nvq
Table of Contents

 
 
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:    10/31/2007   
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 


TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
Certification


Table of Contents

Item 1. Schedule of Investments
Portfolio of Investments (Unaudited)
Nuveen Floating Rate Income Fund (JFR)
October 31, 2007
                             
Principal         Weighted
Average
             
Amount (000)     Description (1)   Coupon   Maturity (2)   Ratings (3)   Value  
 
 
 
                   
 
Variable Rate Senior Loan Interests – 145.6% (88.2% of Total Investments) (4)
 
 
                   
 
Aerospace & Defense – 1.6% (1.0% of Total Investments)
 
 
                   
$ 5,017    
Midwestern Aircraft (Spirit Aerosystems Inc.), Term Loan B
  6.901%   12/30/11   BBB-   $ 4,979,550  
  2,300    
Transdigm Inc. – Term Loan B
  7.200%   6/23/13   BB-     2,267,657  
  2,391    
Vought Aircraft Industries, Inc., Term Loan
  7.340%   12/22/11   Ba2     2,370,095  
  545    
Vought Aircraft Industries, Inc., Tranche B, Letter of Credit
  7.624%   12/22/10   Ba2     540,568  
 
  10,253    
Total Aerospace & Defense
                10,157,870  
 
 
 
                   
 
Airlines – 3.0% (1.8% of Total Investments)
 
 
                   
  3,000    
Air Canada Term Loan
  8.474%   10/01/14   N/R     2,926,875  
  7,920    
Northwest Airlines Inc., Term Loan
  7.030%   8/01/13   BB     7,639,497  
  8,657    
United Air Lines Inc., Term Loan B
  7.001%   2/01/14   BB-     8,315,049  
 
  19,577    
Total Airlines
                18,881,421  
 
 
 
                   
 
Auto Components – 4.0% (2.4% of Total Investments)
 
 
                   
  3,000    
Delphi Automotive Systems Corporation, DIP Term Loan (2nd)
  7.875%   12/31/07   N/R     2,995,938  
  17,662    
Federal-Mogul Corporation, Term Loan A, (5)
  6.003%   2/24/04   N/R     17,415,465  
  2,000    
Federal-Mogul Corporation, Term Loan B, (5)
  7.253%   2/24/05   N/R     1,971,250  
  3,000    
Goodyear Tire & Rubber Company, Second Lien Term Loan
  6.430%   4/30/14   Ba1     2,921,876  
 
  25,662    
Total Auto Components
                25,304,529  
 
 
 
                   
 
Building Products – 7.3% (4.4% of Total Investments)
 
 
                   
  1,759    
Atrium Companies Inc., Term Loan
  8.529%   5/31/12   BB-     1,632,034  
  5,000    
Building Materials Corporation of America, Second Lien Term Loan
  10.813%   9/15/14   Caa1     4,207,500  
  8,933    
Building Materials Corporation of America, Term Loan
  7.937%   2/22/14   BB     8,157,443  
  14,550    
Nortek, Inc., Term Loan B
  7.055%   8/27/11   Ba2     14,259,000  
  7,306    
Stile Acquisition Corporation, Canadian Term Loan
  7.115%   4/05/13   BB     6,882,655  
  7,319    
Stile Acquisition Corporation, U.S. Term Loan
  7.115%   4/05/13   BB     6,894,380  
  3,960    
TFS Acquisition, Term Loan
  8.698%   8/11/13   B+     3,900,600  
 
  48,827    
Total Building Products
                45,933,612  
 
 
 
                   
 
Capital Markets – 1.2% (0.8% of Total Investments)
 
 
                   
  2,394    
Ameritrade Holdings Corporation, Term Loan B Facility
  6.300%   12/31/12   Ba1     2,370,036  
  961    
BNY ConvergEx Group Incremental Delayed Draw Term Loan, (6) (7)
  1.500%   7/02/14   B2     (26,418 )
  4,643    
BNY ConvergEx Group Term Loan
  8.200%   10/02/13   B2     4,584,821  
  921    
BNY ConvergEx Group Incremental Term Loan
  8.200%   7/02/14   B2     909,712  
 
  8,919    
Total Capital Markets
                7,838,151  
 
 
 
                   
 
Chemicals – 9.7% (5.9% of Total Investments)
 
 
                   
  5,572    
Celanese Holdings, LLC, Term Loan
  6.979%   4/02/14   BB     5,483,779  
  1,400    
Celanese Holdings, LLC, Credit Linked Deposits
  5.124%   4/02/14   BB     1,377,834  
  1,837    
Foamex LP, Term Loan B
  7.444%   2/12/13   B+     1,770,971  
  656    
Headwaters Inc., 1st Lien Term Loan
  6.900%   4/30/11   BB+     646,406  
  8,517    
Hercules Inc., Term Loan B
  6.714%   10/08/10   BBB-     8,463,413  
  4,868    
Hexion Specialty Chemicals, Term Loan C1
  7.500%   5/05/13   Ba3     4,827,304  
  1,057    
Hexion Specialty Chemicals, Term Loan C2
  7.500%   5/05/13   Ba3     1,048,628  
  8,150    
Huntsman International LLC, Term Loan
  6.643%   4/19/14   BB+     8,095,331  
  3,960    
Ineos Group Holdings PLC, Term Tranche B2
  7.358%   12/16/13   BB-     3,931,007  
  3,960    
Ineos Group Holdings PLC, Term Tranche C2
  7.858%   12/16/14   BB-     3,931,007  
  456    
JohnsonDiversey Inc., Term Loan
  7.360%   12/16/11   Ba2     450,778  
  1,462    
Lucite International, Term Loan B-1
  7.450%   7/07/13   BB-     1,436,812  
  518    
Lucite International, Term Loan B-2
  7.450%   7/07/13   BB-     508,725  
  6,930    
Lyondell Petrochemical Company, Term Loan
  6.252%   8/16/13   BB+     6,904,976  
  12,675    
Rockwood Specialties Group, Inc., Term Loan E
  6.460%   7/30/12   BB     12,492,005  
 
  62,018    
Total Chemicals
                61,368,976  
 
 
 
                   
 
Commercial Services & Supplies – 3.2% (1.9% of Total Investments)
 
 
                   
  2,681    
Allied Waste North America, New Term Loan B
  6.552%   3/28/14   BBB-     2,636,394  
  1,442    
Allied Waste North America, LC Facility
  6.871%   3/28/14   BBB-     1,418,248  
  4,146    
Aramark Corporation, Term Loan
  7.198%   1/24/14   BB-     4,052,796  
  296    
Aramark, Letter of Credit
  7.198%   1/24/14   BB-     289,657  
  993    
NCO Financial Systems Inc., Term Loan
  8.353%   5/15/13   BB-     965,827  
  2,388    
Rental Services Corporation, Second Lien Term Loan
  8.750%   11/27/13   B-     2,333,803  
  5,500    
Williams Scotsman, Inc., Term Loan B
  0.000%   6/28/10   BB+     5,458,750  
  1,355    
Workflow Holdings Corporation, Term Loan
  9.484%   11/30/11   BB-     1,178,770  
  1,790    
Xerium Technologies Inc. Term Loan B
  7.948%   11/21/11   B+     1,698,058  
 
  20,591    
Total Commercial Services & Supplies
                20,032,303  
 
 
 
                   
 
Communications Equipment – 0.8% (0.5% of Total Investments)
 
 
                   
  2,970    
Aspect Software, Term Loan
  8.250%   7/11/11   BB-     2,880,900  
  1,995    
IPC Systems Inc., Term Loan
  7.448%   5/31/14   B+     1,863,330  
 
  4,965    
Total Communications Equipment
                4,744,230  
 
 
 
                   
 
Consumer Finance – 0.5% (0.3% of Total Investments)
 
 
                   
  2,944    
Peach Holdings Inc., Term Loan
  8.950%   11/30/13   B     2,899,594  
 
 
 
                   
 
Containers & Packaging – 4.5% (2.7% of Total Investments)
 
 
                   
  498    
Amscan Holdings Inc., Term Loan B
  7.563%   5/25/13   B1     482,575  
  1,137    
Bluegrass Container Company, LLC, Delayed Draw, 1st Lien
  7.288%   6/30/13   BB     1,131,943  
  3,800    
Bluegrass Container Company, LLC, Term Loan B
  7.322%   6/30/13   BB     3,783,074  
  19,503    
Graham Packaging Company, L.P., Term Loan B
  7.661%   12/13/11   B+     19,164,424  
  699    
Smurfit-Stone Container Corporation, Deposit Funded Commitment
  7.124%   11/01/10   Ba2     693,073  
  1,040    
Smurfit-Stone Container Corporation, Term Loan B
  7.428%   11/01/11   Ba2     1,031,729  
  1,496    
Smurfit-Stone Container Corporation, Term Loan C
  7.523%   11/01/11   Ba2     1,483,626  
  469    
Smurfit-Stone Container Corporation, Term Loan Tranche C-1
  7.188%   11/01/11   Ba2     465,614  
 
  28,642    
Total Containers & Packaging
                28,236,058  
 
 
 
                   
 
Diversified Consumer Services – 3.0% (1.8% of Total Investments)
 
 
                   
  11,000    
Thomson Learning Center, Term Loan
  7.950%   7/05/14   B+     10,663,890  
  8,544    
West Corporation, Term Loan
  7.273%   10/24/13   BB-     8,392,914  
 
  19,544    
Total Diversified Consumer Services
                19,056,804  
 
 
 
                   
 
Diversified Telecommunication Services – 7.5% (4.5% of Total Investments)
 
 
                   
  953    
Choice One Communications, Term Loan
  9.250%   6/30/12   B1     943,329  
  5,970    
Crown Castle Operating Company, Term Loan
  6.645%   1/26/14   BBB-     5,844,069  
  3,911    
Intelsat Corporation, Term Loan
  7.124%   7/01/13   BB+     3,871,884  
  18,825    
Intelsat Corporation, Tranche B-2 Term Loan
  7.124%   12/03/13   BB+     18,635,028  
  6,800    
Level 3 Financing, Inc., Term Loan
  7.493%   3/13/14   B+     6,638,973  
  5,935    
MetroPCS Wireless Inc., Term Loan
  7.579%   11/03/13   Ba3     5,830,501  
  5,500    
Qwest Corporation, Term Loan B
  6.950%   6/30/10   BBB-     5,619,169  
 
  47,894    
Total Diversified Telecommunication Services
                47,382,953  
 
 
 
                   
 
Electric Utilities – 4.6% (2.8% of Total Investments)
 
 
                   
  17,689    
Calpine Corporation DIP Term Loan
  7.448%   3/29/09   N/R     17,538,852  
  2,222    
Calpine Corporation DIP Revolver, (6) (7)
  0.250%   3/29/09   N/R     (105,556 )
  188    
MACH Gen LLC, Term Loan Synthetic Letter of Credit
  7.200%   2/22/13   B+     181,828  
  1,799    
MACH Gen LLC, Term Loan
  7.500%   2/22/14   B+     1,744,489  
  6,000    
Texas Competitive Electric Holdings, Term Loan WI/DD
  TBD   TBD   Ba3     6,001,866  
  4,000    
Texas Competitive Electric Holdings, Term Loan B3, WI/DD
  TBD   TBD   Ba3     4,000,000  
 
  31,898    
Total Electric Utilities
                29,361,479  
 
 
 
                   
 
Electronic Equipment & Instruments – 0.1% (0.1% of Total Investments)
 
 
                   
  988    
Sensata Technologies B.V., U.S. Term Loan
  6.760%   4/27/13   BB     963,253  
 
 
 
                   
 
Energy Equipment & Services – 0.1% (0.1% of Total Investments)
 
 
                   
  998    
Petroleum Geo-Services, Term Loan
  6.950%   7/01/12   Ba2     981,706  
 
 
 
                   
 
Food & Staples Retailing – 0.6% (0.4% of Total Investments)
 
 
                   
  3,910    
Supervalu, Term Loan B
  6.219%   6/02/12   N/R     3,866,162  
 
 
 
                   
 
Food Products – 0.8% (0.5% of Total Investments)
 
 
                   
  465    
Dole Foods Company Inc., Deposit-Funded Commitment
  7.290%   4/12/13   BB-     452,487  
  1,031    
Dole Foods Company Inc., Term Loan B
  7.572%   4/12/13   BB-     1,002,825  
  3,436    
Dole Foods Company Inc., Term Loan C
  7.415%   4/12/13   BB-     3,342,749  
 
  4,932    
Total Food Products
                4,798,061  
 
 
 
                   
 
Gas Utilities – 0.1% (0.1% of Total Investments)
 
 
                   
  1,000    
Energy Transfer Equity LP, Term Loan
  7.106%   2/08/12   BBB-     985,313  
 
 
 
                   
 
Health Care Providers & Services – 10.2% (6.2% of Total Investments)
 
 
                   
  309    
Community Health Systems, Inc. Delayed Term Loan, (6) (7)
  0.500%   7/25/14   BB     (6,767 )
  4,691    
Community Health Systems, Inc., First Lien Term Loan
  7.756%   7/25/14   BB     4,588,034  
  4,745    
Davita Inc., Term Loan B
  6.754%   10/05/12   BB+     4,655,496  
  10,918    
HCA, Inc. Term Loan
  7.448%   11/18/13   BB     10,684,701  
  9,950    
Health Management Associates, Inc., Term Loan
  6.942%   2/28/14   Ba2     9,529,886  
  1,717    
HealthSouth Corporation, Term Loan
  7.628%   3/10/13   BB-     1,684,474  
  3,246    
IASIS Healthcare, LLC, Delayed Term Loan (6)
  5.960%   3/14/14   Ba2     2,259,354  
  866    
IASIS Healthcare, LLC, LC Facility
  4.693%   3/14/14   Ba2     827,584  
  9,454    
IASIS Healthcare, LLC, Term Loan
  7.066%   3/14/14   Ba2     9,037,325  
  1,985    
Invacare Corporation, Term Loan B
  7.635%   2/12/13   Ba2     1,934,755  
  3,920    
LifeCare, Term Loan B
  8.200%   8/11/12   B     3,655,394  
  519    
LifePoint Hospitals, Inc., Term Loan B
  7.165%   4/18/12   BB     509,960  
  2,925    
Select Medical Corporation, Term Loan
  7.477%   2/24/12   Ba2     2,814,094  
  12,676    
Vanguard Health Holding Company, II, LLC, Replacement Term Loan
  7.448%   9/23/11   Ba3     12,426,541  
 
  67,921    
Total Health Care Providers & Services
                64,600,831  
 
 
 
                   
 
Health Care Technology – 0.3% (0.2% of Total Investments)
 
 
                   
  1,945    
Emdeon Business Services Term Loan
  5.205%   1/18/13   BB-     1,916,086  
 
 
 
                   
 
Hotels, Restaurants & Leisure – 11.5% (7.0% of Total Investments)
 
 
                   
  9,303    
24 Hour Fitness Worldwide, Inc., Term Loan B
  7.809%   6/08/12   Ba3     9,163,641  
  3,133    
Ameristar Casinos, Inc., Term Loan B
  7.428%   11/10/12   BB+     3,109,900  
  1,256    
Burger King Corporation, Term Loan B
  6.750%   6/30/12   BB+     1,244,060  
  122    
CBRL Group, Inc., Term Loan B-2 Delayed Draw
  7.431%   4/28/13   BB     119,021  
  776    
CBRL Group, Inc., Term Loan B-1
  6.860%   4/28/13   BB     756,363  
  4,938    
Cedar Fair LP, Term Loan
  6.753%   8/30/12   BB     4,848,008  
  959    
Green Valley Ranch Gaming, Term Loan B
  7.413%   2/16/14   BB-     939,464  
  4,382    
Intrawest Corporation, Term Loan
  8.130%   4/24/08   N/R     4,348,975  
  4,000    
Orbitz Worldwide Inc., Term Loan,
  8.198%   7/25/14   BB-     3,947,500  
  7,835    
Penn National Gaming, Inc., Term Loan B
  6.901%   10/03/12   BBB-     7,795,368  
  1,733    
Seminole Gaming, Term Loan B-1 Delay Draw
  6.750%   3/05/14   BBB     1,720,881  
  1,749    
Seminole Gaming, Term Loan B-2 Delay Draw
  7.125%   3/05/14   BBB     1,736,964  
  518    
Seminole Gaming, Term Loan B-3 Delay Draw
  6.972%   3/05/14   BBB     514,656  
  4,891    
Travelport, Term Loan
  7.448%   8/23/13   BB-     4,802,646  
  981    
Travelport, LC Facility
  7.448%   8/23/13   BB-     963,654  
  1,995    
Travelport, Delayed Term Loan
  7.448%   8/23/13   BB-     1,958,529  
  1,955    
Trump International, Term Loan B2
  7.861%   5/20/12   BB-     1,935,425  
  1,955    
Trump International, Term Loan B-1
  7.900%   5/20/12   BB-     1,935,425  
  9,255    
Universal City Development Partners, Ltd., Term Loan
  7.328%   6/09/11   Ba1     9,173,568  
  3,000    
Venetian Casino Resort, LLC, (Las Vegas Sands, Inc.) Delayed Term Loan, (6) (7)
  0.750%   5/23/14   BB     (82,646 )
  11,970    
Venetian Casino Resort, LLC, Term Loan
  6.950%   5/23/14   BB     11,640,244  
 
  76,706    
Total Hotels, Restaurants & Leisure
                72,571,646  
 
 
 
                   
 
Household Durables – 0.2% (0.1% of Total Investments)
 
 
                   
  1,842    
Rent-A-Center Inc., Term Loan B
  7.190%   6/30/12   BB+     1,808,249  
 
 
 
                   
 
Household Products – 1.6% (0.9% of Total Investments)
 
 
                   
  7,872    
Prestige Brands, Inc., Term Loan B
  7.731%   4/06/11   BB-     7,832,624  
  1,961    
Solo Cup Company, Term Loan
  8.669%   2/27/11   B1     1,959,939  
 
  9,833    
Total Household Products
                9,792,563  
 
 
 
                   
 
Independent Power Producers & Energy Traders – 2.0% (1.2% of Total Investments)
 
 
                   
  1,669    
Covanta Energy Corporation, Term Loan
  6.876%   2/09/14   BB     1,626,247  
  822    
Covanta Energy Corporation, Synthetic Letter of Credit
  6.729%   2/09/14   BB     801,009  
  3,154    
NRG Energy Inc., Credit Linked Deposits
  6.848%   2/01/13   Ba1     3,092,736  
  2,331    
NRG Energy Inc., Holdco Term Loan, (6) (7)
  0.500%   2/01/13   BB     (45,369 )
  7,577    
NRG Energy Inc., Term Loan
  6.948%   2/01/13   Ba1     7,431,020  
 
  15,553    
Total Independent Power Producers & Energy Traders
                12,905,643  
 
 
 
                   
 
Insurance – 2.5% (1.5% of Total Investments)
 
 
                   
  16,648    
Conseco, Inc., Term Loan
  6.819%   10/10/13   Ba3     15,947,316  
 
 
 
                   
 
Internet Software & Services – 0.5% (0.3% of Total Investments)
 
 
                   
  2,977    
Riverdeep Interactive Learning USA, Inc., Term Loan
  7.948%   12/20/13   B1     2,965,042  
 
 
 
                   
 
IT Services – 4.6% (2.8% of Total Investments)
 
 
                   
  7,000    
First Data Term Loan, Tranche B
  7.960%   9/24/14   BB-     6,749,432  
  1,358    
Infor Global Solutions, Term Loan Delayed Draw
  8.950%   7/28/12   B+     1,323,771  
  2,602    
Infor Global Solutions, Term Loan
  8.950%   7/28/12   B+     2,498,194  
  18,474    
SunGard Data Systems Inc., Term Loan B
  7.356%   2/28/14   BB+     18,264,135  
 
  29,434    
Total IT Services
                28,835,532  
 
 
 
                   
 
Leisure Equipment & Products – 1.5% (0.9% of Total Investments)
 
 
                   
  10,025    
Bombardier Recreational Products, Term Loan
  7.699%   6/28/13   B+     9,762,152  
 
 
 
                   
 
Machinery – 1.2% (0.7% of Total Investments)
 
 
                   
  2,567    
Navistar International, Term Loan
  8.234%   1/19/12   BB-     2,527,846  
  933    
Navistar International, Synthetic Letter of Credit
  6.853%   1/19/12   BB-     919,217  
  3,950    
Oshkosh Truck Corporation, Term Loan
  7.450%   12/06/13   BBB-     3,892,601  
 
  7,450    
Total Machinery
                7,339,664  
 
 
 
                   
 
Media – 27.4% (16.6% of Total Investments)
 
 
                   
  2,000    
American Media Operations, Inc., Term Loan C
  8.800%   1/13/13   B1     1,977,500  
  2,920    
Cablevision Systems Corporation, Incremental Term Loan
  6.875%   3/29/13   BB     2,857,320  
  5,970    
Cequel Communications LLC., Term Loan B
  7.268%   11/05/13   BB-     5,793,885  
  3,000    
Charter Communications Operating, LLC, Holdco Term Loan
  7.698%   3/06/14   B1     2,885,157  
  11,700    
Charter Communications Operating, LLC, Term Loan
  6.990%   3/06/14   B+     11,263,198  
  4,091    
Clear Channel Entertainment, Term Loan B
  7.950%   6/20/13   Ba3     4,029,735  
  7,940    
Idearc Inc., Term Loan
  7.200%   11/17/14   BBB-     7,840,337  
  13,748    
Metro-Goldwyn-Mayer Studios, Inc., Term Loan B
  8.448%   4/08/12   N/R     13,215,225  
  17,835    
Nielsen Finance LLC, Term Loan B, DD1
  TBD   TBD   Ba3     17,391,593  
  1,034    
Nextmedia Operating Inc., Delayed Draw
  7.122%   11/15/12   B+     989,820  
  2,330    
Nextmedia Operating Inc., First Lien Term Loan
  7.045%   11/15/12   B+     2,231,122  
  4,757    
Philadelphia Newspapers, Term Loan
  8.750%   6/29/13   N/R     4,376,105  
  4,779    
ProQuest Company, Term Loan B
  8.170%   2/09/14   N/R     4,731,375  
  995    
Readers Digest Association, Term Loan B
  7.544%   3/02/14   B+     946,251  
  10,253    
Regal Cinemas Corporation, Term Loan
  6.698%   10/27/13   Ba2     10,039,985  
  975    
Spanish Broadcasting System Inc., Term Loan B
  6.950%   6/10/12   B2     925,031  
  5,600    
Tribune Company, Term Loan X
  7.744%   6/04/09   BB     5,543,563  
  24,938    
Tribune Company, Term Loan B
  8.244%   6/04/14   BB     23,216,813  
  1,510    
Univision Communications, Delayed Term Loan, (6) (7)
  3.668%   9/29/14   B+     (42,471 )
  5,000    
Univision Communications, Second Lien Term Loan
  7.253%   3/29/09   B3     4,968,750  
  24,161    
Univision Communications, Term Loan
  7.210%   9/29/14   Ba3     22,937,919  
  3,000    
UPC Broadband Holding BV, Term Loan J2
  7.130%   12/31/14   Ba3     2,907,657  
  427    
Valassis Communications, Inc., Delayed Draw Term Loan, (6) (7)
  1.000%   3/02/14   BB     (20,000 )
  1,432    
Valassis Communications, Inc., Tranche B Term Loan
  6.950%   3/02/14   BB     1,365,002  
  15,244    
WMG Acquisition Corp., Term Loan
  7.419%   2/28/11   Ba2     14,920,481  
  6,025    
Yell Group, Term Loan
  6.753%   10/27/12   N/R     5,955,809  
 
  181,664    
Total Media
                173,247,162  
 
 
 
                   
 
Metals & Mining – 1.4% (0.9% of Total Investments)
 
 
                   
  2,761    
Amsted Industries Incorporated, Delayed Draw Term Loan
  7.266%   4/08/13   BB     2,702,185  
  3,798    
Amsted Industries Incorporated, Term Loan B
  7.279%   4/08/13   BB     3,738,952  
  998    
Edgen Murray, II, L.P., Term Loan
  8.115%   5/11/14   B     978,797  
  1,841    
John Maneely Company, Term Loan
  8.638%   12/08/11   B+     1,721,364  
 
  9,398    
Total Metals & Mining
                9,141,298  
 
 
 
                   
 
Oil, Gas & Consumable Fuels – 0.9% (0.5% of Total Investments)
 
 
                   
  1,990    
Brand Services Inc., Term Loan B
  7.528%   2/07/14   B1     1,912,888  
  301    
Coffeyville Resources LLC, Letter of Credit
  8.481%   12/28/10   B-     298,813  
  980    
Coffeyville Resources LLC., Term Loan D
  8.481%   12/28/13   B-     974,533  
  1,165    
El Paso Corporation, Letter of Credit
  6.438%   7/31/11   Ba1     1,151,401  
  484    
Targa Resources Inc., Synthetic Letter of Credit
  7.323%   10/31/12   Ba3     480,363  
  867    
Targa Resources Inc., Term Loan B
  7.525%   10/31/12   Ba3     861,131  
 
  5,787    
Total Oil, Gas & Consumable Fuels
                5,679,129  
 
 
 
                   
 
Paper & Forest Products – 3.3% (2.0% of Total Investments)
 
 
                   
  11,790    
Georgia-Pacific Corporation, Term Loan B
  7.383%   12/20/12   BB+     11,529,989  
  4,640    
Georgia-Pacific Corporation, Term Loan B-2
  7.372%   12/20/12   BB+     4,537,842  
  1,995    
NewPage Corporation, Term Loan B
  7.469%   5/02/11   Ba2     1,979,936  
  2,877    
Ply Gem Industries Inc., Term Loan B3
  7.950%   8/15/11   BB-     2,709,140  
  108    
Ply Gem Industries Inc., Canadian Term Loan
  7.950%   8/15/11   BB-     101,233  
 
  21,410    
Total Paper & Forest Products
                20,858,140  
 
 
 
                   
 
Pharmaceuticals – 1.0% (0.6% of Total Investments)
 
 
                   
  1,721    
Stiefel Laboratories Inc, Delayed Term Loan
  7.499%   12/28/13   BB-     1,688,286  
  2,249    
Stiefel Laboratories Inc, Term Loan
  7.499%   12/28/13   BB-     2,207,277  
  1,715    
Warner Chilcott Corporation, Tranche B Acquisition
  7.245%   1/18/12   BB-     1,691,799  
  513    
Warner Chilcott Corporation, Tranche C
  7.198%   1/18/12   BB-     506,329  
 
  6,198    
Total Pharmaceuticals
                6,093,691  
 
 
 
                   
 
Real Estate Management & Development – 4.5% (2.7% of Total Investments)
 
 
                   
  7,303    
Capital Automotive LP., Term Loan
  6.880%   12/15/10   BB+     7,226,284  
  16,000    
LNR Property Corporation, Term Loan B
  8.110%   7/12/11   BB     15,640,000  
  6,000    
Realogy Corporation, Term Loan, WI/DD
  TBD   TBD   BB     5,592,000  
 
  29,303    
Total Real Estate Management & Development
                28,458,284  
 
 
 
                   
 
Road & Rail – 4.4% (2.7% of Total Investments)
 
 
                   
  667    
Hertz, LC Facility
  5.238%   12/21/12   BB+     657,530  
  3,705    
Hertz, Term Loan
  6.871%   12/21/12   BB+     3,654,621  
  26,512    
Swift Transportation, Term Loan
  8.375%   5/10/14   BB-     23,429,651  
 
  30,884    
Total Road & Rail
                27,741,802  
 
 
 
                   
 
Semiconductors & Equipment – 0.5% (0.3% of Total Investments)
 
 
                   
  2,977    
Freescale Semiconductor, Term Loan
  7.330%   11/29/13   Baa3     2,864,554  
 
 
 
                   
 
Software – 2.3% (1.4% of Total Investments)
 
 
                   
  8,408    
Dealer Computer Services, Term Loan
  7.198%   10/26/12   BB     8,226,872  
  6,000    
Dealer Computer Services, Second Lien Term Loan
  10.698%   10/26/13   B     6,015,000  
 
  14,408    
Total Software
                14,241,872  
 
 
 
                   
 
Specialty Retail – 6.8% (4.1% of Total Investments)
 
 
                   
  3,281    
Blockbuster, Inc., Term Loan B
  9.623%   8/20/11   B     3,267,112  
  970    
Burlington Coat Factory Warehouse Corporation, Term Loan
  7.760%   5/28/11   B2     912,138  
  5,940    
CSK Automotive Corporation, Term Loan
  9.000%   7/29/10   Ba3     5,925,374  
  876    
J Crew Operating Corporation, Term Loan
  6.786%   5/15/13   BB-     862,573  
  12,633    
Michaels Stores Inc., Term Loan
  7.619%   10/31/13   B     12,131,124  
  5,940    
Sally Holdings LLC, Term Loan
  8.006%   11/16/13   BB-     5,836,050  
  11,000    
TRU 2005 RE Holding Co I, LLC, Term Loan
  8.129%   12/08/08   B3     10,899,169  
  3,000    
Toys “R” Us, Delaware Inc., Term Loan
  9.760%   7/19/12   BB-     3,015,624  
 
  43,640    
Total Specialty Retail
                42,849,164  
 
 
 
                   
 
Textiles, Apparel & Luxury Goods – 1.2% (0.7% of Total Investments)
 
 
                   
  3,490    
HanesBrands Inc., Term Loan
  6.743%   9/05/13   BB     3,451,392  
  2,000    
HanesBrands Inc., Second Lien Term Loan
  8.815%   3/05/14   BB     2,013,750  
  1,818    
Visant Holding Corporation, Term Loan C
  7.198%   7/29/10   Ba1     1,806,460  
 
  7,308    
Total Textiles, Apparel & Luxury Goods
                7,271,602  
 
 
 
                   
 
Trading Companies & Distributors – 1.3% (0.8% of Total Investments)
 
 
                   
  1,980    
Ashtead Group Public Limited Company, Term Loan
  7.125%   8/31/11   BB+     1,945,350  
  393    
Brenntag Holdings, Acquisition Facility
  7.387%   1/20/14   B+     384,954  
  1,607    
Brenntag Holdings, Term Loan B2
  7.387%   1/20/14   B+     1,575,462  
  1,120    
United Rentals Inc., Tranche B Credit Linked Deposit
  5.322%   2/13/11   Ba1     1,117,176  
  3,113    
United Rentals Inc., Term Loan B
  7.130%   2/14/11   Ba1     3,104,406  
 
  8,213    
Total Trading Companies & Distributors
                8,127,348  
 
 
 
                   
 
Wireless Telecommunication Services – 1.9% (1.1% of Total Investments)
 
 
                   
  12,000    
Asurion Corporation, Term Loan
  8.360%   7/03/14   N/R     11,756,252  
 
$ 957,086    
Total Variable Rate Senior Loan Interests (cost $942,163,392)
                919,567,497  
 
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity   Ratings (3)   Value  
 
 
 
                   
 
Corporate Bonds – 10.5% (6.4% of Total Investments)
 
 
                   
 
Diversified Telecommunication Services – 0.9% (0.5% of Total Investments)
 
 
                   
$ 5,000    
Qwest Corporation, Floating Rate Note, 3.250% plus three-month LIBOR
  8.144%   6/15/13   BBB-   $ 5,356,250  
 
 
 
                   
 
Energy Equipment & Services – 0.8% (0.5% of Total Investments)
 
 
                   
  5,000    
Williams Companies Inc., Floating Rate Note, 2.000% plus three-month LIBOR, 144A
  6.894%   10/01/10   BB+     5,081,250  
 
 
 
                   
 
Food Products – 0.5% (0.3% of Total Investments)
 
 
                   
  1,528    
Dole Foods Company
  8.625%   5/01/09   B-     1,543,280  
  1,780    
Dole Foods Company
  8.875%   3/15/11   B-     1,759,975  
 
  3,308    
Total Food Products
                3,303,255  
 
 
 
                   
 
Hotels, Restaurants & Leisure – 1.3% (0.8% of Total Investments)
 
 
                   
  7,900    
Mohegan Tribal Gaming Authority
  8.000%   4/01/12   Ba2     8,107,375  
 
 
 
                   
 
Media – 1.6% (1.0% of Total Investments)
 
 
                   
  10,000    
Cablevision Systems Corporation, Floating Rate Note, 4.500% plus six-month LIBOR, 144A
  9.306%   4/01/09   B+     10,325,000  
 
 
 
                   
 
Paper & Forest Products – 0.7% (0.4% of Total Investments)
 
 
                   
  500    
Verso Paper Holdings LLC., Series B
  9.125%   8/01/14   B+     518,750  
  4,000    
Verso Paper Holdings LLC., Floating Rate Note, 3.750% plus three-month LIBOR
  8.644%   8/01/14   B+     4,040,000  
 
  4,500    
Total Paper & Forest Products
                4,558,750  
 
 
 
                   
 
Real Estate Investment Trust – 0.6% (0.4% of Total Investments)
 
 
                   
  4,000    
Felcor Lodging LP, Floating Rate Note, 1.875% plus six-month LIBOR
  6.681%   12/01/11   Ba3     4,020,000  
 
 
 
                   
 
Semiconductors & Equipment – 3.7% (2.3% of Total Investments)
 
 
                   
  7,000    
Avago Technologies Finance Pte. Ltd., Floating Rate Note, 5.500% plus three-month LIBOR
  10.394%   6/01/13   B     7,175,000  
  16,000    
NXP BV, Floating Rate Note, 2.750% plus three-month LIBOR
  7.644%   10/15/13   BB     15,220,000  
  1,000    
Spansion LLC., Floating Rate Note, 3.125% plus three-month LIBOR, 144A
  8.019%   6/01/13   B+     952,500  
 
  24,000    
Total Semiconductors & Equipment
                23,347,500  
 
 
 
                   
 
Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments)
 
 
                   
  1,000    
HanesBrands Inc., Floating Rate Note, 3.375% plus six-month LIBOR
  8.181%   12/15/14   B2     1,010,000  
 
 
 
                   
 
Wireless Telecommunication Services – 0.2% (0.1% of Total Investments)
 
 
                   
  1,000    
Dobson Communications Corporation, Floating Rate Note, 4.250% plus three-month LIBOR
  9.144%   10/15/12   Caa1     1,025,000  
 
$ 65,708    
Total Corporate Bonds (cost $66,550,356)
                66,134,380  
 
                             
Shares     Description (1)               Value  
 
 
 
                   
 
Warrants – 0.1% (0.1% of Total Investments)
 
 
                   
  36,521    
Reliant Energy Inc., Warrant Class A
              $ 774,245  
 
 
Total Warrants (cost $257,912)
                774,245  
   
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity       Value  
 
 
 
                   
 
Short-Term Investments – 8.7% (5.3% of Total Investments)
 
 
                   
$ 54,916    
Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/31/07,
  4.300%   11/01/07       $ 54,915,821  
 
repurchase price $54,922,380, collateralized by $55,530,000 U.S. Treasury
                   
 
Notes, 4.125%, due 8/15/08, value $56,015,888
                   
   
 
Total Short-Term Investments (cost $54,915,821)
                54,915,821  
   
                             
 
Total Investments (cost $1,063,887,481) – 164.9%
                1,041,391,943  
   
 
Other Assets Less Liabilities – (1.6)%
                (9,762,956 )
   
 
Preferred Shares, at Liquidation Value – (63.3)%
                (400,000,000 )
   
 
Net Assets Applicable to Common Shares – 100%
              $ 631,628,987  
   
     
 (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 in which the Fund invests generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks.
   
 
   
Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan.
   
 
 (5)  
At or subsequent to October 31, 2007, this issue was under the protection of the Federal Bankruptcy Court.
   
 
 (6)  
Position or portion of position represents an unfunded Senior Loan Commitment outstanding at October 31, 2007. At October 31, 2007, the Fund had unfunded Senior Loan commitments of $10,932,861.
   
 
 (7)  
Negative value represents unrealized depreciation on Senior Loan Commitment at October 31, 2007.
   
 
N/R  
Not rated.
   
 
DD1  
Portion of investment purchased on a delayed delivery basis.
   
 
144A  
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
   
 
TBD  
Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the Borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.
   
 
WI/DD  
Purchased on a when-issued or delayed delivery basis.
   
 
   
 
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.
At October 31, 2007, the cost of investments was $1,064,832,799.
Gross unrealized appreciation and gross unrealized depreciation of investments at October 31, 2007, were as follows:
         
 
 
       
Gross unrealized:
       
Appreciation
  $ 2,748,598  
Depreciation
    (26,189,454 )
 
       
 
 
       
Net unrealized appreciation (depreciation) of investments
  $ (23,440,856 )
 
       
 


Table of Contents

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.

 


Table of Contents

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)    Nuveen Floating Rate Income Fund                
         
     
By (Signature and Title)*  /s/ Kevin J. McCarthy    
  Kevin J. McCarthy  
  Vice President and Secretary   
 
Date December 28, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
     
By (Signature and Title)*  /s/ Gifford R. Zimmerman    
  Gifford R. Zimmerman   
  Chief Administrative Officer (principal executive officer)   
 
Date December 28, 2007
         
     
By (Signature and Title)*  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date December 28, 2007
 
*   Print the name and title of each signing officer under his or her signature.