N-Q 1 d35860dnq.htm NUVEEN GLOBAL EQUITY INCOME FUND Nuveen Global Equity Income Fund

 

 

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 Equity 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:       December 31      

Date of reporting period:  September 30, 2015  

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

 

 


JGV

 

Nuveen Global Equity Income Fund

Portfolio of Investments

   September 30, 2015 (Unaudited)

 

Shares     Description (1)                  Value  
 

LONG-TERM INVESTMENTS – 98.0%

       
 

COMMON STOCKS – 98.0%

       
      Aerospace & Defense – 0.9%                  
  49,324     

Triumph Group Inc.

              $ 2,075,554   
      Automobiles – 3.1%                  
  236,000     

General Motors Company

                7,084,720   
      Banks – 4.4%                  
  635,000     

HSBC Holdings PLC, (4)

          4,790,256   
  1,070,000     

Royal Bank of Scotland Group PLC, (2), (4)

                5,105,074   
 

Total Banks

                9,895,330   
      Beverages – 1.9%                  
  57,200     

Carlsberg AS, B Shares, (4)

                4,395,329   
      Biotechnology – 2.3%                  
  165,000     

Baxalta Inc., (3)

                5,199,150   
      Capital Markets – 3.8%                  
  468,000     

UBS Group AG

                8,667,360   
      Chemicals – 2.8%                  
  70,600     

Agrium Inc.

                6,318,700   
      Commercial Services & Supplies – 2.8%                  
  1,777,233     

Cape PLC, (4)

                6,332,539   
      Diversified Telecommunication Services – 6.6%                  
  378,000     

CenturyLink Inc.

          9,495,360   
  163,687     

Telefonica S.A, (2), (4)

          1,985,848   
  182,000     

Telenor ASA, (4)

                3,400,954   
 

Total Diversified Telecommunication Services

                14,882,162   
      Electric Utilities – 1.7%                  
  128,000     

Exelon Corporation

                3,801,600   
      Electronic Equipment, Instruments & Components – 5.1%                  
  331,000     

Flextronics International Limited, (2)

          3,488,740   
  294,000     

Ingram Micro, Inc., Class A

                8,008,560   
 

Total Electronic Equipment, Instruments & Components

                11,497,300   
      Energy Equipment & Services – 2.6%                  
  930,087     

Aker Solutions ASA, (4)

          3,218,882   
  285,000     

Eurasian Drilling Company Limited, 144A, GDR, (4)

                2,622,000   
 

Total Energy Equipment & Services

                5,840,882   
      Food & Staples Retailing – 5.6%                  
  298,000     

Andersons, Inc.

          10,149,879   
  870,000     

Tesco PLC, (4)

                2,416,506   
 

Total Food & Staples Retailing

                12,566,385   
      Food Products – 3.7%                  
  543,000     

Adecoagro SA, (2)

          4,322,280   
  34,800     

Bunge Limited

          2,550,840   

 

Nuveen Investments     1   


JGV    Nuveen Global Equity Income Fund   
   Portfolio of Investments (continued)    September 30, 2015 (Unaudited)

 

Shares     Description (1)                  Value  
      Food Products (continued)                  
  170,000     

MHP SA, 144A, GDR, (4)

              $ 1,530,000   
 

Total Food Products

                8,403,120   
      Independent Power & Renewable Electricity Producers – 4.6%                  
  450,000     

AES Corporation

          4,405,500   
  395,000     

NRG Energy Inc.

                5,865,750   
 

Total Independent Power & Renewable Electricity Producers

                10,271,250   
      Insurance – 9.6%                  
  208,000     

Ageas SA, (4)

          8,548,048   
  102,500     

Axis Capital Holdings Limited

          5,506,300   
  95,000     

Endurance Specialty Holdings Limited

          5,797,850   
  67,600     

MS&AD Insurance Group Holdings, Inc, (4)

                1,813,698   
 

Total Insurance

                21,665,896   
      Leisure Products – 1.0%                  
  97,747     

Arctic Cat, Inc.

                2,168,028   
      Life Sciences Tools & Services – 3.7%                  
  241,000     

Agilent Technologies, Inc.

                8,273,530   
      Media – 1.4%                  
  166,000     

Interpublic Group of Companies, Inc.

                3,175,580   
      Oil, Gas & Consumable Fuels – 6.5%                  
  86,725     

Apache Corporation

          3,396,151   
  1,760,000     

Bankers Petroleum Limited, (2)

          2,294,792   
  289,000     

Royal Dutch Shell PLC, Class B Shares, (4)

          6,833,475   
  143,000     

YPF Sociedad Anonima, Sponsored ADR, Class D

                2,177,890   
 

Total Oil, Gas & Consumable Fuels

                14,702,308   
      Pharmaceuticals – 9.0%                  
  147,093     

H. Lundbeck A/S, (4)

          3,921,750   
  87,500     

Impax Laboratories Inc., (2)

          3,080,875   
  82,000     

Pfizer Inc.

          2,575,620   
  17,800     

Roche Holdings AG, (4)

          4,725,394   
  127,000     

Sanofi-Aventis, Sponsored ADR

                6,028,690   
 

Total Pharmaceuticals

                20,332,329   
      Real Estate Investment Trust – 5.2%                  
  321,000     

Colony Capital, Inc. Class A

          6,278,760   
  672,000     

Lexington Realty Trust

                5,443,200   
 

Total Real Estate Investment Trust

                11,721,960   
      Real Estate Management & Development – 1.6%                  
  460,000     

City Developments Limited, (4)

          2,492,482   
  380,000     

Great Eagle Holdings Limited, (4)

                1,130,508   
 

Total Real Estate Management & Development

                3,622,990   
      Semiconductors & Semiconductor Equipment – 4.6%                  
  83,000     

First Solar Inc., (2), (3)

          3,548,250   
  462,000     

Micron Technology, Inc., (2)

                6,920,760   
 

Total Semiconductors & Semiconductor Equipment

                10,469,010   
      Software – 1.4%                  
  201,000     

Infoblox, Incorporated, (2)

                3,211,980   
      Textiles, Apparel & Luxury Goods – 0.0%                  
  2,506,000     

China Hongxing Sports Limited, (5)

                2   

 

  2      Nuveen Investments


Shares     Description (1)                        Value  
      Water Utilities – 2.1%                        
  762,000     

Companhia de Saneamento Basico do Estado de Sao Paulo, Sponsored ADR, (2)

        $ 2,956,560   
  3,975,000     

Sound Global Limited, (2), (5)

                            1,795,150   
 

Total Water Utilities

                            4,751,710   
 

Total Common Stocks (cost $265,731,563)

                            221,326,704   
Principal
Amount (000)
    Description (1)   Coupon     Maturity     Ratings (6)     Value  
 

MORTGAGE-BACKED SECURITIES – 0.0%

       
      Residentials – 0.0%                        
$ 35     

Fannie Mae Mortgage Pool 100195

    2.663%        6/25/19        Aaa      $ 35,741   
$ 35     

Total Mortgage-Backed Securities (cost $35,432)

                            35,741   
 

Total Long-Term Investments (cost 265,766,995)

                            221,362,445   
Principal
Amount (000)
    Description (1)   Coupon     Maturity            Value  
 

SHORT-TERM INVESTMENTS – 4.0%

       
 

REPURCHASE AGREEMENTS – 4.0%

       
$ 8,958     

Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/15, repurchase price $8,958,083, collateralized by $8,735,000 U.S. Treasury Notes, 2.500%, due 8/15/23, value $9,138,995

    0.000%        10/01/15              $ 8,958,083   
$ 8,958     

Total Short-Term Investments (cost $8,958,083)

                            8,958,083   
 

Total Investments (cost $274,725,078) – 102.0%

                            230,320,528   
 

Other Assets Less Liabilities – (2.0)% (7)

                            (4,576,849
 

Net Assets – 100%

                          $ 225,743,679   

Investments in Derivatives as of September 30, 2015

Options Written outstanding:

 

Number of
Contracts
       Description      Notional
Amount (8)
       Expiration
Date
       Strike
Price
       Value  
  (685     

Baxalta Inc

     $ (2,568,750        10/16/15         $ 37.5         $ (8,563
  (805     

First Solar, Inc.

       (4,025,000        10/16/15           50.0           (9,660
  (1,490     

Total Options Written (premiums received $252,462)

     $ (6,593,750                            $ (18,223

Fair Value Measurements

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for 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 following is a summary of the three-tiered hierarchy of valuation input levels.

 

Level 1 –

  Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

 

Nuveen Investments     3   


JGV    Nuveen Global Equity Income Fund   
   Portfolio of Investments (continued)    September 30, 2015 (Unaudited)

 

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 September 30, 2015:

 

      Level 1      Level 2      Level 3      Total  

Long-Term Investments:

           

Common Stocks

   $ 154,268,809       $ 65,262,743       $ 1,795,152       $ 221,326,704   

Mortgage-Backed Securities

             35,741                 35,741   

Short-Term Investments:

           

Repurchase Agreements

             8,958,083                 8,958,083   

Investments in Derivatives:

           

Options written

     (18,223                      (18,223

Total

   $ 154,250,586       $ 74,256,567       $ 1,795,152       $ 230,302,305   

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.

As of September 30, 2015, the cost of investments (excluding investments in derivatives) was $280,801,679.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of September 30, 2015, were as follows:

 

Gross unrealized:

          

Appreciation

     $ 6,674,051   

Depreciation

       (57,155,202

Net unrealized appreciation (depreciation) of investments

     $ (50,481,151

 

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.

 

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

 

(3) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

 

(4) For fair value measurement disclosure purposes, investment classified as Level 2.

 

(5) Investment valued at fair value using methods determined in good faith by, or at the discretion of the Board. For fair value disclosure purposes, investment classified as Level 3.

 

(6) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors 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.

 

(7) Other Assets Less Liabilities includes the Value of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

 

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

 

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.

 

  4      Nuveen Investments


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 Global Equity Income Fund   
By (Signature and Title)    /s/ Kevin J. McCarthy                                                               
   Kevin J. McCarthy   
   Vice President and Secretary   

Date: November 27, 2015

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 27, 2015      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: November 27, 2015