
  3.250%   12/15/35   B+     3,385,140  
 
 
 
                   
 
Hotels, Restaurants & Leisure – 0.9%
 
 
                   
  1,900    
Punch Taverns Corporation, Convertible Bonds
  5.000%   12/14/10   N/R     2,668,212  
 
 
 
                   
 
Metals & Mining – 1.4%
 
 
                   
  3,650    
Coeur d’Alene Mines Corporation, Convertible Bond
  1.250%   1/15/24   B-     2,669,062  
  4,480    
Gold Reserve, Inc., Convertible Bonds
  5.500%   6/15/22   N/R     1,467,200  
 
  8,130    
Total Metals & Mining
                4,136,262  
 
$ 16,622    
Total Convertible Bonds (cost $16,538,434)
                11,571,027  
 
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (3)   Value  
 
 
 
                   
 
Corporate Bonds – 7.9%
 
 
                   
 
Capital Markets – 0.2%
 
 
                   
$ 3,979    
Lehman Brothers Holdings Inc., Trust 00650, (7)
  3.240%   7/26/21   B3   $ 517,270  
 
 
 
                   
 
Electrical Equipment – 0.1%
 
 
                   
  322    
UCAR Finance Inc.
  10.250%   2/15/12   BB     333,270  
 
 
 
                   
 
Household Products – 0.9%
 
 
                   
  3,000    
Elizabeth Arden Inc.
  7.750%   1/15/14   B+     2,745,000  
 
 
 
                   
 
Metals & Mining – 3.2%
 
 
                   
  8,300    
MagIndustries Corporation
  11.000%   12/14/12   N/R     7,753,263  
  2,000    
Phelps Dodge Corporation
  7.125%   11/01/27   Baa2     2,010,640  
 
  10,300    
Total Metals & Mining
                9,763,903  
 
 
 
                   
 
Oil, Gas & Consumable Fuels – 1.9%
 
 
                   
  2,000    
Ship Finance International Limited
  8.500%   12/15/13   B+     1,950,000  
  3,750    
USEC Inc.
  6.750%   1/20/09   CCC     3,740,625  
 
  5,750    
Total Oil, Gas & Consumable Fuels
                5,690,625  
 
 
 
                   
 
Paper & Forest Products – 0.3%
 
 
                   
  2,000    
Bowater Inc.
  9.500%   10/15/12   CCC+     780,000  
 
 
 
                   
 
Road & Rail – 0.4%
 
 
                   
  1,000    
CSX Transportation, Inc.
  9.750%   6/15/20   BBB-     1,131,149  
 
 
 
                   
 
Specialty Retail – 0.9%
 
 
                   
  3,450    
Office Depot Inc.
  6.250%   8/15/13   BB+     2,785,661  
 
$ 29,801    
Total Corporate Bonds (cost $28,390,933)
                23,746,878  
 
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity       Value  
 
 
 
                   
 
Short-Term Investments – 6.2%
 
 
                   
$ 18,800    
Repurchase Agreement with State Street Bank, dated 9/30/08, repurchase price $18,799,979, collateralized by $19,180,000 U.S. Treasury Bills, 0.000%, due 10/16/08, value $19,180,000
  0.100%   10/01/08       $ 18,799,927  
   
       
Total Short-Term Investments (cost $18,799,927)
                18,799,927  
   
 
Total Investments (cost $412,011,029) – 103.3%
                311,560,617  
   
                             
Shares     Description (1)               Value  
 
 
 
                   
 
Common Stocks Sold Short – (4.9)%
 
 
                   
 
Chemicals – (0.9)%
 
 
                   
  (50,500 )  
Sigma-Aldrich Corporation
              $ (2,647,210 )
 
 
 
                   
 
Health Care Equipment & Supplies – (1.1)%
 
 
                   
  (25,700 )  
C. R. Bard, Inc.
                (2,438,159 )
  (12,900 )  
Chattem Inc., (2)
                (1,008,522 )
 
 
Total Health Care Equipment & Supplies
                (3,446,681 )
   
 
 
                   
 
Pharmaceuticals – (1.7)%
 
 
                   
  (87,500 )  
Abbott Laboratories
                (5,038,250 )
 
 
 
                   
 
Specialty Retail – (1.2)%
 
 
                   
  (17,700 )  
AutoZone, Inc., (2)
                (2,183,118 )
  (45,800 )  
Urban Outfitters, Inc., (2)
                (1,459,646 )
 
 
Total Specialty Retail
                (3,642,764 )
   
 
Total Common Stocks Sold Short (proceeds $14,508,453)
                (14,774,905 )
   
                                         
Number of         Notional       Expiration     Strike        
Contracts     Type   Amount (4)       Date     Price     Value  
 
 
 
                   
 
Call Options Written – (2.4)%
 
 
                   
  (1,333 )  
AbitibiBowater, Inc.
  $ (1,666,250 )     1/17/09     $ 12.50     $ (19,995 )
  (8,016 )  
Allied Waste Industries
    (8,016,000 )     1/17/09       10.00       (1,703,400 )
  (780 )  
Ameren Corporation
    (3,510,000 )     12/20/08       45.00       (17,550 )
  (1,360 )  
Amgen, Inc.
    (7,480,000 )     1/17/09       55.00       (1,067,600 )
  (1,913 )  
AngloGold Limited
    (7,652,000 )     1/17/09       40.00       (43,042 )
  (200 )  
Arch Coal Inc.
    (1,000,000 )     1/17/09       50.00       (30,000 )
  (369 )  
Arch Coal Inc.
    (2,029,500 )     1/17/09       55.00       (36,900 )
  (1,732 )  
AstraZeneca PLC
    (8,660,000 )     1/17/09       50.00       (194,850 )
  (2,985 )  
Barrick Gold Corporation
    (14,925,000 )     1/17/09       50.00       (402,975 )
  (5,010 )  
BJ Services Company
    (11,272,500 )     1/17/09       22.50       (576,150 )
  (2,090 )  
BP Amoco, PLC
    (14,630,000 )     1/17/09       70.00       (41,800 )
  (800 )  
Cameco Corporation
    (2,800,000 )     1/17/09       35.00       (32,000 )
  (650 )  
Cameco Corporation
    (1,950,000 )     3/21/09       30.00       (89,375 )
  (350 )  
Chevron Corporation
    (2,975,000 )     1/17/09       85.00       (182,000 )
  (1,400 )  
eBay, Inc.
    (4,200,000 )     1/17/09       30.00       (39,900 )
  (2,314 )  
Gold Fields Limited
    (3,471,000 )     1/17/09       15.00       (104,130 )
  (620 )  
Health Net Inc.
    (1,860,000 )     10/18/08       30.00       (9,300 )
  (630 )  
Health Net Inc.
    (1,575,000 )     1/17/09       25.00       (119,700 )
  (2,346 )  
IdaCorp, Inc.
    (7,038,000 )     11/22/08       30.00       (117,300 )
  (2,000 )  
Ivanhoe Mines Ltd.
    (2,500,000 )     1/17/09       12.50       (40,000 )
  (1,262 )  
KT Corporation
    (2,839,500 )     1/17/09       22.50       (107,270 )
  (3,716 )  
LM Ericsson Telephone Company
    (4,180,500 )     1/17/09       11.25       (185,800 )
  (750 )  
Microsoft Corporation
    (2,625,000 )     1/17/09       35.00       (10,500 )
  (2,707 )  
Newmont Mining Corporation
    (13,535,000 )     1/17/09       50.00       (407,404 )
  (9,032 )  
Nippon Telegraph & Telephone Corporation
    (22,580,000 )     12/20/08       25.00       (338,700 )
  (850 )  
Progress Energy, Inc.
    (3,400,000 )     1/17/09       40.00       (314,500 )
  (1,065 )  
Royal Dutch Shell PLC
    (7,987,500 )     1/17/09       75.00       (106,500 )
  (40 )  
Scholastic Corporation
    (120,000 )     3/21/09       30.00       (4,700 )
  (3,100 )  
Smithfield Foods Inc.
    (9,300,000 )     1/17/09       30.00       (108,500 )
  (3,600 )  
Sprint Nextel Corporation
    (2,880,000 )     2/21/09       8.00       (180,000 )
  (200 )  
Technip S.A.
    (1,200,000 )     12/20/08       60.00       (2,534 )
  (7,923 )  
Tyson Foods Inc.
    (11,884,500 )     1/17/09       15.00       (514,995 )
  (1,822 )  
Tyson Foods Inc.
    (3,188,500 )     1/17/09       17.50       (36,440 )
  (500 )  
UBS AG
    (1,500,000 )     1/17/09       30.00       (16,250 )
  (880 )  
UBS AG
    (3,520,000 )     1/17/09       40.00       (17,600 )
 
  (74,345 )  
Total Call Options Written (premiums received $20,533,218)
    (199,950,750 )                     (7,219,660 )
 
 
Other Assets Less Liabilities – 4.0%
                            11,918,177  
   
 
Net Assets – 100%
                          $ 301,484,229  
   
     
 (1)  
All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
   
 
 (2)  
Non-income producing.
   
 
 (3)  
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.
   
 
 (4)  
For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100.
   
 
 (5)  
Investment has been pledged as collateral to cover call options written.
   
 
 (6)  
Investment valued at fair value using methods determined in good faith by, or at the discretion of the Board of Trustees.
   
 
(7)  
Non-income producing security, in the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.
   
 
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.
   
 
N/R  
Not rated.
   
 
I/O  
Interest only security.
   
 
Foreign Reg  
Foreign ownership limit is 25% of total shares outstanding.
   
 
NVDR  
Non-Voting Depository Receipt.
Fair Value Measurements
During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are 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 methodology 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 September 30, 2008:
                                 
    Level 1 Level 2 Level 3     Total
Investments
  $ 223,259,316     $ 88,117,477     $ 183,824     $ 311,560,617  
Securities sold short
(14,774,905) (14,774,905)  
Call options written
(7,219,660) (7,219,660)  
 
Total
  $ 201,264,751     $ 88,117,477     $ 183,824     $ 289,566,052  
 
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
         
    Level 3
Investments
Balance as of December 31, 2007
  $ 8,346,887  
Gains (losses):
       
Net realized gains (losses)
1,274,470  
Net change in unrealized appreciation (depreciation)
(36,416)  
Net purchases at cost (sales at proceeds)
(1,906,883)  
Net discounts (premiums)
75,204  
Net transfers in to (out of) at end of period fair value
(7,569,438)  
 
Balance as of September 30, 2008
  $ 183,824  
 
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the recognition of unrealized gain for tax (mark-to-market) on passive foreign investment companies, the treatment of paydown gains and losses, recognition of premium amortization, and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
At September 30, 2008, the cost of investments (excluding proceeds received on securities sold short and call options written) was $410,633,093.
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding proceeds received on securities sold short and call options written) at September 30, 2008, were as follows:
         
 
 
       
Gross unrealized:
       
Appreciation
  $ 3,170,958  
Depreciation
    (102,243,434 )
 
       
 
 
       
Net unrealized appreciation (depreciation) of investments
  $ (99,072,476 )
 
       
 


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 Value Opportunities Fund     
         
     
By (Signature and Title)*  /s/ Kevin J. McCarthy    
  Kevin J. McCarthy  
  Vice President and Secretary   
 
Date November 28, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
     
By (Signature and Title)*  /s/ Gifford R. Zimmerman    
  Gifford R. Zimmerman   
  Chief Administrative Officer (principal executive officer)   
 
Date November 28, 2008
         
     
By (Signature and Title)*  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date November 28, 2008
 
*   Print the name and title of each signing officer under his or her signature.