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. DroegerVice 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: 07/31
Date of reporting period: 04/30/05
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) April 30, 2005 |
Weighted | ||||||||||||||
Principal | Average | Stated | Ratings* | |||||||||||
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Amount (000) Description(1) | Coupon | Maturity* | Moody's | S&P | Value | |||||||||
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VARIABLE RATE SENIOR LOAN INTERESTS(2) - 128.2% (78.3% of total assets) | ||||||||||||||
Aerospace & Defense - 0.5% (0.3% of total assets) | ||||||||||||||
$ 2,449 | Vought Aircraft Industries, Inc., Term Loan | 5.350% | 12/22/11 | Ba3 | B+ | $ 2,487,032 | ||||||||
545 | Vought Aircraft Industries, Inc., Tranche B, Letter of Credit | 5.190% | 12/22/10 | Ba3 | B+ | 553,636 | ||||||||
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3,040,668 | ||||||||||||||
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Airlines - 1.8% (1.1% of total assets) | ||||||||||||||
11,908 | United Air Lines, Inc., DIP Term Loan (Tranche B) (a) | 7.500% | 9/30/05 | N/R | N/R | 11,987,592 | ||||||||
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Auto Components - 5.1% (3.1% of total assets) | ||||||||||||||
5,659 | Accuride Corporation, Term Loan | 5.356% | 1/31/10 | B2 | B+ | 5,663,577 | ||||||||
17,662 | Federal-Mogul Corporation, Term Loan A (a) | 5.310% | 2/24/04 | N/R | N/R | 15,891,385 | ||||||||
2,000 | Federal-Mogul Corporation, Term Loan B (a) | 5.560% | 2/24/05 | N/R | N/R | 1,823,125 | ||||||||
6,000 | Goodyear Tire & Rubber Company, Second Lien Term Loan (b) | 5.890% | 4/30/10 | B2 | B+ | 5,960,358 | ||||||||
1,000 | Goodyear Tire & Rubber Company, Term Loan (b) | 4.840% | 4/30/10 | Ba3 | BB | 1,003,125 | ||||||||
4,000 | Goodyear Tire & Rubber Company, Third Lien Term Loan (b) | 6.640% | 3/01/11 | B3 | B- | 3,810,000 | ||||||||
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34,151,570 | ||||||||||||||
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Beverages - 1.8% (1.1% of total assets) | ||||||||||||||
2,493 | Constellation Brands, Inc., Term Loan | 4.990% | 11/30/11 | Ba2 | BB | 2,517,231 | ||||||||
9,230 | Dr. Pepper/Seven UP Bottling Group, Inc., Term Loan B | 5.320% | 12/19/10 | B1 | N/R | 9,393,873 | ||||||||
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11,911,104 | ||||||||||||||
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Building Products - 5.3% (3.2% of total assets) | ||||||||||||||
7,494 | Masonite Corporation, Canadian Term Loan | 7.250% | 3/21/13 | B2 | BB+ | 7,505,326 | ||||||||
7,506 | Masonite Corporation, Term Loan B | 6.750% | 5/13/11 | B2 | BB+ | 7,518,112 | ||||||||
14,925 | Nortek, Inc., Term Loan B | 5.340% | 8/27/11 | B2 | B | 15,139,547 | ||||||||
4,675 | PP Holding Corporation, Term Loan | 5.350% | 11/12/11 | B1 | B | 4,733,438 | ||||||||
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34,896,423 | ||||||||||||||
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Chemicals - 8.5% (5.2% of total assets) | ||||||||||||||
1,820 | Celanese Holdings LLC, Delayed Draw Term Loan (c) | 0.750% | 4/06/11 | N/R | B+ | 28,820 | ||||||||
7,673 | Celanese Holdings LLC, Term Loan C | 5.625% | 4/06/11 | B1 | B+ | 7,818,557 | ||||||||
1,333 | Headwaters Incorporated, Second Lien Term Loan | 8.650% | 9/01/12 | B3 | B- | 1,361,944 | ||||||||
1,383 | Headwaters Incorporated, Term Loan B | 5.400% | 4/30/11 | B1 | B+ | 1,403,814 | ||||||||
12,872 | Hercules Incorporated, Term Loan | 4.872% | 10/08/10 | Ba1 | BB | 13,057,530 | ||||||||
11,278 | Huntsman International LLC, Term Loan B-1 | 5.500% | 12/31/10 | Ba3 | B | 11,478,543 | ||||||||
7,940 | Lyondell-Citgo Refining LP, Term Loan | 4.591% | 5/21/07 | N/R | N/R | 8,064,063 | ||||||||
13,000 | Rockwood Specialties Group, Inc., Tranche D | 5.430% | 7/30/12 | B1 | B+ | 13,166,563 | ||||||||
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56,379,834 | ||||||||||||||
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Commercial Services & Supplies - 4.2% (2.6% of total assets) | ||||||||||||||
4,,365 | Allied Waste North America, Inc., Letter of Credit | 3.100% | 3/21/12 | B1 | BB | 4,378,232 | ||||||||
11785 | Allied Waste North America, Inc., Term Loan B | 5.180% | 3/12/21 | B1 | BB | 11,825,982 | ||||||||
6,948 | National Equipment Services, Inc., Term Loan | 8.970% | 8/17/10 | B3 | B | 7,095,134 | ||||||||
4,437 | Williams Scotsman, Inc., Term Loan | 5.970% | 12/31/06 | B1 | B+ | 4,497,921 | ||||||||
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27,797,269 | ||||||||||||||
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Containers & Packaging - 6.3% (3.9% of total assets) | ||||||||||||||
5,816 | BWAY Corporation, Term Loan B | 5.250% | 1/30/11 | B1 | B+ | 5,905,256 | ||||||||
17,955 | Graham Packaging Company, L.P., Term Loan B | 5.650% | 10/07/11 | B2 | B | 18,214,710 | ||||||||
5,000 | Graham Packaging Company, L.P., Term Loan C | 7.313% | 3/15/12 | B2 | CCC+ | 5,130,625 | ||||||||
2,176 | Owens-Illinois Group, Inc., Term Loan B | 5.730% | 4/01/08 | B1 | N/R | 2,220,128 | ||||||||
699 | Smurfit-Stone Container Corporation, Deposit-Funded Commitment | 2.100% | 11/01/11 | Ba3 | BB- | 711,412 | ||||||||
5,569 | Smurfit-Stone Container Corporation, Term Loan B | 4.800% | 11/01/11 | Ba3 | BB- | 5,663,998 | ||||||||
1,714 | Smurfit-Stone Container Corporation, Term Loan C | 4.920% | 11/01/11 | Ba | BB- | 1,742,769 | ||||||||
2,459 | United States Can Company, Term Loan B | 6.940% | 1/15/10 | B3 | B | 2,471,085 | ||||||||
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42,059,983 | ||||||||||||||
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Diversified Telecommunication Services - 2.5% (1.5% of total assets) | ||||||||||||||
5,500 | Fairpoint Communications, Inc., Term Loan | 5.170% | 2/15/12 | B1 | BB- | 5,570,125 | ||||||||
3,990 | Intelsat, Ltd., Term Loan B | 4.630% | 7/06/11 | B1 | BB+ | 4,022,918 | ||||||||
5,500 | Qwest Corporation, Term Loan B | 6.950% | 6/30/10 | Ba3 | BB- | 5,377,625 | ||||||||
1,470 | Valor Telecommunications Enterprises, LLC, Term Loan | 5.075% | 2/14/12 | Ba3 | BB- | 1,488,375 | ||||||||
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16,459,043 | ||||||||||||||
|
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Electric Utilities - 2.8% (1.7% of total assets) | ||||||||||||||
8,426 | Allegheny Energy Supply Company, LLC, Term Loan | 5.610% | 3/08/11 | Ba3 | BB- | 8,508,488 | ||||||||
9,899 | Calpine Construction Finance Company, L.P., Term Loan B | 8.860% | 8/31/09 | B1 | B+ | 10,320,226 | ||||||||
|
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18,828,714 | ||||||||||||||
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Electrical Equipment - 0.7% (0.4% of total assets) | ||||||||||||||
4736 | Mueller Group, Inc., Term Loan | 5.697% | 4/25/11 | B2 | B+ | 4,791,985 | ||||||||
|
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Energy Equipment & Services - 1.3% (0.8% of total assets) | ||||||||||||||
8,387 | Pride Offshore, Inc., Term Loan | 4.640% | 7/07/11 | Ba1 | BB+ | 8,523,797 | ||||||||
|
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Food & Staples Retailing - 1.7% (1.0% of total assets) | ||||||||||||||
10,905 | The Jean Coutu Group, Inc., Term Loan B | 5.500% | 7/30/11 | B1 | BB | 11,084,763 | ||||||||
|
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Food Products - 0.8% (0.5% of total assets) | ||||||||||||||
5,000 | Dole Holding Company, LLC, Term Loan | 8.000% | 7/22/10 | B3 | B | 5,193,750 | ||||||||
|
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Gas Utilities - 1.7% (1.0% of total assets) | ||||||||||||||
1,875 | El Paso Corporation, Deposit-Funded Commitment | 2.290 % | 11/23/09 | B3 | B- | 1,887,760 | ||||||||
9,052 | El Paso Corporation, Term Loan | 2.290 % | 11/23/09 | B3 | B- | 9,128,059 | ||||||||
|
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11,015,819 | ||||||||||||||
|
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Healthcare Equipment & Supplies - 2.7% (1.7% of total assets) | ||||||||||||||
5,000 | Advanced Medical Optics, Inc., Delayed Draw Term Loan (c) | 0.250% | 7/07/09 | B1 | BB- | 46,875 | ||||||||
11,223 | Advanced Medical Optics, Inc., Term Loan B | 4.840% | 6/25/09 | B1 | BB- | 11,394,710 | ||||||||
6,691 | Kinetic Concepts, Inc., Term Loan B-2 | 4.850% | 8/11/10 | Ba3 | BB | 6,798,045 | ||||||||
|
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18,239,630 | ||||||||||||||
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Healthcare Providers & Services - 5.2% (3.2% of total assets) | ||||||||||||||
4,937 | Beverly Enterprises, Inc., Term Loan B | 5.649% | 10/22/08 | Ba3 | BB | 4,981,603 | ||||||||
15,394 | IASIS Healthcare LLC, Term Loan B | 5.370% | 6/22/11 | B1 | B+ | 14,130,931 | ||||||||
1,000 | Lifepoint Hospitals Holdings, Inc., Term Loan B | 4.584% | 9/30/11 | Ba3 | BB | 1,003,125 | ||||||||
3,000 | Select Medical Corporation, Term Loan | 4.630% | 2/24/12 | B1 | BB- | 2,995,875 | ||||||||
2,000 | Vanguard Health Holding Company, LLC, Delayed Draw Term Loan (c) | 2.250% | 9/23/05 | B2 | B | 26,875 | ||||||||
5,985 | Vanguard Health Holding Company, LLC, Initial Sub Tranche 2 Term Loan | 6.350% | 9/23/11 | B2 | B | 6,104,700 | ||||||||
4,975 | Vanguard Health Holding Company, LLC, Term Loan B | 6.340% | 9/23/11 | B2 | B | 5,072,945 | ||||||||
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34,316,054 | ||||||||||||||
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Hotels, Restaurants & Leisure - 11.4% (6.9% of total assets) | ||||||||||||||
10,034 | 24 Hour Fitness Worldwide, Inc., Term Loan B | 6.250% | 7/01/09 | B1 | B | 10,197,354 | ||||||||
1,121 | Ameristar Casinos, Inc., Incremental Term Loan | 5.063% | 12/20/06 | B3 | BB | 1,139,427 | ||||||||
3,203 | Ameristar Casinos, Inc., Term Loan B-1 | 5.063% | 12/20/06 | Ba3 | BB | 3,257,266 | ||||||||
5,955 | Boyd Gaming Corporation, Term Loan B | 5.130% | 6/30/11 | Ba2 | BB | 6,035,023 | ||||||||
2,970 | Jack in the Box Inc., Term Loan | 4.850% | 1/09/10 | Ba2 | BB | 3,016,330 | ||||||||
14,481 | OpBiz, LLC, Term Loan A | 6.100% | 8/31/10 | B3 | B- | 14,544,666 | ||||||||
35 | OpBiz, LLC, Term Loan B (PIK) | 6.560% | 8/31/10 | B3 | B- | 34,888 | ||||||||
9,975 | Universal City Development Partners, LTD, Term Loan | 4.904% | 6/09/11 | Ba3 | BB- | 10,130,859 | ||||||||
1,709 | Venetian Casino Resort, LLC, Delayed Draw Term Loan (c) | 0.750% | 6/15/11 | B1 | B+ | 7,479 | ||||||||
8,291 | Venetian Casino Resort, LLC, Term Loan | 4.810% | 6/15/11 | B1 | B+ | 8,349,669 | ||||||||
9,588 | Wyndham International, Inc., Term Loan I | 7.688% | 6/30/06 | Caa1 | B | 9,613,482 | ||||||||
9,464 | Wyndham International, Inc., Term Loan II | 8.688% | 4/01/06 | B3 | CCC+ | 9,495,035 | ||||||||
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75,821,478 | ||||||||||||||
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Household Durables - 2.7% (1.7% of total assets) | ||||||||||||||
18,091 | Sealy Mattress Company, Term Loan D | 4.940% | 4/06/12 | B1 | B+ | 18,196,081 | ||||||||
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Household Products - 1.5% (0.9% of total assets) | ||||||||||||||
10,026 | Prestige Brands, Inc., Term Loan B | 5.380% | 4/06/11 | B1 | B+ | 10,172,106 | ||||||||
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Insurance - 4.1% (2.5% of total assets) | ||||||||||||||
26,849 | Conseco, Inc., Term Loan | 6.564% | 6/22/10 | B2 | BB- | 27,375,020 | ||||||||
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IT Services - 2.8% (1.7% of total assets) | ||||||||||||||
18,500 | Fidelity National, Term Loan B | 4.651% | 3/09/13 | Ba3 | BB | 18,453,750 | ||||||||
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Machinery - 0.7% (0.4% of total assets) | ||||||||||||||
2,222 | Dresser-Rand Group Inc., Term Loan | 5.360% | 10/10/10 | B1 | B+ | 2,257,706 | ||||||||
2,238 | Terex Corporation, Term Loan B | 4.890% | 7/03/09 | B1 | BB- | 2,269,595 | ||||||||
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4,527,301 | ||||||||||||||
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Marine - 0.8% (0.5% of total assets) | ||||||||||||||
4,963 | Horizon Lines, LLC, Term Loan | 5.620 % | 7/11/11 | B2 | B | 4,991,446 | ||||||||
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Media - 30.8% (18.8% of total assets) | ||||||||||||||
4,954 | Advertising Directory Solutions Inc., Term Loan B | 5.070% | 11/09/11 | B1 | BB- | 4,973,357 | ||||||||
1,934 | American Media Operations, Inc., Term Loan C | 5.875% | 4/01/07 | Ba3 | B+ | 1,967,008 | ||||||||
17,000 | Century Cable Holdings, LLC, Discretionary Term Loan (a) | 7.750% | 12/31/09 | N/R | N/R | 16,842,750 | ||||||||
7,000 | Century Cable Holdings, LLC, Revolver (a) | 6.750% | 10/25/10 | N/R | N/R | 6,891,721 | ||||||||
2,000 | Century Cable Holdings, LLC, Term Loan (a) | 7.750% | 6/30/09 | N/R | N/R | 1,983,214 | ||||||||
12,000 | Charter Communications Operating, LLC, Term Loan A | 6.190% | 4/07/11 | B2 | B | 9,828,852 | ||||||||
9,925 | Charter Communications Operating, LLC, Term Loan B | 6.440 % | 4/07/11 | B2 | B | 9,828,852 | ||||||||
2,361 | Dex Media East, LLC, Term Loan B | 4.600 % | 11/10/08 | Ba2 | BB- | 2,399,306 | ||||||||
3,482 | Dex Media West, LLC, Term Loan A | 4.981 % | 9/09/09 | Ba2 | BB- | 3,532,577 | ||||||||
9,421 | Dex Media West, LLC, Term Loan B | 4.780 % | 3/09/10 | Ba2 | BB- | 9,568,532 | ||||||||
7,000 | DirecTV Group, Term Loan B | 4.454% | 4/08/13 | Ba1 | BB | 7,028,875 | ||||||||
15,953 | Emmis Operating Company, Term Loan | 4.660% | 11/10/11 | Ba2 | B+ | 16,176,282 | ||||||||
14,620 | Loews Cineplex Entertainment Corporation, Term Loan B | 5.199% | 6/30/11 | B1 | B | 14,864,472 | ||||||||
25,000 | Metro-Goldwyn-Mayer Studios, Inc., Term Loan B | 5.380% | 4/12/12 | N/R | N/R | 25,058,600 | ||||||||
16,849 | Panamsat Corporation, Term Loan B | 5.310% | 8/20/11 | Ba3 | BB+ | 17,100,521 | ||||||||
4,359 | R.H. Donnelley Inc., Tranche D | 4.800% | 6/30/11 | Ba3 | N/R | 4,419,491 | ||||||||
5,000 | Rainbow Media Holdings LLC, Term Loan | 5.690% | 3/31/12 | N/R | N/R | 5,075,520 | ||||||||
16,605 | Regal Cinemas Corporation, Term Loan | 5.093% | 11/10/10 | Ba3 | BB- | 16,868,935 | ||||||||
8,000 | UPC Financing Partnership, Term Loan | 5.752% | 9/30/12 | B1 | B | 8,012,572 | ||||||||
20,795 | WMG Acquisition Corp., Term Loan | 5.320% | 2/27/11 | B1 | B+ | 20,989,915 | ||||||||
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205,423,638 | ||||||||||||||
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Metals & Mining - 3.2% (2.0% of total assets) | ||||||||||||||
7,413 | Amsted Industries Incorporated, Term Loan B | 5.900% | 10/15/10 | B1 | BB- | 7,531,549 | ||||||||
13,516 | Foundation PA Coal Company, Term Loan B | 5.029% | 7/30/11 | Ba3 | BB- | 13,729,962 | ||||||||
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21,261,511 | ||||||||||||||
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Multi-Utilities & Unregulated Power - 2.4% (1.5% of total assets) | ||||||||||||||
2,188 | NRG Energy, Inc., Credit-Linked Deposit | 2.993% | 12/24/11 | Ba3 | BB | 2,215,117 | ||||||||
2,085 | NRG Energy, Inc., Term Loan | 5.250% | 12/20/11 | Ba3 | BB | 2,840,888 | ||||||||
10,973 | Reliant Energy, Inc., Term Loan | 6.040% | 4/30/10 | B1 | B+ | 10,986,216 | ||||||||
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16,042,221 | ||||||||||||||
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Paper & Forest Products - 1.9% (1.1% of total assets) | ||||||||||||||
6,231 | Boise Cascade Holdings, L.L.C., Term Loan D | 4.740% | 3/29/11 | Ba3 | N/R | 6,297,569 | ||||||||
3,000 | NewPage Corporation, Term Loan B (b) | 6.379% | 5/02/05 | B1 | B | 3,018,750 | ||||||||
3,000 | White Birch Paper Company, Second Lien Term Loan | 12.250% | 3/31/13 | B3 | B- | 3,018,750 | ||||||||
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12,335,069 | ||||||||||||||
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Pharmaceuticals - 0.8% (0.5% of total assets) | ||||||||||||||
5,000 | Talecris Biotherapeutics Inc., Term Loan B | 6.170% | 3/31/10 | N/R | N/R | 5,025,000 | ||||||||
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Real Estate - 10.5% (6.4% of total assets) | ||||||||||||||
20737 | General Growth Properties, Inc., Term Loan B | 5.100% | 11/12/08 | Ba2 | BB+ | 20,906,792 | ||||||||
21,560 | LNR Property Corp., Term Loan | 5.810% | 2/03/08 | B2 | B+ | 21,675,220 | ||||||||
2,000 | LNR Property Corp., Term Loan B | 8.060% | 2/03/08 | B2 | B+ | 2,023,333 | ||||||||
12,000 | Macerich Company, Incremental Term | 6.250% | 4/25/10 | N/R | N/R | 12,015,000 | ||||||||
8,000 | Macerich Company, Term Loan | 6.250% | 4/25/10 | N/R | N/R | 8,000,000 | ||||||||
5,000 | Maguire Properties, Term Loan | 4.621% | 3/15/10 | Ba2 | BB | 5,037,500 | ||||||||
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69,657,845 | ||||||||||||||
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Specialty Retail - 0.5% (0.3% of total assets) | ||||||||||||||
3,000 | Movie Gallery Inc., Term Loan B (c) | 6.140% | 4/01/11 | B1 | B+ | 3,026,250 | ||||||||
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Textiles & Apparel - 0.7% (0.5% of total assets) | ||||||||||||||
4,850 | Jostens IH Corp., Term Loan C | 5.190% | 7/29/10 | B1 | B+ | 4,926,286 | ||||||||
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Trading Companies & Distributors - 0.5% (0.3% of total assets) | ||||||||||||||
3,000 | Ashtead Group Public Limited Company, Term Loan | 5.063% | 11/12/09 | N/R | BB- | 3,043,125 | ||||||||
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Total Variable Rate Senior Loan Interests (cost $846,102,203) | 850,956,125 | |||||||||||||
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Principal | Stated | Ratings** | ||||||||||||
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Amount (000) Description(1) | Coupon | Maturity | Moody's | S&P | Value | |||||||||
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CORPORATE BONDS - 20.2% (12.4% of total assets) | ||||||||||||||
Containers & Packaging - 0.6% (0.4% of total assets) | ||||||||||||||
3,795 | Smurfit Capital Funding Corporation | 6.750% | 11/20/05 | B1 | BB- | 3,813,975 | ||||||||
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Food Products - 0.7% (0.4% of total assets) | ||||||||||||||
1000 | Dean Foods Company | 6.750% | 6/15/05 | Ba2 | BB- | 1,005,000 | ||||||||
1,528 | Dole Foods Co | 8.625% | 5/01/09 | B2 | B+ | 1,615,860 | ||||||||
1,780 | Dole Foods Co | 8.875% | 3/15/11 | B2 | B+ | 1,895,700 | ||||||||
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4,516,560 | ||||||||||||||
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Hotels, Restaurants & Leisure - 8.1% (5.0% of total assets) | ||||||||||||||
9,505 | Aztar Corporation | 9.000% | 8/15/11 | Ba3 | B+ | 10,217,875 | ||||||||
11,330 | Harrahs Entertainment | 7.875% | 12/15/05 | Ba1 | BB+ | 11,613,250 | ||||||||
2,000 | MGM Grand | 7.250% | 10/15/06 | Ba1 | BB+ | 2,065,000 | ||||||||
5,425 | MGM Mirage | 9.750% | 6/01/07 | Ba2 | BB- | 5,872,563 | ||||||||
9,197 | Park Place Entertainment | 7.875% | 12/15/05 | Ba2 | BB- | 9,392,436 | ||||||||
2,000 | Park Place Entertainment | 8.500% | 11/15/06 | Ba1 | BB+ | 2,120,000 | ||||||||
12,076 | Park Place Entertainment | 9.375% | 2/15/07 | Ba2 | BB- | 12,936,415 | ||||||||
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54,217,539 | ||||||||||||||
|
||||||||||||||
Household Durables - 4.3% (2.6% of total assets) | ||||||||||||||
5,000 | Beazer Homes USA | 8.375% | 4/15/12 | Ba1 | BB | 5,325,000 | ||||||||
4,000 | D.R. Horton, Inc. | 9.375% | 7/15/09 | Ba1 | BB+ | 4,206,496 | ||||||||
2,000 | K. Hovnanian Enterprises | 10.500% | 10/01/07 | Ba2 | BB | 2,230,000 | ||||||||
8,000 | K. Hovnanian Enterprises | 8.000% | 4/01/12 | Ba2 | BB | 8,520,000 | ||||||||
5,000 | KB Home | 7.750% | 2/01/10 | Ba2 | BB- | 5,259,020 | ||||||||
3,000 | Standard Pacific Corporation | 9.500% | 9/15/10 | Ba2 | BB | 3,180,000 | ||||||||
|
||||||||||||||
28,720,516 | ||||||||||||||
|
||||||||||||||
Machinery - 2.1% (1.3% of total assets) | ||||||||||||||
13,400 | Navistar International, Series B | 9.375% | 6/01/06 | Ba3 | BB- | 13,869,000 | ||||||||
|
||||||||||||||
Media - 2.3% (1.4% of total assets) | ||||||||||||||
10,000 | Cablevision Systems Corp, Floating Rate Note, 4.500% plus six-month LIBOR | 7.909% | 4/01/09 | B3 | B+ | 10,250,000 | ||||||||
5,000 | Loews Cineplex Entertainment Corporation (b) | 9.000% | 8/01/14 | B3 | CCC+ | 4,825,000 | ||||||||
|
||||||||||||||
15,075,000 | ||||||||||||||
|
||||||||||||||
Oil & Gas - 0.6% (0.4% of total assets) | ||||||||||||||
4,000 | Tesoro Petroleum Corporation | 8.000% | 4/15/08 | Ba2 | BBB- | 4,210,000 | ||||||||
|
||||||||||||||
Paper & Forest Products - 1.5% (0.9% of total assets) | ||||||||||||||
5,000 | Georgia Pacific | 8.125% | 5/15/11 | Ba3 | BB+ | 5,493,750 | ||||||||
4,000 | Georgia Pacific | 9.375% | 2/01/13 | Ba2 | BB+ | 4,475,000 | ||||||||
|
||||||||||||||
9,968,750 | ||||||||||||||
|
||||||||||||||
Total Corporate Bonds (cost $136,643,124) | 134,391,340 | |||||||||||||
|
||||||||||||||
Shares (000) Description(1) | Value | |||||||||||||
|
||||||||||||||
WARRANTS - 0.0% (0.0% of total assets) | ||||||||||||||
Multi-Utilities & Unregulated Power - 0.0% (0.0% of total assets) | ||||||||||||||
36 | Reliant Energy, Inc. | 216,953 | ||||||||||||
|
||||||||||||||
Total Warrants (cost $257,912) | 216,953 | |||||||||||||
|
||||||||||||||
Principal | Stated | Ratings** | ||||||||||||
|
||||||||||||||
Amount (000) Description(1) | Maturity | Moody's | S&P | Value | ||||||||||
|
||||||||||||||
HIGH-GRADE SHORT-TERM INVESTMENTS - 8.9% (5.4% of total assets) | ||||||||||||||
U.S. Treasury Bills - 0.4% (0.3% of total assets) | ||||||||||||||
$ 3,000 | U.S. Treasury Bill, 2.960% | 10/27/05 | Aaa | AAA | 2,954,206 | |||||||||
|
||||||||||||||
Euro Dollar Time Deposits - 8.5% (5.1% of total assets) | ||||||||||||||
56,282 | State Street Bank Euro Dollar Time Deposit, 2.700%, 5/02/05 | 56,281,712 | ||||||||||||
|
||||||||||||||
Total High-Grade Short-Term Investments (cost $59,235,918) | 59,235,918 | |||||||||||||
|
||||||||||||||
Total Investments (cost $1,042,239,157) - 157.3% (96.1% of total assets) | 1,044,800,336 | |||||||||||||
|
||||||||||||||
Other Assets Less Liabilities - 2.9% | 19,202,789 | |||||||||||||
|
||||||||||||||
Preferred Shares, at Liquidation Value (60.2)% | (400,000,000) | |||||||||||||
|
||||||||||||||
Net Assets Applicable to Common Shares - 100% | $664,003,125 | |||||||||||||
|
||||||||||||||
Select Aggregate Market Index ("SAMI") | ||||||||||||||
The Fund held the following SAMIs at April 30, 2005: | ||||||||||||||
Unrealized | ||||||||||||||
Notional | Termination | Appreciation/ | ||||||||||||
Counterparty | Amount | Fixed Rate | Date | (Depreciation) | ||||||||||
|
||||||||||||||
Credit Suisse First Boston | $4,200,000 | 2.300% | 03/20/09 | $ 1,922 | ||||||||||
Credit Suisse First Boston | 8,800,000 | 2.150% | 12/20/09 | (1,645) | ||||||||||
|
||||||||||||||
$ 277 | ||||||||||||||
|
(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. The Fund estimates that the actual average maturity of the Senior Loans held in its | ||
portfolio will be approximately 18-24 months. | ||
** | 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 April 30, 2005, this issue was under the protection of the federal bankruptcy court. | |
(b) | Purchased on a when-issued or delayed delivery basis. | |
(c) | Position represents an unfunded loan commitment outstanding at April 30, 2005. The Fund had unfunded | |
loan commitments of $10,529,669 at April 30, 2005. | ||
(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 April 30, 2005, the cost of investments was $1,045,343,120. | ||
Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2005, | ||
were as follows: | ||
Gross unrealized: | ||
Appreciation | $5,995,200 | |
Depreciation | (6,537,984) | |
|
||
Net unrealized (depreciation) appreciation of investments | $ (542,784) | |
|
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--Vice President and Secretary
Date 06/29/05
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--Chief Administrative Officer (principal executive officer)
Date 06/29/05
By (Signature and Title)* /s/ Stephen D. Foy--Vice President and Controller (principal financial officer)
Date 06/29/05
* Print the name and title of each signing officer under his or her signature.