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 811-22518

 

Nuveen Short Duration Credit 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:

7/31

 

Date of reporting period:

4/30/14

 

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 Short Duration Credit Opportunities Fund  (JSD)

 

 

 

 

 

April 30, 2014

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon (4)

 

Maturity (2)

 

Ratings (3)

 

Value

 

 

 

LONG-TERM INVESTMENTS- 136.0% (94.0% of Total Investments)

 

 

 

 

 

 

 

 

 

VARIABLE RATE SENIOR LOAN INTERESTS- 116.6% (80.6% of Total Investments) (4)

 

 

 

 

 

 

 

Aerospace & Defense - 0.6% (0.4% of Total Investments)

 

 

 

 

 

 

 

 

 

$       1,234

 

Sequa Corporation, Term Loan B

 

5.250%

 

6/19/17

 

B

 

$    1,213,391

 

 

 

Airlines - 4.1% (2.8% of Total Investments)

 

 

 

 

 

 

 

 

 

993

 

American Airlines, Inc., Term Loan

 

3.750%

 

6/27/19

 

Ba2

 

991,570

 

3,160

 

Delta Air Lines, Inc., Term Loan B1

 

3.500%

 

10/18/18

 

Ba1

 

3,152,100

 

988

 

Delta Air Lines, Inc., Term Loan B2

 

2.403%

 

4/18/16

 

Ba1

 

987,500

 

1,945

 

Delta Air Lines, Inc., Term Loan B

 

3.500%

 

4/20/17

 

BB+

 

1,941,343

 

1,000

 

US Airways, Inc., Term Loan B1

 

3.500%

 

5/23/19

 

Ba2

 

993,125

 

8,086

 

Total Airlines

 

 

 

 

 

 

 

8,065,638

 

 

 

Auto Components - 0.1% (0.1% of Total Investments)

 

 

 

 

 

 

 

 

 

170

 

Schaeffler AG, Term Loan C

 

4.250%

 

1/27/17

 

Ba2

 

170,637

 

 

 

Automobiles - 0.5% (0.3% of Total Investments)

 

 

 

 

 

 

 

 

 

1,000

 

Chrysler Group LLC, Tranche B, Term Loan

 

3.250%

 

12/31/18

 

BB+

 

993,000

 

 

 

Capital Markets - 1.5% (1.1% of Total Investments)

 

 

 

 

 

 

 

 

 

661

 

American Capital, LTD., Term Loan B

 

3.500%

 

8/22/17

 

BB-

 

662,213

 

1,412

 

BLB Management Services, Inc., Term Loan

 

5.250%

 

11/10/18

 

BB-

 

1,402,844

 

957

 

RPI Finance Trust, Term Loan B3

 

3.250%

 

11/09/18

 

Baa2

 

958,622

 

3,030

 

Total Capital Markets

 

 

 

 

 

 

 

3,023,679

 

 

 

Chemicals - 1.1% (0.8% of Total Investments)

 

 

 

 

 

 

 

 

 

1,178

 

Ineos US Finance LLC, Cash Dollar, Term Loan

 

3.750%

 

5/04/18

 

BB-

 

1,168,433

 

1,000

 

Mineral Technologies, Inc., Term Loan B, First Lien, WI/DD

 

TBD

 

TBD

 

BB

 

999,988

 

2,178

 

Total Chemicals

 

 

 

 

 

 

 

2,168,421

 

 

 

Commercial Services & Supplies - 4.0% (2.7% of Total Investments)

 

 

 

 

 

 

 

490

 

HMH Holdings, Inc., Term Loan, First Lien

 

4.250%

 

5/22/18

 

B1

 

492,144

 

1,000

 

International Lease Finance Corp., Term Loan

 

3.500%

 

3/06/21

 

Ba2

 

998,333

 

500

 

iQor US, Inc., Term Loan, Second Lien

 

9.750%

 

4/01/22

 

CCC+

 

477,500

 

1,937

 

iQor US, Inc., Term Loan, First Lien

 

6.000%

 

4/01/21

 

B

 

1,856,627

 

2,000

 

Millennium Laboratories, Inc., Tranche B, Term Loan

 

5.250%

 

4/16/21

 

B+

 

1,991,862

 

1,493

 

Spotless Holdings, SAS, Term Loan, First Lien

 

5.000%

 

10/02/18

 

B1

 

1,501,206

 

500

 

Spotless Holdings, SAS, Term Loan, Second Lien

 

8.750%

 

4/02/19

 

B3

 

512,812

 

7,920

 

Total Commercial Services & Supplies

 

 

 

 

 

 

 

7,830,484

 

 

 

Communications Equipment - 1.6% (1.1% of Total Investments)

 

 

 

 

 

 

 

1,491

 

Avaya, Inc., Term Loan B3

 

4.734%

 

10/26/17

 

B1

 

1,443,036

 

499

 

Avaya, Inc., Term Loan B6

 

6.500%

 

3/31/18

 

B1

 

497,398

 

1,154

 

Telesat Canada Inc., Term Loan B

 

3.500%

 

3/28/19

 

BB-

 

1,152,371

 

3,144

 

Total Communications Equipment

 

 

 

 

 

 

 

3,092,805

 

 

 

Computers & Peripherals - 2.7% (1.9% of Total Investments)

 

 

 

 

 

 

 

 

 

417

 

CompuCom Systems, Inc., Term Loan B

 

4.250%

 

5/09/20

 

B1

 

416,479

 

4,974

 

Dell, Inc., Term Loan B

 

4.500%

 

4/29/20

 

BB+

 

4,963,254

 

5,391

 

Total Computers & Peripherals

 

 

 

 

 

 

 

5,379,733

 

 

 

Containers & Packaging - 0.7% (0.5% of Total Investments)

 

 

 

 

 

 

 

 

 

200

 

Berry Plastics Holding Corporation, Term Loan E

 

3.750%

 

1/06/21

 

B+

 

199,109

 

1,132

 

Reynolds Group Holdings, Inc., Incremental US Term Loan, First Lien

 

4.000%

 

12/01/18

 

B+

 

1,133,988

 

1,332

 

Total Containers & Packaging

 

 

 

 

 

 

 

1,333,097

 

 

 

Diversified Consumer Services - 5.2% (3.6% of Total Investments)

 

 

 

 

 

 

 

2,020

 

Cengage Learning Acquisitions, Inc., Exit Term Loan

 

7.000%

 

3/31/20

 

B+

 

2,051,532

 

967

 

Ceridian Corporation, New Replacement Term Loan

 

4.402%

 

8/14/15

 

B1

 

968,336

 

2,604

 

Harland Clarke Holdings Corporation, Term Loan B3

 

7.000%

 

5/22/18

 

B+

 

2,633,104

 

3,053

 

Hilton Hotels Corporation, Term Loan B2

 

3.500%

 

10/26/20

 

BB

 

3,046,484

 

1,677

 

Laureate Education, Inc., Term Loan B

 

5.000%

 

6/15/18

 

B1

 

1,657,243

 

10,321

 

Total Diversified Consumer Services

 

 

 

 

 

 

 

10,356,699

 

 

 

Diversified Financial Services - 1.1% (0.8% of Total Investments)

 

 

 

 

 

 

 

1,485

 

Ocwen Financial Corporation,  Term Loan B

 

5.000%

 

2/15/18

 

B+

 

1,493,585

 

750

 

RCS Capital, Term Loan, WI/DD

 

TBD

 

TBD

 

B+

 

759,610

 

2,235

 

Total Diversified Financial Services

 

 

 

 

 

 

 

2,253,195

 

 

 

Diversified Telecommunication Services - 5.2% (3.6% of Total Investments)

 

 

 

 

 

 

 

869

 

Greeneden U.S. Holdings II LLC, Term Loan B

 

4.000%

 

2/08/20

 

B

 

870,299

 

1,729

 

Presidio, Inc., Term Loan B

 

5.000%

 

3/31/17

 

B+

 

1,740,786

 

1,000

 

SBA Communication, Incremental Term Loan, Tranche B1

 

3.250%

 

3/24/21

 

BB

 

995,208

 

1,000

 

TelX Group, Inc., Initial Term Loan, First Lien

 

4.500%

 

4/09/20

 

B1

 

1,000,000

 

3,703

 

WideOpenWest Finance LLC, Term Loan B

 

4.750%

 

4/01/19

 

Ba3

 

3,715,940

 

740

 

Ziggo N.V., Term Loan B1, DD1

 

3.250%

 

1/15/22

 

BB-

 

727,710

 

477

 

Ziggo N.V., Term Loan B2, DD1

 

3.250%

 

1/15/22

 

BB-

 

468,950

 

784

 

Ziggo N.V., Term Loan B3, Delayed Draw, WI/DD

 

TBD

 

TBD

 

BB-

 

771,256

 

10,302

 

Total Diversified Telecommunication Services

 

 

 

 

 

 

 

10,290,149

 

 

 

Electronic Equipment & Instruments - 0.7% (0.5% of Total Investments)

 

 

 

 

 

 

 

1,414

 

SMART Modular Technologies, Inc., Term Loan B

 

8.250%

 

8/26/17

 

B

 

1,321,856

 

 

 

Energy Equipment & Services - 2.5% (1.7% of Total Investments)

 

 

 

 

 

 

 

3,975

 

Drill Rigs Holdings, Inc., Tranche B1, Term Loan

 

6.000%

 

3/31/21

 

B+

 

4,032,128

 

900

 

Offshore Group Investment Limited, Term Loan B

 

5.000%

 

10/25/17

 

B-

 

898,032

 

4,875

 

Total Energy Equipment & Services

 

 

 

 

 

 

 

4,930,160

 

 

 

Food & Staples Retailing - 3.1% (2.2% of Total Investments)

 

 

 

 

 

 

 

 

 

901

 

Albertson’s LLC, Term Loan B1

 

4.250%

 

3/21/16

 

BB-

 

904,312

 

1,585

 

Albertson’s LLC, Term Loan B2

 

4.750%

 

3/21/19

 

BB-

 

1,593,250

 

499

 

BJ’s Wholesale Club, Inc., Replacement Loan, First Lien

 

4.500%

 

9/26/19

 

B-

 

498,889

 

250

 

BJ’s Wholesale Club, Inc., Replacement Loan, Second Lien

 

8.500%

 

3/26/20

 

CCC

 

255,603

 

998

 

Del Monte Foods Company, Term Loan, First Lien

 

4.253%

 

2/18/21

 

B+

 

997,036

 

1,000

 

Rite Aid Corporation, Tranche 2, Term Loan, Second Lien

 

4.875%

 

6/21/21

 

B

 

1,012,917

 

982

 

Supervalu, Inc., New Term Loan

 

4.500%

 

3/21/19

 

B+

 

980,603

 

6,215

 

Total Food & Staples Retailing

 

 

 

 

 

 

 

6,242,610

 

 

 

Food Products - 3.5% (2.4% of Total Investments)

 

 

 

 

 

 

 

 

 

2,283

 

H.J Heinz Company, Term Loan B2

 

3.500%

 

6/05/20

 

BB

 

2,288,601

 

3,414

 

US Foods, Inc., Incremental Term Loan

 

4.500%

 

3/31/19

 

B2

 

3,423,091

 

1,369

 

Wilton Products, Inc., Tranche B, Term Loan

 

7.504%

 

8/30/18

 

B-

 

1,312,925

 

7,066

 

Total Food Products

 

 

 

 

 

 

 

7,024,617

 

 

 

Health Care Equipment & Supplies - 4.6% (3.2% of Total Investments)

 

 

 

 

 

 

 

944

 

Ardent Medical Services, Inc., Term Loan, First Lien

 

6.750%

 

7/02/18

 

B+

 

935,029

 

1,000

 

Ardent Medical Services, Inc., Term Loan, Second Lien

 

11.000%

 

1/02/19

 

CCC+

 

990,000

 

1,882

 

ConvaTec, Inc., Dollar Term Loan

 

4.000%

 

12/22/16

 

Ba3

 

1,885,379

 

1,038

 

Kinetic Concepts, Inc., Term Loan D1

 

4.000%

 

5/04/18

 

BB-

 

1,039,820

 

3,268

 

Onex Carestream Finance LP, Term Loan, First Lien

 

5.000%

 

6/07/19

 

B+

 

3,280,494

 

973

 

Onex Carestream Finance LP, Term Loan, Second Lien

 

9.500%

 

12/07/19

 

B-

 

994,528

 

9,105

 

Total Health Care Equipment & Supplies

 

 

 

 

 

 

 

9,125,250

 

 

 

Health Care Providers & Services - 10.8% (7.5% of Total Investments)

 

 

 

 

 

 

 

313

 

BioScrip, Inc., Delayed Draw, Term Loan

 

6.500%

 

7/31/20

 

BB-

 

315,210

 

522

 

BioScrip, Inc., Initial Term Loan B

 

6.500%

 

7/31/20

 

BB-

 

525,350

 

1,630

 

Community Health Systems, Inc., Term Loan D

 

4.250%

 

1/27/21

 

BB

 

1,637,177

 

50

 

Community Health Systems, Inc., Term Loan E

 

3.469%

 

1/25/17

 

BB

 

50,304

 

1,000

 

CRC Health Corporation, First Lien

 

5.250%

 

3/29/21

 

B1

 

1,001,250

 

2,962

 

DaVita, Inc., New Term Loan B2

 

4.000%

 

11/01/19

 

Ba2

 

2,974,383

 

828

 

Genesis Healthcare LLC, Term Loan

 

10.001%

 

12/04/17

 

B

 

845,727

 

3,031

 

Golden Living, Term Loan

 

5.000%

 

5/04/18

 

B

 

2,993,473

 

988

 

Heartland Dental Care, Inc., Term Loan, First Lien

 

5.500%

 

12/21/18

 

B1

 

993,683

 

500

 

Heartland Dental Care, Inc., Term Loan, Second Lien

 

9.750%

 

6/21/19

 

CCC+

 

511,562

 

1,216

 

IASIS Healthcare LLC, Term Loan B2, First Lien

 

4.500%

 

5/03/18

 

Ba3

 

1,217,789

 

868

 

LHP Operations Co. LLC, Term Loan B

 

9.000%

 

7/03/18

 

B

 

842,372

 

1,000

 

Mallinckrodt International Finance SA, Initial Term Loan B

 

3.500%

 

3/19/21

 

BB+

 

993,047

 

544

 

National Mentor Holdings, Inc., Term Loan B

 

4.750%

 

1/31/21

 

B1

 

545,339

 

1,995

 

One Call Care Management, Inc., Term Loan B

 

5.000%

 

11/27/20

 

B1

 

2,000,486

 

2,455

 

Sheridan Holdings, Inc., Term Loan, First Lien

 

4.500%

 

6/29/18

 

B1

 

2,457,952

 

1,000

 

Sheridan Holdings, Inc., Term Loan, Second Lien

 

8.250%

 

12/20/21

 

B+

 

1,017,500

 

459

 

Skilled Healthcare Group, Inc., Term Loan

 

6.750%

 

4/09/16

 

B

 

459,006

 

21,361

 

Total Health Care Providers & Services

 

 

 

 

 

 

 

21,381,610

 

 

 

Hotels, Restaurants & Leisure - 3.9% (2.7% of Total Investments)

 

 

 

 

 

 

 

2,282

 

CCM Merger, Inc., Term Loan

 

5.000%

 

3/01/17

 

B+

 

2,282,721

 

2,494

 

CityCenter Holdings LLC, Term Loan B

 

5.000%

 

10/16/20

 

B+

 

2,509,725

 

914

 

Landry’s Restaurants, Inc., Term Loan B

 

4.000%

 

4/24/18

 

BB-

 

916,104

 

1,918

 

Station Casino LLC, Term Loan B

 

4.250%

 

3/02/20

 

B1

 

1,918,235

 

7,608

 

Total Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

7,626,785

 

 

 

Household Products - 0.1% (0.1% of Total Investments)

 

 

 

 

 

 

 

 

 

269

 

Spectrum Brands, Inc., Term Loan C

 

3.500%

 

9/04/19

 

BB

 

269,591

 

 

 

Industrial Conglomerates - 0.5% (0.3% of Total Investments)

 

 

 

 

 

 

 

 

 

997

 

Brand Energy & Infrastructure Services, Inc., Initial Term Loan

 

4.750%

 

11/26/20

 

B1

 

1,000,404

 

 

 

Insurance - 1.3% (0.9% of Total Investments)

 

 

 

 

 

 

 

 

 

614

 

Hub International Holdings, Inc., Initial Term Loan

 

4.250%

 

10/02/20

 

B1

 

614,145

 

1,975

 

USI Holdings Corporation, Initial Term Loan

 

4.250%

 

12/27/19

 

B1

 

1,970,137

 

2,589

 

Total Insurance

 

 

 

 

 

 

 

2,584,282

 

 

 

Internet Software & Services - 2.2% (1.5% of Total Investments)

 

 

 

 

 

 

 

725

 

Ancestry.com, Inc., Replacement Term Loan B1

 

4.500%

 

12/28/18

 

Ba2

 

726,473

 

1,000

 

ION Trading Technologies S.A.R.L., Term Loan, Second Lien

 

8.250%

 

5/22/21

 

CCC+

 

1,006,875

 

116

 

Sabre Inc.,  Term Loan C

 

4.000%

 

12/29/17

 

B+

 

116,368

 

2,469

 

Sabre Inc.,  Term Loan

 

4.250%

 

2/18/19

 

B1

 

2,468,236

 

4,310

 

Total Internet Software & Services

 

 

 

 

 

 

 

4,317,952

 

 

 

IT Services - 3.5% (2.4% of Total Investments)

 

 

 

 

 

 

 

 

 

3,707

 

EIG Investors Corp., Term Loan

 

5.000%

 

11/09/19

 

B

 

3,717,121

 

1,310

 

VFH Parent LLC, New Term Loan

 

5.750%

 

11/08/19

 

N/R

 

1,300,555

 

1,959

 

Zayo Group LLC, Term Loan B

 

4.000%

 

7/02/19

 

B1

 

1,957,328

 

6,976

 

Total IT Services

 

 

 

 

 

 

 

6,975,004

 

 

 

Leisure Equipment & Products - 3.1% (2.1% of Total Investments)

 

 

 

 

 

 

 

2,325

 

24 Hour Fitness Worldwide, Inc., Term Loan B

 

5.000%

 

4/22/16

 

Ba3

 

2,337,357

 

2,263

 

Bombardier Recreational Products, Inc., Term Loan

 

4.000%

 

1/30/19

 

B+

 

2,257,435

 

1,485

 

Equinox Holdings, Inc., New Initial Term Loan B

 

4.250%

 

1/31/20

 

B1

 

1,485,000

 

6,073

 

Total Leisure Equipment & Products

 

 

 

 

 

 

 

6,079,792

 

 

 

Machinery - 0.3% (0.2% of Total Investments)

 

 

 

 

 

 

 

 

 

499

 

TNT Crane and Rigging Inc., Initial Term Loan, First Lien

 

5.500%

 

11/27/20

 

B1

 

503,738

 

 

 

Media - 10.5% (7.2% of Total Investments)

 

 

 

 

 

 

 

 

 

500

 

Catalina Marketing Corporation, Term Loan, First Lien

 

4.500%

 

4/09/21

 

Ba3

 

499,688

 

500

 

Catalina Marketing Corporation, Term Loan, Second Lien

 

7.750%

 

4/11/22

 

CCC+

 

496,250

 

662

 

Clear Channel Communications, Inc., Tranche B, Term Loan

 

3.800%

 

1/29/16

 

CCC+

 

657,172

 

1,633

 

Clear Channel Communications, Inc.,Term Loan E

 

7.650%

 

7/30/19

 

CCC+

 

1,637,413

 

2,991

 

Cumulus Media, Inc., Term Loan B

 

4.250%

 

12/23/20

 

B+

 

2,991,205

 

1,423

 

Emerald Expositions Holdings, Inc., Term Loan, First Lien

 

5.500%

 

6/17/20

 

BB-

 

1,434,342

 

750

 

IMG Worldwide, Inc., First Lien, WI/DD

 

TBD

 

TBD

 

B1

 

749,625

 

1,000

 

Interactive Data Corporation, Term Loan B, WI/DD

 

TBD

 

TBD

 

B+

 

1,000,781

 

990

 

Internet Brands, Inc., Term Loan B

 

6.250%

 

3/18/19

 

B+

 

996,188

 

998

 

McGraw-Hill Education Holdings LLC, Term Loan B

 

6.250%

 

12/18/19

 

BB

 

1,006,436

 

1,271

 

McGraw-Hill Education Holdings LLC, Refinancing Term Loan

 

5.750%

 

3/22/19

 

B+

 

1,281,605

 

960

 

Media General, Inc., Delayed Draw, Term Loan

 

4.250%

 

7/31/20

 

BB-

 

963,747

 

536

 

Numericable Group S.A., Term Loan B1, WI/DD

 

TBD

 

TBD

 

Ba3

 

535,962

 

464

 

Numericable Group S.A., Term Loan B2, WI/DD

 

TBD

 

TBD

 

Ba3

 

463,681

 

972

 

Radio One, Inc., Term Loan B, First Lien

 

7.500%

 

3/31/16

 

B+

 

988,013

 

2,000

 

San Juan Cable LLC, Term Loan, Second Lien

 

10.000%

 

5/21/18

 

CCC

 

2,015,000

 

995

 

Springer Science & Business Media, Inc., Term Loan

 

5.000%

 

8/14/20

 

B

 

996,659

 

1,995

 

Tribune Company, Term Loan B

 

4.000%

 

12/27/20

 

BB-

 

1,990,509

 

20,640

 

Total Media

 

 

 

 

 

 

 

20,704,276

 

 

 

Multiline Retail - 0.9% (0.7% of Total Investments)

 

 

 

 

 

 

 

 

 

1,850

 

Hudson’s Bay Company, Term Loan B, First Lien

 

4.750%

 

11/04/20

 

BB

 

1,866,476

 

 

 

Oil, Gas & Consumable Fuels - 6.6% (4.6% of Total Investments)

 

 

 

 

 

 

 

1,219

 

Buffalo Gulf Coast Terminals, Term Loan B

 

5.250%

 

10/31/17

 

BB+

 

1,225,794

 

1,584

 

Crestwood Holdings LLC, Term Loan B

 

7.000%

 

6/19/19

 

B

 

1,610,530

 

2,387

 

Fieldwood Energy LLC, Term Loan, Second Lien

 

8.375%

 

9/30/20

 

B2

 

2,468,110

 

708

 

Frac Tech International LLC, Term Loan B, WI/DD

 

TBD

 

TBD

 

B2

 

711,932

 

2,289

 

Harvey Gulf International Marine, Inc., Term Loan B

 

5.500%

 

6/18/20

 

B1

 

2,259,894

 

833

 

Samson Investment Company, Tranche 1, Term Loan, Second Lien

 

5.000%

 

9/25/18

 

B1

 

835,157

 

990

 

Saxon Energy Services, Inc., Term Loan

 

5.500%

 

2/15/19

 

Ba3

 

995,775

 

2,494

 

Seadrill Partners LLC, Initial Term Loan

 

4.000%

 

2/21/21

 

BB-

 

2,470,177

 

450

 

Shelf Drilling Holdings LTD., Term Loan

 

10.000%

 

10/08/18

 

B+

 

461,250

 

12,954

 

Total Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

13,038,619

 

 

 

Pharmaceuticals - 9.1% (6.3% of Total Investments)

 

 

 

 

 

 

 

 

 

1,901

 

Auxilium Pharmaceuticals, Inc., Term Loan

 

6.250%

 

4/26/17

 

Ba2

 

1,919,947

 

794

 

Generic Drug Holdings, Inc., Term Loan B

 

5.000%

 

8/16/20

 

B1

 

795,654

 

1,500

 

Grifols, Inc., Term Loan

 

3.150%

 

2/27/21

 

Ba1

 

1,493,541

 

1,000

 

Patheon, Inc., Term Loan B

 

4.250%

 

3/11/21

 

B

 

991,406

 

2,931

 

Pharmaceutical Product Development, Inc., Term Loan B, First Lien

 

4.000%

 

12/01/18

 

Ba3

 

2,930,230

 

995

 

Pharmaceutical Research Associates, Inc., Term Loan

 

4.500%

 

9/23/20

 

B1

 

991,710

 

1,939

 

Quintiles Transnational Corp., Term Loan B3

 

3.750%

 

6/08/18

 

BB

 

1,937,966

 

988

 

Salix Pharmaceuticals, LTD., Term Loan

 

4.250%

 

1/02/20

 

Ba1

 

993,260

 

988

 

Therakos, Inc., Term Loan, First Lien

 

7.500%

 

12/27/17

 

B

 

994,092

 

2,748

 

Valeant Pharmaceuticals International, Inc., Term Loan E

 

3.750%

 

8/05/20

 

Ba1

 

2,751,952

 

2,211

 

Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan D2

 

3.750%

 

2/13/19

 

BBB-

 

2,209,326

 

17,995

 

Total Pharmaceuticals

 

 

 

 

 

 

 

18,009,084

 

 

 

Real Estate Investment Trust - 3.4% (2.4% of Total Investments)

 

 

 

 

 

 

 

1,453

 

iStar Financial, Inc., Term Loan

 

4.500%

 

10/15/17

 

BB-

 

1,460,016

 

1,980

 

Realogy Corporation, Initial Term Loan B

 

3.750%

 

3/05/20

 

BB

 

1,977,562

 

118

 

Realogy Corporation, Synthetic Letter of Credit

 

4.427%

 

10/10/16

 

BB

 

117,843

 

995

 

Starwood Property Trust, Inc., Term Loan B

 

3.500%

 

4/17/20

 

BB+

 

990,829

 

2,257

 

Walter Investment Management Corporation, Tranche B, Term Loan, First Lien

 

4.750%

 

12/18/20

 

B+

 

2,243,505

 

6,803

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

6,789,755

 

 

 

Real Estate Management & Development - 1.6% (1.1% of Total Investments)

 

 

 

 

 

 

 

1,500

 

Capital Automotive LP, Term Loan, Second Lien

 

6.000%

 

4/30/20

 

B1

 

1,534,376

 

1,611

 

Capital Automotive LP, Term Loan, Tranche B1

 

4.000%

 

4/10/19

 

Ba2

 

1,613,724

 

3,111

 

Total Real Estate Management & Development

 

 

 

 

 

 

 

3,148,100

 

 

 

Semiconductors & Equipment - 2.3% (1.5% of Total Investments)

 

 

 

 

 

 

 

500

 

Avago Technologies, Term Loan B, WI/DD

 

TBD

 

TBD

 

BBB-

 

501,758

 

1,980

 

Freescale Semiconductor, Inc., Term Loan, Tranche B4

 

4.250%

 

2/28/20

 

B1

 

1,980,038

 

995

 

Freescale Semiconductor, Inc., Term Loan, Tranche B5

 

5.000%

 

1/15/21

 

B1

 

999,353

 

981

 

NXP Semiconductor LLC, Term Loan D

 

3.750%

 

1/11/20

 

BB+

 

974,855

 

4,456

 

Total Semiconductors & Equipment

 

 

 

 

 

 

 

4,456,004

 

 

 

Software - 9.9% (6.8% of Total Investments)

 

 

 

 

 

 

 

 

 

1,607

 

Attachmate Corporation, Term Loan, First Lien

 

7.250%

 

11/22/17

 

BB-

 

1,616,677

 

899

 

Blackboard, Inc., Term Loan B3

 

4.750%

 

10/04/18

 

B+

 

903,754

 

998

 

BMC Software, Inc., Initial Term Loan

 

5.000%

 

9/10/20

 

B1

 

997,189

 

968

 

Emdeon Business Services LLC, Term Loan B2

 

3.750%

 

11/02/18

 

BB-

 

966,888

 

960

 

Epicor Software Corporation,Term Loan, B2

 

4.000%

 

5/16/18

 

Ba3

 

960,195

 

953

 

Explorer Holdings, Inc., Term Loan

 

6.000%

 

5/02/18

 

B+

 

958,911

 

3,136

 

Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B5

 

3.750%

 

6/03/20

 

Ba3

 

3,118,874

 

908

 

IPC Systems, Inc., Extended Term Loan, Tranche B1, First Lien

 

7.750%

 

7/31/17

 

B1

 

911,771

 

3,800

 

IPC Systems, Inc., Term Loan, Second Lien

 

5.402%

 

6/01/15

 

CCC

 

3,743,000

 

2,708

 

Misys PLC,  Term Loan B, First Lien

 

5.000%

 

12/12/18

 

B+

 

2,726,118

 

872

 

SunGard Data Systems, Inc., Term Loan E

 

4.000%

 

3/08/20

 

BB

 

873,543

 

708

 

Vertafore, Inc., Term Loan, First Lien

 

4.250%

 

10/03/19

 

B+

 

708,783

 

1,000

 

Vertafore, Inc., Term Loan, Second Lien

 

9.750%

 

10/27/17

 

CCC+

 

1,017,813

 

19,517

 

Total Software

 

 

 

 

 

 

 

19,503,516

 

 

 

Specialty Retail - 0.5% (0.4% of Total Investments)

 

 

 

 

 

 

 

 

 

1,044

 

Jo-Ann Stores, Inc., Term Loan, First Lien

 

4.000%

 

3/16/18

 

B+

 

1,038,723

 

 

 

Trading Companies & Distributors - 1.5% (1.0% of Total Investments)

 

 

 

 

 

 

 

2,948

 

HD Supply, Inc., Term Loan

 

4.000%

 

6/28/18

 

B+

 

2,947,807

 

 

 

Transportation Infrastructure - 0.5% (0.3% of Total Investments)

 

 

 

 

 

 

 

49

 

Ceva Group PLC, Canadian Term Loan

 

6.500%

 

3/19/21

 

B2

 

48,994

 

286

 

Ceva Group PLC, Dutch B.V., Term Loan

 

6.500%

 

3/19/21

 

B2

 

284,167

 

394

 

Ceva Group PLC, US Term Loan

 

6.500%

 

3/19/21

 

B2

 

391,954

 

271

 

Ceva Group PLC, Synthetic Letter of Credit Term Loan

 

0.134%

 

3/19/21

 

B2

 

269,468

 

1,000

 

Total Transportation Infrastructure

 

 

 

 

 

 

 

994,583

 

 

 

Wireless Telecommunication Services - 1.3% (0.9% of Total Investments)

 

 

 

 

 

 

 

2,475

 

Fairpoint Communications, Inc., Term Loan B

 

7.500%

 

2/11/19

 

B

 

2,559,821

 

$  230,493

 

Total Variable Rate Senior Loan Interests (cost $227,948,650)

 

 

 

 

 

 

 

230,611,343

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1)

 

 

 

 

 

 

 

Value

 

 

 

COMMON STOCKS - 0.7% (0.5% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services - 0.7% (0.5% of Total Investments)

 

 

 

 

 

 

 

39,609

 

Cengage Learning Holdings II LP,  (5)

 

 

 

 

 

 

 

$    1,440,763

 

 

 

Total Common Stocks (cost $1,286,905)

 

 

 

 

 

 

 

1,440,763

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 

 

 

CORPORATE BONDS - 18.7% (12.9% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Commercial Services & Supplies - 0.9% (0.6% of Total Investments)

 

 

 

 

 

 

 

$      1,650

 

NES Rental Holdings Inc., 144A

 

7.875%

 

5/01/18

 

CCC+

 

$    1,757,250

 

 

 

Containers & Packaging - 0.4% (0.3% of Total Investments)

 

 

 

 

 

 

 

 

 

700

 

Reynolds Group

 

9.875%

 

8/15/19

 

CCC+

 

777,000

 

 

 

Diversified Consumer Services - 0.3% (0.2% of Total Investments)

 

 

 

 

 

 

 

500

 

Ceridian Corporation

 

11.250%

 

11/15/15

 

CCC

 

506,250

 

 

 

Diversified Telecommunication Services - 0.8% (0.6% of Total Investments)

 

 

 

 

 

 

 

750

 

IntelSat Limited

 

7.750%

 

6/01/21

 

B-

 

781,875

 

300

 

IntelSat Limited

 

8.125%

 

6/01/23

 

B-

 

315,000

 

500

 

Level 3 Communications Inc.

 

11.875%

 

2/01/19

 

B-

 

563,750

 

1,550

 

Total Diversified Telecommunication Services

 

 

 

 

 

 

 

1,660,625

 

 

 

Health Care Equipment & Supplies - 1.6% (1.1% of Total Investments)

 

 

 

 

 

 

 

2,700

 

Kinetic Concepts

 

10.500%

 

11/01/18

 

B-

 

3,084,750

 

 

 

Health Care Providers & Services - 1.3% (0.9% of Total Investments)

 

 

 

 

 

 

 

1,350

 

IASIS Healthcare Capital Corporation

 

8.375%

 

5/15/19

 

CCC+

 

1,434,375

 

1,000

 

Truven Health Analytics Inc.

 

10.625%

 

6/01/20

 

CCC+

 

1,125,000

 

2,350

 

Total Health Care Providers & Services

 

 

 

 

 

 

 

2,559,375

 

 

 

Media - 4.1% (2.8% of Total Investments)

 

 

 

 

 

 

 

 

 

3,585

 

Clear Channel Communications, Inc.

 

9.000%

 

12/15/19

 

CCC+

 

3,818,025

 

2,068

 

Clear Channel Communications, Inc.

 

14.000%

 

2/01/21

 

CCC-

 

2,120,057

 

1,000

 

Clear Channel Communications, Inc.

 

9.000%

 

3/01/21

 

CCC+

 

1,062,500

 

600

 

Expo Event Transco Inc., 144A

 

9.000%

 

6/15/21

 

B-

 

609,000

 

500

 

McGraw-Hill Global Education Holdings, 144A

 

9.750%

 

4/01/21

 

BB

 

572,500

 

7,753

 

Total Media

 

 

 

 

 

 

 

8,182,082

 

 

 

Oil, Gas & Consumable Fuels - 1.1% (0.8% of Total Investments)

 

 

 

 

 

 

 

2,000

 

Chaparral Energy Inc.

 

9.875%

 

10/01/20

 

B-

 

2,265,000

 

 

 

Pharmaceuticals - 2.5% (1.7% of Total Investments)

 

 

 

 

 

 

 

 

 

1,000

 

Jaguar Holding Company I, 144A

 

9.375%

 

10/15/17

 

CCC+

 

1,045,000

 

2,000

 

Valeant Pharmaceuticals International, 144A

 

7.000%

 

10/01/20

 

B1

 

2,140,000

 

500

 

Valeant Pharmaceuticals International, 144A

 

7.250%

 

7/15/22

 

B1

 

545,000

 

1,000

 

VPII Escrow Corporation, 144A

 

7.500%

 

7/15/21

 

B1

 

1,115,000

 

4,500

 

Total Pharmaceuticals

 

 

 

 

 

 

 

4,845,000

 

 

 

Semiconductors & Equipment - 0.2% (0.1% of Total Investments)

 

 

 

 

 

 

 

250

 

Advanced Micro Devices, Inc.

 

7.750%

 

8/01/20

 

B

 

265,625

 

166

 

Advanced Micro Devices, Inc.

 

7.500%

 

8/15/22

 

B

 

172,640

 

416

 

Total Semiconductors & Equipment

 

 

 

 

 

 

 

438,265

 

 

 

Software - 1.9% (1.3% of Total Investments)

 

 

 

 

 

 

 

 

 

2,550

 

Infor Us Inc.

 

11.500%

 

7/15/18

 

B-

 

2,945,250

 

750

 

Infor Us Inc.

 

9.375%

 

4/01/19

 

B-

 

841,875

 

3,300

 

Total Software

 

 

 

 

 

 

 

3,787,125

 

 

 

Specialty Retail - 0.3% (0.2% of Total Investments)

 

 

 

 

 

 

 

 

 

500

 

99 Cents Only Stores

 

11.000%

 

12/15/19

 

CCC+

 

565,000

 

 

 

Trading Companies & Distributors - 0.6% (0.4% of Total Investments)

 

 

 

 

 

 

 

1,000

 

HD Supply Inc.

 

11.500%

 

7/15/20

 

CCC+

 

1,187,500

 

 

 

Wireless Telecommunication Services - 2.7% (1.9% of Total Investments)

 

 

 

 

 

 

 

500

 

FairPoint Communications Inc., 144A

 

8.750%

 

8/15/19

 

B

 

541,250

 

3,000

 

Sprint Corporation, 144A

 

7.875%

 

9/15/23

 

BB-

 

3,307,500

 

1,250

 

T-Mobile USA Inc.

 

6.250%

 

4/01/21

 

BB

 

1,331,250

 

75

 

T-Mobile USA Inc.

 

6.731%

 

4/28/22

 

BB

 

80,906

 

75

 

T-Mobile USA Inc.

 

6.836%

 

4/28/23

 

BB

 

80,719

 

4,900

 

Total Wireless Telecommunication Services

 

 

 

 

 

 

 

5,341,625

 

$    33,819

 

Total Corporate Bonds (cost $33,359,702)

 

 

 

 

 

 

 

36,956,847

 

 

 

Total Long-Term Investments (cost $262,595,257)

 

 

 

 

 

 

 

269,008,953

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

 

 

Value

 

 

 

SHORT-TERM INVESTMENTS - 8.6% (6.0% of Total Investments)

 

 

 

 

 

 

 

$    17,063

 

Repurchase Agreement with Fixed Income Clearing Corporation, dated 4/30/14, repurchase price $17,063,436, collateralized by $17,365,000 U.S. Treasury Notes, 2.125%, due 8/31/20, value $17,408,413

 

0.000%

 

5/01/14

 

 

 

$    17,063,436

 

 

 

Total Short-Term Investments (cost $17,063,436)

 

 

 

 

 

 

 

17,063,436

 

 

 

Total Investments (cost $279,658,693) - 144.6%

 

 

 

 

 

 

 

286,072,389

 

 

 

Borrowings -  (43.0)%  (6), (7)

 

 

 

 

 

 

 

(85,000,000

)

 

 

Other Assets Less Liabilities - (1.6)% (8)

 

 

 

 

 

 

 

(3,227,796

)

 

 

Net Assets Applicable to Common Shares - 100%

 

 

 

 

 

 

 

$  197,844,593

 

 

Investments in Derivatives as of April 30, 2014

 

Interest Rate Swaps outstanding:

 

 

 

 

 

Fund

 

 

 

 

 

Fixed Rate

 

 

 

Unrealized

 

 

 

Notional

 

Pay/Receive

 

 

 

Fixed Rate

 

Payment

 

Termination

 

Appreciation

 

Counterparty

 

Amount

 

Floating Rate

 

Floating Rate Index

 

(Annualized)

 

Frequency

 

Date

 

(Depreciation) (8)

 

Barclays PLC

 

$

17,500,000

 

Receive

 

1-Month USD-LIBOR

 

1.143

%

Monthly

 

9/15/16

 

$

(227,038

)

Morgan Stanley

 

17,500,000

 

Receive

 

1-Month USD-LIBOR

 

0.588

 

Monthly

 

9/15/14

 

(31,747

)

Morgan Stanley

 

17,500,000

 

Receive

 

1-Month USD-LIBOR

 

1.659

 

Monthly

 

9/15/18

 

(163,495

)

 

 

$

52,500,000

 

 

 

 

 

 

 

 

 

 

 

$

(422,280

)

 

Credit Default Swaps outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

 

 

Buy/Sell

 

Current

 

Notional

 

Fixed Rate

 

Termination

 

 

 

Appreciation

 

Counterparty

 

Referenced Entity

 

Protection (9)

 

Credit Spread (10)

 

Amount

 

(Annualized)

 

Date

 

Value

 

(Depreciation) (8)

 

Morgan Stanley

 

Kohl’s Corporation

 

Buy

 

1.36

%

$

3,000,000

 

1.000

%

6/20/19

 

$

49,013

 

$

(38,624)

 

Morgan Stanley

 

Time Warner Cable, Inc.

 

Buy

 

0.48

 

2,000,000

 

1.000

 

6/20/19

 

(53,563

)

(10,785)

 

 

 

 

 

 

 

 

 

$

5,000,000

 

 

 

 

 

$

(4,550

)

$

(49,409)

 

 

 

 

Fair Value Measurements

 

 

Fair value is defined as the price that the Funds would receive 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).

 

 

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

Long-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

Variable Rate Senior Loan Interests

 

$                –

 

$

230,611,343

 

$               –

 

$

230,611,343

 

 

 

Common Stocks

 

1,440,763

 

 

 

1,440,763

 

 

 

Corporate Bonds

 

 

36,956,847

 

 

36,956,847

 

 

 

Short-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreements

 

 

17,063,436

 

 

17,063,436

 

 

 

Investments in Derivatives:

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swaps*

 

 

(422,280

)

 

(422,280

)

 

 

Credit Default Swaps*

 

 

(49,409

)

 

 

(49,409

)

 

 

Total

 

$  1,440,763

 

$

284,159,937

 

$               –

 

$

285,600,700

 

 

 

*Represents net unrealized appreciation (depreciation).

 

 

 

 

 

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 treatment of paydown gains and losses, timing differences in recognizing certain gains and losses on investment transactions and recognition of premium amortization. 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 April 30, 2014, the cost of investments (excluding investments in derivatives) was $279,822,865.

 

 

 

 

 

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of April 30, 2014, were as follows:

 

 

 

 

 

 

 

 

 

 

 

Gross unrealized:

 

 

 

 

 

Appreciation

 

$     6,541,862

 

 

 

Depreciation

 

(292,338

)

 

 

 

 

 

 

 

 

Net unrealized appreciation (depreciation) of investments

 

$     6,249,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 applicable to common shares unless otherwise noted.

 

 

 

 

 

 

 

(2)

 

Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

 

 

 

 

 

 

 

(3)

 

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.

 

 

 

 

 

 

 

(4)

 

Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

 

 

 

 

 

 

 

(5)

 

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

 

 

 

 

 

 

 

(6)

 

Borrowings as a percentage of Total Investments is 29.7%.

 

 

 

 

 

 

 

(7)

 

The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.

 

 

 

 

 

 

 

(8)

 

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

 

 

 

 

 

 

 

(9)

 

The Fund entered into the credit default swap to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning that referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short.

 

 

 

 

 

 

 

(10)

 

The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of a higher likelihood of performance by the seller of protection.

 

 

 

 

 

 

 

DD1

 

Portion of investment purchased on a delayed delivery basis.

 

 

 

 

 

 

 

WI/DD

 

Purchased on a when-issued or delayed delivery basis.

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

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 typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

 

 

 

 

 

 

 

USD-LIBOR

 

United States Dollar – London Inter-Bank Offered Rate.

 


 

 


 

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 Short Duration Credit Opportunities Fund

 

 

 

 

 

 

 

By (Signature and Title)

/s/ Kevin J. McCarthy

 

 

Kevin J. McCarthy

 

 

Vice President and Secretary

 

 

 

Date: June 27, 2014

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: June 27, 2014

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

 

Vice President and Controller (principal financial officer)

 

 

 

Date: June 27, 2014