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:    4/30/2007   
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.
 
 

 


 

Portfolio of Investments (Unaudited)
Nuveen Floating Rate Income Fund (JFR)
April 30, 2007
                             
            Weighted              
Principal         Average              
Amount (000)     Description (1)   Coupon   Maturity (3)   Ratings (4)   Value  
 
 
 
                   
 
Variable Rate Senior Loan Interests – 143.8% (93.1% of Total Investments) (2)
 
 
                   
 
Aerospace & Defense – 1.6% (1.0% of Total Investments)
 
 
                   
$ 5,043    
Mid-Western Aircraft Systems Inc., Term Loan B
  7.105%   12/31/11   BB+   $ 5,070,885  
  2,300    
Transdigm Inc., Term Loan B
  7.348%   6/23/13   Ba3     2,316,388  
  2,403    
Vought Aircraft Industries, Inc., Term Loan
  7.830%   12/22/11   Ba2     2,423,589  
  545    
Vought Aircraft Industries, Inc., Tranche B, Letter of Credit
  7.822%   12/22/10   Ba2     549,545  
 
  10,291    
Total Aerospace & Defense
                10,360,407  
 
 
 
                   
 
Airlines – 2.5% (1.6% of Total Investments)
 
 
                   
  8,000    
Northwest Airlines Inc., Term Loan
  7.320%   7/19/08   BBB-     8,037,504  
  8,700    
United Air Lines Inc., Delayed Draw, Term Loan
  7.375%   2/01/14   B+     8,713,594  
 
  16,700    
Total Airlines
                16,751,098  
 
 
 
                   
 
Auto Components – 4.3% (2.8% of Total Investments)
 
 
                   
  3,000    
Delphi Automotive Systems Corporation, DIP Term Loan
  8.125%   12/31/07   BBB-     3,013,763  
  17,662    
Federal-Mogul Corporation, Term Loan A, (6)
  7.570%   2/24/04   N/R     17,601,287  
  2,000    
Federal-Mogul Corporation, Term Loan B, (6)
  7.820%   2/24/05   N/R     1,994,792  
  6,000    
Goodyear Tire & Rubber Company, Second Lien Term Loan
  7.100%   4/30/14   Ba2     6,030,945  
 
  28,662    
Total Auto Components
                28,640,787  
 
 
 
                   
 
Beverages – 0.3% (0.1% of Total Investments)
 
 
                   
  2,083    
Constellation Brands, Inc., Term Loan
  6.875%   6/05/13   BB-     2,091,580  
 
 
 
                   
 
Building Products – 8.0% (5.2% of Total Investments)
 
 
                   
  1,768    
Atrium Companies Inc., Term Loan
  8.518%   5/31/12   B1     1,761,862  
  5,000    
Building Materials Corporation of America, Second Lien Term Loan
  11.125%   9/15/14   B     4,958,333  
  8,978    
Building Materials Corporation of America, Term Loan
  8.188%   2/22/14   BB-     8,939,346  
  14,625    
Nortek, Inc., Term Loan B
  7.365%   8/27/11   Ba2     14,687,156  
  4,412    
PP Acquisition Corporation, Term Loan
  8.320%   11/12/11   Ba3     4,433,836  
  7,344    
Stile Acquisition Corporation, Canadian Term Loan
  7.350%   4/05/13   BB-     7,198,019  
  7,356    
Stile Acquisition Corporation, Term Loan B
  7.350%   4/05/13   BB-     7,210,281  
  3,980    
TFS Acquisition, Term Loan
  8.850%   8/11/13   B+     4,009,850  
 
  53,463    
Total Building Products
                53,198,683  
 
 
 
                   
 
Capital Markets – 1.1% (0.7% of Total Investments)
 
 
                   
  2,773    
Ameritrade Holdings Corporation, Term Loan B
  6.820%   12/31/12   Ba1     2,781,886  
  4,643    
BNY Convergex Group LLC, Term Loan
  8.350%   10/02/13   B+     4,686,964  
 
  7,416    
Total Capital Markets
                7,468,850  
 
 
 
                   
 
Chemicals – 9.8% (6.4% of Total Investments)
 
 
                   
  5,600    
Celanese Holdings, LLC, Term Loan C
  7.099%   4/02/14   BB-     5,635,876  
  1,400    
Celanese Holdings, LLC, Credit-Linked Deposit
  5.320%   4/02/14   BB-     1,408,969  
  1,882    
Foamex LP, Term Loan
  7.597%   2/12/13   B1     1,888,628  
  820    
Headwaters Inc., First Lien Term Loan
  7.360%   4/30/11   BB-     822,363  
  11,507    
Hercules Inc., Term Loan B
  6.820%   10/08/10   Baa3     11,531,671  
  4,892    
Hexion Specialty Chemicals, Inc., Term Loan C1
  7.875%   5/05/13   Ba3     4,933,352  
  1,063    
Hexion Specialty Chemicals, Inc., Term Loan C2
  7.875%   5/05/13   Ba3     1,071,664  
  8,150    
Huntsman International LLC, Term Loan
  7.070%   8/16/12   Ba1     8,177,088  
  3,960    
Ineos Group Holdings PLC, Term Loan B
  7.580%   12/06/13   Ba2     4,009,500  
  3,960    
Ineos Group Holdings PLC, Term Loan C
  8.080%   12/16/14   Ba2     4,009,500  
  461    
JohnsonDiversey Inc., Term Loan
  7.860%   12/16/11   Ba2     466,903  
  1,470    
Lucite International, Term Loan B-1
  8.070%   7/07/13   Ba3     1,488,182  
  519    
Lucite International, Term Loan B-2, (5)
  3.108%   7/07/13   Ba3     140,840  
  6,965    
Lyondell Citgo Refining LP, Term Loan
  6.860%   8/16/13   BB     6,995,691  
  12,740    
Rockwood Specialties Group, Inc., Term Loan E
  7.355%   7/30/12   Ba2     12,858,648  
 
  65,389    
Total Chemicals
                65,438,875  
 
 
 
                   
 
Commercial Services & Supplies – 4.8% (3.1% of Total Investments)
 
 
                   
  4,278    
Allied Waste North America, Inc., Letter of Credit
  7.073%   1/15/12   BB     4,303,233  
  9,646    
Allied Waste North America, Inc., Term Loan B
  7.097%   1/15/12   BB     9,699,041  
  4,606    
Aramark Corporation, Term Loan
  7.475%   1/26/14   Ba3     4,633,402  
  329    
Aramark, Letter of Credit
  7.475%   1/26/14   Ba3     331,134  
  998    
NCO Group Inc., Term Loan
  8.355%   5/15/13   Ba3     1,005,293  
  3,000    
Rental Services Corporation, Term Loan
  8.857%   11/30/13   B-     3,051,000  
  5,500    
Williams Scotsman, Inc., Term Loan B
  6.820%   6/28/10   BB     5,498,281  
  1,362    
Workflow Management, Inc., Term Loan
  9.355%   11/30/11   BB-     1,360,876  
  1,800    
Xerium Technologies Inc. Term Loan B
  8.100%   5/18/12   B+     1,804,284  
 
  31,519    
Total Commercial Services & Supplies
                31,686,544  
 
 
 
                   
 
Communications Equipment – 1.0% (0.6% of Total Investments)
 
 
                   
  2,985    
Aspect Software, Term Loan B
  8.375%   7/11/11   Ba3     3,016,093  
  1,990    
IPC Acquisition Corporation, First Lien Term Loan
  7.850%   9/29/14   B1     2,009,485  
  427    
Valassis Communications, Inc., Delayed Draw, Term Loan, (5) (7)
  1.000%   3/02/14   Ba2     (267 )
  1,573    
Valassis Communications, Inc., Term Loan B
  7.100%   3/02/14   Ba2     1,576,939  
 
  6,975    
Total Communications Equipment
                6,602,250  
 
 
 
                   
 
Consumer Finance – 0.5% (0.3% of Total Investments)
 
 
                   
  2,981    
Peach Holdings Inc., Term Loan
  9.100%   11/30/13   B     3,007,336  
 
 
 
                   
 
Containers & Packaging – 4.9% (3.2% of Total Investments)
 
 
                   
  1,980    
Amscan Holdings Inc., Term Loan B
  8.385%   4/30/12   Ba3     1,997,945  
  1,143    
Bluegrass Container Company LLC, Delayed Draw, First Lien Term Loan
  7.589%   6/30/13   BB-     1,156,961  
  3,820    
Bluegrass Container Company, LLC, Term Loan B
  7.591%   6/30/13   BB-     3,866,685  
  19,601    
Graham Packaging Company, L.P., Term Loan B
  7.625%   2/14/10   B1     19,743,590  
  699    
Smurfit-Stone Container Corporation, Deposit-Funded Commitment
  7.748%   11/01/11   Ba2     704,714  
  2,762    
Smurfit-Stone Container Corporation, Term Loan B
  7.531%   11/01/11   Ba2     2,785,558  
  1,679    
Smurfit-Stone Container Corporation, Term Loan C
  7.546%   11/01/11   Ba2     1,693,912  
  527    
Smurfit-Stone Container Corporation, Tranche C-1
  7.375%   11/01/11   Ba2     531,588  
 
  32,211    
Total Containers & Packaging
                32,480,953  
 
 
 
                   
 
Diversified Consumer Services – 1.7% (1.1% of Total Investments)
 
  2,992    
Riverdeep Group Limited, Term Loan
  8.100%   12/20/13   B1     3,015,693  
  8,112    
West Corporation, Term Loan
  7.750%   10/24/13   B+     8,179,751  
 
  11,104    
Total Diversified Consumer Services
                11,195,444  
 
 
 
                   
 
Diversified Financial Services – 0.8% (0.5% of Total Investments)
 
 
                   
  3,400    
NASDAQ Stock Market, Inc., Term Loan B
  7.070%   12/01/11   BB+     3,411,809  
  1,971    
NASDAQ Stock Market, Inc., Term Loan C
  7.070%   4/18/12   BB+     1,977,746  
 
  5,371    
Total Diversified Financial Services
                5,389,555  
 
 
 
                   
 
Diversified Telecommunication Services – 5.5% (3.6% of Total Investments)
 
 
                   
  6,000    
Cequel Communications LLC., Term Loan B
  7.349%   11/05/13   B+     6,000,750  
  1,000    
Choice One Communications, Term Loan B
  9.375%   6/27/12   Ba3     1,015,000  
  1,000    
Choice One Communications, Term Loan B
  8.875%   6/30/12   B1     1,015,000  
  6,000    
Crown Castle International Corporation, Term Loan
  6.893%   1/26/14   BB+     6,018,048  
  3,930    
Intelsat Corporation, Term Loan
  7.349%   7/01/13   Ba2     3,962,183  
  6,800    
Level 3 Communications Incorporated, Term Loan
  7.605%   3/13/14   B1     6,830,814  
  5,965    
MetroPCS Inc., Term Loan
  7.625%   11/03/13   B1     6,010,496  
  5,500    
Qwest Corporation, Term Loan B
  6.950%   6/30/10   BB     5,666,147  
 
  36,195    
Total Diversified Telecommunication Services
                36,518,438  
 
 
 
                   
 
Electric Utilities – 3.0% (1.9% of Total Investments)
 
 
                   
  17,778    
Calpine Corporation, DIP Term Loan
  7.590%   3/29/09   N/R     17,890,738  
  2,222    
Calpine Corporation, DIP Revolver, (5) (7)
  0.250%   3/29/09   N/R     (33,333 )
  188    
MACH Gen LLC, Synthetic Letter of Credit
  7.350%   2/22/13   B     187,764  
  1,808    
MACH Gen LLC, Term Loan
  7.360%   2/22/14   B     1,809,777  
 
  21,996    
Total Electric Utilities
                19,854,946  
 
 
 
                   
 
Electrical Equipment – 0.9% (0.6% of Total Investments)
 
 
                   
  6,017    
Mueller Group, Inc., Term Loan
  7.348%   10/03/12   BB-     6,063,388  
 
 
 
                   
 
Electronic Equipment & Instruments – 1.7% (1.1% of Total Investments)
 
 
                   
  10,000    
Sanmina-SCI Corporation, Term Loan
  8.375%   7/31/08   Ba3     10,052,085  
  993    
Sensata Technologies B.V., Term Loan
  7.105%   4/27/13   BB-     993,149  
 
  10,993    
Total Electronic Equipment & Instruments
                11,045,234  
 
 
 
                   
 
Energy Equipment & Services – 0.1% (0.1% of Total Investments)
 
 
                   
  573    
Petroleum Geo-Services, Term Loan
  7.600%   12/15/12   BB-     577,821  
 
 
 
                   
 
Food & Staples Retailing – 2.3% (1.5% of Total Investments)
 
 
                   
  10,997    
Jean Coutu Group, Inc., Term Loan B
  7.875%   7/30/11   BB-     11,022,960  
  3,930    
Supervalu, Term Loan B
  6.840%   6/02/12   BB-     3,950,766  
 
  14,927    
Total Food & Staples Retailing
                14,973,726  
 
 
 
                   
 
Food Products – 0.7% (0.5% of Total Investments)
 
 
                   
  465    
Dole Foods Company Inc., Deposit-Funded Commitment
  7.356%   4/12/13   Ba3     465,181  
  1,036    
Dole Foods Company Inc., Term Loan B
  7.541%   4/12/13   Ba3     1,036,191  
  3,453    
Dole Foods Company Inc., Term Loan C
  7.456%   4/12/13   Ba3     3,453,968  
 
  4,954    
Total Food Products
                4,955,340  
 
 
 
                   
 
Gas Utilities – 0.2% (0.1% of Total Investments)
 
 
                   
  1,000    
Energy Transfer Partners LP, Term Loan
  7.080%   2/08/12   BBB-     1,007,679  
 
 
 
                   
 
Health Care Equipment & Supplies – 0.4% (0.3% of Total Investments)
 
 
                   
  2,802    
Kinetic Concepts Inc., Term Loan B-1
  6.850%   8/11/10   Ba1     2,807,701  
 
 
 
                   
 
Health Care Providers & Services – 10.7% (6.9% of Total Investments)
 
 
                   
  9,745    
Davita Inc., Term Loan B
  6.842%   10/05/12   Ba1     9,785,054  
  10,973    
HCA, Inc., Term Loan
  7.600%   11/17/13   BB     11,100,011  
  10,000    
Health Management Associates, Term Loan
  7.100%   2/28/14   Ba2     10,051,040  
  3,970    
HealthSouth Corporation, Term Loan
  7.847%   3/10/13   B+     4,002,256  
  3,246    
IASIS Healthcare, LLC, Delayed Draw Term Loan, WI/DD
  TBD   TBD   Ba2     3,258,666  
  866    
IASIS Healthcare, LLC, Letter of Credit, WI/DD
  TBD   TBD   Ba2     868,978  
  9,501    
IASIS Healthcare, LLC, Term Loan, WI/DD
  TBD   TBD   Ba2     9,537,029  
  1,995    
Invacare Corporation, Term Loan B
  7.600%   2/12/13   Ba2     2,007,469  
  3,940    
LifeCare Holdings Inc., Term Loan B
  7.600%   8/01/12   B1     3,913,405  
  1,010    
LifePoint Hospitals Holdings, Inc., Term Loan B
  6.985%   4/15/14   BB-     1,008,910  
  2,940    
Select Medical Corporation, Term Loan
  7.349%   2/24/12   Ba2     2,935,156  
  12,740    
Vanguard Health Holding Company, LLC, Replacement Term Loan
  7.600%   9/23/11   Ba3     12,837,919  
 
  70,926    
Total Health Care Providers & Services
                71,305,893  
 
 
 
                   
 
Health Care Technology – 0.3% (0.2% of Total Investments)
 
 
                   
  1,982    
Emdeon Business Services Term Loan
  7.600%   11/16/13   B+     1,992,902  
 
 
 
                   
 
Hotels, Restaurants & Leisure – 11.6% (7.5% of Total Investments)
 
 
                   
  9,350    
24 Hour Fitness Worldwide, Inc., Term Loan B
  7.850%   7/01/09   Ba3     9,414,698  
  3,149    
Ameristar Casinos, Inc., Term Loan B
  6.820%   11/10/12   BB+     3,151,708  
  5,835    
Boyd Gaming Corporation, Term Loan B
  6.820%   6/30/11   Ba1     5,859,361  
  1,293    
Burger King Corporation, Term Loan B
  6.875%   6/30/12   Ba2     1,297,830  
  778    
CBRL Group, Inc., Term Loan B-1
  6.860%   4/27/13   BB     779,791  
  122    
CBRL Group, Inc., Delayed Draw, Term Loan B-2 (5) (7)
  0.750%   4/27/13   BB     (51 )
  4,963    
Cedar Fair LP, Term Loan
  7.320%   8/30/12   BB-     5,015,227  
  964    
Green Valley Ranch Gaming, Term Loan B
  7.360%   2/16/14   B+     969,831  
  4,727    
Intrawest Corporation, Term Loan
  9.250%   12/31/07   N/R     4,738,363  
  7,875    
Penn National Gaming, Inc., Term Loan B
  7.114%   10/03/12   BB     7,939,048  
  518    
Seminole Gaming, Delayed Draw, Term Loan B-1 (5)
  2.844%   3/05/14   BBB-     129,879  
  1,749    
Seminole Gaming, Delayed Draw, Term Loan B-2
  6.875%   3/05/14   BBB-     1,750,081  
  1,733    
Seminole Gaming, Delayed Draw, Term Loan B-3
  6.875%   3/05/14   BBB-     1,733,877  
  9,968    
Travelport, Term Loan
  7.850%   8/23/13   Ba3     10,067,019  
  981    
Travelport, Letter of Credit
  7.850%   8/23/13   Ba3     991,145  
  1,965    
Trump International, Term Loan B-2, (5)
  2.790%   5/20/12   BB-     283,550  
  1,965    
Trump International, Term Loan B
  7.870%   5/20/12   BB-     1,981,862  
  9,255    
Universal City Development Partners, Ltd., Term Loan
  7.360%   6/09/11   Ba1     9,312,386  
  1,709    
Venetian Casino Resort, LLC, Delayed Draw, Term Loan
  7.090%   6/15/11   BB-     1,718,114  
  8,291    
Venetian Casino Resort, LLC, Term Loan
  7.090%   6/15/11   BB-     8,332,851  
  1,995    
Worldspan LP, Term Loan
  8.600%   12/07/13   Ba3     2,005,224  
 
  79,185    
Total Hotels, Restaurants & Leisure
                77,471,794  
 
 
 
                   
 
Household Durables – 0.3% (0.2% of Total Investments)
 
 
                   
  1,949    
Rent-A-Center Inc., Term Loan B
  7.116%   6/30/12   BB     1,954,888  
 
 
 
                   
 
Household Products – 1.7% (1.1% of Total Investments)
 
 
                   
  8,536    
Prestige Brands, Inc., Term Loan B
  7.634%   4/06/11   Ba3     8,589,213  
  2,813    
Solo Cup Company, Term Loan
  8.847%   2/27/11   B1     2,860,793  
 
  11,349    
Total Household Products
                11,450,006  
 
 
 
                   
 
Independent Power Producers & Energy Traders – 0.4% (0.2% of Total Investments)
 
 
                   
  1,678    
Covanta Energy Corporation, Term Loan B
  6.875%   2/09/14   Ba2     1,680,908  
  822    
Covanta Energy Corporation, Letter of Credit
  6.775%   2/09/14   Ba2     823,793  
 
  2,500    
Total Independent Power Producers & Energy Traders
                2,504,701  
 
 
 
                   
 
Insurance – 2.5% (1.6% of Total Investments)
 
 
                   
  16,732    
Conseco, Inc., Term Loan
  7.320%   10/10/13   BB-     16,831,264  
 
 
 
                   
 
IT Services – 3.4% (2.2% of Total Investments)
 
 
                   
  1,365    
Infor Global Solutions, Delayed Draw, Term Loan
  9.100%   7/28/12   B1     1,373,100  
  2,615    
Infor Global Solutions, Term Loan
  9.100%   4/18/11   B1     2,637,660  
  18,567    
SunGard Data Systems Inc., Term Loan B
  7.360%   2/28/14   Ba3     18,748,553  
 
  22,547    
Total IT Services
                22,759,313  
 
 
 
                   
 
Leisure Equipment & Products – 1.5% (1.0% of Total Investments)
 
 
                   
  10,025    
Bombardier Recreational Products, Term Loan
  7.860%   6/28/13   BB     10,103,644  
 
 
 
                   
 
Machinery – 1.1% (0.7% of Total Investments)
 
 
                   
  2,567    
Navistar International, Term Loan
  8.610%   1/31/12   BB-     2,605,701  
  933    
Navistar International, Synthetic Letter of Credit
  8.208%   1/19/12   BB-     947,527  
  3,990    
Oshkosh Truck Corporation, Term Loan
  7.100%   12/06/13   BB     4,006,834  
 
  7,490    
Total Machinery
                7,560,062  
 
 
 
                   
 
Marine – 0.6% (0.4% of Total Investments)
 
 
                   
  3,865    
Horizon Lines, LLC, Term Loan B
  7.600%   7/11/11   Ba2     3,888,006  
 
 
 
                   
 
Media – 25.3% (16.4% of Total Investments)
 
 
                   
  2,000    
American Media Operations, Inc., Term Loan C
  8.450%   1/30/13   B1     2,014,584  
  4,377    
Blockbuster, Inc., Term Loan B
  8.631%   8/20/11   B1     4,430,218  
  2,935    
Cablevision Systems Corporation, Incremental Term Loan
  7.084%   3/29/13   BB     2,948,873  
  3,000    
Charter Communications Operating, LLC, Term Loan
  7.850%   9/06/14   B1     3,006,251  
  4,928    
Clear Channel Entertainment, Term Loan B
  8.089%   6/20/13   B+     4,952,213  
  3,562    
Dex Media West, LLC, Term Loan B
  6.852%   3/09/10   Ba1     3,567,754  
  7,980    
Idearc Inc., Term Loan
  7.350%   11/17/14   BB+     8,042,132  
  13,818    
Metro-Goldwyn-Mayer Studios, Inc., Term Loan B
  8.600%   4/08/12   B+     13,849,056  
  15,920    
Neilsen Finance LLC, Term Loan B
  7.610%   8/09/13   Ba3     16,077,544  
  1,184    
Nextmedia Operating Group, Delayed Draw, Term Loan
  7.320%   11/15/12   B1     1,186,224  
  2,670    
Nextmedia Operating Inc., First Lien Term Loan
  7.320%   11/15/12   B1     2,673,829  
  16,915    
Panamsat Corporation, Term Loan
  7.349%   7/03/13   BB     17,066,711  
  4,781    
Philadelphia Newspapers, Term Loan
  8.100%   6/29/13   N/R     4,809,603  
  6,403    
Primedia Inc., Term Loan
  7.570%   9/30/13   B     6,406,834  
  5,000    
ProQuest Company, Term Loan B
  8.332%   2/09/14   N/R     5,009,375  
  2,282    
R. H. Donnelley Inc., Term Loan D-2
  6.851%   6/30/11   Ba1     2,286,164  
  1,000    
Readers Digest Association, Term Loan
  7.339%   3/02/14   B1     1,002,500  
  10,304    
Regal Cinemas Corporation, Term Loan
  7.100%   10/27/13   Ba2     10,349,471  
  980    
Spanish Broadcasting System Inc., Term Loan B
  7.100%   6/10/12   B1     982,450  
  1,510    
Univision Communications, Delayed Draw, Term Loan, (5) (7)
  1.000%   9/29/14   Ba3     (1,158 )
  5,000    
Univision Communications, Second Lien Term Loan
  7.820%   3/29/09   B3     5,005,208  
  23,490    
Univision Communications, Term Loan
  7.605%   9/15/14   Ba3     23,471,916  
  3,500    
UPC Broadband Holding BV, Term Loan J2
  7.370%   3/29/13   Ba3     3,507,499  
  3,500    
UPC Broadband Holding BV, Term Loan K2
  7.370%   12/31/13   Ba3     3,507,499  
  15,337    
WMG Acquisition Corp., Term Loan
  7.359%   2/28/11   Ba2     15,415,209  
  6,025    
Yell Group, Term Loan
  7.320%   10/27/12   Ba3     6,079,089  
 
  168,401    
Total Media
                167,647,048  
 
 
 
                   
 
Metals & Mining – 1.6% (1.0% of Total Investments)
 
 
                   
  2,775    
Amsted Industries Inc., Delayed Draw, Term Loan
  7.350%   4/05/11   BB-     2,781,764  
  3,818    
Amsted Industries Incorporated, Term Loan B
  7.350%   4/05/13   BB-     3,832,655  
  2,070    
Freeport McMoran Copper and Gold, Term Loan
  7.070%   3/19/14   Baa3     2,078,904  
  1,979    
John Maneely Company, Term Loan
  8.611%   12/08/11   B+     1,985,622  
 
  10,642    
Total Metals & Mining
                10,678,945  
 
 
 
                   
 
Multiline Retail – 1.3% (0.8% of Total Investments)
 
 
                   
  8,608    
Neiman Marcus Group Inc., Term Loan
  7.346%   4/06/13   Ba3     8,693,671  
 
 
 
                   
 
Multi-Utilities – 2.0% (1.3% of Total Investments)
 
 
                   
  9,296    
NRG Energy Inc., Term Loan
  7.350%   2/01/13   Ba1     9,377,785  
  3,814    
NRG Energy Inc., Credit-Linked Deposit
  7.350%   2/01/13   Ba1     3,846,194  
 
  13,110    
Total Multi-Utilities
                13,223,979  
 
 
 
                   
 
Oil, Gas & Consumable Fuels – 1.1% (0.7% of Total Investments)
 
 
                   
  2,000    
Brand Services Inc., Term Loan B
  7.625%   2/07/14   B1     2,011,876  
  301    
Coffeyville Resources LLC, Letter of Credit
  8.249%   5/10/10   B+     304,981  
  1,549    
Coffeyville Resources LLC., Term Loan
  8.350%   12/28/13   B+     1,570,507  
  1,165    
El Paso Corporation, Letter of Credit
  7.320%   7/31/11   Ba1     1,172,339  
  484    
Targa Resources Inc., Synthetic Letter of Credit
  7.475%   10/31/12   B+     487,765  
  1,986    
Targa Resources Inc., Term Loan B
  7.356%   10/31/12   B+     2,001,868  
 
  7,485    
Total Oil, Gas & Consumable Fuels
                7,549,336  
 
 
 
                   
 
Paper & Forest Products – 4.0% (2.6% of Total Investments)
 
 
                   
  3,997    
Boise Cascade Corporation, Term Loan D
  7.070%   3/29/11   BB     4,015,560  
  11,850    
Georgia-Pacific Corporation, Term Loan B
  7.091%   12/20/10   Ba2     11,921,882  
  4,664    
Georgia-Pacific Corporation, Term Loan B-2
  7.090%   12/20/12   Ba2     4,693,345  
  2,086    
NewPage Corporation, Term Loan B
  7.625%   5/02/11   Ba2     2,106,726  
  2,892    
Ply Gem Industries Inc., Term Loan B3
  8.100%   8/15/11   BB-     2,893,739  
  108    
Ply Gem Industries Inc., Canadian Term Loan
  8.100%   8/15/11   BB-     108,136  
  1,000    
White Birch Paper Company, Second Lien Term Loan
  12.820%   4/08/13   CCC+     1,017,813  
 
  26,597    
Total Paper & Forest Products
                26,757,201  
 
 
 
                   


 

                             
 
 
                   
 
Pharmaceuticals – 1.0% (0.7% of Total Investments)
 
 
                   
  1,729    
Stiefel Laboratories Inc, Delayed Draw, Term Loan
  7.605%   12/28/13   Ba3     1,746,506  
  2,261    
Stiefel Laboratories Inc, Term Loan
  7.605%   12/28/13   Ba3     2,283,394  
  277    
Warner Chilcott Corporation, Dovonex Delayed Draw Term Commitment
  7.350%   1/18/12   B+     277,883  
  1,879    
Warner Chilcott Corporation, Tranche B
  7.355%   1/18/12   B+     1,890,450  
  516    
Warner Chilcott Corporation, Tranche C
  7.350%   1/18/12   B+     519,023  
 
  6,662    
Total Pharmaceuticals
                6,717,256  
 
 
 
                   
 
Real Estate Management & Development – 3.5% (2.3% of Total Investments)
 
 
                   
  7,303    
Capital Automotive LP., Term Loan
  7.070%   12/16/10   BB+     7,374,410  
  16,000    
LNR Property Corporation, Term Loan B
  8.110%   7/12/11   B+     16,111,424  
 
  23,303    
Total Real Estate Management & Development
                23,485,834  
 
 
 
                   
 
Road & Rail – 0.7% (0.4% of Total Investments)
 
 
                   
  667    
Hertz Corporation, Synthetic Term Loan
  5.365%   12/21/12   BB+     672,057  
  3,724    
Hertz Corporation, Term Loan B
  7.082%   12/21/12   Ba1     3,754,112  
 
  4,391    
Total Road & Rail
                4,426,169  
 
 
 
                   
 
Semiconductors & Equipment – 1.9% (1.3% of Total Investments)
 
 
                   
  8,829    
Advanced Micro Devices, Term Loan B
  7.340%   12/31/13   BB-     8,852,748  
  2,993    
Freescale Semiconductor, Term Loan
  7.110%   3/30/14   Baa3     3,000,994  
  1,000    
Spansion Inc., Term Loan
  8.360%   11/03/12   Ba3     1,006,563  
 
  12,822    
Total Semiconductors & Equipment
                12,860,305  
 
 
 
                   
 
Software – 2.3% (1.5% of Total Investments)
 
 
                   
  6,000    
Dealer Computer Service, Second Lien Term Loan
  10.850%   10/26/13   BB-     6,155,625  
  8,948    
Dealer Computer Service, Term Loan
  7.350%   10/26/12   Ba2     8,997,849  
 
  14,948    
Total Software
                15,153,474  
 
 
 
                   
 
Specialty Retail – 6.2% (4.0% of Total Investments)
 
 
                   
  983    
Burlington Coat Factory Warehouse Corporation, Term Loan
  7.610%   5/28/11   B     978,386  
  5,970    
CSK Automotive Corporation, Term Loan
  8.353%   6/30/12   Ba3     6,063,319  
  1,228    
J Crew Operating Corporation, Term Loan
  7.123%   5/15/13   Ba3     1,233,187  
  12,666    
Michaels Stores Inc., Term Loan
  8.125%   10/31/13   B2     12,780,967  
  5,970    
Sally Beauty, Term Loan
  7.860%   11/16/13   BB-     6,024,300  
  11,000    
TRU 2005 RE Holding Co. 1, Term Loan
  8.320%   12/09/08   B3     11,101,409  
  3,000    
Toys “R” Us, Inc., Term Loan B
  9.610%   7/19/12   Ba3     3,075,563  
 
  40,817    
Total Specialty Retail
                41,257,131  
 
 
 
                   
 
Textiles, Apparel & Luxury Goods – 1.5% (1.0% of Total Investments)
 
 
                   
  3,704    
HanesBrands Inc., Term Loan
  7.105%   9/05/13   Ba2     3,729,962  
  2,000    
HanesBrands Inc., Second Lien Term Loan
  9.105%   3/05/14   B1     2,051,563  
  4,118    
Visant Holding Corporation, Term Loan C
  7.330%   7/29/10   B+     4,143,552  
 
  9,822    
Total Textiles, Apparel & Luxury Goods
                9,925,077  
 
 
 
                   
 
Trading Companies & Distributors – 1.3% (0.8% of Total Investments)
 
 
                   
  2,000    
Ashtead Group Public Limited Company, Term Loan B
  7.125%   8/31/11   BB     2,000,000  
  393    
Brenntag Holdings, Acquisition Facility
  7.887%   1/20/14   B1     395,182  
  1,607    
Brenntag Holdings, Term Loan B2
  7.887%   1/20/14   B1     1,626,108  
  1,219    
United Rentals Inc., Credit Linked Deposit
  5.320%   2/13/11   Ba1     1,225,757  
  3,130    
United Rentals Inc., Delayed Draw, Term Loan B
  7.320%   2/14/11   Ba1     3,147,811  
 
  8,349    
Total Trading Companies & Distributors
                8,394,858  
 
$ 958,129    
Total Variable Rate Senior Loan Interests (cost $949,210,311)
                956,709,392  
 
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (4)   Value  
 
 
 
                   
 
Corporate Bonds – 10.5% (6.8% of Total Investments)
 
 
                   
 
Diversified Telecommunication Services – 0.8% (0.6% of Total Investments)
 
 
                   
$ 5,000    
Quest Corporation, Floating Rate Note, 3.250% plus three-month LIBOR
  8.605%   6/15/13   N/R   $ 5,493,750  
 
 
 
                   
 
Electronic Equipment & Instruments – 2.5% (1.6% of Total Investments)
 
  16,000    
NXP BV, Floating Rate Note, 2.750% plus three-month LIBOR, 144A
  8.105%   10/15/13   BB+     16,600,000  
 
 
 
                   
 
Energy Equipment & Services – 0.8% (0.5% of Total Investments)
 
 
                   
  5,000    
Williams Companies Inc., Floating Rate Note, 2.000% plus three-month LIBOR, 144A
  7.355%   10/01/10   BB+     5,175,000  
 
 
 
                   
 
Food Products – 0.5% (0.3% of Total Investments)
 
 
                   
  1,528    
Dole Foods Company
  8.625%   5/01/09   B-     1,558,560  
  1,780    
Dole Foods Company
  8.875%   3/15/11   B-     1,811,150  
 
  3,308    
Total Food Products
                3,369,710  
 
 
 
                   
 
Hotels Restaurants & Leisure – 1.2% (0.8% of Total Investments)
 
 
                   
  7,900    
Mohegan Tribal Gaming Authority
  8.000%   4/01/12   Ba2     8,216,000  
 
 
 
                   
 
Household Durables – 0.3% (0.2% of Total Investments)
 
 
                   
  2,000    
K. Hovnanian Enterprises Inc.
  10.500%   10/01/07   BB     2,035,000  
 
 
 
                   
 
Media – 1.6% (1.0% of Total Investments)
 
 
                   
  10,000    
Cablevision Systems Corporation, Floating Rate Note, 4.500% plus six-month LIBOR, Series B, 144A
  9.860%   4/01/09   B+     10,650,000  
 
 
 
                   
 
Paper & Forest Products – 0.7% (0.5% of Total Investments)
 
  500    
Verso Paper Holdings LLC., 144A
  9.125%   8/01/14   B     528,750  
  4,000    
Verso Paper Holdings LLC., Floating Rate Note, 3.750% plus three-month LIBOR, 144A
  9.105%   8/01/14   B     4,140,000  
 
  4,500    
Total Paper & Forest Products
                4,668,750  
 
 
 
                   
 
Real Estate Investment Trust – 0.6% (0.4% of Total Investments)
 
 
                   
  4,000    
Felcor Lodging Trust Inc., Floating Rate Note, 1.875% plus six-month LIBOR, 144A
  7.235%   12/01/11   Ba3     4,060,000  
 
 
 
                   
 
Semiconductors & Equipment – 1.1% (0.7% of Total Investments)
 
 
                   
  7,000    
Avago Technologies Finance Pte Ltd., Floating Rate Note, 5.500% plus three-month LIBOR, 144A
  10.855%   6/01/13   B     7,350,000  
 
 
 
                   
 
Textiles Apparel & Luxury Goods – 0.2% (0.1% of Total Investments)
 
 
                   
  1,000    
HanesBrands Inc., Floating Rate Note, 3.375% plus six-month LIBOR, 144A
  8.735%   12/15/14   B2     1,032,500  
 
 
 
                   
 
Wireless Telecommunication Services – 0.2% (0.1% of Total Investments)
 
 
                   
  1,000    
Dobson Communications Corporation, Floating Rate Note, 4.250% plus three-month LIBOR
  9.605%   10/15/12   Caa1     1,035,000  
 
$ 66,708    
Total Corporate Bonds (cost $68,229,962)
                69,685,710  
 
                             
Shares     Description (1)               Value  
 
 
 
                   
 
Warrants – 0.1% (0.1% of Total Investments)
 
 
                   
$ 36,521    
Reliant Energy Inc.
                591,640  
 
 
Total Warrants (cost $257,912)
                591,640  
   
 
Total Investments (cost $1,017,698,185) – 154.4%
                1,026,986,742  
   
 
Other Assets Less Liabilities – 5.7%
                38,102,067  
   
 
Preferred Shares, at Liquidation Value – (60.1)%
                (400,000,000 )
   
 
Net Assets Applicable to Common Shares – 100%
              $ 665,088,809  
   
     
 (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.
   
 
 (3)  
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.
   
 
 (4)  
Ratings: Using the higher of Standard & Poor’s or Moody’s rating. Ratings below BBB by Standard & Poor’s Group or Baa by Moody’s Investor Service, Inc. are considered to be below investment grade.
   
 
 (5)  
Position or portion of position represents an unfunded Senior Loan commitment outstanding at April 30, 2007. At April 30, 2007, the Fund had unfunded Senior Loan commitments of $6,752,734.
   
 
 (6)  
At or subsequent to April 30, 2007, this issue was under the protection of the Federal Bankruptcy Court.
   
 
 (7)  
Negative value represents unrealized depreciation on Senior Loan commitment at April 30, 2007.
   
 
N/R  
Not rated.
   
 
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 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.
   
 
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, recognition of premium amortization and timing differences in recognizing certain gains and losses on investment transactions.
At April 30, 2007, the cost of investments was $1,018,929,654.
Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2007, were as follows:
         
 
 
       
Gross unrealized:
       
Appreciation
  $ 9,608,856  
Depreciation
    (1,551,768 )
 
       
 
 
       
Net unrealized appreciation (depreciation) of investments
  $ 8,057,088  
 
       
 


 

  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 June 29, 2007
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 29, 2007
         
     
By (Signature and Title)*  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date June 29, 2007
 
*   Print the name and title of each signing officer under his or her signature.