nvq
 
 
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 811-21494
Nuveen Floating Rate 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:        7/31      
Date of reporting period:    10/31/2009   
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 Floating Rate Income Fund (JFR)
October 31, 2009
                             
            Weighted              
Principal         Average              
Amount (000)     Description (1)   Coupon   Maturity (2)   Ratings (3)   Value  
 
 
 
                   
 
Variable Rate Senior Loan Interests – 116.2% (85.3% of Total Investments) (4)
 
 
                   
 
Aerospace & Defense – 0.9% (0.7% of Total Investments)
 
 
                   
$ 168    
Hawker Beechcraft, LC Facility, WI/DD
  TBD   TBD   B-   $ 133,240  
  2,832    
Hawker Beechcraft, Term Loan, WI/DD
  TBD   TBD   B-     2,251,760  
  2,300    
Transdigm, Inc., Term Loan B
  2.289%   6/23/13   Ba2     2,211,698  
 
  5,300    
Total Aerospace & Defense
                4,596,698  
 
 
 
                   
 
Airlines – 2.2% (1.6% of Total Investments)
 
 
                   
  2,504    
ACTS Aero Technical Support & Services, Inc., Term Loan, (6)
  6.534%   10/16/14   N/R     707,280  
  1,960    
Delta Air Lines, Inc., Credit Linked Deposit
  2.284%   4/30/12   Ba2     1,775,025  
  4,332    
Delta Air Lines, Inc., Term Loan, DD1
  3.534%   4/30/14   B     3,651,465  
  6,066    
United Air Lines, Inc., Term Loan B
  2.313%   2/01/14   B+     4,781,175  
 
  14,862    
Total Airlines
                10,914,945  
 
 
 
                   
 
Auto Components – 2.0% (1.5% of Total Investments)
 
 
                   
  7,499    
Federal-Mogul Corporation, Tranche B, Term Loan
  2.188%   12/29/14   Ba3     5,778,551  
  4,266    
Federal-Mogul Corporation, Tranche C, Term Loan
  2.188%   12/28/15   Ba3     3,287,719  
  1,000    
Goodyear Tire & Rubber Company, Term Loan
  2.340%   4/30/14   Ba1     916,786  
 
  12,765    
Total Auto Components
                9,983,056  
 
 
 
                   
 
Automobiles – 1.5% (1.1% of Total Investments)
 
 
                   
  8,467    
Ford Motor Company, Term Loan, DD1
  3.288%   12/15/13   B1     7,567,808  
 
 
 
                   
 
Building Products – 3.0% (2.2% of Total Investments)
 
 
                   
  1,628    
Atrium Companies, Inc., Term Loan
  11.750%   5/31/12   Caa3     813,926  
  5,000    
Building Materials Corporation of America, Term Loan, Second Lien
  6.063%   9/15/14   Caa2     4,400,000  
  7,766    
Building Materials Corporation of America, Term Loan
  3.000%   2/22/14   B+     7,189,587  
  3,921    
TFS Acquisition, Term Loan
  14.000%   8/11/13   CCC+     2,617,164  
 
  18,315    
Total Building Products
                15,020,677  
 
 
 
                   
 
Chemicals – 4.5% (3.4% of Total Investments)
 
 
                   
  1,400    
Celanese US Holdings LLC, Credit Linked Deposit
  0.246%   4/02/14   BB+     1,315,563  
  549    
Hercules Offshore, Inc., Term Loan
  8.500%   7/11/13   B     530,159  
  5,994    
Hexion Specialty Chemicals, Inc., Term Loan C1
  2.563%   5/05/13   B1     4,765,194  
  1,302    
Hexion Specialty Chemicals, Inc., Term Loan C2
  2.563%   5/05/13   B1     1,035,136  
  3,616    
Huntsman International LLC, Term Loan
  1.994%   4/19/14   Ba2     3,311,359  
  3,728    
Ineos US Finance LLC, Tranche B2
  7.501%   12/16/13   B-     3,198,679  
  3,728    
Ineos US Finance LLC, Tranche C2
  8.001%   12/16/14   B-     3,198,679  
  24    
LyondellBasell Finance Company, Dutch Revolving Line of Credit, (5)
  3.744%   12/20/13   N/R     14,061  
  56    
LyondellBasell Finance Company, Dutch Tranche A, Term Loan, (5)
  3.744%   12/20/13   N/R     32,246  
  70    
LyondellBasell Finance Company, German Tranche B1, Euro Term Loan, (5)
  3.994%   12/22/14   N/R     40,369  
  70    
LyondellBasell Finance Company, German Tranche B2, Euro Term Loan, (5)
  3.994%   12/20/14   N/R     40,369  
  70    
LyondellBasell Finance Company, German Tranche B3, Euro Term Loan, (5)
  3.994%   12/22/14   N/R     40,369  
  91    
LyondellBasell Finance Company, Revolving Line of Credit, (5)
  3.744%   12/20/13   N/R     52,730  
  538    
LyondellBasell Finance Company, Roll-Up DIP Term Loan, (5)
  5.798%   2/03/10   N/R     511,742  
  173    
LyondellBasell Finance Company, US Tranche A, Term Loan, (5)
  3.744%   12/20/13   N/R     100,466  
  302    
LyondellBasell Finance Company, US Tranche B1, Term Loan, (5)
  7.000%   12/22/14   N/R     174,417  
  302    
LyondellBasell Finance Company, US Tranche B2, Term Loan, (5)
  7.000%   12/22/14   N/R     174,417  
  302    
LyondellBasell Finance Company, US Tranche B3, Term Loan, (5)
  7.000%   12/22/14   N/R     174,417  
  733    
Solutia, Inc., Term Loan
  7.250%   2/28/14   Ba3     745,188  
  3,786    
Univar, Inc., Term Loan
  3.243%   10/10/14   B+     3,457,215  
 
  26,834    
Total Chemicals
                22,912,775  
 
 
 
                   
 
Commercial Services & Supplies – 2.1% (1.5% of Total Investments)
 
 
                   
  4,367    
Rental Services Corporation, Term Loan
  3.817%   11/27/13   B-     3,962,804  
  361    
ServiceMaster Company, Delayed Term Loan
  2.750%   7/24/14   B+     322,095  
  3,628    
ServiceMaster Company, Term Loan
  2.769%   7/24/14   B+     3,234,366  
  2,326    
West Corporation, Term Loan B4
  4.119%   6/30/16   BB-     2,191,296  
  1,002    
Workflow Holdings Corporation, Term Loan
  9.500%   11/30/11   Caa1     746,142  
 
  11,684    
Total Commercial Services & Supplies
                10,456,703  
 
 
 
                   
 
Communications Equipment – 2.9% (2.1% of Total Investments)
 
 
                   
  1,926    
Aspect Software, Inc., Term Loan B
  3.313%   7/11/11   B1     1,767,295  
  14,712    
Avaya Inc., Term Loan
  3.137%   10/26/14   Ba3     12,652,509  
 
  16,638    
Total Communications Equipment
                14,419,804  
 
 
 
                   
 
Construction Materials – 0.7% (0.5% of Total Investments)
 
 
                   
  4,000    
McJunkin Red Man Holding Corporation, Term Loan
  3.494%   1/31/14   B-     3,380,000  
 
 
 
                   
 
Consumer Finance – 0.1% (0.1% of Total Investments)
 
 
                   
  1,061    
Peach Holdings, Inc., Term Loan
  4.630%   11/30/13   CCC-     578,014  
 
 
 
                   
 
Containers & Packaging – 0.8% (0.6% of Total Investments)
 
 
                   
  488    
Amscan Holdings, Inc., Term Loan
  2.646%   5/27/13   B1     442,812  
  329    
Graham Packaging Company LP, Term Loan B
  2.554%   10/07/11   B+     322,125  
  3,295    
Graham Packaging Company LP, Term Loan C
  6.750%   4/05/14   B+     3,303,575  
 
  4,112    
Total Containers & Packaging
                4,068,512  
 
 
 
                   
 
Diversified Consumer Services – 1.0% (0.7% of Total Investments)
 
 
                   
  3,838    
Cengage Learning Acquisitions, Inc., Term Loan
  2.740%   7/05/14   B+     3,339,213  
  1,601    
West Corporation, Term Loan B2
  2.619%   10/24/13   BB-     1,473,768  
 
  5,439    
Total Diversified Consumer Services
                4,812,981  
 
 
 
                   
 
Diversified Financial Services – 0.3% (0.2% of Total Investments)
 
 
                   
  1,787    
Fox Acquisition Sub LLC, Term Loan B
  8.241%   7/14/15   B     1,632,689  
 
 
 
                   
 
Diversified Telecommunication Services – 4.4% (3.3% of Total Investments)
 
 
                   
  3,179    
Intelsat, Tranche B, Term Loan A
  2.746%   1/03/14   BB-     3,011,066  
  3,179    
Intelsat, Tranche B, Term Loan B
  2.746%   1/03/14   BB-     3,010,146  
  3,179    
Intelsat, Tranche B, Term Loan C
  2.746%   1/03/14   BB-     3,010,146  
  3,832    
Intelsat, Tranche B, Term Loan
  2.746%   7/01/13   BB-     3,687,819  
  6,800    
Level 3 Financing, Inc., Term Loan
  2.530%   3/13/14   B+     5,937,250  
  3,821    
MetroPCS Wireless, Inc., Term Loan
  2.661%   11/03/13   Ba2     3,599,040  
 
  23,990    
Total Diversified Telecommunication Services
                22,255,467  
 
 
 
                   
 
Electric Utilities – 3.7% (2.7% of Total Investments)
 
 
                   
  2,222    
Calpine Corporation, DIP Revolver, (7), (8)
  0.100%   3/31/14   B+     (296,297 )
  10,761    
Calpine Corporation, DIP Term Loan
  3.165%   3/29/14   B+     9,921,674  
  7,384    
TXU Corporation, Term Loan B2
  3.745%   10/10/14   B+     5,739,765  
  3,920    
TXU Corporation, Term Loan B3
  3.745%   10/10/14   B+     3,018,400  
 
  24,287    
Total Electric Utilities
                18,383,542  
 
 
 
                   
 
Electrical Equipment – 0.9% (0.6% of Total Investments)
 
 
                   
  4,809    
Allison Transmission Holdings, Inc., Term Loan
  3.010%   8/07/14   B     4,327,410  
 
 
 
                   
 
Electronic Equipment & Instruments – 0.5% (0.4% of Total Investments)
 
 
                   
  2,962    
Sensata Technologies B.V., Term Loan
  2.031%   4/27/13   B     2,550,396  
 
 
 
                   
 
Energy Equipment & Services – 0.2% (0.1% of Total Investments)
 
 
                   
  953    
PGS Finance, Inc., Term Loan
  2.030%   6/29/15   Ba2     904,077  
 
 
 
                   
 
Food & Staples Retailing – 0.6% (0.4% of Total Investments)
 
 
                   
  2,000    
Rite Aid Corporation, Tranche 4, Term Loan
  9.500%   6/10/15   B+     2,073,334  
  997    
U.S. Foodservice, Inc., Term Loan
  2.743%   7/03/14   B2     854,482  
 
  2,997    
Total Food & Staples Retailing
                2,927,816  
 
 
 
                   
 
Food Products – 0.7% (0.5% of Total Investments)
 
 
                   
  376    
Dole Food Company, Inc., Deposit-Funded Commitment
  7.345%   4/12/13   Ba2     380,030  
  655    
Dole Food Company, Inc., Term Loan B
  7.968%   4/12/13   Ba2     662,610  
  2,352    
Dole Food Company, Inc., Term Loan C
  8.000%   4/12/13   Ba2     2,379,885  
 
  3,383    
Total Food Products
                3,422,525  
 
 
 
                   
 
Health Care Equipment & Supplies – 0.2% (0.1% of Total Investments)
 
 
                   
  146    
Fenwal, Inc., Delayed Term Loan
  2.622%   2/28/14   B     127,579  
  852    
Fenwal, Inc., Term Loan
  2.622%   2/28/14   B     746,340  
 
  998    
Total Health Care Equipment & Supplies
                873,919  
 
 
 
                   
 
Health Care Providers & Services – 11.2% (8.2% of Total Investments)
 
 
                   
  697    
Community Health Systems, Inc., Delayed Term Loan
  2.493%   7/25/14   BB     651,180  
  13,666    
Community Health Systems, Inc., Term Loan
  2.610%   7/25/14   BB     12,761,538  
  1,549    
HCA, Inc., Term Loan A
  1.783%   11/17/12   BB     1,446,953  
  13,820    
HCA, Inc., Term Loan
  2.533%   11/18/13   BB     12,897,274  
  6,157    
Health Management Associates, Inc., Term Loan
  2.033%   2/28/14   BB-     5,726,467  
  806    
HealthSouth Corporation, Tranche 1, Term Loan
  2.550%   3/10/13   BB-     769,841  
  663    
HealthSouth Corporation, Tranche 2, Term Loan
  4.050%   3/15/14   BB-     641,905  
  1,775    
IASIS Healthcare LLC, Delayed Term Loan
  2.243%   3/14/14   Ba2     1,674,094  
  479    
IASIS Healthcare LLC, Letter of Credit
  0.144%   3/14/14   Ba2     452,076  
  1,084    
IASIS Healthcare LLC, PIK Term Loan
  5.531%   6/15/14   CCC+     970,081  
  5,129    
IASIS Healthcare LLC, Term Loan
  2.243%   3/14/14   Ba2     4,837,495  
  320    
Invacare Corporation, Term Loan B
  2.493%   2/12/13   BB     305,200  
  3,840    
LifeCare, Term Loan B
  4.540%   8/10/12   B2     3,206,400  
  1,369    
Select Medical Corporation, Term Loan
  2.407%   2/24/12   Ba2     1,320,971  
  8,465    
Vanguard Health Holding Company II LLC, Replacement Term Loan
  2.493%   9/23/11   Ba3     8,274,183  
 
  59,819    
Total Health Care Providers & Services
                55,935,658  
 
 
 
                   
 
Hotels, Restaurants & Leisure – 8.8% (6.5% of Total Investments)
 
 
                   
  5,226    
24 Hour Fitness Worldwide, Inc., Term Loan B
  2.771%   6/08/12   Ba3     4,895,323  
  142    
Buffets, Inc., 1st Lien Exit Term Loan
  18.000%   4/30/12   B1     145,329  
  64    
Buffets, Inc., 2nd Lien Exit Letter of Credit
  7.533%   4/28/15   Caa1     56,040  
  315    
Buffets, Inc., 2nd Lien Exit Term Loan
  17.781%   5/01/13   N/R     277,087  
  959    
CCM Merger, Inc., Term Loan B
  8.500%   7/13/12   BB-     914,721  
  3,704    
Cedar Fair LP, Extended US Term Loan
  4.243%   8/30/14   BB-     3,593,236  
  667    
Fontainebleau Las Vegas LLC, Delayed Term Loan, (5), (6)
  6.000%   6/06/14   N/R     193,333  
  3,333    
Fontainebleau Las Vegas LLC, Term Loan, (5), (6)
  6.000%   6/06/14   N/R     966,667  
  639    
Isle of Capri Casinos, Inc., Delayed Term Loan A
  1.993%   11/25/13   B+     601,257  
  726    
Isle of Capri Casinos, Inc., Delayed Term Loan B
  1.993%   11/25/13   B+     683,643  
  1,815    
Isle of Capri Casinos, Inc., Delayed Term Loan
  2.033%   11/25/13   B+     1,709,107  
  6,902    
Orbitz Worldwide, Inc., Term Loan
  3.279%   7/25/14   B+     6,130,063  
  262    
OSI Restaurant Partners LLC, Revolver
  2.377%   6/14/13   BB-     218,931  
  2,232    
OSI Restaurant Partners LLC, Term Loan
  2.563%   6/14/14   B+     1,864,712  
  1,484    
Sagittarius Restaurants LLC, Term Loan
  9.750%   3/29/13   B2     1,380,336  
  1,955    
Travelport LLC, Delayed Term Loan
  2.781%   8/23/13   Ba3     1,782,542  
  981    
Travelport LLC, Letter of Credit
  2.783%   8/23/13   Ba3     895,566  
  4,891    
Travelport LLC, Term Loan
  2.781%   8/23/13   Ba3     4,463,309  
  3,293    
Venetian Casino Resort LLC, Delayed Term Loan
  2.040%   5/23/14   B-     2,687,947  
  13,366    
Venetian Casino Resort LLC, Term Loan
  2.040%   5/23/14   B-     10,909,984  
 
  52,956    
Total Hotels, Restaurants & Leisure
                44,369,133  
 
 
 
                   
 
Household Durables – 0.1% (0.0% of Total Investments)
 
 
                   
  307    
Rent-A-Center Inc., Term Loan B
  2.000%   6/30/12   BB+     301,233  
 
 
 
                   
 
Household Products – 1.4% (1.0% of Total Investments)
 
 
                   
  342    
Spectrum Brands, Inc., Synthetic Letter of Credit, DD1
  1.500%   6/30/12   B-     334,910  
  6,642    
Spectrum Brands, Inc., Term Loan, DD1
  8.000%   6/30/12   B-     6,512,277  
 
  6,984    
Total Household Products
                6,847,187  
 
 
 
                   
 
Independent Power Producers & Energy Traders – 1.2% (0.9% of Total Investments)
 
 
                   
  2,268    
NRG Energy, Inc., Credit Linked Deposit
  2.033%   2/01/13   Baa3     2,139,388  
  4,217    
NRG Energy, Inc., Term Loan
  2.021%   2/01/13   Baa3     3,978,306  
 
  6,485    
Total Independent Power Producers & Energy Traders
                6,117,694  
 
 
 
                   
 
Insurance – 2.4% (1.8% of Total Investments)
 
 
                   
  13,322    
Conseco, Inc., Term Loan
  6.500%   10/10/13   Caa1     12,067,561  
 
 
 
                   
 
Internet Software & Services – 0.6% (0.5% of Total Investments)
 
 
                   
  768    
Open Solutions, Inc., Term Loan B
  2.405%   1/23/14   BB-     623,507  
  3,000    
Sabre, Inc., Term Loan
  2.494%   9/30/14   B1     2,604,375  
 
  3,768    
Total Internet Software & Services
                3,227,882  
 
 
 
                   
 
IT Services – 4.8% (3.6% of Total Investments)
 
 
                   
  9,623    
First Data Corporation, Term Loan B2
  3.036%   9/24/14   B+     8,274,701  
  5,957    
First Data Corporation, Term Loan B3, DD1
  3.036%   9/24/14   B+     5,114,419  
  1,671    
Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan
  4.000%   7/28/12   B+     1,474,227  
  367    
Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, First Lien
  6.493%   3/02/14   CCC+     254,833  
  633    
Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, Second Lien
  6.493%   3/02/14   CCC+     433,833  
  3,202    
Infor Global Solutions Intermediate Holdings, Ltd., Term Loan
  4.000%   7/28/12   B+     2,825,602  
  6,219    
SunGard Data Systems, Inc., Term Loan B
  1.994%   2/28/14   BB     5,855,467  
 
  27,672    
Total IT Services
                24,233,082  
 
 
 
                   
 
Leisure Equipment & Products – 2.3% (1.7% of Total Investments)
 
 
                   
  13,840    
Bombardier Recreational Products, Inc., Term Loan, DD1
  3.000%   6/28/13   Caa1     9,722,786  
  5,000    
Wimar OpCo LLC, Term Loan, (5), (6)
  6.500%   1/03/12   N/R     1,597,915  
 
  18,840    
Total Leisure Equipment & Products
                11,320,701  
 
 
 
                   
 
Machinery – 0.6% (0.4% of Total Investments)
 
 
                   
  2,927    
Oshkosh Truck Corporation, Term Loan
  6.316%   12/06/13   BB-     2,929,102  
 
 
 
                   
 
Media – 19.2% (14.1% of Total Investments)
 
 
                   
  1    
American Media Operations, Inc., Term Loan
  10.000%   1/30/13   B-     1,166  
  5,823    
Cequel Communications LLC, Term Loan B
  2.244%   11/05/13   BB-     5,575,053  
  3,000    
Charter Communications Operating Holdings LLC, Holdco Term Loan
  6.750%   3/06/14   Ba2     2,596,500  
  17,040    
Charter Communications Operating Holdings LLC, Term Loan, DD1
  6.250%   3/06/14   Ba2     15,537,028  
  2,000    
Citadel Broadcasting Corporation, Term Loan, WI/DD, (13)
  TBD   TBD   CCC-     1,377,500  
  1,716    
Gray Television, Inc., Term Loan B
  6.790%   12/31/14   Caa1     1,479,310  
  7,611    
Idearc, Inc., Term Loan, (5), (6)
  4.250%   11/17/14   D     3,480,614  
  3,250    
Mediacom Broadband LLC, Tranche D, Term Loan
  5.500%   3/31/17   BB-     3,266,250  
  15,433    
Metro-Goldwyn-Mayer Studios, Inc., Term Loan B
  20.500%   4/08/12   N/R     8,881,800  
  2,663    
Nielsen Finance LLC, Term Loan A
  2.244%   8/09/13   Ba3     2,485,651  
  7,542    
Nielsen Finance LLC, Term Loan B
  3.999%   5/02/16   Ba3     7,096,190  
  4,721    
Philadelphia Newspapers, Term Loan, (5), (6)
  7.750%   6/29/13   N/R     1,085,717  
  805    
Reader’s Digest Association, Inc., DIP Term Loan
  13.500%   3/01/14   N/R     838,444  
  198    
Reader’s Digest Association, Inc., Euro Term Loan
  7.000%   3/03/14   N/R     97,440  
  551    
Reader’s Digest Association, Inc., Revolving Credit Loan
  4.397%   3/02/13   D     271,007  
  2,221    
Reader’s Digest Association, Inc., U.S. Term Loan
  4.245%   3/03/14   D     1,091,385  
  3,621    
SFX Entertainment, Inc., Term Loan
  3.513%   6/21/13   Ba3     3,349,642  
  1,949    
Spanish Broadcasting System, Inc., Term Loan B
  2.040%   6/10/12   CCC+     1,617,255  
  19,682    
Tribune Company, Term Loan B, DD1, (5), (6)
  5.250%   6/04/14   Ca     9,324,560  
  2,048    
Tribune Company, Term Loan X, (5), (6)
  5.000%   6/04/09   Ca     954,026  
  23,000    
Univision Communications, Inc., Term Loan
  2.533%   9/29/14   B2     18,597,132  
  3,000    
UPC Broadband Holding BV, Term Loan N
  1.996%   12/31/14   Ba3     2,813,751  
  6,025    
Yell Group PLC, Term Loan
  3.283%   10/29/12   B     4,338,000  
 
  133,900    
Total Media
                96,155,421  
 
 
 
                   
 
Metals & Mining – 2.4% (1.8% of Total Investments)
 
 
                   
  660    
Aleris International, Inc., DIP Term Loan, (5)
  13.000%   2/12/10   N/R     691,445  
  1,863    
Amsted Industries, Inc., Delayed Term Loan
  2.480%   4/05/13   BB     1,709,397  
  2,566    
Amsted Industries, Inc., Term Loan
  2.290%   4/05/13   BB     2,354,760  
  978    
Edgen Murray II LP, Term Loan
  3.077%   5/11/14   B     845,538  
  2,487    
Essar Steel Algoma Inc., Term Loan
  8.000%   6/20/13   B+     2,348,405  
  4,505    
John Maneely Company, Term Loan
  3.511%   12/08/13   B     4,138,678  
 
  13,059    
Total Metals & Mining
                12,088,223  
 
 
 
                   
 
Multiline Retail – 0.5% (0.4% of Total Investments)
 
 
                   
  3,197    
Neiman Marcus Group, Inc., Term Loan
  2.292%   4/06/13   BB-     2,750,107  
 
 
 
                   
 
Oil, Gas & Consumable Fuels – 3.3% (2.4% of Total Investments)
 
 
                   
  2,574    
ATP Oil and Gas Corporation, Tranche B1, Term Loan, WI/DD
  TBD   TBD   N/A     2,513,386  
  426    
ATP Oil and Gas Corporation, Tranche B2, Term Loan, WI/DD
  TBD   TBD   N/A     415,901  
  1,659    
Big West Oil LLC, Delayed Term Loan, WI/DD
  TBD   TBD   Ca     1,609,476  
  1,320    
Big West Oil LLC, Term Loan, WI/DD
  TBD   TBD   Ca     1,280,265  
  1,950    
Brand Energy & Infrastructure Services, Inc.,Term Loan B
  2.308%   2/07/14   B1     1,764,750  
  412    
Calumet Lubricants Company LP, Credit Linked Deposit
  4.134%   1/03/15   B1     369,191  
  3,069    
Calumet Lubricants Company LP, Term Loan
  4.429%   1/03/15   B1     2,748,241  
  2,955    
CCS Income Trust, Term Loan
  3.243%   11/14/14   B     2,485,799  
  3,500    
Venoco, Inc., Term Loan
  4.250%   5/07/14   BB-     3,154,375  
 
  17,865    
Total Oil, Gas & Consumable Fuels
                16,341,384  
 
 
 
                   
 
Paper & Forest Products – 0.3% (0.2% of Total Investments)
 
 
                   
  1,960    
Wilton Products, Term Loan
  3.500%   11/16/14   B+     1,617,000  
 
 
 
                   
 
Pharmaceuticals – 1.7% (1.2% of Total Investments)
 
 
                   
  2,000    
Graceway Pharmaceuticals LLC, Second Lien Term Loan
  6.743%   5/03/13   B-     685,000  
  922    
Graceway Pharmaceuticals LLC, Term Loan
  2.993%   5/03/12   BB     649,892  
  831    
Warner Chilcott Corporation, Delayed Term Loan, WI/DD
  TBD   TBD   BB+     833,169  
  2,373    
Warner Chilcott Corporation, Tranche A, Term Loan, WI/DD
  TBD   TBD   BB+     2,380,482  
  3,797    
Warner Chilcott Corporation, Tranche B, Term Loan, WI/DD
  TBD   TBD   BB+     3,808,771  
 
  9,923    
Total Pharmaceuticals
                8,357,314  
 
 
 
                   
 
Real Estate Investment Trust – 0.5% (0.4% of Total Investments)
 
 
                   
  1,000    
Tishman Speyer Real Estate, L.P., Term Loan, (6)
  4.000%   1/09/13   D     602,500  
  1,838    
Tishman Speyer Real Estate, Liquidation Facility
  10.250%   12/01/09   N/R     1,842,094  
 
  2,838    
Total Real Estate Investment Trust
                2,444,594  
 
 
 
                   
 
Real Estate Management & Development – 4.4% (3.3% of Total Investments)
 
 
                   
  8,031    
Capital Automotive LP, Tranche C
  2.750%   12/14/12   Ba1     7,187,608  
  12,625    
LNR Property Corporation, Term Loan B
  3.750%   7/12/11   B-     10,037,236  
  5,865    
Realogy Corporation, Delayed Term Loan
  3.286%   10/10/13   Caa1     4,931,040  
 
  26,521    
Total Real Estate Management & Development
                22,155,884  
 
 
 
                   
 
Road & Rail – 5.0% (3.7% of Total Investments)
 
 
                   
  2,486    
Avis Budget Car Rental, LLC Term Loan
  4.040%   4/19/12   Ba3     2,345,796  
  512    
Hertz Corporation, Letter of Credit
  2.042%   12/21/12   Ba1     478,916  
  2,789    
Hertz Corporation, Term Loan
  2.004%   12/21/12   Ba1     2,609,092  
  22,947    
Swift Transportation Company, Inc., Term Loan
  3.563%   5/10/14   B-     19,825,797  
 
  28,734    
Total Road & Rail
                25,259,601  
 
 
 
                   
 
Semiconductors & Equipment – 0.5% (0.3% of Total Investments)
 
 
                   
  2,897    
Freescale Semiconductor, Inc., Term Loan
  1.996%   12/01/13   B2     2,362,152  
 
 
 
                   
 
Software – 3.6% (2.7% of Total Investments)
 
 
                   
  6,000    
Dealer Computer Services, Inc., Term Loan, Second Lien
  5.743%   10/26/13   B     4,870,002  
  7,483    
Dealer Computer Services, Inc., Term Loan
  2.243%   10/26/12   BB     6,721,118  
  7,000    
IPC Systems, Inc., Term Loan, Second Lien
  5.533%   5/31/15   CCC     5,110,000  
  1,853    
IPC Systems, Inc., Term Loan
  2.517%   5/31/14   B1     1,584,553  
 
  22,336    
Total Software
                18,285,673  
 
 
 
                   
 
Specialty Retail – 5.5% (4.0% of Total Investments)
 
 
                   
  7,090    
Burlington Coat Factory Warehouse Corporation, Term Loan, DD1
  2.565%   5/28/13   B3     6,508,307  
  2,985    
Claire’s Stores, Inc. Term Loan B, DD1
  3.033%   5/29/14   B-     2,354,208  
  9,414    
Michaels Stores, Inc., Term Loan
  2.519%   10/31/13   B     8,452,810  
  4,581    
Sally Holdings LLC, Term Loan
  2.543%   11/16/13   BB     4,374,123  
  5,985    
Toys “R” Us – Delaware, Inc., Term Loan B
  4.494%   7/19/12   BB-     5,827,966  
 
  30,055    
Total Specialty Retail
                27,517,414  
 
 
 
                   
 
Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments)
 
 
                   
  1,000    
HBI Branded Apparel Limited, Inc., Term Loan, Second Lien
  3.994%   3/05/14   BB-     968,750  
 
 
 
                   
 
Trading Companies & Distributors – 0.4% (0.3% of Total Investments)
 
 
                   
  384    
Brenntag Holdings GmbH & Co. KG, Acquisition Facility
  2.286%   1/20/14   B+     365,569  
  1,572    
Brenntag Holdings GmbH & Co. KG, Facility B2
  2.245%   1/20/14   B+     1,497,230  
 
  1,956    
Total Trading Companies & Distributors
                1,862,799  
 
 
 
                   
 
Wireless Telecommunication Services – 2.1% (1.5% of Total Investments)
 
 
                   
  11,000    
Asurion Corporation, Term Loan
  3.245%   7/03/14   N/R     10,460,692  
 
$ 695,964    
Total Variable Rate Senior Loan Interests (cost $637,260,606)
                581,966,055  
 
                             
Shares     Description (1)               Value  
 
 
 
                   
 
Common Stocks – 2.3% (1.7% of Total Investments)
 
 
                   
 
Building Products – 2.3% (1.7% of Total Investments)
 
 
                   
  301,905    
Masonite Worldwide Holdings, (9), (12)
              $ 11,623,343  
 
 
 
                   
 
Hotels, Restaurants & Leisure – 0.0% (0.0% of Total Investments)
 
 
                   
  13,895    
Buffets Restaurant Holdings Inc., (9), (12)
                90,318  
 
 
Total Common Stocks (cost $16,518,313)
                11,713,661  
   
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (3)   Value  
 
 
 
                   
 
Corporate Bonds – 9.9% (7.3% of Total Investments)
 
 
                   
 
Diversified Telecommunication Services – 1.3% (1.0% of Total Investments)
 
 
                   
$ 2,000    
Intelsat Limited
  7.625%   4/15/12   CCC+   $ 1,950,000  
  5,000    
Qwest Corporation, Floating Rate Note, 3.250% plus three-month LIBOR
  3.531%   6/15/13   BBB-     4,675,000  
 
  7,000    
Total Diversified Telecommunication Services
                6,625,000  
 
 
 
                   
 
Electric Utilities – 0.3% (0.2% of Total Investments)
 
 
                   
  2,000    
Texas Competitive Electric Holdings, Series A
  10.250%   11/01/15   Caa2     1,430,000  
 
 
 
                   
 
Energy Equipment & Services – 1.0% (0.7% of Total Investments)
 
 
                   
  5,000    
Williams Companies Inc., Floating Rate Note, 2.000% plus three-month LIBOR, 144A
  2.281%   10/01/10   BB+     4,997,565  
 
 
 
                   
 
Food Products – 0.4% (0.3% of Total Investments)
 
 
                   
  1,780    
Dole Food Company
  8.875%   3/15/11   B-     1,784,450  
 
 
 
                   
 
Health Care Providers & Services – 1.0% (0.7% of Total Investments)
 
 
                   
  3,000    
HCA Inc., 144A
  8.500%   4/15/19   BB     3,195,000  
  2,000    
Select Medical Corporation, Floating Rate Note, 5.750% plus six-month LIBOR
  6.314%   9/15/15   Caa1     1,795,000  
 
  5,000    
Total Health Care Providers & Services
                4,990,000  
 
 
 
                   
 
Hotels, Restaurants & Leisure – 1.3% (1.0% of Total Investments)
 
 
                   
  7,900    
Mohegan Tribal Gaming Authority
  8.000%   4/01/12   CCC+     6,754,500  
 
 
 
                   
 
Internet Software & Services – 0.2% (0.2% of Total Investments)
 
 
                   
  1,750    
Open Solutions Inc., 144A
  9.750%   2/01/15   CCC+     1,181,250  
 
 
 
                   
 
Oil, Gas & Consumable Fuels – 1.5% (1.1% of Total Investments)
 
 
                   
  1,000    
SemGroup LP, 144A, (10)
  8.750%   11/15/15   N/R     65,000  
  5,000    
Western Refining Inc., Floating Rate Note, 7.500% plus three-month LIBOR, 144A
  7.781%   6/15/14   BB-     4,650,000  
  3,000    
Western Refining Inc., 144A
  11.250%   6/15/17   BB-     2,790,000  
 
  9,000    
Total Oil, Gas & Consumable Fuels
                7,505,000  
 
 
 
                   
 
Paper & Forest Products – 0.3% (0.2% of Total Investments)
 
 
                   
  2,000    
Verso Paper Holdings LLC., Series B, Floating Rate Note, 3.750% plus three-month LIBOR
  4.031%   8/01/14   B2     1,320,000  
 
 
 
                   
 
Semiconductors & Equipment – 2.0% (1.5% of Total Investments)
 
 
                   
  1,400    
Avago Technologies Finance Pte. Ltd., Floating Rate Note, 5.500% plus three-month LIBOR
  5.781%   6/01/13   N/R     1,384,250  
  4,320    
NXP BV, 144A
  10.000%   7/15/13   B-     4,330,800  
  4,000    
Spansion LLC, Floating Rate Note, 3.125% plus three-month LIBOR, 144A, (11)
  3.406%   6/01/13   D     4,220,000  
 
  9,720    
Total Semiconductors & Equipment
                9,935,050  
 
 
 
                   
 
Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments)
 
 
                   
  1,000    
HanesBrands Inc., Floating Rate Note, 3.375% plus six-month LIBOR
  3.939%   12/15/14   B+     905,000  
 
 
 
                   
 
Wireless Telecommunication Services – 0.4% (0.3% of Total Investments)
 
 
                   
  2,000    
Sprint Nextel Corporation
  8.375%   8/15/17   BB     1,940,000  
 
$ 54,150    
Total Corporate Bonds (cost $48,988,930)
                49,367,815  
 
                             
Shares     Description (1)               Value  
 
 
 
                   
 
Investment Companies – 1.9% (1.4% of Total Investments)
 
 
                   
  353,668    
Eaton Vance Floating-Rate Income Trust Fund
              $ 4,424,387  
  963,820    
Eaton Vance Senior Income Trust
                5,339,563  
 
 
Total Investment Companies (cost $11,947,776)
                9,763,950  
   
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity       Value  
 
 
 
                   
 
Short-Term Investments – 5.9% (4.3% of Total Investments)
 
 
                   
$ 29,487    
Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/30/09, repurchase price $29,486,748, collateralized by $28,060,000 U.S. Treasury Notes, 4.500%, due 9/30/11, value $30,080,320
  0.010%   11/02/09       $ 29,486,723  
   
       
Total Short-Term Investments (cost $29,486,723)
                29,486,723  
   
 
Total Investments (cost $744,202,348) – 136.2%
                682,298,204  
   
 
Borrowings – (12.1)% (14)
                (60,500,000 )
         
 
Other Assets Less Liabilities – (3.2)%
                (15,994,645 )
         
 
Preferred Shares, at Liquidation Value – (20.9)% (14)
                (105,000,000 )
   
 
Net Assets Applicable to Common Shares – 100%
              $ 500,803,559  
         
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 October 31, 2009:
                                 
    Level 1     Level 2     Level 3     Total  
 
 
Investments:
                               
Variable Rate Senior Loan Interests
  $     $ 581,966,055     $     $ 581,966,055  
Common Stocks*
          11,713,661             11,713,661  
Corporate Bonds
          49,367,815             49,367,815  
Investment Companies
    9,763,950                   9,763,950  
Short-Term Investments
    29,486,723                   29,486,723  
 
 
 
Total
  $ 39,250,673     $ 643,047,531     $     $ 682,298,204  
 
 
* Refer to the Fund’s Portfolio of Investments for industry breakdown of Common Stocks classified as Level 2.
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, 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.
At October 31, 2009, the cost of investments was $746,216,914.
Gross unrealized appreciation and gross unrealized depreciation of investments at October 31, 2009, were as follows:
         
 
 
       
Gross unrealized:
       
Appreciation
  $ 19,924,975  
Depreciation
    (83,843,685 )
 
       
 
 
       
Net unrealized appreciation (depreciation) of investments
  $ (63,918,710 )
 
     
 (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 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)  
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.
   
 
 (5)  
At or subsequent to October 31, 2009, this issue was under the protection of the Federal Bankruptcy Court.
   
 
 (6)  
Non-income producing; denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.
   
 
 (7)  
Position, or portion of position, represents an unfunded Senior Loan commitment outstanding at October 31, 2009. At October 31, 2009, the Fund had unfunded Senior Loan commitments of $2,222,222.
   
 
 (8)  
Negative value represents unrealized depreciation on unfunded Senior Loan commitment outstanding at October 31, 2009.
   
 
 (9)  
Non-income producing; issuer has not declared a dividend within the past twelve months.
   
 
 (10)  
This issue is under protection of the Federal Bankruptcy Court. As a result, the Fund’s Adviser has concluded this issue is not likely to meet its interest payment obligations and has directed the Fund’s custodian to cease accruing additional income and “write-off” any remaining recorded balances on the Fund’s records.
   
 
 (11)  
This issue is under protection of the Federal Bankruptcy Court (the “Bankruptcy Court”). As a result, the Fund’s Adviser concluded that the issuer was not likely to meet its future interest payment obligations and directed the Fund’s custodian to cease accruing additional income and “write-off” any remaining recorded balances on the Fund’s records. On July 1, 2009, the Fund received its June 1, 2009, interest payment and subsequently received its September 1, 2009, interest payment as directed by the Bankruptcy Court’s Final Order. As of September 2, 2009, the Fund ceased accruing additional income on this issue.
   
 
 (12)  
For fair value measurement disclosure purposes, investment categorized as Level 2.
   
 
 (13)  
Subsequent to the reporting period, this issue is under protection of the Federal Bankruptcy Court. As a result, the Fund’s Adviser has concluded this issue is not likely to meet its interest payment obligations and has directed the Fund’s custodian to cease accruing additional income and “write-off” any remaining recorded balances on the Fund’s records.
   
 
 (14)  
Borrowings and Preferred Shares, at Liquidation Value as a percentage of Total Investments are 8.9% and 15.4%, respectively.
   
 
 N/A  
Not available.
   
 
N/R  
Not rated.
   
 
WI/DD  
Purchased on a when-issued or delayed delivery basis.
   
 
DD1  
Portion of investment purchased on a 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 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.
   
 
 


 

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 Floating Rate Income Fund
         
     
By (Signature and Title)  /s/ Kevin J. McCarthy    
  Kevin J. McCarthy  
  Vice President and Secretary   
 
Date December 30, 2009
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 December 30, 2009
         
     
By (Signature and Title)  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date December 30, 2009