Nuveen Diversified Dividend and 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         811-21407         

        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)


Jessica R. Droeger—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:          03/31/05         

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

Portfolio of Investments (Unaudited)
Nuveen Diversified Dividend and Income Fund (JDD)
March 31, 2005

Shares

Description(1)

Value
 

COMMON STOCKS - 33.3% (24.0% of Total Investments)

Aerospace & Defense - 2.0%

 

50,000

Lockheed Martin Corporation

$    3,053,000

85,000

Raytheon Company

3,289,500

6,342,500

Auto Components - 0.3%

 

245,600

Delphi Corporation

1,100,288

Chemicals - 0.8%

 

143,000

DSM NV, Sponsored ADR

2,495,350

Commercial Banks - 0.9%

 

69,200

Bank of America Corporation

3,051,720

Commercial Services & Supplies - 0.9%

 

65,000

Pitney Bowes Inc.

2,932,800

Containers & Packaging - 0.9%

 

121,300

Packaging Corp of America

2,946,377

Diversified Financial Services - 2.9%

 

75,000

Citigroup Inc.

3,370,500

94,100

IndyMac Bancorp, Inc.

3,199,400

85,000

JPMorgan Chase & Co.

2,941,000

9,510,900

Diversified Telecommunication Services - 4.2%

 

90,000

KT Corporation, Sponsored ADR

1,917,900

110,500

SBC Communications Inc.

2,617,745

135,000

Sprint Corporation

3,071,250

52,500

Telecom Italia S.p.A., Sponsored ADR

1,981,350

110,600

Verizon Communications Inc.

3,926,300

13,514,545

Electric Utilities - 0.9%

 

220,000

Korea Electric Power Corporation (KEPCO), Sponsored ADR

2,956,800

Food & Staples Retailing - 1.3%

 

135,000

Albertson's Inc.

2,787,750

60,812

J Sainsbury plc, Sponsored ADR

1,319,620

4,107,370

Household Durables - 0.5%

 

77,000

Newell Rubbermaid Inc.

1,689,380

Household Products - 1.0%

 

48,000

Kimberly-Clark Corporation

3,155,040

Insurance - 1.7%

 

145,000

Aon Corporation

3,311,800

30,000

Hartford Financial Services Group, Inc.

2,056,800

5,368,600

Metals & Mining - 1.9%

 

146,000

Alumina Limited, Sponsored ADR

2,686,400

26,500

Rio Tinto plc, Sponsored ADR

3,438,375

6,124,775

Multiline Retail - 0.8%

 

73,400

May Department Stores Company

2,717,268

Multi-Utilities & Unregulated Power - 0.6%

 

82,800

United Utilities plc, Sponsored ADR

1,999,620

Oil & Gas - 5.1%

 

33,000

ChevronTexaco Corporation

1,924,230

20,900

ConocoPhillips

2,253,856

23,000

Eni S.p.A., Sponsored ADR

2,993,680

74,000

Kerr-McGee Corporation

5,796,420

30,000

Total SA, Sponsored ADR

3,516,900

16,485,086

Paper & Forest Products - 1.5%

 

55,500

International Paper Company

2,041,845

40,000

Weyerhaeuser Company

2,740,000

4,781,845

Pharmaceuticals - 0.8%

 

85,000

Merck & Co. Inc.

2,751,450

Thrifts & Mortgage Finance - 1.4%

 

81,600

Fannie Mae

4,443,120

Tobacco - 2.9%

 

88,200

Altria Group, Inc.

5,767,398

113,000

Loews Corp - Carolina Group

3,740,300

9,507,698

Total Common Stocks (cost $88,388,185)

107,982,532

Ratings**

Shares

Description(1)

Coupon

Moody's

S&P

Value

CONVERTIBLE PREFERRED SECURITIES - 1.1% (0.7% of Total Investments)

Specialty Retail - 1.1%

 

57,000

Toys "R" Us, Inc.

6.250%

N/R

N/R

3,508,350

Total Convertible Preferred Securities (cost $2,002,026)

3,508,350

Shares

Description(1)

Value
 

REAL ESTATE INVESTMENT TRUST COMMON STOCKS - 31.6% (22.7% of Total Investments)

Apartments - 8.4%

 

242,800

AMLI Residential Properties Trust

6,650,292

114,900

Archstone-Smith Trust

3,919,239

57,500

AvalonBay Communities, Inc.

3,846,175

74,500

Camden Property Trust

3,503,735

129,600

Gables Residential Trust

4,315,680

164,400

Post Properties, Inc.

5,102,976

27,338,097

Diversified - 0.7%

 

202,200

Spirit Finance Corporation

2,195,892

Healthcare - 3.5%

 

310,900

Nationwide Health Properties, Inc.

6,283,289

293,800

Senior Housing Properties Trust

4,900,584

11,183,873

Hotels - 1.0%

 

338,736

Hersha Hospitality Trust

3,377,198

Industrial - 0.6%

 

50,000

First Industrial Realty Trust, Inc.

1,891,500

Mortgage - 0.5%

 

220,000

MFA Mortgage Investments, Inc.

1,674,200

Office Property - 10.2%

 

180,300

Arden Realty, Inc.

6,103,155

159,000

Brandywine Realty Trust

4,515,600

140,700

CRT Properties Inc.

3,064,446

594,600

HRPT Properties Trust

7,081,686

158,900

Mack-Cali Realty Corporation

6,729,415

104,500

Maguire Properties, Inc.

2,495,460

95,900

Reckson Associates Realty Corporation

2,944,130

32,933,892

Regional Malls - 1.4%

 

32,400

Simon Property Group, Inc.

1,962,792

49,900

The Macerich Company

2,658,672

4,621,464

Shopping Center - 3.4%

 

183,900

Cedar Shopping Centers Inc.

2,618,736

73,500

Federal Realty Investment Trust

3,553,725

160,000

Kite Realty Group Trust

2,304,000

107,100

New Plan Excel Realty Trust

2,689,281

11,165,742

Storage - 1.9%

 

77,700

Shurgard Storage Centers, Inc.

3,184,146

165,800

U-Store-It Trust

2,884,920

6,069,066

Total Real Estate Investment Trust Common Stocks (cost $88,111,581)

102,450,924

Shares

Description(1)

Coupon

Value
 

REAL ESTATE INVESTMENT TRUST PREFERRED STOCKS - 4.1%

(3.0% of Total Investments)

 

Apartments - 2.3%

 

48,000

Apartment Investment & Management Company, Series Q

10.100%

1,256,640

103,000

Apartment Investment & Management Company, Series R

10.000%

2,708,900

150,000

Apartment Investment & Management Company, Series U

7.750%

3,678,000

7,643,540

Diversified - 0.7%

 

103,800

Crescent Real Estate Equities Company, Series A (Convertible)

6.750%

2,233,776

Office Property - 0.8%

 

35,000

Brandywine Realty Trust, Series D

7.375%

868,000

64,000

Maguire Properties, Inc., Series A

7.625%

1,590,400

2,458,400

Shopping Center - 0.3%

 

40,000

Cedar Shopping Centers Inc., Series A

8.875%

1,076,252

Total Real Estate Investment Trust Preferred Stocks (cost $15,480,465)

13,411,968

Weighted

Ratings**

Principal

Average

Stated  

Amount (000)

Description(1)

Coupon

Maturity*

Moody's

S&P

Value

VARIABLE RATE SENIOR LOAN INTERESTS(2) - 24.5%

(17.6% of Total Investments)

 

Aerospace & Defense - 2.2%

 $

3,000

Hexcel, Term Loan B

4.990%

3/01/12

B2

B+

3,045,936

1,900

K & F Industries Inc., Term Loan B

5.330%

11/18/12

B2

B+

1,934,834

1,633

Vought Aircraft Industries, Inc., Term Loan

5.350%

12/22/11

Ba3

B+

1,659,042

364

Vought Aircraft Industries, Inc., Tranche B, Letter of Credit

5.190%

12/22/10

Ba3

B+

369,318

7,009,130

Auto Components - 2.5%

 

2,000

Federal-Mogul Corporation, Term Loan (b)

TBD

TBD

B1

N/R

2,008,750

2,500

Federal-Mogul Corporation, Term Loan A (a)

5.100%

2/24/04

N/R

N/R

2,345,704

1,985

Mark IV Industries, Inc., Term Loan B

6.237%

6/23/11

B1

BB-

2,019,738

1,217

Tenneco Automotive Inc., Term Loan B

5.120%

12/12/10

B1

B+

1,242,067

621

Tenneco Automotive Inc., Term Loan B-1

4.940%

12/12/10

B1

B+

633,621

8,249,880

Building Products- 0.6%

 

1,990

Nortek, Inc., Term Loan B

5.340%

8/27/11

B2

B

2,022,338

Chemicals- 1.3%

 

2,000

GenTek, Inc., Term Loan B

5.806%

12/31/10

B2

B+

2,027,500

2,000

Rockwood Specialties Group, Inc., Tranche D

4.950%

7/30/12

B1

B+

2,044,286

4,071,786

Commercial Services & Supplies - 0.8%

 

676

Allied Waste North America, Inc., Letter of Credit (b)

TBD

TBD

B1

BB

682,548

1,824

Allied Waste North America, Inc., Term Loan B (b)

TBD

TBD

B1

BB

1,842,879

2,525,427

Containers & Packaging - 1.6%

 

2,993

Graham Packaging Company, L.P., Term Loan B

5.250%

10/07/11

B2

B

3,057,587

175

Smurfit-Stone Container Corporation, Deposit-Funded Commitment

2.100%

11/01/11

Ba3

BB-

178,181

1,396

Smurfit-Stone Container Corporation, Term Loan B

4.780%

11/01/11

Ba3

BB-

1,423,910

429

Smurfit-Stone Container Corporation, Term Loan C

4.870%

11/01/11

Ba3

BB-

438,243

5,097,921

Diversified Telecommunication Services - 0.6%

 

1,995

Intelsat, Ltd., Term Loan B

4.630%

7/06/11

B1

BB+

2,027,108

Electrical Equipment - 0.6%

 

1,704

Sensus Metering Systems Inc., Term Loan B-1

5.430%

12/17/10

B2

B+

1,724,232

256

Sensus Metering Systems Inc., Term Loan B-2

5.430%

12/17/10

B2

B+

258,635

1,982,867

Energy Equipment & Services - 0.6%

 

2,000

Universal Compression, Term Loan

4.850%

2/15/12

Ba2

BB

2,031,563

Food Products - 0.9%

 

2,758

Michael Foods, Inc., Term Loan B

5.070%

11/20/10

B1

B+

2,810,452

Healthcare Equipment & Supplies - 0.4%

 

1,139

Kinetic Concepts, Inc., Term Loan B-2

4.850%

8/11/10

B1

BB

1,154,337

Healthcare Providers & Services - 1.5%

 

1,970

Beverly Enterprises, Inc., Term Loan B

5.400%

10/22/08

Ba3

BB

1,992,983

2,915

Triad Hospitals, Inc., Term Loan B

5.100%

9/30/08

Ba2

BB

2,968,556

4,961,539

Hotels Restaurants & Leisure - 1.9%

 

1,958

24 Hour Fitness Worldwide, Inc., Term Loan B

6.250%

7/01/09

B1

B

1,990,107

513

Venetian Casino Resort, LLC, Delayed Draw, Term Loan (c)

0.750%

6/15/11

B1

B+

6,891

2,487

Venetian Casino Resort, LLC, Term Loan

4.810%

6/15/11

B1

B+

2,521,067

1,335

Wyndham International, Inc., Term Loan II

8.563%

4/01/06

N/R

CCC+

1,552,335

6,070,400

Insurance - 0.6%

 

1,918

Conseco, Inc., Term Loan

6.350%

6/22/10

B2

BB-

1,956,157

IT Services - 0.6%

 

2,000

Fidelity National Information Services, Term Loan B

4.510%

3/09/13

Ba3

BB

2,009,500

Media - 5.9%

 

1,985

Charter Communications Operating, LLC, Term Loan B

5.980%

4/07/11

B2

B

1,997,317

1,569

Dex Media West, LLC, Term Loan B

4.650%

3/09/10

Ba2

BB-

1,596,881

1,995

Emmis Operating Company, Term Loan

4.520%

11/10/11

Ba2

B+

2,024,786

1,970

Loews Cineplex Entertainment Corporation, Term Loan B

4.900%

6/30/11

B1

B

2,006,380

1,990

Metro-Goldwyn-Mayer Studios, Inc., Term Loan B

5.350%

4/26/11

N/R

N/R

1,994,665

1,744

R.H. Donnelley Inc., Tranche D

4.730%

6/30/11

Ba3

N/R

1,775,326

2,000

Rainbow Media Holdings LLC, Term Loan

5.690%

3/31/12

N/R

N/R

2,032,083

1,920

Regal Cinemas Corporation, Term Loan

5.093%

11/10/10

Ba3

BB-

1,955,504

2,000

UPC, Term Loan H2 (b)

TBD

TBD

B1

B

2,023,889

1,980

WMG Acquisition Corp., Term Loan

5.090%

2/27/11

B1

B+

1,998,356

19,405,187

Metals & Mining - 0.6%

 

1,826

Amsted Industries Incorporated, Term Loan B

5.510%

10/15/10

B1

BB-

1,856,791

Real Estate - 1.3%

 

1,996

General Growth Properties, Inc., Term Loan B

5.100%

11/12/08

Ba2

BB+

2,031,457

2,000

LNR Property Corporation, Term Loan

5.810%

2/03/08

B2

B+

2,029,688

4,061,145

Total Variable Rate Senior Loan Interests (cost $76,386,504)

79,303,528

Ratings**

Principal

Amount (000)

Description(1)

Coupon

Maturity

Moody's

S&P

Value

EMERGING MARKET SOVEREIGN DEBT - 30.5% (21.9% of Total Investments)

Argentina - 1.2%

 

1,855

Argentina Republic

3.010%

8/03/12

Caa1

CCC+

1,570,035

885

Argentine Beverages Financial Trust, 144A

7.375%

3/22/12

N/R

N/R

867,300

1,140

Banco de Galicia y Buenos Aires, South America, Reg S

6.290%

1/01/10

N/R

N/R

1,007,172

345

Transportadora de Gas del Sur S.A., Series B-A, Reg S

7.000%

12/15/13

N/R

CCC+

325,493

3,770,000

Brazil - 1.1%

 

600

Brazil Republic

12.000%

4/15/10

B1

BB-

705,000

1,393

Brazil Republic

8.000%

4/15/14

B2

BB-

1,387,493

800

Brazil Republic

3.063%

4/15/24

B1

BB-

724,065

600

Brazil Republic

11.000%

8/17/40

B1

BB-

668,550

3,485,108

Bulgaria - 1.0%

 

2,000

Bulgaria Republic

3.750%

7/28/12

Ba1

BBB-

2,015,422

1,100

Bulgaria Republic, Reg S

8.250%

1/15/15

Ba2

BBB-

1,340,350

3,355,772

Cayman Islands - 0.2%

 

520

CSN Islands IX Corporation, 144A

10.000%

1/15/15

B1

BB-

538,200

Chile - 0.8%

 

550

Chile Republic

6.875%

4/28/09

Baa1

A

593,010

430

Codelco Inc., 144A

5.500%

10/15/13

A2

A

435,361

600

Coldelco Inc., Reg S

6.375%

11/30/12

A2

A-

644,100

1,100

Corporation Nacional del Cobre, 144A

4.750%

10/15/14

A2

A

1,046,011

2,718,482

Columbia - 0.7%

 

376

Columbia Republic

9.750%

4/09/11

Ba2

BB+

415,171

300

Columbia Republic

10.000%

1/23/12

Ba2

BB

325,500

600

Columbia Republic

11.750%

2/25/20

Ba2

BB

717,000

710

Columbia Republic

10.375%

1/28/33

Ba2

BB

756,150

2,213,821

Ecuador - 1.3%

 

1,220

Ecuador Republic, Reg S

12.000%

11/15/12

Caa1

B-

1,222,934

3,300

Ecuador Republic, Reg S

8.000%

8/15/30

Caa1

CCC+

2,953,500

4,176,434

El Salvador - 0.6%

 

750

El Salvador Republic, Reg S

8.500%

7/25/11

Baa3

BB+

849,823

1,080

El Salvador Republic, Reg S

7.750%

1/24/23

Baa3

BB+

1,178,735

2,028,558

Germany - 0.3%

 

800

Dresdener Bank AG, Ukreximbank Loan Participation Notes, Reg S

7.750%

9/23/09

Ba2

N/R

819,200

Guatemala - 0.3%

 

880

Republic of Guatemala, 144A

8.125%

10/06/34

Ba2

BB-

897,600

Hong Kong - 0.3%

 

890

Hong Kong, 144A

5.125%

8/01/14

A1

A+

899,732

Indonesia - 1.3%

 

1,100

Republic of Indonesia, Reg S

6.750%

3/10/14

B2

B

1,093,006

3,000

Republic of Indonesia, 144A

6.750%

3/10/14

B2

B+

2,977,500

4,070,506

Kazakhstan - 0.3%

 

800

Development Bank of Kazakhstan

7.375%

11/12/13

Baa3

BBB-

870,640

Luxembourg - 0.6%

 

300

Tengizchevroil LLP, 144A

6.124%

11/15/14

Baa3

BBB-

298,500

550

UBS Luxembourg S.A

6.230%

2/11/15

Baa2

N/R

524,920

1,000

VTB Capital SA, 144A

7.500%

10/12/11

Baa2

BB+

1,032,500

1,855,920

Malaysia - 2.0%

 

600

Malaysia Republic

8.750%

6/01/09

A3

A-

688,849

2,000

Malaysia Republic

7.500%

7/15/11

A3

A-

2,267,958

3,300

Petronas Capital Limited, Reg S

7.000%

5/22/12

A2

A-

3,633,772

6,590,579

Mexico - 2.8%

 

700

Conproca SA, Reg S

12.000%

6/16/10

Baa3

BBB-

857,429

1,100

Empresa Nacional del Petroleo, 144A

4.875%

3/15/14

Baa1

A

1,038,089

1,000

Pemex Project F, Reg S

7.375%

12/15/14

Baa1

BBB

1,072,500

1,200

Pemex Project Funding Master Trust

8.500%

2/15/08

Baa1

BBB

1,307,400

1,000

Pemex Project Funding Master Trust, 144A

9.500%

9/15/27

Baa1

BBB

1,230,000

930

United Mexican States

6.625%

3/03/15

Baa1

BBB

971,385

220

United Mexican States

8.125%

12/30/19

Baa1

BBB

252,670

1,400

United Mexican States

8.300%

8/15/31

Baa1

BBB

1,606,500

1,050

United Mexican States

6.750%

9/27/34

Baa1

BBB

1,027,425

9,363,398

Panama - 1.4%

 

650

Panama Republic

9.625%

2/08/11

Ba1

BB

737,750

1,750

Panama Republic

7.250%

3/15/15

Ba1

BB

1,745,625

460

Panama Republic

9.375%

1/16/23

Ba1

BB

517,500

1,400

Panama Republic

9.375%

4/01/29

Ba1

BB

1,603,000

4,603,875

Peru - 1.6%

 

1,300

Peru Republic

9.125%

2/21/12

Ba3

BB

1,469,000

450

Peru Republic

9.875%

2/06/15

Ba3

BB

522,000

1,931

Peru Republic

3.250%

3/07/17

Ba3

BB

1,781,882

510

Peru Republic

4.000%

3/07/17

Ba3

BB

480,997

915

Peru Republic

8.750%

11/21/33

Ba3

BB

956,175

5,210,054

Philippines - 1.4%

 

1,143

Philippines Republic

8.375%

2/15/11

Ba2

BB

1,171,575

2,000

Philippines Republic

9.375%

1/18/17

B1

BB-

2,120,000

550

Philippines Republic

10.625%

3/16/25

B1

BB-

591,250

565

Philippines Republic

9.500%

2/02/30

B1

BB-

553,700

4,436,525

Poland - 0.2%

 

500

Poland Republic

5.250%

1/15/14

A2

BBB+

509,250  

Qatar - 0.3%

 

416

Ras Laffan Liquefied Natural Gas Company Limited, 144A

3.437%

9/15/09

Baa1

A-

405,975

623

Ras Laffan Liquified Natural Gas Company Limited, , Reg S

3.437%

9/15/09

Baa1

A-

609,711

1,015,686

Russia - 2.6%

 

500

Alrosa Finance SA, 144A

8.875%

11/17/14

B2

B

519,375

1,300

Russia Federation, Reg S

8.250%

3/31/10

Baa3

BBB-

1,403,480

3,200

Russia Ministry of Finance

3.000%

5/14/08

Ba2

BBB-

2,949,760

600

Russia Ministry of Finance

3.000%

5/14/11

Ba1

BBB-

503,640

1,250

Russian Federation, Reg S

8.750%

7/24/05

Baa3

BBB-

1,270,750

750

Russian Federation, Reg S

11.000%

7/24/18

Ba2

BBB-

1,040,694

400

Russian Ministry of Finance, Reg S

12.750%

6/24/28

Ba2

BB+

656,277

8,343,976

South Africa - 1.7%

 

4,950

South Africa Republic

9.125%

5/19/09

Baa1

BBB

5,649,188

South Korea - 0.1%

 

410

Hanarotelecom Inc., 144A

7.000%

2/01/12

Ba2

BB

397,536

Thailand - 0.2%

 

250

Bangkok Bank Public Company Limited, Reg S

9.025%

3/15/29

Baa2

BB-

303,290

290

PTT Public Company Limited, 144A

5.750%

8/01/14

Baa1

BBB+

298,060

601,350

Tunisia - 0.6%

 

1,700

Banque de Tunisie

7.375%

4/25/12

Baa2

BBB

1,891,250

Turkey - 1.2%

 

1,170

Turkey Republic

12.375%

6/15/09

B1

BB-

1,412,775

800

Turkey Republic

11.750%

6/15/10

B1

BB-

969,000

450

Turkey Republic

9.000%

6/30/11

B1

BB-

495,000

450

Turkey Republic

7.375%

2/05/25

B1

BB-

425,250

510

Turkey Republic

11.875%

1/15/30

B1

BB-

679,575

3,981,600

Ukraine - 1.6%

 

600

Naftogaz Ukraine

8.125%

9/30/09

B2

N/R

616,980

2,600

Republic of Ukraine, Series 2004, Reg S

6.365%

8/05/09

B1

B+

2,794,220

800

Ukraine Cabinet Ministers, 144A

6.365%

8/05/09

B1

B+

856,000

859

Ukraine Government, Reg S

11.000%

3/15/07

B1

B

923,537

5,190,737

Uruguay - 0.8%

 

1,800

Uruguay Republic

7.250%

2/15/11

B3

B

1,719,000

1,158

Uruguay Republic

7.875%

1/15/33

B3

B

1,004,417

2,723,417

Venezuela - 1.3%

 

3,185

Venezuela Republic, Reg S

5.375%

8/07/10

Caa1

B-

2,839,405

600

Venezuela Republic, Reg S

3.693%

4/20/11

B2

B

533,831

785

Venezuela Republic

9.250%

9/15/27

B2

B

781,466

4,154,702

Vietnam - 0.7%

 

2,487

Socialist Republic of Vietnam

4.063%

3/14/16

B1

BB-

2,355,760

Total Emerging Market Sovereign Debt (cost $96,119,705)

98,718,856

Ratings**

Principal

Amount (000)

Description(1)

Coupon

Maturity

Moody's

S&P

Value

U.S. CONVERTIBLE BONDS - 1.2% (0.9 of Total Investments)

Metals & Mining - 1.2%

 

5,000

Trizec Hahn Corporation

3.000%

1/29/21

Ba1

N/R

3,956,250

Total U.S. Convertible Bonds (cost $3,611,921)

3,956,250

U.S. CORPORATE BONDS - 4.9% (3.5 of Total Investments)

Hotels Restaurants & Leisure - 2.6%

 

2,000

Aztar Corporation

9.000%

8/15/11

Ba3

B+

2,170,000

2,150

Harrahs Entertainment

7.875%

12/15/05

Ba1

BB+

2,198,375

2,000

MGM Mirage, Inc.

6.750%

8/01/07

Ba1

BB+

2,045,000

2,000

Park Place Entertainment

7.875%

12/15/05

Ba2

BB-

2,047,500

8,460,875

Household Durables - 2.3%

 

2,000

D.R. Horton, Inc.

7.500%

12/01/07

Ba1

BB+

2,113,518

2,000

KB Home

8.625%

12/15/08

Ba2

BB-

2,182,544

3,000

Standard Pacific Corporation

6.500%

10/01/08

Ba2

BB

3,030,000

7,326,062

Total U.S. Corporate Bonds (cost $15,888,889)

15,786,937

HIGH-GRADE SHORT-TERM INVESTMENTS - 7.9% (5.7 of Total Investments)
$

25,557

State Street Bank Euro Dollar Time Deposit, 2.400%, 4/01/05

25,556,534

Total High-Grade Short-Term Investments (cost $25,556,534)

25,556,534

Total Investments (cost $411,545,810) - 139.1%

450,675,879

Other Assets Less Liabilities - (2.1)%

(6,739,519)

FundPreferred Shares, at Liquidation Value (37.0)%

(120,000,000)

Net Assets Applicable to Common Shares - 100%

$323,936,360

(1)  

All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares

unless otherwise noted.

(2)  

Senior Loans in which the Fund invests 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.

At March 31, 2005, the Fund had unfunded loan commitments of $512,821.

*  

Senior Loans in the Fund's portfolio 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 in the Fund's portfolio may occur. As a result, the actual

remaining maturity of Senior Loans held in the Fund's portfolio may be substantially less than the stated

maturities shown. The Fund estimates that the actual average maturity of the Senior Loans held in its portfolio

will be approximately 18-24 months.

**  

Ratings: Below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to

be below investment grade.

(a)  

At or subsequent to March 31, 2005, this issue was under the protection of the Federal bankruptcy court.

(b)  

Purchased on a when-issued or delayed delivery basis.

(c)  

Position represents an unfunded loan commitment outstanding at March 31, 2005.

ADR  

American Depositary Receipt.

144A  

144A securities are those which are exempt from registration under Rule 144A of the Securities Act of 1933,

as amended. These securities may only be resold in transactions exempt from registration which are normally

those transactions with qualified institutional buyers.

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 SEC. Specifically, Reg S provides a safe harbor from the

registration requirements of the Securities Act for the offers and sales of securities by both foreign and

domestic issuers that are made outside the United States.

TBD  

Senior Loan purchased on a when-issued or delayed delivery basis. Certain details associated with this

purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typicallly

trade without accrued interest and therefore a weighted average coupon rate is not available prior to

settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final

weighted average coupon rate and maturity date.

N/R  

Investment is not rated.

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 timing differences in recognizing income on taxable market

discount securities and timing differences in recognizing certain gains and losses on security transactions.

At March 31, 2005, the cost of investments was $412,879,240.

Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2005, were as

follows:

Gross unrealized:

   Appreciation

$43,326,095

   Depreciation

(5,529,456)

Net unrealized appreciation of investments

$37,796,639

Item 2. Controls and Procedures.

  1. 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)).
  2. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)         Nuveen Diversified Dividend and Income Fund        

By (Signature and Title)*          /s/ Jessica R. Droeger--Vice President and Secretary        

Date         05/27/05        

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--Chief Administrative Officer (principal executive officer)        

Date         05/27/05        

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

Date         05/27/05        

* Print the name and title of each signing officer under his or her signature.