UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21579

Nuveen Floating Rate Income Opportunity Fund

(Exact name of registrant as specified in charter)

     333 West Wacker Drive, Chicago, Illinois 60606     
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary
     333 West Wacker Drive, Chicago, Illinois 60606     
(Name and address of agent for service)

Registrant’s telephone number, including area code:      312-917-7700     

Date of fiscal year end:        7/31      

Date of reporting period:    10/31/2008   

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

Item 1. Schedule of Investments

Nuveen Floating Rate Income Opportunity Fund (JRO)
October 31, 2008

						Weighted
Principal						Average
Amount (000)				Description (1)		Coupon		Maturity (2)		Ratings (3)		Value
				Variable Rate Senior Loan Interests – 155.2% (93.7% of Total Investments) (4)
				Aerospace & Defense – 0.8% (0.5% of Total Investments)
$	574			DAE Aviation Holdings, Inc., Term Loan B-1		7.366%		7/31/14		BB-		$	427,979
	568			DAE Aviation Holdings, Inc., Term Loan B-2		7.170%		7/31/14		BB-			422,968
	1,150			Transdigm, Inc., Term Loan B		5.210%		6/23/13		BB-			881,188
	2,292			Total Aerospace & Defense									1,732,135
				Airlines – 3.1% (1.9% of Total Investments)
	1,975			Delta Air Lines, Inc., Term Loan		6.250%		4/30/14		B			1,135,625
	3,679			Northwest Airlines, Inc., DIP Term Loan		5.000%		8/21/13		BB-			2,993,843
	4,597			United Air Lines Inc., Term Loan B		5.653%		2/01/14		B+			2,643,243
	10,251			Total Airlines									6,772,711
				Auto Components – 2.8% (1.7% of Total Investments)
	1,452			Accuride Corporation, Term Loan		7.313%		1/31/12		Ba3			1,099,705
	3,963			Federal-Mogul Corporation, Tranche B, Term Loan		5.274%		12/29/14		Ba2			2,412,471
	2,022			Federal-Mogul Corporation, Tranche C, Term Loan		6.060%		12/28/15		Ba2			1,230,852
	1,976			Lear Corporation, Term Loan		4.890%		4/25/12		BB-			1,284,400
	9,413			Total Auto Components									6,027,428
				Building Products – 6.1% (3.7% of Total Investments)
	1,574			Atrium Companies, Inc., Term Loan		8.724%		5/31/12		B			944,397
	4,913			Building Materials Corporation of America, Term Loan		6.625%		2/22/14		B+			3,429,381
	3,000			Building Materials Corporation of America, Term Loan, Second Lien		9.000%		9/15/14		Caa2			1,566,000
	3,361			Stile Acquisition Corporation, Canadian Term Loan		5.500%		4/05/13		Caa2			2,322,477
	3,394			Stile Acquisition Corporation, Term Loan B		5.000%		4/05/13		Caa2			2,345,063
	2,940			TFS Acquisition, Term Loan		7.262%		8/11/13		B+			2,734,200
	19,182			Total Building Products									13,341,518
				Capital Markets – 1.0% (0.6% of Total Investments)
	480			BNY Convergex Group LLC, Delayed Draw Term Loan, (5) (6)		1.500%		10/02/13		B2			(134,493	)
	343			BNY Convergex Group LLC, Incremental Term Loan		6.770%		10/02/13		B2			261,162
	2,786			BNY Convergex Group LLC, Term Loan		6.770%		10/02/13		B2			2,124,107
	3,609			Total Capital Markets									2,250,776
				Chemicals – 5.4% (3.2% of Total Investments)
	193			Celanese US Holdings LLC, Credit Linked Deposit		3.926%		4/02/14		BB+			156,648
	759			Celanese US Holdings LLC, Term Loan		5.553%		4/02/14		BB+			617,192
	1,536			Foamex LP, Term Loan B		8.041%		2/12/13		CCC+			710,618
	963			Hercules Offshore, Inc., Term Loan		5.640%		7/11/13		BB			656,906
	2,409			Hexion Specialty Chemicals, Inc., Term Loan C-1		6.188%		5/05/13		Ba3			1,676,375
	523			Hexion Specialty Chemicals, Inc., Term Loan C-2		6.063%		5/05/13		Ba3			364,156
	3,023			Huntsman International LLC, Term Loan		4.969%		4/19/14		BB+			2,628,564
	1,441			Ineos US Finance LLC, Tranche B2		5.950%		12/16/13		BB-			802,303
	1,441			Ineos US Finance LLC, Tranche C2		6.450%		12/16/14		BB-			789,091
	1,253			JohnsonDiversey, Inc., Delayed Term Loan		4.791%		12/16/10		Ba2			995,810
	1,448			Lucite International, Term Loan B-1		5.370%		7/07/13		BB-			1,313,693
	513			Lucite International, Term Loan B-2		5.370%		7/07/13		BB-			408,368
	720			Rockwood Specialties Group, Inc., Term Loan E		4.618%		7/30/12		BB+			603,000
	16,222			Total Chemicals									11,722,724
				Commercial Services & Supplies – 1.5% (0.9% of Total Investments)
	27			Cenveo Corporation, Delayed Term Loan		4.954%		6/21/13		BB			20,515
	952			Cenveo Corporation, Term Loan		4.954%		6/21/13		BB+			718,552
	975			NCO Financial Systems, Inc., Term Loan		7.415%		5/15/13		BB-			840,723
	1,938			Rental Services Corporation, Term Loan		7.699%		11/27/13		B-			1,196,445
	888			Workflow Holdings Corporation, Term Loan		8.420%		11/30/11		B+			610,429
	4,780			Total Commercial Services & Supplies									3,386,664
				Communications Equipment – 0.9% (0.5% of Total Investments)
	2,340			Aspect Software, Inc., Term Loan B		6.250%		7/11/11		BB-			1,895,400
				Consumer Finance – 0.6% (0.4% of Total Investments)
	1,900			Peach Holdings, Inc., Term Loan		7.712%		11/30/13		B			1,337,125
				Containers & Packaging – 4.5% (2.7% of Total Investments)
	493			Amscan Holdings, Inc., Term Loan		5.407%		5/25/13		B1			369,375
	8,533			Graham Packaging Company, L.P., Term Loan		5.744%		10/07/11		B+			6,988,208
	611			Smurfit-Stone Container Corporation, Deposit-Funded Commitment		5.926%		11/01/10		BB			485,991
	685			Smurfit-Stone Container Corporation, Term Loan B		4.897%		11/01/11		BB			544,856
	1,295			Smurfit-Stone Container Corporation, Term Loan C		4.883%		11/01/11		BB			1,029,640
	406			Smurfit-Stone Container Corporation, Tranche C-1		5.125%		11/01/11		BB			323,163
	12,023			Total Containers & Packaging									9,741,233
				Diversified Consumer Services – 4.0% (2.4% of Total Investments)
	6,930			Cengage Learning Acquisitions, Inc., Term Loan		5.620%		7/05/14		B+			5,201,353
	258			Laureate Education, Inc., Delayed Term Loan		7.001%		8/17/14		B1			184,516
	1,725			Laureate Education, Inc., Term Loan B		7.001%		8/17/14		B1			1,233,029
	3,392			West Corporation, Term Loan		5.512%		10/24/13		BB-			2,196,229
	12,305			Total Diversified Consumer Services									8,815,127
				Diversified Financial Services – 0.7% (0.4% of Total Investments)
	2,000			Fox Acquisition Sub LLC, Term Loan B		7.250%		7/14/15		BB-			1,580,000
				Diversified Telecommunication Services – 10.6% (6.4% of Total Investments)
	898			Choice One Communications, Term Loan B		6.886%		6/30/12		B2			538,929
	2,955			Crown Castle Operating Company, Term Loan		5.376%		1/26/14		BB+			2,263,530
	2,000			Intelsat, Term Loan		6.834%		2/01/14		BB-			1,675,000
	1,936			Intelsat, Tranche B, Term Loan		6.650%		7/01/13		BB-			1,604,046
	4,252			Intelsat, Tranche B, Term Loan A		6.650%		1/03/14		BB-			3,529,542
	4,251			Intelsat, Tranche B, Term Loan B		6.650%		1/03/14		BB-			3,528,475
	4,251			Intelsat, Tranche B, Term Loan C		6.650%		1/03/14		BB-			3,528,475
	4,533			Level 3 Financing, Inc., Term Loan		7.000%		3/13/14		B+			3,388,667
	3,920			MetroPCS Wireless, Inc., Term Loan		5.176%		11/03/13		BB-			3,254,580
	28,996			Total Diversified Telecommunication Services									23,311,244
				Electric Utilities – 6.0% (3.6% of Total Investments)
	806			Calpine Corporation, DIP Revolver, (5)		4.397%		3/31/14		B+			550,000
	8,422			Calpine Corporation, DIP Term Loan		6.645%		3/31/14		B+			6,777,047
	2,126			Murray Energy Corporation, Term Loan		11.310%		1/28/11		N/R			1,870,440
	2,955			TXU Corporation, Term Loan B-2		6.659%		10/10/14		Ba3			2,318,004
	1,980			TXU Corporation, Term Loan B-3		6.437%		10/10/14		Ba3			1,545,885
	16,289			Total Electric Utilities									13,061,376
				Electrical Equipment – 0.9% (0.6% of Total Investments)
	2,929			Allison Transmission Holdings, Inc., Term Loan		5.669%		8/07/14		BB-			2,011,552
				Electronic Equipment & Instruments – 0.6% (0.4% of Total Investments)
	1,955			Sensata Technologies B.V., Term Loan		5.257%		4/27/13		BB			1,262,930
				Energy Equipment & Services – 0.3% (0.2% of Total Investments)
	953			PGS Finance, Inc., Term Loan		5.510%		6/29/15		Ba2			717,383
				Food Products – 1.2% (0.8% of Total Investments)
	366			Dole Food Company, Inc., Deposit-Funded Commitment		6.689%		4/12/13		Ba3			268,000
	648			Dole Food Company, Inc., Term Loan B		5.277%		4/12/13		Ba3			475,007
	2,674			Dole Food Company, Inc., Term Loan C		5.926%		4/12/13		Ba3			1,959,749
	3,688			Total Food Products									2,702,756
				Health Care Equipment & Supplies – 0.9% (0.5% of Total Investments)
	1,419			Symbion, Inc., Term Loan A		6.559%		8/01/13		Ba3			979,110
	1,419			Symbion, Inc., Term Loan B		6.559%		8/01/14		Ba3			979,110
	2,838			Total Health Care Equipment & Supplies									1,958,220
				Health Care Providers & Services – 6.4% (3.8% of Total Investments)
	984			HCA, Inc., Term Loan A		5.762%		11/18/12		BB			833,771
	4,703			Health Management Associates, Inc., Term Loan		5.512%		2/28/14		BB-			3,315,743
	1,533			HealthSouth Corporation, Term Loan		5.500%		3/10/13		BB-			1,273,864
	1,272			IASIS Healthcare LLC, Delayed Term Loan		5.118%		3/14/14		Ba2			1,030,602
	340			IASIS Healthcare LLC, Letter of Credit		2.481%		3/14/14		Ba2			275,516
	3,677			IASIS Healthcare LLC, Term Loan		5.118%		3/14/14		Ba2			2,978,430
	519			LifePoint Hospitals, Inc., Term Loan B		4.435%		4/18/12		Ba1			437,539
	4,454			Vanguard Health Holding Company II LLC, Replacement Term Loan		5.743%		9/23/11		Ba3			3,802,810
	17,482			Total Health Care Providers & Services									13,948,275
				Health Care Technology – 0.6% (0.4% of Total Investments)
	1,886			Emdeon Business Services LLC, Term Loan		5.762%		11/18/13		BB-			1,423,575
				Hotels, Restaurants & Leisure – 11.2% (6.8% of Total Investments)
	3,902			24 Hour Fitness Worldwide, Inc., Term Loan B		6.179%		6/08/12		Ba3			2,907,320
	368			CBRL Group, Inc., Term Loan B-2		4.300%		4/28/13		BB-			282,719
	2,933			Cedar Fair LP, Term Loan		5.118%		8/30/12		BB			2,155,388
	333			Fontainebleau Las Vegas LLC, Delayed Term Loan, (5) (6)		2.000%		6/06/14		B1			(175,000	)
	667			Fontainebleau Las Vegas LLC, Term Loan		6.065%		6/06/14		B1			316,667
	1,897			Green Valley Ranch Gaming LLC, Term Loan B		5.000%		2/16/14		BB-			948,636
	2,970			Orbitz Worldwide, Inc., Term Loan		6.391%		7/25/14		BB-			1,908,225
	3,595			Shingle Springs Tribal Gaming Authority, Delayed Term Loan, (5)		9.375%		6/15/15		B3			3,541,276
	1,975			Travelport LLC, Delayed Term Loan		5.368%		8/23/13		BB-			1,204,750
	714			Travelport LLC, Letter of Credit		6.012%		8/23/13		BB-			443,561
	3,557			Travelport LLC, Term Loan		6.012%		8/23/13		BB-			2,210,612
	1,995			Venetian Casino Resort LLC, Delayed Term Loan		5.520%		5/23/14		BB-			1,147,624
	7,900			Venetian Casino Resort LLC, Term Loan		5.520%		5/23/14		BB-			4,544,475
	3,258			Wintergames Holdings, Term Loan		6.250%		10/23/08		N/R			3,095,175
	36,064			Total Hotels, Restaurants & Leisure									24,531,428
				Household Durables – 2.3% (1.4% of Total Investments)
	6,105			Jarden Corporation, Term Loan		5.512%		1/24/12		BB-			4,998,528
				Household Products – 2.7% (1.6% of Total Investments)
	7,320			Prestige Brands, Inc., Term Loan B		5.822%		4/06/11		BB-			5,892,933
				Insurance – 1.8% (1.1% of Total Investments)
	685			Affirmative Insurance Holdings, Inc., Term Loan		6.537%		1/31/14		B1			496,717
	5,339			Conseco, Inc., Term Loan		5.000%		10/10/13		B+			3,537,250
	6,024			Total Insurance									4,033,967
				Internet Software & Services – 1.0% (0.6% of Total Investments)
	3,887			Sabre, Inc., Term Loan		5.251%		9/30/14		B+			2,252,434
				IT Services – 4.7% (2.8% of Total Investments)
	958			Attachmate Corporation, Term Loan		6.368%		4/13/13		BB-			766,093
	445			First Data Corporation, Term Loan B-2		6.019%		9/24/14		BB-			329,431
	336			Infor Global Solutions Intermediate Holdings, Ltd., Delayed Term Loan		7.520%		7/28/12		B+			212,520
	644			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan		7.520%		7/28/12		B+			407,330
	2,000			Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B-1, WI/DD		TBD		TBD		Caa2			725,000
	10,108			SunGard Data Systems, Inc., Term Loan B		4.553%		2/28/14		BB			7,790,760
	14,491			Total IT Services									10,231,134
				Leisure Equipment & Products – 2.4% (1.4% of Total Investments)
	5,468			Bombardier Recreational Products, Inc., Term Loan		6.347%		6/28/13		B+			3,786,835
	3,000			Wimar OpCo LLC, Term Loan, (7)		7.250%		1/03/12		N/R			1,392,500
	8,468			Total Leisure Equipment & Products									5,179,335
				Machinery – 1.4% (0.9% of Total Investments)
	3,000			Manitowoc Company Term Loan, (5) (6)		0.750%		8/30/14		BB+			(628,500	)
	578			Navistar International Corporation, Synthetic Letter of Credit		6.242%		1/19/12		BB-			404,445
	1,589			Navistar International Corporation, Term Loan		6.421%		1/19/12		BB-			1,112,222
	1,780			Oshkosh Truck Corporation, Term Loan		4.503%		12/06/13		BB+			1,241,550
	277			Rexnord Corporation, Incremental Term Loan		5.762%		7/19/13		Ba2			220,306
	934			Rexnord Corporation, Term Loan		6.370%		7/19/13		Ba2			747,541
	8,158			Total Machinery									3,097,564
				Media – 32.7% (19.7% of Total Investments)
	1,945			AMC Entertainment, Inc., Term Loan		5.009%		1/28/13		Ba1			1,491,572
	988			CanWest Mediaworks LP, Term Loan		4.810%		7/10/15		Ba2			706,063
	5,915			Cequel Communications LLC, Term Loan B, 144A		6.207%		11/05/13		BB-			4,386,089
	3,000			Charter Communications Operating Holdings LLC, Holdco Term Loan		6.262%		3/06/14		B+			1,960,001
	9,736			Charter Communications Operating Holdings LLC, Term Loan		5.313%		3/06/14		B+			7,331,264
	966			Cumulus Media, Inc., Term Loan		4.757%		6/11/14		B1			562,819
	2,000			HIT Entertainment Inc., Term Loan		8.300%		2/26/13		B-			1,090,000
	2,928			HIT Entertainment Inc., Term Loan B		4.800%		3/20/12		Ba3			1,830,085
	4,913			Idearc, Inc., Term Loan		5.742%		11/17/14		BB			2,120,564
	5,932			Metro-Goldwyn-Mayer Studios, Inc., Term Loan		7.012%		4/08/12		N/R			2,999,535
	5,880			Metro-Goldwyn-Mayer Studios, Inc., Term Loan B		7.012%		4/08/12		N/R			2,972,991
	11,782			Neilsen Finance LLC, Term Loan		4.803%		8/09/13		Ba3			8,589,300
	3,008			NextMedia Operating, Inc., Term Loan, Second Lien		0.000%		11/15/13		CCC			1,909,815
	3,049			Philadelphia Newspapers, Term Loan A, (8)		0.000%		6/29/12		N/R			228,671
	1,907			ProQuest Company, Term Loan B		5.716%		2/09/14		BB-			1,658,800
	3,832			Regal Cinemas Corporation, Term Loan		5.262%		10/27/13		Ba2			2,897,553
	3,816			SFX Entertainment, Inc., Term Loan		7.020%		6/20/13		Ba3			3,072,277
	16,807			Tribune Company, Term Loan B, DD1		6.000%		6/04/14		B			7,546,545
	1,365			Tribune Company, Term Loan X		7.084%		6/04/09		B			1,074,517
	15,000			Univision Communications, Inc., Term Loan		5.250%		9/29/14		B1			8,152,500
	1,541			Univision Communications, Inc., Term Loan, Second Lien		5.500%		3/29/09		Caa1			1,352,228
	407			Valassis Communications, Inc., Delayed Term Loan		5.520%		3/02/14		BB			285,937
	1,226			Valassis Communications, Inc., Tranche B, Term Loan		5.520%		3/02/14		BB			862,352
	4,751			WMG Acquisition Corporation, Term Loan		5.064%		2/28/11		BB			3,848,607
	4,025			Yell Group PLC, Term Loan		6.118%		10/27/12		N/R			2,777,250
	116,719			Total Media									71,707,335
				Metals & Mining – 2.4% (1.5% of Total Investments)
	2,499			Amsted Industries, Inc., Delayed Term Loan		5.179%		4/08/13		BB			1,974,061
	3,441			Amsted Industries, Inc., Term Loan		6.560%		4/08/13		BB			2,649,851
	992			John Maneely Company, Term Loan		7.662%		12/08/13		B+			731,344
	6,932			Total Metals & Mining									5,355,256
				Oil, Gas & Consumable Fuels – 5.9% (3.6% of Total Investments)
	4,000			Alon Refining Krotz Springs, Inc., Term Loan		10.750%		7/03/14		B+			3,500,000
	575			Calumet Lubricants Company LP, Credit Linked Deposit		8.000%		12/17/14		B1			376,437
	4,322			Calumet Lubricants Company LP, Term Loan		6.804%		12/17/14		B1			2,831,163
	2,992			CCS Income Trust, Term Loan		6.118%		11/14/14		BB-			2,266,790
	301			Coffeyville Resources LLC, Credit Linked Deposit		6.633%		12/28/10		BB-			242,482
	971			Coffeyville Resources LLC, Term Loan D		6.632%		12/28/13		BB-			782,940
	2,993			Quicksilver Resource, Inc., Term Loan		7.735%		8/08/13		B1			2,461,331
	567			RAM Energy Resources, Inc., Term Loan		11.625%		11/29/12		N/R			564,099
	16,721			Total Oil, Gas & Consumable Fuels									13,025,242
				Paper & Forest Products – 0.9% (0.6% of Total Investments)
	3,960			Wilton Products, Term Loan		6.089%		11/16/14		Ba3			1,999,800
				Real Estate Management & Development – 4.9% (2.9% of Total Investments)
	4,563			Capital Automotive LP, Term Loan		5.470%		12/15/10		BB+			2,906,555
	8,360			LNR Property Corporation, Term Loan B		6.040%		7/12/11		BB			4,577,100
	4,938			Realogy Corporation, Delayed Term Loan		6.829%		10/10/13		B+			3,176,537
	17,861			Total Real Estate Management & Development									10,660,192
				Road & Rail – 5.9% (3.6% of Total Investments)
	444			Hertz Corporation, Letter of Credit		5.454%		12/21/12		BB+			322,540
	2,446			Hertz Corporation, Term Loan		4.586%		12/21/12		BB+			1,774,849
	18,674			Swift Transportation Company, Inc., Term Loan, DD1		6.063%		5/10/14		B+			10,831,163
	21,564			Total Road & Rail									12,928,552
				Semiconductors & Equipment – 0.6% (0.4% of Total Investments)
	1,965			Freescale Semiconductor, Inc., Term Loan		5.470%		11/29/13		Ba1			1,344,388
				Software – 3.7% (2.2% of Total Investments)
	5,895			Dealer Computer Services, Inc., Term Loan		5.171%		10/26/12		BB			3,831,988
	4,000			Dealer Computer Services, Inc., Term Loan, Second Lien		8.671%		10/26/13		B			2,380,000
	3,661			IPC Systems, Inc., Term Loan, DD1		6.012%		5/31/14		B+			1,894,768
	13,556			Total Software									8,106,756
				Specialty Retail – 7.8% (4.7% of Total Investments)
	315			Blockbuster, Inc., Tranche A, Term Loan		6.790%		8/20/09		B1			258,663
	1,936			Blockbuster, Inc., Tranche B, Term Loan		6.771%		8/20/11		B1			1,504,895
	1,970			Burlington Coat Factory Warehouse Corporation, Term Loan, DD1		5.060%		5/28/13		B2			1,088,307
	6,734			Michaels Stores, Inc., Term Loan		5.348%		10/31/13		B			3,974,789
	1,960			Sally Holdings LLC, Term Loan		5.196%		11/16/13		BB-			1,537,900
	4,985			Toys “R” Us – Delaware, Inc., Term Loan B		7.059%		7/19/12		BB-			3,645,336
	7,000			TRU 2005 RE Holding Co I LLC, Term Loan		6.720%		12/08/09		B3			5,115,835
	24,900			Total Specialty Retail									17,125,725
				Textiles, Apparel & Luxury Goods – 0.9% (0.5% of Total Investments)
	1,395			HBI Branded Apparel Limited, Inc., Term Loan		5.173%		9/05/13		BB+			1,191,838
	1,000			HBI Branded Apparel Limited, Inc., Term Loan, Second Lien		7.266%		3/05/14		BB-			783,330
	2,395			Total Textiles, Apparel & Luxury Goods									1,975,168
				Trading Companies & Distributors – 0.7% (0.4% of Total Investments)
	1,824			Ashtead Group Public Limited Company, Term Loan		4.563%		8/31/11		Ba2			1,568,640
				Wireless Telecommunication Services – 2.4% (1.4% of Total Investments)
	7,000			Asurion Corporation, Term Loan		6.060%		7/03/14		N/R			5,238,331
$	499,247			Total Variable Rate Senior Loan Interests (cost $484,724,049)									340,252,860

Principal
Amount (000)				Description (1)		Coupon				Maturity		Ratings (3)		Value
				Corporate Bonds – 10.5% (6.3% of Total Investments)
				Diversified Telecommunication Services – 3.3% (2.0% of Total Investments)
$	10,000			Qwest Corporation, Floating Rate Note, 3.250% plus three-month LIBOR			6.276%			6/15/13		BB+		$	7,300,000
				Health Care Equipment & Supplies – 0.5% (0.3% of Total Investments)
	1,500			Reable Therapeutics Financing Corporation			11.750%			11/15/14		CCC+			1,072,500
				Health Care Providers & Services – 0.6% (0.3% of Total Investments)
	2,000			Select Medical Corporation, Floating Rate Note, 5.750% plus six-month LIBOR			8.871%			9/15/15		CCC+			1,240,000
				Hotels, Restaurants & Leisure – 1.1% (0.7% of Total Investments)
	4,000			Quapaw Tribe of Oklahoma Downstream Development Authority, 144A			12.000%			10/15/15		B-			2,460,000
				Paper & Forest Products – 0.5% (0.3% of Total Investments)
	2,000			Verso Paper Holdings LLC, Series B			9.125%			8/01/14		B			1,070,000
				Real Estate Investment Trust – 0.9% (0.5% of Total Investments)
	3,000			Felcor Lodging LP, Floating Rate Note, 1.875% plus six-month LIBOR			4.996%			12/01/11		BB-			2,002,500
				Semiconductors & Equipment – 2.6% (1.6% of Total Investments)
	1,000			Avago Technologies Finance Pte. Ltd., Floating Rate Note, 5.500% plus three-month LIBOR			8.526%			6/01/13		B+			856,250
	11,000			NXP BV, Floating Rate Note, 2.750% plus three-month LIBOR			5.776%			10/15/13		B-			4,881,250
	12,000			Total Semiconductors & Equipment											5,737,500
				Software – 0.3% (0.2% of Total Investments)
	1,000			Telcordia Technologies, Floating Rate Note, 3.75% plus three-month LIBOR, 144A			6.776%			7/15/12		B			655,000
				Trading Companies & Distributors – 0.7% (0.4% of Total Investments)
	2,000			Penhall International Corporation, 144A			12.000%			8/01/14		B-			1,390,000
$	37,500			Total Corporate Bonds (cost $37,152,744)											22,927,500
				Total Investments (cost $521,876,793) – 165.7%											363,180,360
				Borrowings – (28.2)% (9)											(61,800,000	)
				Other Assets Less Liabilities – 8.1%											17,851,809
				Preferred Shares, at Liquidation Value – (45.6)% (9)											(100,000,000	)
				Net Assets Applicable to Common Shares – 100%										$	219,232,169

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a Borrower to prepay, prepayments of Senior Loans may occur. As a result, the actual remaining maturity of Senior Loans held may be substantially less than the stated maturities shown.
(3)		Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade.
(4)		Senior Loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate plus an assigned fixed rate. These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks.
		Senior Loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the Agent Bank and/or Borrower prior to the disposition of a Senior Loan.
(5)		Position or portion of position represents an unfunded Senior Loan commitment outstanding at October 31, 2008. At October 31, 2008, the Fund had unfunded Senior Loan Commitments of $5,524,017.
(6)		Negative value represents unrealized depreciation on unfunded Senior Loan commitment outstanding at October 31, 2008.
(7)		At or subsequent to October 31, 2008, this issue was under the protection of the Federal Bankruptcy Court.
(8)		Non-income producing. Non-income producing, in the case of a Senior Loan, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.
(9)		Borrowings and Preferred Shares, at Liquidation Value as a percentage of Total Investments are 17.0% and 27.5%, respectively.
N/R		Not rated.
DD1		Investment or portion of investment purchased on a delayed delivery basis.
WI/DD		Purchased on a when-issued or delayed delivery basis.
144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers.
TBD		Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, Senior Loans typically trade without accrued interest and therefore a weighted average coupon rate is not available prior to settlement. At settlement, if still unknown, the Borrower or counterparty will provide the Fund with the final weighted average coupon rate and maturity date.

Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 -

Quoted prices in active markets for identical securities.

Level 2 -

Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 -

Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund’s fair value measurements as of October 31, 2008:

			Level 1				Level 2				Level 3				Total
Investments		$	-			$	363,180,360			$	-			$	363,180,360

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, timing differences in recognizing certain gains and losses on investment transactions and recognition of premium amortization. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At October 31, 2008, the cost of investments was $522,067,961.

Gross unrealized appreciation and gross unrealized depreciation of investments at October 31, 2008, were as follows:

Gross unrealized:
Appreciation		$	154
Depreciation			(158,887,755	)
Net unrealized appreciation (depreciation) of investments		$	(158,887,601	)

Item 2. Controls and Procedures.

	a.		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	b.		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)   Nuveen Floating Rate Income Opportunity Fund   

Date December 30, 2008

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.

Date December 30, 2008

Date December 30, 2008