UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21579

 

Nuveen Floating Rate Income Opportunity Fund

(Exact name of registrant as specified in charter)

 

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(312) 917-7700

 

 

Date of fiscal year end:

July 31

 

 

Date of reporting period:

January 31, 2014

 

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. SS. 3507.

 



 

ITEM 1. REPORTS TO SHAREHOLDERS

 



Closed-End Funds

Nuveen Investments

Closed-End Funds

Semi-Annual Report January 31, 2014

NSL

Nuveen Senior Income Fund

JFR

Nuveen Floating Rate Income Fund

JRO

Nuveen Floating Rate Income Opportunity Fund

JSD

Nuveen Short Duration Credit Opportunities Fund

JQC

Nuveen Credit Strategies Income Fund



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Table

of Contents

Chairman's Letter to Shareholders

   

4

   

Portfolio Managers' Comments

   

5

   

Fund Leverage

   

8

   

Common Share Information

   

9

   

Risk Consideration

   

11

   

Performance Overviews and Holding Summaries

   

14

   

Shareholder Meeting Report

   

24

   

Portfolios of Investments

   

25

   

Statement of Assets and Liabilities

   

77

   

Statement of Operations

   

78

   

Statement of Changes in Net Assets

   

79

   

Statement of Cash Flows

   

82

   

Financial Highlights

   

84

   

Notes to Financial Statements

   

91

   

Additional Fund Information

   

108

   

Glossary of Terms Used in this Report

   

109

   

Reinvest Automatically, Easily and Conveniently

   

110

   

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3




Chairman's Letter

to Shareholders

Dear Shareholders,

Despite headwinds from slow growth, fiscal and political uncertainty in many countries and some fragile economies around the world, domestic and international equity markets increased significantly in 2013. The emerging markets equity sector was an exception. Other sectors, such as real estate, were flat to down a bit and commodities were notably negative in total return performance. The fixed income market also experienced losses in many sectors.

U.S. equities in particular hit numerous all-time highs during the past year, exceeding prior rising market trends. Europe and Asia struggled with political and financial stresses but Europe's improving GDP in the second half provided hope that the region can exit recession. In Japan, the economic policies advocated by Prime Minister Shinzo Abe became a positive influence on the economy as deflationary pressures declined, while the economy in China started to stabilize due to monetary easing and supply side reforms. On the domestic front, the Federal Reserve stimulus continued throughout the year but discussion of reductions in the stimulus program caused historically low rates to rise and added to concern that interest rates could rise quickly in the near future. This provided challenges for fixed income investors.

The Federal Reserve's decision to slow down its bond buying program beginning in January 2014, and the federal budget compromise over government spending into early 2015 were positive signs that the domestic economy is moving forward. We are beginning to experience an economy that can provide encouraging conditions for GDP growth, job growth and low inflation. Additionally, downward trending unemployment and a continuing rebound in the housing market adds to a positive economic scenario going forward.

However, the current year has experienced a tumultuous start. It is in these particularly volatile markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Nuveen Fund Board
March 25, 2014

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4



Portfolio Managers'

Comments

Nuveen Senior Income Fund (NSL)

Nuveen Floating Rate Income Fund (JFR)

Nuveen Floating Rate Income Opportunity Fund (JRO)

Nuveen Short Duration Credit Opportunities Fund (JSD)

Nuveen Credit Strategies Income Fund (JQC)

The Funds' investment portfolios are managed by Symphony Asset Management, LLC (Symphony), an affiliate of Nuveen Investments. Gunther Stein, who serves as the firm's Chief Investment Officer, and Scott Caraher manage NSL, JFR and JRO. Gunther and Sutanto Widjaja manage JQC, while JSD is managed by Gunther, Scott and Jenny Rhee. Here the team discusses their management strategies and the performance of the Funds for the six-month reporting period ended January 31, 2014.

What strategies were used to manage the Funds during the six-month reporting period ended January 31, 2014? How did these strategies influence performance?

NSL, JFR and JRO have similar investment objectives and strategies. Each Fund is designed to seek a high level of current income by primarily investing in a portfolio of adjustable rate, senior secured corporate loans. The Funds also may invest in unsecured senior loans, other debt securities, equity securities and warrants acquired in connection with an investment in senior loans. A significant portion of each Fund's assets may be invested in instruments that, at the time of investment, are rated below investment grade or are unrated but judged by Symphony to be of comparable quality.

JSD seeks to provide current income and the potential for capital appreciation. The Fund invests primarily in a blended portfolio of below investment grade adjustable rate corporate debt instruments, including senior secured loans, second lien loans and other adjustable rate corporate debt instruments. The Fund may also make limited tactical investments in other types of debt instruments and may enter into tactical short positions consisting of primarily high yield debt. The Fund maintains a portfolio with an average duration that does not exceed two years.

JQC invests at least 70% of its assets in senior secured and second lien loans, and up to 30% of its assets opportunistically over the credit cycle in other types of securities across a company's capital structures. These other securities primarily include income-oriented securities such as high yield corporate and convertible bonds as well as common stocks.

How did the Funds perform during this six-month reporting period ended January 31, 2014?

The tables in the Performance Overview and Holding Summaries section of this report provide total return performance for each Fund for the six-month, one-year, five-year, ten-year and/or since inception periods ended January 31, 2014. For

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors (Moody's) Service, Inc. or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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5



Portfolio Managers' Comments (continued)

the six-month reporting period ended January 31, 2014, NSL, JFR, JRO and JSD's total return on common share net asset value (NAV) outperformed the Barclays U.S. Aggregate Bond Index while all of the Funds outperformed the CSFB Leveraged Loan Index. Loans in general performed well during the reporting period, due to solid economic growth and low default rates. During January 2014, robust technical conditions helped floating rate instruments post gains while equity markets tumbled off record highs amid concerns of slowing global economic growth.

The senior loans and corporate bonds of Clear Channel Communications, Inc., a diversified media and entertainment company, contributed positively to performance as a significant holding for each of the Funds. Throughout the reporting period, we believed that the company would continue to address its upcoming maturities and earnings would improve along with the economy. The company's capital structure benefitted during the reporting period when it announced an amend-and-extend loan transaction (amend-to-extend transaction allows an issuer to push out part of its loan maturities through an amendment, rather than a full-out refinancing) and the loan traded higher as investor appetite for the longer dated, higher yielding maturity increased. While the company has now addressed the bulk of its near term maturities, we are maintaining exposure to the credit as the loans offer a compelling yield and attractive total return in the current economic environment.

Also contributing to performance during the reporting period were the senior loans of the communication technology services company IPC Systems. The loans contributed positively as investors focused on the attractive yeild of this relatively short dated paper.

The loans of J.C. Penney Company, Inc. detracted from performance during the reporting period. Our initial thesis was built on the potential turnaround story with a new CEO and on the theoretical value of the company's real estate. However, recent trends have proven the turnaround more challenging. Headline risk from a prominent activist investor and disappointing same store sales hurt the loan during the reporting period. We no longer hold the position.

Also negatively impacting the portfolios were the loans of the Sun Products Corporation, a cleaning products company. The company faced increasing competition from a larger competitor and detracted during the period.

There has been an increased focus on the structure of many senior loans in the market, including London Interbank Offered Rate (LIBOR) floors. These are fairly recent developments and worthy of discussion. All of these Funds have owned, or currently own, loans with the LIBOR floor feature. The coupon on most senior loans consists of both LIBOR (usually 90-day U.S. LIBOR) plus a spread. For example, a senior loan might have a coupon structure of "LIBOR plus 400 basis points (bp)" in which the coupon consists of 90-day LIBOR, plus 400bp. Given today's relatively low LIBOR rate, however, many issuers have put in place LIBOR floors to enhance the yield (and satisfy demand from investors) for newly issued loans. LIBOR floors, as the name suggests, put a "floor" on the reference LIBOR rate. LIBOR floors typically range from 150bp to 50bp. A loan with a LIBOR floor might have a structure of "LIBOR + 400bp with a 100bp LIBOR floor." In this example, the effective coupon is 5% (100bp + 400bp). As a result, as LIBOR rises from current levels, the yield on a senior loan with a LIBOR floor will not rise in lockstep until after the reference LIBOR rate exceeds the LIBOR floor. Although many loans have LIBOR floors, the asset class is one of the few that will float when interest rates begin to rise, and we believe the senior loan asset class provides fixed income oriented investors with a potential safeguard from a secular rise in interest rates.

JQC maintained exposure to senior loans during the reporting period, while tactically allocating between high yield corporate bonds and equity securities. Exposure consisted of mainly U.S. issuers, and was focused on companies that, in general, had high levels of tangible assets, predictable revenue streams, significant market share within their respective industries and positive free cash flow. Selectively, the Fund had exposure to companies with above average leverage

Nuveen Investments
6



where we felt that fundamentals supported the valuation or where a positive catalyst existed. During the reporting period, the Fund increased its exposure limits with regards to equity securities as well as CCC-rated securities.

For JSD, we also continued to invest in credit default swaps, which were used to provide a benefit if particular bonds' credit quality worsened. The Fund does not hold other securities issued by the issuers referenced under these credit default swap contracts. These contracts had a negligible effect on performance.

Nuveen Investments
7



Fund

Leverage

IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the returns of the Funds relative to their benchmarks was the Funds' use of leverage through the use of bank borrowings. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share NAV and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. The Funds' use of leverage had a positive impact on performance during this reporting period.

The Funds also continued to use swap contracts to partially fix the interest cost of leverage, which as mentioned previously, the Funds use through bank borrowings. The swap contracts' impact on the Funds' performance was negligible during this reporting period.

As of January 31, 2014, the Funds' percentages of leverage are shown in the accompanying table.

 

NSL

 

JFR

 

JRO

 

JSD

 

JQC

 

Effective Leverage*

   

34.97

%

   

34.92

%

   

34.78

%

   

29.91

%

   

28.69

%

 

Regulatory Leverage*

   

34.97

%

   

34.92

%

   

34.78

%

   

29.91

%

   

28.69

%

 

*  Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

THE FUNDS' REGULATORY LEVERAGE

Bank Borrowings

As discussed previously, the Funds employ regulatory leverage through the use of bank borrowings. As of January 31, 2014, the Funds have outstanding bank borrowings as shown in the accompanying table.

 

NSL

 

JFR

 

JRO

 

JSD

 

JQC

 

Bank Borrowings

 

$

99,000,000

   

$

237,200,000

   

$

163,900,000

   

$

85,000,000

   

$

561,000,000

   

Refer to Notes to Financial Statements, Note 9—Borrowing Arrangements for further details.

Variable Rate Term Preferred Shares

During the current reporting period, NSL, JFR and JRO each refinanced a portion of their bank borrowings with the issuance of Variable Rate Term Preferred (VRTP) shares. Each Fund's VRTP shares were issued via private placement and are not publicly available. VRTP shares feature a fixed short-term (three years) with floating rate dividends set monthly at a specified short-term index rate, plus a fixed spread. As of January 31, 2014, the Funds' outstanding VRTP shares are as shown in the accompanying table.

 

NSL

 

JFR

 

JRO

 

VRTP Shares, at liquidation value

 

$

58,000,000

   

$

139,000,000

   

$

98,000,000

   

Refer to Notes to Financial Statements, Note 1—General Information and Significant Accounting Policies for further details on VRTP shares.

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8



Common Share

Information

DISTRIBUTION INFORMATION

The following information regarding the Funds' distributions is current as of January 31, 2014. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.

During the current reporting period, each Fund's monthly distributions to common shareholders were as shown in the accompanying table.

   

Per Common Share Amounts

 

Ex-Distribution Date

 

NSL

 

JFR

 

JRO

 

JSD

 

JQC

 

August 2013

 

$

0.0410

   

$

0.0700

   

$

0.0730

   

$

0.1260

   

$

0.0620

   

September

   

0.0390

     

0.0670

     

0.0690

     

0.1220

     

0.0580

   

October

   

0.0390

     

0.0670

     

0.0690

     

0.1220

     

0.0580

   

November

   

0.0390

     

0.0670

     

0.0690

     

0.1220

     

0.0580

   

December

   

0.0360

     

0.0615

     

0.0645

     

0.1140

     

0.0545

   

January 2014

   

0.0360

     

0.0615

     

0.0645

     

0.1140

     

0.0545

   

Short-Term Capital Gain*

   

     

     

   

$

0.0729

     

   

Long-Term Capital Gain*

   

     

     

   

$

0.2540

     

   

Current Distribution Rate**

   

6.03

%

   

6.12

%

   

6.40

%

   

7.33

%

   

6.88

%

 

*  Distribution paid in December 2013.

**  Current distribution rate is based on the Fund's current annualized monthly distribution divided by the Fund's current market price. The Fund's monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes.

During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of January 31, 2014, all five Funds had positive UNII balances, based upon our best estimate, for tax purposes and negative UNII balances for financial reporting purposes.

COMMON SHARE REPURCHASES

During November 2013, the Nuveen Funds' Board of Directors/Trustees reauthorized the Funds' open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of their outstanding common shares.

As of January 31, 2014, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table.

   

NSL

 

JFR

 

JRO

 

JSD

 

JQC

 

Common Shares Cumulatively Repurchased and Retired

   

     

147,593

     

19,400

     

     

4,315,092

   

Common Shares Authorized for Repurchase

   

3,865,000

     

5,515,000

     

3,850,000

     

1,010,000

     

13,625,000

   

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

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9



Common Share Information (continued)

COMMON SHARE EQUITY SHELF PROGRAMS

During the reporting period, the Funds were authorized to issue additional shares through their ongoing equity shelf programs. Under these programs, each Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price or above the Fund's NAV per common share. Under the equity shelf programs, the Funds are authorized to issue the following number of additional common shares:

 

NSL

 

JFR

 

JRO

 

JSD

 

JQC

 

Additional Common Shares Authorized

   

12,000,000

     

12,900,000

     

11,600,000

     

1,000,000

     

13,600,000

   

During the current reporting period, the following Funds sold common shares through their equity shelf programs at a weighted average premium to their NAV per common share as shown in the accompanying table.

 

JFR

 

JRO

 

Common Shares Sold through Equity Shelf Program

   

22,610

     

43,186

   

Weighted Average Premium to NAV per Common Share Sold

   

1.46

%

   

1.38

%

 

As of November 30, 2013, NSL, JFR and JRO's shelf offering registration statement is no longer effective. Therefore, the Funds may not issue additional common shares under their equity shelf programs until a new registration statement is effective.

OTHER COMMON SHARE INFORMATION

As of January 31, 2014, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

   

NSL

 

JFR

 

JRO

 

JSD

 

JQC

 

Common Share NAV

 

$

7.56

   

$

12.71

   

$

12.76

   

$

19.73

   

$

10.23

   

Common Share Price

 

$

7.16

   

$

12.06

   

$

12.10

   

$

18.67

   

$

9.50

   

Premium/(Discount) to NAV

   

(5.29

)%

   

(5.11

)%

   

(5.17

)%

   

(5.37

)%

   

(7.14

)%

 

6-Month Average Premium/(Discount) to NAV

   

(4.89

)%

   

(4.37

)%

   

(3.24

)%

   

(4.82

)%

   

(6.13

)%

 

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10



Risk

Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results.

Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the corporate securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like the Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Leverage Risk. The Funds' use of leverage creates the possibility of higher volatility for the Funds' per share NAV, market price and distributions. Leverage risk can be introduced through regulatory leverage (issuing preferred shares or debt borrowings at the Fund level) or through certain derivative investments held in a Fund's portfolio. Leverage typically magnifies the total return of a Fund's portfolio, whether that return is positive or negative. The use of leverage creates an opportunity for increased common share net income, but there is no assurance that a Fund's leveraging strategy will be successful.

Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.

Issuer Credit Risk. This is the risk that a security in a Fund's portfolio will fail to make dividend or interest payments when due.

Illiquid Securities Risk. This is the risk that a Fund may not be able to sell securities in its portfolio at the time or price desired by the Fund.

Preferred Stock Risk. Preferred stocks are subordinated to bonds and other debt instruments in a company's capital structure, and therefore are subject to greater credit risk.

Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities.

Counterparty Risk. To the extent that a Fund's derivative investments are purchased or sold in over-the-counter transactions, the Fund will be exposed to the risk that counter-parties to these transactions will be unable to meet their obligations.

Non-Investment Grade or Below-Investment Grade Risk. Investments in securities below investment grade quality are predominantly speculative and subject to greater volatility and risk of default.

Non-U.S. Securities Risk. Investments in non-U.S securities involve special risks not typically associated with domestic investments including currency risk and adverse political, social and economic development. These risks often are magnified in emerging markets.

Unrated Investment Risk. In determining whether an unrated security is an appropriate investment for a Fund, the manager will consider information from industry sources, as well as its own quantitative and qualitative analysis, in making such a determination. However, such a determination by the manager is not the equivalent of a rating by a rating agency.

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11



Risk Considerations (continued)

Senior Loan Risk. Senior loans, both secured and unsecured, may not be rated by a national rating agency at the time of investment, generally will not be registered with the Securities and Exchange Commission (SEC) and generally will not be listed on a securities exchange. In addition, the amount of public information available with respect to senior loans generally is less extensive than that available for more widely rated, registered and exchange-listed securities.

Risks from Unsecured Adjustable Rate Loans or Insufficient Collateral Securing Adjustable Rate Loans. Some of the adjustable rate loans in which a Fund may invest will be unsecured, thereby increasing the risk of loss to the Fund in the event of issuer default. Other adjustable rate loans may be secured by specific collateral, but there can be no assurance that liquidating this collateral would satisfy a borrower's obligation to the Fund in the event of borrower default, or that such collateral could be readily liquidated under such circumstances.

Derivatives Strategy Risk. Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments.

Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.

Reinvestment Risk. If market interest rates decline, income earned from a Fund's portfolio may be reinvested at rates below that of the original investment that generated the income.

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12




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13



NSL

Nuveen Senior Income Fund

Performance Overview and Holding Summaries as of January 31, 2014

Average Annual Total Returns as of January 31, 2014

   

Cumulative

 

Average Annual

 
   

6-Month

 

1-Year

 

5-Year

 

10-Year

 

NSL at Common Share NAV

   

4.50

%

   

9.59

%

   

24.17

%

   

6.96

%

 

NSL at Common Share Price

   

(0.76

)%

   

(1.72

)%

   

24.13

%

   

5.31

%

 

Barclays U.S. Aggregate Bond Index

   

1.78

%

   

0.12

%

   

4.93

%

   

4.62

%

 

CSFB Leveraged Loan Index

   

2.88

%

   

5.72

%

   

12.40

%

   

5.03

%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

Nuveen Investments
14



This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Fund Allocation

(% of net assets)

Variable Rate Senior Loan Interests

   

126.3

%

 

Corporate Bonds

   

18.7

%

 

Short-Term Investments

   

10.1

%

 

Common Stocks

   

2.5

%

 

Convertible Bonds

   

0.3

%

 

Preferred Shares

   

(19.9

)%

 

Borrowings

   

(33.9

)%

 

Other Assets Less Liabilities

   

(4.1

)%

 

Top Five Issuers1

(% of total long-term investments)

Tribune Company

   

4.0

%

 

Clear Channel Communications, Inc.

   

3.6

%

 
Valeant Pharmaceuticals
International, Inc.
   

3.3

%

 

Dell, Inc.

   

2.1

%

 

Federal-Mogul Corporation

   

1.9

%

 

Portfolio Composition1

(% of total investments)

Media

   

13.7

%

 

Health Care Providers & Services

   

7.9

%

 

Pharmaceuticals

   

7.0

%

 

Software

   

6.8

%

 

Oil, Gas & Consumable Fuels

   

5.3

%

 

Hotels, Restaurants & Leisure

   

5.1

%

 

Food Products

   

4.2

%

 

Diversified Consumer Services

   

3.8

%

 

Food & Staples Retailing

   

2.7

%

 

Health Care Equipment & Supplies

   

2.4

%

 

Computers & Peripherals

   

2.2

%

 

Wireless Telecommunication Services

   

2.2

%

 

Internet Software & Services

   

2.2

%

 

Airlines

   

2.2

%

 

Diversified Financial Services

   

2.1

%

 

Commercial Services & Supplies

   

2.1

%

 

Semiconductors & Equipment

   

2.0

%

 

Short-Term Investments

   

6.4

%

 

Other Industries

   

19.7

%

 

Credit Quality1,2

(% of total investments)

BBB

   

1.9

%

 

BB or Lower

   

88.8

%

 

N/R (not rated)

   

1.3

%

 

N/A (not applicable)

   

8.0

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Excluding investments in derivatives.

2  Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Nuveen Investments
15



JFR

Nuveen Floating Rate Income Fund

Performance Overview and Holding Summaries as of January 31, 2014

Average Annual Total Returns as of January 31, 2014

   

Cumulative

 

Average Annual

 

 

6-Month

 

1-Year

 

5-Year

  Since
Inception1
 

JFR at Common Share NAV

   

4.58

%

   

9.31

%

   

21.89

%

   

6.06

%

 

JFR at Common Share Price

   

(2.05

)%

   

0.76

%

   

20.46

%

   

5.38

%

 

Barclays U.S. Aggregate Bond Index

   

1.78

%

   

0.12

%

   

4.93

%

   

4.46

%

 

CSFB Leveraged Loan Index

   

2.88

%

   

5.72

%

   

12.40

%

   

5.07

%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

Nuveen Investments
16



This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Fund Allocation

(% of net assets)

Variable Rate Senior Loan Interests

   

119.5

%

 

Corporate Bonds

   

18.2

%

 

Short-Term Investments

   

10.5

%

 

Asset-Backed Securities

   

5.8

%

 

Common Stocks

   

3.3

%

 

Investment Companies

   

1.8

%

 

Convertible Bonds

   

0.3

%

 

Preferred Shares

   

(19.8

)%

 

Borrowings

   

(33.8

)%

 

Other Assets Less Liabilities

   

(5.8

)%

 

Top Five Issuers2

(% of total long-term investments)

Tribune Company

   

3.7

%

 

Clear Channel Communications, Inc.

   

3.1

%

 
Valeant Pharmaceuticals
International, Inc.
   

2.4

%

 

Univision Communications, Inc.

   

1.7

%

 

Dell, Inc.

   

1.7

%

 

Portfolio Composition2

(% of total investments)

Media

   

14.1

%

 

Health Care Providers & Services

   

7.9

%

 

Software

   

6.2

%

 

Pharmaceuticals

   

5.4

%

 

Oil, Gas & Consumable Fuels

   

4.8

%

 

Food Products

   

4.0

%

 

Hotels, Restaurants & Leisure

   

3.8

%

 

Wireless Telecommunication Services

   

3.0

%

 

Diversified Consumer Services

   

2.9

%

 

Diversified Financial Services

   

2.5

%

 

Food & Staples Retailing

   

2.2

%

 

Health Care Equipment & Supplies

   

2.0

%

 

Semiconductors & Equipment

   

1.9

%

 

Internet Software & Services

   

1.9

%

 

Airlines

   

1.9

%

 

Commercial Services & Supplies

   

1.8

%

 

Computers & Peripherals

   

1.8

%

 

Communications Equipment

   

1.7

%

 

Asset-Backed Securities

   

3.5

%

 

Investment Companies

   

1.1

%

 

Short-Term Investments

   

6.6

%

 

Other Industries

   

19.0

%

 

Credit Quality2,3

(% of total investments)

BBB

   

1.5

%

 

BB or Lower

   

87.1

%

 

N/R (not rated)

   

1.6

%

 

N/A (not applicable)

   

9.8

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Since inception returns are from 3/25/04.

2  Excluding investments in derivatives.

3  Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Nuveen Investments
17



JRO

Nuveen Floating Rate Income Opportunity Fund

Performance Overview and Holding Summaries as of January 31, 2014

Average Annual Total Returns as of January 31, 2014

   

Cumulative

 

Average Annual

 

 

6-Month

 

1-Year

 

5-Year

  Since
Inception1
 

JRO at Common Share NAV

   

5.02

%

   

10.59

%

   

24.60

%

   

6.79

%

 

JRO at Common Share Price

   

(1.72

)%

   

(1.82

)%

   

24.25

%

   

6.04

%

 

Barclays U.S. Aggregate Bond Index

   

1.78

%

   

0.12

%

   

4.93

%

   

4.89

%

 

CSFB Leveraged Loan Index

   

2.88

%

   

5.72

%

   

12.40

%

   

5.06

%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

Nuveen Investments
18



This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Fund Allocation

(% of net assets)

Variable Rate Senior Loan Interests

   

119.5

%

 

Corporate Bonds

   

20.7

%

 

Short-Term Investments

   

9.4

%

 

Asset-Backed Securities

   

5.6

%

 

Common Stocks

   

3.5

%

 

Convertible Bonds

   

0.3

%

 

Preferred Shares

   

(20.0

)%

 

Borrowings

   

(33.4

)%

 

Other Assets Less Liabilities

   

(5.6

)%

 

Top Five Issuers2

(% of total long-term investments)

Tribune Company

   

4.2

%

 

Clear Channel Communications, Inc.

   

3.9

%

 
Valeant Pharmaceuticals
International, Inc.
   

2.6

%

 

Federal Mogul Corporation

   

1.8

%

 

Dell, Inc.

   

1.8

%

 

Portfolio Composition2

(% of total investments)

Media

   

15.8

%

 

Health Care Providers & Services

   

7.2

%

 

Software

   

6.3

%

 

Pharmaceuticals

   

5.9

%

 

Oil, Gas & Consumable Fuels

   

4.9

%

 

Hotels, Restaurants & Leisure

   

3.6

%

 

Food Products

   

3.6

%

 

Diversified Consumer Services

   

3.3

%

 

Wireless Telecommunication Services

   

3.2

%

 

Internet Software & Services

   

2.8

%

 

Diversified Financial Services

   

2.3

%

 

Food & Staples Retailing

   

2.3

%

 

Health Care Equipment & Supplies

   

2.2

%

 

Airlines

   

2.0

%

 

Computers & Peripherals

   

1.9

%

 

Semiconductors & Equipment

   

1.9

%

 

Commercial Services & Supplies

   

1.8

%

 

Asset-Backed Securities

   

3.6

%

 

Short-Term Investments

   

5.9

%

 

Other Industries

   

19.5

%

 

Credit Quality2,3

(% of total investments)

BBB

   

1.4

%

 

BB or Lower

   

88.7

%

 

N/R (not rated)

   

1.8

%

 

N/A (not applicable)

   

8.1

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Since inception returns are from 7/27/04.

2  Excluding investments in derivatives.

3  Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Nuveen Investments
19



JSD

Nuveen Short Duration Credit Opportunities Fund

Performance Overview and Holding Summaries as of January 31, 2014

Average Annual Total Returns as of January 31, 2014

   

Cumulative

 

Average Annual

 
   

6-Month

 

1-Year

  Since
Inception1
 

JSD at Common Share NAV

   

4.45

%

   

8.45

%

   

9.71

%

 

JSD at Common Share Price

   

(0.80

)%

   

(0.50

)%

   

5.86

%

 

Barclays U.S. Aggregate Bond Index

   

1.78

%

   

0.12

%

   

3.21

%

 

CSFB Leveraged Loan Index

   

2.88

%

   

5.72

%

   

5.45

%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

Nuveen Investments
20



This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Fund Allocation

(% of net assets)

Variable Rate Senior Loan Interests

   

118.7

%

 

Corporate Bonds

   

20.5

%

 

Short-Term Investments

   

3.8

%

 

Borrowings

   

(42.7

)%

 

Other Assets Less Liabilities

   

(0.3

)%

 

Top Five Issuers2

(% of total long-term investments)

Clear Channel Communications, Inc.

   

3.2

%

 
Valeant Pharmaceuticals
International, Inc.
   

2.9

%

 

Delta Air Lines, Inc.

   

2.2

%

 

Dell, Inc.

   

1.8

%

 

Onex Carestream Finance LP

   

1.6

%

 

Portfolio Composition2

(% of total investments)

Health Care Providers & Services

   

9.4

%

 

Media

   

9.1

%

 

Software

   

8.7

%

 

Pharmaceuticals

   

8.5

%

 

Oil, Gas & Consumable Fuels

   

6.9

%

 

Internet Software & Services

   

5.6

%

 

Hotels, Restaurants & Leisure

   

4.5

%

 

Diversified Consumer Services

   

4.2

%

 

Wireless Telecommunication Services

   

3.5

%

 

Health Care Equipment & Supplies

   

3.4

%

 

Food Products

   

2.9

%

 

Airlines

   

2.9

%

 

Food & Staples Retailing

   

2.7

%

 

Commercial Services & Supplies

   

2.5

%

 

Diversified Financial Services

   

2.2

%

 

Computers & Peripherals

   

2.0

%

 

Short-Term Investments

   

2.6

%

 

Other Industries

   

18.4

%

 

Credit Quality2,3

(% of total investments)

BBB

   

2.0

%

 

BB or Lower

   

94.2

%

 

N/R (not rated)

   

1.2

%

 

N/A (not applicable)

   

2.6

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Since inception returns are from 5/25/11.

2  Excluding investments in derivatives.

3  Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Nuveen Investments
21



JQC

Nuveen Credit Strategies Income Fund

Performance Overview and Holding Summaries as of January 31, 2014

Average Annual Total Returns as of January 31, 2014

   

Cumulative

 

Average Annual

 

 

6-Month

 

1-Year

 

5-Year

 

10-Year

 

JQC at Common Share NAV

   

4.67

%

   

9.57

%

   

21.64

%

   

4.46

%

 

JQC at Common Share Price

   

(1.81

)%

   

0.98

%

   

25.92

%

   

4.89

%

 

CSFB Leveraged Loan Index

   

2.88

%

   

5.72

%

   

12.40

%

   

5.03

%

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

Nuveen Investments
22



This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Fund Allocation

(% of net assets)

Variable Rate Senior Loan Interests

   

97.6

%

 

Corporate Bonds

   

29.2

%

 

Common Stocks

   

8.2

%

 

Short-Term Investments

   

2.9

%

 

Convertible Bonds

   

1.1

%

 

Borrowings

   

(40.2

)%

 

Other Assets Less Liabilities

   

1.2

%

 

Top Five Issuers1

(% of total long-term investments)

Kinetic Concepts, Inc.

   

2.8

%

 

Clear Channel Communications, Inc.

   

2.5

%

 

WideOpenWest Finance LLC

   

2.4

%

 

Delta Air Lines, Inc.

   

2.3

%

 

iStar Financial, Inc.

   

2.1

%

 

Portfolio Composition1

(% of total investments)

Media

   

11.9

%

 

Software

   

7.8

%

 

Health Care Equipment & Supplies

   

7.8

%

 

Pharmaceuticals

   

5.9

%

 

Diversified Consumer Services

   

4.5

%

 

Hotels, Restaurants & Leisure

   

4.3

%

 

Health Care Providers & Services

   

4.1

%

 

Oil, Gas & Consumable Fuels

   

4.0

%

 

Wireless Telecommunication Services

   

3.8

%

 

Food Products

   

3.5

%

 

Chemicals

   

3.0

%

 

Airlines

   

2.7

%

 

Internet Software & Services

   

2.5

%

 
Diversified Telecommunication
Services
   

2.5

%

 

Food & Staples Retailing

   

2.2

%

 

Real Estate Investment Trust

   

2.1

%

 

Distributors

   

2.0

%

 

Household Durables

   

2.0

%

 
Real Estate Management &
Development
   

1.9

%

 

Short-Term Investments

   

2.1

%

 

Other Industries

   

19.4

%

 

Credit Quality1,2

(% of total investments)

BBB

   

2.4

%

 

BB or Lower

   

89.6

%

 

N/A (not applicable)

   

8.0

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Excluding investments in derivatives.

2  Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Nuveen Investments
23




Shareholder

Meeting Report

The annual meeting of shareholders was held in the offices of Nuveen Investments on November 26, 2013; at this meeting the shareholders were asked to vote on the election of Board Members.

   

NSL

 

JFR

 

JRO

 

JSD

 
    Common
Shares
  Common
Shares
  Common
Shares
  Common
Shares
 
Approval of the Board Members was reached
as follows:
 

William C. Hunter

 

For

   

33,533,903

     

46,939,063

     

32,956,437

     

8,679,939

   

Withhold

   

742,590

     

1,137,631

     

788,811

     

177,192

   

Total

   

34,276,493

     

48,076,694

     

33,745,248

     

8,857,131

   

Judith M. Stockdale

 

For

   

33,483,405

     

46,834,802

     

32,845,976

     

8,666,712

   

Withhold

   

793,088

     

1,241,892

     

899,272

     

190,419

   

Total

   

34,276,493

     

48,076,694

     

33,745,248

     

8,857,131

   

Carole E. Stone

 

For

   

33,491,887

     

46,847,832

     

32,900,424

     

8,676,345

   

Withhold

   

784,606

     

1,228,862

     

844,824

     

180,786

   

Total

   

34,276,493

     

48,076,694

     

33,745,248

     

8,857,131

   

Virginia L. Stringer

 

For

   

33,466,105

     

46,817,106

     

32,914,904

     

8,676,143

   

Withhold

   

810,388

     

1,259,588

     

830,344

     

180,988

   

Total

   

34,276,493

     

48,076,694

     

33,745,248

     

8,857,131

   

Nuveen Investments
24




NSL

Nuveen Senior Income Fund

Portfolio of Investments  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

LONG-TERM INVESTMENTS – 147.8% (93.6% of Total Investments)

 
   

VARIABLE RATE SENIOR LOAN INTERESTS – 126.3% (80.0% of Total Investments) (4)

 
   

Aerospace & Defense – 0.5% (0.3% of Total Investments)

 

$

1,485

   

Sequa Corporation, Term Loan B

   

5.250

%

 

6/19/17

 

B

 

$

1,466,066

   
   

Airlines – 3.4% (2.2% of Total Investments)

 
  2,488    

American Airlines, Inc., Term Loan

   

3.750

%

 

6/27/19

 

Ba2

   

2,511,599

   
  3,955    

Delta Air Lines, Inc., Term Loan B1

   

4.000

%

 

10/18/18

 

Ba1

   

3,981,144

   
  990    

Delta Air Lines, Inc., Term Loan B2

   

3.250

%

 

4/18/16

 

Ba1

   

996,085

   
  2,500    

US Airways, Inc., Term Loan B1

   

3.500

%

 

5/23/19

 

Ba2

   

2,516,875

   
  9,933    

Total Airlines

                           

10,005,703

   
   

Auto Components – 2.8% (1.8% of Total Investments)

 
  5,433    

Federal-Mogul Corporation, Tranche B, Term Loan, DD1

   

2.108

%

 

12/29/14

 

B1

   

5,405,468

   
  2,756    

Federal-Mogul Corporation, Tranche C, Term Loan, DD1

   

2.108

%

 

12/28/15

 

B1

   

2,742,322

   
  8,189    

Total Auto Components

                           

8,147,790

   
   

Biotechnology – 0.6% (0.4% of Total Investments)

 
  1,745    

Grifols, Inc., Term Loan

   

4.250

%

 

6/01/17

 

Ba1

   

1,760,343

   
   

Building Products – 0.5% (0.3% of Total Investments)

 
  1,496    

Quikrete Holdings, Inc., Term Loan, First Lien

   

4.000

%

 

9/28/20

 

B+

   

1,511,362

   
   

Capital Markets – 1.6% (1.0% of Total Investments)

 
  661    

American Capital, LTD., Term Loan, First Lien

   

4.000

%

 

8/22/16

 

BB–

   

665,648

   
  1,496    

Guggenheim Partners LLC, Initial Term Loan

   

4.250

%

 

7/22/20

 

N/R

   

1,516,349

   
  2,468    

Walter Investment Management Corporation, Tranche B, Term Loan, First Lien

   

4.750

%

 

12/18/20

 

B+

   

2,489,734

   
  4,625    

Total Capital Markets

                           

4,671,731

   
   

Chemicals – 1.7% (1.1% of Total Investments)

 
  1,886    

Ineos US Finance LLC, Term Loan, First Lien

   

4.000

%

 

5/04/18

 

BB–

   

1,898,839

   
  990    

PQ Corporation, Term Loan, First Lien

   

4.500

%

 

8/07/17

 

B+

   

1,000,165

   
  1,435    

Univar, Inc., Term Loan

   

5.000

%

 

6/30/17

 

B+

   

1,429,407

   
  197    

W.R Grace & Co., Delayed Draw, Term Loan, WI/DD

 

TBD

 

TBD

 

BBB–

   

198,438

   
  553    

W.R Grace & Co., Exit Term Loan, WI/DD

 

TBD

 

TBD

 

BBB–

   

555,625

   
  5,061    

Total Chemicals

                           

5,082,474

   
   

Commercial Services & Supplies – 2.7% (1.7% of Total Investments)

 
  2,500    

Aramark Corporation, Term Loan, Tranche D

   

4.000

%

 

9/09/19

 

BBB–

   

2,518,738

   
  997    

CCS Income Trust, Term Loan, First Lien

   

6.250

%

 

5/12/18

 

B–

   

1,006,115

   
  750    

Education Management LLC, Tranche C2, Term Loan, WI/DD

 

TBD

 

TBD

 

B–

   

720,750

   
  3,016    

Harland Clarke Holdings Corporation, Term Loan B3

   

7.000

%

 

5/22/18

 

B+

   

3,057,351

   
  491    

HMH Holdings, Inc., Term Loan, First Lien

   

4.250

%

 

5/14/18

 

B1

   

494,934

   
  32    

Vertrue Inc., Term Loan, First Lien

   

15.000

%

 

2/04/18

 

N/R

   

32,384

   
  7,786    

Total Commercial Services & Supplies

                           

7,830,272

   
   

Communications Equipment – 2.3% (1.4% of Total Investments)

 
  1,733    

Alcatel-Lucent, Inc., Term Loan C

   

5.750

%

 

1/30/19

 

B+

   

1,752,618

   
  3,243    

Avaya, Inc., Term Loan B3, DD1

   

4.736

%

 

10/26/17

 

B1

   

3,174,268

   
  1,667    

Level 3 Financing, Inc., Term Loan, Tranche B3

   

4.000

%

 

8/01/19

 

BB–

   

1,679,688

   
  6,643    

Total Communications Equipment

                           

6,606,574

   

Nuveen Investments
25



NSL  Nuveen Senior Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Computers & Peripherals – 3.5% (2.2% of Total Investments)

 

$

8,978

   

Dell, Inc., Term Loan B

   

4.500

%

 

4/29/20

 

BB+

 

$

8,949,915

   
  1,188    

SunGard Data Systems, Inc., Term Loan D

   

4.500

%

 

1/31/20

 

BB

   

1,195,420

   
  10,166    

Total Computers & Peripherals

                           

10,145,335

   
   

Containers & Packaging – 0.7% (0.4% of Total Investments)

 
  2,000    

Berry Plastics Holding Corporation, Term Loan E

   

3.750

%

 

1/06/21

 

B+

   

2,003,036

   
   

Distributors – 1.5% (1.0% of Total Investments)

 
  4,476    

HD Supply, Inc., Term Loan B

   

4.500

%

 

10/12/17

 

B+

   

4,515,236

   
   

Diversified Consumer Services – 5.7% (3.6% of Total Investments)

 
  2,680    

Cengage Learning Acquisitions, Inc., Term Loan, (5)

   

4.750

%

 

7/03/14

 

D

   

2,461,132

   
  1,574    

Ceridian Corporation, New Replacement Term Loan

   

4.408

%

 

8/14/15

 

B1

   

1,584,770

   
  7,105    

Hilton Hotels Corporation, Term Loan B2

   

3.750

%

 

10/25/20

 

BB

   

7,164,187

   
  2,441    

Laureate Education, Inc., Term Loan B

   

5.000

%

 

6/15/18

 

B1

   

2,435,220

   
  995    

Pinnacle Entertainment, Term Loan B2

   

3.750

%

 

8/13/20

 

BB+

   

1,003,084

   
  1,995    

Spotless Holdings, SAS, Term Loan, First Lien

   

5.000

%

 

10/02/18

 

B1

   

2,027,419

   
  16,790    

Total Diversified Consumer Services

                           

16,675,812

   
   

Diversified Financial Services – 3.4% (2.1% of Total Investments)

 
  1,990    

Home Loan Servicing Solutions, Ltd., Term Loan B

   

4.500

%

 

6/26/20

 

BB–

   

2,023,581

   
  1,985    

Ocwen Financial Corporation, Term Loan B

   

5.000

%

 

2/15/18

 

B+

   

2,009,193

   
  1,812    

RPI Finance Trust, Term Loan B3

   

3.250

%

 

11/09/18

 

Baa2

   

1,825,246

   
  3,946    

WideOpenWest Finance LLC, Term Loan B, DD1

   

4.750

%

 

4/01/19

 

B1

   

3,982,605

   
  9,733    

Total Diversified Financial Services

                           

9,840,625

   
   

Diversified Other – 0.2% (0.1% of Total Investments)

 
  506    

Rexnord LLC, Term Loan B

   

4.000

%

 

8/21/20

 

B+

   

509,162

   
   

Electronic Equipment & Instruments – 0.6% (0.4% of Total Investments)

 
  1,903    

SMART Modular Technologies, Inc., Term Loan B

   

8.250

%

 

8/26/17

 

B

   

1,712,250

   
   

Food & Staples Retailing – 4.2% (2.7% of Total Investments)

 
  903    

Albertson's LLC, Term Loan B1

   

4.250

%

 

3/21/16

 

BB–

   

911,553

   
  1,589    

Albertson's LLC, Term Loan B2

   

4.750

%

 

3/21/19

 

BB–

   

1,608,500

   
  2,391    

BJ's Wholesale Club, Inc., Replacement Loan, First Lien

   

4.500

%

 

9/26/19

 

B–

   

2,417,014

   
  2,000    

BJ's Wholesale Club, Inc., Replacement Loan, Second Lien

   

8.500

%

 

3/31/20

 

CCC

   

2,060,208

   
  750    

Rite Aid Corporation, Tranche 2, Term Loan, Second Lien

   

4.875

%

 

6/21/21

 

B

   

765,000

   
  989    

Supervalu, Inc., New Term Loan B

   

5.000

%

 

3/21/19

 

B+

   

995,512

   
  3,750    

Wilton Products, Inc., Tranche B, Term Loan

   

7.500

%

 

8/30/18

 

B–

   

3,581,250

   
  12,372    

Total Food & Staples Retailing

                           

12,339,037

   
   

Food Products – 6.6% (4.2% of Total Investments)

 
  1,980    

AdvancePierre Foods, Inc., Term Loan, First Lien

   

5.750

%

 

7/10/17

 

B1

   

1,985,776

   
  684    

AdvancePierre Foods, Inc., Term Loan, Second Lien

   

9.500

%

 

10/10/17

 

CCC+

   

668,610

   
  8,014    

H.J Heinz Company, Term Loan B2

   

3.500

%

 

6/05/20

 

BB

   

8,104,998

   
  1,574    

Michael Foods Group, Inc., Term Loan

   

4.250

%

 

2/25/18

 

Ba3

   

1,587,248

   
  993    

Pinnacle Foods Finance LLC, Term Loan G

   

3.250

%

 

4/29/20

 

BB–

   

994,981

   
  5,845    

US Foods, Inc., Incremental Term Loan

   

4.500

%

 

3/31/19

 

B2

   

5,910,275

   
  19,090    

Total Food Products

                           

19,251,888

   
   

Health Care Equipment & Supplies – 3.0% (1.9% of Total Investments)

 
  1,000    

Ardent Medical Services, Inc., Term Loan, Second Lien

   

11.000

%

 

1/02/19

 

CCC+

   

1,015,000

   
  1,908    

Kinetic Concepts, Inc., Term Loan D1

   

4.000

%

 

5/04/18

 

BB–

   

1,927,860

   
  750    

Kinetic Concepts, Inc., Term Loan D1, WI/DD

 

TBD

 

TBD

 

BB–

   

756,090

   
  3,900    

Onex Carestream Finance LP, Term Loan, First Lien

   

5.000

%

 

6/07/19

 

B+

   

3,965,391

   
  1,000    

Onex Carestream Finance LP, Term Loan, Second Lien

   

9.500

%

 

12/07/19

 

B–

   

1,023,333

   
  8,558    

Total Health Care Equipment & Supplies

                           

8,687,674

   

Nuveen Investments
26



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Health Care Providers & Services – 8.8% (5.5% of Total Investments)

 

$

1,399

   

Ardent Medical Services, Inc., Term Loan, First Lien

   

6.750

%

 

7/02/18

 

B+

 

$

1,410,651

   
  926    

BioScrip, Inc., Delayed Draw, Term Loan

   

6.500

%

 

7/31/20

 

B

   

921,152

   
  1,515    

Community Health Systems, Inc., Term Loan D, DD1

   

4.250

%

 

1/27/21

 

BB

   

1,532,926

   
  6    

Community Health Systems, Inc., Term Loan E

   

3.487

%

 

1/25/17

 

BB

   

5,797

   
  3,960    

DaVita, Inc., New Term Loan B2

   

4.000

%

 

11/01/19

 

Ba2

   

3,997,933

   
  602    

Genesis Healthcare LLC, Term Loan

   

10.001

%

 

12/04/17

 

B

   

615,568

   
  4,207    

Golden Living, Term Loan

   

5.000

%

 

5/04/18

 

B

   

4,144,615

   
  990    

Heartland Dental Care, Inc., Term Loan, First Lien

   

5.500

%

 

12/21/18

 

B1

   

996,193

   
  500    

Heartland Dental Care, Inc., Term Loan, Second Lien

   

9.750

%

 

6/20/19

 

CCC+

   

512,500

   
  1,299    

Kindred Healthcare, Inc., Term Loan B1

   

4.250

%

 

6/01/18

 

Ba3

   

1,311,408

   
  919    

LHP Operations Co. LLC, Term Loan B

   

9.000

%

 

7/03/18

 

B

   

890,604

   
  544    

National Mentor Holdings, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B1

   

548,736

   
  2,500    

One Call Care Management, Inc., Term Loan B

   

5.000

%

 

11/27/20

 

B1

   

2,518,750

   
  226    

Sheridan Holdings, Inc., Delayed Draw, Term Loan, WI/DD

 

TBD

 

TBD

 

B1

   

226,371

   
  3,994    

Sheridan Holdings, Inc., Term Loan, First Lien, DD1

   

4.500

%

 

6/29/18

 

B1

   

4,032,298

   
  1,400    

Sheridan Holdings, Inc., Term Loan, Second Lien

   

8.250

%

 

12/20/21

 

B+

   

1,435,000

   
  493    

Skilled Healthcare Group, Inc., Term Loan

   

6.750

%

 

4/09/16

 

B

   

495,260

   
  25,480    

Total Health Care Providers & Services

                           

25,595,762

   
   

Hotels, Restaurants & Leisure – 7.7% (4.9% of Total Investments)

 
  1,930    

24 Hour Fitness Worldwide, Inc., Term Loan B

   

5.250

%

 

4/22/16

 

Ba3

   

1,954,164

   
  1,415    

BLB Management Services, Inc., Term Loan

   

5.250

%

 

11/10/18

 

BB–

   

1,427,615

   
  3,428    

Caesars Entertainment Operating Company, Inc., Term Loan B6

   

5.489

%

 

1/28/18

 

B–

   

3,303,293

   
  3,690    

CCM Merger, Inc., Term Loan, DD1

   

5.000

%

 

3/01/17

 

B+

   

3,736,487

   
  3,250    

CityCenter Holdings LLC, Term Loan B, DD1

   

5.000

%

 

10/16/20

 

B+

   

3,294,350

   
  1,500    

Intrawest Resorts Holdings, Inc., Initial Term Loan

   

5.500

%

 

12/09/20

 

B+

   

1,505,625

   
  933    

Landry's Restaurants, Inc., Term Loan B

   

4.000

%

 

4/24/18

 

BB–

   

943,665

   
  1,485    

MGM Resorts International, Term Loan B

   

3.500

%

 

12/20/19

 

BB

   

1,488,447

   
  2,000    

Scientific Games Corporation, Term Loan B

   

4.250

%

 

10/18/20

 

Ba2

   

2,012,322

   
  947    

Seaworld Parks and Entertainment, Inc., Term Loan B2

   

3.000

%

 

5/14/20

 

BB+

   

944,250

   
  1,985    

Station Casino LLC, Term Loan B

   

5.000

%

 

3/02/20

 

B

   

2,008,820

   
  22,563    

Total Hotels, Restaurants & Leisure

                           

22,619,038

   
   

Household Durables – 0.2% (0.1% of Total Investments)

 
  485    

Serta Simmons Holdings LLC, Term Loan

   

4.250

%

 

10/01/19

 

B+

   

489,572

   
   

Household Products – 0.6% (0.4% of Total Investments)

 
  1,472    

Spectrum Brands, Inc., Term Loan A

   

3.000

%

 

9/04/17

 

BB

   

1,478,709

   
  186    

Spectrum Brands, Inc., Term Loan C

   

3.500

%

 

9/04/19

 

BB

   

187,511

   
  1,658    

Total Household Products

                           

1,666,220

   
   

Insurance – 2.7% (1.7% of Total Investments)

 
  750    

Alliant Holdings I LLC, Initial Term Loan B, First Lien, WI/DD

 

TBD

 

TBD

 

B1

   

755,625

   
  2,745    

Hub International Holdings, Inc., Term Loan B, DD1

   

4.750

%

 

10/02/20

 

B1

   

2,782,730

   
  1,435    

Sedgwick Holdings, Inc., Term Loan, First Lien

   

4.250

%

 

6/12/18

 

B+

   

1,444,651

   
  2,975    

USI Holdings Corporation, Initial Term Loan, DD1

   

4.250

%

 

12/27/19

 

B1

   

2,997,360

   
  7,905    

Total Insurance

                           

7,980,366

   
   

Internet Software & Services – 3.4% (2.2% of Total Investments)

 
  4,946    

EIG Investors Corp., Term Loan, DD1

   

5.000

%

 

11/09/19

 

B

   

4,999,239

   
  499    

Sabre Inc., Term Loan B2

   

4.500

%

 

2/19/19

 

B1

   

500,698

   
  850    

Sabre Inc., Term Loan C

   

4.000

%

 

2/19/18

 

B1

   

853,947

   
  743    

Sabre, Inc., Term Loan B

   

5.250

%

 

2/19/19

 

B1

   

748,842

   
  1,776    

SSI Investments II, Ltd., New Term Loan

   

5.000

%

 

5/26/17

 

Ba3

   

1,791,318

   
  1,158    

VFH Parent LLC, New Term Loan

   

5.750

%

 

11/08/19

 

N/R

   

1,169,984

   
  9,972    

Total Internet Software & Services

                           

10,064,028

   
   

IT Services – 1.1% (0.7% of Total Investments)

 
  940    

CompuCom Systems, Inc., Term Loan B

   

4.250

%

 

5/09/20

 

B1

   

941,070

   
  327    

SRA International, Term Loan

   

6.500

%

 

7/20/18

 

B1

   

326,063

   

Nuveen Investments
27



NSL  Nuveen Senior Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    IT Services (continued)  

$

993

   

SunGard Data Systems, Inc., Term Loan E

   

4.000

%

 

3/08/20

 

BB

 

$

998,698

   
  1,112    

Zayo Group LLC, Term Loan B

   

4.000

%

 

7/02/19

 

B1

   

1,119,933

   
  3,372    

Total IT Services

                           

3,385,764

   
   

Leisure Equipment & Products – 1.3% (0.8% of Total Investments)

 
  2,017    

Bombardier Recreational Products, Inc., Term Loan

   

4.000

%

 

1/30/19

 

B+

   

2,032,271

   
  1,191    

Equinox Holdings, Inc., New Initial Term Loan B

   

4.501

%

 

1/31/20

 

B1

   

1,203,654

   
  500    

Four Seasons Holdings, Inc., Term Loan, Second Lien

   

6.250

%

 

12/27/20

 

B–

   

513,750

   
  3,708    

Total Leisure Equipment & Products

                           

3,749,675

   
   

Machinery – 0.9% (0.6% of Total Investments)

 
  2,580    

Gardner Denver, Inc., Term Loan, DD1

   

4.250

%

 

7/30/20

 

B1

   

2,580,707

   
   

Media – 16.1% (10.2% of Total Investments)

 
  900    

Affinion Group Holdings, Inc., Term Loan B, DD1

   

6.750

%

 

10/09/16

 

B1

   

894,886

   
  873    

Cengage Learning Acquisitions, Inc., Tranche B, Extended Term Loan, (5)

   

7.750

%

 

7/04/17

 

D

   

800,281

   
  1,363    

Clear Channel Communications, Inc., Tranche D, Term Loan

   

6.910

%

 

1/30/19

 

CCC+

   

1,325,540

   
  2,611    

Clear Channel Communications, Inc.,Term Loan E

   

7.660

%

 

7/30/19

 

CCC+

   

2,603,214

   
  6,600    

Cumulus Media, Inc., Term Loan B , DD1

   

4.250

%

 

12/23/20

 

B+

   

6,677,517

   
  1,427    

Emerald Expositions Holdings, Inc., Term Loan, First Lien

   

5.500

%

 

6/17/20

 

BB–

   

1,438,543

   
  750    

EMI Music Publishing LLC, Term Loan B

   

4.250

%

 

6/29/18

 

BB–

   

755,625

   
  569    

Interactive Data Corporation, Term Loan

   

3.750

%

 

1/31/18

 

Ba3

   

572,168

   
  993    

Internet Brands, Inc., Term Loan B

   

6.250

%

 

3/18/19

 

B+

   

998,289

   
  1,785    

McGraw-Hill Education Holdings LLC, Term Loan

   

9.000

%

 

3/22/19

 

B2

   

1,821,816

   
  1,000    

Media General, Inc., Delayed Draw, Term Loan

   

4.250

%

 

7/31/20

 

BB–

   

1,010,619

   
  988    

Mediacom Broadband LLC, Tranche G, Term Loan

   

4.000

%

 

1/20/20

 

BB

   

988,734

   
  1,852    

Radio One, Inc., Term Loan B, First Lien

   

7.500

%

 

2/14/17

 

B+

   

1,902,898

   
  1,496    

Springer Science & Business Media, Inc., Term Loan

   

5.000

%

 

8/14/20

 

B

   

1,506,070

   
  15,809    

Tribune Company, Term Loan B, DD1

   

4.000

%

 

12/27/20

 

BB–

   

15,819,043

   
  3,880    

Univision Communications, Inc., Replacement Term Loan, First Lien

   

4.000

%

 

3/01/20

 

B+

   

3,906,202

   
  1,714    

UPC Broadband Holding BV, Term Loan AF

   

4.000

%

 

1/31/21

 

BB–

   

1,726,787

   
  500    

Weather Channel Corporation, Term Loan, Second Lien

   

7.000

%

 

6/26/20

 

B3

   

505,625

   
  1,324    

WMG Acquisition Corporation, Tranche B, Refinancing Term Loan

   

3.750

%

 

7/01/20

 

BB–

   

1,329,854

   
  1,793    

Yell Group PLC, Term Loan, (5)

   

4.097

%

 

7/31/14

 

N/R

   

399,303

   
  48,227    

Total Media

                           

46,983,014

   
   

Multiline Retail – 0.9% (0.6% of Total Investments)

 
  2,750    

Hudson's Bay Company, Term Loan B, First Lien

   

4.750

%

 

11/04/20

 

BB

   

2,794,679

   
   

Oil, Gas & Consumable Fuels – 8.2% (5.2% of Total Investments)

 
  1,000    

Western Refining, Inc., Term Loan B

   

4.250

%

 

11/12/20

 

BB–

   

1,010,625

   
  1,495    

Brand Energy & Infrastructure Services, Inc., Initial Term Loan

   

4.750

%

 

11/26/20

 

B1

   

1,508,187

   
  1,343    

Crestwood Holdings LLC, Term Loan B

   

7.000

%

 

6/19/19

 

B

   

1,380,316

   
  2,985    

Drill Rigs Holdings, Inc., Tranche B1, Term Loan

   

6.000

%

 

3/31/21

 

B+

   

3,059,625

   
  833    

EP Energy LLC, Term Loan B3, Second Lien

   

3.500

%

 

5/24/18

 

Ba3

   

837,500

   
  998    

Fieldwood Energy LLC, Term Loan, First Lien

   

3.875

%

 

9/28/18

 

Ba2

   

1,004,670

   
  2,000    

Fieldwood Energy LLC, Term Loan, Second Lien

   

8.375

%

 

9/30/20

 

B2

   

2,058,572

   
  751    

Frac Tech International LLC, Term Loan

   

8.500

%

 

5/06/16

 

B2

   

761,915

   
  3,244    

Harvey Gulf International Marine, Inc., Term Loan B

   

5.500

%

 

6/18/20

 

B1

   

3,298,488

   
  1,850    

Offshore Group Investment Limited, Term Loan B

   

5.000

%

 

10/25/17

 

B–

   

1,864,454

   
  1,493    

Pacific Drilling S.A., Term Loan B

   

4.500

%

 

6/03/18

 

B+

   

1,510,970

   
  1,496    

Peabody Energy Corporation, Term Loan B

   

4.250

%

 

9/24/20

 

BB+

   

1,509,104

   
  993    

Rice Drilling LLC., Term Loan, Second Lien

   

8.500

%

 

10/25/18

 

N/R

   

1,013,591

   
  1,250    

Samson Investment Company, Tranche 1, Term Loan, Second Lien

   

5.000

%

 

9/25/18

 

B1

   

1,264,375

   
  993    

Saxon Energy Services, Inc., Term Loan

   

5.500

%

 

2/15/19

 

Ba3

   

1,004,079

   
  750    

Shelf Drilling Holdings LTD., Term Loan

   

10.000

%

 

10/08/18

 

B+

   

764,062

   
  23,474    

Total Oil, Gas & Consumable Fuels

                           

23,850,533

   
   

Personal Products – 0.1% (0.1% of Total Investments)

 
  287    

Prestige Brands, Inc., Term Loan B1

   

3.792

%

 

1/31/19

 

BB

   

289,089

   

Nuveen Investments
28



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Pharmaceuticals – 9.4% (6.0% of Total Investments)

 

$

555

   

BioScrip, Inc., Term Loan B

   

6.500

%

 

7/31/20

 

B

 

$

552,691

   
  1,051    

ConvaTec, Inc., Dollar Term Loan

   

4.000

%

 

12/22/16

 

Ba3

   

1,061,057

   
  796    

Generic Drug Holdings, Inc., Term Loan B

   

5.000

%

 

8/16/20

 

B1

   

805,452

   
  2,000    

Graceway Pharmaceuticals LLC, Second Lien Term Loan, (5)

   

6.928

%

 

5/03/13

 

N/R

   

60,000

   
  95    

Graceway Pharmaceuticals LLC, Term Loan, (5)

   

3.069

%

 

5/03/12

 

N/R

   

104,709

   
  1,810    

Par Pharmaceutical Companies, Inc., Additional Term Loan B1

   

4.250

%

 

9/30/19

 

B+

   

1,824,041

   
  1,000    

Patheon, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B

   

1,000,089

   
  3,688    

Pharmaceutical Product Development, Inc., Term Loan B, First Lien

   

4.000

%

 

12/01/18

 

Ba3

   

3,717,680

   
  2,993    

Pharmaceutical Research Associates, Inc., Term Loan B

   

5.000

%

 

9/23/20

 

B1

   

3,009,010

   
  2,327    

Quintiles Transnational Corp., Term Loan B3

   

3.750

%

 

6/08/18

 

BB

   

2,336,171

   
  1,750    

Salix Pharmaceuticals, LTD., Term Loan

   

4.250

%

 

1/02/20

 

Ba1

   

1,774,281

   
  1,485    

Therakos, Inc., Term Loan, First Lien

   

7.500

%

 

12/27/17

 

B

   

1,493,051

   
  3,690    

Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan D2

   

3.750

%

 

2/13/19

 

BBB–

   

3,720,464

   
  5,950    

Valeant Pharmaceuticals International, Inc., Term Loan E, WI/DD

 

TBD

 

TBD

 

Ba1

   

6,013,231

   
  29,190    

Total Pharmaceuticals

                           

27,471,927

   
   

Real Estate Investment Trust – 1.7% (1.1% of Total Investments)

 
  1,500    

Capital Automotive LP, Term Loan, Second Lien

   

6.000

%

 

4/30/20

 

B1

   

1,558,125

   
  1,936    

iStar Financial, Inc., Term Loan

   

4.500

%

 

10/15/17

 

BB–

   

1,947,864

   
  1,489    

Starwood Property Trust, Inc., Term Loan B

   

3.500

%

 

4/17/20

 

BB+

   

1,492,162

   
  4,925    

Total Real Estate Investment Trust

                           

4,998,151

   
   

Real Estate Management & Development – 1.5% (1.0% of Total Investments)

 
  1,917    

Capital Automotive LP, Term Loan, Tranche B1, DD1

   

4.000

%

 

4/10/19

 

Ba2

   

1,937,862

   
  2,481    

Realogy Corporation, Term Loan B

   

4.500

%

 

3/05/20

 

BB

   

2,503,891

   
  4,398    

Total Real Estate Management & Development

                           

4,441,753

   
   

Road & Rail – 0.4% (0.2% of Total Investments)

 
  1,123    

Swift Transportation Company, Inc., Term Loan B2

   

4.000

%

 

12/21/17

 

BB

   

1,133,777

   
   

Semiconductors & Equipment – 2.2% (1.4% of Total Investments)

 
  1,985    

Freescale Semiconductor, Inc., Term Loan, Tranche B4

   

5.000

%

 

2/28/20

 

B1

   

2,006,711

   
  1,496    

Freescale Semiconductor, Inc., Term Loan, Tranche B5

   

5.000

%

 

1/15/21

 

B1

   

1,517,603

   
  983    

NXP Semiconductor LLC, Term Loan D

   

3.250

%

 

1/11/20

 

BB+

   

985,756

   
  1,945    

NXP Semiconductor LLC, Term Loan

   

4.500

%

 

3/03/17

 

Ba3

   

1,974,478

   
  6,409    

Total Semiconductors & Equipment

                           

6,484,548

   
   

Software – 10.1% (6.4% of Total Investments)

 
  2,390    

Attachmate Corporation, Term Loan, First Lien

   

7.250

%

 

11/22/17

 

BB–

   

2,432,778

   
  1,126    

Blackboard, Inc., Term Loan B3

   

4.750

%

 

10/04/18

 

B+

   

1,139,015

   
  1,250    

BMC Software, Inc., Initial Term Loan

   

5.000

%

 

9/10/20

 

BB–

   

1,253,559

   
  3,065    

Datatel Parent Corp, Term Loan B, DD1

   

4.500

%

 

7/19/18

 

B+

   

3,101,035

   
  1,069    

Emdeon Business Services LLC, Term Loan B2

   

3.750

%

 

11/02/18

 

BB–

   

1,073,749

   
  641    

Epicor Software Corporation, Term Loan, B2

   

4.000

%

 

5/16/18

 

Ba3

   

646,512

   
  988    

Explorer Holdings, Inc., Term Loan

   

6.000

%

 

5/02/18

 

B+

   

993,697

   
  871    

Greeneden U.S. Holdings II LLC, Term Loan B

   

4.000

%

 

2/08/20

 

B

   

870,101

   
  7,711    

Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B5, DD1

   

3.750

%

 

6/03/20

 

Ba3

   

7,748,658

   
  2,234    

IPC Systems, Inc., Extended Term Loan, Tranche B1, First Lien

   

7.750

%

 

7/31/17

 

B1

   

2,251,064

   
  2,500    

IPC Systems, Inc., Term Loan, Second Lien

   

5.410

%

 

6/01/15

 

CCC

   

2,287,500

   
  3,456    

Misys PLC, Term Loan B, First Lien

   

5.000

%

 

12/12/18

 

B+

   

3,492,982

   
  1,191    

RedPrairie Corporation, New Term Loan, First Lien

   

6.000

%

 

12/21/18

 

B+

   

1,203,902

   
  952    

Vertafore, Inc., Term Loan, First Lien

   

4.250

%

 

10/03/19

 

B+

   

960,676

   
  29,444    

Total Software

                           

29,455,228

   
   

Specialty Retail – 1.2% (0.7% of Total Investments)

 
  1,717    

Collective Brands, Inc., Term Loan B

   

7.250

%

 

10/09/19

 

B

   

1,734,859

   
  1,649    

Jo-Ann Stores, Inc., Term Loan, First Lien

   

4.000

%

 

3/16/18

 

B+

   

1,658,194

   
  3,366    

Total Specialty Retail

                           

3,393,053

   

Nuveen Investments
29



NSL  Nuveen Senior Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Wireless Telecommunication Services – 2.3% (1.4% of Total Investments)

 

$

1,809

   

Asurion LLC, Term Loan B1

   

4.500

%

 

5/24/19

 

Ba2

 

$

1,811,654

   
  3,019    

Fairpoint Communications, Inc., Term Loan B

   

7.500

%

 

2/11/19

 

B

   

3,129,869

   
  978    

IPC Systems, Inc., Term Loan, Tranche C, First Lien

   

7.750

%

 

7/31/17

 

B1

   

984,857

   
  692    

Presidio, Inc., New Term Loan

   

5.750

%

 

3/31/17

 

Ba3

   

697,467

   
  6,498    

Total Wireless Telecommunication Services

                 

 

   

6,623,847

   

$

370,371

   

Total Variable Rate Senior Loan Interests (cost $367,108,563)

                           

368,813,101

   
Shares  

Description (1)

             

Value

 
   

COMMON STOCKS – 2.5% (1.5% of Total Investments)

 
   

Building Products – 0.7% (0.4% of Total Investments)

 
  37,303    

Masonite International Corporation, (6)

                         

$

2,051,665

   
   

Hotels, Restaurants & Leisure – 0.4% (0.2% of Total Investments)

 
  40,968    

BLB Worldwide Holdings Inc., (6), (7)

                           

1,034,442

   
   

Media – 1.4% (0.9% of Total Investments)

 
  37,137    

Metro-Goldwyn-Mayer, (6), (7)

                           

2,618,159

   
  18,422    

Tribune Company, (6)

                           

1,372,439

   
  14,825    

Tribune Company, (6), (8)

                           

   
   

Total Media

                           

3,990,598

   
   

Professional Services – 0.0% (0.0% of Total Investments)

 
  47,152    

Vertrue, Inc., (6), (7)

                           

68,370

   
   

Total Common Stocks (cost $5,321,359)

                     

   

7,145,075

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CONVERTIBLE BONDS – 0.3% (0.2% of Total Investments)

 
   

Communications Equipment – 0.3% (0.2% of Total Investments)

 

$

850

   

Nortel Networks Corp., (5)

   

1.750

%

 

4/15/12

 

N/R

 

$

843,625

   

$

850

   

Total Convertible Bonds (cost $710,500)

                           

843,625

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CORPORATE BONDS – 18.7% (11.9% of Total Investments)

 
   

Commercial Services & Supplies – 0.6% (0.4% of Total Investments)

 

$

500

   

Ceridian Corporation

   

11.250

%

 

11/15/15

 

CCC

 

$

502,500

   
  816    

Harland Clarke Holdings

   

9.500

%

 

5/15/15

 

B–

   

818,040

   
  500    

Tervita Corporation, 144A

   

8.000

%

 

11/15/18

 

B–

   

512,500

   
  1,816    

Total Commercial Services & Supplies

                           

1,833,040

   
   

Communications Equipment – 0.4% (0.2% of Total Investments)

 
  1,000    

Nortel Networks Limited, (5)

   

0.000

%

 

7/15/11

 

N/R

   

1,068,750

   
   

Diversified Consumer Services – 0.3% (0.2% of Total Investments)

 
  900    

NES Rental Holdings Inc., 144A

   

7.875

%

 

5/01/18

 

CCC+

   

945,000

   
   

Diversified Telecommunication Services – 1.8% (1.2% of Total Investments)

 
  2,000    

IntelSat Limited, 144A

   

7.750

%

 

6/01/21

 

B–

   

2,145,000

   
  450    

IntelSat Limited

   

8.125

%

 

6/01/23

 

B–

   

487,125

   
  2,286    

Level 3 Communications Inc.

   

11.875

%

 

2/01/19

 

B–

   

2,628,900

   
  4,736    

Total Diversified Telecommunication Services

                           

5,261,025

   

Nuveen Investments
30



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

Health Care Equipment & Supplies – 0.8% (0.5% of Total Investments)

 

$

2,025

   

Kinetic Concepts

   

10.500

%

 

11/01/18

 

B–

 

$

2,328,750

   
   

Health Care Providers & Services – 3.7% (2.4% of Total Investments)

 
  1,500    

FWCT-2 Escrow Corporation for Community Health Systems, 144A

   

5.125

%

 

8/01/21

 

BB+

   

1,509,375

   
  2,400    

FWCT-2 Escrow Corporation for Community Health Systems, 144A

   

6.875

%

 

2/01/22

 

B

   

2,460,000

   
  1,000    

HCA Inc.

   

8.500

%

 

4/15/19

 

BB+

   

1,054,500

   
  325    

HCA Inc.

   

7.250

%

 

9/15/20

 

BB+

   

353,031

   
  600    

IASIS Healthcare Capital Corporation

   

8.375

%

 

5/15/19

 

CCC+

   

640,500

   
  3,500    

Tenet Healthcare Corporation, 144A

   

6.000

%

 

10/01/20

 

BB

   

3,683,750

   
  1,000    

Truven Health Analytics Inc.

   

10.625

%

 

6/01/20

 

CCC+

   

1,132,500

   
  10,325    

Total Health Care Providers & Services

                           

10,833,656

   
   

Household Products – 1.0% (0.6% of Total Investments)

 
  2,600    

Reynolds Group

   

9.875

%

 

8/15/19

 

CCC+

   

2,873,000

   
   

IT Services – 0.4% (0.2% of Total Investments)

 
  1,000    

First Data Corporation, 144A

   

7.375

%

 

6/15/19

 

BB–

   

1,067,500

   
   

Leisure Equipment & Products – 0.7% (0.5% of Total Investments)

 
  2,250    

Caesars Entertainment Operating Company Inc.

   

8.500

%

 

2/15/20

 

B–

   

2,126,250

   
   

Machinery – 0.4% (0.2% of Total Investments)

 
  1,000    

HD Supply Inc.

   

8.125

%

 

4/15/19

 

B+

   

1,111,875

   
   

Media – 4.2% (2.6% of Total Investments)

 
  3,024    

Clear Channel Communications, Inc., 144A

   

14.000

%

 

2/01/21

 

CCC–

   

2,812,260

   
  3,200    

Clear Channel Communications, Inc.

   

5.500

%

 

12/15/16

 

CCC–

   

2,880,000

   
  2,872    

Clear Channel Communications, Inc.

   

9.000

%

 

12/15/19

 

CCC+

   

2,929,440

   
  2,750    

Clear Channel Communications, Inc.

   

9.000

%

 

3/01/21

 

CCC+

   

2,777,500

   
  500    

McGraw-Hill Global Education Holdings, 144A

   

9.750

%

 

4/01/21

 

BB

   

543,750

   
  200    

WMG Acquisition Group

   

11.500

%

 

10/01/18

 

B

   

227,500

   
  12,546    

Total Media

                           

12,170,450

   
   

Oil, Gas & Consumable Fuels – 0.2% (0.1% of Total Investments)

 
  500    

Offshore Group Investment Limited

   

7.125

%

 

4/01/23

 

B–

   

500,000

   
   

Pharmaceuticals – 1.6% (1.0% of Total Investments)

 
  750    

Valeant Pharmaceuticals International, 144A

   

6.750

%

 

8/15/18

 

B1

   

822,188

   
  2,000    

Valeant Pharmaceuticals International, 144A

   

7.000

%

 

10/01/20

 

B1

   

2,155,000

   
  500    

Valeant Pharmaceuticals International, 144A

   

7.250

%

 

7/15/22

 

B1

   

545,000

   
  1,000    

VPII Escrow Corporation, 144A

   

7.500

%

 

7/15/21

 

B1

   

1,113,750

   
  4,250    

Total Pharmaceuticals

                           

4,635,938

   
   

Semiconductors & Equipment – 0.8% (0.6% of Total Investments)

 
  1,075    

Advanced Micro Devices, Inc.

   

7.750

%

 

8/01/20

 

B

   

1,069,625

   
  1,500    

Advanced Micro Devices, Inc.

   

7.500

%

 

8/15/22

 

B

   

1,447,500

   
  2,575    

Total Semiconductors & Equipment

                           

2,517,125

   
   

Software – 0.6% (0.4% of Total Investments)

 
  850    

Infor Us Inc.

   

11.500

%

 

7/15/18

 

B–

   

981,750

   
  750    

Infor Us Inc.

   

9.375

%

 

4/01/19

 

B–

   

843,750

   
  1,600    

Total Software

                           

1,825,500

   
   

Specialty Retail – 0.0% (0.0% of Total Investments)

 
  480    

Local Insight Regatta Holdings, (5), (8)

   

11.000

%

 

12/01/17

 

D

   

5

   

Nuveen Investments
31



NSL  Nuveen Senior Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

Wireless Telecommunication Services – 1.2% (0.8% of Total Investments)

 

$

500

   

FairPoint Communications Inc., 144A

   

8.750

%

 

8/15/19

 

B

 

$

533,750

   
  1,750    

MetroPCS Wireless Inc., 144A

   

6.250

%

 

4/01/21

 

BB

   

1,817,812

   
  1,000    

Sprint Corporation, 144A

   

7.125

%

 

6/15/24

 

BB–

   

1,005,000

   
  75    

T-Mobile USA Inc.

   

6.731

%

 

4/28/22

 

BB

   

78,750

   
  75    

T-Mobile USA Inc.

   

6.836

%

 

4/28/23

 

BB

   

78,281

   
  3,400    

Total Wireless Telecommunication Services

                           

3,513,593

   

$

53,003

   

Total Corporate Bonds (cost $51,817,440)

                           

54,611,457

   
     

Total Long-Term Investments (cost $424,957,862)

                           

431,413,258

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

     

Value

 
   

SHORT-TERM INVESTMENTS – 10.1% (6.4% of Total Investments)

 

$

29,573

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/14,
repurchase price $29,573,070, collateralized by $29,885,000 U.S. Treasury Notes,
1.000%, due 3/31/17, value $30,168,101
  0.000
 
 

%

  2/03/14
 
 
   
 
 
 

$

29,573,070
 
 
 
      Total Short-Term Investments (cost $29,573,070)    

29,573,070

   
      Total Investments (cost $454,530,932) – 157.9%    

460,986,328

   
      Borrowings – (33.9)% (9), (10)    

(99,000,000

)

 
      Variable Rate Term Preferred Shares, at Liquidation Value – (19.9)% (11)    

(58,000,000

)

 
      Other Assets Less Liabilities – (4.1)% (12)    

(11,995,271

)

 
      Net Assets Applicable to Common Shares – 100%  

$

291,991,057

   

Investments in Derivatives as of January 31, 2014

Interest Rate Swaps outstanding:

Counterparty

  Notional
Amount
  Fund
Pay/Receive
Floating Rate
 

Floating Rate Index

  Fixed Rate
(Annualized)
  Fixed Rate
Payment
Frequency
  Termination
Date
  Unrealized
Appreciation
(Depreciation) (12)
 

Goldman Sachs

 

$

18,487,500

   

Receive

  1-Month USD-LIBOR    

1.300

%

 

Monthly

 

4/20/14

 

$

(52,572

)

 

Morgan Stanley

   

18,487,500

   

Receive

  1-Month USD-LIBOR    

2.201

   

Monthly

 

4/20/16

   

(726,010

)

 
   

$

36,975,000

                       

$

(778,582

)

 

Nuveen Investments
32



  For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)  Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(3)  Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4)  Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

  Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(5)  At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

(6)  Non-income producing; issuer has not declared a dividend within the past twelve months.

(7)  For fair value measurement disclosure purposes, Common Stock classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurments for more information.

(8)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(9)  Borrowings as a percentage of Total Investments is 21.5%.

(10)  The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.

(11)  Variable Rate Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 12.6%.

(12)  Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

DD1  Portion of investment purchased on a delayed delivery basis.

WI/DD  Purchased on a when-issued or delayed delivery basis.

144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

TBD  Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

USD-LIBOR  United States Dollar – London Inter-Bank Offered Rate.

    See accompanying notes to financial statements.

Nuveen Investments
33



JFR

Nuveen Floating Rate Income Fund

Portfolio of Investments  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

LONG-TERM INVESTMENTS – 148.9% (93.4% of Total Investments)

 
   

VARIABLE RATE SENIOR LOAN INTERESTS – 119.5% (75.0% of Total Investments) (4)

 
   

Aerospace & Defense – 0.4% (0.3% of Total Investments)

 

$

357

   

Beechcraft Holdings LLC, Exit Term Loan B

   

5.750

%

 

2/15/20

 

BB–

 

$

358,594

   
  2,475    

Sequa Corporation, Term Loan B

   

5.250

%

 

6/19/17

 

B

   

2,443,444

   
  2,832    

Total Aerospace & Defense

                           

2,802,038

   
   

Airlines – 3.0% (1.9% of Total Investments)

 
  4,478    

American Airlines, Inc., Term Loan

   

3.750

%

 

6/27/19

 

Ba2

   

4,520,878

   
  9,895    

Delta Air Lines, Inc., Term Loan B1

   

4.000

%

 

10/18/18

 

Ba1

   

9,960,372

   
  1,980    

Delta Air Lines, Inc., Term Loan B2

   

3.250

%

 

4/18/16

 

Ba1

   

1,992,169

   
  4,500    

US Airways, Inc., Term Loan B1

   

3.500

%

 

5/23/19

 

Ba2

   

4,530,375

   
  20,853    

Total Airlines

                           

21,003,794

   
   

Auto Components – 2.5% (1.6% of Total Investments)

 
  11,706    

Federal-Mogul Corporation, Tranche B, Term Loan, DD1

   

2.108

%

 

12/29/14

 

B1

   

11,647,740

   
  6,134    

Federal-Mogul Corporation, Tranche C, Term Loan, DD1

   

2.108

%

 

12/28/15

 

B1

   

6,102,873

   
  17,840    

Total Auto Components

                           

17,750,613

   
   

Biotechnology – 0.6% (0.4% of Total Investments)

 
  4,476    

Grifols, Inc., Term Loan

   

4.250

%

 

6/01/17

 

Ba1

   

4,515,868

   
   

Building Products – 0.4% (0.3% of Total Investments)

 
  2,992    

Quikrete Holdings, Inc., Term Loan, First Lien

   

4.000

%

 

9/28/20

 

B+

   

3,022,724

   
   

Capital Markets – 1.9% (1.2% of Total Investments)

 
  1,322    

American Capital, LTD., Term Loan, First Lien

   

4.000

%

 

8/22/16

 

BB–

   

1,331,297

   
  2,852    

Citco III Limited, Term Loan B

   

4.250

%

 

6/29/18

 

N/R

   

2,876,892

   
  2,992    

Guggenheim Partners LLC, Initial Term Loan

   

4.250

%

 

7/22/20

 

N/R

   

3,032,698

   
  5,759    

Walter Investment Management Corporation, Tranche B, Term Loan, First Lien

   

4.750

%

 

12/18/20

 

B+

   

5,810,095

   
  12,925    

Total Capital Markets

                           

13,050,982

   
   

Chemicals – 2.0% (1.2% of Total Investments)

 
  3,362    

Ineos US Finance LLC, Term Loan, First Lien

   

4.000

%

 

5/04/18

 

BB–

   

3,384,390

   
  2,475    

PQ Corporation, Term Loan, First Lien

   

4.500

%

 

8/07/17

 

B+

   

2,500,413

   
  4,323    

Univar, Inc., Term Loan

   

5.000

%

 

6/30/17

 

B+

   

4,305,157

   
  1,585    

US Coatings Acquisition, Term Loan B

   

4.000

%

 

2/01/20

 

B+

   

1,600,932

   
  526    

W.R Grace & Co., Delayed Draw, Term Loan, WI/DD

 

TBD

 

TBD

 

BBB–

   

529,167

   
  1,474    

W.R Grace & Co., Exit Term Loan, WI/DD

 

TBD

 

TBD

 

BBB–

   

1,481,667

   
  13,745    

Total Chemicals

                           

13,801,726

   
   

Commercial Services & Supplies – 2.5% (1.5% of Total Investments)

 
  3,729    

Aramark Corporation, Term Loan, Tranche D

   

4.000

%

 

9/09/19

 

BBB–

   

3,757,117

   
  2,618    

CCS Income Trust, Term Loan, First Lien

   

6.250

%

 

5/12/18

 

B–

   

2,643,728

   
  4,992    

Education Management LLC, Tranche C2, Term Loan, DD1

   

4.250

%

 

6/01/16

 

B–

   

4,797,066

   
  3,434    

Harland Clarke Holdings Corporation, Term Loan B3

   

7.000

%

 

5/22/18

 

B+

   

3,480,920

   
  1,500    

Harland Clarke Holdings Corporation, Term Loan B4, WI/DD

 

TBD

 

TBD

 

B+

   

1,511,876

   
  983    

HMH Holdings, Inc., Term Loan, First Lien

   

4.250

%

 

5/14/18

 

B1

   

989,869

   
  32    

Vertrue Inc., Term Loan, First Lien

   

15.000

%

 

2/04/18

 

N/R

   

32,384

   
  17,288    

Total Commercial Services & Supplies

                           

17,212,960

   
   

Communications Equipment – 1.8% (1.1% of Total Investments)

 
  3,218    

Alcatel-Lucent, Inc., Term Loan C

   

5.750

%

 

1/30/19

 

B+

   

3,254,324

   
  5,988    

Avaya, Inc., Term Loan B3, DD1

   

4.736

%

 

10/26/17

 

B1

   

5,861,940

   
  3,667    

Level 3 Financing, Inc., Term Loan, Tranche B3

   

4.000

%

 

8/01/19

 

BB–

   

3,695,314

   
  12,873    

Total Communications Equipment

                           

12,811,578

   

Nuveen Investments
34



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Computers & Peripherals – 2.9% (1.8% of Total Investments)

 

$

17,955

   

Dell, Inc., Term Loan B

   

4.500

%

 

4/29/20

 

BB+

 

$

17,899,824

   
  2,376    

SunGard Data Systems, Inc., Term Loan D

   

4.500

%

 

1/31/20

 

BB

   

2,390,840

   
  20,331    

Total Computers & Peripherals

                           

20,290,664

   
   

Containers & Packaging – 0.9% (0.5% of Total Investments)

 
  6,000    

Berry Plastics Holding Corporation, Term Loan E

   

3.750

%

 

1/06/21

 

B+

   

6,009,108

   
   

Distributors – 1.2% (0.7% of Total Investments)

 
  8,155    

HD Supply, Inc., Term Loan B

   

4.500

%

 

10/12/17

 

B+

   

8,225,320

   
   

Diversified Consumer Services – 4.4% (2.8% of Total Investments)

 
  4,393    

Cengage Learning Acquisitions, Inc., Term Loan, (5)

   

4.750

%

 

7/03/14

 

D

   

4,034,583

   
  2,299    

Ceridian Corporation, New Replacement Term Loan

   

4.408

%

 

8/14/15

 

B1

   

2,315,278

   
  14,211    

Hilton Hotels Corporation, Term Loan B2

   

3.750

%

 

10/25/20

 

BB

   

14,328,374

   
  4,908    

Laureate Education, Inc., Term Loan B

   

5.000

%

 

6/15/18

 

B1

   

4,895,275

   
  384    

Pinnacle Entertainment, Term Loan B1

   

3.750

%

 

8/15/16

 

BB+

   

387,434

   
  1,990    

Pinnacle Entertainment, Term Loan B2

   

3.750

%

 

8/13/20

 

BB+

   

2,006,169

   
  2,992    

Spotless Holdings, SAS, Term Loan, First Lien

   

5.000

%

 

10/02/18

 

B1

   

3,041,128

   
  31,177    

Total Diversified Consumer Services

                           

31,008,241

   
   

Diversified Financial Services – 3.9% (2.5% of Total Investments)

 
  3,483    

Home Loan Servicing Solutions, Ltd., Term Loan B

   

4.500

%

 

6/26/20

 

BB–

   

3,541,267

   
  5,211    

Ocwen Financial Corporation, Term Loan B

   

5.000

%

 

2/15/18

 

B+

   

5,274,132

   
  4,689    

RPI Finance Trust, Term Loan B3

   

3.250

%

 

11/09/18

 

Baa2

   

4,724,614

   
  13,735    

WideOpenWest Finance LLC, Term Loan B, DD1

   

4.750

%

 

4/01/19

 

B1

   

13,863,100

   
  27,118    

Total Diversified Financial Services

                           

27,403,113

   
   

Diversified Other – 0.3% (0.2% of Total Investments)

 
  1,860    

Rexnord LLC, Term Loan B

   

4.000

%

 

8/21/20

 

B+

   

1,873,264

   
   

Diversified Telecommunication Services – 0.3% (0.2% of Total Investments)

 
  1,811    

Intelsat Jackson Holdings, S.A., Tranche B2, Term Loan

   

3.750

%

 

6/30/19

 

BB–

   

1,827,348

   
   

Electronic Equipment & Instruments – 0.7% (0.4% of Total Investments)

 
  5,232    

SMART Modular Technologies, Inc., Term Loan B

   

8.250

%

 

8/26/17

 

B

   

4,708,688

   
   

Food & Staples Retailing – 3.6% (2.2% of Total Investments)

 
  1,806    

Albertson's LLC, Term Loan B1

   

4.250

%

 

3/21/16

 

BB–

   

1,823,106

   
  3,179    

Albertson's LLC, Term Loan B2

   

4.750

%

 

3/21/19

 

BB–

   

3,217,001

   
  3,283    

BJ's Wholesale Club, Inc., Replacement Loan, First Lien

   

4.500

%

 

9/26/19

 

B–

   

3,318,989

   
  4,000    

BJ's Wholesale Club, Inc., Replacement Loan, Second Lien

   

8.500

%

 

3/31/20

 

CCC

   

4,120,416

   
  750    

Del Monte Foods Company, Term Loan, First Lien, WI/DD

 

TBD

 

TBD

 

B+

   

752,227

   
  1,500    

Rite Aid Corporation, Tranche 1, Term Loan, Second Lien

   

5.750

%

 

8/21/20

 

B

   

1,541,062

   
  1,675    

Rite Aid Corporation, Tranche 2, Term Loan, Second Lien

   

4.875

%

 

6/21/21

 

B

   

1,708,500

   
  3,169    

Supervalu, Inc., New Term Loan B

   

5.000

%

 

3/21/19

 

B+

   

3,189,581

   
  5,625    

Wilton Products, Inc., Tranche B, Term Loan

   

7.500

%

 

8/30/18

 

B–

   

5,371,875

   
  24,987    

Total Food & Staples Retailing

                           

25,042,757

   
   

Food Products – 6.3% (4.0% of Total Investments)

 
  3,960    

AdvancePierre Foods, Inc., Term Loan, First Lien

   

5.750

%

 

7/10/17

 

B1

   

3,971,551

   
  1,368    

AdvancePierre Foods, Inc., Term Loan, Second Lien

   

9.500

%

 

10/10/17

 

CCC+

   

1,337,220

   
  14,338    

H.J Heinz Company, Term Loan B2

   

3.500

%

 

6/05/20

 

BB

   

14,501,711

   
  4,353    

Michael Foods Group, Inc., Term Loan

   

4.250

%

 

2/25/18

 

Ba3

   

4,388,273

   
  2,977    

Pinnacle Foods Finance LLC, Term Loan G

   

3.250

%

 

4/29/20

 

BB–

   

2,984,944

   
  17,093    

US Foods, Inc., Incremental Term Loan

   

4.500

%

 

3/31/19

 

B2

   

17,282,401

   
  44,089    

Total Food Products

                           

44,466,100

   

Nuveen Investments
35



JFR  Nuveen Floating Rate Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Health Care Equipment & Supplies – 2.6% (1.7% of Total Investments)

 

$

1,990

   

Biomet, Inc., Term Loan B2

   

3.664

%

 

7/25/17

 

BB–

 

$

2,006,164

   
  1,750    

Kinetic Concepts, Inc., Term Loan D1, DD1

   

4.500

%

 

5/04/18

 

BB–

   

1,764,210

   
  5,967    

Kinetic Concepts, Inc., Term Loan D1

   

4.000

%

 

5/04/18

 

BB–

   

6,028,702

   
  5,850    

Onex Carestream Finance LP, Term Loan, First Lien

   

5.000

%

 

6/07/19

 

B+

   

5,948,087

   
  2,625    

Onex Carestream Finance LP, Term Loan, Second Lien

   

9.500

%

 

12/07/19

 

B–

   

2,686,249

   
  18,182    

Total Health Care Equipment & Supplies

                           

18,433,412

   
   

Health Care Providers & Services – 9.4% (5.9% of Total Investments)

 
  1,399    

Ardent Medical Services, Inc., Term Loan, First Lien

   

6.750

%

 

7/02/18

 

B+

   

1,410,651

   
  2,006    

BioScrip, Inc., Delayed Draw, Term Loan

   

6.500

%

 

7/31/20

 

B

   

1,995,830

   
  5,000    

Community Health Systems, Inc., Term Loan D, WI/DD

 

TBD

 

TBD

 

BB

   

5,058,035

   
  9,900    

DaVita, Inc., New Term Loan B2

   

4.000

%

 

11/01/19

 

Ba2

   

9,994,832

   
  1,504    

Genesis Healthcare LLC, Term Loan

   

10.001

%

 

12/04/17

 

B

   

1,538,921

   
  15,049    

Golden Living, Term Loan

   

5.000

%

 

5/04/18

 

B

   

14,826,584

   
  1,322    

HCA, Inc., Tranche B5, Term Loan

   

2.910

%

 

3/31/17

 

BB

   

1,325,712

   
  2,970    

Heartland Dental Care, Inc., Term Loan, First Lien

   

5.500

%

 

12/21/18

 

B1

   

2,988,579

   
  2,000    

Heartland Dental Care, Inc., Term Loan, Second Lien

   

9.750

%

 

6/20/19

 

CCC+

   

2,050,000

   
  2,580    

Kindred Healthcare, Inc., Term Loan B1

   

4.250

%

 

6/01/18

 

Ba3

   

2,605,336

   
  1,839    

LHP Operations Co. LLC, Term Loan B

   

9.000

%

 

7/03/18

 

B

   

1,781,208

   
  2,175    

National Mentor Holdings, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B1

   

2,194,946

   
  4,000    

One Call Care Management, Inc., Term Loan B

   

5.000

%

 

11/27/20

 

B1

   

4,030,000

   
  309    

Select Medical Corporation, Term Loan B

   

4.003

%

 

6/01/18

 

Ba2

   

311,426

   
  226    

Sheridan Holdings, Inc., Delayed Draw, Term Loan, WI/DD

 

TBD

 

TBD

 

B1

   

226,371

   
  9,699    

Sheridan Holdings, Inc., Term Loan, First Lien, DD1

   

4.500

%

 

6/29/18

 

B1

   

9,792,726

   
  2,750    

Sheridan Holdings, Inc., Term Loan, Second Lien

   

8.250

%

 

12/20/21

 

B+

   

2,818,750

   
  721    

Skilled Healthcare Group, Inc., Term Loan

   

6.750

%

 

4/09/16

 

B

   

723,543

   
  65,449    

Total Health Care Providers & Services

                           

65,673,450

   
   

Hotels, Restaurants & Leisure – 5.8% (3.7% of Total Investments)

 
  4,825    

24 Hour Fitness Worldwide, Inc., Term Loan B

   

5.250

%

 

4/22/16

 

Ba3

   

4,885,410

   
  2,022    

BLB Management Services, Inc., Term Loan

   

5.250

%

 

11/10/18

 

BB–

   

2,039,450

   
  5,095    

Caesars Entertainment Operating Company, Inc., Term Loan B6

   

5.489

%

 

1/28/18

 

B–

   

4,909,920

   
  3,423    

CCM Merger, Inc., Term Loan, DD1

   

5.000

%

 

3/01/17

 

B+

   

3,465,760

   
  5,750    

CityCenter Holdings LLC, Term Loan B, DD1

   

5.000

%

 

10/16/20

 

B+

   

5,828,464

   
  2,500    

Intrawest Resorts Holdings, Inc., Initial Term Loan

   

5.500

%

 

12/09/20

 

B+

   

2,509,375

   
  2,821    

Landry's Restaurants, Inc., Term Loan B

   

4.000

%

 

4/24/18

 

BB–

   

2,853,228

   
  2,970    

MGM Resorts International, Term Loan B

   

3.500

%

 

12/20/19

 

BB

   

2,976,893

   
  4,000    

Scientific Games Corporation, Term Loan B

   

4.250

%

 

10/18/20

 

Ba2

   

4,024,644

   
  3,410    

Seaworld Parks and Entertainment, Inc., Term Loan B2

   

3.000

%

 

5/14/20

 

BB+

   

3,399,917

   
  3,970    

Station Casino LLC, Term Loan B

   

5.000

%

 

3/02/20

 

B

   

4,017,640

   
  40,786    

Total Hotels, Restaurants & Leisure

                           

40,910,701

   
   

Household Durables – 1.1% (0.7% of Total Investments)

 
  2,929    

Reynolds Group Holdings, Inc., Incremental US Term Loan, First Lien

   

4.000

%

 

12/01/18

 

B+

   

2,967,234

   
  2,666    

Serta Simmons Holdings LLC, Term Loan

   

4.250

%

 

10/01/19

 

B+

   

2,692,646

   
  2,108    

Tempur-Pedic International, Inc., New Term Loan B

   

3.500

%

 

3/18/20

 

BB

   

2,117,244

   
  7,703    

Total Household Durables

                           

7,777,124

   
   

Household Products – 0.3% (0.2% of Total Investments)

 
  1,472    

Spectrum Brands, Inc., Term Loan A

   

3.000

%

 

9/04/17

 

BB

   

1,478,709

   
  497    

Spectrum Brands, Inc., Term Loan C

   

3.500

%

 

9/04/19

 

BB

   

500,082

   
  1,969    

Total Household Products

                           

1,978,791

   
   

Insurance – 2.5% (1.5% of Total Investments)

 
  2,000    

Alliant Holdings I LLC, Initial Term Loan B, First Lien, WI/DD

 

TBD

 

TBD

 

B1

   

2,015,000

   
  5,990    

Hub International Holdings, Inc., Term Loan B, DD1

   

4.750

%

 

10/02/20

 

B1

   

6,072,333

   
  2,870    

Sedgwick Holdings, Inc., Term Loan, First Lien

   

4.250

%

 

6/12/18

 

B+

   

2,889,302

   
  6,205    

USI Holdings Corporation, Initial Term Loan, DD1

   

4.250

%

 

12/27/19

 

B1

   

6,251,623

   
  17,065    

Total Insurance

                           

17,228,258

   

Nuveen Investments
36



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Internet Software & Services – 3.0% (1.9% of Total Investments)

 

$

8,851

   

EIG Investors Corp., Term Loan, DD1

   

5.000

%

 

11/09/19

 

B

 

$

8,946,745

   
  748    

Sabre Inc., Term Loan B2

   

4.500

%

 

2/19/19

 

B1

   

751,047

   
  2,125    

Sabre Inc., Term Loan C

   

4.000

%

 

2/19/18

 

B1

   

2,134,866

   
  3,465    

Sabre, Inc., Term Loan B

   

5.250

%

 

2/19/19

 

B1

   

3,494,598

   
  3,552    

SSI Investments II, Ltd., New Term Loan

   

5.000

%

 

5/26/17

 

Ba3

   

3,582,636

   
  2,317    

VFH Parent LLC, New Term Loan

   

5.750

%

 

11/08/19

 

N/R

   

2,339,968

   
  21,058    

Total Internet Software & Services

                           

21,249,860

   
   

IT Services – 1.1% (0.7% of Total Investments)

 
  1,496    

CompuCom Systems, Inc., Term Loan B

   

4.250

%

 

5/09/20

 

B1

   

1,497,537

   
  918    

SRA International, Term Loan

   

6.500

%

 

7/20/18

 

B1

   

915,131

   
  51    

SunGard Data Systems, Inc., Term Loan B

   

1.908

%

 

2/28/14

 

BB

   

51,140

   
  2,977    

SunGard Data Systems, Inc., Term Loan E

   

4.000

%

 

3/08/20

 

BB

   

2,996,094

   
  2,462    

Zayo Group LLC, Term Loan B

   

4.000

%

 

7/02/19

 

B1

   

2,480,312

   
  7,904    

Total IT Services

                           

7,940,214

   
   

Leisure Equipment & Products – 1.4% (0.9% of Total Investments)

 
  5,539    

Bombardier Recreational Products, Inc., Term Loan

   

4.000

%

 

1/30/19

 

B+

   

5,580,111

   
  3,226    

Equinox Holdings, Inc., New Initial Term Loan B

   

4.501

%

 

1/31/20

 

B1

   

3,259,897

   
  1,000    

Four Seasons Holdings, Inc., Term Loan, Second Lien

   

6.250

%

 

12/27/20

 

B–

   

1,027,500

   
  9,765    

Total Leisure Equipment & Products

                           

9,867,508

   
   

Machinery – 0.8% (0.5% of Total Investments)

 
  5,615    

Gardner Denver, Inc., Term Loan, DD1

   

4.250

%

 

7/30/20

 

B1

   

5,615,953

   
   

Media – 16.2% (10.2% of Total Investments)

 
  2,067    

Affinion Group Holdings, Inc., Term Loan B, DD1

   

6.750

%

 

10/09/16

 

B1

   

2,054,924

   
  819    

Cengage Learning Acquisitions, Inc., Tranche B, Extended Term Loan, (5)

   

7.750

%

 

7/04/17

 

D

   

751,022

   
  3,952    

Clear Channel Communications, Inc., Tranche D, Term Loan

   

6.910

%

 

1/30/19

 

CCC+

   

3,843,229

   
  3,218    

Clear Channel Communications, Inc.,Term Loan E

   

7.660

%

 

7/30/19

 

CCC+

   

3,207,794

   
  13,600    

Cumulus Media, Inc., Term Loan B , DD1

   

4.250

%

 

12/23/20

 

B+

   

13,759,732

   
  4,280    

Emerald Expositions Holdings, Inc., Term Loan, First Lien

   

5.500

%

 

6/17/20

 

BB–

   

4,315,629

   
  2,462    

EMI Music Publishing LLC, Term Loan B

   

4.250

%

 

6/29/18

 

BB–

   

2,479,997

   
  2,160    

Interactive Data Corporation, Term Loan

   

3.750

%

 

1/31/18

 

Ba3

   

2,171,168

   
  2,977    

Internet Brands, Inc., Term Loan B

   

6.250

%

 

3/18/19

 

B+

   

2,994,868

   
  3,570    

McGraw-Hill Education Holdings LLC, Term Loan

   

9.000

%

 

3/22/19

 

B2

   

3,643,631

   
  3,000    

Media General, Inc., Delayed Draw, Term Loan

   

4.250

%

 

7/31/20

 

BB–

   

3,031,857

   
  1,975    

Mediacom Broadband LLC, Tranche G, Term Loan

   

4.000

%

 

1/20/20

 

BB

   

1,977,469

   
  3,931    

Radio One, Inc., Term Loan B, First Lien

   

7.500

%

 

2/14/17

 

B+

   

4,039,340

   
  2,992    

Springer Science & Business Media, Inc., Term Loan

   

5.000

%

 

8/14/20

 

B

   

3,012,140

   
  34,671    

Tribune Company, Term Loan B, DD1

   

4.000

%

 

12/27/20

 

BB–

   

34,692,512

   
  17,848    

Univision Communications, Inc., Replacement Term Loan, First Lien

   

4.000

%

 

3/01/20

 

B+

   

17,968,531

   
  3,000    

UPC Broadband Holding BV, Term Loan AF

   

4.000

%

 

1/31/21

 

BB–

   

3,021,876

   
  2,000    

UPC Broadband Holding BV, Term Loan AH

   

3.250

%

 

6/30/21

 

BB–

   

2,006,876

   
  1,000    

Virgin Media Investment Holdings, Term Loan B

   

3.500

%

 

6/08/20

 

BB–

   

1,003,563

   
  750    

Weather Channel Corporation, Term Loan, Second Lien

   

7.000

%

 

6/26/20

 

B3

   

758,438

   
  2,029    

WMG Acquisition Corporation, Tranche B, Refinancing Term Loan

   

3.750

%

 

7/01/20

 

BB–

   

2,037,959

   
  4,565    

Yell Group PLC, Term Loan, (5)

   

4.097

%

 

7/31/14

 

N/R

   

1,016,629

   
  116,866    

Total Media

                           

113,789,184

   
   

Multiline Retail – 0.7% (0.5% of Total Investments)

 
  5,000    

Hudson's Bay Company, Term Loan B, First Lien

   

4.750

%

 

11/04/20

 

BB

   

5,081,235

   
   

Multi-Utilities – 0.1% (0.1% of Total Investments)

 
  988    

ADS Waste Holdings, Inc., Term Loan B

   

4.250

%

 

8/05/19

 

B+

   

994,379

   
   

Oil, Gas & Consumable Fuels – 7.6% (4.7% of Total Investments)

 
  2,492    

Brand Energy & Infrastructure Services, Inc., Initial Term Loan

   

4.750

%

 

11/26/20

 

B1

   

2,513,645

   
  2,685    

Crestwood Holdings LLC, Term Loan B

   

7.000

%

 

6/19/19

 

B

   

2,760,632

   

Nuveen Investments
37



JFR  Nuveen Floating Rate Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Oil, Gas & Consumable Fuels (continued)  

$

6,965

   

Drill Rigs Holdings, Inc., Tranche B1, Term Loan

   

6.000

%

 

3/31/21

 

B+

 

$

7,139,125

   
  1,667    

EP Energy LLC, Term Loan B3, Second Lien

   

3.500

%

 

5/24/18

 

Ba3

   

1,675,000

   
  2,992    

Fieldwood Energy LLC, Term Loan, First Lien

   

3.875

%

 

9/28/18

 

Ba2

   

3,014,010

   
  5,000    

Fieldwood Energy LLC, Term Loan, Second Lien

   

8.375

%

 

9/30/20

 

B2

   

5,146,430

   
  1,341    

Frac Tech International LLC, Term Loan

   

8.500

%

 

5/06/16

 

B2

   

1,359,754

   
  7,985    

Harvey Gulf International Marine, Inc., Term Loan B

   

5.500

%

 

6/18/20

 

B1

   

8,119,747

   
  3,238    

Offshore Group Investment Limited, Term Loan B

   

5.000

%

 

10/25/17

 

B–

   

3,262,795

   
  2,985    

Pacific Drilling S.A., Term Loan B

   

4.500

%

 

6/03/18

 

B+

   

3,021,939

   
  3,491    

Peabody Energy Corporation, Term Loan B

   

4.250

%

 

9/24/20

 

BB+

   

3,521,243

   
  2,729    

Rice Drilling LLC., Term Loan, Second Lien

   

8.500

%

 

10/25/18

 

N/R

   

2,787,374

   
  2,500    

Samson Investment Company, Tranche 1, Term Loan, Second Lien

   

5.000

%

 

9/25/18

 

B1

   

2,528,750

   
  1,985    

Saxon Energy Services, Inc., Term Loan

   

5.500

%

 

2/15/19

 

Ba3

   

2,008,159

   
  2,000    

Shelf Drilling Holdings LTD., Term Loan

   

10.000

%

 

10/08/18

 

B+

   

2,037,500

   
  2,000    

Western Refining, Inc., Term Loan B

   

4.250

%

 

11/12/20

 

BB–

   

2,021,250

   
  52,055    

Total Oil, Gas & Consumable Fuels

                           

52,917,353

   
   

Personal Products – 0.0% (0.0% of Total Investments)

 
  287    

Prestige Brands, Inc., Term Loan B1

   

3.792

%

 

1/31/19

 

BB

   

289,089

   
   

Pharmaceuticals – 7.6% (4.7% of Total Investments)

 
  1,204    

BioScrip, Inc., Term Loan B

   

6.500

%

 

7/31/20

 

B

   

1,197,498

   
  2,628    

ConvaTec, Inc., Dollar Term Loan

   

4.000

%

 

12/22/16

 

Ba3

   

2,652,642

   
  1,592    

Generic Drug Holdings, Inc., Term Loan B

   

5.000

%

 

8/16/20

 

B1

   

1,610,905

   
  5,625    

Graceway Pharmaceuticals LLC, Second Lien Term Loan, (5)

   

6.928

%

 

5/03/13

 

N/R

   

168,750

   
  51    

Graceway Pharmaceuticals LLC, Term Loan, (5)

   

3.069

%

 

5/03/12

 

N/R

   

55,934

   
  3,621    

Par Pharmaceutical Companies, Inc., Additional Term Loan B1

   

4.250

%

 

9/30/19

 

B+

   

3,648,082

   
  2,500    

Patheon, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B

   

2,500,222

   
  7,377    

Pharmaceutical Product Development, Inc., Term Loan B, First Lien

   

4.000

%

 

12/01/18

 

Ba3

   

7,435,360

   
  5,736    

Pharmaceutical Research Associates, Inc., Term Loan B

   

5.000

%

 

9/23/20

 

B1

   

5,767,268

   
  3,925    

Quintiles Transnational Corp., Term Loan B3

   

3.750

%

 

6/08/18

 

BB

   

3,941,256

   
  3,500    

Salix Pharmaceuticals, LTD., Term Loan

   

4.250

%

 

1/02/20

 

Ba1

   

3,548,562

   
  3,465    

Therakos, Inc., Term Loan, First Lien

   

7.500

%

 

12/27/17

 

B

   

3,483,785

   
  4,876    

Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan D2

   

3.750

%

 

2/13/19

 

BBB–

   

4,915,941

   
  11,900    

Valeant Pharmaceuticals International, Inc., Term Loan E

   

3.750

%

 

8/5/20

 

Ba1

   

12,026,462

   
  58,000    

Total Pharmaceuticals

                           

52,952,667

   
   

Real Estate Investment Trust – 2.0% (1.2% of Total Investments)

 
  3,000    

Capital Automotive LP, Term Loan, Second Lien, DD1

   

6.000

%

 

4/30/20

 

B1

   

3,116,250

   
  4,729    

iStar Financial, Inc., Term Loan

   

4.500

%

 

10/15/17

 

BB–

   

4,759,524

   
  5,965    

Starwood Property Trust, Inc., Term Loan B

   

3.500

%

 

4/17/20

 

BB+

   

5,978,647

   
  13,694    

Total Real Estate Investment Trust

                           

13,854,421

   
   

Real Estate Management & Development – 1.9% (1.2% of Total Investments)

 
  8,373    

Capital Automotive LP, Term Loan, Tranche B1

   

4.000

%

 

4/10/19

 

Ba2

   

8,462,774

   
  4,963    

Realogy Corporation, Term Loan B

   

4.500

%

 

3/05/20

 

BB

   

5,007,783

   
  13,336    

Total Real Estate Management & Development

                           

13,470,557

   
   

Road & Rail – 0.6% (0.4% of Total Investments)

 
  3,910    

Swift Transportation Company, Inc., Term Loan B2

   

4.000

%

 

12/21/17

 

BB

   

3,945,940

   
   

Semiconductors & Equipment – 2.3% (1.4% of Total Investments)

 
  3,970    

Freescale Semiconductor, Inc., Term Loan, Tranche B4

   

5.000

%

 

2/28/20

 

B1

   

4,013,423

   
  2,992    

Freescale Semiconductor, Inc., Term Loan, Tranche B5

   

5.000

%

 

1/15/21

 

B1

   

3,035,206

   
  2,950    

NXP Semiconductor LLC, Term Loan D

   

3.250

%

 

1/11/20

 

BB+

   

2,957,268

   
  5,830    

NXP Semiconductor LLC, Term Loan

   

4.500

%

 

3/03/17

 

Ba3

   

5,918,487

   
  15,742    

Total Semiconductors & Equipment

                           

15,924,384

   

Nuveen Investments
38



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Software – 9.3% (5.9% of Total Investments)

 

$

1,496

   

Activision Blizzard, Inc., Term Loan B

   

3.250

%

 

10/12/20

 

BBB

 

$

1,511,313

   
  5,766    

Attachmate Corporation, Term Loan, First Lien

   

7.250

%

 

11/22/17

 

BB–

   

5,866,971

   
  2,949    

Blackboard, Inc., Term Loan B3

   

4.750

%

 

10/04/18

 

B+

   

2,984,630

   
  3,000    

BMC Software, Inc., Initial Term Loan

   

5.000

%

 

9/10/20

 

BB–

   

3,008,541

   
  5,178    

Datatel Parent Corp, Term Loan B, DD1

   

4.500

%

 

7/19/18

 

B+

   

5,237,788

   
  4,790    

Emdeon Business Services LLC, Term Loan B2

   

3.750

%

 

11/02/18

 

BB–

   

4,813,394

   
  641    

Epicor Software Corporation, Term Loan, B2

   

4.000

%

 

5/16/18

 

Ba3

   

646,511

   
  1,975    

Explorer Holdings, Inc., Term Loan

   

6.000

%

 

5/02/18

 

B+

   

1,987,394

   
  1,743    

Greeneden U.S. Holdings II LLC, Term Loan B

   

4.000

%

 

2/08/20

 

B

   

1,740,202

   
  15,673    

Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B5, DD1

   

3.750

%

 

6/03/20

 

Ba3

   

15,748,521

   
  4,207    

IPC Systems, Inc., Extended Term Loan, Tranche B1, First Lien

   

7.750

%

 

7/31/17

 

B1

   

4,238,537

   
  8,500    

IPC Systems, Inc., Term Loan, Second Lien

   

5.410

%

 

6/01/15

 

CCC

   

7,777,500

   
  6,419    

Misys PLC, Term Loan B, First Lien

   

5.000

%

 

12/12/18

 

B+

   

6,486,967

   
  1,985    

RedPrairie Corporation, New Term Loan, First Lien

   

6.000

%

 

12/21/18

 

B+

   

2,006,504

   
  1,306    

SS&C Technologies, Inc./ Sunshine Acquisition II, Inc. 2013 Replacement Term Loan B1

   

3.250

%

 

6/07/19

 

BB

   

1,313,600

   
  135    

SS&C Technologies, Inc./ Sunshine Acquisition II, Inc. 2013 Replacement Term Loan B2

   

3.250

%

 

6/07/19

 

BB

   

135,693

   
  65,763    

Total Software

                           

65,504,066

   
   

Specialty Retail – 1.0% (0.6% of Total Investments)

 
  2,873    

Collective Brands, Inc., Term Loan B

   

7.250

%

 

10/09/19

 

B

   

2,900,643

   
  413    

J Crew Group, Term Loan B1

   

4.000

%

 

3/07/18

 

Ba3

   

417,336

   
  3,783    

Jo-Ann Stores, Inc., Term Loan, First Lien

   

4.000

%

 

3/16/18

 

B+

   

3,804,045

   
  7,069    

Total Specialty Retail

                           

7,122,024

   
   

Wireless Telecommunication Services – 2.6% (1.6% of Total Investments)

 
  9,951    

Asurion LLC, Term Loan B1

   

4.500

%

 

5/24/19

 

Ba2

   

9,964,096

   
  160    

Clear Channel Communications, Inc., Tranche B, Term Loan

   

3.810

%

 

1/29/16

 

CCC+

   

156,801

   
  4,963    

Fairpoint Communications, Inc., Term Loan B

   

7.500

%

 

2/11/19

 

B

   

5,144,460

   
  987    

IPC Systems, Inc., Term Loan, Tranche C, First Lien

   

7.750

%

 

7/31/17

 

B1

   

994,906

   
  1,845    

Presidio, Inc., New Term Loan

   

5.750

%

 

3/31/17

 

Ba3

   

1,859,915

   
  17,906    

Total Wireless Telecommunication Services

                           

18,120,178

   

$

842,696

   

Total Variable Rate Senior Loan Interests (cost $833,788,567)

                           

837,467,634

   
Shares  

Description (1)

             

Value

 
   

COMMON STOCKS – 3.3% (2.1% of Total Investments)

 
   

Building Products – 1.0% (0.6% of Total Investments)

 
  127,255    

Masonite International Corporation, (6)

                         

$

6,999,025

   
   

Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments)

 
  42,041    

BLB Worldwide Holdings Inc., (6), (7)

                           

1,061,535

   
  2,670    

Buffets Term Loan, (6), (7)

                           

14,685

   
      Total Hotels, Restaurants & Leisure    

1,076,220

   
   

Media – 2.2% (1.4% of Total Investments)

 
  154,338    

Metro-Goldwyn-Mayer, (6), (7)

                           

10,880,830

   
  57,088    

Tribune Company, (6)

                           

4,253,056

   
  45,942    

Tribune Company, (6), (8)

                           

   
      Total Media    

15,133,886

   
   

Professional Services – 0.0% (0.0% of Total Investments)

 
  47,152    

Vertrue, Inc., (6), (7)

                           

68,370

   
      Total Common Stocks (cost $18,603,197)    

23,277,501

   

Nuveen Investments
39



JFR  Nuveen Floating Rate Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CONVERTIBLE BONDS – 0.3% (0.2% of Total Investments)

 
   

Communications Equipment – 0.3% (0.2% of Total Investments)

 

$

850

   

Nortel Networks Corp., (5)

   

1.750

%

 

4/15/12

 

N/R

 

$

843,625

   
  1,000    

Nortel Networks Corp., (5)

   

2.125

%

 

4/15/14

 

N/R

   

998,750

   

$

1,850

   

Total Convertible Bonds (cost $1,563,750)

                           

1,842,375

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CORPORATE BONDS – 18.2% (11.5% of Total Investments)

 
   

Commercial Services & Supplies – 0.5% (0.3% of Total Investments)

 

$

1,000

   

Ceridian Corporation

   

11.250

%

 

11/15/15

 

CCC

 

$

1,005,000

   
  1,631    

Harland Clarke Holdings

   

9.500

%

 

5/15/15

 

B–

   

1,635,078

   
  1,000    

Tervita Corporation, 144A

   

8.000

%

 

11/15/18

 

B–

   

1,025,000

   
  3,631    

Total Commercial Services & Supplies

                           

3,665,078

   
   

Communications Equipment – 0.6% (0.4% of Total Investments)

 
  4,000    

Nortel Networks Limited, (5)

   

0.000

%

 

7/15/11

 

N/R

   

4,275,000

   
   

Diversified Consumer Services – 0.1% (0.1% of Total Investments)

 
  700    

NES Rental Holdings Inc., 144A

   

7.875

%

 

5/01/18

 

CCC+

   

735,000

   
   

Diversified Telecommunication Services – 1.8% (1.1% of Total Investments)

 
  1,500    

Consolidated Communications Finance Company

   

10.875

%

 

6/01/20

 

B–

   

1,732,500

   
  4,000    

IntelSat Limited, 144A

   

7.750

%

 

6/01/21

 

B–

   

4,290,000

   
  1,050    

IntelSat Limited

   

8.125

%

 

6/01/23

 

B–

   

1,136,625

   
  4,611    

Level 3 Communications Inc.

   

11.875

%

 

2/01/19

 

B–

   

5,302,650

   
  11,161    

Total Diversified Telecommunication Services

                           

12,461,775

   
   

Health Care Equipment & Supplies – 0.5% (0.3% of Total Investments)

 
  3,250    

Kinetic Concepts

   

10.500

%

 

11/01/18

 

B–

   

3,737,500

   
   

Health Care Providers & Services – 3.1% (2.0% of Total Investments)

 
  4,000    

FWCT-2 Escrow Corporation for Community Health Systems, 144A

   

5.125

%

 

8/01/21

 

BB+

   

4,025,000

   
  6,400    

FWCT-2 Escrow Corporation for Community Health Systems, 144A

   

6.875

%

 

2/01/22

 

B

   

6,560,000

   
  3,750    

HCA Inc.

   

8.500

%

 

4/15/19

 

BB+

   

3,954,375

   
  725    

HCA Inc.

   

7.250

%

 

9/15/20

 

BB+

   

787,531

   
  1,200    

IASIS Healthcare Capital Corporation

   

8.375

%

 

5/15/19

 

CCC+

   

1,281,000

   
  4,000    

Tenet Healthcare Corporation, 144A

   

6.000

%

 

10/01/20

 

BB

   

4,210,000

   
  1,000    

Truven Health Analytics Inc.

   

10.625

%

 

6/01/20

 

CCC+

   

1,132,500

   
  21,075    

Total Health Care Providers & Services

                           

21,950,406

   
   

Household Products – 0.9% (0.6% of Total Investments)

 
  5,750    

Reynolds Group

   

9.875

%

 

8/15/19

 

CCC+

   

6,353,750

   
   

IT Services – 0.5% (0.3% of Total Investments)

 
  3,000    

First Data Corporation, 144A

   

7.375

%

 

6/15/19

 

BB–

   

3,202,500

   
   

Leisure Equipment & Products – 0.8% (0.5% of Total Investments)

 
  6,000    

Caesars Entertainment Operating Company Inc.

   

8.500

%

 

2/15/20

 

B–

   

5,670,000

   
   

Machinery – 0.3% (0.2% of Total Investments)

 
  2,000    

HD Supply Inc.

   

8.125

%

 

4/15/19

 

B+

   

2,223,750

   
   

Media – 3.9% (2.5% of Total Investments)

 
  5,804    

Clear Channel Communications, Inc., 144A

   

14.000

%

 

2/01/21

 

CCC–

   

5,397,583

   
  3,700    

Clear Channel Communications, Inc.

   

5.500

%

 

12/15/16

 

CCC–

   

3,330,000

   
  6,562    

Clear Channel Communications, Inc.

   

9.000

%

 

12/15/19

 

CCC+

   

6,693,240

   

Nuveen Investments
40



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
    Media (continued)  

$

9,500

   

Clear Channel Communications, Inc.

   

9.000

%

 

3/01/21

 

CCC+

 

$

9,595,000

   
  1,875    

McGraw-Hill Global Education Holdings, 144A

   

9.750

%

 

4/01/21

 

BB

   

2,039,063

   
  400    

WMG Acquisition Group

   

11.500

%

 

10/01/18

 

B

   

455,000

   
  27,841    

Total Media

                           

27,509,886

   
   

Oil, Gas & Consumable Fuels – 0.2% (0.1% of Total Investments)

 
  1,000    

Offshore Group Investment Limited

   

7.125

%

 

4/01/23

 

B–

   

1,000,000

   
   

Pharmaceuticals – 1.1% (0.7% of Total Investments)

 
  2,000    

Valeant Pharmaceuticals International, 144A

   

6.750

%

 

8/15/18

 

B1

   

2,192,500

   
  1,000    

Valeant Pharmaceuticals International, 144A

   

7.000

%

 

10/01/20

 

B1

   

1,077,500

   
  1,000    

Valeant Pharmaceuticals International, 144A

   

7.250

%

 

7/15/22

 

B1

   

1,090,000

   
  3,000    

VPII Escrow Corporation, 144A

   

7.500

%

 

7/15/21

 

B1

   

3,341,250

   
  7,000    

Total Pharmaceuticals

                           

7,701,250

   
   

Road & Rail – 0.3% (0.2% of Total Investments)

 
  2,000    

Swift Services Holdings Inc.

   

10.000

%

 

11/15/18

 

B+

   

2,205,000

   
   

Semiconductors & Equipment – 0.8% (0.5% of Total Investments)

 
  2,800    

Advanced Micro Devices, Inc.

   

7.750

%

 

8/01/20

 

B

   

2,786,000

   
  3,168    

Advanced Micro Devices, Inc.

   

7.500

%

 

8/15/22

 

B

   

3,057,120

   
  5,968    

Total Semiconductors & Equipment

                           

5,843,120

   
   

Software – 0.6% (0.3% of Total Investments)

 
  1,700    

Infor Us Inc.

   

11.500

%

 

7/15/18

 

B–

   

1,963,500

   
  1,875    

Infor Us Inc.

   

9.375

%

 

4/01/19

 

B–

   

2,109,375

   
  3,575    

Total Software

                           

4,072,875

   
   

Wireless Telecommunication Services – 2.2% (1.4% of Total Investments)

 
  750    

FairPoint Communications Inc., 144A

   

8.750

%

 

8/15/19

 

B

   

800,625

   
  3,750    

MetroPCS Wireless Inc., 144A

   

6.250

%

 

4/01/21

 

BB

   

3,895,313

   
  8,250    

Sprint Corporation, 144A

   

7.875

%

 

9/15/23

 

BB–

   

8,806,874

   
  2,000    

Sprint Corporation, 144A

   

7.125

%

 

6/15/24

 

BB–

   

2,010,000

   
  14,750    

Total Wireless Telecommunication Services

                           

15,512,812

   

$

122,701

   

Total Corporate Bonds (cost $121,833,807)

                           

128,119,702

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

ASSET-BACKED SECURITIES – 5.8% (3.5% of Total Investments)

 

$

1,200

   

Bluemountain Collateralized Loan Obligation, Series 2012 2A E14

   

5.337

%

 

11/20/24

 

BB

 

$

1,152,562

   
  2,500    

Bluemountain Collateralized Loan Obligations Limited 2012-1A, 144A

   

5.737

%

 

7/20/23

 

BB

   

2,446,200

   
  500    

Carlyle Global Market Strategies Collateralized Loan Obligations, Series 2013-2A E

   

5.237

%

 

4/18/25

 

BB

   

471,558

   
  1,750    

Carlyle Global Market Strategies, Collateralized Loan Obligations, Series 2013-3A, 144A

   

4.839

%

 

7/15/25

 

BB

   

1,628,461

   
  1,000    

Finn Square Collateralized Loan Obligations Limited, Series 2012-1A, 144A

   

5.298

%

 

12/24/23

 

BB

   

958,599

   
  1,500    

Flatiron Collateralized Loan Obligation Limited, Series 2011-1A

   

4.639

%

 

1/15/23

 

BB

   

1,387,674

   
  1,500    

Fraser Sullivan Collateralized Loan Obligations Limited, Series 2011-6A, 144A

   

5.738

%

 

11/22/22

 

BB

   

1,465,302

   
  500    

ING Investment Management, Collateralized Loan Obligation, 2013-1A D, 144A

   

5.239

%

 

4/15/24

 

BB

   

466,792

   
  3,000    

LCM Limited Partnership, Collateralized Loan Obligations, 144A

   

5.989

%

 

4/15/22

 

BB

   

3,000,279

   
  1,500    

LCM Limited Partnership, Collateralized Loan Obligations

   

5.387

%

 

4/19/22

 

BB

   

1,437,807

   
  2,700    

LCM Limited Partnership, Collateralized Loan Obligation 2012A, 144A

   

5.987

%

 

10/19/22

 

BB

   

2,681,051

   
  6,000    

LCM Limited Partnership, Collateralized Loan Obligations 2015A, WI/DD

   

1.000

%

 

2/25/17

 

BB

   

5,764,800

   
  1,500    

Madison Park Funding Limited, Series 2012-10A

   

5.487

%

 

1/20/25

 

BB

   

1,472,580

   
  1,500    

Madison Park Funding Limited, Collateralized Loan Obligations, Series 2012-8A, 144A

   

5.587

%

 

4/22/22

 

BB

   

1,456,796

   
  500    

North End CLO Limited, Loan Pool, 144A

   

4.838

%

 

7/17/25

 

BB

   

462,433

   
  750    

Northwoods Capital Corporation, Collateralized Loan Obligations 2012-9A

   

5.337

%

 

1/18/24

 

BB–

   

718,116

   
  3,000    

Oak Hill Credit Partners IV Limited, Collateralized Loan Obligation Series 2012-6A

   

5.741

%

 

5/15/23

 

BB

   

3,012,630

   
  3,360    

Oak Hill Credit Partners, Series 2012-7A

   

5.237

%

 

11/20/23

 

BB

   

3,177,942

   
  800    

Oak Hill Credit Partners, Series, 2013-9A

   

5.237

%

 

10/20/25

 

BB–

   

753,160

   

Nuveen Investments
41



JFR  Nuveen Floating Rate Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
    ASSET-BACKED SECURITIES (continued)  

$

1,000

   

Race Point Collateralized Loan Obligations, Series 2011-5A, 144A

   

6.743

%

 

12/15/22

 

BB

 

$

1,000,497

   
 

3,000

   

Race Point Collateralized Loan Obligations, Series 2012-6A, 144A

   

5.738

%

 

5/24/23

 

BB

   

2,953,196

   
 

3,000

   

Race Point Collateralized Loan Obligations, Series 2012-7A, 144A

   

5.239

%

 

11/08/24

 

BB–

   

2,861,540

   

$

42,060

   

Total Asset-Backed Securities (cost $37,631,585)

                           

40,729,975

   

Shares

 

Description (1), (9)

             

Value

 
   

INVESTMENT COMPANIES – 1.8% (1.1% of Total Investments)

 
 

353,668

   

Eaton Vance Floating-Rate Income Trust Fund

                           

5,464,171

   
 

968,586

   

Eaton Vance Senior Income Trust

                           

6,838,217

   
        Total Investment Companies (cost $11,981,509)    

12,302,388

   
        Total Long-Term Investments (cost $1,025,402,415)    

1,043,739,575

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

     

Value

 
   

SHORT-TERM INVESTMENTS – 10.5% (6.6% of Total Investments)

 

$

73,329
  Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/14,
repurchase price $73,328,558, collateralized by $72,705,000 U.S. Treasury Notes,
2.125%, due 5/31/15, value $74,795,269
  0.000
 
 

%

  2/03/14
 
 
   
 
 
 

$

73,328,558
 
 
 
        Total Short-Term Investments (cost $73,328,558)    

73,328,558

   
        Total Investments (cost $1,098,730,973) – 159.4%    

1,117,068,133

   
        Borrowings – (33.8)% (10), (11)    

(237,200,000

)

 
        Variable Rate Term Preferred Shares, at Liquidation Value – (19.8)% (12)    

(139,000,000

)

 
        Other Assets Less Liabilities – (5.8)% (13)    

(39,856,493

)

 
        Net Assets Applicable to Common Shares – 100%  

$

701,011,640

   

Investments in Derivatives as of January 31, 2014

Interest Rate Swaps outstanding:

Counterparty

  Notional
Amount
  Fund
Pay/Receive
Floating Rate
 

Floating Rate Index

  Fixed Rate
(Annualized)
  Fixed Rate
Payment
Frequency
  Termination
Date
  Unrealized
Appreciation
(Depreciation) (13)
 

Goldman Sachs

 

$

49,435,000

   

Receive

  1-Month USD-LIBOR    

1.300

%

 

Monthly

 

4/20/14

 

$

(140,577

)

 

Morgan Stanley

   

49,435,000

   

Receive

  1-Month USD-LIBOR    

2.201

   

Monthly

 

4/20/16

   

(1,941,327

)

 
   

$

98,870,000

                       

$

(2,081,904

)

 

Nuveen Investments
42



  For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)  Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(3)  Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4)  Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

  Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(5)  At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

(6)  Non-income producing; issuer has not declared a dividend within the past twelve months.

(7)  For fair value measurement disclosure purposes, Common Stock classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(8)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(9)  A copy of the most recent financial statements for the investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.

(10)  Borrowings as a percentage of Total Investments is 21.2%.

(11)  The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.

(12)  Variable Rate Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 12.4%.

(13)  Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

DD1  Portion of investment purchased on a delayed delivery basis.

WI/DD  Purchased on a when-issued or delayed delivery basis.

144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

TBD  Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

USD-LIBOR  United States Dollar – London Inter-Bank Offered Rate.

    See accompanying notes to financial statements.

Nuveen Investments
43



JRO

Nuveen Floating Rate Income Opportunity Fund

Portfolio of Investments  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

LONG-TERM INVESTMENTS – 149.6% (94.1% of Total Investments)

 
   

VARIABLE RATE SENIOR LOAN INTERESTS – 119.5% (75.1% of Total Investments) (4)

 
   

Aerospace & Defense – 0.5% (0.3% of Total Investments)

 

$

357

   

Beechcraft Holdings LLC, Exit Term Loan B

   

5.750

%

 

2/15/20

 

BB–

 

$

358,594

   
  1,980    

Sequa Corporation, Term Loan B

   

5.250

%

 

6/19/17

 

B

   

1,954,755

   
  2,337    

Total Aerospace & Defense

                           

2,313,349

   
   

Airlines – 3.2% (2.0% of Total Investments)

 
  3,483    

American Airlines, Inc., Term Loan

   

3.750

%

 

6/27/19

 

Ba2

   

3,516,238

   
  5,930    

Delta Air Lines, Inc., Term Loan B1

   

4.000

%

 

10/18/18

 

Ba1

   

5,969,212

   
  2,970    

Delta Air Lines, Inc., Term Loan B2

   

3.250

%

 

4/18/16

 

Ba1

   

2,988,253

   
  3,000    

US Airways, Inc., Term Loan B1

   

3.500

%

 

5/23/19

 

Ba2

   

3,020,250

   
  15,383    

Total Airlines

                           

15,493,953

   
   

Auto Components – 2.7% (1.7% of Total Investments)

 
  8,981    

Federal-Mogul Corporation, Tranche B, Term Loan, DD1

   

2.108

%

 

12/29/14

 

B1

   

8,935,647

   
  4,403    

Federal-Mogul Corporation, Tranche C, Term Loan, DD1

   

2.108

%

 

12/28/15

 

B1

   

4,381,050

   
  13,384    

Total Auto Components

                           

13,316,697

   
   

Biotechnology – 0.4% (0.3% of Total Investments)

 
  2,149    

Grifols, Inc., Term Loan

   

4.250

%

 

6/01/17

 

Ba1

   

2,168,744

   
   

Building Products – 0.4% (0.3% of Total Investments)

 
  1,995    

Quikrete Holdings, Inc., Term Loan, First Lien

   

4.000

%

 

9/28/20

 

B+

   

2,015,150

   
   

Capital Markets – 2.1% (1.3% of Total Investments)

 
  1,322    

American Capital, LTD., Term Loan, First Lien

   

4.000

%

 

8/22/16

 

BB–

   

1,331,297

   
  2,852    

Citco III Limited, Term Loan B

   

4.250

%

 

6/29/18

 

N/R

   

2,876,892

   
  1,995    

Guggenheim Partners LLC, Initial Term Loan

   

4.250

%

 

7/22/20

 

N/R

   

2,021,799

   
  4,016    

Walter Investment Management Corporation, Tranche B, Term Loan, First Lien

   

4.750

%

 

12/18/20

 

B+

   

4,052,062

   
  10,185    

Total Capital Markets

                           

10,282,050

   
   

Chemicals – 1.4% (0.9% of Total Investments)

 
  2,476    

Ineos US Finance LLC, Term Loan, First Lien

   

4.000

%

 

5/04/18

 

BB–

   

2,493,057

   
  1,485    

PQ Corporation, Term Loan, First Lien

   

4.500

%

 

8/07/17

 

B+

   

1,500,248

   
  1,595    

US Coatings Acquisition, Term Loan B

   

4.000

%

 

2/01/20

 

B+

   

1,611,022

   
  329    

W.R Grace & Co., Delayed Draw, Term Loan, WI/DD

 

TBD

 

TBD

 

BBB–

   

330,729

   
  921    

W.R Grace & Co., Exit Term Loan, WI/DD

 

TBD

 

TBD

 

BBB–

   

926,042

   
  6,806    

Total Chemicals

                           

6,861,098

   
   

Commercial Services & Supplies – 2.4% (1.5% of Total Investments)

 
  2,479    

Aramark Corporation, Term Loan, Tranche D

   

4.000

%

 

9/09/19

 

BBB–

   

2,497,748

   
  2,622    

CCS Income Trust, Term Loan, First Lien

   

6.250

%

 

5/12/18

 

B–

   

2,646,878

   
  1,500    

Education Management LLC, Tranche C2, Term Loan, WI/DD

 

TBD

 

TBD

 

B–

   

1,441,500

   
  2,453    

Harland Clarke Holdings Corporation, Term Loan B3

   

7.000

%

 

5/22/18

 

B+

   

2,486,372

   
  1,500    

Harland Clarke Holdings Corporation, Term Loan B4, WI/DD

 

TBD

 

TBD

 

B+

   

1,511,876

   
  983    

HMH Holdings, Inc., Term Loan, First Lien

   

4.250

%

 

5/14/18

 

B1

   

989,869

   
  11,537    

Total Commercial Services & Supplies

                           

11,574,243

   
   

Communications Equipment – 1.7% (1.1% of Total Investments)

 
  1,231    

Alcatel-Lucent, Inc., Term Loan C

   

5.750

%

 

1/30/19

 

B+

   

1,244,484

   
  4,491    

Avaya, Inc., Term Loan B3, DD1

   

4.736

%

 

10/26/17

 

B1

   

4,396,455

   
  2,667    

Level 3 Financing, Inc., Term Loan, Tranche B3

   

4.000

%

 

8/01/19

 

BB–

   

2,687,501

   
  8,389    

Total Communications Equipment

                           

8,328,440

   

Nuveen Investments
44



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Computers & Peripherals – 3.0% (1.9% of Total Investments)

 

$

12,968

   

Dell, Inc., Term Loan B

   

4.500

%

 

4/29/20

 

BB+

 

$

12,927,651

   
  1,584    

SunGard Data Systems, Inc., Term Loan D

   

4.500

%

 

1/31/20

 

BB

   

1,593,894

   
  14,552    

Total Computers & Peripherals

                           

14,521,545

   
   

Containers & Packaging – 0.8% (0.5% of Total Investments)

 
  4,000    

Berry Plastics Holding Corporation, Term Loan E

   

3.750

%

 

1/06/21

 

B+

   

4,006,072

   
   

Distributors – 1.0% (0.6% of Total Investments)

 
  4,707    

HD Supply, Inc., Term Loan B

   

4.500

%

 

10/12/17

 

B+

   

4,747,902

   
   

Diversified Consumer Services – 5.1% (3.2% of Total Investments)

 
  3,038    

Cengage Learning Acquisitions, Inc., Term Loan, (5)

   

4.750

%

 

7/03/14

 

D

   

2,789,890

   
  316    

Ceridian Corporation, New Replacement Term Loan

   

4.408

%

 

8/14/15

 

B1

   

318,540

   
  11,842    

Hilton Hotels Corporation, Term Loan B2

   

3.750

%

 

10/25/20

 

BB

   

11,940,312

   
  4,805    

Laureate Education, Inc., Term Loan B

   

5.000

%

 

6/15/18

 

B1

   

4,792,825

   
  384    

Pinnacle Entertainment, Term Loan B1

   

3.750

%

 

8/15/16

 

BB+

   

387,434

   
  995    

Pinnacle Entertainment, Term Loan B2

   

3.750

%

 

8/13/20

 

BB+

   

1,003,084

   
  2,494    

Spotless Holdings, SAS, Term Loan, First Lien

   

5.000

%

 

10/02/18

 

B1

   

2,534,273

   
  1,000    

Spotless Holdings, SAS, Term Loan, Second Lien

   

8.750

%

 

4/02/19

 

B3

   

1,026,875

   
  24,874    

Total Diversified Consumer Services

                           

24,793,233

   
   

Diversified Financial Services – 3.7% (2.3% of Total Investments)

 
  2,488    

Home Loan Servicing Solutions, Ltd., Term Loan B

   

4.500

%

 

6/26/20

 

BB–

   

2,529,477

   
  2,729    

Ocwen Financial Corporation, Term Loan B

   

5.000

%

 

2/15/18

 

B+

   

2,762,641

   
  3,411    

RPI Finance Trust, Term Loan B3

   

3.250

%

 

11/09/18

 

Baa2

   

3,436,083

   
  9,562    

WideOpenWest Finance LLC, Term Loan B, DD1

   

4.750

%

 

4/01/19

 

B1

   

9,650,459

   
  18,190    

Total Diversified Financial Services

                           

18,378,660

   
   

Diversified Other – 0.2% (0.1% of Total Investments)

 
  1,008    

Rexnord LLC, Term Loan B

   

4.000

%

 

8/21/20

 

B+

   

1,014,849

   
   

Diversified Telecommunication Services – 0.2% (0.1% of Total Investments)

 
  959    

Intelsat Jackson Holdings, S.A., Tranche B2, Term Loan

   

3.750

%

 

6/30/19

 

BB–

   

967,675

   
   

Electronic Equipment & Instruments – 0.6% (0.4% of Total Investments)

 
  3,329    

SMART Modular Technologies, Inc., Term Loan B

   

8.250

%

 

8/26/17

 

B

   

2,996,438

   
   

Food & Staples Retailing – 3.6% (2.3% of Total Investments)

 
  1,204    

Albertson's LLC, Term Loan B1

   

4.250

%

 

3/21/16

 

BB–

   

1,215,404

   
  2,286    

Albertson's LLC, Term Loan B2

   

4.750

%

 

3/21/19

 

BB–

   

2,313,348

   
  3,337    

BJ's Wholesale Club, Inc., Replacement Loan, First Lien

   

4.500

%

 

9/26/19

 

B–

   

3,372,803

   
  2,500    

BJ's Wholesale Club, Inc., Replacement Loan, Second Lien

   

8.500

%

 

3/31/20

 

CCC

   

2,575,260

   
  1,175    

Rite Aid Corporation, Tranche 2, Term Loan, Second Lien

   

4.875

%

 

6/21/21

 

B

   

1,198,500

   
  2,675    

Supervalu, Inc., New Term Loan B

   

5.000

%

 

3/21/19

 

B+

   

2,691,825

   
  4,688    

Wilton Products, Inc., Tranche B, Term Loan

   

7.500

%

 

8/30/18

 

B–

   

4,476,562

   
  17,865    

Total Food & Staples Retailing

                           

17,843,702

   
   

Food Products – 5.7% (3.6% of Total Investments)

 
  2,970    

AdvancePierre Foods, Inc., Term Loan, First Lien

   

5.750

%

 

7/10/17

 

B1

   

2,978,663

   
  684    

AdvancePierre Foods, Inc., Term Loan, Second Lien

   

9.500

%

 

10/10/17

 

CCC+

   

668,610

   
  10,455    

H.J Heinz Company, Term Loan B2

   

3.500

%

 

6/05/20

 

BB

   

10,574,375

   
  1,489    

Pinnacle Foods Finance LLC, Term Loan G

   

3.250

%

 

4/29/20

 

BB–

   

1,492,472

   
  12,294    

US Foods, Inc., Incremental Term Loan

   

4.500

%

 

3/31/19

 

B2

   

12,430,673

   
  27,892    

Total Food Products

                           

28,144,793

   
   

Health Care Equipment & Supplies – 2.8% (1.8% of Total Investments)

 
  1,000    

Ardent Medical Services, Inc., Term Loan, Second Lien

   

11.000

%

 

1/02/19

 

CCC+

   

1,015,000

   
  1,250    

Kinetic Concepts, Inc., Term Loan D1, WI/DD

 

TBD

 

TBD

 

BB–

   

1,260,150

   

Nuveen Investments
45



JRO  Nuveen Floating Rate Income Opportunity Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Health Care Equipment & Supplies (continued)  

$

3,027

   

Kinetic Concepts, Inc., Term Loan D1

   

4.000

%

 

5/04/18

 

BB–

 

$

3,057,914

   
  4,875    

Onex Carestream Finance LP, Term Loan, First Lien

   

5.000

%

 

6/07/19

 

B+

   

4,956,739

   
  2,625    

Onex Carestream Finance LP, Term Loan, Second Lien

   

9.500

%

 

12/07/19

 

B–

   

2,686,249

   
  988    

United Surgical Partners International, Inc., Incremental Term Loan

   

4.750

%

 

4/03/19

 

B1

   

996,488

   
  13,765    

Total Health Care Equipment & Supplies

                           

13,972,540

   
   

Health Care Providers & Services – 8.1% (5.1% of Total Investments)

 
  1,389    

BioScrip, Inc., Delayed Draw, Term Loan

   

6.500

%

 

7/31/20

 

B

   

1,381,728

   
  4,000    

Community Health Systems, Inc., Term Loan D, WI/DD

 

TBD

 

TBD

 

BB

   

4,046,428

   
  3,960    

DaVita, Inc., New Term Loan B2

   

4.000

%

 

11/01/19

 

Ba2

   

3,997,933

   
  902    

Genesis Healthcare LLC, Term Loan

   

10.001

%

 

12/04/17

 

B

   

923,352

   
  8,787    

Golden Living, Term Loan

   

5.000

%

 

5/04/18

 

B

   

8,657,831

   
  1,485    

Heartland Dental Care, Inc., Term Loan, First Lien

   

5.500

%

 

12/21/18

 

B1

   

1,494,289

   
  1,500    

Heartland Dental Care, Inc., Term Loan, Second Lien

   

9.750

%

 

6/20/19

 

CCC+

   

1,537,500

   
  951    

Kindred Healthcare, Inc., Term Loan B1

   

4.250

%

 

6/01/18

 

Ba3

   

960,328

   
  1,379    

LHP Operations Co. LLC, Term Loan B

   

9.000

%

 

7/03/18

 

B

   

1,335,906

   
  1,631    

National Mentor Holdings, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B1

   

1,646,209

   
  3,000    

One Call Care Management, Inc., Term Loan B

   

5.000

%

 

11/27/20

 

B1

   

3,022,500

   
  550    

Select Medical Corporation, Term Loan B

   

4.003

%

 

6/01/18

 

Ba2

   

553,625

   
  226    

Sheridan Holdings, Inc., Delayed Draw, Term Loan, WI/DD

 

TBD

 

TBD

 

B1

   

226,371

   
  7,214    

Sheridan Holdings, Inc., Term Loan, First Lien, DD1

   

4.500

%

 

6/29/18

 

B1

   

7,283,598

   
  2,000    

Sheridan Holdings, Inc., Term Loan, Second Lien

   

8.250

%

 

12/20/21

 

B+

   

2,050,000

   
  608    

Skilled Healthcare Group, Inc., Term Loan

   

6.750

%

 

4/09/16

 

B

   

610,754

   
  39,582    

Total Health Care Providers & Services

                           

39,728,352

   
   

Hotels, Restaurants & Leisure – 5.6% (3.5% of Total Investments)

 
  2,895    

24 Hour Fitness Worldwide, Inc., Term Loan B

   

5.250

%

 

4/22/16

 

Ba3

   

2,931,246

   
  1,415    

BLB Management Services, Inc., Term Loan

   

5.250

%

 

11/10/18

 

BB–

   

1,427,615

   
  4,616    

Caesars Entertainment Operating Company, Inc., Term Loan B6

   

5.489

%

 

1/28/18

 

B–

   

4,448,252

   
  2,566    

CCM Merger, Inc., Term Loan, DD1

   

5.000

%

 

3/01/17

 

B+

   

2,597,604

   
  4,250    

CityCenter Holdings LLC, Term Loan B, DD1

   

5.000

%

 

10/16/20

 

B+

   

4,307,996

   
  2,000    

Intrawest Resorts Holdings, Inc., Initial Term Loan

   

5.500

%

 

12/09/20

 

B+

   

2,007,500

   
  1,888    

Landry's Restaurants, Inc., Term Loan B

   

4.000

%

 

4/24/18

 

BB–

   

1,909,563

   
  1,980    

MGM Resorts International, Term Loan B

   

3.500

%

 

12/20/19

 

BB

   

1,984,596

   
  3,000    

Scientific Games Corporation, Term Loan B

   

4.250

%

 

10/18/20

 

Ba2

   

3,018,483

   
  2,978    

Station Casino LLC, Term Loan B

   

5.000

%

 

3/02/20

 

B

   

3,013,230

   
  27,588    

Total Hotels, Restaurants & Leisure

                           

27,646,085

   
   

Household Durables – 0.4% (0.2% of Total Investments)

 
  970    

Serta Simmons Holdings LLC, Term Loan

   

4.250

%

 

10/01/19

 

B+

   

979,144

   
  813    

Tempur-Pedic International, Inc., New Term Loan B

   

3.500

%

 

3/18/20

 

BB

   

816,506

   
  1,783    

Total Household Durables

                           

1,795,650

   
   

Household Products – 0.4% (0.2% of Total Investments)

 
  1,472    

Spectrum Brands, Inc., Term Loan A

   

3.000

%

 

9/04/17

 

BB

   

1,478,709

   
  342    

Spectrum Brands, Inc., Term Loan C

   

3.500

%

 

9/04/19

 

BB

   

344,035

   
  1,814    

Total Household Products

                           

1,822,744

   
   

Insurance – 2.8% (1.8% of Total Investments)

 
  1,500    

Alliant Holdings I LLC, Initial Term Loan B, First Lien, WI/DD

 

TBD

 

TBD

 

B1

   

1,511,250

   
  4,493    

Hub International Holdings, Inc., Term Loan B, DD1

   

4.750

%

 

10/02/20

 

B1

   

4,554,249

   
  1,913    

Sedgwick Holdings, Inc., Term Loan, First Lien

   

4.250

%

 

6/12/18

 

B+

   

1,926,201

   
  1,000    

Sedgwick Holdings, Inc., Term Loan, Second Lien

   

8.000

%

 

12/12/18

 

CCC+

   

1,017,500

   
  4,715    

USI Holdings Corporation, Initial Term Loan, DD1

   

4.250

%

 

12/27/19

 

B1

   

4,750,429

   
  13,621    

Total Insurance

                           

13,759,629

   
   

Internet Software & Services – 4.5% (2.8% of Total Investments)

 
  7,691    

EIG Investors Corp., Term Loan, DD1

   

5.000

%

 

11/09/19

 

B

   

7,775,324

   

Nuveen Investments
46



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Internet Software & Services (continued)  

$

1,500

   

ION Trading Technologies S.A.R.L., Term Loan, Second Lien

   

8.250

%

 

5/22/21

 

CCC+

 

$

1,526,250

   
  748    

Sabre Inc., Term Loan B2

   

4.500

%

 

2/19/19

 

B1

   

751,047

   
  2,125    

Sabre Inc., Term Loan C

   

4.000

%

 

2/19/18

 

B1

   

2,134,866

   
  3,464    

Sabre, Inc., Term Loan B

   

5.250

%

 

2/19/19

 

B1

   

3,494,598

   
  2,000    

San Juan Cable LLC, Term Loan, Second Lien

   

10.000

%

 

6/09/18

 

CCC

   

2,016,666

   
  2,664    

SSI Investments II, Ltd., New Term Loan

   

5.000

%

 

5/26/17

 

Ba3

   

2,686,977

   
  1,467    

VFH Parent LLC, New Term Loan

   

5.750

%

 

11/08/19

 

N/R

   

1,481,980

   
  21,659    

Total Internet Software & Services

                           

21,867,708

   
   

IT Services – 0.8% (0.5% of Total Investments)

 
  1,046    

CompuCom Systems, Inc., Term Loan B

   

4.250

%

 

5/09/20

 

B1

   

1,047,087

   
  2,481    

SunGard Data Systems, Inc., Term Loan E

   

4.000

%

 

3/08/20

 

BB

   

2,496,745

   
  130    

Zayo Group LLC, Term Loan B

   

4.000

%

 

7/02/19

 

B1

   

131,208

   
  3,657    

Total IT Services

                           

3,675,040

   
   

Leisure Equipment & Products – 1.5% (0.9% of Total Investments)

 
  4,029    

Bombardier Recreational Products, Inc., Term Loan

   

4.000

%

 

1/30/19

 

B+

   

4,060,225

   
  2,184    

Equinox Holdings, Inc., New Initial Term Loan B

   

4.501

%

 

1/31/20

 

B1

   

2,206,700

   
  1,000    

Four Seasons Holdings, Inc., Term Loan, Second Lien

   

6.250

%

 

12/27/20

 

B–

   

1,027,500

   
  7,213    

Total Leisure Equipment & Products

                           

7,294,425

   
   

Machinery – 0.6% (0.3% of Total Investments)

 
  2,746    

Gardner Denver, Inc., Term Loan, DD1

   

4.250

%

 

7/30/20

 

B1

   

2,746,563

   
   

Media – 17.3% (10.9% of Total Investments)

 
  2,067    

Affinion Group Holdings, Inc., Term Loan B, DD1

   

6.750

%

 

10/09/16

 

B1

   

2,054,924

   
  1,737    

Cengage Learning Acquisitions, Inc., Tranche B, Extended Term Loan, (5)

   

7.750

%

 

7/04/17

 

D

   

1,592,583

   
  3,678    

Clear Channel Communications, Inc., Tranche D, Term Loan

   

6.910

%

 

1/30/19

 

CCC+

   

3,576,594

   
  2,646    

Clear Channel Communications, Inc.,Term Loan E

   

7.660

%

 

7/30/19

 

CCC+

   

2,637,698

   
  10,600    

Cumulus Media, Inc., Term Loan B , DD1

   

4.250

%

 

12/23/20

 

B+

   

10,724,497

   
  2,853    

Emerald Expositions Holdings, Inc., Term Loan, First Lien

   

5.500

%

 

6/17/20

 

BB–

   

2,877,086

   
  1,962    

EMI Music Publishing LLC, Term Loan B

   

4.250

%

 

6/29/18

 

BB–

   

1,976,247

   
  1,985    

Internet Brands, Inc., Term Loan B

   

6.250

%

 

3/18/19

 

B+

   

1,996,579

   
  2,500    

McGraw-Hill Education Holdings LLC, Term Loan B

   

6.250

%

 

12/18/19

 

B+

   

2,534,895

   
  2,678    

McGraw-Hill Education Holdings LLC, Term Loan

   

9.000

%

 

3/22/19

 

B2

   

2,732,723

   
  2,000    

Media General, Inc., Delayed Draw, Term Loan

   

4.250

%

 

7/31/20

 

BB–

   

2,021,238

   
  1,975    

Mediacom Broadband LLC, Tranche G, Term Loan

   

4.000

%

 

1/20/20

 

BB

   

1,977,469

   
  3,412    

Radio One, Inc., Term Loan B, First Lien

   

7.500

%

 

2/14/17

 

B+

   

3,505,339

   
  1,995    

Springer Science & Business Media, Inc., Term Loan

   

5.000

%

 

8/14/20

 

B

   

2,008,093

   
  27,727    

Tribune Company, Term Loan B, DD1

   

4.000

%

 

12/27/20

 

BB–

   

27,746,243

   
  8,534    

Univision Communications, Inc., Replacement Term Loan, First Lien

   

4.000

%

 

3/01/20

 

B+

   

8,593,645

   
  2,143    

UPC Broadband Holding BV, Term Loan AF

   

4.000

%

 

1/31/21

 

BB–

   

2,158,483

   
  1,500    

UPC Broadband Holding BV, Term Loan AH

   

3.250

%

 

6/30/21

 

BB–

   

1,505,157

   
  750    

Weather Channel Corporation, Term Loan, Second Lien

   

7.000

%

 

6/26/20

 

B3

   

758,438

   
  1,496    

WMG Acquisition Corporation, Tranche B, Refinancing Term Loan

   

3.750

%

 

7/01/20

 

BB–

   

1,502,563

   
  3,050    

Yell Group PLC, Term Loan, (5)

   

4.097

%

 

7/31/14

 

N/R

   

679,159

   
  87,288    

Total Media

                           

85,159,653

   
   

Multiline Retail – 0.8% (0.5% of Total Investments)

 
  4,000    

Hudson's Bay Company, Term Loan B, First Lien

   

4.750

%

 

11/04/20

 

BB

   

4,064,988

   
   

Multi-Utilities – 0.2% (0.1% of Total Investments)

 
  990    

ADS Waste Holdings, Inc., Term Loan B

   

4.250

%

 

8/05/19

 

B+

   

996,883

   
   

Oil, Gas & Consumable Fuels – 7.6% (4.8% of Total Investments)

 
  1,994    

Brand Energy & Infrastructure Services, Inc., Initial Term Loan

   

4.750

%

 

11/26/20

 

B1

   

2,010,916

   
  2,721    

Crestwood Holdings LLC, Term Loan B

   

7.000

%

 

6/19/19

 

B

   

2,797,244

   
  4,975    

Drill Rigs Holdings, Inc., Tranche B1, Term Loan

   

6.000

%

 

3/31/21

 

B+

   

5,099,375

   
  1,100    

EP Energy LLC, Term Loan B3, Second Lien

   

3.500

%

 

5/24/18

 

Ba3

   

1,105,500

   

Nuveen Investments
47



JRO  Nuveen Floating Rate Income Opportunity Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Oil, Gas & Consumable Fuels (continued)  

$

1,995

   

Fieldwood Energy LLC, Term Loan, First Lien

   

3.875

%

 

9/28/18

 

Ba2

 

$

2,009,340

   
  3,000    

Fieldwood Energy LLC, Term Loan, Second Lien

   

8.375

%

 

9/30/20

 

B2

   

3,087,858

   
  982    

Frac Tech International LLC, Term Loan

   

8.500

%

 

5/06/16

 

B2

   

995,816

   
  5,489    

Harvey Gulf International Marine, Inc., Term Loan B

   

5.500

%

 

6/18/20

 

B1

   

5,582,644

   
  2,313    

Offshore Group Investment Limited, Term Loan B

   

5.000

%

 

10/25/17

 

B–

   

2,330,568

   
  2,488    

Pacific Drilling S.A., Term Loan B

   

4.500

%

 

6/03/18

 

B+

   

2,518,283

   
  2,494    

Peabody Energy Corporation, Term Loan B

   

4.250

%

 

9/24/20

 

BB+

   

2,515,174

   
  1,737    

Rice Drilling LLC., Term Loan, Second Lien

   

8.500

%

 

10/25/18

 

N/R

   

1,773,784

   
  1,667    

Samson Investment Company, Tranche 1, Term Loan, Second Lien

   

5.000

%

 

9/25/18

 

B1

   

1,685,833

   
  993    

Saxon Energy Services, Inc., Term Loan

   

5.500

%

 

2/15/19

 

Ba3

   

1,004,079

   
  1,500    

Shelf Drilling Holdings LTD., Term Loan

   

10.000

%

 

10/08/18

 

B+

   

1,528,125

   
  1,500    

Western Refining, Inc., Term Loan B

   

4.250

%

 

11/12/20

 

BB–

   

1,515,938

   
  36,948    

Total Oil, Gas & Consumable Fuels

                           

37,560,477

   
   

Personal Products – 0.1% (0.0% of Total Investments)

 
  287    

Prestige Brands, Inc., Term Loan B1

   

3.792

%

 

1/31/19

 

BB

   

289,089

   
   

Pharmaceuticals – 8.0% (5.0% of Total Investments)

 
  1,926    

Auxilium Pharmaceuticals, Inc., Term Loan

   

6.250

%

 

4/26/17

 

Ba2

   

1,964,138

   
  833    

BioScrip, Inc., Term Loan B

   

6.500

%

 

7/31/20

 

B

   

829,037

   
  2,102    

ConvaTec, Inc., Dollar Term Loan

   

4.000

%

 

12/22/16

 

Ba3

   

2,122,113

   
  1,194    

Generic Drug Holdings, Inc., Term Loan B

   

5.000

%

 

8/16/20

 

B1

   

1,208,179

   
  3,125    

Graceway Pharmaceuticals LLC, Second Lien Term Loan, (5)

   

6.928

%

 

5/03/13

 

N/R

   

93,750

   
  62    

Graceway Pharmaceuticals LLC, Term Loan, (5)

   

3.069

%

 

5/03/12

 

N/R

   

68,523

   
  2,263    

Par Pharmaceutical Companies, Inc., Additional Term Loan B1

   

4.250

%

 

9/30/19

 

B+

   

2,280,052

   
  1,500    

Patheon, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B

   

1,500,134

   
  5,417    

Pharmaceutical Product Development, Inc., Term Loan B, First Lien

   

4.000

%

 

12/01/18

 

Ba3

   

5,460,878

   
  4,737    

Pharmaceutical Research Associates, Inc., Term Loan B

   

5.000

%

 

9/23/20

 

B1

   

4,764,265

   
  2,860    

Quintiles Transnational Corp., Term Loan B3

   

3.750

%

 

6/08/18

 

BB

   

2,871,233

   
  2,000    

Salix Pharmaceuticals, LTD., Term Loan

   

4.250

%

 

1/02/20

 

Ba1

   

2,027,750

   
  1,980    

Therakos, Inc., Term Loan, First Lien

   

7.500

%

 

12/27/17

 

B

   

1,990,734

   
  3,103    

Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan D2

   

3.750

%

 

2/13/19

 

BBB–

   

3,128,326

   
  8,928    

Valeant Pharmaceuticals International, Inc., Term Loan E

   

3.750

%

 

8/05/20

 

Ba1

   

9,022,367

   
  42,030    

Total Pharmaceuticals

                           

39,331,479

   
   

Real Estate Investment Trust – 2.2% (1.4% of Total Investments)

 
  2,000    

Capital Automotive LP, Term Loan, Second Lien

   

6.000

%

 

4/30/20

 

B1

   

2,077,500

   
  4,353    

iStar Financial, Inc., Term Loan

   

4.500

%

 

10/15/17

 

BB–

   

4,380,532

   
  4,476    

Starwood Property Trust, Inc., Term Loan B

   

3.500

%

 

4/17/20

 

BB+

   

4,486,484

   
  10,829    

Total Real Estate Investment Trust

                           

10,944,516

   
   

Real Estate Management & Development – 2.1% (1.3% of Total Investments)

 
  6,072    

Capital Automotive LP, Term Loan, Tranche B1, DD1

   

4.000

%

 

4/10/19

 

Ba2

   

6,137,098

   
  3,970    

Realogy Corporation, Term Loan B

   

4.500

%

 

3/05/20

 

BB

   

4,006,226

   
  10,042    

Total Real Estate Management & Development

                           

10,143,324

   
   

Road & Rail – 0.6% (0.4% of Total Investments)

 
  3,008    

Swift Transportation Company, Inc., Term Loan B2

   

4.000

%

 

12/21/17

 

BB

   

3,035,593

   
   

Semiconductors & Equipment – 2.0% (1.3% of Total Investments)

 
  2,977    

Freescale Semiconductor, Inc., Term Loan, Tranche B4

   

5.000

%

 

2/28/20

 

B1

   

3,010,067

   
  1,995    

Freescale Semiconductor, Inc., Term Loan, Tranche B5

   

5.000

%

 

1/15/21

 

B1

   

2,023,471

   
  1,967    

NXP Semiconductor LLC, Term Loan D

   

3.250

%

 

1/11/20

 

BB+

   

1,971,512

   
  2,913    

NXP Semiconductor LLC, Term Loan

   

4.500

%

 

3/03/17

 

Ba3

   

2,956,769

   
  9,852    

Total Semiconductors & Equipment

                           

9,961,819

   
   

Software – 9.3% (5.9% of Total Investments)

 
  3,853    

Attachmate Corporation, Term Loan, First Lien

   

7.250

%

 

11/22/17

 

BB–

   

3,921,369

   
  2,274    

Blackboard, Inc., Term Loan B3

   

4.750

%

 

10/04/18

 

B+

   

2,300,878

   

Nuveen Investments
48



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Software (continued)  

$

2,500

   

BMC Software, Inc., Initial Term Loan

   

5.000

%

 

9/10/20

 

BB–

 

$

2,507,118

   
  4,403    

Datatel Parent Corp, Term Loan B, DD1

   

4.500

%

 

7/19/18

 

B+

   

4,454,235

   
  1,000    

Deltek, Inc., Term Loan, Second Lien

   

10.000

%

 

10/10/19

 

CCC+

   

1,025,000

   
  2,973    

Emdeon Business Services LLC, Term Loan B2

   

3.750

%

 

11/02/18

 

BB–

   

2,986,921

   
  1,975    

Explorer Holdings, Inc., Term Loan

   

6.000

%

 

5/02/18

 

B+

   

1,987,394

   
  1,089    

Greeneden U.S. Holdings II LLC, Term Loan B

   

4.000

%

 

2/08/20

 

B

   

1,087,626

   
  11,243    

Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B5, DD1

   

3.750

%

 

6/03/20

 

Ba3

   

11,297,297

   
  3,380    

IPC Systems, Inc., Extended Term Loan, Tranche B1, First Lien

   

7.750

%

 

7/31/17

 

B1

   

3,404,908

   
  4,000    

IPC Systems, Inc., Term Loan, Second Lien

   

5.410

%

 

6/01/15

 

CCC

   

3,660,000

   
  4,691    

Misys PLC, Term Loan B, First Lien

   

5.000

%

 

12/12/18

 

B+

   

4,740,476

   
  1,587    

RedPrairie Corporation, New Term Loan, First Lien

   

6.000

%

 

12/21/18

 

B+

   

1,605,203

   
  800    

RedPrairie Corporation, Term Loan, Second Lien

   

11.250

%

 

12/21/19

 

CCC+

   

821,600

   
  45,768    

Total Software

                           

45,800,025

   
   

Specialty Retail – 0.8% (0.5% of Total Investments)

 
  1,968    

Collective Brands, Inc., Term Loan B

   

7.250

%

 

10/09/19

 

B

   

1,986,645

   
  2,037    

Jo-Ann Stores, Inc., Term Loan, First Lien

   

4.000

%

 

3/16/18

 

B+

   

2,048,373

   
  4,005    

Total Specialty Retail

                           

4,035,018

   
   

Textiles, Apparel & Luxury Goods – 0.1% (0.1% of Total Investments)

 
  573    

Philips-Van Heusen Corporation, Term Loan B

   

3.250

%

 

2/13/20

 

BBB–

   

577,484

   
   

Wireless Telecommunication Services – 2.2% (1.4% of Total Investments)

 
  4,522    

Asurion LLC, Term Loan B1

   

4.500

%

 

5/24/19

 

Ba2

   

4,529,135

   
  3,226    

Fairpoint Communications, Inc., Term Loan B

   

7.500

%

 

2/11/19

 

B

   

3,343,899

   
  1,975    

IPC Systems, Inc., Term Loan, Tranche C, First Lien

   

7.750

%

 

7/31/17

 

B1

   

1,989,812

   
  923    

Presidio, Inc., New Term Loan

   

5.750

%

 

3/31/17

 

Ba3

   

929,956

   
  10,646    

Total Wireless Telecommunication Services

                           

10,792,802

   

$

589,235

   

Total Variable Rate Senior Loan Interests (cost $583,246,689)

                           

586,770,479

   
Shares  

Description (1)

             

Value

 
   

COMMON STOCKS – 3.5% (2.2% of Total Investments)

 
   

Building Products – 0.6% (0.4% of Total Investments)

 
  52,436    

Masonite International Corporation, (6)

                         

$

2,883,980

   
   

Hotels, Restaurants & Leisure – 0.2% (0.1% of Total Investments)

 
  42,041    

BLB Worldwide Holdings Inc., (6), (7)

                           

1,061,535

   
   

Media – 2.7% (1.7% of Total Investments)

 
  138,445    

Metro-Goldwyn-Mayer, (6), (7)

                           

9,760,372

   
  44,843    

Tribune Company, (6)

                           

3,340,804

   
  36,087    

Tribune Company, (6), (8)

                           

   
      Total Media    

13,101,176

   
     

Total Common Stocks (cost $12,716,644)

                           

17,046,691

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CONVERTIBLE BONDS – 0.3% (0.2% of Total Investments)

 
   

Communications Equipment – 0.3% (0.2% of Total Investments)

 

$

550

   

Nortel Networks Corp., (5)

   

1.750

%

 

4/15/12

 

N/R

 

$

545,875

   
  1,000    

Nortel Networks Corp., (5)

   

2.125

%

 

4/15/14

 

N/R

   

998,750

   

$

1,550

   

Total Convertible Bonds (cost $1,307,500)

                           

1,544,625

   

Nuveen Investments
49



JRO  Nuveen Floating Rate Income Opportunity Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CORPORATE BONDS – 20.7% (13.0% of Total Investments)

 
   

Commercial Services & Supplies – 0.5% (0.3% of Total Investments)

 

$

500

   

Ceridian Corporation

   

11.250

%

 

11/15/15

 

CCC

 

$

502,500

   
  1,224    

Harland Clarke Holdings

   

9.500

%

 

5/15/15

 

B–

   

1,227,060

   
  500    

Tervita Corporation, 144A

   

8.000

%

 

11/15/18

 

B–

   

512,500

   
  2,224    

Total Commercial Services & Supplies

                           

2,242,060

   
   

Communications Equipment – 0.7% (0.4% of Total Investments)

 
  3,000    

Nortel Networks Limited, (5)

   

0.000

%

 

7/15/11

 

N/R

   

3,206,250

   
   

Diversified Consumer Services – 0.2% (0.1% of Total Investments)

 
  900    

NES Rental Holdings Inc., 144A

   

7.875

%

 

5/01/18

 

CCC+

   

945,000

   
   

Diversified Telecommunication Services – 1.6% (1.0% of Total Investments)

 
  2,900    

IntelSat Limited, 144A

   

7.750

%

 

6/01/21

 

B–

   

3,110,250

   
  750    

IntelSat Limited

   

8.125

%

 

6/01/23

 

B–

   

811,875

   
  3,343    

Level 3 Communications Inc.

   

11.875

%

 

2/01/19

 

B–

   

3,844,450

   
  6,993    

Total Diversified Telecommunication Services

                           

7,766,575

   
   

Health Care Equipment & Supplies – 0.7% (0.4% of Total Investments)

 
  3,000    

Kinetic Concepts

   

10.500

%

 

11/01/18

 

B–

   

3,450,000

   
   

Health Care Providers & Services – 3.4% (2.1% of Total Investments)

 
  3,000    

FWCT-2 Escrow Corporation for Community Health Systems, 144A

   

5.125

%

 

8/01/21

 

BB+

   

3,018,750

   
  4,800    

FWCT-2 Escrow Corporation for Community Health Systems, 144A

   

6.875

%

 

2/01/22

 

B

   

4,920,000

   
  2,750    

HCA Inc.

   

8.500

%

 

4/15/19

 

BB+

   

2,899,875

   
  575    

HCA Inc.

   

7.250

%

 

9/15/20

 

BB+

   

624,594

   
  900    

IASIS Healthcare Capital Corporation

   

8.375

%

 

5/15/19

 

CCC+

   

960,750

   
  3,000    

Tenet Healthcare Corporation, 144A

   

6.000

%

 

10/01/20

 

BB

   

3,157,500

   
  1,000    

Truven Health Analytics Inc.

   

10.625

%

 

6/01/20

 

CCC+

   

1,132,500

   
  16,025    

Total Health Care Providers & Services

                           

16,713,969

   
   

Household Products – 0.9% (0.5% of Total Investments)

 
  3,950    

Reynolds Group

   

9.875

%

 

8/15/19

 

CCC+

   

4,364,750

   
   

IT Services – 0.4% (0.3% of Total Investments)

 
  2,000    

First Data Corporation, 144A

   

7.375

%

 

6/15/19

 

BB–

   

2,135,000

   
   

Leisure Equipment & Products – 0.9% (0.5% of Total Investments)

 
  4,500    

Caesars Entertainment Operating Company Inc.

   

8.500

%

 

2/15/20

 

B–

   

4,252,500

   
   

Machinery – 0.4% (0.3% of Total Investments)

 
  1,000    

HD Supply Inc.

   

8.125

%

 

4/15/19

 

B+

   

1,111,875

   
  1,030    

Xerium Technologies

   

8.875

%

 

6/15/18

 

B

   

1,091,800

   
  2,030    

Total Machinery

                           

2,203,675

   
   

Media – 5.1% (3.2% of Total Investments)

 
  5,840    

Clear Channel Communications, Inc., 144A

   

14.000

%

 

2/01/21

 

CCC–

   

5,430,972

   
  3,600    

Clear Channel Communications, Inc.

   

5.500

%

 

12/15/16

 

CCC–

   

3,240,000

   
  6,412    

Clear Channel Communications, Inc.

   

9.000

%

 

12/15/19

 

CCC+

   

6,540,240

   
  7,000    

Clear Channel Communications, Inc.

   

9.000

%

 

3/01/21

 

CCC+

   

7,070,000

   
  1,200    

Expo Event Transco Inc., 144A

   

9.000

%

 

6/15/21

 

B–

   

1,227,000

   
  1,000    

McGraw-Hill Global Education Holdings, 144A

   

9.750

%

 

4/01/21

 

BB

   

1,087,500

   
  400    

WMG Acquisition Group

   

11.500

%

 

10/01/18

 

B

   

455,000

   
  25,452    

Total Media

                           

25,050,712

   
   

Oil, Gas & Consumable Fuels – 0.1% (0.1% of Total Investments)

 
  500    

Offshore Group Investment Limited

   

7.125

%

 

4/01/23

 

B–

   

500,000

   

Nuveen Investments
50



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

Pharmaceuticals – 1.4% (0.9% of Total Investments)

 

$

1,250

   

Valeant Pharmaceuticals International, 144A

   

6.750

%

 

8/15/18

 

B1

 

$

1,370,313

   
  2,000    

Valeant Pharmaceuticals International, 144A

   

7.000

%

 

10/01/20

 

B1

   

2,155,000

   
  1,000    

Valeant Pharmaceuticals International, 144A

   

7.250

%

 

7/15/22

 

B1

   

1,090,000

   
  2,000    

VPII Escrow Corporation, 144A

   

7.500

%

 

7/15/21

 

B1

   

2,227,500

   
  6,250    

Total Pharmaceuticals

                           

6,842,813

   
   

Semiconductors & Equipment – 0.9% (0.6% of Total Investments)

 
  2,050    

Advanced Micro Devices, Inc.

   

7.750

%

 

8/01/20

 

B

   

2,039,750

   
  2,500    

Advanced Micro Devices, Inc.

   

7.500

%

 

8/15/22

 

B

   

2,412,500

   
  4,550    

Total Semiconductors & Equipment

                           

4,452,250

   
   

Software – 0.6% (0.4% of Total Investments)

 
  850    

Infor Us Inc.

   

11.500

%

 

7/15/18

 

B–

   

981,750

   
  1,875    

Infor Us Inc.

   

9.375

%

 

4/01/19

 

B–

   

2,109,375

   
  2,725    

Total Software

                           

3,091,125

   
   

Specialty Retail – 0.1% (0.1% of Total Investments)

 
  500     99 Cents Only Stores    

11.000

%

 

12/15/19

 

CCC+

   

565,000

   
   

Wireless Telecommunication Services – 2.8% (1.8% of Total Investments)

 
  750    

FairPoint Communications Inc., 144A

   

8.750

%

 

8/15/19

 

B

   

800,625

   
  2,750    

MetroPCS Wireless Inc., 144A

   

6.250

%

 

4/01/21

 

BB

   

2,856,562

   
  7,250    

Sprint Corporation, 144A

   

7.875

%

 

9/15/23

 

BB–

   

7,739,375

   
  2,000    

Sprint Corporation, 144A

   

7.125

%

 

6/15/24

 

BB–

   

2,010,000

   
  175    

T-Mobile USA Inc.

   

6.731

%

 

4/28/22

 

BB

   

183,750

   
  175    

T-Mobile USA Inc.

   

6.836

%

 

4/28/23

 

BB

   

182,656

   
  13,100    

Total Wireless Telecommunication Services

                           

13,772,968

   

$

97,699

   

Total Corporate Bonds (cost $96,386,556)

                           

101,554,647

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

ASSET-BACKED SECURITIES – 5.6% (3.6% of Total Investments)

 

$

800

   

Bluemountain Collateralized Loan Obligation, Series 2012 2A E14

   

5.337

%

 

11/20/24

 

BB

 

$

768,374

   
  2,500    

Bluemountain Collateralized Loan Obligations Limited 2012-1A, 144A

   

5.737

%

 

7/20/23

 

BB

   

2,446,200

   
  1,250    

Carlyle Global Market Strategies, Collateralized Loan Obligations, Series 2013-3A, 144A

   

4.839

%

 

7/15/25

 

BB

   

1,163,186

   
  1,500    

Flatiron Collateralized Loan Obligation Limited, Series 2011-1A

   

4.639

%

 

1/15/23

 

BB

   

1,387,674

   
  1,500    

Fraser Sullivan Collateralized Loan Obligations Limited, Series 2011-6A, 144A

   

5.738

%

 

11/22/22

 

BB

   

1,465,302

   
  250    

ING Investment Management, Collateralized Loan Obligation, 2013-1A D, 144A

   

5.239

%

 

4/15/24

 

BB

   

233,396

   
  1,800    

LCM Limited Partnership, Collateralized Loan Obligation 2012A, 144A

   

5.987

%

 

10/19/22

 

BB

   

1,787,368

   
  2,000    

LCM Limited Partnership, Collateralized Loan Obligations, 144A

   

5.989

%

 

4/15/22

 

BB

   

2,000,186

   
  1,500    

LCM Limited Partnership, Collateralized Loan Obligations

   

5.387

%

 

4/19/22

 

BB

   

1,437,807

   
  4,000    

LCM Limited Partnership, Collateralized Loan Obligations 2015A, WI/DD

   

1.000

%

 

2/25/17

 

BB

   

3,843,200

   
  1,500    

Madison Park Funding Limited, Collateralized Loan Obligations, Series 2012-8A, 144A

   

5.587

%

 

4/22/22

 

BB

   

1,456,796

   
  500    

North End CLO Limited, Loan Pool, 144A

   

4.838

%

 

7/17/25

 

BB

   

462,433

   
  2,000    

Oak Hill Credit Partners IV Limited, Collateralized Loan Obligation Series 2012-6A

   

5.741

%

 

5/15/23

 

BB

   

2,008,420

   
  2,240    

Oak Hill Credit Partners, Series, 2012-7A

   

5.237

%

 

11/20/23

 

BB

   

2,118,628

   
  450    

Oak Hill Credit Partners, Series, 2013-9A

   

5.237

%

 

10/20/25

 

BB–

   

423,653

   
  1,000    

Race Point Collateralized Loan Obligations, Series, 2011-5A, 144A

   

6.743

%

 

12/15/22

 

BB

   

1,000,497

   
  2,000    

Race Point Collateralized Loan Obligations, Series, 2012-6A, 144A

   

5.738

%

 

5/24/23

 

BB

   

1,968,798

   
  2,000    

Race Point Collateralized Loan Obligations, Series, 2012-7A, 144A

   

5.239

%

 

11/08/24

 

BB–

   

1,907,693

   

$

28,790

   

Total Asset-Backed Securities (cost $25,611,122)

                           

27,879,611

   
      Total Long-Term Investments (cost $719,268,511)    

734,796,053

   

Nuveen Investments
51



JRO  Nuveen Floating Rate Income Opportunity Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

     

Value

 
   

SHORT-TERM INVESTMENTS – 9.4% (5.9% of Total Investments)

 

$

46,070

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/14,
repurchase price $46,070,473, collateralized by $45,680,000 U.S. Treasury Notes,
2.125%, due 5/31/15, value $46,993,300
  0.000
 
 

%

  2/03/14
 
 
   
 
 
 

$

46,070,473
 
 
 
      Total Short-Term Investments (cost $46,070,473)    

46,070,473

   
      Total Investments (cost $765,338,984) – 159.0%    

780,866,526

   
      Borrowings – (33.4)% (9), (10)    

(163,900,000

)

 
      Variable Rate Term Preferred Shares, at Liquidation Value – (20.0)% (11)    

(98,000,000

)

 
      Other Assets Less Liabilities – (5.6)% (12)    

(27,944,388

)

 
      Net Assets Applicable to Common Shares – 100%  

$

491,022,138

   

Investments in Derivatives as of January 31, 2014

Interest Rate Swaps outstanding:

Counterparty

  Notional
Amount
  Fund
Pay/Receive
Floating Rate
 

Floating Rate Index

  Fixed Rate
(Annualized)
  Fixed Rate
Payment
Frequency
  Termination
Date
  Unrealized
Appreciation
(Depreciation) (12)
 

Goldman Sachs

 

$

29,317,500

   

Receive

  1-Month USD-LIBOR    

1.300

%

 

Monthly

 

4/20/14

 

$

(83,369

)

 

Morgan Stanley

   

29,317,500

   

Receive

  1-Month USD-LIBOR    

2.201

   

Monthly

 

4/20/16

   

(1,151,307

)

 
   

$

58,635,000

                       

$

(1,234,676

)

 

Nuveen Investments
52



  For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)  Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(3)  Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4)  Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

  Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(5)  At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

(6)  Non-income producing; issuer has not declared a dividend within the past twelve months.

(7)  For fair value measurement disclosure purposes, Common Stock classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(8)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(9)  Borrowings as a percentage of Total Investments is 21.0%.

(10)  The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.

(11)  Variable Rate Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 12.6%.

(12)  Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

DD1  Portion of investment purchased on a delayed delivery basis.

WI/DD  Purchased on a when-issued or delayed delivery basis.

144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

TBD  Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

USD-LIBOR  United States Dollar – London Inter-Bank Offered Rate.

    See accompanying notes to financial statements.

Nuveen Investments
53



JSD

Nuveen Short Duration Credit Opportunities Fund

Portfolio of Investments  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

LONG-TERM INVESTMENTS – 139.2% (97.4% of Total Investments)

 
   

VARIABLE RATE SENIOR LOAN INTERESTS – 118.7% (83.0% of Total Investments) (4)

 
   

Aerospace & Defense – 0.7% (0.5% of Total Investments)

 

$

143

   

Beechcraft Holdings LLC, Exit Term Loan B

   

5.750

%

 

2/15/20

 

BB–

 

$

143,438

   
  1,238    

Sequa Corporation, Term Loan B

   

5.250

%

 

6/19/17

 

B

   

1,221,722

   
  1,381    

Total Aerospace & Defense

                           

1,365,160

   
   

Airlines – 4.1% (2.9% of Total Investments)

 
  995    

American Airlines, Inc., Term Loan

   

3.750

%

 

6/27/19

 

Ba2

   

1,004,640

   
  3,168    

Delta Air Lines, Inc., Term Loan B1

   

4.000

%

 

10/18/18

 

Ba1

   

3,188,921

   
  990    

Delta Air Lines, Inc., Term Loan B2

   

3.250

%

 

4/18/16

 

Ba1

   

996,085

   
  1,950    

Delta Air Lines, Inc., Term Loan B

   

3.500

%

 

4/20/17

 

BB+

   

1,967,868

   
  1,000    

US Airways, Inc., Term Loan B1

   

3.500

%

 

5/23/19

 

Ba2

   

1,006,750

   
  8,103    

Total Airlines

                           

8,164,264

   
   

Auto Components – 0.1% (0.1% of Total Investments)

 
  170    

Schaeffler AG, Term Loan C

   

4.250

%

 

1/27/17

 

Ba2

   

171,664

   
   

Building Products – 0.4% (0.3% of Total Investments)

 
  748    

Quikrete Holdings, Inc., Term Loan, First Lien

   

4.000

%

 

9/28/20

 

B+

   

755,681

   
   

Capital Markets – 1.5% (1.0% of Total Investments)

 
  661    

American Capital, LTD., Term Loan, First Lien

   

4.000

%

 

8/22/16

 

BB–

   

665,648

   
  2,263    

Walter Investment Management Corporation, Tranche B, Term Loan, First Lien

   

4.750

%

 

12/18/20

 

B+

   

2,282,829

   
  2,924    

Total Capital Markets

                           

2,948,477

   
   

Chemicals – 0.6% (0.4% of Total Investments)

 
  1,181    

Ineos US Finance LLC, Term Loan, First Lien

   

4.000

%

 

5/04/18

 

BB–

   

1,188,441

   
   

Commercial Services & Supplies – 2.8% (2.0% of Total Investments)

 
  2,500    

Aramark Corporation, Term Loan, Tranche D

   

4.000

%

 

9/09/19

 

BBB–

   

2,518,738

   
  2,621    

Harland Clarke Holdings Corporation, Term Loan B3

   

7.000

%

 

5/22/18

 

B+

   

2,656,756

   
  491    

HMH Holdings, Inc., Term Loan, First Lien

   

4.250

%

 

5/14/18

 

B1

   

494,934

   
  5,612    

Total Commercial Services & Supplies

                           

5,670,428

   
   

Communications Equipment – 2.1% (1.4% of Total Investments)

 
  1,485    

Alcatel-Lucent, Inc., Term Loan C

   

5.750

%

 

1/30/19

 

B+

   

1,501,706

   
  1,496    

Avaya, Inc., Term Loan B3

   

4.736

%

 

10/26/17

 

B1

   

1,464,061

   
  1,157    

Telesat Canada Inc., Term Loan B

   

3.500

%

 

3/28/19

 

BB–

   

1,164,296

   
  4,138    

Total Communications Equipment

                           

4,130,063

   
   

Computers & Peripherals – 2.9% (2.0% of Total Investments)

 
  4,988    

Dell, Inc., Term Loan B

   

4.500

%

 

4/29/20

 

BB+

   

4,972,173

   
  792    

SunGard Data Systems, Inc., Term Loan D

   

4.500

%

 

1/31/20

 

BB

   

796,947

   
  5,780    

Total Computers & Peripherals

                           

5,769,120

   
   

Containers & Packaging – 1.0% (0.7% of Total Investments)

 
  2,000    

Berry Plastics Holding Corporation, Term Loan E

   

3.750

%

 

1/06/21

 

B+

   

2,003,036

   
   

Distributors – 1.5% (1.0% of Total Investments)

 
  2,955    

HD Supply, Inc., Term Loan B

   

4.500

%

 

10/12/17

 

B+

   

2,980,643

   

Nuveen Investments
54



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Diversified Consumer Services – 5.2% (3.6% of Total Investments)

 

$

2,060

   

Cengage Learning Acquisitions, Inc., Term Loan, (5)

   

4.750

%

 

7/03/14

 

D

 

$

1,891,992

   
  998    

Ceridian Corporation, New Replacement Term Loan

   

4.408

%

 

8/14/15

 

B1

   

1,004,760

   
  3,158    

Hilton Hotels Corporation, Term Loan B2

   

3.750

%

 

10/25/20

 

BB

   

3,184,083

   
  2,181    

Laureate Education, Inc., Term Loan B

   

5.000

%

 

6/15/18

 

B1

   

2,175,460

   
  1,496    

Spotless Holdings, SAS, Term Loan, First Lien

   

5.000

%

 

10/02/18

 

B1

   

1,520,564

   
  500    

Spotless Holdings, SAS, Term Loan, Second Lien

   

8.750

%

 

4/02/19

 

B3

   

513,438

   
  10,393    

Total Diversified Consumer Services

                           

10,290,297

   
   

Diversified Financial Services – 3.1% (2.2% of Total Investments)

 
  1,489    

Ocwen Financial Corporation, Term Loan B

   

5.000

%

 

2/15/18

 

B+

   

1,506,895

   
  959    

RPI Finance Trust, Term Loan B3

   

3.250

%

 

11/09/18

 

Baa2

   

966,226

   
  3,713    

WideOpenWest Finance LLC, Term Loan B

   

4.750

%

 

4/01/19

 

B1

   

3,747,684

   
  6,161    

Total Diversified Financial Services

                           

6,220,805

   
   

Electronic Equipment & Instruments – 0.7% (0.5% of Total Investments)

 
  1,427    

SMART Modular Technologies, Inc., Term Loan B

   

8.250

%

 

8/26/17

 

B

   

1,284,188

   
   

Food & Staples Retailing – 3.8% (2.7% of Total Investments)

 
  903    

Albertson's LLC, Term Loan B1

   

4.250

%

 

3/21/16

 

BB–

   

911,553

   
  1,589    

Albertson's LLC, Term Loan B2

   

4.750

%

 

3/21/19

 

BB–

   

1,608,500

   
  500    

BJ's Wholesale Club, Inc., Replacement Loan, First Lien

   

4.500

%

 

9/26/19

 

B–

   

505,436

   
  250    

BJ's Wholesale Club, Inc., Replacement Loan, Second Lien

   

8.500

%

 

3/31/20

 

CCC

   

257,526

   
  1,000    

Del Monte Foods Company, Term Loan, First Lien, WI/DD

 

TBD

 

TBD

 

B+

   

1,002,969

   
  1,000    

Rite Aid Corporation, Tranche 2, Term Loan, Second Lien

   

4.875

%

 

6/21/21

 

B

   

1,020,000

   
  989    

Supervalu, Inc., New Term Loan B

   

5.000

%

 

3/21/19

 

B+

   

995,512

   
  1,406    

Wilton Products, Inc., Tranche B, Term Loan

   

7.500

%

 

8/30/18

 

B–

   

1,342,969

   
  7,637    

Total Food & Staples Retailing

                           

7,644,465

   
   

Food Products – 4.2% (2.9% of Total Investments)

 
  1,485    

AdvancePierre Foods, Inc., Term Loan, First Lien

   

5.750

%

 

7/10/17

 

B1

   

1,489,332

   
  2,289    

H.J Heinz Company, Term Loan B2

   

3.500

%

 

6/05/20

 

BB

   

2,314,630

   
  993    

Pinnacle Foods Finance LLC, Term Loan G

   

3.250

%

 

4/29/20

 

BB–

   

994,981

   
  3,423    

US Foods, Inc., Incremental Term Loan

   

4.500

%

 

3/31/19

 

B2

   

3,460,773

   
  8,190    

Total Food Products

                           

8,259,716

   
   

Health Care Equipment & Supplies – 3.3% (2.3% of Total Investments)

 
  1,000    

Ardent Medical Services, Inc., Term Loan, Second Lien

   

11.000

%

 

1/02/19

 

CCC+

   

1,015,000

   
  1,041    

Kinetic Concepts, Inc., Term Loan D1

   

4.000

%

 

5/04/18

 

BB–

   

1,051,716

   
  3,413    

Onex Carestream Finance LP, Term Loan, First Lien

   

5.000

%

 

6/07/19

 

B+

   

3,469,717

   
  1,000    

Onex Carestream Finance LP, Term Loan, Second Lien

   

9.500

%

 

12/07/19

 

B–

   

1,023,333

   
  6,454    

Total Health Care Equipment & Supplies

                           

6,559,766

   
   

Health Care Providers & Services – 11.0% (7.7% of Total Investments)

 
  947    

Ardent Medical Services, Inc., Term Loan, First Lien

   

6.750

%

 

7/02/18

 

B+

   

954,755

   
  926    

BioScrip, Inc., Delayed Draw, Term Loan

   

6.500

%

 

7/31/20

 

B

   

921,152

   
  1,634    

Community Health Systems, Inc., Term Loan D, DD1

   

4.250

%

 

1/27/21

 

BB

   

1,653,105

   
  50    

Community Health Systems, Inc., Term Loan E

   

3.487

%

 

1/25/17

 

BB

   

50,695

   
  971    

CRC Health Corporation, Term Loan B3

   

8.500

%

 

11/16/15

 

B+

   

980,993

   
  2,970    

DaVita, Inc., New Term Loan B2

   

4.000

%

 

11/01/19

 

Ba2

   

2,998,450

   
  839    

Genesis Healthcare LLC, Term Loan

   

10.001

%

 

12/04/17

 

B

   

858,502

   
  3,076    

Golden Living, Term Loan

   

5.000

%

 

5/04/18

 

B

   

3,030,929

   
  990    

Heartland Dental Care, Inc., Term Loan, First Lien

   

5.500

%

 

12/21/18

 

B1

   

996,193

   
  500    

Heartland Dental Care, Inc., Term Loan, Second Lien

   

9.750

%

 

6/20/19

 

CCC+

   

512,500

   
  1,219    

IASIS Healthcare LLC, Term Loan B2, First Lien

   

4.500

%

 

5/03/18

 

Ba3

   

1,231,232

   
  357    

Kindred Healthcare, Inc., Term Loan B1

   

4.250

%

 

6/01/18

 

Ba3

   

360,313

   
  919    

LHP Operations Co. LLC, Term Loan B

   

9.000

%

 

7/03/18

 

B

   

890,604

   
  544    

National Mentor Holdings, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B1

   

548,736

   
  2,000    

One Call Care Management, Inc., Term Loan B

   

5.000

%

 

11/27/20

 

B1

   

2,015,000

   
  2,463    

Sheridan Holdings, Inc., Term Loan, First Lien

   

4.500

%

 

6/29/18

 

B1

   

2,486,488

   

Nuveen Investments
55



JSD  Nuveen Short Duration Credit Opportunities Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Health Care Providers & Services (continued)  

$

1,000

   

Sheridan Holdings, Inc., Term Loan, Second Lien

   

8.250

%

 

12/20/21

 

B+

 

$

1,025,000

   
  459    

Skilled Healthcare Group, Inc., Term Loan

   

6.750

%

 

4/09/16

 

B

   

461,208

   
  21,864    

Total Health Care Providers & Services

                           

21,975,855

   
   

Hotels, Restaurants & Leisure – 5.8% (4.1% of Total Investments)

 
  2,331    

24 Hour Fitness Worldwide, Inc., Term Loan B

   

5.250

%

 

4/22/16

 

Ba3

   

2,359,726

   
  1,415    

BLB Management Services, Inc., Term Loan

   

5.250

%

 

11/10/18

 

BB–

   

1,427,615

   
  2,289    

CCM Merger, Inc., Term Loan

   

5.000

%

 

3/01/17

 

B+

   

2,317,331

   
  2,500    

CityCenter Holdings LLC, Term Loan B, DD1

   

5.000

%

 

10/16/20

 

B+

   

2,534,115

   
  933    

Landry's Restaurants, Inc., Term Loan B

   

4.000

%

 

4/24/18

 

BB–

   

943,665

   
  1,985    

Station Casino LLC, Term Loan B

   

5.000

%

 

3/02/20

 

B

   

2,008,820

   
  11,453    

Total Hotels, Restaurants & Leisure

                           

11,591,272

   
   

Household Durables – 0.6% (0.4% of Total Investments)

 
  1,135    

Reynolds Group Holdings, Inc., Incremental US Term Loan, First Lien

   

4.000

%

 

12/01/18

 

B+

   

1,149,329

   
   

Household Products – 0.1% (0.1% of Total Investments)

 
  270    

Spectrum Brands, Inc., Term Loan C

   

3.500

%

 

9/04/19

 

BB

   

271,626

   
   

Insurance – 1.6% (1.1% of Total Investments)

 
  1,247    

Hub International Holdings, Inc., Term Loan B

   

4.750

%

 

10/02/20

 

B1

   

1,264,013

   
  1,980    

USI Holdings Corporation, Initial Term Loan

   

4.250

%

 

12/27/19

 

B1

   

1,994,888

   
  3,227    

Total Insurance

                           

3,258,901

   
   

Internet Software & Services – 8.0% (5.6% of Total Investments)

 
  727    

Ancestry.com, Inc., Replacement Term Loan B1

   

4.500

%

 

12/28/18

 

Ba2

   

732,292

   
  3,716    

EIG Investors Corp., Term Loan

   

5.000

%

 

11/09/19

 

B

   

3,756,263

   
  1,000    

ION Trading Technologies S.A.R.L., Term Loan, Second Lien

   

8.250

%

 

5/22/21

 

CCC+

   

1,017,500

   
  850    

Sabre Inc., Term Loan C

   

4.000

%

 

2/19/18

 

B1

   

853,947

   
  2,475    

Sabre, Inc., Term Loan B

   

5.250

%

 

2/19/19

 

B1

   

2,496,141

   
  2,000    

San Juan Cable LLC, Term Loan, Second Lien

   

10.000

%

 

6/09/18

 

CCC

   

2,016,666

   
  2,717    

SSI Investments II, Ltd., New Term Loan

   

5.000

%

 

5/26/17

 

Ba3

   

2,740,301

   
  2,317    

VFH Parent LLC, New Term Loan

   

5.750

%

 

11/08/19

 

N/R

   

2,339,968

   
  15,802    

Total Internet Software & Services

                           

15,953,078

   
   

IT Services – 2.2% (1.5% of Total Investments)

 
  418    

CompuCom Systems, Inc., Term Loan B

   

4.250

%

 

5/09/20

 

B1

   

418,835

   
  933    

SRA International, Term Loan

   

6.500

%

 

7/20/18

 

B1

   

930,422

   
  993    

SunGard Data Systems, Inc., Term Loan E

   

4.000

%

 

3/08/20

 

BB

   

998,698

   
  1,964    

Zayo Group LLC, Term Loan B

   

4.000

%

 

7/02/19

 

B1

   

1,978,668

   
  4,308    

Total IT Services

                           

4,326,623

   
   

Leisure Equipment & Products – 1.9% (1.3% of Total Investments)

 
  2,263    

Bombardier Recreational Products, Inc., Term Loan

   

4.000

%

 

1/30/19

 

B+

   

2,279,829

   
  1,489    

Equinox Holdings, Inc., New Initial Term Loan B

   

4.501

%

 

1/31/20

 

B1

   

1,504,568

   
  3,752    

Total Leisure Equipment & Products

                           

3,784,397

   
   

Machinery – 0.3% (0.2% of Total Investments)

 
  500    

TNT Crane and Rigging Inc., Initial Term Loan, First Lien

   

5.500

%

 

11/27/20

 

B1

   

499,688

   
   

Media – 8.8% (6.2% of Total Investments)

 
  579    

Cengage Learning Acquisitions, Inc., Tranche B, Extended Term Loan, (5)

   

7.750

%

 

7/04/17

 

D

   

530,881

   
  1,632    

Clear Channel Communications, Inc.,Term Loan E

   

7.660

%

 

7/30/19

 

CCC+

   

1,627,436

   
  3,000    

Cumulus Media, Inc., Term Loan B

   

4.250

%

 

12/23/20

 

B+

   

3,035,235

   
  1,426    

Emerald Expositions Holdings, Inc., Term Loan, First Lien

   

5.500

%

 

6/17/20

 

BB–

   

1,438,543

   
  993    

Internet Brands, Inc., Term Loan B

   

6.250

%

 

3/18/19

 

B+

   

998,289

   
  1,000    

McGraw-Hill Education Holdings LLC, Term Loan B

   

6.250

%

 

12/18/19

 

B+

   

1,013,958

   
  1,339    

McGraw-Hill Education Holdings LLC, Term Loan

   

9.000

%

 

3/22/19

 

B2

   

1,366,362

   

Nuveen Investments
56



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Media (continued)  

$

1,000

   

Media General, Inc., Delayed Draw, Term Loan

   

4.250

%

 

7/31/20

 

BB–

 

$

1,010,619

   
  975    

Radio One, Inc., Term Loan B, First Lien

   

7.500

%

 

2/14/17

 

B+

   

1,001,525

   
  998    

Springer Science & Business Media, Inc., Term Loan

   

5.000

%

 

8/14/20

 

B

   

1,004,047

   
  2,000    

Tribune Company, Term Loan B

   

4.000

%

 

12/27/20

 

BB–

   

2,001,250

   
  2,571    

UPC Broadband Holding BV, Term Loan AF

   

4.000

%

 

1/31/21

 

BB–

   

2,590,180

   
  17,513    

Total Media

                           

17,618,325

   
   

Multiline Retail – 1.0% (0.7% of Total Investments)

 
  2,000    

Hudson's Bay Company, Term Loan B, First Lien

   

4.750

%

 

11/04/20

 

BB

   

2,032,494

   
   

Oil, Gas & Consumable Fuels – 8.7% (6.1% of Total Investments)

 
  997    

Brand Energy & Infrastructure Services, Inc., Initial Term Loan

   

4.750

%

 

11/26/20

 

B1

   

1,005,457

   
  1,222    

Buffalo Gulf Coast Terminals, Term Loan B

   

5.250

%

 

10/31/17

 

BB+

   

1,238,833

   
  1,604    

Crestwood Holdings LLC, Term Loan B

   

7.000

%

 

6/19/19

 

B

   

1,649,232

   
  2,985    

Drill Rigs Holdings, Inc., Tranche B1, Term Loan

   

6.000

%

 

3/31/21

 

B+

   

3,059,625

   
  667    

EP Energy LLC, Term Loan B3, Second Lien

   

3.500

%

 

5/24/18

 

Ba3

   

670,000

   
  2,000    

Fieldwood Energy LLC, Term Loan, Second Lien

   

8.375

%

 

9/30/20

 

B2

   

2,058,572

   
  728    

Frac Tech International LLC, Term Loan

   

8.500

%

 

5/06/16

 

B2

   

738,362

   
  2,294    

Harvey Gulf International Marine, Inc., Term Loan B

   

5.500

%

 

6/18/20

 

B1

   

2,332,965

   
  925    

Offshore Group Investment Limited, Term Loan B

   

5.000

%

 

10/25/17

 

B–

   

932,227

   
  993    

Rice Drilling LLC., Term Loan, Second Lien

   

8.500

%

 

10/25/18

 

N/R

   

1,013,591

   
  833    

Samson Investment Company, Tranche 1, Term Loan, Second Lien

   

5.000

%

 

9/25/18

 

B1

   

842,917

   
  993    

Saxon Energy Services, Inc., Term Loan

   

5.500

%

 

2/15/19

 

Ba3

   

1,004,079

   
  750    

Shelf Drilling Holdings LTD., Term Loan

   

10.000

%

 

10/08/18

 

B+

   

764,062

   
  16,991    

Total Oil, Gas & Consumable Fuels

                           

17,309,922

   
   

Pharmaceuticals – 9.7% (6.8% of Total Investments)

 
  1,924    

Auxilium Pharmaceuticals, Inc., Term Loan

   

6.250

%

 

4/26/17

 

Ba2

   

1,964,138

   
  555    

BioScrip, Inc., Term Loan B

   

6.500

%

 

7/31/20

 

B

   

552,691

   
  1,882    

ConvaTec, Inc., Dollar Term Loan

   

4.000

%

 

12/22/16

 

Ba3

   

1,899,493

   
  796    

Generic Drug Holdings, Inc., Term Loan B

   

5.000

%

 

8/16/20

 

B1

   

805,452

   
  1,000    

Patheon, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B

   

1,000,089

   
  2,938    

Pharmaceutical Product Development, Inc., Term Loan B, First Lien

   

4.000

%

 

12/01/18

 

Ba3

   

2,961,723

   
  998    

Pharmaceutical Research Associates, Inc., Term Loan B

   

5.000

%

 

9/23/20

 

B1

   

1,003,003

   
  1,938    

Quintiles Transnational Corp., Term Loan B3

   

3.750

%

 

6/08/18

 

BB

   

1,946,809

   
  1,000    

Salix Pharmaceuticals, LTD., Term Loan

   

4.250

%

 

1/02/20

 

Ba1

   

1,013,875

   
  990    

Therakos, Inc., Term Loan, First Lien

   

7.500

%

 

12/27/17

 

B

   

995,367

   
  2,216    

Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan D2

   

3.750

%

 

2/13/19

 

BBB–

   

2,234,519

   
  2,968    

Valeant Pharmaceuticals International, Inc., Term Loan E

   

3.750

%

 

8/05/20

 

Ba1

   

2,999,055

   
  19,205    

Total Pharmaceuticals

                           

19,376,214

   
   

Real Estate Investment Trust – 2.1% (1.5% of Total Investments)

 
  1,500    

Capital Automotive LP, Term Loan, Second Lien

   

6.000

%

 

4/30/20

 

B1

   

1,558,125

   
  1,506    

iStar Financial, Inc., Term Loan

   

4.500

%

 

10/15/17

 

BB–

   

1,515,966

   
  118    

Realogy Corporation, Synthetic Letter of Credit

   

4.433

%

 

10/10/16

 

BB

   

118,295

   
  997    

Starwood Property Trust, Inc., Term Loan B

   

3.500

%

 

4/17/20

 

BB+

   

999,774

   
  4,121    

Total Real Estate Investment Trust

                           

4,192,160

   
   

Real Estate Management & Development – 1.8% (1.3% of Total Investments)

 
  1,626    

Capital Automotive LP, Term Loan, Tranche B1

   

4.000

%

 

4/10/19

 

Ba2

   

1,643,439

   
  1,985    

Realogy Corporation, Term Loan B

   

4.500

%

 

3/05/20

 

BB

   

2,003,113

   
  3,611    

Total Real Estate Management & Development

                           

3,646,552

   
   

Road & Rail – 0.5% (0.4% of Total Investments)

 
  1,038    

Swift Transportation Company, Inc., Term Loan B2

   

4.000

%

 

12/21/17

 

BB

   

1,047,902

   
   

Semiconductors & Equipment – 2.4% (1.7% of Total Investments)

 
  1,985    

Freescale Semiconductor, Inc., Term Loan, Tranche B4

   

5.000

%

 

2/28/20

 

B1

   

2,006,711

   
  998    

Freescale Semiconductor, Inc., Term Loan, Tranche B5

   

5.000

%

 

1/15/21

 

B1

   

1,011,735

   

Nuveen Investments
57



JSD  Nuveen Short Duration Credit Opportunities Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Semiconductors & Equipment (continued)  

$

796

   

Microsemi Corporation, Term Loan, First Lien

   

3.750

%

 

2/19/20

 

BB+

 

$

799,979

   
  983    

NXP Semiconductor LLC, Term Loan D

   

3.250

%

 

1/11/20

 

BB+

   

985,756

   
  4,762    

Total Semiconductors & Equipment

                           

4,804,181

   
   

Software – 10.6% (7.4% of Total Investments)

 
  1,696    

Attachmate Corporation, Term Loan, First Lien

   

7.250

%

 

11/22/17

 

BB–

   

1,726,807

   
  901    

Blackboard, Inc., Term Loan B3

   

4.750

%

 

10/04/18

 

B+

   

911,669

   
  1,000    

BMC Software, Inc., Initial Term Loan

   

5.000

%

 

9/10/20

 

BB–

   

1,002,847

   
  838    

Datatel Parent Corp, Term Loan B

   

4.500

%

 

7/19/18

 

B+

   

847,450

   
  981    

Emdeon Business Services LLC, Term Loan B2

   

3.750

%

 

11/02/18

 

BB–

   

985,294

   
  962    

Epicor Software Corporation, Term Loan, B2

   

4.000

%

 

5/16/18

 

Ba3

   

969,768

   
  988    

Explorer Holdings, Inc., Term Loan

   

6.000

%

 

5/02/18

 

B+

   

993,697

   
  871    

Greeneden U.S. Holdings II LLC, Term Loan B

   

4.000

%

 

2/08/20

 

B

   

870,101

   
  3,143    

Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B5

   

3.750

%

 

6/03/20

 

Ba3

   

3,159,042

   
  908    

IPC Systems, Inc., Extended Term Loan, Tranche B1, First Lien

   

7.750

%

 

7/31/17

 

B1

   

915,177

   
  3,800    

IPC Systems, Inc., Term Loan, Second Lien

   

5.410

%

 

6/01/15

 

CCC

   

3,477,000

   
  2,716    

Misys PLC, Term Loan B, First Lien

   

5.000

%

 

12/12/18

 

B+

   

2,744,486

   
  794    

RedPrairie Corporation, New Term Loan, First Lien

   

6.000

%

 

12/21/18

 

B+

   

802,601

   
  713    

Vertafore, Inc., Term Loan, First Lien

   

4.250

%

 

10/03/19

 

B+

   

719,230

   
  1,000    

Vertafore, Inc., Term Loan, Second Lien

   

9.750

%

 

10/29/17

 

CCC+

   

1,020,000

   
  21,311    

Total Software

                           

21,145,169

   
   

Specialty Retail – 1.1% (0.7% of Total Investments)

 
  1,064    

Collective Brands, Inc., Term Loan B

   

7.250

%

 

10/09/19

 

B

   

1,074,542

   
  1,047    

Jo-Ann Stores, Inc., Term Loan, First Lien

   

4.000

%

 

3/16/18

 

B+

   

1,052,473

   
  2,111    

Total Specialty Retail

                           

2,127,015

   
   

Wireless Telecommunication Services – 2.5% (1.7% of Total Investments)

 
  662    

Clear Channel Communications, Inc., Tranche B, Term Loan

   

3.810

%

 

1/29/16

 

CCC+

   

646,856

   
  2,481    

Fairpoint Communications, Inc., Term Loan B

   

7.500

%

 

2/11/19

 

B

   

2,572,230

   
  1,730    

Presidio, Inc., New Term Loan

   

5.750

%

 

3/31/17

 

Ba3

   

1,743,669

   
  4,873    

Total Wireless Telecommunication Services

                           

4,962,755

   

$

235,101

   

Total Variable Rate Senior Loan Interests (cost $232,279,599)

                           

236,479,672

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CORPORATE BONDS – 20.5% (14.4% of Total Investments)

 
   

Commercial Services & Supplies – 0.7% (0.5% of Total Investments)

 

$

500

   

Ceridian Corporation

   

11.250

%

 

11/15/15

 

CCC

 

$

502,500

   
  816    

Harland Clarke Holdings

   

9.500

%

 

5/15/15

 

B–

   

818,040

   
  1,316    

Total Commercial Services & Supplies

                           

1,320,540

   
   

Distributors – 0.6% (0.4% of Total Investments)

 
  1,000    

HD Supply Inc.

   

11.500

%

 

7/15/20

 

CCC+

   

1,185,000

   
   

Diversified Consumer Services – 0.9% (0.6% of Total Investments)

 
  1,650    

NES Rental Holdings Inc., 144A

   

7.875

%

 

5/01/18

 

CCC+

   

1,732,500

   
   

Diversified Telecommunication Services – 0.8% (0.6% of Total Investments)

 
  750    

IntelSat Limited, 144A

   

7.750

%

 

6/01/21

 

B–

   

804,375

   
  300    

IntelSat Limited

   

8.125

%

 

6/01/23

 

B–

   

324,750

   
  500    

Level 3 Communications Inc.

   

11.875

%

 

2/01/19

 

B–

   

575,000

   
  1,550    

Total Diversified Telecommunication Services

                           

1,704,125

   
   

Health Care Equipment & Supplies – 1.6% (1.1% of Total Investments)

 
  2,700    

Kinetic Concepts

   

10.500

%

 

11/01/18

 

B–

   

3,105,000

   

Nuveen Investments
58



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

Health Care Providers & Services – 2.3% (1.7% of Total Investments)

 

$

2,000

   

HCA Inc.

   

8.500

%

 

4/15/19

 

BB+

 

$

2,109,000

   
 

1,350

   

IASIS Healthcare Capital Corporation

   

8.375

%

 

5/15/19

 

CCC+

   

1,441,125

   
 

1,000

   

Truven Health Analytics Inc.

   

10.625

%

 

6/01/20

 

CCC+

   

1,132,500

   
 

4,350

   

Total Health Care Providers & Services

                           

4,682,625

   
   

Hotels, Restaurants & Leisure – 0.5% (0.4% of Total Investments)

 
 

1,000

   

Harrah's Operating Company, Inc.

   

11.250

%

 

6/01/17

 

B–

   

1,017,500

   
   

Household Products – 0.4% (0.3% of Total Investments)

 
 

700

   

Reynolds Group

   

9.875

%

 

8/15/19

 

CCC+

   

773,500

   
   

Media – 4.2% (2.9% of Total Investments)

 
 

500

   

AMC Networks Inc.

   

7.750

%

 

7/15/21

 

BB

   

561,250

   
 

2,048

   

Clear Channel Communications, Inc., 144A

   

14.000

%

 

2/01/21

 

CCC–

   

1,904,519

   
 

3,585

   

Clear Channel Communications, Inc.

   

9.000

%

 

12/15/19

 

CCC+

   

3,656,700

   
 

1,000

   

Clear Channel Communications, Inc.

   

9.000

%

 

3/01/21

 

CCC+

   

1,010,000

   
 

600

   

Expo Event Transco Inc., 144A

   

9.000

%

 

6/15/21

 

B–

   

613,500

   
 

500

   

McGraw-Hill Global Education Holdings, 144A

   

9.750

%

 

4/01/21

 

BB

   

543,750

   
 

8,233

   

Total Media

                           

8,289,719

   
   

Oil, Gas & Consumable Fuels – 1.1% (0.8% of Total Investments)

 
 

2,000

   

Chaparral Energy Inc.

   

9.875

%

 

10/01/20

 

B–

   

2,250,000

   
   

Pharmaceuticals – 2.4% (1.7% of Total Investments)

 
 

1,000

   

Jaguar Holding Company I, 144A

   

9.375

%

 

10/15/17

 

CCC+

   

1,055,000

   
 

2,000

   

Valeant Pharmaceuticals International, 144A

   

7.000

%

 

10/01/20

 

B1

   

2,155,000

   
 

500

   

Valeant Pharmaceuticals International, 144A

   

7.250

%

 

7/15/22

 

B1

   

545,000

   
 

1,000

   

VPII Escrow Corporation, 144A

   

7.500

%

 

7/15/21

 

B1

   

1,113,750

   
 

4,500

   

Total Pharmaceuticals

                           

4,868,750

   
   

Semiconductors & Equipment – 0.2% (0.1% of Total Investments)

 
 

250

   

Advanced Micro Devices, Inc.

   

7.750

%

 

8/01/20

 

B

   

248,750

   
 

166

   

Advanced Micro Devices, Inc.

   

7.500

%

 

8/15/22

 

B

   

160,190

   
 

416

   

Total Semiconductors & Equipment

                           

408,940

   
   

Software – 1.9% (1.3% of Total Investments)

 
 

2,550

   

Infor Us Inc.

   

11.500

%

 

7/15/18

 

B–

   

2,945,250

   
 

750

   

Infor Us Inc.

   

9.375

%

 

4/01/19

 

B–

   

843,750

   
 

3,300

   

Total Software

                           

3,789,000

   
   

Specialty Retail – 0.3% (0.2% of Total Investments)

 
 

500

    99 Cents Only Stores    

11.000

%

 

12/15/19

 

CCC+

   

565,000

   
   

Wireless Telecommunication Services – 2.6% (1.8% of Total Investments)

 
 

500

   

FairPoint Communications Inc., 144A

   

8.750

%

 

8/15/19

 

B

   

533,750

   
 

1,250

   

MetroPCS Wireless Inc., 144A

   

6.250

%

 

4/01/21

 

BB

   

1,298,438

   
 

3,000

   

Sprint Corporation, 144A

   

7.875

%

 

9/15/23

 

BB–

   

3,202,500

   
 

75

   

T-Mobile USA Inc.

   

6.731

%

 

4/28/22

 

BB

   

78,750

   
 

75

   

T-Mobile USA Inc.

   

6.836

%

 

4/28/23

 

BB

   

78,281

   
 

4,900

   

Total Wireless Telecommunication Services

                           

5,191,719

   

$

38,115

   

Total Corporate Bonds (cost $37,806,273)

                           

40,883,918

   
        Total Long-Term Investments (cost $270,085,872)    

277,363,590

   

Nuveen Investments
59



JSD  Nuveen Short Duration Credit Opportunities Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

     

Value

 
   

SHORT-TERM INVESTMENTS – 3.8% (2.6% of Total Investments)

 

$

7,543

  Repurchase Agreement with State Street Bank, dated 1/31/14, repurchase
price $7,542,922, collateralized by $7,695,000 U.S. Treasury Notes,
0.125%, due 7/31/14, value $7,695,000
  0.000
 
 

%

  2/03/14
 
 
   
 
 
 

$

7,542,922
 
 
 
      Total Short-Term Investments (cost $7,542,922)    

7,542,922

   
      Total Investments (cost $277,628,794) – 143.0%    

284,906,512

   
      Borrowings – (42.7)% (6), (7)    

(85,000,000

)

 
      Other Assets Less Liabilities – (0.3)% (8)    

(729,021

)

 
      Net Assets Applicable to Common Shares – 100%  

$

199,177,491

   

Investments in Derivatives as of January 31, 2014

Interest Rate Swaps outstanding:

Counterparty

  Notional
Amount
  Fund
Pay/Receive
Floating Rate
 

Floating Rate Index

  Fixed Rate
(Annualized)
  Fixed Rate
Payment
Frequency
  Termination
Date
  Unrealized
Appreciation
(Depreciation) (8)
 

Barclays PLC

 

$

17,500,000

   

Receive

  1-Month USD-LIBOR    

1.143

%

 

Monthly

 

9/15/16

 

$

(255,914

)

 

Morgan Stanley

   

17,500,000

   

Receive

  1-Month USD-LIBOR    

0.588

   

Monthly

 

9/15/14

   

(46,868

)

 

Morgan Stanley

   

17,500,000

   

Receive

  1-Month USD-LIBOR    

1.659

   

Monthly

 

9/15/18

   

(211,036

)

 
   

$

52,500,000

                       

$

(513,818

)

 

Credit Default Swaps outstanding:

Counterparty

 

Referenced Entity

  Buy/Sell
Protection (9)
  Current
Credit Spread (10)
  Notional
Amount
  Fixed Rate
(Annualized)
  Termination
Date
 

Value

  Unrealized
Appreciation
(Depreciation) (8)
 

Morgan Stanley

 

Kohl's Corporation

 

Buy

   

1.75

%

 

$

3,000,000

     

1.000

%

 

3/20/19

 

$

102,600

   

$

43,893

   

Nuveen Investments
60



  For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)  Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(3)  Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4)  Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

  Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(5)  At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

(6)  Borrowings as a percentage of Total Investments is 29.8%.

(7)  The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.

(8)  Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

(9)  The Fund entered into the credit default swap to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning that referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short.

(10)  The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of a higher likelihood of performance by the seller of protection.

DD1  Portion of investment purchased on a delayed delivery basis.

WI/DD  Purchased on a when-issued or delayed delivery basis.

144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

TBD  Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

USD-LIBOR  United States Dollar – London Inter-Bank Offered Rate.

    See accompanying notes to financial statements.

Nuveen Investments
61



JQC

Nuveen Credit Strategies Income Fund

Portfolio of Investments  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

LONG-TERM INVESTMENTS – 136.1% (97.9% of Total Investments)

 
   

VARIABLE RATE SENIOR LOAN INTERESTS – 97.6% (70.2% of Total Investments) (4)

 
   

Aerospace & Defense – 0.1% (0.1% of Total Investments)

 

$

1,482

   

Hamilton Sundstrand, Term Loan, First Lien

   

4.000

%

 

12/13/19

 

B+

 

$

1,491,887

   
   

Airlines – 3.7% (2.7% of Total Investments)

 
  7,463    

American Airlines, Inc., Term Loan

   

3.750

%

 

6/27/19

 

Ba2

   

7,534,797

   
  16,830    

Delta Air Lines, Inc., Term Loan B1

   

4.000

%

 

10/18/18

 

Ba1

   

16,941,145

   
  27,393    

Delta Air Lines, Inc., Term Loan B

   

3.500

%

 

4/20/17

 

BB+

   

27,643,579

   
  51,686    

Total Airlines

                           

52,119,521

   
   

Auto Components – 1.5% (1.1% of Total Investments)

 
  4,449    

Federal-Mogul Corporation, Tranche B, Term Loan

   

2.108

%

 

12/29/14

 

B1

   

4,426,761

   
  3,070    

Federal-Mogul Corporation, Tranche C, Term Loan

   

2.108

%

 

12/28/15

 

B1

   

3,054,716

   
  12,841    

Schaeffler AG, Term Loan C

   

4.250

%

 

1/27/17

 

Ba2

   

12,966,688

   
  107    

Tomkins, LLC / Tomkins, Inc., Term Loan B2

   

3.750

%

 

9/29/16

 

BB

   

107,414

   
  20,467    

Total Auto Components

                           

20,555,579

   
   

Automobiles – 1.9% (1.3% of Total Investments)

 
  25,764    

Chrysler Group LLC, Term Loan B

   

3.500

%

 

5/24/17

 

Ba1

   

25,938,599

   
   

Biotechnology – 0.4% (0.3% of Total Investments)

 
  5,646    

Grifols, Inc., Term Loan

   

4.250

%

 

6/01/17

 

Ba1

   

5,697,299

   
   

Capital Markets – 0.3% (0.2% of Total Investments)

 
  4,383    

Walter Investment Management Corporation, Tranche B, Term Loan, First Lien

   

4.750

%

 

12/18/20

 

B+

   

4,422,726

   
   

Chemicals – 3.4% (2.4% of Total Investments)

 
  13,628    

Ineos US Finance LLC, Term Loan, First Lien

   

4.000

%

 

5/04/18

 

BB–

   

13,719,444

   
  25,294    

Univar, Inc., Term Loan

   

5.000

%

 

6/30/17

 

B+

   

25,187,868

   
  7,928    

US Coatings Acquisition, Term Loan B

   

4.000

%

 

2/01/20

 

B+

   

8,008,487

   
  46,850    

Total Chemicals

                           

46,915,799

   
   

Commercial Services & Supplies – 0.8% (0.6% of Total Investments)

 
  9,583    

Aramark Corporation, Term Loan, Tranche D

   

4.000

%

 

9/09/19

 

BBB–

   

9,655,160

   
  1,721    

CCS Income Trust, Term Loan, First Lien

   

6.250

%

 

5/12/18

 

B–

   

1,737,615

   
  11,304    

Total Commercial Services & Supplies

                           

11,392,775

   
   

Communications Equipment – 1.4% (1.0% of Total Investments)

 
  3,960    

Alcatel-Lucent, Inc., Term Loan C

   

5.750

%

 

1/30/19

 

B+

   

4,004,550

   
  15,047    

Telesat Canada Inc., Term Loan B

   

3.500

%

 

3/28/19

 

BB–

   

15,138,520

   
  19,007    

Total Communications Equipment

                           

19,143,070

   
   

Computers & Peripherals – 1.9% (1.3% of Total Investments)

 
  25,935    

Dell, Inc., Term Loan B

   

4.500

%

 

4/29/20

 

BB+

   

25,855,302

   
   

Distributors – 1.5% (1.1% of Total Investments)

 
  20,685    

HD Supply, Inc., Term Loan B

   

4.500

%

 

10/12/17

 

B+

   

20,864,504

   
   

Diversified Consumer Services – 6.0% (4.3% of Total Investments)

 
  15,777    

Cengage Learning Acquisitions, Inc., Term Loan, (5)

   

4.750

%

 

7/03/14

 

D

   

14,488,567

   
  9,978    

Ceridian Corporation, New Replacement Term Loan

   

4.408

%

 

8/14/15

 

B1

   

10,047,597

   
  31,579    

Hilton Hotels Corporation, Term Loan B2

   

3.750

%

 

10/25/20

 

BB

   

31,840,832

   
  27,725    

Laureate Education, Inc., Term Loan B

   

5.000

%

 

6/15/18

 

B1

   

27,656,152

   
  85,059    

Total Diversified Consumer Services

                           

84,033,148

   

Nuveen Investments
62



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Diversified Financial Services – 2.4% (1.8% of Total Investments)

 

$

3,970

   

Ocwen Financial Corporation, Term Loan B

   

5.000

%

 

2/15/18

 

B+

 

$

4,018,386

   
  9,135    

RPI Finance Trust, Term Loan B3

   

3.250

%

 

11/09/18

 

Baa2

   

9,203,793

   
  20,843    

WideOpenWest Finance LLC, Term Loan B

   

4.750

%

 

4/01/19

 

B1

   

21,036,398

   
  33,948    

Total Diversified Financial Services

                           

34,258,577

   
   

Diversified Other – 0.4% (0.3% of Total Investments)

 
  5,985    

Rexnord LLC, Term Loan B

   

4.000

%

 

8/21/20

 

B+

   

6,026,560

   
   

Diversified Telecommunication Services – 1.5% (1.1% of Total Investments)

 
  20,440    

Intelsat Jackson Holdings, S.A., Tranche B2, Term Loan

   

3.750

%

 

6/30/19

 

BB–

   

20,626,507

   
   

Food & Staples Retailing – 2.6% (1.9% of Total Investments)

 
  8,129    

Albertson's LLC, Term Loan B1

   

4.250

%

 

3/21/16

 

BB–

   

8,203,978

   
  5,304    

Albertson's LLC, Term Loan B2

   

4.750

%

 

3/21/19

 

BB–

   

5,367,757

   
  13,000    

BJ's Wholesale Club, Inc., Replacement Loan, First Lien

   

4.500

%

 

9/26/19

 

B–

   

13,141,349

   
  7,500    

BJ's Wholesale Club, Inc., Replacement Loan, Second Lien

   

8.500

%

 

3/31/20

 

CCC

   

7,725,780

   
  1,978    

Supervalu, Inc., New Term Loan B

   

5.000

%

 

3/21/19

 

B+

   

1,991,024

   
  35,911    

Total Food & Staples Retailing

                           

36,429,888

   
   

Food Products – 4.6% (3.3% of Total Investments)

 
  990    

AdvancePierre Foods, Inc., Term Loan, First Lien

   

5.750

%

 

7/10/17

 

B1

   

992,888

   
  3,116    

AdvancePierre Foods, Inc., Term Loan, Second Lien

   

9.500

%

 

10/10/17

 

CCC+

   

3,045,890

   
  1,986    

Del Monte Foods Company, Term Loan B

   

4.000

%

 

3/01/18

 

B1

   

1,999,018

   
  33,134    

H.J Heinz Company, Term Loan B2

   

3.500

%

 

6/05/20

 

BB

   

33,511,815

   
  1,374    

NPC International, Inc., Term Loan B

   

4.000

%

 

12/28/18

 

Ba3

   

1,390,654

   
  22,846    

US Foods, Inc., Incremental Term Loan

   

4.500

%

 

3/31/19

 

B2

   

23,099,231

   
  63,446    

Total Food Products

                           

64,039,496

   
   

Health Care Equipment & Supplies – 5.4% (3.9% of Total Investments)

 
  11,498    

Hologic, Inc., Refinancing Term Loan, Tranche B

   

3.750

%

 

8/01/19

 

BBB–

   

11,602,465

   
  10,816    

Kinetic Concepts, Inc., Term Loan D1

   

4.000

%

 

5/04/18

 

BB–

   

10,927,999

   
  7,800    

Onex Carestream Finance LP, Term Loan, First Lien

   

5.000

%

 

6/07/19

 

B+

   

7,930,783

   
  12,000    

Onex Carestream Finance LP, Term Loan, Second Lien

   

9.500

%

 

12/07/19

 

B–

   

12,279,996

   
  32,671    

United Surgical Partners International, Inc., Incremental Term Loan

   

4.750

%

 

4/03/19

 

B1

   

32,967,545

   
  74,785    

Total Health Care Equipment & Supplies

                           

75,708,788

   
   

Health Care Providers & Services – 4.4% (3.1% of Total Investments)

 
  11,184    

Community Health Systems, Inc., Term Loan D, DD1

   

4.250

%

 

1/27/21

 

BB

   

11,313,404

   
  444    

Community Health Systems, Inc., Term Loan E

   

3.487

%

 

1/25/17

 

BB

   

447,329

   
  13,860    

DaVita, Inc., New Term Loan B2

   

4.000

%

 

11/01/19

 

Ba2

   

13,992,765

   
  24,614    

Golden Living, Term Loan

   

5.000

%

 

5/04/18

 

B

   

24,250,965

   
  370    

HCA, Inc., Tranche B5, Term Loan

   

2.910

%

 

3/31/17

 

BB

   

371,314

   
  7,611    

National Mentor Holdings, Inc., Term Loan B, WI/DD

 

TBD

 

TBD

 

B1

   

7,682,200

   
  2,671    

Select Medical Corporation, Term Loan B

   

4.003

%

 

6/01/18

 

Ba2

   

2,690,102

   
  60,754    

Total Health Care Providers & Services

                           

60,748,079

   
   

Hotels, Restaurants & Leisure – 5.6% (4.0% of Total Investments)

 
  2,939    

24 Hour Fitness Worldwide, Inc., Term Loan B

   

5.250

%

 

4/22/16

 

Ba3

   

2,975,884

   
  33,499    

Caesars Entertainment Operating Company, Inc., Term Loan B6

   

5.489

%

 

1/28/18

 

B–

   

32,284,820

   
  1,893    

CCM Merger, Inc., Term Loan

   

5.000

%

 

3/01/17

 

B+

   

1,916,775

   
  9,824    

Landry's Restaurants, Inc., Term Loan B

   

4.000

%

 

4/24/18

 

BB–

   

9,934,260

   
  3,450    

MGM Resorts International, Term Loan B

   

3.500

%

 

12/20/19

 

BB

   

3,458,083

   
  9,000    

Scientific Games Corporation, Term Loan B

   

4.250

%

 

10/18/20

 

Ba2

   

9,055,449

   
  17,865    

Station Casino LLC, Term Loan B

   

5.000

%

 

3/02/20

 

B

   

18,079,380

   
  78,470    

Total Hotels, Restaurants & Leisure

                           

77,704,651

   
   

Household Durables – 2.6% (1.9% of Total Investments)

 
  22,599    

Reynolds Group Holdings, Inc., Incremental US Term Loan, First Lien

   

4.000

%

 

12/01/18

 

B+

   

22,892,486

   
  13,090    

Serta Simmons Holdings LLC, Term Loan

   

4.250

%

 

10/01/19

 

B+

   

13,218,444

   
  35,689    

Total Household Durables

                           

36,110,930

   

Nuveen Investments
63



JQC  Nuveen Credit Strategies Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
   

Insurance – 1.4% (1.0% of Total Investments)

 

$

10,973

   

Hub International Holdings, Inc., Term Loan B

   

4.750

%

 

10/02/20

 

B1

 

$

11,123,319

   
  7,920    

USI Holdings Corporation, Initial Term Loan

   

4.250

%

 

12/27/19

 

B1

   

7,979,551

   
  18,893    

Total Insurance

                           

19,102,870

   
   

Internet & Catalog Retail – 0.6% (0.4% of Total Investments)

 
  7,971    

Burlington Coat Factory Warehouse Corporation, Term Loan B2

   

4.250

%

 

2/16/17

 

BB–

   

8,057,210

   
   

Internet Software & Services – 1.9% (1.4% of Total Investments)

 
  26,730    

Sabre, Inc., Term Loan B

   

5.250

%

 

2/19/19

 

B1

   

26,958,328

   
   

IT Services – 1.4% (1.0% of Total Investments)

 
  3,500    

First Data Corporation, Extended Term Loan

   

4.158

%

 

3/23/18

 

B+

   

3,516,188

   
  5,091    

SRA International, Term Loan

   

6.500

%

 

7/20/18

 

B1

   

5,075,941

   
  5,459    

SunGard Data Systems, Inc., Term Loan E

   

4.000

%

 

3/08/20

 

BB

   

5,492,840

   
  5,836    

Zayo Group LLC, Term Loan B

   

4.000

%

 

7/02/19

 

B1

   

5,879,471

   
  19,886    

Total IT Services

                           

19,964,440

   
   

Leisure Equipment & Products – 0.5% (0.4% of Total Investments)

 
  7,543    

Bombardier Recreational Products, Inc., Term Loan

   

4.000

%

 

1/30/19

 

B+

   

7,599,429

   
   

Machinery – 0.1% (0.0% of Total Investments)

 
  848    

Gardner Denver, Inc., Term Loan

   

4.250

%

 

7/30/20

 

B1

   

847,972

   
   

Media – 9.2% (6.6% of Total Investments)

 
  8,288    

Acquisitions Cogeco Cable II L.P., Term Loan B

   

3.250

%

 

11/30/19

 

BB

   

8,305,390

   
  10,985    

Cengage Learning Acquisitions, Inc., Tranche B, Extended Term Loan, (5)

   

7.750

%

 

7/04/17

 

D

   

10,072,095

   
  567    

Charter Communications Operating Holdings LLC, Term Loan F

   

3.000

%

 

12/31/20

 

Baa3

   

565,417

   
  3,535    

Clear Channel Communications, Inc., Tranche D, Term Loan

   

6.910

%

 

1/30/19

 

CCC+

   

3,437,843

   
  1,358    

Clear Channel Communications, Inc.,Term Loan E

   

7.660

%

 

7/30/19

 

CCC+

   

1,353,544

   
  36,000    

Cumulus Media, Inc., Term Loan B

   

4.250

%

 

12/23/20

 

B+

   

36,422,819

   
  32,860    

EMI Music Publishing LLC, Term Loan B

   

4.250

%

 

6/29/18

 

BB–

   

33,105,973

   
  5,985    

Springer Science & Business Media, Inc., Term Loan

   

5.000

%

 

8/14/20

 

B

   

6,024,280

   
  18,858    

Tribune Company, Term Loan B

   

4.000

%

 

12/27/20

 

BB–

   

18,869,285

   
  4,346    

Univision Communications, Inc., Replacement Term Loan, First Lien

   

4.000

%

 

3/01/20

 

B+

   

4,374,947

   
  6,000    

UPC Broadband Holding BV, Term Loan AF

   

4.000

%

 

1/31/21

 

BB–

   

6,043,752

   
  128,782    

Total Media

                           

128,575,345

   
   

Multiline Retail – 1.3% (1.0% of Total Investments)

 
  18,000    

Hudson's Bay Company, Term Loan B, First Lien

   

4.750

%

 

11/04/20

 

BB

   

18,292,446

   
   

Multi-Utilities – 0.7% (0.5% of Total Investments)

 
  9,900    

ADS Waste Holdings, Inc., Term Loan B

   

4.250

%

 

8/05/19

 

B+

   

9,968,835

   
   

Oil, Gas & Consumable Fuels – 3.5% (2.5% of Total Investments)

 
  4,519    

Crestwood Holdings LLC, Term Loan B

   

7.000

%

 

6/19/19

 

B

   

4,646,087

   
  9,950    

Drill Rigs Holdings, Inc., Tranche B1, Term Loan

   

6.000

%

 

3/31/21

 

B+

   

10,198,750

   
  3,741    

Fieldwood Energy LLC, Term Loan, First Lien

   

3.875

%

 

9/28/18

 

Ba2

   

3,767,513

   
  10,000    

Fieldwood Energy LLC, Term Loan, Second Lien

   

8.375

%

 

9/30/20

 

B2

   

10,292,860

   
  4,672    

Offshore Group Investment Limited, Term Loan B

   

5.000

%

 

10/25/17

 

B–

   

4,708,336

   
  2,917    

Samson Investment Company, Tranche 1, Term Loan, Second Lien

   

5.000

%

 

9/25/18

 

B1

   

2,950,208

   
  11,910    

Vantage Drilling Company, Term Loan B

   

5.750

%

 

3/28/19

 

B–

   

12,118,425

   
  47,709    

Total Oil, Gas & Consumable Fuels

                           

48,682,179

   
   

Personal Products – 0.0% (0.0% of Total Investments)

 
  732    

Prestige Brands, Inc., Term Loan B1

   

3.792

%

 

1/31/19

 

BB

   

738,356

   
   

Pharmaceuticals – 6.5% (4.7% of Total Investments)

 
  34,798    

Pharmaceutical Product Development, Inc., Term Loan B, First Lien

   

4.000

%

 

12/01/18

 

Ba3

   

35,074,262

   
  12,810    

Quintiles Transnational Corp., Term Loan B3

   

3.750

%

 

6/08/18

 

BB

   

12,862,411

   

Nuveen Investments
64



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity (2)

 

Ratings (3)

 

Value

 
    Pharmaceuticals (continued)  

$

11,500

   

Salix Pharmaceuticals, LTD., Term Loan

   

4.250

%

 

1/02/20

 

Ba1

 

$

11,659,562

   
  9,875    

Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan C2

   

3.750

%

 

12/11/19

 

BBB–

   

9,955,195

   
  1,481    

Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan D2

   

3.750

%

 

2/13/19

 

BBB–

   

1,493,413

   
  19,336    

Valeant Pharmaceuticals International, Inc., Term Loan E

   

3.750

%

 

8/05/20

 

Ba1

   

19,541,742

   
  89,800    

Total Pharmaceuticals

                           

90,586,585

   
   

Real Estate Investment Trust – 2.9% (2.1% of Total Investments)

 
  31,832    

iStar Financial, Inc., Term Loan, Tranche A2, First Lien

   

7.000

%

 

3/19/17

 

BB–

   

32,927,582

   
  7,532    

iStar Financial, Inc., Term Loan

   

4.500

%

 

10/15/17

 

BB–

   

7,579,830

   
  39,364    

Total Real Estate Investment Trust

                           

40,507,412

   
   

Real Estate Management & Development – 2.6% (1.9% of Total Investments)

 
  22,263    

Capital Automotive LP, Term Loan, Tranche B1

   

4.000

%

 

4/10/19

 

Ba2

   

22,501,486

   
  13,399    

Realogy Corporation, Term Loan B

   

4.500

%

 

3/05/20

 

BB

   

13,521,014

   
  35,662    

Total Real Estate Management & Development

                           

36,022,500

   
   

Semiconductors & Equipment – 1.6% (1.1% of Total Investments)

 
  20,843    

Freescale Semiconductor, Inc., Term Loan, Tranche B4

   

5.000

%

 

2/28/20

 

B1

   

21,070,475

   
  973    

NXP Semiconductor LLC, Term Loan

   

4.500

%

 

3/03/17

 

Ba3

   

987,239

   
  21,816    

Total Semiconductors & Equipment

                           

22,057,714

   
   

Software – 9.7% (7.0% of Total Investments)

 
  4,489    

Activision Blizzard, Inc., Term Loan B

   

3.250

%

 

10/12/20

 

BBB

   

4,533,938

   
  5,856    

Blackboard, Inc., Term Loan B3

   

4.750

%

 

10/04/18

 

B+

   

5,925,847

   
  4,000    

BMC Software, Inc., Initial Term Loan

   

5.000

%

 

9/10/20

 

BB–

   

4,011,388

   
  29,891    

Datatel Parent Corp, Term Loan B

   

4.500

%

 

7/19/18

 

B+

   

30,235,258

   
  17,322    

Emdeon Business Services LLC, Term Loan B2

   

3.750

%

 

11/02/18

 

BB–

   

17,405,136

   
  20,434    

Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B5

   

3.750

%

 

6/03/20

 

Ba3

   

20,533,775

   
  790    

IPC Systems, Inc., Extended Term Loan, Tranche B1, First Lien

   

7.750

%

 

7/31/17

 

B1

   

795,666

   
  6,365    

IPC Systems, Inc., Term Loan, Second Lien

   

5.410

%

 

6/01/15

 

CCC

   

5,824,235

   
  15,125    

Kronos Incorporated, Initial Term Loan, Second Lien

   

9.750

%

 

4/30/20

 

CCC+

   

15,679,495

   
  15,000    

Misys PLC, Term Loan, Second Lien

   

12.000

%

 

6/12/19

 

Caa1

   

17,312,505

   
  2,382    

RedPrairie Corporation, New Term Loan, First Lien

   

6.000

%

 

12/21/18

 

B+

   

2,407,804

   
  10,000    

Vertafore, Inc., Term Loan, Second Lien

   

9.750

%

 

10/29/17

 

CCC+

   

10,200,000

   
  131,654    

Total Software

                           

134,865,047

   
   

Specialty Retail – 0.3% (0.2% of Total Investments)

 
  1,746    

Jo-Ann Stores, Inc., Term Loan, First Lien

   

4.000

%

 

3/16/18

 

B+

   

1,755,671

   
  2,899    

Michaels Stores, Inc. Term Loan, First Lien

   

3.750

%

 

1/28/20

 

BB–

   

2,917,599

   
  4,645    

Total Specialty Retail

                           

4,673,270

   
   

Wireless Telecommunication Services – 1.0% (0.7% of Total Investments)

 
  1,505    

Clear Channel Communications, Inc., Tranche B, Term Loan

   

3.810

%

 

1/29/16

 

CCC+

   

1,470,304

   
  10,448    

Cricket Communications, Inc., Term Loan C

   

4.750

%

 

3/08/20

 

Ba3

   

10,482,020

   
  1,481    

IPC Systems, Inc., Term Loan, Tranche C, First Lien

   

7.750

%

 

7/31/17

 

B1

   

1,492,359

   
  13,434    

Total Wireless Telecommunication Services

                           

13,444,683

   

$

1,351,065

   

Total Variable Rate Senior Loan Interests (cost $1,338,816,455)

                           

1,361,028,306

   
Shares  

Description (1)

             

Value

 
   

COMMON STOCKS – 8.2% (5.9% of Total Investments)

 
   

Aerospace & Defense – 0.2% (0.2% of Total Investments)

 
  5,830    

BE Aerospace Inc., (6)

                         

$

463,310

   
  6,870    

Boeing Company

                           

860,535

   
  6,023    

GenCorp Inc., (6)

                           

102,511

   
  6,570    

Honeywell International Inc.

                           

599,381

   
  6,940    

United Technologies Corporation

                           

791,299

   
   

Total Aerospace & Defense

                           

2,817,036

   

Nuveen Investments
65



JQC  Nuveen Credit Strategies Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Shares  

Description (1)

             

Value

 
   

Air Freight & Logistics – 0.0% (0.0% of Total Investments)

 
  2,860    

United Parcel Service, Inc., Class B

                         

$

272,358

   
   

Airlines – 0.0% (0.0% of Total Investments)

 
  13,170    

Ryanair Holdings PLC, Sponsored ADR, (6)

                           

622,283

   
   

Auto Components – 0.0% (0.0% of Total Investments)

 
  8,820    

Delphi Automotive PLC

                           

537,050

   
   

Automobiles – 0.2% (0.1% of Total Investments)

 
  13,770    

BMW, Bayerische Motoren Werke AG, Unsponsored ADR, (8)

                           

498,887

   
  16,150    

General Motors Company, (6)

                           

582,692

   
  17,440    

Honda Motor Company Limited, Sponsored ADR

                           

654,174

   
  5,750    

Toyota Motor Corporation, Sponsored ADR

                           

659,870

   
  1,674    

Winnebago Industries Inc., (6)

                           

40,109

   
   

Total Automobiles

                           

2,435,732

   
   

Beverages – 0.2% (0.2% of Total Investments)

 
  11,780    

Coca Cola Enterprises Inc.

                           

509,956

   
  1,620    

Coca Cola Femsa SAB de CV, Sponsored ADR

                           

172,109

   
  15,290    

Coca-Cola Company

                           

578,268

   
  2,798    

Crimson Wine Group Limited, (6)

                           

22,972

   
  2,590    

Diageo PLC, Sponsored ADR

                           

310,930

   
  12,630    

PepsiCo, Inc.

                           

1,014,947

   
  20,550    

Treasury Wine Estates Limited, ADR, (8)

                           

66,171

   
   

Total Beverages

                           

2,675,353

   
   

Biotechnology – 0.3% (0.2% of Total Investments)

 
  2,120    

Alexion Pharmaceuticals Inc., (6)

                           

336,508

   
  8,140    

Amgen Inc.

                           

968,253

   
  2,680    

Biogen Idec Inc., (6)

                           

837,875

   
  3,590    

Celgene Corporation, (6)

                           

545,429

   
  643    

Enanta Pharmaceuticals Inc., (6)

                           

23,521

   
  12,690    

Gilead Sciences, Inc., (6)

                           

1,023,448

   
  2,050    

Vertex Pharmaceuticals Inc., (6)

                           

162,032

   
   

Total Biotechnology

                           

3,897,066

   
   

Building Products – 0.1% (0.1% of Total Investments)

 
  6,400    

Allegion PLC, (6)

                           

315,840

   
  15,227    

Masonite International Corporation, (6)

                           

837,485

   
  1,338    

Trex Company Inc., (6)

                           

94,102

   
   

Total Building Products

                           

1,247,427

   
   

Capital Markets – 0.2% (0.1% of Total Investments)

 
  3,760    

Affiliated Managers Group Inc., (6)

                           

749,142

   
  3,370    

Ameriprise Financial, Inc.

                           

356,007

   
  10,380    

Charles Schwab Corporation

                           

257,632

   
  6,180    

Credit Suisse Group, Sponsored ADR

                           

186,327

   
  6,380    

Deutsche Bank AG

                           

307,387

   
  1,357    

Greenhill & Co Inc.

                           

70,496

   
  3,623    

Manning & Napier Inc.

                           

60,685

   
  2,368    

RCS Capital Corporation

                           

50,344

   
  14,560    

UBS AG

                           

289,306

   
  470    

Virtus Investment Partners Inc., (6)

                           

85,662

   
   

Total Capital Markets

                           

2,412,988

   
   

Chemicals – 0.3% (0.2% of Total Investments)

 
  1,600    

BASF AG, Sponsored ADR, (8)

                           

171,728

   
  19,800    

LyondellBasell Industries NV

                           

1,559,447

   

Nuveen Investments
66



Shares  

Description (1)

             

Value

 
    Chemicals (continued)  
  7,280    

Methanex Corporation

                         

$

436,218

   
  1,909    

Minerals Technologies Inc.

                           

98,657

   
  3,300    

Monsanto Company

                           

351,615

   
  3,150    

PPG Industries, Inc.

                           

574,434

   
  3,390    

Syngenta AG, ADR

                           

240,114

   
  5,259    

Westlake Chemical Corporation

                           

639,179

   
  3,270    

WR Grace & Company, (6)

                           

308,426

   
   

Total Chemicals

                           

4,379,818

   
   

Commercial Banks – 0.3% (0.2% of Total Investments)

 
  9,780    

Australia and New Zealand Banking Group Limited, Sponsored ADR, (8)

                           

257,410

   
  16,460    

Banco Itau Holdings Financeira, S.A., Sponsored ADR

                           

201,470

   
  4,390    

Bank of Montreal

                           

268,141

   
  2,848    

Banner Corporation

                           

104,892

   
  5,063    

BBCN Bancorp Inc.

                           

76,198

   
  13,960    

BNP Paribas SA, ADR, (8)

                           

542,625

   
  7,780    

HSBC Holdings PLC, Sponsored ADR

                           

400,591

   
  35,510    

Mitsubishi UFJ Financial Group, Inc., ADR

                           

214,480

   
  28,730    

Mizuho Financial Group, ADR

                           

122,102

   
  14,760    

National Australia Bank Limited, Sponsored ADR, (8)

                           

212,692

   
  3,869    

Pacwest Bancorp.

                           

155,186

   
  17,160    

Societe Generale, Sponsored ADR, (8)

                           

194,594

   
  45,780    

Sumitomo Mitsui Financial Group, Sponsored ADR

                           

426,670

   
  2,010    

Toronto-Dominion Bank

                           

173,765

   
  1,735    

Trico Bancshares

                           

42,959

   
  5,666    

United Community Banks, Inc., (6)

                           

94,509

   
  1,471    

Wintrust Financial Corporation

                           

64,474

   
   

Total Commercial Banks

                           

3,552,758

   
   

Commercial Services & Supplies – 0.0% (0.0% of Total Investments)

 
  6,095    

CECO Environmental Corporation

                           

94,716

   
  6,540    

Clean Harbors, Inc., (6)

                           

366,763

   
  1,990    

G&K Services, Inc.

                           

111,221

   
   

Total Commercial Services & Supplies

                           

572,700

   
   

Communications Equipment – 0.1% (0.1% of Total Investments)

 
  3,818    

CommScope Holding Company Inc., (6)

                           

68,457

   
  3,210    

F5 Networks, Inc., (6)

                           

343,470

   
  12,400    

QUALCOMM, Inc.

                           

920,328

   
   

Total Communications Equipment

                           

1,332,255

   
   

Computers & Peripherals – 0.2% (0.2% of Total Investments)

 
  5,790    

Apple, Inc.

                           

2,898,474

   
  3,110    

SanDisk Corporation

                           

216,301

   
   

Total Computers & Peripherals

                           

3,114,775

   
   

Consumer Finance – 0.0% (0.0% of Total Investments)

 
  12,520    

Discover Financial Services

                           

671,698

   
   

Containers & Packaging – 0.0% (0.0% of Total Investments)

 
  2,786    

Myers Industries, Inc.

                           

53,352

   
  10,870    

Owens-Illinois, Inc., (6)

                           

348,275

   
  3,830    

Packaging Corp. of America

                           

247,418

   
   

Total Containers & Packaging

                           

649,045

   
   

Diversified Consumer Services – 0.0% (0.0% of Total Investments)

 
  1,063    

Ascent Media Corporation, (6)

                           

76,058

   

Nuveen Investments
67



JQC  Nuveen Credit Strategies Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Shares  

Description (1)

             

Value

 
   

Diversified Financial Services – 0.1% (0.1% of Total Investments)

 
  33,910    

ING Groep N.V, Sponsored ADR, (6)

                         

$

447,951

   
  3,010    

IntercontinentalExchange Group Inc.

                           

628,458

   
  7,320    

Moody's Corporation

                           

545,926

   
   

Total Diversified Financial Services

                           

1,622,335

   
   

Diversified Telecommunication Services – 0.1% (0.1% of Total Investments)

 
  7,180    

BT Group PLC, Sponsored ADR

                           

452,699

   
  4,750    

Chorus Limited, ADR, (8)

                           

26,891

   
  23,740    

Telecom Corporation of New Zealand Ltd, Sponsored ADR, (8)

                           

223,868

   
  4,010    

Telefonica Brasil SA, ADR

                           

76,190

   
  17,300    

Verizon Communications Inc.

                           

830,746

   
   

Total Diversified Telecommunication Services

                           

1,610,394

   
   

Electric Utilities – 0.0% (0.0% of Total Investments)

 
  2,052    

El Paso Electric Company

                           

74,754

   
  3,451    

Portland General Electric Company

                           

104,151

   
   

Total Electric Utilities

                           

178,905

   
   

Electrical Equipment – 0.2% (0.2% of Total Investments)

 
  24,940    

ABB Limited, Sponsored ADR

                           

619,510

   
  9,690    

Ametek Inc.

                           

478,880

   
  2,358    

Generac Holdings Inc.

                           

113,491

   
  19,550    

Nidec Corporation, ADR

                           

544,077

   
  5,370    

Rockwell Automation, Inc.

                           

616,691

   
  15,160    

Sensata Technologies Holdings, (6)

                           

567,590

   
  2,695    

Thermon Group Holdings Inc., (6)

                           

72,981

   
   

Total Electrical Equipment

                           

3,013,220

   
   

Electronic Equipment & Instruments – 0.0% (0.0% of Total Investments)

 
  2,634    

Newport Corporation, (6)

                           

47,781

   
  1,532    

SYNNEX Corporation, (6)

                           

86,022

   
  2,664    

Vishay Precision Group Inc., (6)

                           

37,935

   
   

Total Electronic Equipment & Instruments

                           

171,738

   
   

Energy Equipment & Services – 0.2% (0.1% of Total Investments)

 
  1,827    

ERA Group Incorporated, (6)

                           

53,513

   
  9,390    

Halliburton Company

                           

460,204

   
  2,520    

Oceaneering International Inc.

                           

171,738

   
  12,970    

RPC Inc.

                           

220,879

   
  12,290    

Schlumberger Limited

                           

1,076,235

   
  16,160    

Subsea 7 SA, Sponsored ADR, (8)

                           

278,760

   
   

Total Energy Equipment & Services

                           

2,261,329

   
   

Food & Staples Retailing – 0.2% (0.1% of Total Investments)

 
  9,290    

Costco Wholesale Corporation

                           

1,043,824

   
  9,180    

Koninklijke Ahold NV, Sponsored ADR, (8)

                           

153,122

   
  5,630    

Walgreen Co.

                           

322,881

   
  4,010    

Wal-Mart Stores, Inc.

                           

299,467

   
  9,560    

Whole Foods Market, Inc.

                           

499,606

   
   

Total Food & Staples Retailing

                           

2,318,900

   
   

Food Products – 0.3% (0.2% of Total Investments)

 
  3,389    

Dean Foods Company, (6)

                           

53,546

   
  7,610    

General Mills, Inc.

                           

365,432

   
  6,610    

Hershey Foods Corporation

                           

657,034

   
  7,700    

Kraft Foods Inc.

                           

403,095

   
  3,830    

Mead Johnson Nutrition Company, Class A Shares

                           

294,489

   
  9,970    

Nestle S.A., Sponsored ADR, (8)

                           

724,321

   

Nuveen Investments
68



Shares  

Description (1)

             

Value

 
    Food Products (continued)  
  13,170    

Unilever PLC, Sponsored ADR

                         

$

508,494

   
  25,731    

WhiteWave Foods Company, (6)

                           

622,948

   
   

Total Food Products

                           

3,629,359

   
   

Health Care Equipment & Supplies – 0.1% (0.1% of Total Investments)

 
  14,520    

Baxter International, Inc.

                           

991,716

   
  2,850    

Becton, Dickinson and Company

                           

308,142

   
  2,400    

DexCom, Inc., (6)

                           

97,104

   
  2,725    

Veracyte Inc., (6)

                           

39,921

   
   

Total Health Care Equipment & Supplies

                           

1,436,883

   
   

Health Care Providers & Services – 0.2% (0.2% of Total Investments)

 
  1,306    

AmSurg Corporation, (6)

                           

54,526

   
  7,371    

Bioscrip, Inc., (6)

                           

62,727

   
  1,868    

Capital Senior Living Corporation, (6)

                           

41,974

   
  6,120    

Express Scripts, Holding Company, (6)

                           

457,103

   
  12,290    

Fresenius Medical Care AG, ADR

                           

433,714

   
  9,400    

HCA Holdings Inc., (6)

                           

472,538

   
  6,720    

McKesson HBOC Inc.

                           

1,172,035

   
  1,448    

Owens and Minor Inc.

                           

50,159

   
  10,760    

Select Medical Corporation

                           

116,208

   
  2,970    

Surgical Care Affiliates Inc., (6)

                           

95,307

   
  2,195    

Team Health Holdings Inc., (6)

                           

94,736

   
  11,627    

Universal American Corporation

                           

81,970

   
  1,562    

Wellcare Health Plans Inc., (6)

                           

101,702

   
   

Total Health Care Providers & Services

                           

3,234,699

   
   

Hotels, Restaurants & Leisure – 0.2% (0.1% of Total Investments)

 
  2,072    

Cheesecake Factory Inc.

                           

92,287

   
  8,070    

Dunkin Brands Group Inc.

                           

375,497

   
  10,200    

Marriott International, Inc., Class A

                           

502,860

   
  4,431    

Penn National Gaming, Inc., (6)

                           

51,976

   
  11,960    

Starbucks Corporation

                           

850,595

   
  6,820    

Wyndham Worldwide Corporation

                           

483,811

   
   

Total Hotels, Restaurants & Leisure

                           

2,357,026

   
   

Household Durables – 0.1% (0.1% of Total Investments)

 
  14,938    

Brookfield Residential Properties Inc., (6)

                           

337,898

   
  22,740    

Sekisui House, Ltd., Sponsored ADR, (8)

                           

313,812

   
  4,660    

Whirlpool Corporation

                           

621,178

   
   

Total Household Durables

                           

1,272,888

   
   

Household Products – 0.1% (0.1% of Total Investments)

 
  12,950    

Colgate-Palmolive Company

                           

792,929

   
   

Industrial Conglomerates – 0.0% (0.0% of Total Investments)

 
  6,250    

Carlisle Companies Inc.

                           

465,813

   
   

Insurance – 0.3% (0.2% of Total Investments)

 
  13,570    

Allianz S.E., ADR, (8)

                           

226,076

   
  6,084    

American Equity Investment Life Holding Company

                           

133,544

   
  1,950    

Argo Group International Holdings Inc.

                           

87,731

   
  24,540    

AXA-UAP, Sponsored ADR, (8)

                           

645,646

   
  3,747    

Fidelity & Guaranty Life, (6)

                           

73,891

   
  10,130    

Hanover Insurance Group Inc.

                           

562,519

   
  4,654    

Hilltop Holdings Inc., (6)

                           

110,719

   
  14,160    

Muenchener Ruekversicherung-Gesellschaft AG (MunichRe), Unsponsored ADR, (8)

                           

293,112

   
  2,798    

Primerica Inc.

                           

117,880

   

Nuveen Investments
69



JQC  Nuveen Credit Strategies Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Shares  

Description (1)

             

Value

 
    Insurance (continued)  
  14,960    

Prudential Corporation PLC, ADR

                         

$

603,786

   
  5,190    

Prudential Financial, Inc.

                           

437,984

   
  9,780    

XL Capital Ltd, Class A

                           

281,077

   
   

Total Insurance

                           

3,573,965

   
   

Internet & Catalog Retail – 0.2% (0.1% of Total Investments)

 
  4,040    

Amazon.com, Inc., (6)

                           

1,449,108

   
  850    

priceline.com Incorporated, (6)

                           

973,157

   
   

Total Internet & Catalog Retail

                           

2,422,265

   
   

Internet Software & Services – 0.4% (0.3% of Total Investments)

 
  1,780    

Equinix Inc., (6)

                           

329,656

   
  15,380    

Facebook Inc., Class A Shares, (6)

                           

962,327

   
  2,740    

Google Inc., Class A, (6)

                           

3,235,858

   
  1,820    

LinkedIn Corporation, Class A Shares, (6)

                           

391,682

   
  4,590    

Tencent Holdings Limited, Unsponsored ADR, (8)

                           

317,399

   
  5,190    

Yandex NV, Class A Shares, (6)

                           

190,733

   
   

Total Internet Software & Services

                           

5,427,655

   
   

IT Services – 0.3% (0.2% of Total Investments)

 
  2,500    

Alliance Data Systems Corporation, (6)

                           

599,150

   
  2,552    

Cardtronics Inc., (6)

                           

98,303

   
  1,980    

Cognizant Technology Solutions Corporation, Class A, (6)

                           

191,902

   
  2,338    

CSG Systems International Inc.

                           

70,046

   
  4,584    

Evertec Inc.

                           

110,612

   
  4,290    

Gartner Inc., (6)

                           

301,716

   
  4,280    

International Business Machines Corporation (IBM)

                           

756,190

   
  14,200    

MasterCard, Inc.

                           

1,074,656

   
  3,174    

VeriFone Holdings Inc., (6)

                           

92,078

   
  5,060    

Visa Inc.

                           

1,090,076

   
  612    

WEX Inc., (6)

                           

50,404

   
   

Total IT Services

                           

4,435,133

   
   

Leisure Equipment & Products – 0.0% (0.0% of Total Investments)

 
  990    

Brunswick Corporation

                           

41,045

   
   

Life Sciences Tools & Services – 0.0% (0.0% of Total Investments)

 
  7,780    

WuXi PharmaTech Inc., ADR, (6)

                           

271,522

   
   

Machinery – 0.2% (0.2% of Total Investments)

 
  2,276    

Actuant Corporation

                           

77,885

   
  3,563    

Barnes Group Inc.

                           

133,399

   
  11,180    

Donaldson Company, Inc.

                           

461,287

   
  13,770    

Fanuc Limited, Unsponsored ADR, (8)

                           

385,560

   
  3,240    

IDEX Corporation

                           

233,312

   
  6,270    

Ingersoll Rand Company Limited, Class A

                           

368,613

   
  2,451    

John Bean Technologies Corporation

                           

75,662

   
  9,970    

Komatsu, Ltd., Sponsored ADR, (8)

                           

210,866

   
  6,870    

Lincoln Electric Holdings Inc.

                           

475,404

   
  8,770    

Meritor Inc., (6)

                           

96,295

   
  8,799    

Mueller Water Products Inc.

                           

76,375

   
  2,083    

Sun Hydraulics Corporation

                           

76,134

   
  7,340    

Wabtec Corporation

                           

541,765

   
   

Total Machinery

                           

3,212,557

   
   

Media – 0.5% (0.4% of Total Investments)

 
  12,590    

Cinemark Holdings Inc.

                           

369,013

   
  22,940    

Comcast Corporation, Class A

                           

1,249,083

   

Nuveen Investments
70



Shares  

Description (1)

             

Value

 
    Media (continued)  
  12,393    

Cumulus Media, Inc., (6)

                         

$

82,909

   
  4,000    

DirecTV, (6)

                           

277,720

   
  5,570    

Scripps Networks Interactive, Class A Shares

                           

403,936

   
  3,920    

Starz, Class A, (6)

                           

109,682

   
  4,040    

Time Warner Cable, Class A

                           

538,411

   
  22,352    

Tribune Company, (6)

                           

1,665,224

   
  17,987    

Tribune Company, (6), (7)

                           

   
  10,320    

Viacom Inc., Class B

                           

847,272

   
  10,990    

Walt Disney Company

                           

797,984

   
  6,780    

WPP Group PLC, Sponsored ADR

                           

711,019

   
   

Total Media

                           

7,052,253

   
   

Metals & Mining – 0.1% (0.1% of Total Investments)

 
  800    

BHP Billiton PLC, ADR

                           

47,168

   
  4,390    

BHP Billiton PLC, ADR

                           

280,741

   
  7,380    

Rio Tinto PLC, Sponsored ADR

                           

392,247

   
  11,010    

Sesa Goa Limited, ADR

                           

133,001

   
  4,386    

SunCoke Energy Inc., (6)

                           

97,281

   
   

Total Metals & Mining

                           

950,438

   
   

Multiline Retail – 0.0% (0.0% of Total Investments)

 
  10,370    

Macy's, Inc.

                           

551,684

   
   

Multi-Utilities – 0.0% (0.0% of Total Investments)

 
  5,980    

E.ON A.G, Sponsored ADR, (8)

                           

108,716

   
  7,580    

Veolia Environment S.A., ADR

                           

118,779

   
   

Total Multi-Utilities

                           

227,495

   
   

Oil, Gas & Consumable Fuels – 0.3% (0.2% of Total Investments)

 
  12,370    

BG PLC., Sponsored ADR, (8)

                           

207,940

   
  3,590    

BP PLC, Sponsored ADR

                           

168,335

   
  1,664    

Carrizo Oil & Gas, Inc., (6)

                           

68,390

   
  2,613    

Crosstex Energy, Inc.

                           

97,988

   
  3,840    

DHT Maritime Inc.

                           

31,526

   
  2,674    

Energy XXI Limited Bermuda

                           

61,368

   
  1,890    

EOG Resources, Inc.

                           

312,304

   
  4,280    

EQT Corporation

                           

397,227

   
  1,960    

Oasis Petroleum Inc., (6)

                           

81,948

   
  1,053    

Par Petroleum Corporation, (6)

                           

23,598

   
  2,000    

Pioneer Natural Resources Company

                           

338,640

   
  11,230    

Repsol SA, Sponsored ADR, (8)

                           

263,568

   
  7,980    

Royal Dutch Shell PLC, Class B, ADR

                           

581,183

   
  1,592    

SemGroup Corporation, A Shares

                           

98,322

   
  6,250    

SM Energy Company

                           

517,250

   
  6,980    

StatoilHydro ASA, Sponsored ADR

                           

165,496

   
  1,036    

Targa Resources Corporation

                           

93,540

   
  6,900    

Total SA, Sponsored ADR

                           

394,473

   
   

Total Oil, Gas & Consumable Fuels

                           

3,903,096

   
   

Paper & Forest Products – 0.0% (0.0% of Total Investments)

 
  1,000    

Clearwater Paper Corporation, (6)

                           

56,950

   
  4,012    

KapStone Paper and Packaging Corp., (6)

                           

112,216

   
   

Total Paper & Forest Products

                           

169,166

   
   

Personal Products – 0.0% (0.0% of Total Investments)

 
  6,980    

L'Oreal, Unsponsored ADR, (8)

                           

229,921

   

Nuveen Investments
71



JQC  Nuveen Credit Strategies Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Shares  

Description (1)

             

Value

 
   

Pharmaceuticals – 0.5% (0.3% of Total Investments)

 
  13,530    

AbbVie Inc.

                         

$

666,082

   
  6,170    

Actavis Inc., (6)

                           

1,166,007

   
  6,129    

Allergan, Inc.

                           

702,383

   
  6,920    

AstraZeneca PLC, Sponsored ADR

                           

439,420

   
  2,990    

Bayer AG, Sponsored ADR, (8)

                           

394,677

   
  11,950    

Bristol-Myers Squibb Company

                           

597,142

   
  306    

Jazz Pharmaceuticals, Inc., (6)

                           

46,408

   
  934    

Mallinckrodt PLC, (6)

                           

54,013

   
  1,657    

Medicines Company, (6)

                           

57,597

   
  6,180    

Novartis AG, Sponsored ADR

                           

488,653

   
  11,350    

Novo-Nordisk A/S, Sponsored ADR

                           

450,255

   
  4,126    

Prestige Brands Holdings Inc., (6)

                           

124,853

   
  10,270    

Sanofi-Aventis, ADR

                           

502,203

   
  2,590    

Shire plc, ADR

                           

387,516

   
  5,590    

Teva Pharmaceutical Industries Limited, Sponsored ADR

                           

249,482

   
   

Total Pharmaceuticals

                           

6,326,691

   
   

Real Estate Investment Trust – 0.1% (0.0% of Total Investments)

 
  3,430    

Chesapeake Lodging Trust

                           

83,521

   
  10,560    

Corrections Corporation of America

                           

354,499

   
  2,817    

CyrusOne Inc.

                           

60,875

   
  5,010    

DiamondRock Hospitality Company

                           

58,016

   
  6,115    

iStar Financial Inc., (6)

                           

94,293

   
  15,711    

New Residential Investment

                           

99,765

   
   

Total Real Estate Investment Trust

                           

750,969

   
   

Real Estate Management & Development – 0.0% (0.0% of Total Investments)

 
  4,149    

Altisource Portfolio Solutions SA, (6)

                           

542,440

   
  3,288    

Forestar Real Estate Group Inc., (6)

                           

65,760

   
   

Total Real Estate Management & Development

                           

608,200

   
   

Road & Rail – 0.1% (0.1% of Total Investments)

 
  20,950    

East Japan Railway Company, Unsponsored ADR, (8)

                           

261,297

   
  897    

Genesee & Wyoming Inc., (6)

                           

81,035

   
  3,110    

Kansas City Southern Industries

                           

328,385

   
  7,420    

Union Pacific Corporation

                           

1,292,861

   
   

Total Road & Rail

                           

1,963,578

   
   

Semiconductors & Equipment – 0.2% (0.1% of Total Investments)

 
  6,600     ASML Holding NV                            

558,557

   
  9,130    

Avago Technologies Limited

                           

498,862

   
  15,360    

Intel Corporation

                           

376,934

   
  8,380    

NXP Semiconductors NV, (6)

                           

405,173

   
  4,889    

Rudolph Technologies, (6)

                           

53,730

   
  10,372    

Silicon Image, Inc., (6)

                           

57,979

   
  6,452    

Spansion Inc., Class A, (6)

                           

96,780

   
  9,150    

Xilinx, Inc.

                           

424,743

   
   

Total Semiconductors & Equipment

                           

2,472,758

   
   

Software – 0.5% (0.3% of Total Investments)

 
  2,726    

Allot Communications, Limited, (6)

                           

43,671

   
  32,530    

Cadence Design Systems, Inc., (6)

                           

459,324

   
  5,790    

Check Point Software Technology Limited, (6)

                           

378,840

   
  2,062    

Comverse Incorporated, (6)

                           

74,314

   
  33,520    

Giant Interactive Group, Inc., ADR

                           

369,055

   
  4,584    

Manhattan Associates Inc., (6)

                           

154,572

   
  2,613    

Mentor Graphics Corporation

                           

54,350

   
  66,560    

Microsoft Corporation

                           

2,519,296

   
  32,050    

Oracle Corporation

                           

1,182,645

   

Nuveen Investments
72



Shares  

Description (1)

             

Value

 
    Software (continued)  
  3,072    

Parametric Technology Corporation, (6)

                         

$

109,609

   
  11,310    

Salesforce.com, Inc., (6)

                           

684,594

   
  4,080    

VMware Inc., (6)

                           

367,771

   
  1,740    

Workday Inc., Class A, (6)

                           

155,800

   
   

Total Software

                           

6,553,841

   
   

Specialty Retail – 0.2% (0.1% of Total Investments)

 
  2,664    

CST Brands Inc.

                           

85,062

   
  16,070    

Home Depot, Inc.

                           

1,234,980

   
  2,032    

Kirkland's, Inc., (6)

                           

38,263

   
  2,072    

Lithia Motors Inc.

                           

116,633

   
  4,740    

O'Reilly Automotive Inc., (6)

                           

620,845

   
  3,859    

Zale Corporation, (6)

                           

58,348

   
   

Total Specialty Retail

                           

2,154,131

   
   

Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments)

 
  2,093    

Fifth & Pacific Companies Inc., (6)

                           

60,069

   
  6,180    

LVMH Moet Hennessy, Unsponsored ADR, (8)

                           

219,699

   
  6,800    

Michael Kors Holdings Limited, (6)

                           

543,522

   
  1,817    

Movado Group Inc.

                           

68,592

   
  8,560    

Nike, Inc., Class B

                           

623,596

   
  2,470    

Ralph Lauren Corporation

                           

387,518

   
  8,930    

VF Corporation

                           

521,959

   
  2,757    

Wolverine World Wide Inc.

                           

76,920

   
   

Total Textiles Apparel & Luxury Goods

                           

2,501,875

   
   

Thrifts & Mortgage Finance – 0.0% (0.0% of Total Investments)

 
  2,307    

First Defiance Financial Corporation

                           

59,336

   
  1,817    

Ocwen Financial Corporation, (6)

                           

80,202

   
  3,644    

Oritani Financial Corporation

                           

57,357

   
  5,900    

PennyMac Financial Services Inc., (6)

                           

100,182

   
   

Total Thrifts & Mortgage Finance

                           

297,077

   
   

Tobacco – 0.1% (0.1% of Total Investments)

 
  2,130    

British American Tobacco PLC, Sponsored ADR

                           

204,459

   
  7,880    

Philip Morris International

                           

615,743

   
  1,889    

Universal Corporation

                           

96,943

   
   

Total Tobacco

                           

917,145

   
   

Trading Companies & Distributors – 0.0% (0.0% of Total Investments)

 
  2,817    

CAI International Inc., (6)

                           

58,284

   
  3,277    

H&E Equipment Services, Inc., (6)

                           

99,228

   
  13,170    

MRC Global Inc., (6)

                           

367,704

   
  1,063    

Watsco Inc.

                           

100,581

   
   

Total Trading Companies & Distributors

                           

625,797

   
   

Wireless Telecommunication Services – 0.1% (0.1% of Total Investments)

 
  22,740    

KDDI Corporation, Unsponsored ADR, (8)

                           

313,811

   
  9,180    

NTT DoCoMo Inc., Sponsored ADR

                           

146,880

   
  8,780    

Vodafone Group PLC, Sponsored ADR

                           

325,387

   
   

Total Wireless Telecommunication Services

                           

786,078

   
   

Total Common Stocks (cost $114,926,775)

                           

114,059,153

   

Nuveen Investments
73



JQC  Nuveen Credit Strategies Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CONVERTIBLE BONDS – 1.1% (0.8% of Total Investments)

 
   

Internet Software & Services – 1.1% (0.8% of Total Investments)

 

$

15,000

   

Yahoo! Inc., Convertible Bond, 144A

   

0.000

%

 

12/01/18

 

BB+

 

$

15,093,750

   

$

15,000

   

Total Convertible Bonds (cost $15,516,755)

                           

15,093,750

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

CORPORATE BONDS – 29.2% (21.0% of Total Investments)

 
   

Chemicals – 0.6% (0.4% of Total Investments)

 

$

7,500

   

Hexion US Finance

   

6.625

%

 

4/15/20

 

Ba3

 

$

7,781,250

   
   

Commercial Services & Supplies – 1.1% (0.8% of Total Investments)

 
  6,000    

ABX Group Inc.

   

6.375

%

 

12/01/19

 

Ba3

   

6,030,000

   
  1,078    

Ceridian Corporation

   

12.250

%

 

11/15/15

 

CCC

   

1,083,390

   
  8,500    

Ceridian Corporation

   

11.250

%

 

11/15/15

 

CCC

   

8,542,500

   
  15,578    

Total Commercial Services & Supplies

                           

15,655,890

   
   

Communications Equipment – 0.4% (0.2% of Total Investments)

 
  5,000    

Avaya Inc., 144A

   

7.000

%

 

4/01/19

 

B1

   

4,937,500

   
   

Distributors – 1.2% (0.9% of Total Investments)

 
  14,650    

HD Supply Inc.

   

11.500

%

 

7/15/20

 

CCC+

   

17,360,250

   
   

Diversified Consumer Services – 0.3% (0.2% of Total Investments)

 
  3,900    

NES Rental Holdings Inc., 144A

   

7.875

%

 

5/01/18

 

CCC+

   

4,095,000

   
   

Diversified Telecommunication Services – 1.8% (1.3% of Total Investments)

 
  21,352    

Level 3 Communications Inc.

   

11.875

%

 

2/01/19

 

B–

   

24,554,800

   
   

Electronic Equipment & Instruments – 0.1% (0.1% of Total Investments)

 
  1,200    

Kemet Corporation

   

10.500

%

 

5/01/18

 

B–

   

1,245,000

   
   

Food & Staples Retailing – 0.3% (0.2% of Total Investments)

 
  4,000    

US Foods Inc.

   

8.500

%

 

6/30/19

 

CCC+

   

4,340,000

   
   

Health Care Equipment & Supplies – 5.3% (3.8% of Total Investments)

 
  2,232    

Apria Healthcare Group Inc.

   

12.375

%

 

11/01/14

 

B–

   

2,237,580

   
  1,000    

Convatec Finance International SA, 144A

   

8.250

%

 

1/15/19

 

B–

   

1,027,500

   
  18,300    

Kinetic Concepts

   

10.500

%

 

11/01/18

 

B–

   

21,045,000

   
  19,000    

Kinetic Concepts

   

12.500

%

 

11/01/19

 

CCC+

   

21,470,000

   
  25,460    

Tenet Healthcare Corporation

   

8.125

%

 

4/01/22

 

B3

   

27,783,225

   
  65,992    

Total Health Care Equipment & Supplies

                           

73,563,305

   
   

Health Care Providers & Services – 1.1% (0.8% of Total Investments)

 
  450    

Capella Healthcare Inc.

   

9.250

%

 

7/01/17

 

B

   

481,500

   
  12,000    

FWCT-2 Escrow Corporation for Community Health Systems, 144A

   

6.875

%

 

2/01/22

 

B

   

12,300,000

   
  2,500    

HCA Inc.

   

8.500

%

 

4/15/19

 

BB+

   

2,636,250

   
  14,950    

Total Health Care Providers & Services

                           

15,417,750

   
   

Hotels, Restaurants & Leisure – 0.3% (0.2% of Total Investments)

 
  2,250    

Harrah's Operating Company, Inc.

   

11.250

%

 

6/01/17

 

B–

   

2,289,375

   
  2,000    

MGM Resorts International Inc.

   

7.750

%

 

3/15/22

 

B+

   

2,250,000

   
  4,250    

Total Hotels, Restaurants & Leisure

                           

4,539,375

   
   

Insurance – 0.7% (0.5% of Total Investments)

 
  10,000    

Hockey Merger Sub 2 Inc., 144A

   

7.875

%

 

10/01/21

 

CCC+

   

10,400,000

   

Nuveen Investments
74



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Ratings (3)

 

Value

 
   

Media – 6.8% (4.9% of Total Investments)

 

$

35,697

   

Clear Channel Communications, Inc., 144A

   

14.000

%

 

2/01/21

 

CCC–

 

$

30,570,432

   
  10,609    

Clear Channel Communications, Inc.

   

9.000

%

 

12/15/19

 

CCC+

   

10,821,180

   
  300    

Clear Channel Communications, Inc.

   

9.000

%

 

3/01/21

 

CCC+

   

303,000

   
  10,000    

McGraw-Hill Global Education Holdings, 144A

   

9.750

%

 

4/01/21

 

BB

   

10,875,000

   
  22,750    

WideOpenWest Finance Capital Corporation

   

10.250

%

 

7/15/19

 

CCC+

   

25,366,250

   
  14,950    

WMG Acquisition Group

   

11.500

%

 

10/01/18

 

B

   

17,005,625

   
  94,306    

Total Media

                           

94,941,487

   
   

Oil, Gas & Consumable Fuels – 1.8% (1.3% of Total Investments)

 
  5,000    

Oasis Petroleum Inc., 144A

   

6.875

%

 

3/15/22

 

B

   

5,300,000

   
  2,000    

Oasis Petroleum Inc.

   

6.875

%

 

1/15/23

 

B

   

2,140,000

   
  17,000    

Sandridge Energy Inc.

   

7.500

%

 

2/15/23

 

B2

   

17,318,750

   
  24,000    

Total Oil, Gas & Consumable Fuels

                           

24,758,750

   
   

Pharmaceuticals – 1.2% (0.9% of Total Investments)

 
  9,000    

Jaguar Holding Company I, 144A

   

9.375

%

 

10/15/17

 

CCC+

   

9,495,000

   
  2,100    

Salix Pharmaceuticals Limited, 144A

   

6.000

%

 

1/15/21

 

B

   

2,189,250

   
  5,000    

VPII Escrow Corporation, 144A

   

7.500

%

 

7/15/21

 

B1

   

5,568,750

   
  16,100    

Total Pharmaceuticals

                           

17,253,000

   
   

Software – 0.7% (0.5% of Total Investments)

 
  2,000    

Emdeon Inc.

   

11.000

%

 

12/31/19

 

CCC+

   

2,302,500

   
  3,000    

Infor Us Inc.

   

11.500

%

 

7/15/18

 

B–

   

3,465,000

   
  3,375    

Infor Us Inc.

   

9.375

%

 

4/01/19

 

B–

   

3,796,875

   
  8,375    

Total Software

                           

9,564,375

   
   

Specialty Retail – 1.4% (1.0% of Total Investments)

 
  7,000     99 Cents Only Stores    

11.000

%

 

12/15/19

 

CCC+

   

7,910,000

   
  9,500    

Claires Stores, Inc., 144A

   

9.000

%

 

3/15/19

 

B2

   

9,951,250

   
  1,200    

Claires Stores, Inc.

   

10.500

%

 

6/01/17

 

CCC

   

1,218,000

   
  17,700    

Total Specialty Retail

                           

19,079,250

   
   

Wireless Telecommunication Services – 4.1% (3.0% of Total Investments)

 
  5,000    

MetroPCS Wireless Inc., 144A

   

6.250

%

 

4/01/21

 

BB

   

5,193,750

   
  15,000    

MetroPCS Wireless Inc., 144A

   

6.625

%

 

4/01/23

 

BB

   

15,562,500

   
  2,500    

Sprint Corporation, 144A

   

7.250

%

 

9/15/21

 

BB–

   

2,693,750

   
  32,000    

Sprint Corporation, 144A

   

7.875

%

 

9/15/23

 

BB–

   

34,160,000

   
  54,500    

Total Wireless Telecommunication Services

                           

57,610,000

   

$

383,353

   

Total Corporate Bonds (cost $387,492,573)

                           

407,096,982

   
     

Total Long-Term Investments (cost $1,856,752,558)

                           

1,897,278,191

   
Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

     

Value

 
   

SHORT-TERM INVESTMENTS – 2.9% (2.1% of Total Investments)

 

$

40,393

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/14,
repurchase price $40,393,209, collateralized by $40,050,000 U.S. Treasury Notes,
2.125%, due 5/31/15, value $41,201,438
  0.000
 
 

%

  2/03/14
 
 
   
 
 
 

$

40,393,209
 
 
 
      Total Short-Term Investments (cost $40,393,209)    

40,393,209

   
      Total Investments (cost $1,897,145,767) – 139.0%    

1,937,671,400

   
      Borrowings – (40.2)% (9), (10)    

(561,000,000

)

 
      Other Assets Less Liabilities – 1.2% (11)    

17,383,933

   
      Net Assets Applicable to Common Shares – 100%  

$

1,394,055,333

   

Nuveen Investments
75



JQC  Nuveen Credit Strategies Income Fund
Portfolio of Investments
(continued)  January 31, 2014 (Unaudited)

Investments in Derivatives as of January 31, 2014

Interest Rate Swaps outstanding:

Counterparty

  Notional
Amount
  Fund
Pay/Receive
Floating Rate
 

Floating Rate Index

  Fixed Rate
(Annualized)
  Fixed Rate
Payment
Frequency
  Termination
Date
  Unrealized
Appreciation
(Depreciation) (11)
 

JPMorgan

 

$

103,075,000

   

Receive

  1-Month USD-LIBOR    

1.193

%

 

Monthly

 

3/21/14

 

$

(177,790

)

 

Morgan Stanley

   

103,075,000

   

Receive

  1-Month USD-LIBOR    

2.064

   

Monthly

 

3/21/16

   

(3,655,204

)

 
   

$

206,150,000

                       

$

(3,832,994

)

 

  For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)  Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(3)  Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4)  Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks.

  Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

(5)  At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records.

(6)  Non-income producing; issuer has not declared a dividend within the past twelve months.

(7)  Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(8)  For fair value measurement disclosure purposes, Common Stock classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(9)  Borrowings as a percentage of Total Investments is 29.0%.

(10)  The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.

(11)  Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

DD1  Portion of investment purchased on a delayed delivery basis.

WI/DD  Purchased on a when-issued or delayed delivery basis.

144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

TBD  Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

ADR  American Depositary Receipt.

USD-LIBOR  United States Dollar – London Inter-Bank Offered Rate.

    See accompanying notes to financial statements.

Nuveen Investments
76




Statement of

Assets and Liabilities  January 31, 2014 (Unaudited)

    Senior
Income
(NSL)
  Floating Rate
Income
(JFR)
  Floating Rate
Income
Opportunity
(JRO)
  Short Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Assets

 
Long-term investments, at value (cost $424,957,862, $1,025,402,415,
$719,268,511, $270,085,872 and $1,856,752,558, respectively)
 

$

431,413,258

   

$

1,043,739,575

   

$

734,796,053

   

$

277,363,590

   

$

1,897,278,191

   

Short-term investments, at value (cost approximates value)

   

29,573,070

     

73,328,558

     

46,070,473

     

7,542,922

     

40,393,209

   

Cash

   

     

     

     

     

1,318

   

Cash collateral at brokers(1)

   

974,350

     

2,052,916

     

1,295,000

     

530,000

     

4,041,000

   

Credit default swaps premiums paid

   

     

     

     

58,707

     

   

Unrealized appreciation on credit default swaps

   

     

     

     

43,893

     

   

Receivable for:

 

Dividends

   

     

     

     

     

32,670

   

Interest

   

2,776,415

     

6,510,278

     

4,965,130

     

2,043,893

     

16,386,477

   

Investments sold

   

10,160,670

     

21,195,180

     

17,327,780

     

4,571,095

     

66,313,980

   

Reclaims

   

     

     

     

     

46,376

   

Shares sold through shelf offering

   

     

31,001

     

     

     

   

Deferred offering costs

   

698,975

     

1,359,117

     

1,014,484

     

     

   

Other assets

   

358,275

     

705,208

     

458,861

     

210,689

     

453,557

   

Total assets

   

475,955,013

     

1,148,921,833

     

805,927,781

     

292,364,789

     

2,024,946,778

   

Liabilities

 

Borrowings

   

99,000,000

     

237,200,000

     

163,900,000

     

85,000,000

     

561,000,000

   

Unrealized depreciation on interest rate swaps

   

778,582

     

2,081,904

     

1,234,676

     

513,818

     

3,832,994

   

Payable for:

 

Common share dividends

   

1,362,164

     

3,348,134

     

2,451,054

     

1,102,232

     

7,330,003

   

Investments purchased

   

23,898,406

     

64,635,618

     

48,054,027

     

6,135,072

     

56,328,062

   

Offering costs

   

219,620

     

259,221

     

228,344

     

     

   

Variable Rate Term Preferred (VRTP) Shares , at liquidation value

   

58,000,000

     

139,000,000

     

98,000,000

     

     

   

Accrued expenses:

 

Interest

   

107,190

     

254,301

     

180,099

     

54,930

     

259,159

   

Management fees

   

307,195

     

723,922

     

508,497

     

197,446

     

1,351,094

   

Trustees fees

   

50,677

     

93,055

     

57,697

     

6,501

     

273,360

   

Shelf offering costs

   

99,857

     

46,620

     

93,295

     

62,419

     

   

Other

   

140,265

     

267,418

     

197,954

     

114,880

     

516,773

   

Total liabilities

   

183,963,956

     

447,910,193

     

314,905,643

     

93,187,298

     

630,891,445

   

Net assets applicable to common shares

 

$

291,991,057

   

$

701,011,640

   

$

491,022,138

   

$

199,177,491

   

$

1,394,055,333

   

Common shares outstanding

   

38,626,872

     

55,169,216

     

38,478,782

     

10,095,286

     

136,256,398

   
Net asset value ("NAV") per common share outstanding
(net assets applicable to common shares, divided
by common shares outstanding)
 

$

7.56

   

$

12.71

   

$

12.76

   

$

19.73

   

$

10.23

   

Net assets applicable to common shares consist of:

 

Common shares, $.01 par value per share

 

$

386,269

   

$

551,692

   

$

384,788

   

$

100,953

   

$

1,362,564

   

Paid-in surplus

   

325,105,590

     

767,013,258

     

527,319,104

     

192,369,788

     

1,844,109,285

   

Undistributed (Over-distribution of) net investment income

   

(894,451

)

   

(1,761,249

)

   

(1,210,540

)

   

(362,355

)

   

(8,562,222

)

 

Accumulated net realized gain (loss)

   

(38,283,165

)

   

(81,047,317

)

   

(49,764,080

)

   

261,312

     

(479,548,637

)

 

Net unrealized appreciation (depreciation)

   

5,676,814

     

16,255,256

     

14,292,866

     

6,807,793

     

36,694,343

   

Net assets applicable to common shares

 

$

291,991,057

   

$

701,011,640

   

$

491,022,138

   

$

199,177,491

   

$

1,394,055,333

   

Authorized shares:

 

Common

   

Unlimited

     

Unlimited

     

Unlimited

     

Unlimited

     

Unlimited

   

Preferred

   

Unlimited

     

Unlimited

     

Unlimited

     

Unlimited

     

Unlimited

   

(1)  Cash pledged to collateralize the net payment obligations for investments in derivatives.

See accompanying notes to financial statements.

Nuveen Investments
77



Statement of

Operations  Six Months Ended January 31, 2014 (Unaudited)

    Senior
Income
(NSL)
  Floating Rate
Income
(JFR)
  Floating Rate
Income
Opportunity
(JRO)
  Short Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Investment Income

 
Interest and dividends (net of foreign tax withheld of $18,436,
$18,918, $18,918, $0 and $707, respectively)
 

$

11,256,014

   

$

26,967,175

   

$

19,275,655

   

$

8,590,473

   

$

55,531,231

   

Fees

   

444,229

     

865,466

     

749,493

     

320,588

     

1,911,714

   

Total investment income

   

11,700,243

     

27,832,641

     

20,025,148

     

8,911,061

     

57,442,945

   

Expenses

 

Management fees

   

1,717,294

     

4,057,806

     

2,840,924

     

1,176,554

     

7,955,104

   

Shareholder servicing agent fees and expenses

   

1,627

     

554

     

231

     

117

     

3,607

   

Interest expense and amortization of offering costs

   

798,610

     

1,892,264

     

1,302,092

     

504,299

     

3,711,793

   

Custodian fees and expenses

   

87,916

     

174,198

     

125,266

     

63,139

     

293,949

   

Trustees fees and expenses

   

7,134

     

17,246

     

11,827

     

5,094

     

34,581

   

Professional fees

   

70,852

     

77,074

     

77,562

     

25,425

     

62,496

   

Shareholder reporting expenses

   

30,959

     

51,725

     

42,152

     

16,865

     

106,940

   

Stock exchange listing fees

   

9,480

     

12,348

     

5,415

     

4,377

     

21,925

   

Investor relations expenses

   

21,213

     

49,360

     

32,340

     

14,542

     

35,658

   

Other expenses

   

10,967

     

17,364

     

12,837

     

7,372

     

29,484

   

Total expenses

   

2,756,052

     

6,349,939

     

4,450,646

     

1,817,784

     

12,255,537

   

Net investment income (loss)

   

8,944,191

     

21,482,702

     

15,574,502

     

7,093,277

     

45,187,408

   

Realized and Unrealized Gain (Loss)

 

Net realized gain (loss) from:

 

Investments and foreign currency

   

1,852,049

     

2,389,932

     

1,920,282

     

1,215,892

     

23,273,459

   

Swaps

   

(288,579

)

   

(771,650

)

   

(457,628

)

   

(387,468

)

   

(1,484,122

)

 

Change in net unrealized appreciation (depreciation) of:

 

Investments and foreign currency

   

2,121,538

     

7,476,625

     

6,601,850

     

752,089

     

(7,170,355

)

 

Swaps

   

195,143

     

521,808

     

309,459

     

46,766

     

996,388

   

Net realized and unrealized gain (loss)

   

3,880,151

     

9,616,715

     

8,373,963

     

1,627,279

     

15,615,370

   
Net increase (decrease) in net assets applicable to
common shares from operations
 

$

12,824,342

   

$

31,099,417

   

$

23,948,465

   

$

8,720,556

   

$

60,802,778

   

See accompanying notes to financial statements.

Nuveen Investments
78



Statement of

Changes in Net Assets  (Unaudited)

   

Senior Income (NSL)

 

Floating Rate Income (JFR)

 
    Six Months
Ended
1/31/14
  Year
Ended
7/31/13
  Six Months
Ended
1/31/14
  Year
Ended
7/31/13
 

Operations

 

Net investment income (loss)

 

$

8,944,191

   

$

19,032,240

   

$

21,482,702

   

$

46,679,908

   

Net realized gain (loss) from:

 

Investments and foreign currency

   

1,852,049

     

(1,360,386

)

   

2,389,932

     

9,001,577

   

Securities sold short

   

     

     

     

   

Options written

   

     

     

     

   

Options purchased

   

     

     

     

   

Swaps

   

(288,579

)

   

(571,402

)

   

(771,650

)

   

(1,527,913

)

 

Change in net unrealized appreciation (depreciation) of:

 

Investments and foreign currency

   

2,121,538

     

13,813,567

     

7,476,625

     

25,426,205

   

Securities sold short

   

     

     

     

   

Options written

   

     

     

     

   

Options purchased

   

     

     

     

   

Swaps

   

195,143

     

559,590

     

521,808

     

1,496,326

   
Net increase (decrease) in net assets applicable
to common shares from operations
   

12,824,342

     

31,473,609

     

31,099,417

     

81,076,103

   

Distributions to Common Shareholders

 

From net investment income

   

(8,884,181

)

   

(19,858,581

)

   

(21,736,671

)

   

(49,952,877

)

 

From accumulated net realized gains

   

     

     

     

   
Decrease in net assets applicable to common
shares from distributions to common shareholders
   

(8,884,181

)

   

(19,858,581

)

   

(21,736,671

)

   

(49,952,877

)

 

Capital Share Transactions

 

Common shares:

 

Proceeds from shelf offering, net of offering costs and adjustments

   

     

44,273,857

     

284,185

     

87,398,181

   
Net proceeds from shares issued to shareholders
due to reinvestment of distributions
   

25,528

     

270,527

     

52,666

     

672,744

   
Net increase (decrease) in net assets applicable to
common shares from capital share transactions
   

25,528

     

44,544,384

     

336,851

     

88,070,925

   
Net increase (decrease) in net assets applicable to
common shares
   

3,965,689

     

56,159,412

     

9,699,597

     

119,194,151

   
Net assets applicable to common shares at the
beginning of period
   

288,025,368

     

231,865,956

     

691,312,043

     

572,117,892

   
Net assets applicable to common shares at
the end of period
 

$

291,991,057

   

$

288,025,368

   

$

701,011,640

   

$

691,312,043

   
Undistributed (Over-distribution of) net
investment income at the end of period
 

$

(894,451

)

 

$

(954,461

)

 

$

(1,761,249

)

 

$

(1,507,280

)

 

See accompanying notes to financial statements.

Nuveen Investments
79



Statement of Changes in Net Assets (Unaudited) (continued)

    Floating Rate
Income Opportunity (JRO)
  Short Duration
Credit Opportunities (JSD)
 
    Six Months
Ended
1/31/14
  Year
Ended
7/31/13
  Six Months
Ended
1/31/14
  Year
Ended
7/31/13
 

Operations

 

Net investment income (loss)

 

$

15,574,502

   

$

32,619,976

   

$

7,093,277

   

$

16,155,471

   

Net realized gain (loss) from:

 

Investments and foreign currency

   

1,920,282

     

6,496,242

     

1,215,892

     

4,230,472

   

Securities sold short

   

     

     

     

   

Options written

   

     

     

     

   

Options purchased

   

     

     

     

   

Swaps

   

(457,628

)

   

(906,131

)

   

(387,468

)

   

(1,181,152

)

 

Change in net unrealized appreciation (depreciation) of:

 

Investments and foreign currency

   

6,601,850

     

16,500,807

     

752,089

     

1,752,372

   

Securities sold short

   

     

     

     

   

Options written

   

     

     

     

   

Options purchased

   

     

     

     

   

Swaps

   

309,459

     

887,399

     

46,766

     

160,619

   
Net increase (decrease) in net assets applicable
to common shares from operations
   

23,948,465

     

55,598,293

     

8,720,556

     

21,117,782

   

Distributions to Common Shareholders

 

From net investment income

   

(15,737,202

)

   

(35,370,449

)

   

(7,268,606

)

   

(16,162,038

)

 

From accumulated net realized gains

   

     

     

(3,300,149

)

   

(749,442

)

 
Decrease in net assets applicable to common
shares from distributions to common shareholders
   

(15,737,202

)

   

(35,370,449

)

   

(10,568,755

)

   

(16,911,480

)

 

Capital Share Transactions

 

Common shares:

 

Proceeds from shelf offering, net of offering costs and adjustments

   

542,096

     

91,655,153

     

(5,690

)

   

731,375

   
Net proceeds from shares issued to shareholders
due to reinvestment of distributions
   

64,515

     

382,664

     

     

928,903

   
Net increase (decrease) in net assets applicable to
common shares from capital share transactions
   

606,611

     

92,037,817

     

(5,690

)

   

1,660,278

   
Net increase (decrease) in net assets applicable to
common shares
   

8,817,874

     

112,265,661

     

(1,853,889

)

   

5,866,580

   
Net assets applicable to common shares at the
beginning of period
   

482,204,264

     

369,938,603

     

201,031,380

     

195,164,800

   
Net assets applicable to common shares at
the end of period
 

$

491,022,138

   

$

482,204,264

   

$

199,177,491

   

$

201,031,380

   
Undistributed (Over-distribution of) net
investment income at the end of period
 

$

(1,210,540

)

 

$

(1,047,840

)

 

$

(362,355

)

 

$

(187,026

)

 

See accompanying notes to financial statements.

Nuveen Investments
80



 

Credit Strategies Income (JQC)

 

  Six Months
Ended
1/31/14
  Seven Months
Ended
7/31/13
  Year
Ended
12/31/12
 

Operations

 

Net investment income (loss)

 

$

45,187,408

   

$

57,620,766

   

$

106,877,853

   

Net realized gain (loss) from:

 

Investments and foreign currency

   

23,273,459

     

20,210,478

     

30,157,518

   

Securities sold short

   

     

     

(2,844,562

)

 

Options written

   

     

     

4,936,415

   

Options purchased

   

     

     

(279,861

)

 

Swaps

   

(1,484,122

)

   

(1,721,895

)

   

(2,872,297

)

 

Change in net unrealized appreciation (depreciation) of:

 

Investments and foreign currency

   

(7,170,355

)

   

18,898,568

     

68,849,402

   

Securities sold short

   

     

     

1,970,142

   

Options written

   

     

     

(2,080,052

)

 

Options purchased

   

     

     

278,611

   

Swaps

   

996,388

     

1,872,863

     

(255,166

)

 
Net increase (decrease) in net assets applicable
to common shares from operations
   

60,802,778

     

96,880,780

     

204,738,003

   

Distributions to Common Shareholders

 

From net investment income

   

(47,008,458

)

   

(63,041,472

)

   

(109,325,873

)

 

From accumulated net realized gains

   

     

     

   
Decrease in net assets applicable to common
shares from distributions to common shareholders
   

(47,008,458

)

   

(63,041,472

)

   

(109,325,873

)

 

Capital Share Transactions

 

Common shares:

 

Proceeds from shelf offering, net of offering costs and adjustments

   

     

     

   
Net proceeds from shares issued to shareholders
due to reinvestment of distributions
   

     

764,252

     

   
Net increase (decrease) in net assets applicable to
common shares from capital share transactions
   

     

764,252

     

   
Net increase (decrease) in net assets applicable to
common shares
   

13,794,320

     

34,603,560

     

95,412,130

   
Net assets applicable to common shares at the
beginning of period
   

1,380,261,013

     

1,345,657,453

     

1,250,245,323

   
Net assets applicable to common shares at
the end of period
 

$

1,394,055,333

   

$

1,380,261,013

   

$

1,345,657,453

   
Undistributed (Over-distribution of) net
investment income at the end of period
 

$

(8,562,222

)

 

$

(6,741,172

)

 

$

(13,245,643

)

 

See accompanying notes to financial statements.

Nuveen Investments
81



Statement of

Cash Flows  Six Months Ended January 31, 2014 (Unaudited)

    Senior
Income
(NSL)
  Floating Rate
Income
(JFR)
  Floating Rate
Income
Opportunity
(JRO)
  Short Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Cash Flows from Operating Activities:

 
Net Increase (Decrease) In Net Assets Applicable to
Common Shares from Operations
 

$

12,824,342

   

$

31,099,417

   

$

23,948,465

   

$

8,720,556

   

$

60,802,778

   

 

Adjustments to reconcile the net increase (decrease) in
net assets applicable to common shares from operations
to net cash provided by (used in) operating activities:
 

 

Purchases of investments

   

(153,087,141

)

   

(346,764,409

)

   

(263,891,893

)

   

(65,123,663

)

   

(707,747,456

)

 

Proceeds from sales and maturities of investments

   

128,313,718

     

284,089,554

     

205,330,729

     

72,964,812

     

683,092,654

   

Proceeds from (Purchases of) short-term investments, net

   

(11,750,456

)

   

(42,410,134

)

   

(11,484,890

)

   

(7,542,922

)

   

60,270,768

   

Proceeds from (Payments for) swap contracts, net

   

(288,579

)

   

(771,650

)

   

(457,628

)

   

(387,468

)

   

(1,484,122

)

 

Amortization (Accretion) of premiums and discounts, net

   

(775,054

)

   

(2,225,044

)

   

(1,529,077

)

   

(475,824

)

   

(3,304,196

)

 

(Increase) Decrease in:

 

Cash collateral at brokers

   

250,001

     

504,000

     

510,000

     

(26,000

)

   

(4,041,000

)

 

Credit default swaps premiums paid

   

     

     

     

30,230

     

   

Receivable for dividends

   

     

     

     

     

66,786

   

Receivable for interest

   

(377,483

)

   

(926,591

)

   

(724,593

)

   

(43,285

)

   

(1,833,985

)

 

Receivable for investments sold

   

7,548,129

     

18,398,818

     

6,680,798

     

11,900,399

     

(25,572,691

)

 

Receivable for reclaims

   

     

     

     

     

98,900

   

Other assets

   

(25,363

)

   

(72,791

)

   

(61,930

)

   

(41,418

)

   

215,907

   

Increase (Decrease) in:

 

Payable for investments purchased

   

(3,218,403

)

   

10,286,314

     

5,731,994

     

(7,103,470

)

   

(1,932,578

)

 

Accrued interest

   

83,556

     

197,549

     

141,305

     

5,718

     

27,280

   

Accrued management fees

   

23,028

     

52,455

     

41,456

     

(388

)

   

19,145

   

Accrued Trustees fees

   

(4,530

)

   

5,265

     

3,759

     

1,424

     

7,420

   

Accrued other expenses

   

(47,004

)

   

(86,278

)

   

(67,974

)

   

(23,097

)

   

4,337

   

Net realized (gain) loss from:

 

Investments and foreign currency

   

(1,852,049

)

   

(2,389,932

)

   

(1,920,282

)

   

(1,215,892

)

   

(23,273,459

)

 

Swaps

   

288,579

     

771,650

     

457,628

     

387,468

     

1,484,122

   

Change in net unrealized (appreciation) depreciation of:

 

Investments and foreign currency

   

(2,121,538

)

   

(7,476,625

)

   

(6,601,850

)

   

(752,089

)

   

7,170,355

   

Swaps

   

(195,143

)

   

(521,808

)

   

(309,459

)

   

(46,766

)

   

(996,388

)

 

Taxes paid on undistributed capital gains

   

     

     

(28

)

   

(2,985

)

   

   

Proceeds from litigation settlement

   

8,250

     

14,950

     

     

     

57,068

   

Net cash provided by (used in) operating activities

   

(24,403,140

)

   

(58,225,290

)

   

(44,203,470

)

   

11,225,340

     

43,131,645

   

Cash Flows from Financing Activities:

 

(Increase) Decrease in deferred offering costs

   

(698,975

)

   

(1,359,117

)

   

(1,014,484

)

   

     

   

Proceeds from borrowings

   

14,000,000

     

34,000,000

     

27,000,000

     

     

   

Repayments of borrowings

   

(38,000,000

)

   

(92,000,000

)

   

(65,000,000

)

   

     

   

Increase (Decrease) in:

 

Cash overdraft

   

     

     

     

(439,218

)

   

   

Accrued shelf offering costs

   

(70,964

)

   

(103,328

)

   

(75,918

)

   

(97,581

)

   

   

Payable for offering costs

   

219,620

     

259,221

     

228,344

     

     

   

VRTP Shares, at liquidation value

   

58,000,000

     

139,000,000

     

98,000,000

     

     

   

Cash distribution paid to common shareholders

   

(9,046,541

)

   

(22,134,976

)

   

(15,970,863

)

   

(10,682,851

)

   

(48,001,327

)

 
Proceeds from shelf offering, net of offering costs
and adjustments
   

     

563,490

     

1,036,391

     

(5,690

)

   

   

Net cash provided by (used in) financing activities

   

24,403,140

     

58,225,290

     

44,203,470

     

(11,225,340

)

   

(48,001,327

)

 

Net Increase (Decrease) in Cash

   

     

     

     

     

(4,869,682

)

 

Cash at the beginning of period

   

     

     

     

     

4,871,000

   

Cash at the end of period

 

$

   

$

   

$

   

$

   

$

1,318

   

See accompanying notes to financial statements.

Nuveen Investments
82



Supplemental Disclosures of Cash Flow Information

 
    Senior
Income
(NSL)
  Floating Rate
Income
(JFR)
  Floating Rate
Income
Opportunity
(JRO)
  Short Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 
Cash paid for interest (excluding borrowing costs and
amortization of offering costs)
 

$

591,948

   

$

1,408,079

   

$

967,695

   

$

451,539

   

$

3,285,762

   
Non-cash financing activities not included herein consists of
reinvestments of common share distributions
   

25,528

     

52,666

     

64,515

     

     

   

See accompanying notes to financial statements.

Nuveen Investments
83




Financial

Highlights (Unaudited)

Selected data for a common share outstanding throughout each period:

       
       

Investment Operations

 

Less Distributions

                     

  Beginning
Common
Share
NAV
  Net
Investment
Income
(Loss)(a)
  Net
Realized/
Unrealized
Gain (Loss)
  Distributions
from Net
Investment
Income to
Preferred
Share-
holders(b)
  Distributions
from
Accumulated
Net
Realized
Gains to
Preferred
Share-
holders(b)
 

Total

  From
Net
Investment
Income to
Common
Share-
holders
  From
Accum-
ulated
Net
Realized
Gains to
Common
Share-
holders
 

Total

  Offering
Costs
  Discount
from
Common
Shares
Repurchased
and Retired
  Premium
from
Common
Shares
Sold
through
Shelf
Offering
  Ending
Common
Share
NAV
  Ending
Market
Value
 

Senior Income (NSL)

         

Year Ended 7/31:

 
 

2014

(i)

 

$

7.46

   

$

.23

   

$

.10

   

$

   

$

   

$

.33

   

$

(.23

)

 

$

   

$

(.23

)

 

$

   

$

   

$

   

$

7.56

   

$

7.16

   
 

2013

     

7.07

     

.54

     

.35

     

     

     

.89

     

(.56

)

   

     

(.56

)

   

(.01

)

   

     

.07

     

7.46

     

7.45

   
 

2012

     

7.12

     

.57

     

(.10

)

   

     

     

.47

     

(.54

)

   

     

(.54

)

   

     

     

.02

     

7.07

     

7.29

   
 

2011

     

6.81

     

.64

     

.09

     

     

     

.73

     

(.49

)

   

     

(.49

)

   

     

     

.07

     

7.12

     

6.99

   
 

2010

     

5.70

     

.37

     

1.20

     

*

   

     

1.57

     

(.46

)

   

     

(.46

)

   

     

     

     

6.81

     

6.95

   
 

2009

     

7.18

     

.45

     

(1.46

)

   

(.02

)

   

     

(1.03

)

   

(.45

)

   

     

(.45

)

   

     

     

     

5.70

     

5.15

   

Floating Rate Income (JFR)

         

Year Ended 7/31:

 
 

2014

(i)

   

12.54

     

.39

     

.17

     

     

     

.56

     

(.39

)

   

     

(.39

)

   

*

   

     

*

   

12.71

     

12.06

   
 

2013

     

11.87

     

.90

     

.68

     

     

     

1.58

     

(.97

)

   

     

(.97

)

   

*

   

     

.06

     

12.54

     

12.72

   
 

2012

     

12.06

     

1.02

     

(.25

)

   

     

     

.77

     

(.96

)

   

     

(.96

)

   

     

     

*

   

11.87

     

11.78

   
 

2011

     

11.47

     

1.07

     

.19

     

     

     

1.26

     

(.69

)

   

     

(.69

)

   

     

     

.02

     

12.06

     

11.41

   
 

2010

     

9.76

     

.82

     

1.47

     

*

   

     

2.29

     

(.58

)

   

     

(.58

)

   

     

*

   

     

11.47

     

11.20

   
 

2009

     

11.83

     

.71

     

(2.07

)

   

(.07

)

   

     

(1.43

)

   

(.64

)

   

     

(.64

)

   

     

*

   

     

9.76

     

8.37

   

(a)  Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)  The amounts shown are based on common share equivalents. Represents distributions paid on Taxable Auctioned Rate Preferred shares and FundPreferred shares for Senior Income (NSL) and Floating Rate Income (JFR), respectively.

(c)  Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

  Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

(d)  • Ratios do not reflect the effect of dividend payments to Taxable Auctioned Preferred and FundPreferred shareholders, where applicable.

  • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Taxable Auctioned Preferred and FundPreferred shares, VRTP shares and/or borrowings, where applicable.

  • Each ratio includes the effect of all interest expense and other costs related to VRTP shares and/or borrowings, where applicable, as follows:

Ratios of Interest Expense to Average Net
Assets Applicable to Common Shares
     

Senior Income (NSL)

     

Year Ended 7/31:

 
 

2014

(i)

   

.55

%**

 
 

2013

     

.47

   
 

2012

     

.47

   
 

2011

     

.49

   
 

2010

     

.86

   
 

2009

     

1.83

   
Ratios of Interest Expense to Average Net
Assets Applicable to Common Shares
     

Floating Rate Income (JFR)

     

Year Ended 7/31:

 
 

2014

(i)

   

.54

%**

 
 

2013

     

.48

   
 

2012

     

.51

   
 

2011

     

.52

   
 

2010

     

.78

   
 

2009

     

1.64

   

Nuveen Investments
84



       

Ratios/Supplemental Data

 
   

Total Returns

      Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(d)
  Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(d)(e)
     

  Based
on
Common
Share
NAV(c)
  Based
on
Market
Value(c)
  Ending Net
Assets
Applicable to
Common
Shares (000)
 

Expenses

  Net
Investment
Income
(Loss)(f)
 

Expenses

  Net
Investment
Income
(Loss)(f)
  Portfolio
Turnover
Rate(h)
 

Senior Income (NSL)

 

Year Ended 7/31:

 
 

2014

(i)

   

4.50

%

   

(.76

)%

 

$

291,991

     

1.90

%**

   

6.15

%**

   

N/A

     

N/A

     

32

%

 
 

2013

     

13.89

     

10.23

     

288,025

     

1.74

     

7.32

     

N/A

     

N/A

     

76

   
 

2012

     

7.34

     

12.78

     

231,866

     

1.82

     

8.34

     

N/A

     

N/A

     

64

   
 

2011

     

12.01

     

7.72

     

227,986

     

1.78

     

8.99

     

N/A

     

N/A

     

100

   
 

2010

     

28.15

     

44.83

     

203,261

     

2.18

     

5.61

     

2.17

%

   

5.62

%

   

68

   
 

2009

     

(12.25

)

   

(6.83

)

   

169,917

     

3.50

     

9.39

     

3.39

     

9.50

     

48

   

Floating Rate Income (JFR)

 

Year Ended 7/31:

 
 

2014

(i)

   

4.58

     

(2.05

)

   

701,012

     

1.82

**

   

6.16

**

   

N/A

     

N/A

     

29

   
 

2013

     

14.26

     

16.76

     

691,312

     

1.71

     

7.34

     

N/A

     

N/A

     

69

   
 

2012

     

6.91

     

12.43

     

572,118

     

1.79

     

8.72

     

1.72

     

8.80

     

57

   
 

2011

     

11.31

     

7.96

     

580,419

     

1.72

     

8.74

     

1.54

     

8.92

     

99

   
 

2010

     

23.85

     

41.48

     

542,456

     

2.03

     

7.14

     

1.74

     

7.42

     

51

   
 

2009

     

(10.37

)

   

(9.82

)

   

463,026

     

3.25

     

8.27

     

2.79

     

8.74

     

38

   

(e)  After expense reimbursement from the Adviser, where applicable. As of October 31, 2009, the Adviser is no longer reimbursing Senior Income (NSL) for any fees or expenses. As of March 31, 2012, the Adviser is no longer reimbursing Floating Rate Income (JFR) for any fees or expenses.

(f)  Each Ratio of Net Investment Income (Loss) includes the effect of the increase (decrease) of the net realizable value of the receivable for matured senior loans as described in Note 3 – Portfolio Securities and Investments in Derivatives, Matured Senior Loans. The increase (decrease) to the Ratios of Net Investment Income (Loss) to Average Net Assets Applicable to Common Shares were as follows:

Increase (Decrease) to Ratios of
Net Investment Income (Loss) to Average Net
Assets Applicable to Common Shares(g)
     

Senior Income (NSL)

     

Year Ended 7/31:

 
 

2014

(i)

   

%

 
 

2013

     

   
 

2012

     

(.01

)

 
 

2011

     

.02

   
 

2010

     

.09

   
 

2009

     

   
Increase (Decrease) to Ratios of
Net Investment Income (Loss) to Average Net
Assets Applicable to Common Shares(g)
     

Floating Rate Income (JFR)

     

Year Ended 7/31:

 
 

2014

(i)

   

%

 
 

2013

     

   
 

2012

     

.01

   
 

2011

     

.02

   
 

2010

     

.08

   
 

2009

     

   

(g)  The Fund had no matured senior loans during the six months ended January 31, 2014, the fiscal year ended July 31, 2013 and the fiscal year ended July 31, 2009.

(h)  Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(i)  For the six months ended January 31, 2014.

*  Rounds to less than $.01 per share.

**  Annualized.

N/A  The Fund no longer has a contractual reimbursement agreement with the Adviser.

See accompanying notes to financial statements.

Nuveen Investments
85



Financial Highlights (Unaudited) (continued)

Selected data for a common share outstanding throughout each period:

       
       

Investment Operations

 

Less Distributions

                     

  Beginning
Common
Share
NAV
  Net
Investment
Income
(Loss)(a)
  Net
Realized/
Unrealized
Gain (Loss)
  Distributions
from Net
Investment
Income to
Preferred
Share-
holders(b)
  Distributions
from
Accumulated
Net
Realized
Gains to
Preferred
Share-
holders(b)
 

Total

  From
Net
Investment
Income to
Common
Share-
holders
  From
Accum-
ulated
Net
Realized
Gains to
Common
Share-
holders
 

Total

  Offering
Costs
  Discount
from
Common
Shares
Repurchased
and Retired
  Premium
from
Common
Shares
Sold
through
Shelf
Offering
  Ending
Common
Share
NAV
  Ending
Market
Value
 

Floating Rate Income Opportunity (JRO)

         

Year Ended 7/31:

 
 

2014

(j)

 

$

12.55

   

$

.40

   

$

.22

   

$

   

$

   

$

.62

   

$

(.41

)

 

$

   

$

(.41

)

 

$

*

 

$

   

$

*

 

$

12.76

   

$

12.10

   
 

2013

     

11.84

     

.95

     

.68

     

     

     

1.63

     

(1.04

)

   

     

(1.04

)

   

(.01

)

   

     

.13

     

12.55

     

12.73

   
 

2012

     

11.96

     

1.13

     

(.26

)

   

     

     

.87

     

(1.01

)

   

     

(1.01

)

   

     

     

.02

     

11.84

     

12.09

   
 

2011

     

11.34

     

1.12

     

.22

     

     

     

1.34

     

(.79

)

   

     

(.79

)

   

     

     

.07

     

11.96

     

11.46

   
 

2010

     

9.54

     

1.01

     

1.50

     

*

   

     

2.51

     

(.71

)

   

     

(.71

)

   

     

*

   

     

11.34

     

11.64

   
 

2009

     

11.75

     

.73

     

(2.15

)

   

(.07

)

   

     

(1.49

)

   

(.72

)

   

     

(.72

)

   

     

*

   

     

9.54

     

8.35

   

Short Duration Credit Opportunities (JSD)

         

Year Ended 7/31:

 
 

2014

(j)

   

19.91

     

.70

     

.17

     

     

     

.87

     

(.72

)

   

(.33

)

   

(1.05

)

   

*

   

     

     

19.73

     

18.67

   
 

2013

     

19.49

     

1.61

     

.49

     

     

     

2.10

     

(1.61

)

   

(.07

)

   

(1.68

)

   

     

     

*

   

19.91

     

19.89

   
 

2012

     

19.08

     

1.56

     

.25

     

     

     

1.81

     

(1.40

)

   

     

(1.40

)

   

     

     

     

19.49

     

19.54

   
 

2011

(g)

   

19.10

     

.05

     

.08

     

     

     

.13

     

(.11

)

   

     

(.11

)

   

(.04

)

   

     

     

19.08

     

18.37

   

(a)  Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)  The amounts shown are based on common share equivalents. Represents distributions paid on FundPreferred shares for Floating Rate Income Opportunity (JRO).

(c)  Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

  Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

(d)  • Ratios do not reflect the effect of dividend payments to FundPreferred shareholders, where applicable.

  • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to FundPreferred shares, VRTP shares and/or borrowings, where applicable.

  • Each ratio includes the effect of all interest expense and other costs related to VRTP shares and/or borrowings, where applicable, as follows:

Ratios of Interest Expense to Average Net
Assets Applicable to Common Shares
     

Floating Rate Income Opportunity (JRO)

     

Year Ended 7/31:

 
 

2014

(j)

   

.53

%**

 
 

2013

     

.46

   
 

2012

     

.47

   
 

2011

     

.49

   
 

2010

     

.86

   
 

2009

     

1.65

   
Ratios of Interest Expense to Average Net
Assets Applicable to Common Shares
     

Short Duration Credit Opportunities (JSD)

     

Year Ended 7/31:

 
 

2014

(j)

   

.50

%**

 
 

2013

     

.50

   
 

2012

     

.47

   
 

2011

(g)

   

   

Nuveen Investments
86



       

Ratios/Supplemental Data

 
   

Total Returns

      Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(d)
  Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(d)(e)
     

  Based
on
Common
Share
NAV(c)
  Based
on
Market
Value(c)
  Ending Net
Assets
Applicable to
Common
Shares (000)
 

Expenses

  Net
Investment
Income
(Loss)(f)
 

Expenses

  Net
Investment
Income
(Loss)(f)
  Portfolio
Turnover
Rate(i)
 

Floating Rate Income Opportunity (JRO)

 

Year Ended 7/31:

 
 

2014

(j)

   

5.02

%

   

(1.72

)%

 

$

491,022

     

1.82

%**

   

6.38

%**

   

N/A

     

N/A

     

30

%

 
 

2013

     

15.27

     

14.42

     

482,204

     

1.71

     

7.73

     

N/A

     

N/A

     

72

   
 

2012

     

8.03

     

15.20

     

369,939

     

1.74

     

9.75

     

1.65

%

   

9.85

%

   

85

   
 

2011

     

12.77

     

5.20

     

364,883

     

1.75

     

9.19

     

1.56

     

9.38

     

101

   
 

2010

     

26.66

     

49.00

     

322,136

     

2.14

     

8.95

     

1.84

     

9.25

     

58

   
 

2009

     

(10.57

)

   

(7.35

)

   

271,125

     

3.35

     

8.74

     

2.86

     

9.23

     

41

   

Short Duration Credit Opportunities (JSD)

 

Year Ended 7/31:

 
 

2014

(j)

   

4.45

     

(.80

)

   

199,177

     

1.80

**

   

7.03

**

   

N/A

     

N/A

     

23

   
 

2013

     

11.17

     

10.77

     

201,031

     

1.80

     

8.12

     

N/A

     

N/A

     

82

   
 

2012

     

9.96

     

14.77

     

195,165

     

1.75

     

8.25

     

N/A

     

N/A

     

62

   
 

2011

(g)

   

.49

     

(7.58

)

   

190,868

     

1.16

**

   

1.52

**

   

N/A

     

N/A

     

5

   

(e)  After expense reimbursement from the Adviser, where applicable. As of July 31, 2012, the Adviser is no longer reimbursing Floating Rate Income Opportunity (JRO) for any fees or expenses.

(f)  Each Ratio of Net Investment Income (Loss) includes the effect of the increase (decrease) of the net realizable value of the receivable for matured senior loans as described in Note 3 – Portfolio Securities and Investments in Derivatives, Matured Senior Loans. The increase (decrease) to the Ratios of Net Investment Income (Loss) to Average Net Assets Applicable to Common Shares were as follows:

Increase (Decrease) to Ratios of
Net Investment Income (Loss) to Average Net
Assets Applicable to Common Shares(h)
     

Floating Rate Income Opportunity (JRO)

     

Year Ended 7/31:

 
 

2014

(j)

   

%

 
 

2013

     

   
 

2012

     

.01

   
 

2011

     

.02

   
 

2010

     

.09

   
 

2009

     

   
Increase (Decrease) to Ratios of
Net Investment Income (Loss) to Average Net
Assets Applicable to Common Shares(h)
     

Short Duration Credit Opportunities (JSD)

     

Year Ended 7/31:

 
 

2014

(j)

   

%

 
 

2013

     

   
 

2012

     

   
 

2011

(g)

   

   

(g)  For the period May 25, 2011 (commencement of operations) through July 31, 2011.

(h)  The Funds had no matured senior loans during the six months ended January 31, 2014, and the fiscal year ended July 31, 2013. Floating Rate Income Opportunity (JRO) also had no matured senior loans during the fiscal year ended July 31, 2009. Short Duration Credit Opportunities (JSD) has not had any matured senior loans since its commencement of operations on May 25, 2011.

(i)  Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(j)  For the six months ended January 31, 2014.

*  Rounds to less than $.01 per share.

**  Annualized.

N/A  The Fund never had, or no longer has, a contractual reimbursement agreement with the Adviser.

See accompanying notes to financial statements.

Nuveen Investments
87



Financial Highlights (Unaudited) (continued)

Selected data for a common share outstanding throughout each period:

       
       

Investment Operations

 

Less Distributions

             

  Beginning
Common
Share
NAV
  Net
Investment
Income
(Loss)(a)
  Net
Realized/
Unrealized
Gain (Loss)
  Distributions
from Net
Investment
Income to
Preferred
Shareholders(b)
  Distributions
from
Accumulated
Net Realized
Gains to
Preferred
Shareholders(b)
 

Total

  From Net
Investment
Income to
Common
Share-
holders
  From
Accum-
ulated
Net
Realized
Gains to
Common
Share-
holders
  Return of
Capital to
Common
Share-
holders
 

Total

  Discount
from
Common
Shares
Repur-
chased
and
Retired
  Ending
Common
Share
NAV
  Ending
Market
Value
 

Credit Strategies Income (JQC)

         

Year Ended 7/31:

 
 

2014

(k)

 

$

10.13

   

$

.33

   

$

.12

   

$

   

$

   

$

.45

   

$

(.35

)

 

$

   

$

   

$

(.35

)

 

$

   

$

10.23

   

$

9.50

   
 

2013

(j)

   

9.88

     

.42

     

.29

     

     

     

.71

     

(.46

)

   

     

     

(.46

)

   

     

10.13

     

10.03

   

Year Ended 12/31:

 
 

2012

     

9.18

     

.78

     

.72

     

     

     

1.50

     

(.80

)

   

     

     

(.80

)

   

     

9.88

     

9.65

   
 

2011

     

10.13

     

.55

     

(.72

)

   

     

     

(.17

)

   

(.79

)

   

     

     

(.79

)

   

.01

     

9.18

     

8.05

   
 

2010

     

9.00

     

.53

     

1.29

     

     

     

1.82

     

(.60

)

   

     

(.10

)

   

(.70

)

   

.01

     

10.13

     

8.80

   
 

2009

     

6.04

     

.59

     

3.01

     

*

   

     

3.60

     

(.65

)

   

     

*

   

(.65

)

   

.01

     

9.00

     

7.69

   
 

2008

     

12.46

     

.86

     

(6.14

)

   

(.14

)

   

     

(5.42

)

   

(.72

)

   

     

(.28

)

   

(1.00

)

   

*

   

6.04

     

4.87

   

(a)  Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)  The amounts shown are based on common share equivalents. Represents distributions paid on FundPreferred shares.

(c)  Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

  Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

(d)  After expense reimbursement from the Adviser, where applicable. As of June 30, 2011, the Adviser is no longer reimbursing the Fund for any fees or expenses.

(e)  • Ratios do not reflect the effect of dividend payments to FundPreferred shareholders, where applicable.

  • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to FundPreferred shares and/or borrowings, where applicable.

  • Each ratio includes the effect of dividends expense on securities sold short and all interest expense and other costs related to borrowings, where applicable, as follows:

    Ratios of Dividends Expense
on Securities Sold Short
to Average Net Assets Applicable
to Common Shares(i)
  Ratios of Borrowings
Interest Expense
to Average Net Assets Applicable
to Common Shares
 

Year Ended 7/31:

 
 

2014

(k)

   

%

   

.53

%***

 
 

2013

(j)

   

     

.55

***

 

Year Ended 12/31:

 
 

2012

     

**

   

.58

   
 

2011

     

**

   

.43

   
 

2010

     

**

   

.40

   
 

2009

     

**

   

.46

   
 

2008

     

.01

     

.83

   

Nuveen Investments
88



       

Ratios/Supplemental Data

 
   

Total Returns

      Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(e)
  Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(d)(e)
     

  Based
on
Common
Share
NAV(c)
  Based
on
Market
Value(c)
  Ending
Net
Assets
Applicable
to Common
Shares (000)
 

Expenses

  Net
Investment
Income (Loss)(f)
 

Expenses

  Net
Investment
Income (Loss)
  Portfolio
Turnover
Rate(h)
 

Credit Strategies Income (JQC)

 

Year Ended 7/31:

 
 

2014

(k)

   

4.67

%

   

(1.81

)%

 

$

1,394,055

     

1.76

%***

   

6.49

%***

   

N/A

     

N/A

     

37

%

 
 

2013

(j)

   

7.32

     

8.80

     

1,380,261

     

1.77

***

   

7.22

***

   

N/A

     

N/A

     

44

   

Year Ended 12/31:

 
 

2012

     

16.80

     

30.55

     

1,345,657

     

1.86

     

8.07

     

N/A

     

N/A

     

127

   
 

2011

     

(1.70

)

   

.24

     

1,250,245

     

1.70

     

5.44

     

1.65

%

   

5.49

%

   

37

   
 

2010

     

21.02

     

24.26

     

1,388,235

     

1.64

     

5.41

     

1.48

     

5.57

     

48

   
 

2009

     

63.01

     

76.23

     

1,242,799

     

1.75

     

8.01

     

1.48

     

8.27

     

55

   
 

2008

     

(45.84

)

   

(49.39

)

   

843,469

     

2.41

     

8.00

     

1.95

     

8.45

     

37

   

(f)  Each Ratio of Net Investment Income (Loss) includes the effect of the increase (decrease) of the net realizable value of the receivable for matured senior loans as described in Note 3 – Portfolio Securities and Investments in Derivatives, Matured Senior Loans. The increase (decrease) to the Ratios of Net Investment Income (Loss) to Average Net Assets Applicable to Common Shares were as follows:

Increase (Decrease) to Ratios of
Net Investment Income (Loss) to Average net
Assets Applicable to Common Shares(g)
     

Year Ended 7/31:

 
 

2014

(k)

   

%

 
 

2013

(j)

   

   

Year Ended 12/31:

 
 

2012

     

**

 
 

2011

     

**

 
 

2010

     

**

 
 

2009

     

   
 

2008

     

   

(g)  The Fund had no matured senior loans during the six months ended January 31, 2014, the seven months ended July 31,2013 and priror to the fiscal year ended July 31, 2010.

(h)  Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(i)  Effective for periods beginning after December 31, 2011, the Fund no longer makes short sales of securities.

(j)  For the seven months ended July 31, 2013.

(k)  For the six months ended January 31, 2014.

*  Rounds to less than $.01 per share.

**  Rounds to less than .01%.

***  Annualized.

N/A  Fund no longer has a contractual reimbursement agreement with the Adviser.

See accompanying notes to financial statements.

Nuveen Investments
89



Financial Highlights (Unaudited) (continued)

    Preferred Shares
at the End of Period(c)
  Borrowings
at the End of the Period
  VRTP Shares
at the End of Period
  Borrowings
and VRTP
Shares
at the End
of Period
 

  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $25,000
Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $1,000
Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $100,000
Share
  Asset
Coverage
Per $1
Liquidation
Preference
 

Senior Income (NSL)

     

Year Ended 7/31:

 
 

2014

(d)

 

$

   

$

   

$

99,000

   

$

2,860

   

$

58,000

   

$

285,982

   

$

2.86

   
 

2013

     

     

     

123,000

     

3,342

     

     

     

   
 

2012

     

     

     

100,000

     

3,319

     

     

     

   
 

2011

     

     

     

73,950

     

4,083

     

     

     

   
 

2010

     

     

     

73,950

     

3,749

     

     

     

   
 

2009

     

26,000

     

188,381

     

32,900

     

6,955

     

     

     

   

Floating Rate Income (JFR)

     

Year Ended 7/31:

 
 

2014

(d)

   

     

     

237,200

     

2,863

     

139,000

     

286,340

     

2.86

   
 

2013

     

     

     

295,200

     

3,342

     

     

     

   
 

2012

     

     

     

249,200

     

3,296

     

     

     

   
 

2011

     

     

     

197,740

     

3,935

     

     

     

   
 

2010

     

     

     

197,740

     

3,743

     

     

     

   
 

2009

     

105,000

     

135,244

     

38,500

     

15,754

     

     

     

   

Floating Rate Income Opportunity (JRO)

     

Year Ended 7/31:

 
 

2014

(d)

   

     

     

163,900

     

2,875

     

98,000

     

287,485

     

2.87

   
 

2013

     

     

     

201,900

     

3,388

     

     

     

   
 

2012

     

     

     

159,900

     

3,314

     

     

     

   
 

2011

     

     

     

117,270

     

4,111

     

     

     

   
 

2010

     

     

     

117,270

     

3,747

     

     

     

   
 

2009

     

60,000

     

137,969

     

37,350

     

9,865

     

     

     

   

Short Duration Credit Opportunities (JSD)

     

Year Ended 7/31:

 
 

2014

(d)

   

     

     

85,000

     

3,343

     

     

     

   
 

2013

     

     

     

85,000

     

3,365

     

     

     

   
 

2012

     

     

     

85,000

     

3,296

     

     

     

   
 

2011

(a)

   

     

     

     

     

     

     

   

Credit Strategies Income Fund (JQC)

     

Year Ended 7/31:

 
 

2014

(d)

   

     

     

561,000

     

3,485

     

     

     

   
 

2013

(b)

   

     

     

561,000

     

3,460

     

     

     

   

Year Ended 12/31:

 
 

2012

     

     

     

561,000

     

3,399

     

     

     

   
 

2011

     

     

     

517,000

     

3,418

     

     

     

   
 

2010

     

     

     

400,000

     

4,471

     

     

     

   
 

2009

     

     

     

400,000

     

4,107

     

     

     

   
 

2008

     

165,800

     

152,182

     

224,200

     

5,502

     

     

     

   

(a)  For the period May 25, 2011 (commencement of operations) through July 31, 2011.

(b)  For the seven months ended July 31, 2013.

(c)  Represents Taxable Auctioned Rate Preferred shares for Senior Income (NSL) and FundPreferred shares Floating Rate Income (JFR) and Floating Rate Income Opportunity (JRO).

(d)  For the six months ended January 31, 2014.

See accompanying notes to financial statements.

Nuveen Investments
90




Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Fund Information

The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):

• Nuveen Senior Income Fund (NSL) ("Senior Income (NSL)")

• Nuveen Floating Rate Income Fund (JFR) ("Floating Rate Income (JFR)")

• Nuveen Floating Rate Income Opportunity Fund (JRO) ("Floating Rate Income Opportunity (JRO)")

• Nuveen Short Duration Credit Opportunities Fund (JSD) ("Short Duration Credit Opportunities (JSD)")

• Nuveen Credit Strategies Income Fund (JQC) ("Credit Strategies Income (JQC)")

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Senior Income (NSL), Floating Rate Income (JFR), Floating Rate Income Opportunity (JRO), Short Duration Credit Opportunities (JSD) and Credit Strategies Income (JQC) were organized as Massachusetts business trusts on August 13, 1999, January 15, 2004, April 27, 2004, January 3, 2011 and May 17, 2003, respectively.

Investment Adviser

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Symphony Asset Management, LLC ("Symphony"), an affiliate of Nuveen, under which Symphony manages the investment portfolios of the Funds. The Adviser is responsible for overseeing the Funds' investments in interest rate and credit default swap contracts.

Investment Objectives

Senior Income's (NSL) investment objective is to achieve a high level of current income, consistent with capital preservation. The Fund invests 80% of its managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates) in adjustable rate senior secured loans. The Fund may invest up to 20% of its managed assets in U.S. dollar denominated senior loans of non-U.S. borrowers, senior loans that are not secured, other debt securities and equity securities and warrants acquired in connection with the Fund's investment in senior loans.

Floating Rate Income's (JFR) investment objective is to achieve a high level of current income. The Fund invests at least 65% of its managed assets in adjustable rate senior loans that are secured by specific collateral. The Fund may invest a substantial portion of its managed assets in senior loans and other debt instruments that are, at the time of investment, rated below investment grade or are unrated but judged to be of comparable quality by Symphony.

Floating Rate Income Opportunity's (JRO) investment objective is to achieve a high level of current income. The Fund invests at least 80% of its managed assets in adjustable rate loans, primarily secured senior loans. As part of the 80% requirement, the Fund also may invest in unsecured senior loans and secured and unsecured subordinated loans. The Fund invests at least 65% of its managed assets in adjustable rate senior loans that are secured by specific collateral.

Short Duration Credit Opportunities' (JSD) investment objective is to provide current income and the potential for capital appreciation. Under normal market circumstances the Fund will invest at least 70% of its managed assets in adjustable rate senior loans and second lien loans. The Fund may make limited tactical investments in high yield debt and other debt instruments of up to 30% of its managed assets. No more than 30% of the Fund's managed assets may be invested in debt instruments that are, at the time of investment, rated CCC+ or Caa or below by any Nationally Recognized Statistical Rating Organization or that are unrated but judged by Symphony, to be of comparable quality. The Fund may enter into tactical short positions consisting primarily of high yield debt, either directly or through the use of derivatives, including credit default swaps, creating investment exposure or hedging existing long (positive) investment exposure in a notional amount up to 20% of its managed assets. The Fund may invest up to 20% of its managed assets in debt instruments of non-U.S. issuers that are U.S. dollar or non-U.S. dollar denominated. The Fund's investments in debt instruments of non-U.S. issuers may include debt instruments of issuers located, or conducting their business, in emerging markets countries.

Nuveen Investments
91



Notes to Financial Statements (Unaudited) (continued)

Credit Strategies Income's (JQC) investment objectives are high current income and total return. The Fund meets its investment objectives by investing approximately 70% of its managed assets in senior secured and second lien loans, and up to 30% of its managed assets across the capital structure of companies (including equity securities) with a primary emphasis on high yield bonds, convertible securities and other forms of income-producing securities.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

Investment Transactions

Investment transactions are recorded on a trade date basis. Trade date for senior and subordinated loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds' portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of January 31, 2014, the Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Outstanding when-issued/delayed delivery purchase commitments

 

$

20,868,707

   

$

59,695,066

   

$

41,947,281

   

$

5,050,875

   

$

17,640,259

   

Investment Income

Dividend income is recorded on the ex-dividend date or for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Fee income and amendment fees, if any, are recognized as "Fees income" on the Statement of Operations.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.

Dividends and Distributions to Common Shareholders

Dividends to common shareholders are declared monthly. Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to common shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal corporate income tax regulations, which may differ from U.S. GAAP.

Preferred Shares

The Funds are authorized to issue preferred shares. During prior fiscal periods, Senior Income (NSL) redeemed all of its Taxable Auctioned Preferred shares, at liquidation value and Floating Rate Income (JFR), Floating Rate Income Opportunity (JRO) and Credit Strategies Income (JQC) redeemed all of their outstanding FundPreferred shares, at liquidation value. Short Duration Credit Opportunities (JSD) has not issued preferred shares since its commencement of operations on May 25, 2011.

Variable Rate Term Preferred Shares

The following Funds have issued and outstanding Variable Rate Term Preferred ("VRTP") Shares, with a $100,000 liquidation value per share. The Funds issued their VRTP Shares in privately negotiated offerings, on December 30, 2013, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.

Nuveen Investments
92



As of January 31, 2014, VRTP Shares outstanding, at liquidation value, for each Fund are as follows:

Fund  

Series

  Shares
Outstanding
  Shares
Outstanding
at $100,000 Per Share
Liquidation Value
 

Senior Income (NSL)

 

C-4

   

580

   

$

58,000,000

   

Floating Rate Income (JFR)

 

C-4

   

1,390

   

$

139,000,000

   

Floating Rate Income Opportunity (JRO)

 

C-4

   

980

   

$

98,000,000

   

Each Fund is obligated to redeem its VRTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed or repurchased by the Fund. VRTP Shares are subject to optional and mandatory redemption in certain circumstances. The VRTP Shares are subject to redemption at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance ("Premium Expiration Date"), and at par thereafter. The Term Redemption Date and Premium Expiration Date for the Funds' VRTP Shares are as follows:

Fund  

Series

  Term
Redemption Date
  Premium
Expiration Date
 

Senior Income (NSL)

 

C-4

 

February 1, 2017

 

January 31, 2015

 

Floating Rate Income (JFR)

 

C-4

 

February 1, 2017

 

January 31, 2015

 

Floating Rate Income Opportunity (JRO)

 

C-4

 

February 1, 2017

 

January 31, 2015

 

The average liquidation value of VRTP Shares outstanding and annualized dividend rate for each Fund for the period December 30, 2013 (first issuance of shares) through January 31, 2014, were as follows:

  Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
 

Average liquidation value of VRTP Shares outstanding

 

$

58,000,000

   

$

139,000,000

   

$

98,000,000

   

Annualized dividend rate

   

1.72

%

   

1.72

%

   

1.72

%

 

VRTP Shares generally do not trade, and market quotations are generally not available. VRTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VRTP Shares is expected to be approximately their liquidation ("par") value so long as the fixed "spread" on the VRTP Shares remains roughly in line with the "spread" rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds' Adviser has determined that the fair value of VRTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes only, the liquidation value of VRTP Shares is recorded as a liability and recognized as "Variable Rate Term Preferred (VRTP) Shares, at liquidation value" on the Statement of Assets and Liabilities.

Dividends on the VRTP Shares (which are treated as interest payments for financial reporting purposes only) are set monthly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends paid on VRTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Costs incurred by each Fund in connection with its offering of VRTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.

Common Shares Equity Shelf Programs and Offering Costs

The Funds have each filed registration statements with the Securities and Exchange Commission ("SEC") authorizing the Funds to issue additional common shares through an equity shelf program ("Shelf Offering").

Under the Shelf Offering, each Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund's net asset value ("NAV") per common share.

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93



Notes to Financial Statements (Unaudited) (continued)

Additional common shares authorized, common shares issued and offering proceeds, net of offering costs under each Fund's Shelf Offering during the six months ended January 31, 2014 and fiscal year ended July 31, 2013, were as follows:

 

Senior Income (NSL)

  Floating Rate
Income (JFR)
  Floating Rate Income
Opportunity (JRO)
 

  Six Months
Ended
1/31/14
  Year Ended
7/31/13
  Six Months
Ended
1/31/14
  Year Ended
7/31/13
  Six Months
Ended
1/31/14
  Year Ended
7/31/13
 

Additional common shares authorized

   

12,000,000

     

12,000,000

     

12,900,000

     

17,600,000

     

11,600,000

     

11,600,000

   

Common shares issued

   

     

5,798,036

     

22,610

     

6,888,559

     

43,186

     

7,155,904

   

Offering proceeds, net of offering costs

 

$

   

$

44,273,857

   

$

284,185

   

$

87,398,181

   

$

542,096

   

$

91,655,153

   

 

  Short Duration
Credit Opportunities (JSD)
  Credit Strategies
Income (JQC)
 

  Six Months
Ended
1/31/14
  Year Ended
7/31/13
  Six Months
Ended
1/31/14*
  Seven Months
Ended
7/31/13
  Year Ended
12/31/12
 

Additional common shares authorized

 

$

1,000,000

   

$

1,000,000

   

$

13,600,000

     

     

   

Common shares issued

   

     

36,711

     

     

     

   

Offering proceeds, net of offering costs

 

$

   

$

731,375

   

$

     

     

   

*  Shelf Offering declared effective by the SEC during the period.

Costs incurred by the Funds in connection with their Shelf Offerings are recorded as a deferred charge and recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities. These deferred charges are recognized over the period such additional shares are sold by reducing the proceeds from the Shelf Offering. These deferred charges are not to exceed the one-year life of the Shelf Offering period and are recognized as a component of "Proceeds from shelf offering, net of offering costs and adjustments" on the Statement of Changes in Net Assets. At the end of the one-year life of the Shelf Offering period, any remaining deferred charges will be expensed accordingly and recognized as a component of "Other expenses" on the Statement of Operations. Any additional costs the Funds may incur in connection with their Shelf Offerings are expensed as incurred and recognized as a component of "Proceeds from shelf offering, net of offering costs and adjustments" on the Statement of Changes in Net Assets.

During the six months ended January 31, 2014, Nuveen Securities, LLC, the Funds' distributor and a wholly-owned subsidiary of Nuveen, received commissions of $575 and $1,098, related to the sale of common shares as a result of Floating Rate Income (JFR) and Floating Rate Income Opportunity's (JRO) Shelf Offering, respectively.

Indemnifications

Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis. As of January 31, 2014, the Funds were not invested in any portfolio securities or derivatives, other than repurchase agreements and swap contracts further described in Note 3 – Portfolio Securities and Investments in Derivatives that are subject to netting agreements.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or

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NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the NYSE, which may represent a transfer from a Level 1 to a Level 2 security.

Prices of fixed-income securities, senior loans and swap contracts are provided by a pricing service approved by the Funds' Board of Trustees. These securities are generally classified as Level 2. The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Like most fixed-income securities, the senior and subordinated loans in which the Funds invest are not listed on an organized exchange. The secondary market of such investments may be less liquid relative to markets for other fixed-income securities. Consequently, the value of senior and subordinated loans, determined as described above, may differ significantly from the value that would have been determined had there been an active market for that senior loan. These securities are generally classified as Level 2.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds' shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds' NAV is determined, or if under the Funds' procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds' Board of Trustees. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Investments in investment companies are valued at their respective NAV on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds' Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds' Board of Trustees or its designee.

Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

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Notes to Financial Statements (Unaudited) (continued)

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

Senior Income (NSL)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Long-Term Investments*:

 

Variable Rate Senior Loan Interests

 

$

   

$

368,813,101

   

$

   

$

368,813,101

   

Common Stocks

   

3,424,104

     

3,720,971

     

***

   

7,145,075

   

Convertible Bonds

   

     

843,625

     

     

843,625

   

Corporate Bonds

   

     

54,611,452

     

5

     

54,611,457

   

Short-Term Investments:

 

Repurchase Agreements

   

     

29,573,070

     

     

29,573,070

   

Investments in Derivatives:

 

Interest Rate Swaps**

   

     

(778,582

)

   

     

(778,582

)

 

Total

 

$

3,424,104

   

$

456,783,637

   

$

5

   

$

460,207,746

   

Floating Rate Income (JFR)

 

Long-Term Investments*:

 

Variable Rate Senior Loan Interests

 

$

   

$

837,467,634

   

$

   

$

837,467,634

   

Common Stocks

   

11,252,081

     

12,025,420

     

***

   

23,277,501

   

Convertible Bonds

   

     

1,842,375

     

     

1,842,375

   

Corporate Bonds

   

     

128,119,702

     

     

128,119,702

   

Asset-Backed Securities

   

     

40,729,975

     

     

40,729,975

   

Investment Companies

   

12,302,388

     

     

     

12,302,388

   

Short-Term Investments:

 

Repurchase Agreements

   

     

73,328,558

     

     

73,328,558

   

Investments in Derivatives:

 

Interest Rate Swaps**

   

     

(2,081,904

)

   

     

(2,081,904

)

 

Total

 

$

23,554,469

   

$

1,091,431,760

   

$

***

 

$

1,114,986,229

   

Floating Rate Income Opportunity (JRO)

 

Long-Term Investments*:

 

Variable Rate Senior Loan Interests

 

$

   

$

586,770,479

   

$

   

$

586,770,479

   

Common Stocks

   

6,224,784

     

10,821,907

     

***

   

17,046,691

   

Convertible Bonds

   

     

1,544,625

     

     

1,544,625

   

Corporate Bonds

   

     

101,554,647

     

     

101,554,647

   

Asset-Backed Securities

   

     

27,879,611

     

     

27,879,611

   

Short-Term Investments:

 

Repurchase Agreements

   

     

46,070,473

     

     

46,070,473

   

Investments in Derivatives:

 

Interest Rate Swaps**

   

     

(1,234,676

)

   

     

(1,234,676

)

 

Total

 

$

6,224,784

   

$

773,407,066

   

$

***

 

$

779,631,850

   

Short Duration Credit Opportunities (JSD)

 

Long-Term Investments*:

 

Variable Rate Senior Loan Interests

 

$

   

$

236,479,672

   

$

   

$

236,479,672

   

Corporate Bonds

   

     

40,883,918

     

     

40,883,918

   

Short-Term Investments:

 

Repurchase Agreements

   

     

7,542,922

     

     

7,542,922

   

Investments in Derivatives:

 

Interest Rate Swaps**

   

     

(513,818

)

   

     

(513,818

)

 

Credit Default Swaps**

   

     

43,893

     

     

43,893

   

Total

 

$

   

$

284,436,587

   

$

   

$

284,436,587

   

Credit Strategies Income (JQC)

 

Long-Term Investments*:

 

Variable Rate Senior Loan Interests

 

$

   

$

1,361,028,306

   

$

   

$

1,361,028,306

   

Common Stocks

   

106,315,984

     

7,743,169

     

***

   

114,059,153

   

Convertible Bonds

   

     

15,093,750

     

     

15,093,750

   

Corporate Bonds

   

     

407,096,982

     

     

407,096,982

   

Short-Term Investments:

 

Repurchase Agreements

   

     

40,393,209

     

     

40,393,209

   

Investments in Derivatives:

 

Interest Rate Swaps**

   

     

(3,832,994

)

   

     

(3,832,994

)

 

Total

 

$

106,315,984

   

$

1,827,522,422

   

$

***

 

$

1,933,838,406

   

*  Refer to the Fund's Portfolio of Investments for industry classifications and breakdown of Common Stocks and Corporate Bonds classified as Level 2 and Level 3.

**  Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.

***  Value equals zero as of the end of the reporting period.

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The Nuveen funds' Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds' pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i)  If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii)  If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that Short Duration Credit Opportunities (JSD) and Credit Strategies Income (JQC) invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds' investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, forward foreign currency exchange contracts, options written and swap contracts are recognized as a component of "Net realized gain (loss) from investments and foreign currency" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of "Change in unrealized appreciation (depreciation) of investments and foreign currency" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with forward foreign currency exchange contracts, options written and swaps are recognized as a component of "Change in net unrealized appreciation (depreciation) of forward foreign currency exchange contracts, options written and swaps", respectively, on the Statement of Operations, when applicable.

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Notes to Financial Statements (Unaudited) (continued)

Matured Senior Loans

Each Fund may hold senior loans which have matured prior to the end of the current fiscal period. The net realizable value for matured senior loans is recognized on the Statement of Assets and Liabilities as "Receivable for matured senior loans," when applicable. The net increase or decrease in the net realizable value of the receivable for matured senior loans during the current fiscal period is recognized on the Statement of Operations as a component of "Other income" or "Other expenses," respectively, when applicable.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.

Fund  

Counterparty

  Short-Term
Investments, at Value
  Collateral
Pledged (From)
Counterparty*
  Net
Exposure
 

Senior Income (NSL)

 

Fixed Income Clearing Corporation

 

$

29,573,070

   

$

(29,573,070

)

 

$

   

Floating Rate Income (JFR)

 

Fixed Income Clearing Corporation

   

73,328,558

     

(73,328,558

)

   

   

Floating Rate Income Opportunity (JRO)

 

Fixed Income Clearing Corporation

   

46,070,473

     

(46,070,473

)

   

   

Short Duration Credit Opportunities (JSD)

 

State Street Bank

   

7,542,922

     

(7,542,922

)

   

   

Credit Strategies Income (JQC)

 

Fixed Income Clearing Corporation

   

40,393,209

     

(40,393,209

)

   

   

*  As of January 31, 2014, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund's Portfolio of Investments for details on the repurchase agreements.

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. The Funds limit their investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Swap Contracts

Each Fund is authorized to enter into swap contracts consistent with its investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).

Interest Rate Swap Contracts

Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment that is intended to approximate the Fund's variable rate payment obligation on any variable rate borrowing. Forward interest rate swap transactions involve the Fund's agreement with a counterparty to pay or receive, in the future, a fixed or variable rate payment in exchange for the counterparty receiving or paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The payment obligation is based on the notional amount of the swap contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that a Fund is to receive. Interest rate swap contracts are valued daily. Upon entering into an interest rate swap (and beginning on the effective date for a forward interest rate swap), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)" with the change during the fiscal period recognized on the Statement of Operations as a component of "Change in net unrealized appreciation (depreciation) of swaps." Income received or paid by the Funds is recognized as a component of "Net realized gain (loss) from swaps" on the Statement

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of Operations, in addition to the net realized gains or losses recognized upon the termination of an interest rate swap contract and are equal to the difference between the Funds' basis in the interest rate swap and the proceeds from (or cost of) the closing transaction. Payments received or made at the beginning of the measurement period are recognized as a component of "Interest rate swap premiums paid and/or received" on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.

During the six months ended January 31, 2014, the Funds continued to invest in interest rate swap contracts to partially fix the interest cost of leverage, which each Fund employs through the use of bank borrowings.

The average notional amount of interest rate swap contracts outstanding during the six months ended January 31, 2014, was as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Average notional amount of interest rate swap contracts outstanding*

 

$

36,975,000

   

$

98,870,000

   

$

58,635,000

   

$

52,500,000

   

$

206,150,000

   

*  The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Credit Default Swaps

A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and recognized with the daily change in the market value of the contract as a component of "Unrealized appreciation or depreciation on credit default swaps (, net)" on the Statement of Assets and Liabilities and is recorded as a realized loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain or loss. Payments received or made at the beginning of the measurement period are recognized as a component of "Credit default swap premiums paid and/or received" on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily as a component of unrealized appreciation or depreciation and is recorded as a realized gain or loss upon payment. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss. Changes in the value of a credit default swap during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps," and realized gains and losses are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations. The maximum potential amount of future payments the Fund could incur as a seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

During the six months ended January 31, 2014, Short Duration Credit Opportunities (JSD) continued to invest in credit default swap contracts to provide a benefit if particular bonds' credit quality worsened. The Fund does not hold other securities issued by the issuers referenced under these credit default swap contracts.

The average notional amount of credit default swap contracts outstanding during the six months ended January 31, 2014, was as follows:

    Short
Duration
Credit
Opportunities
(JSD)
 

Average notional amount of credit default swap contracts outstanding*

 

$

4,333,333

   

*  The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Nuveen Investments
99



Notes to Financial Statements (Unaudited) (continued)

The following table presents the fair value of all swap contracts held by the Funds as of January 31, 2014, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

       

Location on the Statement of Assets and Liabilities

 

Underlying

 

Derivative

 

Asset Derivatives

 

(Liability) Derivatives

 

Risk Exposure

 

Instrument

 

Location

 

Value

 

Location

 

Value

 

Senior Income (NSL)

 

Interest rate

 

Swaps

 

 

$

   

Unrealized depreciation on interest rate swaps

 

$

(778,582

)

 

Floating Rate Income (JFR)

 

Interest rate

 

Swaps

 

 

$

   

Unrealized depreciation on interest rate swaps

 

$

(2,081,904

)

 

Floating Rate Income Opportunity (JRO)

 

Interest rate

 

Swaps

 

 

$

   

Unrealized depreciation on interest rate swaps

 

$

(1,234,676

)

 

Short Duration Credit Opportunities (JSD)

 

Interest rate

 

Swaps

 

 

$

   

Unrealized depreciation on interest rate swaps

 

$

(513,818

)

 

Credit

 

Swaps

  Unrealized appreciation on credit default swaps**    

43,893

       

   

Credit Strategies Income (JQC)

 

Interest rate

 

Swaps

 

 

$

   

Unrealized depreciation on interest rate swaps

 

$

(3,832,994

)

 

**  Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities and is not reflected in the cumulative appreciation (depreciation) presented above.

The following tables present the swap contacts, which are subject to netting agreements, as well as the collateral delivered related to those swap contracts.

Fund   Counterparty   Gross
Unrealized
Appreciation on
Interest Rate Swaps***
  Gross
Unrealized
(Depreciation) on
Interest Rate Swaps***
  Amounts
Netted on
Statement of
Assets and
Liabilities
  Net Unrealized
Appreciation
(Depreciation) on
Interest Rate Swaps
  Collateral
Pledged
to (from)
Counterparty
  Net
Exposure
 

Senior Income (NSL)

 

 

Goldman Sachs

 

$

   

$

(52,572

)

 

$

   

$

(52,572

)

 

$

52,572

   

$

   

 

Morgan Stanley

   

     

(726,010

)

   

     

(726,010

)

   

704,350

     

(21,660

)

 

Total

         

$

   

$

(778,582

)

 

$

   

$

(778,582

)

 

$

756,922

   

$

(21,660

)

 

Floating Rate Income (JFR)

 

 

Goldman Sachs

 

$

   

$

(140,577

)

 

$

   

$

(140,577

)

 

$

140,577

   

$

   

 

Morgan Stanley

   

     

(1,941,327

)

   

     

(1,941,327

)

   

1,902,915

     

(38,412

)

 

Total

         

$

   

$

(2,081,904

)

 

$

   

$

(2,081,904

)

 

$

2,043,492

   

$

(38,412

)

 

Floating Rate Income Opportunity (JRO)

 

 

Goldman Sachs

 

$

   

$

(83,369

)

 

$

   

$

(83,369

)

 

$

83,369

   

$

   

 

Morgan Stanley

   

     

(1,151,307

)

   

     

(1,151,307

)

   

1,125,000

     

(26,307

)

 

Total

         

$

   

$

(1,234,676

)

 

$

   

$

(1,234,676

)

 

$

1,208,369

   

$

(26,307

)

 

Short Duration Credit Opportunities (JSD)

 

 

Barclays PLC

 

$

   

$

(255,914

)

 

$

   

$

(255,914

)

 

$

255,914

   

$

   

 

Morgan Stanley

   

     

(257,904

)

   

     

(257,904

)

   

257,904

     

   

Total

         

$

   

$

(513,818

)

 

$

   

$

(513,818

)

 

$

513,818

   

$

   

Credit Strategies Income (JQC)

 

 

JPMorgan

 

$

   

$

(177,790

)

 

$

   

$

(177,790

)

 

$

177,790

   

$

   

 

Morgan Stanley

   

     

(3,655,204

)

   

     

(3,655,204

)

   

3,655,204

     

   

Total

         

$

   

$

(3,832,994

)

 

$

   

$

(3,832,994

)

 

$

3,832,994

   

$

   

***  Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

Nuveen Investments
100



Fund

 

Counterparty

  Gross
Unrealized
Appreciation on
Credit Default Swaps***
  Gross
Unrealized
(Depreciation) on
Credit Default Swaps***
  Amounts
Netted on
Statement of
Assets and
Liabilities
  Net Unrealized
Appreciation
(Depreciation) on
Credit Default Swaps
  Collateral
Pledged
to (from)
Counterparty
  Net
Exposure
 
Short Duration Credit
Opportunities (JSD)
 

Morgan Stanley

 

$

43,893

   

$

   

$

   

$

43,893

   

$

(43,893

)

 

$

   

***  Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the six months ended January 31, 2014, and the primary underlying risk exposure.

Fund

  Underlying
Risk Exposure
  Derivative
Instrument
  Net Realized
Gain (Loss) from Swaps
  Change in Net Unrealized
Appreciation (Depreciation) of Swaps
 

Senior Income (NSL)

 

Interest

 

Swaps

 

$

(288,579

)

 

$

195,143

   

Floating Rate Income (JFR)

 

Interest

 

Swaps

   

(771,650

)

   

521,808

   

Floating Rate Income Opportunity (JRO)

 

Interest

 

Swaps

   

(457,628

)

   

309,459

   

Short Duration Credit Opportunities (JSD)

 
       

Credit

 

Swaps

   

(138,624

)

   

115,678

   
       

Interest

 

Swaps

   

(248,844

)

   

(68,912

)

 

Total

                 

$

(387,468

)

 

$

46,766

   

Credit Strategies Income (JQC)

 

Interest

 

Swaps

 

$

(1,484,122

)

 

$

996,388

   

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Common Shares

Transactions in common shares were as follows:

   

Senior Income (NSL)

  Floating Rate
Income (JFR)
  Floating Rate
Income Opportunity (JRO)
 
    Six Months
Ended
1/31/14
  Year
Ended
7/31/13
  Six Months
Ended
1/31/14
  Year
Ended
7/31/13
  Six Months
Ended
1/31/14
  Year
Ended
7/31/13
 

Common shares:

 

Sold through shelf offering

   

     

5,798,036

     

22,610

     

6,888,559

     

43,186

     

7,155,904

   

Issued to shareholders due to reinvestment of distributions

   

3,421

     

36,601

     

4,199

     

54,601

     

5,155

     

30,879

   

Repurchased and retired

   

     

     

     

     

     

   

Total

   

3,421

     

5,834,637

     

26,809

     

6,943,160

     

48,341

     

7,186,783

   

Weighted average:

 

Premium to NAV per shelf offering share sold

   

%

   

5.32

%

   

1.46

%

   

3.70

%

   

1.38

%

   

4.92

%

 

Price per common share repurchased and retired

 

$

   

$

   

$

   

$

   

$

   

$

   

Discount per common share repurchased and retired

   

%

   

%

   

%

   

%

   

%

   

%

 

Nuveen Investments
101



Notes to Financial Statements (Unaudited) (continued)

  Short Duration Credit
Opportuntities (JSD)
  Credit Strategies
Income (JQC)
 

  Six Months
Ended
1/31/14
  Year
Ended
7/31/13
  Six Months
Ended
1/31/14
  Seven Months
Ended
7/31/13
  Year
Ended
12/31/12
 

Common shares:

 

Sold through shelf offering

   

     

36,711

     

     

     

   

Issued to shareholders due to reinvestment of distributions

   

     

46,873

     

     

75,690

     

   

Repurchased and retired

   

     

     

     

     

   

Total

   

     

83,584

     

     

75,690

     

   

Weighted average:

 

Premium to NAV per shelf offering share sold

   

%

   

1.68

%

   

%

   

%

   

%

 

Price per common share repurchased and retired

 

$

   

$

   

$

   

$

   

$

   

Discount per common share repurchased and retired

   

%

   

%

   

%

   

%

   

%

 

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended January 31, 2014, were as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Purchases

 

$

153,087,141

   

$

346,764,409

   

$

263,891,893

   

$

65,123,663

   

$

707,747,456

   

Sales and maturities

   

128,313,718

     

284,089,554

     

205,330,729

     

72,964,812

     

683,092,654

   

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment company taxable income to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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 timing differences in the recognition of an income on real estate investment trust ("REIT") investments (for Credit Strategies (JQC)), paydown gains and losses (except for Credit Strategies (JQC)), timing differences in recognizing certain gains and losses on investment transactions and, for Floating Rate Income (JFR), Floating Rate Income Opportunity (JRO), Short Duration Credit Opportunities (JSD) and Credit Strategies (JQC), recognition of premium amortization. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

As of January 31, 2014, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Cost of investments

 

$

454,558,518

   

$

1,099,102,835

   

$

765,587,239

   

$

277,862,444

   

$

1,899,348,493

   

Gross unrealized:

 

Appreciation

 

$

10,795,474

   

$

28,469,528

   

$

21,725,873

   

$

7,644,085

   

$

44,027,896

   

Depreciation

   

(4,367,664

)

   

(10,504,230

)

   

(6,446,586

)

   

(600,017

)

   

(5,704,989

)

 

Net unrealized appreciation (depreciation) of investments

 

$

6,427,810

   

$

17,965,298

   

$

15,279,287

   

$

7,044,068

   

$

38,322,907

   

Nuveen Investments
102



Permanent differences, primarily due to federal taxes paid, bond premium amortization adjustments, treatment of notional principal contracts, adjustments for REITs, adjustments for passive foreign investment companies and litigation proceeds, resulted in reclassifications among the Funds' components of common share net assets as of July 31, 2013, the Funds' last tax year end, as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Paid-in-surplus

 

$

   

$

(5,818

)

 

$

(4,577

)

 

$

(7,358

)

 

$

(14,377

)

 

Undistributed (Over-distribution of) net investment income

   

(576,983

)

   

(1,515,766

)

   

(894,048

)

   

(556,497

)

   

11,925,177

   

Accumulated net realized gain (loss)

   

576,983

     

1,521,584

     

898,625

     

563,855

     

(11,910,800

)

 

The tax components of undistributed net ordinary income and net long-term capital gains as of July 31, 2013, the Funds' last tax year end, were as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Undistributed net ordinary income1

 

$

626,830

   

$

2,524,809

   

$

1,867,335

   

$

1,760,361

   

$

3,514,155

   

Undistributed net long-term capital gains

   

     

     

     

2,174,311

     

   

1  Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared on July 1, 2013, paid on August 1, 2013.

The tax character of distributions paid during the Funds' last tax year ended July 31, 2013, was designated for purposes of the dividends paid deduction as follows:

  Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)3
 

Distributions from net ordinary income2

 

$

19,766,814

   

$

49,637,370

   

$

34,999,480

   

$

16,661,199

   

$

54,593,575

   

Distributions from net long-term capital gains

   

     

     

     

224,732

     

   

The tax character of distributions paid during Credit Strategies Income's (JQC) tax year ended December 31, 2012, was designated for purposes of the dividends paid deduction as follows:

  Credit
Strategies
Income
(JQC)
 

Distributions from net ordinary income2

 

$

109,325,873

   

Distributions from net long-term capital gains

   

   

2  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

3  For the seven months ended July 31, 2013.

As of July 31, 2013, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term.

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
  Credit
Strategies
Income
(JQC)
 

Expiration:

 

July 31, 2016

 

$

   

$

   

$

   

$

202,598,007

   

July 31, 2017

   

6,925,213

     

15,533,989

     

4,813,324

     

289,143,715

   

July 31, 2018

   

29,264,459

     

67,020,214

     

46,332,843

     

8,513,146

   

Not subject to expiration:

 

Short-term losses

   

     

     

     

   

Long-term losses

   

     

     

     

876,176

   

Total

 

$

36,189,672

   

$

82,554,203

   

$

51,146,167

   

$

501,131,044

   

Nuveen Investments
103



Notes to Financial Statements (Unaudited) (continued)

During the Funds' last tax year ended July 31, 2013, the following Funds utilized capital loss carryforwards as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
 

Utilized capital loss carryforwards

 

$

2,185,348

   

$

8,740,800

   

$

6,391,280

   

The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Fund has elected to defer losses as follows:

    Senior
Income
(NSL)
 

Post-October capital losses4

 

$

3,629,377

   

Late-year ordinary losses5

   

   

4  Capital losses incurred from November 1, 2012 through July 31, 2013, the Funds' last tax year end.

5  Ordinary losses incurred from January 1, 2013 through July 31, 2013, and specified losses incurred from November 1, 2012 through July 31, 2013.

7. Management Fees and Other Transactions with Affiliates

Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. Symphony is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund – level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Average Daily Managed Assets*

  Senior Income (NSL)
Fund-Level Fee Rate
 

For the first $1 billion

   

.6500

%

 

For the next $1 billion

   

.6375

   

For the next $3 billion

   

.6250

   

For the next $5 billion

   

.6000

   

For managed assets over $10 billion

   

.5750

   

 

Average Daily Managed Assets*

  Floating Rate Income (JFR)
Floating Rate Income Opportunity (JRO)
Fund-Level Fee Rate
  Short Duration Credit Opportunities (JSD)
Fund-Level Fee Rate
  Credit Strategies Income (JQC)
Fund-level Fee Rate
 

For the first $500 million

   

.6500

%

   

.6500

%

   

.6800

%

 

For the next $500 million

   

.6250

     

.6375

     

.6500

   

For the next $500 million

   

.6000

     

.6250

     

.6300

   

For the next $500 million

   

.5750

     

.6125

     

.6050

   

For managed assets over $2 billion

   

.5500

     

.6000

     

.5800

   

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*

 

Effective Rate at Breakpoint Level

 
$55 billion    

.2000

%

 
$56 billion    

.1996

   
$57 billion    

.1989

   
$60 billion    

.1961

   
$63 billion    

.1931

   
$66 billion    

.1900

   
$71 billion    

.1851

   
$76 billion    

.1806

   
$80 billion    

.1773

   
$91 billion    

.1691

   
$125 billion    

.1599

   
$200 billion    

.1505

   
$250 billion    

.1469

   
$300 billion    

.1445

   

*  For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an

Nuveen Investments
104



agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute ''eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of January 31, 2014, the complex-level fee rate for these Funds was .1679%.

The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

8. Senior Loan Commitments

Unfunded Commitments

Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of January 31, 2014, the Funds had no unfunded senior loan commitments.

Participation Commitments

With respect to the senior loans held in each Fund's portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of January 31, 2014, there were no such outstanding participation commitments in any of the Funds.

9. Borrowing Arrangements

The Funds have entered into borrowing arrangements ("Borrowings") as a means of leverage.

Senior Income (NSL), Floating Rate Income (JFR) and Floating Rate Income Opportunity (JRO)

The following Funds have entered into a credit agreement with an affiliate of Citibank N.A. through February 2, 2015. Each Fund's maximum commitment amount under its Borrowings is as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
 

Maximum commitment amount

 

$

127,000,000

   

$

307,000,000

   

$

214,000,000

   

As of January 31, 2014, each Fund's outstanding balance on its Borrowings was as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
 

Outstanding balance on Borrowings

 

$

99,000,000

   

$

237,200,000

   

$

163,900,000

   

On December 30, 2013, each Fund amended its Borrowings with Citibank N.A. and decreased its maximum commitment amount. For the period August 1, 2013 through December 29, 2013, each Fund's maximum commitment amount under its Borrowings was as follows:

  Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
 

Maximum commitment amount

 

$

135,000,000

   

$

325,000,000

   

$

215,000,000

   

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105



Notes to Financial Statements (Unaudited) (continued)

During the six months ended January 31, 2014, the average daily balance outstanding and average annual interest rate on each Fund's Borrowings were as follows:

    Senior
Income
(NSL)
  Floating
Rate
Income
(JFR)
  Floating
Rate
Income
Opportunity
(JRO)
 

Average daily balance outstanding

 

$

117,641,304

   

$

282,232,609

   

$

192,916,304

   

Average annual interest rate

   

0.99

%

   

0.98

%

   

0.98

%

 

Interest charged on these Borrowings is based on a .75% per annum drawn fee on the amount borrowed and .15% per annum on the undrawn balance of the maximum commitment amount.

On December 30, 2013, each Fund incurred a one-time .15% amendment fee on its maximum commitment amount, which will be fully expensed during the fiscal year ended July 31, 2014.

Short Duration Credit Opportunities (JSD) and Credit Strategies Income (JQC)

The following Funds have entered into a 364-day revolving line of credit, renewable annually, with Bank of America, N.A. ("Bank of America").

Each Fund's maximum commitment amount under its Borrowings is as follows:

  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Maximum commitment amount

 

$

95,000,000

   

$

630,000,000

   

As of January 31, 2014, each Fund's outstanding balance on its Borrowings was as follows:

  Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Outstanding balance on Borrowings

 

$

85,000,000

   

$

561,000,000

   

On August 9, 2013, Short Duration Credit Opportunities (JSD) renewed its Borrowings with Bank of America and increased the maximum commitment amount on its Borrowings from $85 million to $95 million.

On January 17, 2014, Credit Strategies Income (JQC) renewed its Borrowings with Bank of America through February 17, 2014.

During the six months ended January 31, 2014, the average daily balance outstanding and average annual interest rate on each Fund's Borrowings were as follows:

    Short
Duration
Credit
Opportunities
(JSD)
  Credit
Strategies
Income
(JQC)
 

Average daily balance outstanding

 

$

85,000,000

   

$

561,000,000

   

Average annual interest rate

   

1.07

%

   

1.17

%

 

Short Duration Credit Opportunities' (JSD) interest is charged on its Borrowings at the 1-Month LIBOR (London Inter-Bank Offered Rate) plus .85% per annum or if the 1-Month LIBOR were to become unavailable, at a rate per annum equal to the greater of (a) the Federal Funds Rate plus 1.00%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate" or (c) one minus the Eurodollar Reserve Percentage plus 1.00%. The Fund also accrues a (a) .25% per annum on the undrawn balance of the maximum commitment amount and (b) one-time 10% amendment fee based on the maximum commitment amount on the Borrowings through August 10, 2014, the renewal date.

Credit Strategies Income's (JQC), interest is charged on its Borrowings at the 1-Month LIBOR plus .95% per annum or at a rate per annum equal to the greater of (a) the Federal Funds Rate plus .50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate" or (c) one minus the Eurodollar Reserve Percentage plus 1.00%. The Fund also accrues a .25% per annum commitment fee on the undrawn balance of the maximum commitment amount.

Nuveen Investments
106



Subsequent to the close of this reporting period, Credit Strategies Income (JQC) renewed its Borrowings with Bank of America through January 16, 2015, the renewal date. The Fund also accrues a one-time (a) .02% arrangement fee and (b) .05% upfront fee based on the maximum commitment amount of the Borrowings through the renewal date.

Other Borrowings Information

In order to maintain their Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Each Fund's Borrowings outstanding is fully secured by eligible securities held in its portfolio of investments.

Each Funds' Borrowings outstanding is recognized as "Borrowings" on the Statement of Assets and Liabilities. Interest charged on the amount borrowed and other fees incurred on the Borrowings are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Nuveen Investments
107




Additional

Fund Information

Board of Trustees

William Adams IV*

 

Robert P. Bremner

 

Jack B. Evans

 

William C. Hunter

 

David J. Kundert

 

John K. Nelson

 

William J. Schneider

 

Thomas S. Schreier, Jr.*

 

Judith M. Stockdale

 

Carole E. Stone

 

Virginia L. Stringer

 

Terence J. Toth

 

* Interested Board Member.

Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
  Custodian
State Street Bank
& Trust Company
Boston, MA 02111
  Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
  Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL 60606
  Transfer Agent and
Shareholder Services
State Street Bank
& Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 

Quarterly Form N-Q Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

Nuveen Funds' Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Information

Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

   

NSL

 

JFR

 

JRO

 

JSD

 

JQC

 

Common shares repurchased

   

     

     

     

     

   

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

Nuveen Investments
108



Glossary of Terms

Used in this Report

n  Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

n  Barclays U.S. Aggregate Bond Index: An unmanaged index that includes all investment-grade, publicly issued, fixed-rate, dollar denominated, nonconvertible debt issues and commercial mortgage backed securities with maturities of at least one year and outstanding par values of $150 million or more. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

n  Convexity: A tool used in risk management to measure the sensitivity of bond duration to interest rate changes. Higher convexity generally means higher sensitivity to interest rate changes.

n  CSFB Leveraged Loan Index: A representative, unmanaged index of tradeable, senior, U.S. dollar-denominated leveraged loans. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

n  Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund's portfolio that increase the funds' investment exposure.

n  Equity Shelf Program: A type of public offering used in accordance with U.S. Securities and Exchange Commission (SEC) registration requirements. This program allows corporations to offer and sell securities for several years without a separate prospectus for each offering.

n  Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

n  Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

n  Net Asset Value (NAV): The net market value of all securities held in a portfolio.

n  Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

n  Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

Nuveen Investments
109



Reinvest Automatically,

Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.

By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each quarter you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments
110




Notes



Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $221 billion as of December 31, 2013.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com/cef

ESA-A-0114D




 

ITEM 2. CODE OF ETHICS.

 

Not applicable to this filing.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable to this filing.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable to this filing.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable to this filing.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a)         See Portfolio of Investments in Item 1.

 

(b)         Not applicable.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to this filing.

 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to this filing.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.

 

ITEM 11. 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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 



 

ITEM 12. EXHIBITS.

 

File the exhibits listed below as part of this Form.

 

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

 

(a)(2) 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)) in the exact form set forth below: Ex-99.CERT attached hereto.

 

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

 

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Nuveen Floating Rate Income Opportunity Fund

 

 

 

By (Signature and Title)

/s/ Kevin J. McCarthy

 

 

Kevin J. McCarthy

 

 

Vice President and Secretary

 

 

 

Date: April 8, 2014

 

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: April 8, 2014

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

 

Vice President and Controller
(principal financial officer)

 

 

Date: April 8, 2014