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:    10/31/2010   
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
Nuveen Floating Rate Income Fund (JFR)
October 31, 2010 (Unaudited)
                                         
Principal
Amount		         Weighted
Average		                    
(000)     Description (1)   Coupon     Maturity (2)     Ratings (3)     Value  
 
       
 
                                
       
Variable Rate Senior Loan Interests – 125.6% (88.3% of Total Investments) (4)
                                
       
 
                                
       
Aerospace & Defense – 0.9% (0.7% of Total Investments)
                                
       
 
                                
$ 415    
Aveos Fleet Performance, Inc., ABL Term Loan
     11.250 %     3/12/13       B     $ 410,433  
441    
Aveos Fleet Performance, Inc., Term Loan
     8.500 %     3/12/15       B     413,125  
  168    
Hawker Beechcraft, LLC, LC Facility
     2.289 %     3/26/14     CCC+       140,808  
  2,803    
Hawker Beechcraft, LLC, Term Loan
     2.264 %     3/26/14     CCC+       2,355,254  
  495    
Hawker Beechcraft, LLC, Term Loan B
     10.500 %     3/26/14     CCC+       492,896  
  1,450    
Transdigm, Inc., Term Loan B
     2.269 %     6/23/13     Ba2       1,435,863  
 
  5,772    
Total Aerospace & Defense
                             5,248,379  
 
       
 
                                
       
Airlines – 3.0% (2.1% of Total Investments)
                                
       
 
                                
  1,700    
Delta Air Lines, Inc., Credit Linked Deposit
     1.961 %     4/30/12     Ba2       1,671,958  
  5,279    
Delta Air Lines, Inc., Term Loan
     3.539 %     4/30/14       B       5,122,351  
  10,446    
United Air Lines, Inc., Term Loan B
     2.313 %     2/01/14     BB-       9,922,148  
 
  17,425    
Total Airlines
                             16,716,457  
 
       
 
                                
       
Auto Components – 2.9% (2.1% of Total Investments)
                                
       
 
                                
  10,374    
Federal-Mogul Corporation, Tranche B, Term Loan
     2.198 %     12/29/14     Ba3       9,234,577  
  5,729    
Federal-Mogul Corporation, Tranche C, Term Loan
     2.198 %     12/28/15     Ba3       5,099,663  
  2,000    
United Components, Inc., Term Loan
     6.250 %     3/23/17     Ba3       2,021,000  
 
  18,103    
Total Auto Components
                             16,355,240  
 
       
 
                                
       
Automobiles – 0.8% (0.6% of Total Investments)
                                
       
 
                                
  4,577    
Ford Motor Company, Term Loan
     3.038 %     12/15/13     Baa3       4,538,682  
 
       
 
                                
       
Biotechnology – 1.1% (0.8% of Total Investments)
                                
       
 
                                
  6,000    
Grifols, Term Loan, WI/DD
     TBD       TBD     Ba3       6,071,250  
 
       
 
                                
       
Building Products – 2.5% (1.8% of Total Investments)
                                
       
 
                                
  587    
Building Materials Corporation of America, Term Loan
     3.063 %     2/22/14     BBB       583,810  
  11,333    
Goodman Global Inc., Term Loan, WI/DD
     TBD       TBD       B+       11,501,917  
  2,000    
Goodman Global Inc., Second Lien Term Loan, WI/DD
    TBD       TBD       B-       2,047,500  
 
  13,920    
Total Building Products
                             14,133,227  
 
       
 
                                
       
Chemicals – 4.2% (3.0% of Total Investments)
                                
       
 
                                
  1,400    
Celanese US Holdings LLC, Credit Linked Deposit
     1.756 %     4/02/14     BB+       1,383,375  
  2,895    
Hexion Specialty Chemicals, Inc., Term Loan C1
     2.563 %     5/05/13     Ba3       2,836,980  
  1,289    
Hexion Specialty Chemicals, Inc., Term Loan C2
     2.563 %     5/05/13     Ba3       1,262,828  
  3,690    
Ineos US Finance LLC, Tranche B2
     7.500 %     12/16/13       B1       3,778,796  
  3,690    
Ineos US Finance LLC, Tranche C2
     8.000 %     12/16/14       B1       3,778,795  
  2,844    
Styron Corporation, Term Loan
     7.500 %     6/17/16       B+       2,896,436  
  4,250    
Univar, Inc., Add-on Term Loan, WI/DD
     TBD       TBD       B       4,207,500  
  3,371    
Univar, Inc., Term Loan
     3.255 %     10/10/14       B       3,369,642  
 
  23,429    
Total Chemicals
                             23,514,352  
 
       
 
                                
       
Commercial Banks – 0.4% (0.2% of Total Investments)
                                
       
 
                                
  2,000    
Fifth Third Processing Solutions LLC, Term Loan, WI/DD
     TBD       TBD     BB-       1,980,000  
 
       
 
                                
       
Commercial Services & Supplies – 2.1% (1.5% of Total Investments)
                                
       
 
                                
  3,117    
Rental Services Corporation, Term Loan
     3.800 %     11/30/13       B-       3,060,417  
  629    
ServiceMaster Company, Delayed Term Loan
     2.760 %     7/24/14       B+       598,319  
  6,317    
ServiceMaster Company, Term Loan
     2.769 %     7/24/14       B+       6,008,119  
  1,980    
Universal City Development Partners, Ltd., Term Loan
     5.500 %     11/06/14     Ba2       1,998,959  
 
  12,043    
Total Commercial Services & Supplies
                             11,665,814  
 
       
 
                                
       
Communications Equipment – 2.9% (2.0% of Total Investments)
                                
       
 
                                
  16,546    
Avaya, Inc., Term Loan
     3.058 %     10/24/14       B1       15,053,048  
  1,003    
Telcordia Technologies, Inc., Term Loan
     6.750 %     4/30/16       B+       1,012,925  
 
  17,549    
Total Communications Equipment
                             16,065,973  
 
       
 
                                
       
Consumer Finance – 0.1% (0.1% of Total Investments)
                                
       
 
                                
  1,025    
Peach Holdings, Inc., Term Loan
     6.250 %     11/21/13     CCC-       779,368  
 
       
 
                                
       
Containers & Packaging – 2.0% (1.4% of Total Investments)
                                
       
 
                                
  455    
Amscan Holdings, Inc., Term Loan
     2.539 %     5/27/13       B1       439,514  
  2,858    
Graham Packaging Company LP, Term Loan C
     6.750 %     4/05/14       B+       2,887,045  
  2,000    
Graham Packaging Company LP, Term Loan D
     6.000 %     9/23/16       B+       2,023,125  
  800    
Reynolds Group Holdings, Inc., Term Loan A, WI/DD
     TBD       TBD     Ba3       802,600  
  4,800    
Reynolds Group Holdings, Inc., Term Loan D, WI/DD
     TBD       TBD     Ba3       4,842,638  
 
  10,913    
Total Containers & Packaging
                             10,994,922  
 
       
 
                                
       
Diversified Consumer Services – 1.7% (1.2% of Total Investments)
                                
       
 
                                
  2,400    
Brickman Group Holdings, Inc., Tranche B, Term Loan
     7.250 %     10/14/16       B+       2,428,501  
  3,695    
Cengage Learning Acquisitions, Inc., Term Loan
     2.540 %     7/03/14       B+       3,382,581  
  3,491    
Quad Graphics, Inc., Term Loan
     5.500 %     8/23/16     BB+       3,482,492  
 
  9,586    
Total Diversified Consumer Services
                             9,293,574  
 
       
 
                                
       
Diversified Financial Services – 2.3% (1.6% of Total Investments)
                                
       
 
                                
  2,072    
CIT Group, Inc., Tranche 3, Term Loan
     6.250 %     8/11/15     BB       2,110,937  
  1,732    
Fox Acquisition Sub LLC, Term Loan B
     7.500 %     7/14/15       B       1,718,546  
  8,800    
Pinafore LLC, Term Loan
     6.750 %     9/29/16     BB       8,914,814  
 
  12,604    
Total Diversified Financial Services
                             12,744,297  
 
       
 
                                
       
Diversified Telecommunication Services – 4.9% (3.4% of Total Investments)
                                
       
 
                                
  1,751    
Cincinnati Bell Inc., Tranche B, Term Loan
     6.500 %     6/11/17     BB       1,764,587  
  857    
Intelsat, Tranche B2-A, Incremental Term Loan
     2.790 %     1/03/14     BB-       836,867  
  857    
Intelsat, Tranche B2-B, Incermental Term Loan
     2.790 %     1/03/14     BB-       836,609  
  857    
Intelsat, Tranche B2-C, Incremental Term Loan
     2.790 %     1/03/14     BB-       836,609  
  3,792    
Intelsat, Tranche B2, Term Loan
     2.790 %     7/03/13     BB-       3,700,755  
  4,285    
Intelsat, Tranche B2, Term Loan A
     2.790 %     1/03/14     BB-       4,183,394  
  4,283    
Intelsat, Tranche B2, Term Loan B
     2.790 %     1/03/14     BB-       4,182,104  
  4,283    
Intelsat, Tranche B2, Term Loan C
     2.790 %     1/03/14     BB-       4,182,104  
  6,800    
Level 3 Financing, Inc., Term Loan
     2.539 %     3/13/14       B+       6,348,891  
  296    
MetroPCS Wireless, Inc., Tranche B1, Term Loan
     2.563 %     11/03/13     Ba1       292,903  
 
  28,061    
Total Diversified Telecommunication Services
                             27,164,823  
 
       
 
                                
       
Electric Utilities – 0.7% (0.5% of Total Investments)
                                
       
 
                                
  2,222    
Calpine Corporation, Delayed Draw, Term Loan, (5),(6)
     0.500 %     3/29/14       B+       (175,000 )
  2,600    
TXU Corporation, Term Loan B2
     3.923 %     10/10/14       B+       2,045,533  
  2,888    
TXU Corporation, Term Loan B3
     3.756 %     10/10/14       B+       2,273,550  
 
  7,710    
Total Electric Utilities
                             4,144,083  
 
       
 
                                
       
Electrical Equipment – 2.4% (1.6% of Total Investments)
                                
       
 
                                
  13,697    
Allison Transmission Holdings, Inc., Term Loan
     3.028 %     8/07/14       B       13,173,638  
 
       
 
                                
       
Food & Staples Retailing – 2.5% (1.8% of Total Investments)
                                
       
 
                                
  15,663    
U.S. Foodservice, Inc., Term Loan, DD1
     2.760 %     7/03/14       B2       14,192,543  
 
       
 
                                
       
Food Products – 3.3% (2.3% of Total Investments)
                                
       
 
                                
  2,000    
BLB Management Services, Inc., Term Loan, WI/DD, (7),(8)
     TBD       TBD       N/R       1,545,000  
  4,688    
Michael Foods Group, Inc., Term Loan B
     6.250 %     6/29/16     BB-       4,758,576  
  5,400    
NBTY, Inc., Term Loan
     6.250 %     10/01/17     BB-       5,477,606  
  4,000    
Pierre Foods, Inc., Term Loan
     7.001 %     9/30/16       B+       3,965,000  
  2,660    
Pinnacle Foods Finance LLC, Tranche D, Term Loan
     6.000 %     4/02/14     Ba3       2,693,250  
 
  18,748    
Total Food Products
                             18,439,432  
 
       
 
                                
       
Health Care Equipment & Supplies – 0.3% (0.2% of Total Investments)
                                
       
 
                                
  195    
Bausch & Lomb, Inc., Delayed Term Loan
     3.505 %     4/24/15     BB-       190,151  
  803    
Bausch & Lomb, Inc., Term Loan
     3.527 %     4/24/15     BB-       784,122  
  145    
Fenwal, Inc., Delayed Term Loan
     2.549 %     2/28/14       B       126,382  
  843    
Fenwal, Inc., Term Loan
     2.549 %     2/28/14       B       737,280  
 
  1,986    
Total Health Care Equipment & Supplies
                             1,837,935  
 
       
 
                                
       
Health Care Providers & Services – 11.2% (7.8% of Total Investments)
                                
       
 
                                
  1,493    
Ardent Medical Services, Inc., Term Loan
     6.500 %     9/15/15       B1       1,483,172  
  600    
Community Health Systems, Inc., Delayed Term Loan
     2.549 %     7/25/14     BB       589,408  
  11,668    
Community Health Systems, Inc., Term Loan
     2.549 %     7/25/14     BB       11,463,381  
  5,625    
Gentiva Health Services, Inc., Term Loan B
     6.750 %     8/17/16     Ba2       5,664,842  
  4,100    
Health Management Associates, Inc., Term Loan
     2.039 %     2/28/14     BB-       4,011,713  
  1,600    
Healthspring, Term Loan, WI/DD
     TBD       TBD     Ba3       1,590,000  
  587    
IASIS Healthcare LLC, Delayed Term Loan
     2.255 %     3/14/14     Ba2       570,996  
  160    
IASIS Healthcare LLC, Letter of Credit
     2.256 %     3/14/14     Ba2       155,770  
  1,146    
IASIS Healthcare LLC, PIK Term Loan
     5.538 %     6/16/14     CCC+       1,114,408  
  1,695    
IASIS Healthcare LLC, Term Loan
     2.255 %     3/14/14     Ba2       1,649,744  
  4,099    
LifeCare, Term Loan B
     4.540 %     8/10/12       B2       3,914,748  
  4,981    
MultiPlan, Inc., Term Loan
     6.500 %     8/26/17     Ba3       5,008,009  
  1,763    
Rehabcare Group, Inc., Term Loan B
     6.000 %     11/24/15     BB       1,770,701  
  4,996    
Skilled Healthcare Group, Inc., Term Loan
     5.250 %     4/09/16       B+       4,841,357  
  2,280    
Sun Healthcare Group, Inc., Term Loan, WI/DD
     TBD       TBD       B+       2,261,475  
  9,000    
Universal Health Services, Term Loan, WI/DD
     TBD       TBD     BB+       9,102,825  
  6,948    
Vanguard Health Holding Company II LLC, Initial Term Loan
     5.000 %     1/29/16     Ba2       6,964,470  
 
  62,741    
Total Health Care Providers & Services
                             62,157,019  
 
       
 
                                
       
Hotels, Restaurants & Leisure – 12.2% (8.6% of Total Investments)
                                
       
 
                                
  4,988    
24 Hour Fitness Worldwide, Inc., New Term Loan
     6.750 %     4/22/16     Ba3       4,773,973  
  70    
Buffets, Inc., 1st Lien PF/LC Loan
     7.539 %     4/22/15       B-       65,577  
  9,000    
Burger King Corporation, Term Loan B
     6.250 %     10/19/16     BB-       9,093,375  
  930    
CCM Merger, Inc., Term Loan B
     8.500 %     7/13/12     BB-       928,753  
  1,500    
Harrah’s Operating Company, Inc., Term Loan B1
     3.288 %     1/28/15       B       1,325,813  
  5,000    
Harrah’s Operating Company, Inc., Term Loan B2
     3.288 %     1/28/15       B       4,427,175  
  1,987    
Harrah’s Operating Company, Inc., Term Loan B3
     3.288 %     1/28/15       B       1,755,414  
  923    
Isle of Capri Casinos, Inc., Delayed Term Loan A
     5.000 %     11/25/13       B+       905,511  
  1,003    
Isle of Capri Casinos, Inc., Delayed Term Loan B
     5.000 %     11/25/13       B+       984,425  
  2,468    
Isle of Capri Casinos, Inc., Delayed Term Loan
     5.000 %     11/25/13       B+       2,421,385  
  6,610    
Orbitz Worldwide, Inc., Term Loan
     3.276 %     7/25/14       B+       6,439,623  
  581    
OSI Restaurant Partners LLC, Revolver, DD1
     1.603 %     6/14/13       B+       547,338  
  5,598    
OSI Restaurant Partners LLC, Term Loan, DD1
     2.625 %     6/14/14       B+       5,274,220  
  2,963    
Reynolds Group Holdings, Inc., US Term Loan
     6.750 %     11/05/15     BB-       2,991,318  
  7,938    
SW Acquisitions Co., Inc., Term Loan
     5.750 %     6/01/16     BB+       8,005,728  
  1,935    
Travelport LLC, Delayed Term Loan
     2.962 %     8/23/13     Ba3       1,912,238  
  674    
Travelport LLC, Letter of Credit
     2.789 %     8/23/13     Ba3       666,158  
  3,199    
Travelport LLC, Term Loan
     2.963 %     8/23/13     Ba3       3,161,024  
  10,855    
Venetian Casino Resort LLC, Tranche B, Term Loan
     3.030 %     11/23/16       B       10,170,400  
  2,578    
Venetian Casino Resort LLC, Delayed Term Loan
     3.030 %     11/23/16       B       2,413,477  
 
  70,800    
Total Hotels, Restaurants & Leisure
                             68,262,925  
 
       
 
                                
       
Household Products – 2.3% (1.6% of Total Investments)
                                
       
 
                                
  9,359    
Spectrum Brands, Inc., Term Loan
     8.000 %     6/16/16       B       9,561,144  
  3,000    
Visant Holding Corporation, Tranche B, Term Loan
     7.000 %     12/22/16     BB-       3,029,375  
 
  12,359    
Total Household Products
                             12,590,519  
 
       
 
                                
       
Insurance – 1.8% (1.3% of Total Investments)
                                
       
 
                                
  10,217    
Conseco, Inc., Term Loan
     7.500 %     10/10/13       B2       10,092,693  
 
       
 
                                
       
Internet Software & Services – 1.3% (0.9% of Total Investments)
                                
       
 
                                
  760    
Open Solutions, Inc., Term Loan B
     2.415 %     1/23/14     BB-       647,018  
  2,973    
Sabre, Inc., Term Loan
     2.267 %     9/30/14       B1       2,829,787  
  3,990    
SkillSoft PLC, Term Loan
     6.500 %     5/30/17     BB       4,031,562  
 
  7,723    
Total Internet Software & Services
                             7,508,367  
 
       
 
                                
       
IT Services – 5.8% (4.1% of Total Investments)
                                
       
 
                                
  1,000    
Attachmate Corporation, Second Lien Term Loan
     7.038 %     10/13/13     CCC+       887,500  
  2,000    
Evertec, Inc., Term Loan B
     7.500 %     9/30/16     BB-       1,995,000  
  7,240    
First Data Corporation, Term Loan B2
     3.006 %     9/24/14       B+       6,521,174  
  5,664    
First Data Corporation, Term Loan B3
     3.006 %     9/24/14       B+       5,101,683  
  122    
Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan, First Lien
     4.010 %     7/28/12       B+       115,323  
  2,475    
Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan, Second Lien, DD1
     6.505 %     3/02/14     CCC+       1,652,063  
  1,860    
Infor Global Solutions Intermediate Holdings, Ltd., Extended Delayed Term Loan
     6.010 %     7/28/15       B+       1,723,135  
  4,612    
Infor Global Solutions Intermediate Holdings, Ltd., Holdco PIK Term Loan
     6.010 %     9/02/14       B+       1,671,827  
  3,559    
Infor Global Solutions Intermediate Holdings, Ltd., Term Loan
     6.010 %     7/28/15       B+       3,311,772  
  259    
Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, First Lien
     4.010 %     7/28/12       B+       244,677  
  4,275    
Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, Second Lien, DD1
     6.505 %     3/02/14     CCC+       2,907,000  
  6,155    
SunGard Data Systems, Inc., Term Loan B
     2.006 %     2/28/14     BB       5,998,289  
 
  39,221    
Total IT Services
                             32,129,443  
 
       
 
                                
       
Leisure Equipment & Products – 3.1% (2.2% of Total Investments)
                                
       
 
                                
  14,341    
Bombardier Recreational Products, Inc., Term Loan
     3.392 %     6/28/13     Caa1       12,888,827  
  4,232    
Cedar Fair LP, Term Loan
     5.500 %     12/15/16     Ba2       4,293,412  
 
  18,573    
Total Leisure Equipment & Products
                             17,182,239  
 
       
 
                                
       
Media – 13.0% (9.1% of Total Investments)
                                
       
 
                                
  29    
American Media Operations, Inc., Term Loan
     0.000 %     1/30/13       B3       28,686  
  3,000    
Charter Communications Operating Holdings LLC, Holdco Term Loan
     2.755 %     3/06/14     BB+       2,838,750  
  4,558    
Charter Communications Operating Holdings LLC, Term Loan C
     3.540 %     9/06/16     BB+       4,482,023  
  2,770    
Citadel Broadcasting Corporation, Term Loan, (9)
     11.000 %     6/03/15     BB+       2,936,129  
  1,671    
Gray Television, Inc., Term Loan B
     3.760 %     12/31/14       B       1,623,929  
  6,384    
Interactive Data Corporation, Term Loan
     6.750 %     1/29/17     Ba3       6,500,348  
  3,218    
Mediacom Broadband LLC, Tranche D, Term Loan
     5.500 %     3/31/17     BB-       3,195,380  
  11,885    
Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, (7),(9)
     0.000 %     4/09/12       N/R       5,566,347  
  68    
Nielsen Finance LLC, Term Loan A
     2.256 %     8/09/13     BB-       66,471  
  7,466    
Nielsen Finance LLC, Term Loan B
     4.006 %     5/02/16     BB-       7,397,079  
  1,099    
Nielsen Finance LLC, Term Loan C
     4.006 %     5/02/16     BB-       1,083,851  
  4,721    
Philadelphia Newspapers, Term Loan, (7),(8)
     6.500 %     6/29/13       N/R       1,298,140  
  5,379    
Spanish Broadcasting System, Inc., Term Loan B
     2.040 %     6/11/12       B-       5,168,091  
  2,801    
SuperMedia, Term Loan
     11.000 %     12/31/15       B-       2,117,064  
  1,432    
Tribune Company, Term Loan B, (7),(8)
     0.000 %     6/04/14     Ca       955,444  
  22,710    
Univision Communications, Inc., Term Loan
     4.505 %     3/31/17       B2       21,458,920  
  3,000    
UPC Broadband Holding BV, Term Loan N
     4.251 %     12/31/17     Ba3       2,924,063  
  5,092    
Yell Group PLC, Term Loan
     4.005 %     7/31/14       B       2,798,485  
 
  87,283    
Total Media
                             72,439,200  
 
       
 
                                
       
Metals & Mining – 1.0% (0.7% of Total Investments)
                                
       
 
                                
  1,750    
Fairmount Minerals, Ltd., Tranche B, Term Loan
     6.250 %     8/05/16     BB       1,772,604  
  3,648    
John Maneely Company, Term Loan
     3.539 %     12/09/13       B       3,571,776  
 
  5,398    
Total Metals & Mining
                             5,344,380  
 
       
 
                                
       
Multiline Retail – 1.2% (0.8% of Total Investments)
                                
       
 
                                
  6,780    
Neiman Marcus Group, Inc., Term Loan
     2.294 %     4/06/13     BB-       6,624,763  
 
       
 
                                
       
Oil, Gas & Consumable Fuels – 2.9% (2.0% of Total Investments)
                                
       
 
                                
  258    
Alon USA Energy, Inc., Edgington Facility
     2.505 %     8/05/13       B+       190,939  
  2,064    
Alon USA Energy, Inc., Paramount Facility
     2.591 %     8/05/13       B+       1,527,406  
  2,583    
Big West Oil LLC, New Term Loan
     12.000 %     7/23/15       B+       2,630,156  
  1,834    
Brand Energy & Infrastructure Services, Inc., Term Loan B
     2.563 %     2/07/14       B1       1,735,499  
  412    
Calumet Lubricants Company LP, Credit Linked Deposit
     4.141 %     1/03/15       B1       395,727  
  3,037    
Calumet Lubricants Company LP, Term Loan
     4.376 %     1/03/15       B1       2,915,305  
  2,925    
CCS Income Trust, Term Loan
     3.288 %     11/14/14       B       2,570,179  
  3,346    
Venoco, Inc., Term Loan
     4.313 %     5/07/14     BB-       3,170,915  
  991    
Western Refining, Inc., Term Loan
     10.750 %     5/30/14       B       997,893  
 
  17,450    
Total Oil, Gas & Consumable Fuels
                             16,134,019  
 
       
 
                                
       
Paper & Forest Products – 1.2% (0.8% of Total Investments)
                                
       
 
                                
  4,818    
Newark Group, Inc., DIP Term Loan
     12.500 %     3/31/14       N/R       4,866,364  
  1,910    
Wilton Products, Term Loan
     3.560 %     8/01/14       B+       1,690,457  
 
  6,728    
Total Paper & Forest Products
                             6,556,821  
 
       
 
                                
       
Personal Products – 0.7% (0.5% of Total Investments)
                                
       
 
                                
  3,980    
Revlon Consumer Products Corporation, Term Loan
     6.000 %     3/11/15     Ba3       3,992,081  
 
       
 
                                
       
Pharmaceuticals – 2.9% (2.1% of Total Investments)
                                
       
 
                                
  5,625    
Graceway Pharmaceuticals LLC, Second Lien Term Loan, DD1, (7),(9)
     8.756 %     5/03/13     Ca       724,219  
  1,609    
Graceway Pharmaceuticals LLC, Term Loan
    5.006 %     5/03/12     Caa2       984,220  
  1,535    
Warner Chilcott Corporation, Add on Term Loan
     6.250 %     4/30/15     BB       1,543,016  
  4,066    
Warner Chilcott Corporation, Term Loan A
     6.000 %     10/30/14     BB       4,067,615  
  1,835    
Warner Chilcott Corporation, Term Loan B1
     6.250 %     4/30/15     BB       1,845,504  
  3,055    
Warner Chilcott Corporation, Term Loan B2
     6.250 %     4/30/15     BB       3,073,098  
  3,095    
Warner Chilcott Corporation, Term Loan B3
     6.500 %     2/22/16     BB       3,121,892  
  1,005    
Warner Chilcott Corporation, Term Loan B4
     6.500 %     2/22/16     BB       1,011,990  
 
  21,825    
Total Pharmaceuticals
                             16,371,554  
 
       
 
                                
       
Professional Services – 0.2% (0.1% of Total Investments)
                                
       
 
                                
  978    
Vertrue Inc., Term Loan
     3.290 %     8/16/14     Ba3       880,527  
 
       
 
                                
       
Real Estate Management & Development – 3.9% (2.7% of Total Investments)
                                
       
 
                                
  7,766    
Capital Automotive LP, Tranche C
     2.760 %     12/14/12     Ba3       7,692,723  
  6,057    
LNR Property Corporation, Term Loan B
     3.760 %     7/12/11       B2       5,898,424  
  8,798    
Realogy Corporation, Delayed Term Loan
     3.263 %     10/10/13       B1       8,015,368  
 
  22,621    
Total Real Estate Management & Development
                             21,606,515  
 
       
 
                                
       
Road & Rail – 5.0% (3.5% of Total Investments)
                                
       
 
                                
  651    
Avis Budget Car Rental LLC, Term Loan
     5.750 %     4/19/14     BB       650,317  
  511    
Hertz Corporation, Letter of Credit
     2.089 %     12/21/12     Ba1       507,520  
  2,757    
Hertz Corporation, Term Loan
     2.010 %     12/21/12     Ba1       2,737,381  
  24,257    
Swift Transportation Company, Inc., Term Loan
     8.250 %     5/12/14       B       23,893,233  
 
  28,176    
Total Road & Rail
                             27,788,451  
 
       
 
                                
       
Semiconductors & Equipment – 0.9% (0.7% of Total Investments)
                                
       
 
                                
  2,314    
Freescale Semiconductor, Inc., Term Loan
     4.506 %     12/01/16       B2       2,183,007  
  2,985    
Spansion LLC, Term Loan
     7.500 %     2/09/15     BB-       3,017,338  
 
  5,299    
Total Semiconductors & Equipment
                             5,200,345  
 
       
 
                                
       
Software – 3.7% (2.6% of Total Investments)
                                
       
 
                                
  8,261    
Dealer Computer Services, Inc., New Term Loan
     5.250 %     4/21/17     BB-       8,270,537  
  7,000    
IPC Systems, Inc., Term Loan, Second Lien
     5.539 %     6/01/15     CCC       6,008,331  
  4,818    
IPC Systems, Inc., Term Loan
     2.526 %     6/02/14       B1       4,344,265  
  1,988    
Reynolds Group Holdings, Inc., Incremental US Term Loan
     6.250 %     5/05/16     BB-       2,002,401  
 
  22,067    
Total Software
                             20,625,534  
 
       
 
                                
       
Specialty Retail – 6.2% (4.4% of Total Investments)
                                
       
 
                                
  12,231    
Burlington Coat Factory Warehouse Corporation, Term Loan
     2.520 %     5/28/13       B-       11,932,260  
  7,490    
Michaels Stores, Inc., Term Loan B1
     2.634 %     10/31/13       B+       7,277,622  
  5,107    
Michaels Stores, Inc., Term Loan B2
     4.884 %     7/31/16       B+       5,072,660  
  1,725    
Pilot Travel Centers LLC, Term Loan
     5.250 %     6/30/16     BBB-       1,751,315  
  8,668    
Toys “R” Us – Delaware, Inc., Term Loan
     6.000 %     9/01/16     BB-       8,727,685  
 
  35,221    
Total Specialty Retail
                             34,761,542  
 
       
 
                                
       
Trading Companies & Distributors – 0.3% (0.2% of Total Investments)
                                
       
 
                                
  232    
Brenntag Holdings GmbH & Co. KG, Acquisition Facility
     4.032 %     1/20/14     BBB-       233,440  
  1,332    
Brenntag Holdings GmbH & Co. KG, Facility B2
     4.022 %     1/20/14     BBB-       1,341,540  
 
  1,564    
Total Trading Companies & Distributors
                             1,574,980  
 
       
 
                                
       
Wireless Telecommunication Services – 3.8% (2.7% of Total Investments)
                                
       
 
                                
  10,890    
Asurion Corporation, Term Loan
     3.277 %     7/03/14       N/R       10,190,315  
  10,000    
Clear Channel Communications, Inc., Tranche B, Term Loan
     3.905 %     11/13/15     Caa1       7,966,250  
  3,220    
MetroPCS Wireless, Inc., Tranche B2, Term Loan
     3.813 %     11/03/16     Ba1       3,219,675  
 
  24,110    
Total Wireless Telecommunication Services
                             21,376,240  
 
$ 751,925    
Total Variable Rate Senior Loan Interests (cost $698,646,923)
                             700,254,146  
 
       
 
                                
Shares    
Description (1)
                           Value  
 
       
 
                                
       
Common Stocks – 2.6% (1.8% of Total Investments)
                                
       
 
                                
       
Aerospace & Defense – 0.1% (0.1% of Total Investments)
                                
       
 
                                
  44,943    
Aveos Fleet Performance Inc., (10),(12)
                           $ 741,560  
 
       
 
                                
       
Building Products – 2.1% (1.4% of Total Investments)
                                
       
 
                                
  301,905    
Masonite Worldwide Holdings, (10),(12)
                             11,472,390  
 
       
 
                                
       
Media – 0.4% (0.3% of Total Investments)
                                
       
 
                                
  36,467    
Citadel Broadcasting Corp Class B Shares, (10)
                             929,908  
  8,135    
Citadel Broadcasting Corporation, (10)
                             197,274  
  49,989    
Readers Digest Association Inc., (10),(12)
                             1,042,270  
 
       
Total Media
                             2,169,452  
         
       
Total Common Stocks (cost $18,402,517)
                             14,383,402  
         
       
 
                                
Principal    
 
                                
Amount (000)    
Description (1)
   Coupon     Maturity     Ratings (3)     Value  
 
       
 
                                
       
Convertible Bonds – 0.6% (0.4% of Total Investments)
                                
       
 
                                
       
Airlines – 0.5% (0.4% of Total Investments)
                                
       
 
                                
$ 2,000    
UAL Corporation
     5.000 %     2/01/21       N/R     $ 2,020,000  
  1,000    
UAL Corporation
     4.500 %     6/30/21       N/R       1,071,600  
 
  3,000    
Total Airlines
                             3,091,600  
 
       
 
                                
       
Communications Equipment – 0.1% (0.0% of Total Investments)
                                
       
 
                                
  500    
Nortel Networks Corporation, (11)
     1.750 %     4/15/12       D       402,500  
 
$ 3,500    
Total Convertible Bonds (cost $3,353,304)
                             3,494,100  
 
       
 
                                
Principal    
 
                                
Amount (000)    
Description (1)
   Coupon     Maturity     Ratings (3)     Value  
 
       
 
                                
       
Corporate Bonds – 6.0% (4.2% of Total Investments)
                                
       
 
                                
       
Automobiles – 0.3% (0.2% of Total Investments)
                                
       
 
                                
$ 4,000    
General Motors Corporation, (8)
     8.250 %     7/15/23       N/R     $ 1,420,000  
 
       
 
                                
       
Biotechnology – 0.1% (0.1% of Total Investments)
                                
       
 
                                
  1,023    
Angiotech Pharmaceuticals, Inc., Floating Rate Note, 3.750% plus three-month LIBOR
     4.036 %     12/01/13     Caa2       859,320  
 
       
 
                                
       
Construction Materials – 0.2% (0.1% of Total Investments)
                                
       
 
                                
  1,000    
Headwaters Inc., 144A
     11.375 %     11/01/14       B+       1,065,000  
 
       
 
                                
       
Diversified Telecommunication Services – 0.3% (0.2% of Total Investments)
                                
       
 
                                
  2,000    
Nortel Networks Limited, (11)
     0.000 %     7/15/11       N/R       1,640,000  
 
       
 
                                
       
Health Care Providers & Services – 0.9% (0.7% of Total Investments)
                                
       
 
                                
  2,000    
HCA Inc., 144A
     8.500 %     4/15/19     BB       2,260,000  
  2,500    
Select Medical Corporation
     7.625 %     2/01/15       B-       2,546,875  
  500    
Select Medical Corporation, Floating Rate Note, 5.750% plus six-month LIBOR
     6.198 %     9/15/15     CCC+       450,000  
 
  5,000    
Total Health Care Providers & Services
                             5,256,875  
 
       
 
                                
       
Health Care Technology – 0.5% (0.3% of Total Investments)
                                
       
 
                                
  2,500    
Merge Healthcare Inc., 144A
     11.750 %     5/01/15       B+       2,631,250  
 
       
 
                                
       
Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments)
                                
       
 
                                
  545    
CKE Restaurant Inc., 144A
     11.375 %     7/15/18       B       590,642  
 
       
 
                                
       
Internet Software & Services – 0.4% (0.3% of Total Investments)
                                
       
 
                                
  2,750    
Open Solutions Inc., 144A
     9.750 %     2/01/15     CCC+       2,010,938  
 
       
 
                                
       
IT Services – 0.2% (0.1% of Total Investments)
                                
       
 
                                
  1,108    
First Data Corporation
     10.550 %     9/24/15       B-       942,040  
 
       
 
                                
       
Media – 1.0% (0.7% of Total Investments)
                                
       
 
                                
  1,300    
Clear Channel Communications, Inc.
     5.000 %     3/15/12     C       1,256,125  
  2,950    
Clear Channel Communications, Inc.
     5.500 %     9/15/14     C       2,042,875  
  3,250    
Clear Channel Communications, Inc.
     10.750 %     8/01/16     C       2,526,875  
 
  7,500    
Total Media
                             5,825,875  
 
       
 
                                
       
Multiline Retail – 0.4% (0.3% of Total Investments)
                                
       
 
                                
  2,250    
Spectrum Brands, Inc., 144A
     9.500 %     6/15/18       B       2,501,719  
 
       
 
                                
       
Oil, Gas & Consumable Fuels – 0.5% (0.3% of Total Investments)
                                
       
 
                                
  2,500    
Western Refining Inc., Floating Rate Note, 7.500% plus three-month LIBOR, 144A
     7.786 %     6/15/14     B3       2,562,500  
 
       
 
                                
       
Paper & Forest Products – 0.3% (0.2% of Total Investments)
                                
       
 
                                
  2,000    
Verso Paper Holdings LLC, Floating Rate Note, 3.750% plus three-month LIBOR
     4.036 %     8/01/14       B       1,805,000  
 
       
 
                                
       
Pharmaceuticals – 0.1% (0.1% of Total Investments)
                                
       
 
                                
  875    
Angiotech Pharmaceuticals Inc., (15)
     7.750 %     4/01/14     C       345,625  
 
       
 
                                
       
Road & Rail – 0.3% (0.2% of Total Investments)
                                
       
 
                                
  2,000    
Avis Budget Car Rental, Floating Rate Note, 2.500% plus three-month LIBOR
     2.786 %     5/15/14       B       1,900,000  
 
       
 
                                
       
Wireless Telecommunication Services – 0.4% (0.3% of Total Investments)
                                
       
 
                                
  2,000    
Sprint Nextel Corporation
     8.375 %     8/15/17     BB-       2,215,000  
 
$ 39,051    
Total Corporate Bonds (cost $31,190,615)
                             33,571,784  
 
       
 
                                
Shares    
Description (1)
                           Value  
 
       
 
                                
       
Investment Companies – 2.2% (1.6% of Total Investments)
                                
       
 
                                
  353,668    
Eaton Vance Floating-Rate Income Trust Fund
                           $ 5,616,248  
  963,820    
Eaton Vance Senior Income Trust
                             6,737,102  
 
       
Total Investment Companies (cost $11,947,776)
                             12,353,350  
         
       
 
                                
Shares    
Description (1)
                           Value  
 
       
 
                                
       
Warrants – 0.6% (0.4% of Total Investments)
                                
       
 
                                
  117,325    
Citadel Broadcasting Corporation
                           $ 3,109,113  
 
       
Total Warrants (cost $3,575,479)
                             3,109,113  
         
       
 
                                
Principal    
 
                                
Amount (000)    
Description (1)
   Coupon     Maturity             Value  
 
       
 
                                
       
Short-Term Investments – 4.7% (3.3% of Total Investments)
                                
       
 
                                
$ 26,024    
Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/29/10, repurchase price $26,023,848, collateralized by $24,440,000 U.S. Treasury Bonds, 4.500%, due 8/15/39, value $26,546,728
     0.020 %     11/01/10             $ 26,023,805  
         
       
Total Short-Term Investments (cost $26,023,805)
                             26,023,805  
         
       
Total Investments (cost $793,140,419) – 142.3%
                             793,189,700  
         
       
Borrowings – (35.5)% (13),(14)
                             (197,740,000 )
         
       
Other Assets Less Liabilities – (6.8)%
                             (37,915,596 )
         
       
Net Assets Applicable to Common Shares – 100%
                           $ 557,534,104  
         
Fair Value Measurements
In determining the fair 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 methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of October 31, 2010:
                                 
    Level 1     Level 2     Level 3     Total  
 
 
Investments:
                                
Variable Rate Senior Loan Interests
   $ —     $ 700,254,146     $ —     $ 700,254,146  
Common Stocks*
     1,127,182       13,256,220       —       14,383,402  
Convertible Bonds
     —       3,494,100       —       3,494,100  
Corporate Bonds
     —       33,571,784       —       33,571,784  
Investment Companies
     12,353,350       —       —       12,353,350  
Warrants
     3,109,113       —       —       3,109,113  
Short-Term Investments
     26,023,805       —       —       26,023,805  
 
                                
 
 
                                
Total
   $ 42,613,450     $ 750,576,250     $ —     $ 793,189,700  
 
 
* 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, 2010, the cost of investments was $794,203,979.
Gross unrealized appreciation and gross unrealized depreciation of investments at October 31, 2010, were as follows:
         
 
 
        
Gross unrealized:
        
Appreciation
   $   29,766,896  
Depreciation
     (30,781,175 )
 
        
 
 
        
Net unrealized appreciation (depreciation) of investments
   $ (1,014,279 )
 
     
    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 Investor 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.
 
(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)   Investment, or portion of investment, represents an unfunded Senior Loan commitment outstanding at October 31, 2010. At October 31, 2010, the Fund had unfunded Senior Loan Commitments of $2,222,222.
 
(6)   Negative value represents unrealized depreciation on unfunded Senior Loan commitment outstanding at October 31, 2010.
 
(7)   At or subsequent to October 31, 2010, this issue was under the protection of the Federal Bankruptcy Court or has filed for bankruptcy.
 
(8)   Non-income producing; denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.
 
(9)   The Fund’s Adviser has concluded this issue is not likely to meet its future 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.
 
(10)   Non-income producing; issuer has not declared a dividend within the past twelve months.
 
(11)   The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
 
(12)   For fair value measurement disclosure purposes, Common Stock categorized as Level 2.
 
(13)   Borrowings as a percentage of Total Investments is 24.9%.
 
(14)   The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for borrowings.
 
(15)   Subsequent to the reporting period, the Fund’s Adviser has concluded this issue is not likely to meet its future 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.
 
N/R   Not rated.
 
DD1   Investment, or 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 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.
NUVEEN FLOATING RATE INCOME FUND
         
     
By (Signature and Title)  /s/ Kevin J. McCarthy    
  Kevin J. McCarthy  
  Vice President and Secretary   
 
Date December 30, 2010
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, 2010
         
     
By (Signature and Title)  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date December 30, 2010