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)
Jessica R. Droeger—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: 10/31/05
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
| Portfolio of Investments (Unaudited) Nuveen Floating Rate Income Fund (JFR) October 31, 2005 |
| Weighted Average Coupon |
|||||||||
| Principal
Amount (000) |
Stated
Maturity* |
||||||||
| Ratings** | |||||||||
|
|
|||||||||
| Description(1) | Moody's | S&P | Value | ||||||
| VARIABLE RATE SENIOR LOAN INTERESTS(2) - 132.5% (82.1% of total investments) | |||||||||
| Aerospace & Defense - 1.4% (0.8% of total investments) | |||||||||
| $ | 5,985 | Mid-Western Aircraft Systems Inc., Term Loan B | 6.409 | % | 6/10/11 | B1 | BB- | $ | 6,069,538 |
| 2,437 | Vought Aircraft Industries, Inc., Term Loan | 6.590 | % | 12/22/11 | Ba3 | B+ | 2,464,943 | ||
| 545 | Vought Aircraft Industries, Inc., Tranche B, Letter of Credit | 6.364 | % | 12/22/10 | Ba3 | B+ | 552,358 | ||
| 9,086,839 | |||||||||
| Airlines - 1.8% (1.1% of total investments) | |||||||||
| 11,850 | United Air Lines, Inc., DIP Term Loan (Tranche B) (a) | 7.960 | % | 3/31/06 | N/R | N/R | 11,994,544 | ||
| Auto Components - 4.7% (2.9% of total investments) | |||||||||
| 5,468 | Accuride Corporation, Term Loan | 6.177 | % | 1/31/10 | B1 | B+ | 5,510,331 | ||
| 17,662 | Federal-Mogul Corporation, Term Loan A (a) | 6.330 | % | 2/24/04 | N/R | N/R | 16,637,233 | ||
| 2,000 | Federal-Mogul Corporation, Term Loan B (a) | 6.580 | % | 2/24/05 | N/R | N/R | 1,886,459 | ||
| 6,000 | Goodyear Tire & Rubber Company, Second Lien Term Loan | 7.060 | % | 4/30/10 | B2 | B+ | 6,059,373 | ||
| 1,000 | Goodyear Tire & Rubber Company, Term Loan | 3.764 | % | 4/30/10 | B2 | BB | 1,008,929 | ||
| 31,102,325 | |||||||||
| Beverages - 1.7% (1.0% of total investments) | |||||||||
| 2,348 | Constellation Brands, Inc., Term Loan | 5.659 | % | 11/30/11 | Ba2 | BB | 2,376,660 | ||
| 8,685 | Dr. Pepper/Seven UP Bottling Group, Inc., Term Loan B | 6.158 | % | 12/19/10 | N/R | N/R | 8,818,148 | ||
| 11,194,808 | |||||||||
| Building Products - 5.2% (3.2% of total investments) | |||||||||
| 14,850 | Nortek, Inc., Term Loan B | 5.915 | % | 8/27/11 | B2 | B | 15,024,488 | ||
| 4,434 | PP Holding Corporation, Term Loan | 6.340 | % | 11/12/11 | B1 | B | 4,444,437 | ||
| 7,456 | Stile Acquisition Corporation, Canadian Term Loan | 5.666 | % | 3/21/13 | B2 | BB- | 7,437,084 | ||
| 7,469 | Stile Acquisition Corporation, Term Loan B | 6.203 | % | 5/13/11 | B2 | BB- | 7,449,753 | ||
| 34,355,762 | |||||||||
| Chemicals - 7.9% (4.9% of total investments) | |||||||||
| 7,648 | Celanese Holdings LLC, Term Loan C | 6.313 | % | 4/06/11 | B1 | B+ | 7,768,528 | ||
| 1,383 | Headwaters Incorporated, Term Loan B | 6.430 | % | 4/30/11 | B1 | B+ | 1,400,355 | ||
| 12,807 | Hercules Incorporated, Term Loan | 5.856 | % | 10/08/10 | Ba1 | BB | 12,970,764 | ||
| 9,342 | Huntsman International LLC, Term Loan | 5.720 | % | 8/16/12 | Ba3 | BB- | 9,402,856 | ||
| 7,900 | Lyondell-Citgo Refining LP, Term Loan | 5.510 | % | 5/21/07 | B1 | N/R | 8,018,500 | ||
| 12,935 | Rockwood Specialties Group, Inc., Tranche D | 6.466 | % | 7/30/12 | B1 | B+ | 13,157,320 | ||
| 52,718,323 | |||||||||
| Commercial Services & Supplies - 4.6% (2.8% of total investments) | |||||||||
| 4,321 | Allied Waste North America, Inc., Letter of Credit | 6.030 | % | 3/21/12 | B1 | BB | 4,349,723 | ||
| 11,436 | Allied Waste North America, Inc., Term Loan B | 6.038 | % | 3/12/21 | B1 | BB | 11,511,687 | ||
| 6,913 | National Equipment Services, Inc., Term Loan | 9.710 | % | 8/17/10 | B3 | B | 7,080,992 | ||
| 5,500 | Williams Scotsman, Inc., Term Loan B | 6.661 | % | 6/28/10 | B2 | BB | 5,572,188 | ||
| 1,995 | Xerium Technologies Inc., Term Loan B | 6.020 | % | 5/18/12 | B1 | BB- | 2,023,052 | ||
| 30,537,642 | |||||||||
| Containers & Packaging - 6.3% (3.9% of total investments) | |||||||||
| 5,816 | BWAY Corporation, Term Loan B | 6.313 | % | 1/30/11 | B1 | B+ | 5,902,834 | ||
| 17,865 | Graham Packaging Company, L.P., Term Loan B | 6.555 | % | 10/07/11 | B2 | B | 18,110,653 | ||
| 5,000 | Graham Packaging Company, L.P., Term Loan C | 8.250 | % | 3/15/12 | B2 | CCC+ | 5,100,000 | ||
| 2,176 | Owens-Illinois Group, Inc., Term Loan B | 5.780 | % | 4/01/08 | N/R | N/R | 2,196,917 | ||
| 699 | Smurfit-Stone Container Corporation, Deposit-Funded Commitment | 2.100 | % | 11/01/11 | Ba3 | BB- | 707,591 | ||
| 5,542 | Smurfit-Stone Container Corporation, Term Loan B | 5.722 | % | 11/01/11 | Ba3 | BB- | 5,612,518 | ||
| 1,705 | Smurfit-Stone Container Corporation, Term Loan C | 5.875 | % | 11/01/11 | Ba3 | BB- | 1,726,929 | ||
| 2,446 | United States Can Company, Term Loan B | 7.650 | % | 1/15/10 | B3 | B | 2,458,605 | ||
|
| |||||||||
| 41,816,047 | |||||||||
|
| |||||||||
| Diversified Financial Services - 0.6% (0.4% of total investments) | |||||||||
| 4,000 | EPCO Holdings, Term Loan B | 6.421 | % | 8/18/10 | Ba3 | B+ | 4,057,142 | ||
|
| |||||||||
| Diversified Telecommunication Services - 2.8% (1.7% of total investments) | |||||||||
| 5,500 | Fairpoint Communications, Inc., Term Loan | 5.813 | % | 2/15/12 | B1 | BB- | 5,562,563 | ||
| 3,970 | Intelsat, Ltd., Term Loan B | 5.813 | % | 7/06/11 | B1 | B | 4,011,355 | ||
| 2,000 | Madison River Capital LLC, Term Loan | 6.590 | % | 7/29/12 | B1 | B+ | 2,029,583 | ||
| 5,500 | Qwest Corporation, Term Loan B | 6.950 | % | 6/30/10 | Ba3 | BB | 5,512,031 | ||
| 1,450 | Valor Telecommunications Enterprises, LLC, Term Loan | 5.797 | % | 2/14/12 | Ba3 | BB- | 1,469,679 | ||
|
| |||||||||
| 18,585,211 | |||||||||
|
| |||||||||
| Electric Utilities - 2.4% (1.5% of total investments) | |||||||||
| 7,943 | Allegheny Energy Supply Company, LLC, Term Loan C | 5.788 | % | 3/08/11 | Ba2 | BB | 8,038,559 | ||
| 7,362 | Calpine Construction Finance Company, L.P., Term Loan B | 9.860 | % | 8/31/09 | N/R | B | 7,780,647 | ||
|
| |||||||||
| 15,819,206 | |||||||||
|
| |||||||||
| Electrical Equipment - 1.2% (0.8% of total investments) | |||||||||
| 8,000 | Mueller Group, Inc., Term Loan | 6.401 | % | 10/02/12 | B2 | B+ | 8,116,428 | ||
|
| |||||||||
| Food & Staples Retailing - 1.7% (1.0% of total investments) | |||||||||
| 10,850 | The Jean Coutu Group, Inc., Term Loan B | 6.500 | % | 7/30/11 | B1 | BB- | 10,984,982 | ||
|
| |||||||||
| Food Products - 0.8% (0.5% of total investments) | |||||||||
| 5,000 | Dole Holding Company, LLC, Term Loan | 9.438 | % | 7/22/10 | B3 | BB | 5,156,250 | ||
|
| |||||||||
| Healthcare Equipment & Supplies - 0.8% (0.5% of total investments) | |||||||||
| 5,447 | Kinetic Concepts, Inc., Term Loan B-2 | 5.780 | % | 8/11/10 | Ba3 | BB | 5,512,864 | ||
|
| |||||||||
| Healthcare Providers & Services - 8.3% (5.1% of total investments) | |||||||||
| 4,912 | Beverly Enterprises, Inc., Term Loan B | 6.477 | % | 10/22/08 | Ba3 | BB | 4,929,198 | ||
| 14,804 | Davita Inc., Term Loan B | 6.379 | % | 7/01/12 | B1 | BB- | 15,040,370 | ||
| 13,824 | IASIS Healthcare LLC, Term Loan B | 6.304 | % | 6/22/11 | B1 | B+ | 14,029,510 | ||
| 4,000 | LifeCare, Term Loan B (b) | TBD | TBD | B2 | B | 3,782,500 | |||
| 1,079 | Lifepoint Hospitals Holdings, Inc., Term Loan B | 5.435 | % | 9/30/11 | Ba3 | BB | 1,086,916 | ||
| 2,985 | Select Medical Corporation, Term Loan | 5.571 | % | 2/24/12 | B1 | BB- | 2,990,389 | ||
| 12,933 | Vanguard Health Holding Company I, LLC, Term Loan | 6.211 | % | 9/23/11 | B2 | B | 13,118,405 | ||
|
| |||||||||
| 54,977,288 | |||||||||
|
| |||||||||
| Hotels, Restaurants & Leisure - 10.0% (6.2% of total investments) | |||||||||
| 8,000 | 24 Hour Fitness Worldwide, Inc., Term Loan B | 6.780 | % | 6/08/12 | B2 | B | 8,135,000 | ||
| 1,082 | Ameristar Casinos, Inc., Incremental Term Loan | 6.063 | % | 12/20/06 | Ba3 | BB+ | 1,088,365 | ||
| 3,091 | Ameristar Casinos, Inc., Term Loan B-1 | 6.063 | % | 12/20/06 | Ba3 | BB+ | 3,110,022 | ||
| 5,925 | Boyd Gaming Corporation, Term Loan B | 5.610 | % | 6/30/11 | Ba2 | BB | 6,002,766 | ||
| 2,955 | Jack in the Box Inc., Term Loan | 5.569 | % | 1/09/10 | Ba2 | BB | 2,983,513 | ||
| 14,481 | OpBiz, LLC, Term Loan A | 5.305 | % | 8/31/10 | B3 | B- | 14,487,349 | ||
| 36 | OpBiz, LLC, Term Loan B (PIK) | 8.055 | % | 8/31/10 | B3 | B- | 36,068 | ||
| 10,000 | Penn National Gaming Inc., Term Loan B | 6.082 | % | 5/26/12 | Ba3 | BB- | 10,137,505 | ||
| 9,925 | Universal City Development Partners, LTD, Term Loan | 6.005 | % | 6/09/11 | Ba3 | BB- | 10,063,538 | ||
| 1,709 | Venetian Casino Resort, LLC, Delayed Draw Term Loan | 5.770 | % | 6/15/11 | B1 | BB- | 1,725,562 | ||
| 8,291 | Venetian Casino Resort, LLC, Term Loan | 5.770 | % | 6/15/11 | B1 | BB- | 8,368,973 | ||
|
| |||||||||
| 66,138,661 | |||||||||
|
| |||||||||
| Household Durables - 2.4% (1.5% of total investments) | |||||||||
| 16,009 | Sealy Mattress Company, Term Loan D | 5.731 | % | 4/06/12 | B1 | B+ | 16,174,440 | ||
|
|
|
|
|
|
|
|
|
|
|
| Household Products - 1.5% (0.9% of total investments) | |||||||||
| 9,975 | Prestige Brands, Inc., Term Loan B | 6.316 | % | 4/06/11 | B1 | B+ | 10,112,452 | ||
|
| |||||||||
| Independent Power Producers & Energy Traders - 0.5% (0.3% of total investments) | |||||||||
| 1,659 | Covanta Energy Corporation, Letter of Credit | 3.863 | % | 1/22/07 | B1 | B+ | 1,682,378 | ||
| 1,338 | Covanta Energy Corporation, Term Loan B | 6.961 | % | 5/23/12 | B1 | B+ | 1,357,345 | ||
|
| |||||||||
| 3,039,723 | |||||||||
|
| |||||||||
| Industrial Conglomerates - 0.2% (0.1% of total investments) | |||||||||
| 1,000 | Walter Industries, Term Loan B | 6.040 | % | 10/02/12 | Ba3 | B+ | 1,013,750 | ||
|
| |||||||||
| Insurance - 2.4% (1.5% of total investments) | |||||||||
| 15,687 | Conseco, Inc., Term Loan | 5.970 | % | 6/22/10 | B2 | BB- | 15,893,290 | ||
|
| |||||||||
| IT Services - 5.7% (3.5% of total investments) | |||||||||
| 19,558 | Fidelity National, Term Loan B | 5.685 | % | 3/09/13 | Ba3 | BB | 19,648,046 | ||
| 17,955 | SunGard Data Systems Inc., Term Loan B (c) | TBD | TBD | B1 | B+ | 18,133,527 | |||
|
| |||||||||
| 37,781,573 | |||||||||
|
| |||||||||
| Leisure Equipment & Products - 0.2% (0.2% of total investments) | |||||||||
| 1,000 | Mega Bloks, Term Loan B | 5.885 | % | 9/30/10 | Ba3 | BB- | 1,013,438 | ||
|
| |||||||||
| Machinery - 0.6% (0.4% of total investments) | |||||||||
| 1,649 | Dresser-Rand Group Inc., Term Loan | 6.047 | % | 10/10/10 | B1 | B+ | 1,676,906 | ||
| 2,238 | Terex Corporation, Term Loan B | 6.415 | % | 7/03/09 | B2 | BB- | 2,270,060 | ||
|
| |||||||||
| 3,946,966 | |||||||||
|
| |||||||||
| Marine - 0.8% (0.5% of total investments) | |||||||||
| 4,938 | Horizon Lines, LLC, Term Loan | 6.270 | % | 7/11/11 | B2 | B | 5,014,648 | ||
|
| |||||||||
| Media - 30.3% (18.8% of total investments) | |||||||||
| 1,924 | American Media Operations, Inc., Term Loan C | 6.813 | % | 4/01/07 | B1 | B | 1,947,242 | ||
| 17,000 | Century Cable Holdings, LLC, Discretionary Term Loan (a) | 8.750 | % | 12/31/09 | N/R | N/R | 16,853,375 | ||
| 7,000 | Century Cable Holdings, LLC, Revolver (a) | 7.750 | % | 10/25/10 | N/R | N/R | 6,886,250 | ||
| 2,000 | Century Cable Holdings, LLC, Term Loan (a) | 8.750 | % | 6/30/09 | N/R | N/R | 1,984,107 | ||
| 11,985 | Charter Communications Operating, LLC, Term Loan A | 7.250 | % | 4/27/10 | B2 | B | 11,983,104 | ||
| 9,863 | Charter Communications Operating, LLC, Term Loan B | 7.500 | % | 4/07/11 | B2 | B | 9,900,133 | ||
| 2,242 | Dex Media East, LLC, Term Loan B | 5.781 | % | 11/10/08 | Ba2 | BB | 2,255,482 | ||
| 8,925 | Dex Media West, LLC, Term Loan B | 5.734 | % | 3/09/10 | Ba2 | BB | 8,978,616 | ||
| 4,667 | DirecTV Group, Term Loan B | 5.428 | % | 4/08/13 | Ba1 | BB | 4,713,333 | ||
| 15,873 | Emmis Operating Company, Term Loan | 5.720 | % | 11/10/11 | Ba2 | B+ | 16,002,494 | ||
| 1,000 | Entravision Communications Corporation, Term Loan B | 5.550 | % | 3/21/13 | Ba3 | B+ | 1,008,751 | ||
| 11,620 | Loews Cineplex Entertainment Corporation, Term Loan B | 6.171 | % | 6/30/11 | B1 | B | 11,696,296 | ||
| 25,000 | Metro-Goldwyn-Mayer Studios, Inc, Term Loan B | 6.270 | % | 4/12/12 | N/R | N/R | 25,242,188 | ||
| 16,849 | Panamsat Corporation, Term Loan B-1 | 6.107 | % | 8/20/11 | Ba3 | BB+ | 17,086,342 | ||
| 6,500 | PRIMEDIA Inc., Term Loan (b) | TBD | TBD | N/R | B | 6,372,031 | |||
| 4,337 | R.H. Donnelley Inc., Tranche D | 5.696 | % | 6/30/11 | Ba3 | BB | 4,371,351 | ||
| 4,975 | Rainbow Media Holdings LLC, Term Loan | 6.438 | % | 3/31/12 | B1 | BB+ | 5,026,305 | ||
| 16,521 | Regal Cinemas Corporation, Term Loan | 6.020 | % | 11/10/10 | Ba3 | BB- | 16,713,482 | ||
| 995 | Spanish Broadcasting System Inc., Term Loan B | 6.030 | % | 6/10/10 | B1 | B+ | 1,009,925 | ||
| 11,000 | UPC Financing Partnership, Term Loan H2 | 6.804 | % | 9/30/12 | B1 | B | 11,107,135 | ||
| 20,673 | WMG Acquisition Corp., Term Loan | 5.847 | % | 2/27/11 | B1 | B+ | 20,907,636 | ||
|
| |||||||||
| 202,045,578 | |||||||||
|
| |||||||||
| Metals & Mining - 3.1% (1.9% of total investments) | |||||||||
| 7,322 | Amsted Industries Incorporated, Term Loan B | 6.623 | % | 10/15/10 | B1 | BB- | 7,425,921 | ||
| 12,814 | Foundation PA Coal Company, Term Loan B | 5.852 | % | 7/30/11 | Ba3 | BB- | 13,042,525 | ||
|
| |||||||||
| 20,468,446 | |||||||||
|
| |||||||||
| Multiline Retail - 1.5% (0.9% of total investments) | |||||||||
| 10,000 | Neiman Marcus, Term Loan | 6.475 | % | 3/28/13 | B1 | B+ | 10,065,000 | ||
|
| |||||||||
| Multi-Utilities - 2.4% (1.5% of total investments) | |||||||||
| 2,188 | NRG Energy, Inc., Credit-Linked Deposit | 3.920 | % | 12/24/11 | Ba3 | BB | 2,202,994 | ||
| 2,791 | NRG Energy, Inc., Term Loan | 5.895 | % | 12/20/11 | Ba3 | BB | 2,811,178 | ||
| 10,918 | Reliant Energy, Inc., Term Loan | 6.112 | % | 4/30/10 | B1 | B+ | 10,965,264 | ||
|
| |||||||||
| 15,979,436 | |||||||||
|
| |||||||||
| Oil, Gas & Consumable Fuels - 2.7% (1.7% of total investments) | |||||||||
| 800 | Coffeyville Resources LLC, Letter of Credit | 6.563 | % | 6/24/12 | B1 | BB- | 814,000 | ||
| 1,197 | Coffeyville Resources LLC, Term Loan B | 6.566 | % | 6/24/12 | B1 | BB- | 1,217,948 | ||
| 4,000 | Complete Productions Services, Term Loan | 6.720 | % | 8/18/12 | B2 | B | 4,040,834 | ||
| 1,875 | El Paso Corporation, Deposit-Funded Commitment | 3.764 | % | 11/23/09 | B3 | B | 1,888,932 | ||
| 8,979 | El Paso Corporation, Term Loan | 6.813 | % | 11/23/09 | B3 | B | 9,056,942 | ||
| 998 | Kerr McGee, Term Loan B | 6.510 | % | 5/24/11 | Ba3 | BB+ | 1,002,113 | ||
|
| |||||||||
| 18,020,769 | |||||||||
|
| |||||||||
| Paper & Forest Products - 1.3% (0.8% of total investments) | |||||||||
| 4,716 | Boise Cascade Holdings, L.L.C., Term Loan D | 6.790 | % | 3/29/11 | Ba3 | BB | 4,786,964 | ||
| 2,993 | NewPage Corporation, Term Loan B | 6.788 | % | 5/22/11 | B1 | B | 3,022,425 | ||
| 1,000 | White Birch Paper Company, Second Lien Term Loan | 10.909 | % | 3/31/13 | B3 | B- | 1,017,500 | ||
|
| |||||||||
| 8,826,889 | |||||||||
|
| |||||||||
| Pharmaceuticals - 1.7% (1.1% of total investments) | |||||||||
| 4,975 | Talecris Biotherapeutics, Term Loan B | 7.090 | % | 3/31/10 | N/R | N/R | 4,987,438 | ||
| 169 | Warner Chilcott, Dovobet Delayed Draw Term Loan (d) | 1.375 | % | 1/18/12 | B2 | B | 993 | ||
| 845 | Warner Chilcott, Dovonex Delayed Draw Term Loan (d) | 1.375 | % | 1/18/12 | B2 | B | 4,962 | ||
| 4,065 | Warner Chilcott, Tranche B | 6.611 | % | 1/18/12 | B2 | B | 4,085,332 | ||
| 1,638 | Warner Chilcott, Tranche C | 6.770 | % | 1/18/12 | B2 | B | 1,646,189 | ||
| 757 | Warner Chilcott, Tranche D | 6.770 | % | 1/18/12 | B2 | B | 760,493 | ||
|
| |||||||||
| 11,485,407 | |||||||||
|
| |||||||||
| Real Estate - 10.0% (6.2% of total investments) | |||||||||
| 20,651 | General Growth Properties, Inc., Term Loan B | 6.090 | % | 11/12/08 | Ba2 | BB+ | 20,902,724 | ||
| 2,812 | Lion Gables, Term Loan | 5.630 | % | 9/30/06 | NR | BB+ | 2,827,220 | ||
| 21,559 | LNR Property Corp., Term Loan | 6.731 | % | 2/03/08 | B2 | B+ | 21,734,510 | ||
| 2,000 | LNR Property Corp., Mezzanine Term Loan B | 8.977 | % | 2/03/08 | B2 | B+ | 2,010,625 | ||
| 11,428 | Macerich Company, Incremental Term Loan | 5.663 | % | 4/25/10 | N/R | N/R | 11,449,119 | ||
| 8,000 | Macerich Company, Term Loan | 5.625 | % | 4/25/10 | N/R | N/R | 8,060,000 | ||
|
| |||||||||
| 66,984,198 | |||||||||
|
| |||||||||
| Specialty Retail - 0.6% (0.4% of total investments) | |||||||||
| 2,993 | Movie Gallery Inc., Term Loan B | 7.830 | % | 4/01/11 | B2 | B | 2,932,961 | ||
| 1,000 | TravelCenters of America Inc., Term Loan | 5.710 | % | 6/30/11 | B1 | BB | 1,011,875 | ||
|
| |||||||||
| 3,944,836 | |||||||||
|
| |||||||||
| Textiles, Apparel & Luxury Goods - 0.7% (0.5% of total investments) | |||||||||
| 4,750 | Jostens IH Corp., Term Loan C | 5.943 | % | 7/29/10 | B1 | B+ | 4,829,415 | ||
|
| |||||||||
| Trading Companies & Distributors - 1.7% (1.1% of total investments) | |||||||||
| 3,000 | Ashtead Group Public Limited Company, Term Loan | 6.063 | % | 11/12/09 | N/R | BB | 3,032,499 | ||
| 7,906 | United Rentals, Term Loan B (c) | TBD | TBD | B2 | BB | 7,984,111 | |||
| 334 | United Rentals, Tranche B | 2.250 | % | 2/14/12 | B2 | BB | 336,982 | ||
|
| |||||||||
| 11,353,592 | |||||||||
|
| |||||||||
| Total Variable Rate Senior Loan Interests (cost $873,252,501) | 880,148,168 | ||||||||
|
| |||||||||
|
Principal |
Stated Maturity |
||||||||
| Ratings** | |||||||||
|
|
|||||||||
| Amount (000) | Description(1) | Coupon | Moody's | S&P | Value | ||||
|
| |||||||||
| CORPORATE BONDS - 23.3% (14.4% of total investments) | |||||||||
| Containers & Packaging - 0.8% (0.5% of total investments) | |||||||||
| $ | 1,500 | Owens-Illinois Group, Inc. | 8.100 | % | 5/15/07 | N/R | N/R | 1,530,000 | |
| 3,795 | Smurfit Capital Funding Corporation | 6.750 | % | 11/20/05 | B1 | BB- | 3,790,256 | ||
|
| |||||||||
| 5,320,256 | |||||||||
|
| |||||||||
| Diversified Telecommunication Services - 0.8% (0.5% of total investments) | |||||||||
| 5,000 | Qwest Corporation, Floating Rate Note, 3.250% plus three-month LIBOR, 144A | 7.510 | % | 6/15/13 | Ba3 | BB- | 5,300,000 | ||
|
| |||||||||
| Energy Equipment & Services - 0.8% (0.5% of total investments) | |||||||||
| 5,000 | Williams Companies, Inc., Floating Rate Note, 2.000% plus three-month LIBOR, 144A | 6.260 | % | 10/01/10 | B1 | B+ | 5,050,000 | ||
|
| |||||||||
| Food Products - 0.5% (0.3% of total investments) | |||||||||
| 1,528 | Dole Foods Co | 8.625 | % | 5/01/09 | B2 | B+ | 1,587,210 | ||
| 1,780 | Dole Foods Co | 8.875 | % | 3/15/11 | B2 | B+ | 1,851,200 | ||
|
| |||||||||
| 3,438,410 | |||||||||
|
| |||||||||
| Hotels, Restaurants & Leisure - 9.7% (6.0% of total investments) | |||||||||
| 9,505 | Aztar Corporation | 9.000 | % | 8/15/11 | Ba3 | B+ | 10,099,063 | ||
| 12,330 | Harrahs Entertainment | 7.875 | % | 12/15/05 | Ba1 | BB+ | 12,407,063 | ||
| 2,000 | MGM Grand | 7.250 | % | 10/15/06 | Ba1 | BB+ | 2,035,000 | ||
| 5,425 | MGM Mirage | 9.750 | % | 6/01/07 | Ba2 | BB- | 5,723,375 | ||
| 7,900 | Mohegan Tribal Gaming | 8.000 | % | 4/01/12 | Ba1 | BB | 8,265,375 | ||
| 11,197 | Park Place Entertainment | 7.875 | % | 12/15/05 | Ba2 | BB- | 11,252,985 | ||
| 2,000 | Park Place Entertainment | 8.500 | % | 11/15/06 | Ba1 | BB+ | 2,065,678 | ||
| 12,074 | Park Place Entertainment | 9.375 | % | 2/15/07 | Ba2 | BB- | 12,619,420 | ||
|
| |||||||||
| 64,467,959 | |||||||||
|
| |||||||||
| Household Durables - 3.1% (1.9% of total investments) | |||||||||
| 5,000 | Beazer Homes USA | 8.375 | % | 4/15/12 | Ba1 | BB | 5,131,250 | ||
| 2,000 | K. Hovnanian Enterprises | 10.500 | % | 10/01/07 | Ba2 | BB | 2,175,000 | ||
| 8,000 | K. Hovnanian Enterprises | 8.000 | % | 4/01/12 | Ba2 | BB | 8,280,000 | ||
| 5,000 | KB Home | 7.750 | % | 2/01/10 | Ba2 | BB- | 5,143,514 | ||
|
| |||||||||
| 20,729,764 | |||||||||
|
| |||||||||
| Machinery - 2.1% (1.3% of total investments) | |||||||||
| 13,400 | Navistar International, Series B | 9.375 | % | 6/01/06 | Ba3 | BB- | 13,701,500 | ||
|
| |||||||||
| Media - 3.4% (2.1% of total investments) | |||||||||
| 10,000 | Cablevision Systems Corp, Floating Rate Note, 4.500% plus six-month LIBOR | 8.966 | % | 4/01/09 | B3 | B+ | 10,275,000 | ||
| 7,500 | Emmis Operating Company, Floating Rate Note, 5.875% plus three-month LIBOR, 144A | 10.135 | % | 6/15/12 | B3 | B- | 7,556,250 | ||
| 5,000 | Loews Cineplex Entertainment Corporation | 9.000 | % | 8/01/14 | B3 | CCC+ | 4,837,500 | ||
|
| |||||||||
| 22,668,750 | |||||||||
|
| |||||||||
| Oil, Gas & Consumable Fuels - 0.6% (0.4% of total investments) | |||||||||
| 4,000 | Tesoro Petroleum Corporation | 8.000 | % | 4/15/08 | Ba2 | BBB- | 4,180,000 | ||
|
| |||||||||
| Paper & Forest Products - 1.5% (0.9% of total investments) | |||||||||
| 5,000 | Georgia Pacific | 8.125 | % | 5/15/11 | Ba3 | BB+ | 5,450,000 | ||
| 4,000 | Georgia Pacific | 9.375 | % | 2/01/13 | Ba2 | BB+ | 4,430,000 | ||
|
| |||||||||
| 9,880,000 | |||||||||
|
| |||||||||
| Total Corporate Bonds (cost $157,038,537) | 154,736,639 | ||||||||
|
| |||||||||
| Shares (000) | Description(1) | Value | |||||||
|
| |||||||||
| WARRANTS - 0.0% (0.0% of total investments) | |||||||||
| Multi-Utilities - 0.0% (0.0% of total investments) | |||||||||
| 36 | Reliant Energy, Inc. | 296,543 | |||||||
|
| |||||||||
| Total Warrants (cost $257,912) | 296,543 | ||||||||
|
| |||||||||
| Principal
Amount (000) |
|||||||||
| Description(1) | Value | ||||||||
| REPURCHASE AGREEMENTS - 5.7% (3.5% of total investments) | |||||||||
| State Street Bank, 3.730%, dated 10/31/05, due 11/01/05, repurchase price $37,545,413 | |||||||||
| $ | 37,542 | collateralized by $27,580,000 U.S. Treasury Bonds, 8.000%, due 11/15/21, value $38,297,974 | 37,541,523 | ||||||
|
|
| ||||||||
| Total Repurchase Agreements (cost $37,541,523) | 37,541,523 | ||||||||
|
| |||||||||
| Total Investments (cost $1,068,090,473) - 161.5% | 1,072,722,873 | ||||||||
|
| |||||||||
| Other Assets Less Liabilities - (1.3)% | (8,527,725) | ||||||||
|
| |||||||||
| Preferred Shares, at Liquidation Value (60.2)% | (400,000,000) | ||||||||
|
| |||||||||
| Net Assets Applicable to Common Shares - 100% | $ | 664,195,148 | |||||||
|
|
|
|
|
|
|
|
| ||
| (1 | ) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares |
| unless otherwise noted. | ||
| (2 | ) | Senior Loans in which the Fund invests generally pay interest at rates which are periodically adjusted by |
| reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates | ||
| are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the | ||
| prime rate offered by one or more major United States banks. | ||
| Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive | ||
| approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan. | ||
| * | Senior Loans in the Fund’s portfolio 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 in the Fund’s portfolio may occur. As a result, the actual | ||
| remaining maturity of Senior Loans held in the Fund’s portfolio may be substantially less than the stated | ||
| maturities shown. | ||
| ** | Ratings below Baa by Moody’s Investor Service, Inc. or BBB by Standard & Poor’s Group are considered to | |
| be below investment grade. | ||
| (a) | At or subsequent to October 31, 2005, this issue was under the protection of the Federal Bankruptcy Court. | |
| (b) | Investment purchased on a when-issued or delayed delivery basis. | |
| (c) | Portion of investment purchased on a when-issued or delayed delivery basis. | |
| (d) | Position represents an unfunded loan commitment outstanding at October 31, 2005. The Fund had | |
| unfunded loan commitments of $1,013,600 at October 31, 2005. | ||
| 144 | A | Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These |
| securities 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. | ||
| (PIK) | In lieu of cash payment, interest accrued on “Payment in Kind” investment increases principal outstanding. | |
| N/R | Investment is not rated. |
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 timing differences in recognizing certain gains and losses on investment transactions and recognition of premium amortization.
At October 31, 2005, the cost of investments was $1,072,806,015.
Gross unrealized appreciation and gross unrealized depreciation of investments at October 31, 2005, were as follows:
|
|
|
|
|
| Gross unrealized: | |||
| Appreciation | $ | 7,424,766 | |
| Depreciation | (7,507,908 | ) | |
|
| |||
| Net unrealized appreciation (depreciation) of investments | $ | (83,142 | ) |
|
|
|
|
|
Item 2. Controls and Procedures.
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.
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/ Jessica R. Droeger
Jessica R. Droeger
Vice President and Secretary
Date 12/29/05
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 12/29/05
By (Signature and Title)* /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller (principal financial
officer)
Date 12/29/05
* Print the name and title of each signing officer under his or her signature.