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:    4/30/2010   
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)
April 30, 2010 (Unaudited)
                                                 
Principal    
 
           Weighted
Average		                  
Amount (000)    
Description (1)
           Coupon   Maturity (2)     Ratings (3)     Value  
 
       
 
                                        
       
Variable Rate Senior Loan Interests – 116.3% (83.7% of Total Investments) (4)
                                
       
 
                                        
       
Aerospace & Defense – 1.1% (0.8% of Total Investments)
                                
       
 
                                        
$ 415    
Aveos Fleet Performance, Inc., ABL Term Loan
             11.250 %     3/12/13       B     $ 418,725  
  418    
Aveos Fleet Performance, Inc., Term Loan
             10.750 %     3/12/15       B       419,625  
  168    
Hawker Beechcraft, LLC, LC Facility
             2.290 %     3/26/14     CCC+       144,317  
  498    
Hawker Beechcraft, LLC, Term Loan B
             10.500 %     3/26/14     CCC+       500,609  
  2,818    
Hawker Beechcraft, LLC, Term Loan
             2.278 %     3/26/14     CCC+       2,426,457  
  2,300    
Transdigm, Inc., Term Loan B
             2.278 %     6/23/13     Ba2       2,270,291  
 
  6,617    
Total Aerospace & Defense
                                     6,180,024  
 
       
 
                                        
       
Airlines – 3.2% (2.3% of Total Investments)
                                        
       
 
                                        
  3,177    
Delta Air Lines, Inc., Credit Linked Deposit
             2.298 %     4/30/12     Ba2       3,111,714  
  2,000    
Delta Air Lines, Inc., Revolver, WI/DD
             TBD       TBD     Ba2       1,904,000  
  4,306    
Delta Air Lines, Inc., Term Loan
             3.548 %     4/30/14       B       4,039,904  
  9,522    
United Air Lines, Inc., Term Loan B, DD1
             2.357 %     2/01/14       B+       8,793,875  
 
  19,005    
Total Airlines
                                     17,849,493  
 
       
 
                                        
       
Auto Components – 2.8% (2.0% of Total Investments)
                                
       
 
                                        
  11,090    
Federal-Mogul Corporation, Tranche B, Term Loan
             2.189 %     12/29/14     Ba3       10,165,475  
  6,096    
Federal-Mogul Corporation, Tranche C, Term Loan
             2.196 %     12/28/15     Ba3       5,588,225  
 
  17,186    
Total Auto Components
                                     15,753,700  
 
       
 
                                        
       
Automobiles – 1.6% (1.2% of Total Investments)
                                        
       
 
                                        
  9,391    
Ford Motor Company, Term Loan
             3.284 %     12/15/13     Ba2       9,084,255  
 
       
 
                                        
       
Building Products – 2.1% (1.5% of Total Investments)
                                
       
 
                                        
  7,727    
Building Materials Corporation of America, Term Loan
     3.063 %     2/22/14     BBB-       7,639,828  
  4,504    
TFS Acquisition, Term Loan
             10.000 %     8/11/13     CCC+       4,380,544  
 
  12,231    
Total Building Products
                                     12,020,372  
 
       
 
                                        
       
Chemicals – 3.9% (2.8% of Total Investments)
                                        
       
 
                                        
  1,400    
Celanese US Holdings LLC, Credit Linked Deposit
             1.999 %     4/02/14     BB+       1,372,875  
  543    
Hercules Offshore, Inc., Term Loan
             6.000 %     7/11/13       B       528,448  
  2,924    
Hexion Specialty Chemicals, Inc., Term Loan C1
             2.563 %     5/05/13     Ba3       2,828,332  
  1,295    
Hexion Specialty Chemicals, Inc., Term Loan C2
             2.563 %     5/05/13     Ba3       1,252,826  
  3,286    
Huntsman International LLC, Term Loan
             2.056 %     4/19/14     Ba2       3,170,824  
  3,690    
Ineos US Finance LLC, Tranche C2
           5.250 %   12/16/14     CCC+       3,690,784  
  3,690    
Ineos US Finance LLC, Tranche B2
           1.000 %   12/16/13     CCC+       3,690,785  
  24    
LyondellBasell Finance Company, Dutch Revolving Line of Credit, (5)
     3.500 %     12/20/13       N/R       14,668  
  53    
LyondellBasell Finance Company, Dutch Tranche A, Term Loan, (5)
     3.500 %     12/20/13       N/R       32,284  
  70    
LyondellBasell Finance Company, German Tranche B1, Euro Term Loan, (5)
     3.750 %     12/22/14       N/R       42,109  
  70    
LyondellBasell Finance Company, German Tranche B2, Euro Term Loan, (5)
     3.750 %     12/20/14       N/R       42,109  
  70    
LyondellBasell Finance Company, German Tranche B3, Euro Term Loan, (5)
     3.750 %     12/22/14       N/R       42,109  
  91    
LyondellBasell Finance Company, Revolving Line of Credit, (5)
     3.500 %     12/20/13       N/R       55,003  
  173    
LyondellBasell Finance Company, US Tranche A, Term Loan, (5)
     3.500 %     12/20/13       N/R       104,797  
  302    
LyondellBasell Finance Company, US Tranche B1, Term Loan, (5)
     3.750 %     12/22/14       N/R       182,723  
  302    
LyondellBasell Finance Company, US Tranche B2, Term Loan, (5)
     3.750 %     12/22/14       N/R       182,723  
  302    
LyondellBasell Finance Company, US Tranche B3, Term Loan, (5)
     3.750 %     12/22/14       N/R       182,723  
  1,000    
Solutia, Inc., New Term Loan
             4.750 %     3/17/17     Ba2       1,008,229  
  3,371    
Univar, Inc., Term Loan
             3.273 %     10/10/14       B+       3,318,349  
 
  22,656    
Total Chemicals
                                     21,742,700  
 
       
 
                                        
       
Commercial Services & Supplies – 2.1% (1.5% of Total Investments)
                                
       
 
                                        
  3,117    
Rental Services Corporation, Term Loan
             3.800 %     11/27/13       B-       3,036,258  
  178    
ServiceMaster Company, Delayed Term Loan
             2.780 %     7/24/14       B+       172,761  
  1,791    
ServiceMaster Company, Term Loan
             2.764 %     7/24/14       B+       1,734,810  
  1,995    
Universal City Development Partners, Ltd., Term Loan B, WI/DD
     TBD       TBD     Ba2       1,985,025  
  1,995    
Universal City Development Partners, Ltd., Term Loan
     6.500 %     11/06/14     Ba2       2,008,700  
  2,314    
West Corporation, Term Loan B4
             4.140 %     6/30/16     BB-       2,306,369  
  887    
Workflow Holdings Corporation, Term Loan
             8.000 %     11/30/11     Caa1       731,753  
 
  12,277    
Total Commercial Services & Supplies
                                     11,975,676  
 
       
 
                                        
       
Communications Equipment – 2.9% (2.1% of Total Investments)
                                
       
 
                                        
  16,631    
Avaya, Inc., Term Loan
             3.002 %     10/26/14       B1       15,272,353  
  1,008    
Telcordia Technologies, Inc., New Term Loan, WI/DD
             TBD       TBD       B+       1,012,815  
 
  17,639    
Total Communications Equipment
                                     16,285,168  
 
       
 
                                        
       
Consumer Finance – 0.1% (0.1% of Total Investments)
                                
       
 
                                        
  1,019    
Peach Holdings, Inc., Term Loan
             6.250 %     11/30/13     CCC-       794,826  
 
       
 
                                        
       
Containers & Packaging – 0.6% (0.5% of Total Investments)
                                
       
 
                                        
  455    
Amscan Holdings, Inc., Term Loan
             2.534 %     5/27/13       B1       437,997  
  304    
Graham Packaging Company LP, Term Loan B
             2.504 %     10/07/11       B+       302,391  
  2,872    
Graham Packaging Company LP, Term Loan C
             6.750 %     4/05/14       B+       2,900,516  
 
  3,631    
Total Containers & Packaging
                                     3,640,904  
 
       
 
                                        
       
Diversified Consumer Services – 1.7% (1.2% of Total Investments)
                                
       
 
                                        
  6,722    
Cengage Learning Acquisitions, Inc., Term Loan
             2.790 %     7/05/14       B+       6,027,583  
  3,500    
Quad Graphics, Inc., Term Loan, WI/DD
             TBD       TBD     BB+       3,496,721  
 
  10,222    
Total Diversified Consumer Services
                                     9,524,304  
 
       
 
                                        
       
Diversified Financial Services – 0.9% (0.7% of Total Investments)
                                
       
 
                                        
  1,400    
CIT Group, Inc., Tranche A1, Term Loan
             13.000 %     1/18/12     BB       1,445,850  
  2,100    
CIT Group, Inc., Tranche B1, Term Loan
             13.000 %     1/18/12     BB       2,151,188  
  1,750    
Fox Acquisition Sub LLC, Term Loan B
             7.500 %     7/14/15       B       1,743,240  
 
  5,250    
Total Diversified Financial Services
                                     5,340,278  
 
       
 
                                        
       
Diversified Telecommunication Services – 4.1% (3.0% of Total Investments)
                                
       
 
                                        
  3,163    
Intelsat, Tranche B2, Term Loan A
             2.792 %     1/03/14     BB-       3,106,999  
  3,162    
Intelsat, Tranche B2, Term Loan B
             2.792 %     1/03/14     BB-       3,106,046  
  3,162    
Intelsat, Tranche B2, Term Loan C
             2.792 %     1/03/14     BB-       3,106,046  
  3,812    
Intelsat, Tranche B2, Term Loan
             2.792 %     7/01/13     BB-       3,744,252  
  6,800    
Level 3 Financing, Inc., Term Loan
             2.548 %     3/13/14       B+       6,381,378  
  3,801    
MetroPCS Wireless, Inc., Term Loan
             2.522 %     11/03/13     Ba1       3,722,973  
 
  23,900    
Total Diversified Telecommunication Services
                                     23,167,694  
 
       
 
                                        
       
Electric Utilities – 1.4% (1.0% of Total Investments)
                                
       
 
                                        
  3,692    
Calpine Corporation, DIP Term Loan
             3.165 %     3/29/14       B+       3,566,136  
  2,222    
Calpine Corporation Revolver, (11), (12)
             0.100 %     3/31/14       B+       (206,944 )
  2,613    
TXU Corporation, Term Loan B2
             3.752 %     10/10/14       B+       2,149,506  
  2,903    
TXU Corporation, Term Loan B3
             3.752 %     10/10/14       B+       2,372,437  
 
  11,430    
Total Electric Utilities
                                     7,881,135  
 
       
 
                                        
       
Electrical Equipment – 1.0% (0.7% of Total Investments)
                                
       
 
                                        
  5,780    
Allison Transmission Holdings, Inc., Term Loan
             3.014 %     8/07/14       B       5,539,789  
 
       
 
                                        
       
Electronic Equipment & Instruments – 0.8% (0.6% of Total Investments)
                                
       
 
                                        
  4,942    
Sensata Technologies B.V., Term Loan
             2.078 %     4/27/13     BB-       4,780,217  
 
       
 
                                        
       
Energy Equipment & Services – 0.2% (0.1% of Total Investments)
                                
       
 
                                        
  951    
PGS Finance, Inc., Term Loan
             2.045 %     6/29/15     Ba2       933,060  
 
       
 
                                        
       
Food & Staples Retailing – 1.5% (1.0% of Total Investments)
                                
       
 
                                        
  2,000    
Rite Aid Corporation, Tranche 4, Term Loan
             9.500 %     6/10/15       B+       2,091,666  
  6,726    
U.S. Foodservice, Inc., Term Loan
             2.768 %     7/03/14       B2       6,135,688  
 
  8,726    
Total Food & Staples Retailing
                                     8,227,354  
 
       
 
                                        
       
Food Products – 0.9% (0.7% of Total Investments)
                                        
       
 
                                        
  376    
Dole Food Company, Inc., Deposit-Funded Commitment
     0.163 %     4/12/13     Ba2       380,077  
  4,918    
Pinnacle Foods Finance LLC, Tranche C, Term Loan
             7.500 %     4/02/14       B       4,963,052  
 
  5,294    
Total Food Products
                                     5,343,129  
 
       
 
                                        
       
Health Care Equipment & Supplies – 0.3% (0.2% of Total Investments)
                                
       
 
                                        
  195    
Bausch & Lomb, Inc., Delayed Term Loan
             3.540 %     4/24/15     BB-       191,431  
  805    
Bausch & Lomb, Inc., Term Loan
             3.540 %     4/24/15     BB-       789,336  
  145    
Fenwal, Inc., Delayed Term Loan
             2.502 %     2/28/14       B       128,956  
  848    
Fenwal, Inc., Term Loan
             2.502 %     2/28/14       B       752,403  
 
  1,993    
Total Health Care Equipment & Supplies
                                     1,862,126  
 
       
 
                                        
       
Health Care Providers & Services – 9.5% (6.8% of Total Investments)
                                
       
 
                                        
  1,500    
Ardent Medical Services, Inc., Term Loan
             6.500 %     9/15/15       B1       1,484,625  
  697    
Community Health Systems, Inc., Delayed Term Loan
     2.502 %     7/25/14     BB       678,810  
  13,614    
Community Health Systems, Inc., Term Loan
             2.502 %     7/25/14     BB       13,252,823  
  6,205    
HCA, Inc., Term Loan
           1.000 %   11/18/13     BB       6,172,790  
  2,587    
HCA, Inc., Tranche B2, Term Loan
           5.250 %   11/18/13     BB+       2,521,263  
  6,123    
Health Management Associates, Inc., Term Loan
             2.040 %     2/28/14     BB-       5,940,767  
  802    
HealthSouth Corporation, Tranche 1, Term Loan
             2.510 %     3/10/13     BB-       789,553  
  660    
HealthSouth Corporation, Tranche 2, Term Loan
             4.010 %     3/15/14     BB-       660,701  
  1,766    
IASIS Healthcare LLC, Delayed Term Loan
             2.273 %     3/14/14     Ba2       1,719,541  
  479    
IASIS Healthcare LLC, Letter of Credit
             2.280 %     3/14/14     Ba2       466,712  
  1,114    
IASIS Healthcare LLC, PIK Term Loan
             5.588 %     6/15/14     CCC+       1,066,263  
  5,102    
IASIS Healthcare LLC, Term Loan
             2.273 %     3/14/14     Ba2       4,968,495  
  3,820    
LifeCare, Term Loan B
             4.590 %     8/10/12       B2       3,552,600  
  1,995    
Rehabcare Group, Inc., Term Loan B
             6.000 %     11/24/15     BB       2,007,469  
  1,323    
Select Medical Corporation, Term Loan
             2.251 %     2/24/12     Ba2       1,282,906  
  6,983    
Vanguard Health Holding Company II LLC, Initial Term Loan
     5.000 %     1/29/16     Ba2       7,019,058  
 
  54,770    
Total Health Care Providers & Services
                                     53,584,376  
 
       
 
                                        
       
Hotels, Restaurants & Leisure – 12.0% (8.6% of Total Investments)
                                
       
 
                                        
  5,000    
24 Hour Fitness Worldwide, Inc., New Term Loan, WI/DD
             TBD       TBD     Ba2       4,900,000  
  68    
Buffets, Inc., 1st Lien PF/LC Loan
             7.426 %     4/22/15       N/R       66,830  
  944    
CCM Merger, Inc., Term Loan B
             8.500 %     7/13/12     BB-       936,569  
  3,685    
Cedar Fair LP, Extended US Term Loan
             4.273 %     8/30/14     BB-       3,685,223  
  1,679    
Cedar Fair LP, Term Loan
             2.273 %     8/30/12     BB-       1,668,589  
  2,113    
Fontainebleau Las Vegas LLC, Term Loan, (5), (6)
             4.000 %     6/06/14       N/R       538,691  
  5,000    
Harrah’s Operating Company, Inc., Term Loan B2, DD1
             3.000 %     1/28/15       B       4,410,765  
  635    
Isle of Capri Casinos, Inc., Delayed Term Loan A
             5.000 %     11/25/13       B+       622,322  
  722    
Isle of Capri Casinos, Inc., Delayed Term Loan B
             5.000 %     11/25/13       B+       707,576  
  1,806    
Isle of Capri Casinos, Inc., Delayed Term Loan
             5.000 %     11/25/13       B+       1,768,939  
  6,610    
Orbitz Worldwide, Inc., Term Loan
             3.284 %     7/25/14       B+       6,415,382  
  498    
OSI Restaurant Partners LLC, Revolver
             0.767 %     6/14/13       B+       452,326  
  4,712    
OSI Restaurant Partners LLC, Term Loan
             2.625 %     6/14/14       B+       4,280,921  
  2,981    
Reynolds Group Holdings, Inc., US Term Loan
             6.250 %     11/05/15     BB-       3,000,628  
  1,468    
Sagittarius Restaurants LLC, Term Loan
             9.500 %     3/29/13       B2       1,472,135  
  8,978    
SW Acquisitions Co., Inc., Term Loan
             5.750 %     6/01/16     BB+       9,050,442  
  1,945    
Travelport LLC, Delayed Term Loan
             2.790 %     8/23/13     Ba3       1,897,104  
  981    
Travelport LLC, Letter of Credit
             2.790 %     8/23/13     Ba3       955,434  
  4,891    
Travelport LLC, Term Loan
             2.790 %     8/23/13     Ba3       4,761,678  
  3,360    
Venetian Casino Resort LLC, Delayed Term Loan
             2.050 %     5/23/14       B-       3,182,540  
  13,711    
Venetian Casino Resort LLC, Term Loan
             2.050 %     5/23/14       B-       12,987,316  
 
  71,787    
Total Hotels, Restaurants & Leisure
                                     67,761,410  
 
       
 
                                        
       
Household Products – 2.1% (1.5% of Total Investments)
                                
       
 
                                        
  586    
Spectrum Brands, Inc., Synthetic Letter of Credit
             8.000 %     6/30/12       B-       586,293  
  11,339    
Spectrum Brands, Inc., Term Loan
             8.000 %     6/30/12       B-       11,341,764  
 
  11,925    
Total Household Products
                                     11,928,057  
 
       
 
                                        
       
Independent Power Producers & Energy Traders – 1.0% (0.7% of Total Investments)
                                
       
 
                                        
  2,268    
NRG Energy, Inc., Credit Linked Deposit
             2.040 %     2/01/13     Baa3       2,227,571  
  3,435    
NRG Energy, Inc., Term Loan
             2.037 %     2/01/13     Baa3       3,373,574  
 
  5,703    
Total Independent Power Producers & Energy Traders
                                     5,601,145  
 
       
 
                                        
       
Industrial Conglomerates – 0.5% (0.4% of Total Investments)
                                
       
 
                                        
  3,000    
CF Industries, Inc., Term Loan
             5.250 %     4/05/15     BBB       3,023,250  
 
       
 
                                        
       
Insurance – 1.8% (1.3% of Total Investments)
                                        
       
 
                                        
  10,217    
Conseco, Inc., Term Loan
             7.500 %     10/10/13       B-       9,974,559  
 
       
 
                                        
       
Internet Software & Services – 0.6% (0.4% of Total Investments)
                                
       
 
                                        
  764    
Open Solutions, Inc., Term Loan B
             2.445 %     1/23/14     BB-       690,684  
  2,973    
Sabre, Inc., Term Loan
             2.297 %     9/30/14       B1       2,832,407  
 
  3,737    
Total Internet Software & Services
                                     3,523,091  
 
       
 
                                        
       
IT Services – 5.0% (3.6% of Total Investments)
                                        
       
 
                                        
  8,576    
First Data Corporation, Term Loan B2
             3.032 %     9/24/14       B+       7,719,334  
  5,927    
First Data Corporation, Term Loan B3
             3.032 %     9/24/14       B+       5,336,419  
  2,004    
Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan, DD1
     6.250 %   7/28/12       N/R       1,944,591  
  1,467    
Infor Global Solutions Intermediate Holdings, Ltd., Second Lien Delayed Draw
     6.523 %     3/02/14     CCC+       1,191,667  
  2,533    
Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, Second Lien
     6.523 %     3/02/14     CCC+       2,109,000  
  3,841    
Infor Global Solutions Intermediate Holdings, Ltd., Term Loan, DD1
     6.030 %     7/28/15       B+       3,727,135  
  6,187    
SunGard Data Systems, Inc., Term Loan B
     2.001 %     2/28/14     BB       5,995,013  
 
  30,535    
Total IT Services
                                     28,023,159  
 
       
 
                                        
       
Leisure Equipment & Products – 2.2% (1.6% of Total Investments)
                                
       
 
                                        
  13,840    
Bombardier Recreational Products, Inc., Term Loan
             3.254 %     6/28/13     Caa1       12,289,007  
 
       
 
                                        
       
Media – 17.6% (12.7% of Total Investments)
                                        
       
 
                                        
  28    
American Media Operations, Inc., Term Loan
             10.000 %     1/30/13       B3       26,799  
  3,052    
Cequel Communications LLC, Term Loan B
             2.292 %     11/05/13     BB-       3,002,360  
  3,000    
Charter Communications Operating Holdings LLC, Holdco Term Loan
     6.750 %     3/06/14     BB+       2,792,499  
  8,601    
Charter Communications Operating Holdings LLC, Term Loan C
     3.550 %     9/06/16     BB+       8,237,079  
  1,060    
Charter Communications Operating Holdings LLC, Term Loan
     2.300 %     3/06/14     BB+       1,007,287  
  7,809    
Citadel Broadcasting Corporation, Term Loan, (7), DD1
     1.750 %     6/12/14       D       7,607,698  
  1,679    
Gray Television, Inc., Term Loan B, DD1
             3.801 %     12/31/14       B2       1,652,168  
  3,234    
Mediacom Broadband LLC, Tranche D, Term Loan
     5.500 %     3/31/17     BB-       3,254,769  
  17,393    
Metro-Goldwyn-Mayer Studios, Inc., Term Loan B, (6), (7)
     18.250 %     4/08/12       N/R       8,076,970  
  1,170    
Nielsen Finance LLC, Term Loan A
             2.251 %     8/09/13     Ba3       1,143,508  
  7,504    
Nielsen Finance LLC, Term Loan B
             4.001 %     5/02/16     Ba3       7,431,382  
  4,721    
Philadelphia Newspapers, Term Loan, (5), (6)
             5.500 %     6/29/13       N/R       1,333,544  
  3,088    
SFX Entertainment, Inc., Term Loan
             3.531 %     6/21/13     BB-       3,065,161  
  5,407    
Spanish Broadcasting System, Inc., Term Loan B
             2.050 %     6/10/12     CCC+       5,028,715  
  3,024    
SuperMedia, Term Loan
             8.000 %     12/31/15       B-       2,839,731  
  19,682    
Tribune Company, Term Loan B, (5), (6)
             3.000 %     6/04/14     Ca       13,243,474  
  2,048    
Tribune Company, Term Loan X, (5), (6)
             2.750 %     6/04/09     Ca       1,347,840  
  23,000    
Univision Communications, Inc., Term Loan
             2.540 %     9/29/14       B2       21,010,500  
  3,000    
UPC Broadband Holding BV, Term Loan N
             2.180 %     12/31/14     Ba3       2,928,750  
  5,092    
Yell Group PLC, Term Loan
             4.023 %     7/31/14       N/R       4,245,464  
 
  123,592    
Total Media
                                     99,275,698  
 
       
 
                                        
       
Metals & Mining – 0.6% (0.5% of Total Investments)
                                
       
 
                                        
  3,674    
John Maneely Company, Term Loan
             3.552 %     12/08/13       B       3,541,854  
 
       
 
                                        
       
Multiline Retail – 0.5% (0.4% of Total Investments)
                                        
       
 
                                        
  3,197    
Neiman Marcus Group, Inc., Term Loan
             2.252 %     4/06/13     BB-       3,069,985  
 
       
 
                                        
       
Oil, Gas & Consumable Fuels – 3.3% (2.3% of Total Investments)
                                
       
 
                                        
  168    
Alon USA Energy, Inc., Edgington Facility, WI/DD
             TBD       TBD     BB-       138,659  
  1,344    
Alon USA Energy, Inc., Paramount Facility, WI/DD
             TBD       TBD     BB-       1,109,151  
  1,659    
Big West Oil LLC, Delayed Term Loan
             4.500 %     5/15/14       B2       1,649,920  
  3,000    
Big West Oil LLC, New Term Loan, WI/DD
             9.500 %     4/30/15       B2       3,038,751  
  1,320    
Big West Oil LLC, Term Loan
             4.500 %     5/15/14       B2       1,312,436  
  1,834    
Brand Energy & Infrastructure Services, Inc., Term Loan B
     2.563 %     2/07/14       B1       1,779,059  
  412    
Calumet Lubricants Company LP, Credit Linked Deposit
     4.142 %     1/03/15       B1       393,924  
  3,053    
Calumet Lubricants Company LP, Term Loan
             4.250 %     1/03/15       B1       2,917,186  
  2,940    
CCS Income Trust, Term Loan
             3.273 %     11/14/14       B       2,645,865  
  3,500    
Venoco, Inc., Term Loan
             4.313 %     5/07/14     BB-       3,364,375  
 
  19,230    
Total Oil, Gas & Consumable Fuels
                                     18,349,326  
 
       
 
                                        
       
Paper & Forest Products – 0.3% (0.2% of Total Investments)
                                
       
 
                                        
  1,920    
Wilton Products, Term Loan
             3.500 %     11/16/14       B+       1,507,295  
 
       
 
                                        
       
Personal Products – 0.7% (0.5% of Total Investments)
                                
       
 
                                        
  4,000    
Revlon Consumer Products Corporation, Term Loan
             6.000 %     3/11/15     Ba3       3,987,128  
 
       
 
                                        
       
Pharmaceuticals – 2.9% (2.1% of Total Investments)
                                
       
 
                                        
  3,625    
Graceway Pharmaceuticals LLC, Second Lien Term Loan, DD1
             6.773 %     5/03/13     CCC       2,075,313  
  1,819    
Graceway Pharmaceuticals LLC, Term Loan, DD1
             3.021 %     5/03/12       B-       1,551,930  
  2,000    
Mylan Laboratories, Inc., Term Loan
             3.563 %     10/02/14     BB+       2,000,688  
  1,543    
Warner Chilcott Corporation, Add on Term Loan
             5.750 %     4/30/15     BB+       1,546,725  
  4,286    
Warner Chilcott Corporation, Term Loan A
             5.500 %     10/30/14     BB+       4,297,374  
  1,844    
Warner Chilcott Corporation, Term Loan B1
             5.750 %     4/30/15     BB+       1,849,685  
  3,071    
Warner Chilcott Corporation, Term Loan B2
             5.750 %     4/30/15     BB+       3,080,060  
 
  18,188    
Total Pharmaceuticals
                                     16,401,775  
 
       
 
                                        
       
Professional Services – 0.1% (0.1% of Total Investments)
                                
       
 
                                        
  978    
Vertrue Inc., Term Loan
             3.300 %     8/16/14     Ba3       834,054  
 
       
 
                                        
       
Real Estate Investment Trust – 0.3% (0.2% of Total Investments)
                                
       
 
                                        
  1,425    
Tishman Speyer Real Estate, Liquidation Facility, (6)
             15.000 %     12/01/09       N/R       1,481,767  
 
       
 
                                        
       
Real Estate Management & Development – 4.4% (3.2% of Total Investments)
                                
       
 
                                        
  7,925    
Capital Automotive LP, Tranche C
             2.750 %     12/14/12     Ba3       7,409,453  
  12,625    
LNR Property Corporation, Term Loan B
             3.500 %     7/12/11     CCC       11,994,182  
  5,835    
Realogy Corporation, Delayed Term Loan
             3.293 %     10/10/13     Caa1       5,303,708  
 
  26,385    
Total Real Estate Management & Development
                                     24,707,343  
 
       
 
                                        
       
Road & Rail – 5.1% (3.6% of Total Investments)
                                        
       
 
                                        
  655    
Avis Budget Car Rental LLC, Term Loan
             5.750 %     4/19/14     Ba2       654,506  
  667    
Hertz Corporation, Letter of Credit
             2.021 %     12/21/12     Ba1       659,769  
  3,616    
Hertz Corporation, Term Loan
             2.012 %     12/21/12     Ba1       3,576,412  
  24,257    
Swift Transportation Company, Inc., Term Loan
             8.250 %     5/10/14       B-       23,667,714  
 
  29,195    
Total Road & Rail
                                     28,558,401  
 
       
 
                                        
       
Semiconductors & Equipment – 0.9% (0.7% of Total Investments)
                                
       
 
                                        
  2,329    
Freescale Semiconductor, Inc., Term Loan
             4.499 %     12/01/16       B2       2,242,551  
  3,000    
Spansion LLC, Term Loan
             5.500 %     3/15/15     BB-       3,041,250  
 
  5,329    
Total Semiconductors & Equipment
                                     5,283,801  
 
       
 
                                        
       
Software – 3.4% (2.4% of Total Investments)
                                        
       
 
                                        
  11,313    
Dealer Computer Services, Inc., New Term Loan
             5.250 %     4/01/17     BB-       11,313,046  
  7,000    
IPC Systems, Inc., Term Loan, Second Lien
             5.540 %     5/31/15     CCC       6,037,500  
  1,818    
IPC Systems, Inc., Term Loan
             2.533 %     5/31/14       B1       1,658,505  
 
  20,131    
Total Software
                                     19,009,051  
 
       
 
                                        
       
Specialty Retail – 5.9% (4.2% of Total Investments)
                                
       
 
                                        
  9,481    
Burlington Coat Factory Warehouse Corporation, Term Loan, DD1
     2.548 %     5/28/13       B-       9,090,069  
  4,740    
Michaels Stores, Inc., Term Loan B1
     2.538 %     10/31/13       B       4,553,839  
  5,107    
Michaels Stores, Inc., Term Loan B2
             4.788 %     7/31/16       B       5,044,274  
  2,000    
Pilot Travel Centers LLC, Term Loan, WI/DD
     TBD       TBD     BBB-       2,017,858  
  4,581    
Sally Holdings LLC, Term Loan
             2.520 %     11/16/13     BB       4,533,898  
  7,985    
Toys “R” Us – Delaware, Inc., Term Loan B, DD1
     4.513 %     7/19/12     BB-       7,990,976  
 
  33,894    
Total Specialty Retail
                                     33,230,914  
 
       
 
                                        
       
Trading Companies & Distributors – 0.3% (0.2% of Total Investments)
                                
       
 
                                        
  232    
Brenntag Holdings GmbH & Co. KG, Acquisition Facility
     4.070 %     1/20/14     BBB-       232,279  
  1,332    
Brenntag Holdings GmbH & Co. KG, Facility B2
     4.029 %     1/20/14     BBB-       1,334,890  
 
  1,564    
Total Trading Companies & Distributors
                             1,567,168  
 
       
 
                                        
       
Wireless Telecommunication Services – 2.1% (1.5% of Total Investments)
                                
       
 
                                        
  10,945    
Asurion Corporation, Term Loan
             3.250 %     7/03/14       N/R       10,836,313  
  1,000    
Clear Channel Communications, Inc., Tranche B, Term Loan
     3.923 %     11/13/15     Caa1       837,188  
 
  11,945    
Total Wireless Telecommunication Services
                                     11,673,501  
 
$ 710,301    
Total Variable Rate Senior Loan Interests (cost $655,693,240)
                             656,113,319  
 
       
 
                                        
Shares     Description (1)                                   Value  
 
       
 
                                        
       
Common Stocks – 3.0% (2.2% of Total Investments)
                                
       
 
                                        
       
Aerospace & Defense – 0.1% (0.1% of Total Investments)
                                
       
 
                                        
  44,943    
Aveos Fleet Performance Inc., (8), (9)
                                   $ 797,738  
 
       
 
                                        
       
Building Products – 2.4% (1.7% of Total Investments)
                                
       
 
                                        
  301,905    
Masonite Worldwide Holdings, (8), (9)
                                     13,283,820  
 
       
 
                                        
       
Chemicals – 0.1% (0.1% of Total Investments)
                                
       
 
                                        
  36,742    
Lyondell Chemical Company, DD1, (8), (9)
                                     783,064  
 
       
 
                                        
       
Media – 0.4% (0.3% of Total Investments)
                                
       
 
                                        
  49,989    
Readers Digest Association Inc., (8), (9)
                                     1,424,687  
  14,308    
SuperMedia Inc., (8)
                                     642,429  
 
       
Total Media
                                     2,067,116  
         
       
Total Common Stocks (cost $17,433,104)
                             16,931,738  
         
       
 
                                        
Principal    
 
                                      
Amount (000)    
Description (1)
         Coupon   Maturity     Ratings (3)     Value  
 
       
 
                                        
       
Corporate Bonds – 8.0% (5.8% of Total Investments)
                                        
       
 
                                        
       
Automobiles – 0.9% (0.7% of Total Investments)
                                        
       
 
                                        
$ 14,000    
General Motors Corporation
             8.250 %     7/15/23       N/R     $ 5,250,000  
 
       
 
                                        
       
Biotechnology – 0.2% (0.1% of Total Investments)
                                
       
 
                                        
  1,023    
Angiotech Pharmaceuticals, Inc., Floating Rate Note, 3.750% plus three-month LIBOR
             4.097 %     12/01/13     CCC       840,138  
 
       
 
                                        
       
Construction Materials – 0.2% (0.1% of Total Investments)
                                
       
 
                                        
  1,000    
Headwaters Inc.
             11.375 %     11/01/14       B+       1,062,500  
 
       
 
                                        
       
Diversified Telecommunication Services – 0.4% (0.3% of Total Investments)
                                
       
 
                                        
  2,000    
Intelsat Limited
             7.625 %     4/15/12     CCC+       2,060,000  
 
       
 
                                        
       
Energy Equipment & Services – 0.9% (0.6% of Total Investments)
                                
       
 
                                        
  5,000    
Williams Companies Inc., Floating Rate Note, 2.000% plus three-month LIBOR, 144A
     2.347 %     10/01/10     Baa3       4,998,425  
 
       
 
                                        
       
Health Care Providers & Services – 0.5% (0.4% of Total Investments)
                                
       
 
                                        
  2,000    
HCA Inc., 144A
             8.500 %     4/15/19     BB       2,207,500  
  500    
Select Medical Corporation, Floating Rate Note, 5.750% plus six-month LIBOR
             6.281 %     9/15/15     CCC+       453,750  
 
  2,500    
Total Health Care Providers & Services
                             2,661,250  
 
       
 
                                        
       
Health Care Technology – 0.4% (0.3% of Total Investments)
                                
       
 
                                        
  2,500    
Merge Healthcare Inc., 144A
             11.750 %     5/01/15       B+       2,475,000  
 
       
 
                                        
       
Hotels, Restaurants & Leisure – 1.3% (1.0% of Total Investments)
                                
       
 
                                        
  7,900    
Mohegan Tribal Gaming Authority
             8.000 %     4/01/12     CCC+       7,544,500  
 
       
 
                                        
       
Internet Software & Services – 0.4% (0.3% of Total Investments)
                                
       
 
                                        
  2,750    
Open Solutions Inc., 144A
             9.750 %     2/01/15     CCC+       2,337,500  
 
       
 
                                        
       
IT Services – 0.5% (0.4% of Total Investments)
                                
       
 
                                        
  1,053    
First Data Corporation
             10.550 %     9/24/15       B-       936,948  
  2,500    
First Data Corporation
             11.250 %     3/31/16     CCC+       2,100,000  
 
  3,553    
Total IT Services
                                     3,036,948  
 
       
 
                                        
       
Oil, Gas & Consumable Fuels – 0.4% (0.3% of Total Investments)
                                
       
 
                                        
  2,500    
Western Refining Inc., Floating Rate Note, 7.500% plus three-month LIBOR, 144A
             7.847 %     6/15/14     B3       2,362,500  
 
       
 
                                        
       
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
     4.097 %     8/01/14       B       1,830,000  
 
       
 
                                        
       
Road & Rail – 0.3% (0.2% of Total Investments)
                                
       
 
                                        
  2,000    
Avis Budget Car Rental, Floating Rate Note, 2.500% plus three-month LIBOR
             2.847 %     5/15/14       B       1,860,000  
 
       
 
                                        
       
Semiconductors & Equipment – 0.7% (0.5% of Total Investments)
                                
       
 
                                        
  4,000    
Spansion LLC., Floating Rate Note, 3.125% plus three-month LIBOR, 144A, (10)
             3.472 %     6/01/13       N/R       4,050,000  
 
       
 
                                        
       
Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments)
                                
       
 
                                        
  1,000    
Hanes Brands Inc., Series B, Floating Rate Note, 3.375% plus six-month LIBOR
     3.906 %     12/15/14       B+       970,000  
 
       
 
                                        
       
Wireless Telecommunication Services – 0.4% (0.3% of Total Investments)
                                
       
 
                                        
  2,000    
Sprint Nextel Corporation
             8.375 %     8/15/17     BB-       2,077,500  
 
$ 55,726    
Total Corporate Bonds (cost $42,385,780)
                                     45,416,261  
 
       
 
                                        
Shares    
Description (1)
                                   Value  
 
       
 
                                        
       
Investment Companies – 2.2% (1.6% of Total Investments)
                                
       
 
                                        
  353,668    
Eaton Vance Floating-Rate Income Trust Fund
                           $ 5,683,445  
  963,820    
Eaton Vance Senior Income Trust
                                     6,737,102  
 
       
Total Investment Companies (cost $11,947,776)
                                     12,420,547  
         
       
 
                                        
Principal  
 
                                        
Amount (000)  
Description (1)
           Coupon   Maturity             Value  
 
       
 
                                        
       
Short-Term Investments – 9.3% (6.7% of Total Investments)
                                
       
 
                                        
$ 52,676    
Repurchase Agreement with Fixed Income Clearing Corporation, dated 4/30/10, repurchase price $52,675,756, collateralized by $54,305,000 U.S. Treasury Notes, 3.375%, due 11/15/19, value $53,731,539
     0.010 %     5/03/10             $ 52,675,712  
         
       
Total Short-Term Investments (cost $52,675,712)
                                     52,675,712  
         
       
Total Investments (cost $780,135,612) – 138.8%
                                     783,557,577  
         
       
Borrowings – (35.0)% (13)
                                     (197,740,000 )
         
       
Other Assets Less Liabilities – (3.8)%
                                     (21,240,469 )
         
       
Net Assets Applicable to Common Shares – 100%
                           $ 564,577,108  
         
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 April 30, 2010:
                                 
    Level 1     Level 2     Level 3     Total  
 
 
Investments:
                                
Common Stocks
   $ 642,429     $ 16,289,309     $ —     $ 16,931,738  
Variable Rate Senior Loan Interests
     —       656,113,319       —       656,113,319  
Corporate Bonds
     —       45,416,261       —       45,416,261  
Investment Companies
     12,420,547       —       —       12,420,547  
Short-Term Investments
     52,675,712       —       —       52,675,712  
 
                                
 
 
                                
Total
   $ 65,738,688     $ 717,818,889     $ —     $ 783,557,577  
 
 
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 April 30, 2010, the cost of investments was $782,060,439.
Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2010, were as follows:
         
 
 
        
Gross unrealized:
        
Appreciation
   $   34,460,363  
Depreciation
     (32,963,225 )
 
        
 
 
        
Net unrealized appreciation (depreciation) of investments
   $ 1,497,138  
 
(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 April 30, 2010, this issue was under the protection of the Federal Bankruptcy Court.
 
(6)   Non-income producing security; denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.
 
(7)   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.
 
(8)   Non-income producing; issuer has not declared a dividend within the past twelve months.
 
(9)   For fair value measurement disclosure purposes, Common Stock categorized as Level 2.
 
(10)   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. During this period, the Fund resumed accruing additional income on this issue. On September 2, 2009, the Fund ceased accruing additional income on this issue. On December 8, 2009, the Fund received its December 1, 2009, interest payment. As a result, the Fund’s Adviser concluded that the issuer was likely to meet its future interest payment obligations and resumed accruing interest on this issue.
 
(11)   Investment or portion of investment, represents an unfunded Senior Loan commitment outstanding at April 30, 2010. At April 30, 2010, the Fund had unfunded Senior Loan commitments of $2,222,222.
 
(12)   Negative value represents unrealized depreciation on unfunded Senior Loan commitment outstanding at April 30, 2010.
 
(13)   Borrowings as a percentage of Total Investments is 25.2%.
 
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 June 29, 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 June 29, 2010
         
     
By (Signature and Title)  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date June 29, 2010