Closed-End Funds

Nuveen Investments

Closed-End Funds

Seeks high current income from portfolios of senior corporate loans.

Annual Report

July 31, 2012

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

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Table of Contents

Chairman's Letter to Shareholders					4
Portfolio Managers' Comments					5
Fund Leverage and Other Information					9
Common Share Distribution and Price Information					11
Performance Overviews					13
Report of Independent Registered Public Accounting Firm					17
Portfolios of Investments					18
Statement of Assets and Liabilities					51
Statement of Operations					52
Statement of Changes in Net Assets					53
Statement of Cash Flows					55
Financial Highlights					56
Notes to Financial Statements					60
Board Members & Officers					76
Annual Investment Management Agreement Approval Process					81
Reinvest Automatically, Easily and Conveniently					88
Glossary of Terms Used in this Report					89
Additional Fund Information					91

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Chairman's
Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates and announced on September 13, 2012 (after the close of this reporting period) another program of quantitative easing (QE3) to continue until mid-2015. Pre-election maneuvering has added to the already highly partisan atmosphere in Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.

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

Sincerely,

Robert P. Bremner
Chairman of the Board
September 21, 2012

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Portfolio Managers' Comments

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 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 a national rating agency.

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)

The Funds' investment portfolios are managed by Gunther Stein of Symphony Asset Management, LLC (Symphony), an affiliate of Nuveen Investments. Gunther, who is Symphony's chief investment officer, has more than 20 years of investment management experience, much of it in evaluating and purchasing senior corporate loans and other high-yield debt. During March 2012, Scott Caraher was added as a co-portfolio manager for NSL, JFR and JRO.

JSD, which commenced operations on May 25, 2011, is also managed by Scott Caraher and Jenny Rhee. Scott and Jenny each have more than ten years of investment experience.

Here the team talks about the U.S. economic and equity market conditions and their management strategies, and the performance of the Funds for the twelve-month period ended July 31, 2012.

What factors affected the U.S. economic and equity market conditions during the twelve-month reporting period ending July 31, 2012?

During the reporting period, the U.S. economy's progress toward recovery from recession remained sluggish. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark Fed Funds rate at the record low level of zero to 0.25% that it had established in December 2008. At its September 2012 meeting, the central bank affirmed its opinion that economic conditions would likely warrant keeping the rate at "exceptionally low levels" through mid-2015. The Fed also announced that it would extend its so-called Operation Twist program, whereby it is lengthening the average maturity of its holdings of U.S. Treasury securities, through the end of December 2012. The goals of this program are to lower longer-term interest rates, make broader financial conditions more accommodating, support a stronger economic recovery and help ensure that inflation remains at levels consistent with the Fed's mandates of maximum employment and price stability.

In the second quarter of 2012, the U.S. economy slowed to an annualized growth rate of 1.5%, according to initial estimates for U.S. gross domestic product (GDP). While this marked the twelfth consecutive quarter of positive growth, it was also a significant slowdown from the previous few quarters. The Consumer Price Index (CPI) rose 1.4% year-over-year as of July 2012, lower than the June figure of 1.7%, which was the

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lowest twelve-month rate of change since November 2010. Core CPI (which excludes food and energy) increased 2.1% during the period, remaining above the Fed's unofficial objective of 2.0% or lower for this inflation measure. However, the number was slightly below the 2.2% figure reported in June. Labor market conditions continued to be slow to improve, with the national unemployment rate registering 8.3% in July 2012. While this figure was down from 9.1% one year ago, the rate was still a slight uptick from June 2012. The housing market remained the major weak spot in the economy, beleaguered by a high level of distressed properties and difficult credit conditions. For the twelve months ended June 2012 (the most recent data available at the time this report was prepared), the average home price in the Standard & Poor's (S&P)/ Case-Shiller Index of 20 major metropolitan areas rose 0.5%, marking the second consecutive month prices rose. In addition, the U.S. economic picture continued to be clouded by concerns about the European debt crisis and global financial markets in general and efforts to reduce the U.S. federal deficit.

Throughout the fiscal year period, fixed-income markets were buffeted by concerns about the tepid U.S. economic recovery combined with the ballooning U.S. federal deficit, the seemingly unending European debt crisis and a broader slowdown in global growth, especially emerging markets. These macro events caused the financial markets to fluctuate between embracing risk and shunning risk several times during the period. In late summer of 2011, the markets experienced a massive flight to quality, leading U.S. Treasuries to outperform all risk assets, particularly equities, high yield and investment-grade corporate bonds. However, late fall brought about a renewed appetite for risk as the European crisis appeared to be on the mend and U.S. economic indicators strengthened. Risk premiums on non-government bonds contracted and asset classes such as high-yield corporates, emerging market debt and commercial mortgage-backed securities substantially outperformed Treasuries. In the final months of the reporting period, however, the situation reversed once again as a broad slowdown in global growth together with renewed political discord and sovereign funding pressures in Europe cast a malaise over the markets. Not surprisingly, risk premiums on non-government bonds, including high yield bonds, widened once again as U.S. Treasuries renewed their perceived safe haven status, outperforming other riskier asset classes.

During the reporting period, the senior loan and high yield asset classes saw positive returns as both fundamentals and the technical environment remained favorable. Mutual funds and similar vehicles had steady inflows. The one exception during the reporting period was in mid-May when general market volatility related to problems in the Eurozone and the U.S. fiscal crisis led to higher risk premiums on non-government bonds. This negatively impacted high yield corporate bonds. However, overall flows into senior loan and high yield mutual funds continued to be strong.

What key strategies were used to manage the Funds during the twelve-month period ended July 31, 2012?

NSL, JFR and JRO have similar investment objectives and strategies. Each Fund is designed to seek a high level of current income by investing primarily in a portfolio of adjustable rate, senior secured corporate loans. The Funds also may invest in unsecured

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senior loans, other debt securities, and 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. In seeking to achieve this, 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 primarily of high yield debt. Through these investments, the Fund seeks to capitalize on the credit spread opportunity (as measured by the difference in yield between below investment grade instruments and high grade benchmarks) that often prevails through all phases of the interest rate cycle, and to offer the opportunity for additional income if interest rates are rising.

In many cases, we felt that weakness in May 2012 created opportunity within the loan market. Companies continued to be in overall good health with default rates for loans below 2%. Weakness was seen in very specific areas, such as markets related to natural gas or in businesses with company specific issues. While many issuers in the senior loan market are rated below investment grade, senior loans are senior in the capital structure of the issuer and are secured by a lien on assets. In many cases, these are tangible assets. During the period, the Funds' capital was deployed into assets which offer high current income and yield, while also offering the potential for upside appreciation as many of these assets trade at a discount to par value. Fundamentally, we continued to feel that many of these companies have stable businesses, good asset coverage for senior debt holders and can perform well in a stable to slow-growth environment.

How did the Funds perform over this twelve-month period?

The performance of the Funds, as well as the performance of comparative market indexes, is presented in the accompanying table.

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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.

For additional information, see the individual Performance Overview for your Fund in this report.

*  NSL's since inception return is from 10/26/99. JFR's since inception return is from 3/25/04. JRO's since inception return is from 7/27/04. JSD's since inception return is from 5/25/11.

**  Refer to the Glossary of Terms Used in this Report for definitions. Indexes are not available for direct investment.

Average Annual Total Returns on Common Share Net Asset Value

For periods ended 7/31/12

Fund				1-Year				5-Year				10-Year				Since Inception*
NSL					7.34	%			5.72	%			7.46	%			5.96	%
Barclays U.S. Aggregate Bond Index**					7.20	%			6.88	%			5.63	%			6.43	%
CSFB Leveraged Loan Index**					4.16	%			4.43	%			5.36	%			4.81	%
JFR					6.91	%			5.42	%			N/A				4.93	%
Barclays U.S. Aggregate Bond Index**					7.20	%			6.88	%			5.63	%			5.28	%
CSFB Leveraged Loan Index**					4.16	%			4.43	%			5.36	%			4.69	%
JRO					8.03	%			6.23	%			N/A				5.57	%
Barclays U.S. Aggregate Bond Index**					7.20	%			6.88	%			5.63	%			5.84	%
CSFB Leveraged Loan Index**					4.16	%			4.43	%			5.36	%			4.67	%
JSD					9.96	%			N/A				N/A				8.78	%
Barclays U.S. Aggregate Bond Index**					7.20	%			6.88	%			5.63	%			7.56	%
CSFB Leveraged Loan Index**					4.16	%			4.43	%			5.36	%			3.44	%

 

For the twelve-month period ending July 31, 2012, NSL, JRO and JSD outperformed the CSFB Leveraged Loan Index and the Barclays U.S. Aggregate Bond Index. JFR underperformed the Barclays U.S. Aggregate Bond Index, but outperformed the CSFB Leveraged Loan Index.

For NSL, JFR and JRO, our position in Univision Communications, Inc., Extended First-Lien Term Loan performed well during the reporting period. The market was generally positive for large liquid names such as Univision. In addition, Univision recently announced a senior secured bond deal to repay the loan. Performing well for all four funds were the First Data Corporation, Non-Extended B-1 and B-2 Term Loans, which also recently announced a pay down of its loans that will be financed with a senior secured bond deal. First Data also announced earnings during the period, which were viewed favorably versus consensus expectations.

The Funds were hurt by positions in Frac Tech International's Term Loan. The company services the natural gas exploration and production business. Frac Tech has been hurt by pricing pressure within the natural gas and exploration sector. This is compounded by the effects the pricing pressure has had on the company's clients. Also detracting from performance was exposure to Travelport. The company was put on negative watch by Moody's during the period as economic challenges have put pricing pressure on global travel.

In addition to the holdings mentioned previously, JSD benefited from short exposure to issuers such as Best Buy Co., Inc. and J.C. Penney Company, Inc. Both companies have had fundamental issues, which have caused the bonds to sell-off. JSD benefited from the sell-off.

JSD 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 mildly positive effect on performance during the period as credit strengthened.

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Fund Leverage
and Other Information

IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the return of the Funds relative to their benchmarks was the Funds' use of leverage through the use of bank borrowings. The Funds use leverage because their managers believe 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 net asset value (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. Leverage had a positive impact on the performance of the Funds over this reporting period. During the period, the Funds continued to invest in interest rate swap contracts to partially fix the interest cost of their leverage. This had a mildly negative effect on performance during the period as the interest rate swaps had negative cash flow accruals for the period and unrealized losses from a decline in interest rates.

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 and Market 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. 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.

Price Risk. 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

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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.

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.

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.

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 bond that generated the income.

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Common Share Distribution and
Price Information

Distribution Information

The following information regarding the Funds' distributions is current as of July 31, 2012, and will likely vary over time based on each Fund's investment activity and portfolio investment value changes.

During the twelve-month reporting period, NSL and JSD had two monthly distribution increases, while JFR and JRO received three monthly dividend increases.

The Funds employ leverage through the use of bank borrowings. Financial leverage provides the potential for higher earnings (net investment income), total returns and distributions over time, but—as noted earlier—also increases the variability of common shareholders' net asset value (NAV) per share in response to changing market conditions.

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 July 31, 2012, all four Funds had positive UNII balances for both tax and financial reporting purposes.

Common Share Repurchases

As of July 31, 2012, and since the inception of the Funds' repurchase programs, JFR and JRO have cumulatively repurchased and retired their common shares as shown in the accompanying table. Since the inception of the Funds' repurchase programs, NSL and JSD have not repurchased any of their outstanding common shares.

Fund				Common Shares Repurchased and Retired				% of Outstanding Common Shares
JFR					147,593				0.3	%
JRO					19,400				0.1	%

 

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

Common Share Shelf Equity Programs

NSL, JFR and JRO have filed registration statements with the SEC authorizing the Funds to issue 2.9 million, 4.7 million and 2.8 million common shares, respectively, through a shelf offering. Under these equity shelf programs, the Funds, subject to

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market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund's NAV per common share.

As of July 31, 2012, NSL, JFR and JRO had cumulatively sold 2.9 million, 851,441 and 2.8 million common shares, respectively, through their shelf equity programs.

During the twelve-month reporting period, NSL, JFR and JRO sold common shares through their shelf equity programs at a weighted average premium to NAV per common share as shown in the accompanying table.

Fund				Common Shares Sold through Shelf Offering				Weighted Average Premium to NAV Per Common Share Sold
NSL					759,751				1.69	%
JFR					54,809				1.14	%
JRO					731,647				1.53	%

 

On August 17, 2012 (subsequent to the close of this reporting period), NSL and JRO filed registration statements with the SEC authorizing the Funds to issue an additional 3.2 million and 3.1 million shares, respectively, through their shelf offerings.

Common Share Price Information

As of July 31, 2012, and during the twelve-month reporting period, the Funds were trading at (+) premiums/(-) discounts to their common share NAVs as shown in the accompanying table.

Fund				7/31/12 (+) Premium/(-) Discount				Twelve-Month Average (-) Discount
NSL				(+)3.11%					(-	)0.53%
JFR				(-)0.76%					(-	)3.50%
JRO				(+)2.11%					(-	)1.28%
JSD				(+)0.26%					(-	)3.56%

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NSL

Performance

OVERVIEW

Nuveen Senior Income Fund

  as of July 31, 2012

Portfolio Allocation (as a % of total investments)^1,2

2011-2012 Monthly Dividends Per Common Share³

Share Price Performance — Weekly Closing Price

  Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

1  Excluding investments in derivatives.

2  Holdings are subject to change.

3  The Fund paid shareholders a non-recurring supplemental taxable distribution in December 2011 of $0.0238 per share.

Fund Snapshot

Common Share Price				$	7.29
Common Share Net Asset Value (NAV)				$	7.07
Premium/(Discount) to NAV					3.11	%
Latest Dividend				$	0.0455
Market Yield					7.49	%
Net Assets Applicable to Common Shares ($000)				$	231,866

 

Leverage

Regulatory Leverage					30.13	%
Effective Leverage					30.13	%

 

Average Annual Total Returns

(Inception 10/26/99)

				On Share Price				On NAV
1-Year					12.78	%			7.34	%
5-Year					6.53	%			5.72	%
10-Year					8.20	%			7.46	%

 

Portfolio Composition

(as a % of total investments)^1,2

Health Care Providers & Services					11.5	%
Media					9.5	%
Software					8.8	%
Pharmaceuticals					7.7	%
Hotels, Restaurants & Leisure					4.3	%
Oil, Gas & Consumable Fuels					3.8	%
Food Products					3.5	%
IT Services					3.3	%
Diversified Telecommunication Services					3.2	%
Health Care Equipment & Supplies					3.1	%
Specialty Retail					3.0	%
Internet Software & Services					2.9	%
Communications Equipment					2.6	%
Biotechnology					2.5	%
Real Estate Management & Development					2.0	%
Paper & Forest Products					2.0	%
Distributors					1.8	%
Consumer Finance					1.7	%
Building Products					1.4	%
Short-Term Investments					2.2	%
Other					19.2	%

 

Top Five Issuers

(as a % of total long-term investments)^1,2

Lawson Software Inc.					2.4	%
U.S. Foodservice, Inc.					2.1	%
HD Supply Inc.					1.9	%
Bausch & Lomb, Inc.					1.8	%
Kinetic Concepts, Inc.					1.5	%

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Fund Snapshot

Common Share Price				$	11.78
Common Share Net Asset Value (NAV)				$	11.87
Premium/(Discount) to NAV					-0.76	%
Latest Dividend				$	0.0735
Market Yield					7.49	%
Net Assets Applicable to Common Shares ($000)				$	572,118

 

Leverage

Regulatory Leverage					30.34	%
Effective Leverage					30.34	%

 

Average Annual Total Returns

(Inception 3/25/04)

				On Share Price				On NAV
1-Year					12.43	%			6.91	%
5-Year					6.12	%			5.42	%
Since Inception					4.68	%			4.93	%

 

Portfolio Composition

(as a % of total investments)^1,2

Health Care Providers & Services					11.1	%
Media					9.9	%
Software					7.7	%
Pharmaceuticals					5.3	%
IT Services					3.4	%
Food Products					3.4	%
Oil, Gas & Consumable Fuels					3.3	%
Hotels, Restaurants & Leisure					3.3	%
Specialty Retail					3.2	%
Communications Equipment					3.0	%
Real Estate Management & Development					2.4	%
Health Care Equipment & Supplies					2.3	%
Diversified Telecommunication Services					2.3	%
Biotechnology					2.2	%
Building Products					2.1	%
Internet Software & Services					2.0	%
Wireless Telecommunication Services					2.0	%
Containers & Packaging					1.9	%
Auto Components					1.8	%
Chemicals					1.7	%
Consumer Finance					1.6	%
Asset-Backed Securities					2.4	%
Investment Companies					1.5	%
Short-Term Investments					1.7	%
Other					18.5	%

 

Top Five Issuers

(as a % of total long-term investments)^1,2

Univision Communications, Inc.,					2.7	%
U.S. Foodservice, Inc.					2.1	%
Lawson Software Inc.					1.9	%
Federal Mogul Corporation					1.9	%
Reynolds Group Holdings, Inc.					1.8	%

JFR

Performance

OVERVIEW

Nuveen Floating Rate Income
Fund

  as of July 31, 2012

Portfolio Allocation (as a % of total investments)^1,2

2011-2012 Monthly Dividends Per Common Share³

Share Price Performance — Weekly Closing Price

  Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

1  Excluding investments in derivatives.

2  Holdings are subject to change.

3  The Fund paid shareholders a non-recurring supplemental taxable distribution in December 2011 of $0.1487 per share.

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JRO

Performance

OVERVIEW

Nuveen Floating Rate Income Opportunity Fund

  as of July 31, 2012

Portfolio Allocation (as a % of total investments)^1,2

2011-2012 Monthly Dividends Per Common Share³

Share Price Performance — Weekly Closing Price

  Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

1  Excluding investments in derivatives.

2  Holdings are subject to change.

3  The Fund paid shareholders a non-recurring supplemental taxable distribution in December 2011 of $0.1458 per share.

Fund Snapshot

Common Share Price				$	12.09
Common Share Net Asset Value (NAV)				$	11.84
Premium/(Discount) to NAV					2.11	%
Latest Dividend				$	0.0775
Market Yield					7.69	%
Net Assets Applicable to Common Shares ($000)				$	369,939

 

Leverage

Regulatory Leverage					30.18	%
Effective Leverage					30.18	%

 

Average Annual Total Returns

(Inception 7/27/04)

				On Share Price				On NAV
1-Year					15.20	%			8.03	%
5-Year					7.33	%			6.23	%
Since Inception					5.66	%			5.57	%

 

Portfolio Composition

(as a % of total investments)^1,2

Media					10.7	%
Health Care Providers & Services					10.2	%
Software					8.6	%
Pharmaceuticals					5.5	%
IT Services					3.6	%
Oil, Gas & Consumable Fuels					3.6	%
Internet Software & Services					3.5	%
Diversified Telecommunication Services					3.1	%
Food Products					2.9	%
Health Care Equipment & Supplies					2.9	%
Hotels, Restaurants & Leisure					2.7	%
Communications Equipment					2.6	%
Biotechnology					2.5	%
Real Estate Management & Development					2.4	%
Specialty Retail					2.3	%
Auto Components					2.2	%
Wireless Telecommunication Services					2.1	%
Containers & Packaging					1.9	%
Consumer Finance					1.5	%
Paper & Forest Products					1.5	%
Asset-Backed Securities					3.0	%
Short-Term Investments					1.7	%
Other					19.0	%

 

Top Five Issuers

(as a % of total long-term investments)^1,2

Federal-Mogul Corporation					2.3	%
Lawson Software Inc.					2.1	%
U.S. Foodservice, Inc.					2.1	%
Univision Communications, Inc.					2.0	%
Reynolds Group Holdings, Inc.					1.8	%

Nuveen Investments
15

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Fund Snapshot

Common Share Price				$	19.54
Common Share Net Asset Value (NAV)				$	19.49
Premium/(Discount) to NAV					0.26	%
Latest Dividend				$	0.1245
Market Yield					7.65	%
Net Assets Applicable to Common Shares ($000)				$	195,165

 

Leverage

Regulatory Leverage					30.34	%
Effective Leverage					30.34	%

 

Average Annual Total Returns

(Inception 5/25/11)

				On Share Price				On NAV
1-Year					14.77	%			9.96	%
Since Inception					5.10	%			8.78	%

 

Portfolio Composition

(as a % of total investments)^1,2

Health Care Providers & Services					14.4	%
Software					9.3	%
Media					6.4	%
Pharmaceuticals					6.2	%
Oil, Gas & Consumable Fuels					4.0	%
Internet Software & Services					3.8	%
Hotels, Restaurants & Leisure					3.7	%
IT Services					3.5	%
Commercial Services & Supplies					3.0	%
Communications Equipment					2.9	%
Biotechnology					2.8	%
Health Care Equipment & Supplies					2.8	%
Diversified Telecommunication Services					2.7	%
Consumer Finance					2.5	%
Industrial Conglomerates					2.3	%
Specialty Retail					2.2	%
Leisure Equipment & Products					2.2	%
Household Products					2.1	%
Containers & Packaging					2.1	%
Real Estate Investment Trust					1.9	%
Chemicals					1.9	%
Real Estate Management & Development					1.8	%
Short-Term Investments					3.8	%
Other					11.7	%

 

Top Five Issuers

(as a % of total long-term investments)^1,2

Spectrum Brands, Inc.					2.2	%
HCA, Inc.					1.6	%
Attachmate Corporation					1.5	%
Infor Global Solutions Intermediate Holdings, Ltd.					1.4	%
Kinetic Concepts, Inc.					1.3	%

JSD

Performance

OVERVIEW

Short Duration Credit Opportunities Fund

  as of July 31, 2012

Portfolio Allocation (as a % of total investments)^1,2

2011-2012 Monthly Dividends Per Common Share

Share Price Performance — Weekly Closing Price

  Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

1  Excluding investments in derivatives.

2  Holdings are subject to change.

Nuveen Investments
16

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Report of INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders
Nuveen Senior Income Fund
Nuveen Floating Rate Income Fund
Nuveen Floating Rate Income Opportunity Fund
Nuveen Short Duration Credit Opportunities Fund

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Senior Income Fund, Nuveen Floating Rate Income Fund, Nuveen Floating Rate Income Opportunity Fund, and Nuveen Short Duration Credit Opportunities Fund (the "Funds") as of July 31, 2012, and the related statements of operations and cash flows for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2012, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks or brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Senior Income Fund, Nuveen Floating Rate Income Fund, Nuveen Floating Rate Income Opportunity Fund, and Nuveen Short Duration Credit Opportunities Fund at July 31, 2012, and the results of their operations and their cash flows for the year then ended, and the changes in their net assets, and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.

Chicago, Illinois
September 27, 2012

Nuveen Investments
17

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NSL

Nuveen Senior Income Fund

Portfolio of INVESTMENTS

  July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Variable Rate Senior Loan Interests – 127.1% (87.4% of Total Investments) (4)
				Aerospace & Defense – 0.3% (0.2% of Total Investments)
$	408			DAE Aviation Holdings, Inc., Term Loan B-1					5.450	%		7/31/14				B				$	408,120
	388			DAE Aviation Holdings, Inc., Term Loan B-2					5.450	%		7/31/14				B					388,475
	796			Total Aerospace & Defense																	796,595
				Airlines – 1.5% (1.0% of Total Investments)
	990			Delta Air Lines, Inc., Revolving Loan, Delayed Draw, (5)					0.750	%		3/28/13				Ba2					976,148
	2,465			UAL Corporation, Term Loan B					2.250	%		2/01/14				BB-					2,421,999
	3,455			Total Airlines																	3,398,147
				Auto Components – 1.9% (1.3% of Total Investments)
	1,528			Federal-Mogul Corporation, Revolver					2.187	%		12/28/15				Ba3					1,456,246
	2,993			Federal-Mogul Corporation, Term Loan B					2.179	%		12/29/14				Ba3					2,853,471
	4,521			Total Auto Components																	4,309,717
				Biotechnology – 3.7% (2.5% of Total Investments)
	1,244			Alkermes, Inc., Term Loan B					6.750	%		9/16/17				BB					1,260,852
	667			Alkermes, Inc., Term Loan, Second Lien					9.500	%		9/16/18				B					685,835
	3,991			Carestream Health Inc, Term Loan B					5.000	%		2/25/17				BB-					3,868,550
	1,000			Explorer Holdings, Inc., Term Loan, First Lien					8.000	%		6/29/18				B+					972,500
	1,779			Grifols SA, Term Loan					4.500	%		6/01/17				BB					1,780,893
	8,681			Total Biotechnology																	8,568,630
				Building Products – 0.9% (0.6% of Total Investments)
	863			Goodman Global Holdings, Term Loan B					5.750	%		10/28/16				B+					866,027
	1,273			Goodman Global Inc., Second Lien, Term Loan					9.000	%		10/28/17				B-					1,295,000
	2,136			Total Building Products																	2,161,027
				Capital Markets – 0.4% (0.3% of Total Investments)
	663			BNY ConvergEX Group LLC, Term Loan B					5.250	%		12/19/16				B+					626,374
	291			BNY ConvergEX Group LLC, Term Loan B					5.250	%		12/19/16				B+					275,132
	954			Total Capital Markets																	901,506
				Chemicals – 1.8% (1.3% of Total Investments)
	1,496			Ineos US Finance LLC, Term Loan B					6.500	%		5/04/18				B+					1,469,264
	1,448			Styron Corporation, Term Loan B, DD1					6.000	%		8/02/17				B+					1,351,980
	1,458			Univar, Inc., Term Loan B					5.000	%		6/30/17				B+					1,450,963
	4,402			Total Chemicals																	4,272,207
				Commercial Banks – 0.4% (0.3% of Total Investments)
	990			SourceCorp, First Lien, Term Loan					6.625	%		4/28/17				BB-					957,000
				Commercial Services & Supplies – 1.7% (1.2% of Total Investments)
	1,000			Booz Allen & Hamilton Inc., Term Loan B, WI/DD				TBD				TBD				BB					1,002,500
	1,149			Brickman Group Holdings Inc., Term Loan B					5.500	%		10/14/16				B+					1,153,394
	1,077			Ceridian Corporation, US Term Loan					3.249	%		11/09/14				B1					1,063,528
	250			FR Brand Acquistion Corporation, Term Loan					3.734	%		2/07/14				B2					236,875
	499			Houghton Mifflin Company, DIP Term Loan B					7.250	%		11/22/13				N/R					499,373
	3,975			Total Commercial Services & Supplies																	3,955,670

 

Nuveen Investments
18

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Communications Equipment – 2.7% (1.9% of Total Investments)
$	3,832			Avaya Inc., Term Loan B1					3.217	%		10/27/14				B1				$	3,560,916
	998			Genesys Telecommunications Laboratories Inc., Term Loan B					6.750	%		1/31/19				BB-					1,004,981
	1,010			Intelsat, Tranche B, Term Loan B					5.250	%		4/02/18				BB-					1,013,334
	701			Presidio, Inc., Term Loan					7.250	%		3/31/17				Ba3					706,880
	6,541			Total Communications Equipment																	6,286,111
				Consumer Finance – 2.5% (1.7% of Total Investments)
	1,500			Residential Capital LLC, DIP Term Loan A1					5.000	%		11/18/13				BB					1,515,000
	2,620			Royalty Pharma Finance Trust, Term Loan					4.000	%		11/09/18				Baa2					2,620,624
	1,625			Springleaf Finance Corporation, Term Loan					5.500	%		5/10/17				B3					1,552,553
	5,745			Total Consumer Finance																	5,688,177
				Containers & Packaging – 1.9% (1.3% of Total Investments)
	3,756			Reynolds Group Escrow, Term Loan					6.500	%		8/09/18				BB-					3,803,849
	691			Reynolds Group, Term Loan D					6.500	%		2/09/18				BB					698,762
	4,447			Total Containers & Packaging																	4,502,611
				Distributors – 2.2% (1.5% of Total Investments)
	5,000			HD Supply Inc., Term Loan B					7.250	%		10/12/17				B+					5,118,750
				Diversified Consumer Services – 0.8% (0.6% of Total Investments)
	1,975			Laureate Education, Inc., Delayed Term Loan					5.250	%		6/15/18				B1					1,900,937
				Diversified Financial Services – 1.2% (0.8% of Total Investments)
	1,383			FoxCo Acquisition LLC, Term Loan B					4.750	%		7/14/15				BB					1,384,245
	1,600			Harland Clarke Holdings Corporation, Tranche B, Term Loan, WI/DD				TBD				TBD				B+					1,448,667
	2,983			Total Diversified Financial Services																	2,832,912
				Diversified Telecommunication Services – 4.2% (2.9% of Total Investments)
	2,000			CCO Holdings LLC, Third Lien, Term Loan					2.746	%		3/06/14				BB+					1,995,500
	2,000			Intelsat, Term Loan					2.746	%		2/01/14				B					1,973,500
	2,267			Level 3 Financing, Inc., Term Loan					2.647	%		3/13/14				Ba3					2,262,063
	3,500			Zayo Group, LLC, Term Loan, DD1					7.125	%		7/02/19				B1					3,552,500
	9,767			Total Diversified Telecommunication Services																	9,783,563
				Electric Utilities – 0.2% (0.2% of Total Investments)
	854			TXU Corporation, Term Loan B-2					3.746	%		10/10/14				B2					567,395
				Electrical Equipment – 0.3% (0.2% of Total Investments)
	593			Sensus Metering Systems Inc, First Lien, Term Loan					4.750	%		5/09/17				Ba3					592,870
				Electronic Equipment & Instruments – 0.7% (0.5% of Total Investments)
	1,985			Smart Modular Technologies, Term Loan B					8.250	%		8/26/17				B+					1,607,850
				Food & Staples Retailing – 0.8% (0.5% of Total Investments)
	1,800			Wendy's/Arby's Restaraunts LLC, Term Loan B					4.750	%		5/15/19				Ba2					1,803,562
				Food Products – 5.1% (3.5% of Total Investments)
	1,000			Ferrara Candy Company, Term Loan B					7.500	%		6/18/18				B					1,003,125
	1,727			Michael Foods, Term Loan					4.250	%		2/25/18				B+					1,727,323
	1,965			Pierre Foods Inc., Term Loan					7.000	%		9/30/16				B+					1,976,360
	7,315			US Foodservice, Term Loan B					5.750	%		3/31/17				B-					7,006,450
	12,007			Total Food Products																	11,713,258
				Health Care Equipment & Supplies – 3.3% (2.3% of Total Investments)
	225			Fenwal Inc., Delayed Draw, Term Loan					2.717	%		2/28/14				B+					224,041
	714			Fenwal Inc., Term Loan					2.717	%		2/28/14				B+					710,895

 

Nuveen Investments
19

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NSL

Nuveen Senior Income Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Health Care Equipment & Supplies (continued)
$	1,750			Hologic Incorporated, Senior Loan, WI/DD				TBD				TBD				BBB-				$	1,762,761
	4,975			Kinetic Concepts, Inc., Term Loan B					7.000	%		5/04/18				Ba2					5,054,600
	7,664			Total Health Care Equipment & Supplies																	7,752,297
				Health Care Providers & Services – 14.5% (9.9% of Total Investments)
	1,450			Ardent Medical Services Inc., First Lien, Term Loan					6.500	%		9/15/15				B1					1,453,752
	264			Community Health Systems, Inc., Term Loan B					2.577	%		7/25/14				BB					263,377
	3,615			Emdeon Business Services Loan					5.000	%		11/02/18				BB-					3,629,878
	2,135			Gentiva, Term Loan B					6.500	%		8/17/16				B1					1,991,046
	3,563			Golden Gate National Senior Care LLC, Term Loan					5.000	%		5/04/18				B+					3,440,657
	256			HCA, Term Loan B					3.711	%		3/31/17				BB					252,441
	597			Health Management Associates, Inc., Term Loan					4.500	%		11/16/18				BB-					598,015
	1,815			Kindred Healthcare Inc., Term Loan					5.250	%		6/01/18				Ba3					1,749,963
	933			LHP Operations Company LLC, Term Loan B					9.000	%		6/29/18				B					938,000
	3,271			LifeCare Holdings Inc, Term Loan B					8.206	%		2/01/16				N/R					2,878,239
	817			MultiPlan, Inc., Term Loan					4.750	%		8/26/17				Ba3					815,907
	1,481			National Mentor Inc., Term Loan B					7.000	%		2/09/17				B+					1,466,438
	2,477			Select Medical Holdings Corporation, Term Loan B					5.500	%		6/01/18				BB					2,439,552
	2,000			Sheridan Holdings, Inc., Term Loan, First Lien					6.000	%		7/01/18				B+					2,000,626
	1,000			Sheridan Holdings, Inc., Term Loan, Second Lien					9.000	%		7/01/19				B-					1,008,750
	1,067			Skilled Healthcare Group, Term Loan B					6.750	%		4/09/16				B1					1,064,452
	1,098			Sun Healthcare Group, Inc., Term Loan					8.750	%		10/18/16				Ba1					1,094,347
	3,150			Truven Health Analytics, Term Loan					6.750	%		6/06/19				Ba3					3,163,781
	1,732			Universal Health Services, Term Loan B					3.750	%		11/15/16				BB+					1,734,377
	1,543			Vanguard Health Systems Inc., Term Loan B					5.000	%		1/29/16				Ba2					1,540,425
	34,264			Total Health Care Providers & Services																	33,524,023
				Health Care Technology – 0.1% (0.1% of Total Investments)
	300			Fenwal Inc., Second Lien, Term Loan					5.717	%		8/28/14				B					299,359
				Hotels, Restaurants & Leisure – 6.0% (4.1% of Total Investments)
	1,960			24 Hour Fitness Worldwide Inc., Term Loan B					7.500	%		4/22/16				Ba3					1,972,863
	1,788			Caesars Entertainment Corporation, Term Loan B6					5.496	%		1/28/18				B					1,579,922
	243			Caesars Octavius, Term Loan B					9.250	%		4/25/17				B					237,660
	3,255			CCM Merger Inc.					6.000	%		3/01/17				B+					3,239,126
	977			Dunkin Brands, Term Loan B					4.000	%		11/23/17				B					973,957
	1,995			Landry's Restaurants Inc., Term Loan B					6.500	%		4/24/18				B+					2,004,135
	1,058			Orbitz Worldwide, Inc., Term Loan					3.246	%		7/25/14				B+					1,018,652
	205			OSI Restaurant Partners, Inc., Term Loan					2.499	%		6/14/13				BB-					202,737
	1,731			OSI Restaurant Partners, Inc., Term Loan					2.563	%		6/14/14				BB-					1,715,357
	1,018			Seaworld Parks and Entertainment, Term Loan B					4.000	%		8/17/17				BB-					1,017,127
	14,230			Total Hotels, Restaurants & Leisure																	13,961,536
				Household Products – 0.9% (0.6% of Total Investments)
	2,173			Spectrum Brands, Term Loan					5.000	%		6/17/16				B1					2,183,986
				Industrial Conglomerates – 0.3% (0.2% of Total Investments)
	660			Eagle Parent Inc., First Lien, Term Loan					5.000	%		5/16/18				Ba3					657,030
				Internet & Catalog Retail – 0.4% (0.2% of Total Investments)
	825			Burlington Coat Factory Warehouse Corporation, Term Loan					5.500	%		2/23/17				B					823,911
				Internet Software & Services – 4.2% (2.9% of Total Investments)
	2,200			Go Daddy Group Inc, First Lien, Term Loan					5.500	%		12/17/18				Ba3					2,178,041
	1,428			Open Solutions Inc., Term Loan					2.575	%		1/23/14				B+					1,366,805
	1,442			Sabre, Inc., Term Loan					5.996	%		9/30/17				B1					1,412,038
	1,955			SkillSoft PLC, Term Loan					6.500	%		5/26/17				BB-					1,973,375
	2,905			WebCom Group Inc., First Lien					7.000	%		10/27/17				Ba3					2,888,659
	9,930			Total Internet Software & Services																	9,818,918

 

Nuveen Investments
20

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				IT Services – 4.3% (3.0% of Total Investments)
$	3,578			First Data Corporation, Term Loan B-1					5.247	%		3/24/17				B+				$	3,472,098
	3,225			Frac Tech INternational LLC, Term Loan B, DD1					6.250	%		5/06/16				B+					2,797,649
	863			Sabre, Inc., Term Loan					5.996	%		12/29/17				B1					844,614
	447			SRA International Inc., Term Loan B					6.500	%		7/20/18				B1					429,150
	1,320			Virtu Financial LLC, First Lien, Term Loan					7.500	%		7/08/16				Ba1					1,331,911
	1,154			Webcom Inc., Term Loan, Second Lien					11.000	%		10/27/18				B3					1,188,432
	10,587			Total IT Services																	10,063,854
				Leisure Equipment & Products – 1.9% (1.3% of Total Investments)
	1,990			Academy Limited, Term Loan					6.000	%		8/03/18				B					2,003,689
	715			Eastman Kodak, DIP Term Loan					8.500	%		7/20/13				B1					714,625
	1,660			Wembley PLC, Term Loan B					8.500	%		11/05/15				BB					1,670,969
	4,365			Total Leisure Equipment & Products																	4,389,283
				Machinery – 0.5% (0.4% of Total Investments)
	1,194			Rexnord Corporation, Replacement Term Loan					5.000	%		4/01/18				BB					1,203,522
				Media – 11.5% (7.9% of Total Investments)
	1,133			Atlantic Broadband Finance LLC, Second Lien, Term Loan					9.750	%		10/04/19				B-					1,190,001
	2,188			Cengage Learning Inc., Term Loan B					5.750	%		7/04/17				B+					1,893,683
	2,494			Cequel Communications LLC., Term Loan B					4.000	%		2/14/19				Ba2					2,472,124
	1,995			Charter Communications Operating, LLC, Term Loan B					4.000	%		5/15/19				BB+					1,995,636
	1,989			Cumulus Media, Inc., Term Loan B					5.750	%		9/17/18				Ba2					2,002,873
	1,000			Cumulus Media, Inc., Term Loan B					7.500	%		3/18/19				B2					1,010,000
	381			Emmis Communications, Term Loan					4.460	%		11/01/13				B2					369,372
	1,451			Gray Television, Inc., Term Loan B					3.750	%		12/31/14				B+					1,441,514
	862			Idearc, Inc., Term Loan					11.000	%		12/31/15				Caa3					505,525
	572			Interactive Data, Term Loan B					4.500	%		2/11/18				Ba3					572,874
	1,881			Radio One Inc., First Lien, Term Loan B					7.500	%		2/14/17				B+					1,861,729
	910			Tribune Company, Term Loan B, (6)					0.000	%		6/04/14				Ca					666,130
	4,890			Univision Communications, Inc., Term Loan					4.496	%		3/31/17				B+					4,698,379
	1,714			UPC Financing Partnership, Term Loan AB					4.750	%		12/31/17				Ba3					1,718,572
	3,740			WideOpenWest Finance LLC, Term Loan B, DD1					6.250	%		7/12/18				B1					3,721,300
	1,793			Yell Group PLC, Term Loan					3.996	%		7/31/14				N/R					499,463
	28,993			Total Media																	26,619,175
				Multiline Retail – 0.8% (0.5% of Total Investments)
	848			99 Cents Only Stores, Term Loan B1					5.250	%		1/11/19				B+					851,817
	933			Bass Pro Group, Term Loan B					5.250	%		6/13/17				BB-					940,459
	1,781			Total Multiline Retail																	1,792,276
				Oil, Gas & Consumable Fuels – 5.6% (3.8% of Total Investments)
	2,622			Alon USA Energy Inc., First Lien Term Loan					2.496	%		8/05/13				B+					2,569,342
	328			Alon USA Energy Inc., First Lien Term Loan					2.496	%		8/05/13				B+					321,179
	500			Brand Energy & Infrastructure Services, Inc., Term Loan B					2.500	%		2/07/14				B					470,834
	1,984			CCS Corporation, Term Loan B					3.246	%		11/14/14				B					1,948,448
	995			CCS Corproation, Delayed Draw, Term Loan					3.246	%		11/14/14				B					976,853
	1,000			Crestwood Holdings LLC, Term Loan B					9.750	%		3/26/18				CCC+					1,013,333
	3,300			Energy Transfer Equity LP, Term Loan B					3.750	%		3/23/17				BB					3,258,750
	1,250			EP Energy LLC, Term Loan B					6.500	%		5/24/18				BB-					1,268,360
	1,100			Gibson Energy Inc., First Lien, Term Loan					4.750	%		5/18/18				BB-					1,106,896
	13,079			Total Oil, Gas & Consumable Fuels																	12,933,995
				Paper & Forest Products – 2.6% (1.8% of Total Investments)
	2,731			Newark Group, DIP Term Loan					12.500	%		3/31/14				Caa1					2,594,863
	3,608			Wilton Products, Term Loan					3.500	%		8/01/14				N/R					3,391,321
	6,339			Total Paper & Forest Products																	5,986,184

 

Nuveen Investments
21

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NSL

Nuveen Senior Income Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Personal Products – 1.2% (0.8% of Total Investments)
$	721			NBTY Inc, Term Loan B					4.250	%		10/01/17				BB-				$	721,853
	1,428			Prestige Brands, Inc., Term Loan					5.267	%		1/27/19				BB-					1,441,270
	715			Revlon Consumer Products Corporation, Term Loan					4.750	%		11/19/17				BB-					713,883
	2,864			Total Personal Products																	2,877,006
				Pharmaceuticals – 9.2% (6.3% of Total Investments)
	1,000			Bausch & Lomb, Delayed Term Loan, (5)					2.594	%		11/10/15				B+					1,002,500
	5,000			Bausch & Lomb, Term Loan					5.250	%		5/17/19				B+					5,010,625
	1,084			Convatec Healthcare, Term Loan B					5.750	%		12/30/16				Ba3					1,085,180
	275			Graceway Pharmaceuticals, Term Loan, Second Lien, (6)					0.000	%		5/03/12				N/R					303,006
	2,000			Graceway Pharmaceuticals, Term Loan, Second Lien, (6)					0.000	%		5/03/13				N/R					60,000
	2,985			Pharmaceutical Product Development Inc., Term Loan					6.250	%		12/05/18				BB-					3,025,423
	2,376			Quintiles Transnational Corporation, Term Loan B					5.000	%		6/08/18				BB-					2,381,182
	1,496			Valeant Pharmaceuticals International, Term Loan B					4.750	%		2/01/19				BBB-					1,501,250
	2,250			Valeant Pharmaceuticals International, Term Loan B					4.750	%		2/13/19				BBB-					2,259,562
	2,098			Warner Chilcott PLC, Term Loan B1					4.250	%		3/17/18				BBB-					2,100,841
	1,049			Warner Chilcott PLC, Term Loan B2					4.250	%		3/17/18				BBB-					1,050,420
	1,442			Warner Chilcott PLC, Term Loan B3					4.250	%		3/17/18				BBB-					1,444,328
	23,055			Total Pharmaceuticals																	21,224,317
				Professional Services – 0.1% (0.1% of Total Investments)
	595			Vertrue Inc., First Lien, Term Loan, (6)					9.250	%		8/16/14				D					235,105
				Real Estate Investment Trust – 1.3% (0.9% of Total Investments)
	1,246			Istar Financial Inc., Term Loan A2					5.000	%		6/28/13				BB-					1,247,213
	799			Walter Investment Management Corporation, Second Lien, Term Loan					12.500	%		12/30/16				B-					807,986
	900			Walter Investment Management, First Lien, Term Loan					7.750	%		6/30/16				B+					930,000
	2,945			Total Real Estate Investment Trust																	2,985,199
				Real Estate Management & Development – 3.0% (2.0% of Total Investments)
	3,633			Capital Automotive LP, Term Loan B					5.250	%		3/11/17				Ba3					3,637,833
	1,575			LNR Property Corporation, Term Loan B					4.750	%		4/29/16				BB+					1,580,906
	1,722			Realogy Corporation, Delayed Term Loan					4.499	%		10/10/16				B1					1,633,957
	6,930			Total Real Estate Management & Development																	6,852,696
				Road & Rail – 1.1% (0.7% of Total Investments)
	2,437			Swift Transportation Company, Inc., Term Loan B2					5.000	%		12/21/17				BB					2,456,640
				Semiconductors & Equipment – 1.3% (0.9% of Total Investments)
	1,975			NXP BV, Term Loan					4.500	%		3/03/17				B-					1,955,250
	1,042			Spansion Inc., Term Loan					4.750	%		2/09/15				Ba3					1,048,228
	3,017			Total Semiconductors & Equipment																	3,003,478
				Software – 12.0% (8.3% of Total Investments)
	3,000			Attachmate Corporation, First Lien, Term Loan					7.250	%		11/22/17				BB-					3,000,468
	2,486			Blackboard Inc., First Lien, Term Loan					7.500	%		9/23/18				B+					2,442,217
	1,800			DataTel Inc., Term Loan B					6.250	%		7/19/18				B+					1,819,252
	2,500			IPC Acquisition Corporation, Second Lien, Term Loan					5.496	%		6/01/15				CCC					2,110,908
	1,234			IPC Systems, Inc., Term Loan, First Lien					5.496	%		7/31/17				B1					1,197,278
	7,731			Lawson Software Inc., Term Loan B					6.250	%		4/05/18				Ba3					7,813,969
	3,500			Misys PLC, Term Loan, First Lien					7.250	%		12/12/18				Ba3					3,459,533
	4,531			SS&C Technologies Inc., Term Loan B1					5.000	%		6/07/19				BB-					4,525,613
	469			SS&C Technologies Inc., Term Loan B2					5.000	%		6/07/19				BB-					467,871
	985			Vertafore Inc., Term Loan					5.250	%		7/29/16				B+					985,211
	28,236			Total Software																	27,822,320

 

Nuveen Investments
22

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Specialty Retail – 4.3% (3.0% of Total Investments)
$	1,850			Amscan Holdings Inc., Term Loan B					5.750	%		7/23/19				B1				$	1,855,622
	237			Claires Stores, Term Loan B					3.056	%		5/29/14				B					227,294
	988			J Crew Operating Corporation, Term Loan					4.750	%		3/07/18				B1					978,393
	2,176			Jo-Ann Stores Inc., Term Loan B					4.750	%		3/16/18				B+					2,161,237
	1,119			Lord & Taylor Holdings, Term Loan					5.750	%		12/21/18				BB					1,127,071
	905			Michaels Stores, Inc., Term Loan					2.750	%		10/31/13				BB-					906,176
	1,000			Savers, Inc., Term Loan B					7.250	%		6/28/19				Ba3					1,010,000
	921			Toys "R" Us, Term Loan					6.000	%		9/01/16				B+					877,408
	871			Toys "R" Us, Term Loan					5.250	%		5/17/18				B+					816,968
	10,067			Total Specialty Retail																	9,960,169
				Wireless Telecommunication Services – 1.5% (1.1% of Total Investments)
	1,828			Asurion Corporation, Term Loan B					5.500	%		5/24/18				BB-					1,825,728
	2,284			Clear Channel Communications Inc., Term Loan B					3.896	%		1/29/16				CCC+					1,729,841
	4,112			Total Wireless Telecommunication Services																	3,555,569
$	304,249			Total Variable Rate Senior Loan Interests (cost $301,528,237)																	294,700,343
Shares				Description (1)																Value
				Common Stocks – 1.9% (1.3% of Total Investments)
				Building Products – 1.1% (0.7% of Total Investments)
	88,501			Masonite Worldwide Holdings, (7), (11)																$	2,470,656
				Hotels, Restaurants & Leisure – 0.2% (0.2% of Total Investments)
	40,968			BLB Worldwide Holdings Inc., (7), (11)																	471,132
				Media – 0.6% (0.4% of Total Investments)
	48,954			Metro-Goldwyn-Mayer, (7), (11)																	1,468,620
				Total Common Stocks (cost $7,659,565)																	4,410,408
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Convertible Bonds – 0.4% (0.2% of Total Investments)
				Communications Equipment – 0.4% (0.2% of Total Investments)
$	850			Nortel Networks Corp., (6)					1.75	%		4/15/14				N/R				$	839,375
	850			Total Convertible Bonds (cost $710,500)																	839,375
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Corporate Bonds – 12.8% (8.9% of Total Investments)
				Commercial Services & Supplies – 0.2% (0.1% of Total Investments)
$	500			Ceridian Corporation					11.250	%		11/15/15				CCC				$	490,000
				Communications Equipment – 0.6% (0.5% of Total Investments)
	1,000			Avaya Inc.					9.750	%		11/01/15				CCC+					780,000
	650			Nortel Networks Limited, (6)					10.750	%		7/15/16				N/R					718,250
	1,650			Total Communications Equipment																	1,498,250
				Distributors – 0.5% (0.3% of Total Investments)
	1,000			HD Supply Inc., 144A					8.125	%		4/15/19				B+					1,090,000
				Diversified Telecommunication Services – 0.4% (0.3% of Total Investments)
	1,000			IntelSat Bermuda Limited					11.250	%		2/04/17				CCC+					1,040,000

 

Nuveen Investments
23

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NSL

Nuveen Senior Income Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Health Care Equipment & Supplies – 1.2% (0.9% of Total Investments)
$	1,700			Chiron Merger Sub Inc., 144A					10.500	%		11/01/18				B				$	1,797,750
	1,000			Merge Healthcare Inc.					11.750	%		5/01/15				B+					1,055,000
	2,700			Total Health Care Equipment & Supplies																	2,852,750
				Health Care Providers & Services – 2.3% (1.6% of Total Investments)
	1,000			HCA Inc.					8.500	%		4/15/19				BB+					1,126,875
	1,160			Select Medical Corporation					7.625	%		2/01/15				B-					1,171,600
	1,500			Select Medical Corporation					6.494	%		9/15/15				B-					1,473,750
	500			Vanguard Health Holding LLC/Inc.					8.000	%		2/01/18				B-					522,500
	1,000			Wolverine Healthcare Analytics, 144A					10.625	%		6/01/20				CCC+					1,062,500
	5,160			Total Health Care Providers & Services																	5,357,225
				Household Products – 1.0% (0.7% of Total Investments)
	2,000			Sprectum Brands Inc.					9.500	%		6/15/18				BB-					2,285,000
				IT Services – 0.5% (0.3% of Total Investments)
	1,000			First Data Corporation, 144A					7.375	%		6/15/19				BB-					1,043,750
				Machinery – 0.9% (0.6% of Total Investments)
	2,000			NES Rental Holdings Inc., 144A					12.250	%		4/15/15				CCC+					1,975,000
				Media – 1.7% (1.2% of Total Investments)
	2,000			Clear Channel Communications, Inc.					5.500	%		9/15/14				CCC-					1,655,000
	1,000			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-					580,000
	3,200			Clear Channel Communications, Inc.					6.875	%		6/15/18				CCC-					1,456,000
	200			WMG Acquisition Group					11.500	%		10/01/18				B-					221,500
	6,400			Total Media																	3,912,500
				Paper & Forest Products – 0.3% (0.2% of Total Investments)
	1,000			Verso Paper Holdings LLC, 144A					11.750	%		1/15/19				BB-					795,000
				Pharmaceuticals – 2.0% (1.4% of Total Investments)
	2,000			Angiotech Pharmaceuticals Inc.					5.000	%		12/01/13				NA					1,985,000
	2,000			Valeant Pharmaceuticals International, 144A					7.000	%		10/01/20				BB-					2,065,000
	500			Valeant Pharmaceuticals International, 144A					7.250	%		7/15/22				BB-					516,250
	4,500			Total Pharmaceuticals																	4,566,250
				Road & Rail – 0.4% (0.3% of Total Investments)
	1,000			Avis Budget Car Rental					3.003	%		5/15/14				B+					988,750
				Software – 0.8% (0.5% of Total Investments)
	850			Lawson Software Inc., 144A					11.500	%		7/15/18				B-					962,625
	750			Lawson Software Inc., 144A					9.375	%		4/01/19				B-					802,500
	1,600			Total Software																	1,765,125
				Specialty Retail – 0.0% (0.0% of Total Investments)
	480			Local Insight Regatta Holdings, (6)					11.000	%		12/01/17				N/R					48
$	31,990			Total Corporate Bonds (cost $29,191,181)																	29,659,648

 

Nuveen Investments
24

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Principal Amount (000)				Description (1)				Coupon				Maturity								Value
				Short-Term Investments – 3.2% (2.2% of Total Investments)
$	7,483			Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/12, repurchase price $7,483,428, collateralized by $6,860,000 U.S. Treasury Notes, 2.625%, due 4/30/18, value $7,633,355					0.010	%		8/01/12								$	7,483,426
				Total Short-Term Investments (cost $7,483,426)																	7,483,426
				Total Investments (cost $346,572,909) – 145.4%																	337,093,200
				Borrowings – (43.1)% (8), (9)																	(100,000,000	)
				Other Assets Less Liabilities – (2.3)% (10)																	(5,227,244	)
				Net Assets Applicable to Common Shares – 100%																$	231,865,956

 

Investments in Derivatives at July 31, 2012

Interest Rate Swaps outstanding:

Counterparty				Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate*				Fixed Rate Payment Frequency				Termination Date				Unrealized Appreciation (Depreciation)
Goldman Sachs				$	18,487,500			Receive				1-Month USD-LIBOR					1.300	%		Monthly				4/20/14				$	(337,281	)
Morgan Stanley					18,487,500			Receive				1-Month USD-LIBOR					2.201			Monthly				4/20/16					(1,196,034	)
																												$	(1,533,315	)

 

*  Annualized.

 

    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 (not covered by the report of independent registered public accounting firm): 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)  Investment, or portion of investment, represents an unfunded Senior Loan commitment outstanding at July 31, 2012.

  (6)  At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, 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.

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

  (8)  Borrowings as a percentage of total investments is 29.7%.

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

  (10)  Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at July 31, 2012.

  (11)  For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  N/R  Not rated.

  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 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.

  USD-LIBOR  United States Dollar—London Inter-Bank Offered Rate

See accompanying notes to financial statements.

Nuveen Investments
25

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JFR

Nuveen Floating Rate Income Fund

Portfolio of INVESTMENTS

  July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Variable Rate Senior Loan Interests – 122.8% (85.2% of Total Investments) (4)
				Airlines – 2.0% (1.4% of Total Investments)
$	1,486			Delta Air Lines, Inc. Revolving Loan, Delayed Draw, (5)					0.750	%		3/28/13				Ba2				$	1,464,225
	10,218			UAL Corporation, Term Loan B					2.250	%		2/01/14				BB-					10,039,415
	11,704			Total Airlines																	11,503,640
				Auto Components – 2.6% (1.8% of Total Investments)
	5,626			Federal-Mogul Corporation, Revolver					2.187	%		12/28/15				Ba3					5,363,025
	10,187			Federal-Mogul Corporation, Term Loan B					2.179	%		12/29/14				Ba3					9,711,479
	15,813			Total Auto Components																	15,074,504
				Biotechnology – 3.1% (2.2% of Total Investments)
	2,902			Alkermes Inc., Term Loan B					6.750	%		9/16/17				BB					2,941,987
	1,333			Alkermes, Inc., Term Loan, Second Lien					9.500	%		9/16/18				B					1,371,666
	5,944			Carestream Health Inc, Term Loan B					5.000	%		2/25/17				BB-					5,762,392
	2,000			Explorer Holdings, Inc., Term Loan, First Lien					8.000	%		6/29/18				B+					1,945,000
	5,931			Grifols SA, Term Loan					4.500	%		6/01/17				BB					5,936,311
	18,110			Total Biotechnology																	17,957,356
				Building Products – 1.5% (1.1% of Total Investments)
	7,549			Goodman Global Holdings, Term Loan B					5.750	%		10/28/16				B+					7,572,998
	1,273			Goodman Global Inc., Second Lien, Term Loan					9.000	%		10/28/17				B-					1,295,000
	8,822			Total Building Products																	8,867,998
				Capital Markets – 0.8% (0.6% of Total Investments)
	1,326			BNY ConvergEX Group LLC, Term Loan B					5.250	%		12/19/16				B+					1,252,748
	582			BNY ConvergEX Group LLC, Term Loan B					5.250	%		12/19/16				B+					550,263
	2,896			Citco Group, Term Loan					5.500	%		6/29/18				N/A					2,870,450
	4,804			Total Capital Markets																	4,673,461
				Chemicals – 2.4% (1.7% of Total Investments)
	92			Hexion Specialty Chemicals, Inc., Term Loan C4					4.250	%		5/05/15				Ba3					89,686
	203			Hexion Specialty Chemicals, Term Loan C1					4.000	%		5/05/15				Ba3					198,200
	2,993			Ineos US Finance LLC, Term Loan B					6.500	%		5/04/18				B+					2,938,527
	3,834			Styron Corporation, Term Loan B					6.000	%		8/02/17				B+					3,579,911
	7,005			Univar, Inc., Term Loan B					5.000	%		6/30/17				B+					6,973,119
	14,127			Total Chemicals																	13,779,443
				Commercial Banks – 0.3% (0.2% of Total Investments)
	1,980			SourceCorp, First Lien, Term Loan					6.625	%		4/28/17				BB-					1,914,001
				Commercial Services & Supplies – 1.5% (1.0% of Total Investments)
	2,298			Brickman Group Holdings Inc., Term Loan B					5.500	%		10/14/16				B+					2,306,788
	2,707			Ceridian Corporation, US Term Loan					3.249	%		11/09/14				B1					2,671,996
	998			Houghton Mifflin Company, DIP Term Loan B					7.250	%		11/22/13				N/R					998,747
	2,391			KAR Auction Services Inc., Term Loan B					5.000	%		5/19/17				BB-					2,408,087
	8,394			Total Commercial Services & Supplies																	8,385,618

 

Nuveen Investments
26

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Communications Equipment – 3.1% (2.2% of Total Investments)
$	10,381			Avaya Inc., Term Loan B1					3.217	%		10/27/14				B1				$	9,645,790
	1,995			Genesys Telecommunications Laboratories Inc., Term Loan B					6.750	%		1/31/19				BB-					2,009,962
	4,294			Intelsat, Tranche B, Term Loan B					5.250	%		4/02/18				BB-					4,305,896
	1,869			Presidio, Inc., Term Loan					7.250	%		3/31/17				Ba3					1,885,014
	18,539			Total Communications Equipment																	17,846,662
				Construction Materials – 0.3% (0.2% of Total Investments)
	1,596			Summit Materials LLC, Term Loan B					6.000	%		1/23/19				BB-					1,605,975
				Consumer Finance – 2.3% (1.6% of Total Investments)
	1,500			National Equipment Services, Inc., Term Loan					13.250	%		5/23/14				Ba3					1,485,000
	851			Peach Holdings, Inc., Term Loan					8.750	%		11/21/13				B3					833,956
	3,000			Residential Capital LLC, DIP Term Loan A1					5.000	%		11/18/13				BB					3,030,000
	4,802			Royalty Pharma Finance Trust, Term Loan					4.000	%		11/09/18				Baa2					4,804,477
	3,000			Springleaf Finance Corporation, Term Loan					5.500	%		5/10/17				B3					2,866,251
	13,153			Total Consumer Finance																	13,019,684
				Containers & Packaging – 2.7% (1.9% of Total Investments)
	10,768			Reynolds Group Escrow, Term Loan					6.500	%		8/09/18				BB-					10,906,422
	3,486			Reynolds Group, Term Loan D					6.500	%		2/09/18				BB					3,525,340
	806			Sealed Air Corporation, Term Loan B					4.750	%		10/03/18				Ba1					817,037
	15,060			Total Containers & Packaging																	15,248,799
				Distributors – 1.8% (1.2% of Total Investments)
	10,000			HD Supply Inc., Term Loan B					7.250	%		10/12/17				B+					10,237,500
				Diversified Consumer Services – 1.5% (1.0% of Total Investments)
	3,890			Advantage Sales and Marketing LLC, Term Loan					5.250	%		12/18/17				B+					3,882,634
	1,995			Cengage Learning Inc., Term Loan B					2.500	%		7/03/14				B					1,832,067
	2,963			Laureate Education, Inc., Delayed Term Loan					5.250	%		6/15/18				B1					2,851,406
	8,848			Total Diversified Consumer Services																	8,566,107
				Diversified Financial Services – 0.5% (0.4% of Total Investments)
	1,383			FoxCo Acquisition LLC, Term Loan B					4.750	%		7/14/15				BB					1,384,245
	1,500			Pinnacle Holdco S.A.R.L., Term Loan, First Lien, WI/DD					TBD			TBD				B+					1,487,501
	2,883			Total Diversified Financial Services																	2,871,746
				Diversified Telecommunication Services – 2.3% (1.6% of Total Investments)
	3,000			CCO Holdings LLC, Third Lien, Term Loan					2.746	%		3/06/14				BB+					2,993,250
	4,800			Level 3 Financing, Inc., Term Loan					2.647	%		3/13/14				Ba3					4,790,251
	5,400			Zayo Group, LLC Term Loan					7.125	%		7/02/19				B1					5,481,000
	13,200			Total Diversified Telecommunication Services																	13,264,501
				Electric Utilities – 0.5% (0.4% of Total Investments)
	4,781			TXU Corporation, Term Loan B-2					3.746	%		10/10/14				B2					3,176,693
				Electronic Equipment & Instruments – 0.8% (0.5% of Total Investments)
	5,459			Smart Modular Technologies, Term Loan B					8.250	%		8/26/17				B+					4,421,588
				Food & Staples Retailing – 0.5% (0.4% of Total Investments)
	3,000			Wendy's/Arby's Restaraunts LLC, Term Loan B					4.750	%		5/15/19				Ba2					3,005,937
				Food Products – 4.9% (3.4% of Total Investments)
	4,774			Michael Foods, Term Loan					4.250	%		2/25/18				B+					4,775,539
	2,500			Ferrara Candy Company, Term Loan B					7.500	%		6/18/18				B					2,507,813
	3,930			Pierre Foods Inc., Term Loan					7.000	%		9/30/16				B+					3,952,719
	17,358			US Foodservice, Term Loan B					5.750	%		3/31/17				B-					16,625,402
	28,562			Total Food Products																	27,861,473

 

Nuveen Investments
27

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JFR

Nuveen Floating Rate Income Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Health Care Equipment & Supplies – 2.5% (1.7% of Total Investments)
$	137			Fenwal Inc., Delayed Draw, Term Loan					2.717	%		2/28/14				B+				$	135,909
	796			Fenwal Inc., Term Loan					2.717	%		2/28/14				B+					792,508
	3,063			Hologic Incorporated Senior Loan, WI/DD					TBD			TBD				BBB-					3,084,832
	9,950			Kinetic Concepts, Inc., Term Loan B					7.000	%		5/04/18				Ba2					10,109,200
	13,946			Total Health Care Equipment & Supplies																	14,122,449
				Health Care Providers & Services – 14.1% (9.8% of Total Investments)
	1,450			Ardent Medical Services Inc., First Lien, Term Loan					6.500	%		9/15/15				B1					1,453,752
	6,631			Emdeon Business Services Loan					5.000	%		11/02/18				BB-					6,657,822
	4,852			Gentiva, Term Loan B					6.500	%		8/17/16				B1					4,524,357
	13,708			Golden Gate National Senior Care LLC, Term Loan					5.000	%		5/04/18				B+					13,236,972
	2,808			HCA, Term Loan B					3.711	%		3/31/17				BB					2,771,924
	2,985			Health Management Associates, Inc., Term Loan					4.500	%		11/16/18				BB-					2,990,074
	5,940			Kindred Healthcare Inc., Term Loan					5.250	%		6/01/18				Ba3					5,727,152
	1,867			LHP Operations Company LLC, Term Loan B					9.000	%		6/29/18				B					1,876,000
	4,282			LifeCare Holdings Inc, Term Loan B					8.206	%		2/01/16				N/R					3,768,390
	772			LifeCare Holdings, New Term Loan					8.206	%		2/01/16				N/R					679,763
	2,486			MultiPlan, Inc., Term Loan					4.750	%		8/26/17				Ba3					2,481,718
	5,184			National Mentor Inc., Term Loan B					7.000	%		2/09/17				B+					5,132,531
	6,959			Select Medical Holdings Corporation, Term Loan B					5.500	%		6/01/18				BB					6,852,055
	5,000			Sheridan Holdings, Inc., Term Loan, First Lien					6.000	%		7/01/18				B+					5,001,565
	1,750			Sheridan Holdings, Inc., Term Loan, Second Lien					9.000	%		7/01/19				B-					1,765,313
	1,303			Skilled Healthcare Group, Term Loan B					6.750	%		4/09/16				B1					1,299,285
	1,647			Sun Healthcare Group, Inc., Term Loan					8.750	%		10/18/16				Ba1					1,641,521
	4,500			Truven Health Analytics, Term Loan					6.750	%		6/06/19				Ba3					4,519,688
	1,611			Universal Health Services, Term Loan B					3.750	%		11/15/16				BB+					1,613,130
	6,827			Vanguard Health Systems Inc., Term Loan B					5.000	%		1/29/16				Ba2					6,816,480
	82,562			Total Health Care Providers & Services																	80,809,492
				Health Care Technology – 0.1% (0.0% of Total Investments)
	350			Fenwal Inc., Second Lien, Term Loan					5.717	%		8/28/14				B					349,252
				Hotels, Restaurants & Leisure – 4.7% (3.3% of Total Investments)
	4,900			24 Hour Fitness Worldwide Inc., Term Loan B					7.500	%		4/22/16				Ba3					4,932,159
	77			Buffets, Inc., First Lien, PF/LC Loan, (6)					0.336	%		4/22/15				D					35,838
	3,876			Caesars Entertainment Corporation, Term Loan B6					5.496	%		1/28/18				B					3,424,927
	486			Caesars Octavius, Term Loan B					9.250	%		4/25/17				B					475,320
	1,852			CCM Merger Inc.					6.000	%		3/01/17				B+					1,842,964
	4,988			Landry's Restaurants Inc., Term Loan B					6.500	%		4/24/18				B+					5,010,338
	3,558			Orbitz Worldwide, Inc., Term Loan					3.246	%		7/25/14				B+					3,424,447
	5,666			Seaworld Parks and Entertainment, Term Loan B					4.000	%		8/17/17				BB-					5,660,448
	2,000			Six Flags Inc., Term Loan B					4.250	%		12/20/18				BB+					1,998,906
	27,403			Total Hotels, Restaurants & Leisure																	26,805,347
				Household Products – 1.1% (0.7% of Total Investments)
	5,794			Spectrum Brands, Term Loan					5.000	%		6/17/16				B1					5,824,572
	311			Visant Corporation, Term Loan B					5.250	%		12/22/16				BB-					303,254
	6,105			Total Household Products																	6,127,826
				Industrial Conglomerates – 0.8% (0.5% of Total Investments)
	660			Eagle Parent Inc., First Lien, Term Loan					5.000	%		5/16/18				Ba3					657,029
	259			Evertec Inc., Term Loan B					5.250	%		9/30/16				BB-					258,952
	2,500			Sequa Corporation, Term Loan					3.720	%		12/03/14				B1					2,467,970
	979			US Foodservice, Term Loan B					5.750	%		3/31/17				B-					940,092
	4,398			Total Industrial Conglomerates																	4,324,043
				Internet & Catalog Retail – 0.1% (0.1% of Total Investments)
	825			Burlington Coat Factory Warehouse Corporation, Term Loan					5.500	%		2/23/17				B					823,911

 

Nuveen Investments
28

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Internet Software & Services – 2.9% (2.0% of Total Investments)
$	5,029			Go Daddy Group Inc., First Lien, Term Loan					5.500	%		12/17/18				Ba3				$	4,978,380
	747			Open Solutions Inc., Term Loan					2.575	%		1/23/14				B+					714,324
	2,457			Sabre, Inc., Term Loan					5.996	%		9/30/17				B1					2,405,526
	3,910			SkillSoft PLC, Term Loan					6.500	%		5/26/17				BB-					3,946,750
	4,842			WebCom Group Inc., First Lien					7.000	%		10/27/17				Ba3					4,814,432
	16,985			Total Internet Software & Services																	16,859,412
				IT Services – 4.2% (2.9% of Total Investments)
	8,560			First Data Corporation, Term Loan B-1					5.247	%		3/24/17				B+					8,305,693
	6,163			Frac Tech INternational LLC, Term Loan B, DD1					6.250	%		5/06/16				B+					5,346,602
	1,470			Sabre, Inc., Term Loan					5.996	%		12/29/17				B1					1,438,872
	3,080			SRA International Inc., Term Loan B					6.500	%		7/20/18				B1					2,957,224
	1,810			SunGard Data Systems, Inc., Term Loan B					1.998	%		2/28/14				BB					1,807,517
	2,641			Virtu Financial LLC, First Lien, Term Loan					7.500	%		7/08/16				Ba1					2,663,823
	1,385			Webcom Inc., Term Loan, Second Lien					11.000	%		10/27/18				B3					1,426,119
	25,109			Total IT Services																	23,945,850
				Leisure Equipment & Products – 1.9% (1.3% of Total Investments)
	6,948			Academy Limited, Term Loan					6.000	%		8/03/18				B					6,996,215
	1,430			Eastman Kodak, DIP Term Loan					8.500	%		7/20/13				B1					1,429,249
	2,421			Wembley PLC, Term Loan B					8.500	%		11/05/15				BB					2,436,677
	10,799			Total Leisure Equipment & Products																	10,862,141
				Machinery – 1.0% (0.7% of Total Investments)
	2,239			Colfax Corporation, Term Loan B					4.500	%		1/11/19				BB+					2,244,954
	3,184			Rexnord Corporation, Replacement Term Loan					5.000	%		4/01/18				BB					3,209,392
	5,423			Total Machinery																	5,454,346
				Media – 11.8% (8.2% of Total Investments)
	1,700			Atlantic Broadband Finance LLC, Second Lien, Term Loan					9.750	%		10/04/19				B-					1,785,000
	2,847			Atlantic Broadband Finance LLC, Term Loan B					5.250	%		4/04/19				Ba3					2,864,794
	2,967			Cengage Learning Inc., Term Loan B					5.750	%		7/04/17				B+					2,567,479
	3,990			Cequel Communications LLC., Term Loan B					4.000	%		2/14/19				Ba2					3,955,399
	5,521			Cumulus Media, Inc., Term Loan B					5.750	%		9/17/18				Ba2					5,557,971
	5,000			Cumulus Media, Inc., Term Loan B					7.500	%		3/18/19				B2					5,050,000
	1,579			Gray Television, Inc., Term Loan B					3.750	%		12/31/14				B+					1,568,412
	2,298			Idearc, Inc., Term Loan					11.000	%		12/31/15				Caa3					1,348,068
	2,171			Interactive Data, Term Loan B					4.500	%		2/11/18				Ba3					2,173,849
	3,992			Radio One Inc., First Lien, Term Loan B					7.500	%		2/14/17				B+					3,951,948
	2,888			Tribune Company, Term Loan B, (6)					0.000	%		6/04/14				Ca					2,113,941
	22,494			Univision Communications, Inc., Term Loan					4.496	%		3/31/17				B+					21,612,542
	3,000			UPC Financing Partnership, Term Loan AB					4.750	%		12/31/17				Ba3					3,007,500
	8,624			WideOpenWest Finance LLC, Term Loan B, DD1					6.250	%		7/12/18				B1					8,580,880
	4,565			Yell Group PLC, Term Loan					3.996	%		7/31/14				N/R					1,271,635
	73,636			Total Media																	67,409,418
				Multiline Retail – 1.2% (0.9% of Total Investments)
	2,194			99 Cents Only Stores, Term Loan B1					5.250	%		1/11/19				B+					2,203,361
	1,866			Bass Pro Group, Term Loan B					5.250	%		6/13/17				BB-					1,880,917
	3,000			Neiman Marcus Group Inc., Term Loan					4.750	%		5/16/18				BB-					2,983,533
	7,060			Total Multiline Retail																	7,067,811
				Oil, Gas & Consumable Fuels – 4.8% (3.3% of Total Investments)
	7,564			Alon USA Energy Inc., First Lien, Term Loan					2.496	%		8/05/13				B+					7,412,439
	945			Alon USA Energy Inc., First Lien, Term Loan					2.496	%		8/05/13				B+					926,572
	1,820			Brand Energy & Infrastructure Services, Inc., Term Loan B					2.500	%		2/07/14				B					1,713,819
	2,872			CCS Corporation, Term Loan B					3.246	%		11/14/14				B					2,820,122

 

Nuveen Investments
29

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JFR

Nuveen Floating Rate Income Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Oil, Gas & Consumable Fuels (continued)
$	995			CCS Corproation, Delayed Draw, Term Loan					3.246	%		11/14/14				B				$	976,853
	2,000			Crestwood Holdings LLC, Term Loan B					9.750	%		3/26/18				CCC+					2,026,666
	6,250			Energy Transfer Equity LP, Term Loan B					3.750	%		3/23/17				BB					6,171,875
	2,500			EP Energy LLC, Term Loan B					6.500	%		5/24/18				BB-					2,536,720
	2,933			Gibson Energy Inc., First Lien Term Loan					4.750	%		5/18/18				BB-					2,951,723
	27,879			Total Oil, Gas & Consumable Fuels																	27,536,789
				Paper & Forest Products – 1.5% (1.0% of Total Investments)
	4,552			Newark Group, DIP Term Loan					12.500	%		3/31/14				Caa1					4,324,772
	4,595			Wilton Products, Term Loan					3.500	%		8/01/14				N/R					4,319,487
	9,147			Total Paper & Forest Products																	8,644,259
				Personal Products – 0.8% (0.5% of Total Investments)
	1,104			NBTY Inc, Term Loan B					4.250	%		10/01/17				BB-					1,105,996
	1,428			Prestige Brands, Inc., Term Loan					5.267	%		1/27/19				BB-					1,441,270
	1,925			Revlon Consumer Products Corporation, Term Loan					4.750	%		11/19/17				BB-					1,921,993
	4,457			Total Personal Products																	4,469,259
				Pharmaceuticals – 7.1% (4.9% of Total Investments)
	2,000			Bausch & Lomb, Delayed Term Loan, (5)					2.594	%		11/10/15				B+					2,005,000
	9,000			Bausch & Lomb, Term Loan					5.250	%		5/17/19				B+					9,019,125
	2,710			Convatec Healthcare, Term Loan B					5.750	%		12/30/16				Ba3					2,712,951
	147			Graceway Pharmaceuticals Term Loan, Second Lien, (6)					0.000	%		5/03/12				N/R					161,860
	5,625			Graceway Pharmaceuticals Term Loan, Second Lien, (6)					0.000	%		5/03/13				N/R					168,750
	5,970			Pharmaceutical Product Development Inc., Term Loan					6.250	%		12/05/18				BB-					6,050,846
	6,336			Quintiles Transnational Corporation, Term Loan B					5.000	%		6/08/18				BB-					6,349,819
	4,950			Valeant Pharmaceuticals International, Term Loan B					4.750	%		2/13/19				BBB-					4,971,038
	4,197			Warner Chilcott PLC, Term Loan B1					4.250	%		3/17/18				BBB-					4,203,043
	2,099			Warner Chilcott PLC, Term Loan B2					4.250	%		3/17/18				BBB-					2,101,521
	2,886			Warner Chilcott PLC, Term Loan B3					4.250	%		3/17/18				BBB-					2,889,592
	45,920			Total Pharmaceuticals																	40,633,545
				Professional Services – 0.0% (0.0% of Total Investments)
	595			Vertrue Inc., First Lien Term Loan, (6)					9.250	%		8/16/14				D					235,105
				Real Estate Investment Trust – 2.0% (1.4% of Total Investments)
	5,400			Istar Financial Inc., Term Loan A2					5.000	%		6/28/13				BB-					5,404,589
	1,936			Istar Financial Inc., Term Loan A2					5.250	%		3/19/16				BB-					1,943,664
	2,396			Walter Investment Management Corporation, Second Lien, Term Loan					12.500	%		12/30/16				B-					2,423,958
	1,593			Walter Investment Management, First Lien, Term Loan					7.750	%		6/30/16				B+					1,645,583
	11,325			Total Real Estate Investment Trust																	11,417,794
				Real Estate Management & Development – 3.5% (2.4% of Total Investments)
	12,717			Capital Automotive LP, Term Loan B					5.250	%		3/11/17				Ba3					12,732,414
	3,273			LNR Property Corporation, Term Loan B					4.750	%		4/29/16				BB+					3,284,868
	4,131			Realogy Corporation, Delayed Term Loan					4.499	%		10/10/16				B1					3,920,403
	20,121			Total Real Estate Management & Development																	19,937,685
				Road & Rail – 1.3% (0.9% of Total Investments)
	7,310			Swift Transportation Company, Inc., Term Loan B2					5.000	%		12/21/17				BB					7,369,339
				Semiconductors & Equipment – 2.0% (1.4% of Total Investments)
	3,565			Freescale Semiconductor, Inc., Term Loan					4.495	%		12/01/16				B1					3,360,351
	893			NXP BV, Term Loan					5.500	%		3/03/17				B+					895,856
	5,920			NXP BV, Term Loan					4.500	%		3/03/17				B-					5,860,850
	1,563			Spansion Inc., Term Loan					4.750	%		2/09/15				BB+					1,572,343
	11,941			Total Semiconductors & Equipment																	11,689,400

 

Nuveen Investments
30

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Software – 10.5% (7.3% of Total Investments)
$	8,000			Attachmate Corporation, First Lien, Term Loan					7.250	%		11/22/17				BB-				$	8,001,248
	6,515			Blackboard Inc., First Lien, Term Loan					7.500	%		9/23/18				B+					6,399,489
	3,601			DataTel Inc., Term Loan B					6.250	%		7/19/18				B+					3,638,543
	8,500			IPC Acquisition Corporation, Second Lien, Term Loan					5.496	%		6/01/15				CCC					7,177,086
	4,207			IPC Systems, Inc., Term Loan, First Lien					5.496	%		7/31/17				B1					4,080,776
	15,461			Lawson Software Inc., Term Loan B					6.250	%		4/05/18				Ba3					15,627,938
	6,500			Misys PLC, Term Loan, First Lien					7.250	%		12/12/18				Ba3					6,424,847
	7,703			SS&C Technologies Inc., Term Loan B1					5.000	%		6/07/19				BB-					7,693,542
	797			SS&C Technologies Inc., Term Loan B2					5.000	%		6/07/19				BB-					795,381
	61,284			Total Software																	59,838,850
				Specialty Retail – 4.6% (3.2% of Total Investments)
	3,238			Amscan Holdings Inc., Term Loan B					5.750	%		7/23/19				B1					3,247,339
	475			Claires Stores, Term Loan B					3.056	%		5/29/14				B					454,589
	2,967			J Crew Operating Corporation, Term Loan					4.750	%		3/07/18				B1					2,940,084
	4,593			Jo-Ann Stores Inc., Term Loan B					4.750	%		3/16/18				B+					4,562,612
	2,612			Lord & Taylor Holdings, Term Loan					5.750	%		12/21/18				BB					2,629,832
	1,782			Michaels Stores, Inc., Term Loan					2.750	%		10/31/13				BB-					1,784,064
	2,205			PetCo Animal Supplies Inc., Term Loan B					4.500	%		11/24/17				B1					2,205,450
	2,000			Savers, Inc., Term Loan B					7.250	%		6/28/19				Ba3					2,020,000
	4,272			Toys "R" Us, Term Loan					6.000	%		9/01/16				B+					4,069,443
	2,312			Toys "R" Us, Term Loan					5.250	%		5/17/18				B+					2,167,609
	26,456			Total Specialty Retail																	26,081,022
				Wireless Telecommunication Services – 2.9% (2.0% of Total Investments)
	10,051			Asurion Corporation, Term Loan B					5.500	%		5/24/18				BB-					10,041,515
	8,819			Clear Channel Communications Inc., Term Loan B					3.896	%		1/29/16				CCC+					6,680,694
	18,870			Total Wireless Telecommunication Services																	16,722,209
$	728,741			Total Variable Rate Senior Loan Interests (cost $707,433,396)																	702,819,240
Shares				Description (1)																Value
				Common Stocks – 2.6% (1.8% of Total Investments)
				Building Products – 1.5% (1.0% of Total Investments)
	301,905			Masonite Worldwide Holdings, (7), (12)																$	8,428,191
				Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments)
	42,041			BLB Worldwide Holdings Inc., (7), (12)																	483,472
				Media – 1.0% (0.7% of Total Investments)
	203,449			Metro-Goldwyn-Mayer, (7), (12)																	6,103,470
				Total Common Stocks (cost $27,865,507)																	15,015,133
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., (6)					1.750	%		4/15/14				N/R				$	839,375
	1,000			Nortel Networks Corp., (6)					2.125	%		4/15/14				D					990,000
$	1,850			Total Convertible Bonds (cost $1,563,750)																	1,829,375

 

Nuveen Investments
31

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JFR

Nuveen Floating Rate Income Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Corporate Bonds – 10.4% (7.2% of Total Investments)
				Commercial Services & Supplies – 0.2% (0.1% of Total Investments)
$	1,000			Ceridian Corporation					11.250	%		11/15/15				CCC				$	980,000
				Communications Equipment – 0.9% (0.6% of Total Investments)
	2,750			Avaya Inc.					9.750	%		11/01/15				CCC+					2,145,000
	2,000			Nortel Networks Limited, (6)					0.000	%		7/15/13				N/R					2,055,000
	650			Nortel Networks Limited, (6)					10.750	%		7/15/16				N/R					718,250
	5,400			Total Communications Equipment																	4,918,250
				Distributors – 0.4% (0.3% of Total Investments)
	2,000			HD Supply Inc., 144A					8.125	%		4/15/19				B+					2,180,000
				Diversified Telecommunication Services – 1.0% (0.7% of Total Investments)
	1,500			Consolidated Communications Finance Company					10.875	%		6/01/20				B-					1,601,250
	750			IntelSat Bermuda Limited, 144A					11.500	%		2/04/17				CCC+					780,000
	750			IntelSat Bermuda Limited					11.500	%		2/04/17				CCC+					780,000
	2,500			IntelSat Bermuda Limited					11.250	%		2/04/17				CCC+					2,600,000
	5,500			Total Diversified Telecommunication Services																	5,761,250
				Health Care Equipment & Supplies – 0.9% (0.6% of Total Investments)
	2,450			Chiron Merger Sub Inc., 144A					10.500	%		11/01/18				B					2,590,875
	2,500			Merge Healthcare Inc.					11.750	%		5/01/15				B+					2,637,500
	4,950			Total Health Care Equipment & Supplies																	5,228,375
				Health Care Providers & Services – 1.9% (1.3% of Total Investments)
	2,000			Aurora Diagnostics Holdings LLC					10.750	%		1/15/18				B3					2,005,000
	3,750			HCA Inc., (8)					8.500	%		4/15/19				BB+					4,225,781
	1,293			Select Medical Corporation					7.625	%		2/01/15				B-					1,305,930
	2,000			Select Medical Corporation					6.494	%		9/15/15				B-					1,965,000
	500			Vanguard Health Holding LLC/Inc.					8.000	%		2/01/18				B-					522,500
	1,000			Wolverine Healthcare Analytics, 144A					10.625	%		6/01/20				CCC+					1,062,500
	10,543			Total Health Care Providers & Services																	11,086,711
				Household Products – 0.5% (0.4% of Total Investments)
	2,750			Sprectum Brands Inc.					9.500	%		6/15/18				BB-					3,141,875
				IT Services – 0.8% (0.5% of Total Investments)
	3,000			First Data Corporation, 144A					7.375	%		6/15/19				BB-					3,131,250
	1,228			First Data Corporation					10.550	%		9/24/15				B-					1,258,995
	4,228			Total IT Services																	4,390,245
				Machinery – 0.2% (0.1% of Total Investments)
	1,025			NES Rental Holdings Inc., 144A					12.250	%		4/15/15				CCC+					1,012,188
				Media – 1.4% (1.0% of Total Investments)
	5,500			Clear Channel Communications, Inc.					5.500	%		9/15/14				CCC-					4,551,250
	2,250			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-					1,305,000
	3,700			Clear Channel Communications, Inc.					6.875	%		6/15/18				CCC-					1,683,500
	400			WMG Acquisition Group					11.500	%		10/01/18				B-					443,000
	11,850			Total Media																	7,982,750
				Paper & Forest Products – 0.3% (0.2% of Total Investments)
	2,000			Verso Paper Holdings LLC, 144A					11.750	%		1/15/19				BB-					1,590,000

 

Nuveen Investments
32

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Pharmaceuticals – 0.5% (0.4% of Total Investments)
$	1,023			Angiotech Pharmaceuticals Inc.					5.000	%		12/01/13				N/R				$	1,015,328
	1,000			Valeant Pharmaceuticals International, 144A					7.000	%		10/01/20				BB-					1,032,500
	1,000			Valeant Pharmaceuticals International, 144A					7.250	%		7/15/22				BB-					1,032,500
	3,023			Total Pharmaceuticals																	3,080,328
				Road & Rail – 0.7% (0.5% of Total Investments)
	2,000			Avis Budget Car Rental					3.003	%		5/15/14				B+					1,977,500
	2,000			Swift Services Holdings Inc.					10.000	%		11/15/18				B+					2,175,000
	4,000			Total Road & Rail																	4,152,500
				Software – 0.7% (0.5% of Total Investments)
	1,700			Lawson Software Inc., 144A					11.500	%		7/15/18				B-					1,925,250
	1,875			Lawson Software Inc., 144A					9.375	%		4/01/19				B-					2,006,250
	3,575			Total Software																	3,931,500
$	61,844			Total Corporate Bonds (cost $57,451,859)																	59,435,972
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Asset-Backed Securities – 3.4% (2.4% of Total Investments)
$	2,500			BlueMountain Collateralized Loan Obligations Limited 2012-1A, 144A					6.314	%		7/20/23				BB				$	2,061,615
	1,500			Flatiron Collateralized Loan Obligation Limited, Series 2011-1A					5.236	%		1/15/23				BB					1,276,887
	1,500			Fraser Sullivan Collateralized Loan Obligations Limited, Series 2011-6A, 144A					5.988	%		11/22/22				BB					1,268,454
	3,000			LCM Limited Partnership, Collateralized Loan Obligations, 144A					6.427	%		4/15/22				BB					2,545,533
	1,800			LCM Limited Partnership, Collateralized Loan Obligations, 144A					5.277	%		4/15/22				BBB					1,648,607
	1,500			LCM Limited Partnership, Collateralized Loan Obligations					5.600	%		4/19/22				BB					1,235,937
	1,500			Madoson Park Funding Limited, Collateralized Loan Obligations, Series 2012-8A, 144A					5.350	%		4/22/22				BB					1,252,344
	1,000			Madoson Park Funding Limited, Collateralized Loan Obligations, Series 2012-8A, 144A					3.993	%		4/22/22				BBB					876,836
	3,000			Oak Hill Credit Partners IV Limited, Collatrealized Loan Obligation Series 2012-6A					5.966	%		5/15/23				BB					2,495,784
	2,500			Race Point Collateralized Loan Obligations, Series 2011-5A, 144A					6.935	%		12/15/22				BB					2,196,553
	3,000			Race Point Collateralized Loan Obligations, Series 2012-6A, 144A					5.966	%		5/24/23				BB					2,451,468
$	22,800			Total Asset-Backed Securities (cost $19,281,075)																	19,310,018
Shares				Description (1)																Value
				Investment Companies – 2.2% (1.5% of Total Investments)
	353,668			Eaton Vance Floating-Rate Income Trust Fund																$	5,609,174
	963,820			Eaton Vance Senior Income Trust																	6,958,780
				Total Investment Companies (cost $11,947,775)																	12,567,954
Principal Amount (000)				Description (1)				Coupon				Maturity								Value
				Short-Term Investments – 2.5% (1.7% of Total Investments)
$	14,170			Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/12, repurchase price $14,170,025, collateralized by: $12,850,000 U.S. Treasury Notes, 0.250%, due 3/31/14, value $12,866,063 and $1,430,000 U.S. Treasury Notes, 2.625%, due 4/30/18, value $1,591,210					0.010	%		8/01/12								$	14,170,021
				Total Short-Term Investments (cost $14,170,021)																	14,170,021
				Total Investments (cost $839,713,383) – 144.2%																	825,147,713
				Borrowings – (43.6)% (9), (10)																	(249,200,000	)
				Other Assets Less Liabilities – (0.6)% (11)																	(3,829,821	)
				Net Assets Applicable to Common Shares – 100%																$	572,117,892

 

Nuveen Investments
33

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JFR

Nuveen Floating Rate Income Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Investments in Derivatives at July 31, 2012

Interest Rate Swaps outstanding:

Counterparty				Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate*				Fixed Rate Payment Frequency				Termination Date				Unrealized Appreciation (Depreciation)
Goldman Sachs				$	49,435,000			Receive				1-Month USD-LIBOR					1.300	%		Monthly				4/20/14				$	(901,880	)
Morgan Stanley					49,435,000			Receive				1-Month USD-LIBOR					2.201			Monthly				4/20/16					(3,198,158	)
																												$	(4,100,038	)

 

*  Annualized.

    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 (not covered by the report of independent registered public accounting firm): 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)  Investment, or portion of investment, represents an unfunded Senior Loan commitment outstanding at July 31, 2012.

  (6)  At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, 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.

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

  (8)  Investment, or portion of investment, has been pledged as collateral for investments in derivatives.

  (9)  Borrowings as a percentage of total investments is 30.2%.

  (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 net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at July 31, 2012.

  (12)  For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  N/R  Not rated.

  N/A  Not applicable.

  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 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.

  USD-LIBOR  United States Dollar—London Inter-Bank Offered Rate

    See accompanying notes to financial statements.

Nuveen Investments
34

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JRO

Nuveen Floating Rate Income Opportunity Fund

Portfolio of INVESTMENTS

  July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Variable Rate Senior Loan Interests – 121.6% (84.0% of Total Investments) (4)
				Aerospace & Defense – 0.2% (0.2% of Total Investments)
$	407			DAE Aviation Holdings, Inc., Term Loan B-1					5.450	%		7/31/14				B				$	407,018
	390			DAE Aviation Holdings, Inc., Term Loan B-2					5.450	%		7/31/14				B					389,566
	797			Total Aerospace & Defense																	796,584
				Airlines – 1.6% (1.1% of Total Investments)
	825			Delta Air Lines, Inc. Revolving Loan, Delayed Draw, (5)					0.750	%		3/28/13				Ba2					813,456
	5,091			UAL Corporation, Term Loan B					2.250	%		2/01/14				BB-					5,001,582
	5,916			Total Airlines																	5,815,038
				Auto Components – 3.2% (2.2% of Total Investments)
	4,209			Federal-Mogul Corporation, Revolver					2.187	%		12/28/15				Ba3					4,012,533
	8,248			Federal-Mogul Corporation, Term Loan B					2.179	%		12/29/14				Ba3					7,863,021
	12,457			Total Auto Components																	11,875,554
				Biotechnology – 3.6% (2.5% of Total Investments)
	2,073			Alkermes, Inc., Term Loan B					6.750	%		9/16/17				BB					2,101,419
	1,000			Alkermes, Inc., Term Loan, Second Lien					9.500	%		9/16/18				B					1,028,750
	4,950			Carestream Health Inc, Term Loan B					5.000	%		2/25/17				BB-					4,798,092
	2,000			Explorer Holdings, Inc., Term Loan, First Lien					8.000	%		6/29/18				B+					1,945,000
	3,559			Grifols SA, Term Loan					4.500	%		6/01/17				BB					3,561,787
	13,582			Total Biotechnology																	13,435,048
				Building Products – 1.0% (0.7% of Total Investments)
	1,816			Goodman Global Holdings, Term Loan B					5.750	%		10/28/16				B+					1,821,698
	1,909			Goodman Global Inc., Second Lien, Term Loan					9.000	%		10/28/17				B-					1,942,500
	3,725			Total Building Products																	3,764,198
				Capital Markets – 1.0% (0.7% of Total Investments)
	663			BNY ConvergEX Group LLC, Term Loan B					5.250	%		12/19/16				B+					626,374
	291			BNY ConvergEX Group LLC, Term Loan B					5.250	%		12/19/16				B+					275,132
	2,896			Citco Group, Term Loan					5.500	%		6/29/18				N/A					2,870,450
	3,850			Total Capital Markets																	3,771,956
				Chemicals – 0.9% (0.6% of Total Investments)
	105			Hexion Specialty Chemicals, Inc., Term Loan C4					4.250	%		5/05/15				Ba3					102,902
	246			Hexion Specialty Chemicals, Term Loan C1					4.000	%		5/05/15				Ba3					240,272
	2,095			Ineos US Finance LLC, Term Loan B					6.500	%		5/04/18				B+					2,056,969
	1,065			Styron Corporation, Term Loan B					6.000	%		8/02/17				B+					994,116
	3,511			Total Chemicals																	3,394,259
				Commercial Banks – 0.3% (0.2% of Total Investments)
	990			SourceCorp, First Lien, Term Loan					6.625	%		4/28/17				BB-					957,000
				Commercial Services & Supplies – 1.9% (1.3% of Total Investments)
	4,136			Brickman Group Holdings Inc., Term Loan B					5.500	%		10/14/16				B+					4,151,154
	1,821			Ceridian Corporation, US Term Loan					3.249	%		11/09/14				B1					1,798,195
	998			Houghton Mifflin Company, DIP Term Loan B					7.250	%		11/22/13				N/R					998,747
	6,955			Total Commercial Services & Supplies																	6,948,096

 

Nuveen Investments
35

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JRO

Nuveen Floating Rate Income Opportunity Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Communications Equipment – 2.4% (1.7% of Total Investments)
$	7,312			Avaya Inc., Term Loan B1					3.217	%		10/27/14				B1				$	6,794,244
	1,247			Genesys Telecommunications Laboratories Inc., Term Loan B					6.750	%		1/31/19				BB-					1,256,227
	934			Presidio, Inc., Term Loan					7.250	%		3/31/17				Ba3					942,507
	9,493			Total Communications Equipment																	8,992,978
				Construction Materials – 0.3% (0.2% of Total Investments)
	998			Summit Materials LLC, Term Loan B					6.000	%		1/23/19				BB-					1,003,734
				Consumer Finance – 2.2% (1.5% of Total Investments)
	2,000			Residential Capital LLC, DIP Term Loan A1					5.000	%		11/18/13				BB					2,020,000
	1,000			Residential Capital LLC, DIP Term Loan A2, WI/DD					TBD			TBD				BB					1,015,000
	3,493			Royalty Pharma Finance Trust, Term Loan					4.000	%		11/09/18				Baa2					3,494,165
	1,750			Springleaf Finance Corporation, Term Loan					5.500	%		5/10/17				B3					1,671,980
	8,243			Total Consumer Finance																	8,201,145
				Containers & Packaging – 2.8% (1.9% of Total Investments)
	8,216			Reynolds Group Escrow, Term Loan					6.500	%		8/09/18				BB-					8,321,040
	992			Reynolds Group, Term Loan D					6.500	%		2/09/18				BB					1,003,449
	1,004			Sealed Air Corporation, Term Loan B					4.750	%		10/03/18				Ba1					1,018,347
	10,212			Total Containers & Packaging																	10,342,836
				Distributors – 1.8% (1.2% of Total Investments)
	6,500			HD Supply Inc., Term Loan B					7.250	%		10/12/17				B+					6,654,375
				Diversified Consumer Services – 1.0% (0.7% of Total Investments)
	3,871			Laureate Education, Inc., Delayed Term Loan					5.250	%		6/15/18				B1					3,725,832
				Diversified Financial Services – 0.8% (0.5% of Total Investments)
	1,383			FoxCo Acquisition LLC, Term Loan B					4.750	%		7/14/15				BB					1,384,245
	1,500			Pinnacle Holdco S.A.R.L., Term Loan, First Lien, WI/DD					TBD			TBD				B+					1,487,501
	2,883			Total Diversified Financial Services																	2,871,746
				Diversified Telecommunication Services – 3.6% (2.5% of Total Investments)
	3,000			CCO Holdings LLC, Third Lien, Term Loan					2.746	%		3/06/14				BB+					2,993,250
	2,000			Intelsat, Term Loan					2.746	%		2/01/14				B					1,973,500
	3,533			Level 3 Financing, Inc., Term Loan					2.647	%		3/13/14				Ba3					3,526,157
	4,800			Zayo Group, LLC Term Loan, DD1					7.125	%		7/02/19				B1					4,872,000
	13,333			Total Diversified Telecommunication Services																	13,364,907
				Electric Utilities – 0.4% (0.3% of Total Investments)
	2,022			TXU Corporation, Term Loan B-2					3.746	%		10/10/14				B2					1,343,418
				Electrical Equipment – 0.7% (0.5% of Total Investments)
	2,500			Sensus Metering Systems Inc., Second Lien, Term Loan					8.500	%		5/09/18				B-					2,504,688
				Electronic Equipment & Instruments – 0.8% (0.5% of Total Investments)
	3,474			Smart Modular Technologies, Term Loan B					8.250	%		8/26/17				B+					2,813,738
				Food & Staples Retailing – 0.5% (0.3% of Total Investments)
	1,800			Wendy's/Arby's Restaraunts LLC, Term Loan B					4.750	%		5/15/19				Ba2					1,803,562
				Food Products – 4.2% (2.9% of Total Investments)
	1,750			Ferrara Candy Company, Term Loan B					7.500	%		6/18/18				B					1,755,469
	2,948			Pierre Foods Inc., Term Loan					7.000	%		9/30/16				B+					2,964,539
	11,501			US Foodservice, Term Loan B					5.750	%		3/31/17				B-					11,015,449
	16,199			Total Food Products																	15,735,457

 

Nuveen Investments
36

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Gas Utilities – 0.7% (0.5% of Total Investments)
$	2,567			EquiPower Resources Holdings LLC, Term Loan, First Lien					6.500	%		12/19/18				BB+				$	2,570,966
				Health Care Equipment & Supplies – 2.8% (1.9% of Total Investments)
	225			Fenwal Inc., Delayed Draw, Term Loan					2.717	%		2/28/14				B+					224,041
	714			Fenwal Inc., Term Loan					2.717	%		2/28/14				B+					710,895
	2,188			Hologic Incorporated Senior Loan, WI/DD					TBD			TBD				BBB-					2,203,451
	6,965			Kinetic Concepts, Inc., Term Loan B					7.000	%		5/04/18				Ba2					7,076,440
	10,092			Total Health Care Equipment & Supplies																	10,214,827
				Health Care Providers & Services – 12.1% (8.3% of Total Investments)
	4,786			Emdeon Business Services Loan					5.000	%		11/02/18				BB-					4,804,950
	2,993			Gentiva, Term Loan B					6.500	%		8/17/16				B1					2,790,862
	7,770			Golden Gate National Senior Care LLC, Term Loan					5.000	%		5/04/18				B+					7,502,544
	256			HCA, Term Loan B					3.711	%		3/31/17				BB					252,412
	1,393			Health Management Associates, Inc., Term Loan					4.500	%		11/16/18				BB-					1,395,368
	2,723			Kindred Healthcare Inc., Term Loan					5.250	%		6/01/18				Ba3					2,624,945
	1,400			LHP Operations Company LLC, Term Loan B					9.000	%		6/29/18				B					1,407,000
	535			LifeCare Holdings Inc, Term Loan B					8.206	%		2/01/16				N/R					471,049
	97			LifeCare Holdings, New Term Loan					8.206	%		2/01/16				N/R					84,970
	1,669			MultiPlan, Inc., Term Loan					4.750	%		8/26/17				Ba3					1,665,811
	3,703			National Mentor Inc., Term Loan B					7.000	%		2/09/17				B+					3,666,094
	4,208			Select Medical Holdings Corporation, Term Loan B					5.500	%		6/01/18				BB					4,143,075
	4,000			Sheridan Holdings, Inc., Term Loan, First Lien					6.000	%		7/01/18				B+					4,001,252
	1,500			Sheridan Holdings, Inc., Term Loan, Second Lien					9.000	%		7/01/19				B-					1,513,125
	1,316			Skilled Healthcare Group, Term Loan B					6.750	%		4/09/16				B1					1,312,681
	1,098			Sun Healthcare Group, Inc., Term Loan					8.750	%		10/18/16				Ba1					1,094,347
	4,100			Truven Health Analytics, Term Loan					6.750	%		6/06/19				Ba3					4,117,938
	1,750			U.S. Renal Care, Inc., Term Loan, Second Lien					10.250	%		12/02/19				CCC+					1,767,500
	6			Vanguard Health Systems Inc., Term Loan B					5.000	%		1/29/16				Ba2					5,902
	45,303			Total Health Care Providers & Services																	44,621,825
				Health Care Technology – 0.1% (0.1% of Total Investments)
	350			Fenwal Inc., Second Lien, Term Loan					5.717	%		8/28/14				B					349,252
				Hotels, Restaurants & Leisure – 3.8% (2.7% of Total Investments)
	2,940			24 Hour Fitness Worldwide Inc., Term Loan B					7.500	%		4/22/16				Ba3					2,959,295
	3,276			Caesars Entertainment Corporation, Term Loan B6					5.496	%		1/28/18				B					2,894,760
	243			Caesars Octavius, Term Loan B					9.250	%		4/25/17				B					237,660
	1,456			CCM Merger Inc.					6.000	%		3/01/17				B+					1,449,206
	2,993			Landry's Restaurants Inc., Term Loan B					6.500	%		4/24/18				B+					3,006,203
	2,368			Orbitz Worldwide, Inc., Term Loan					3.246	%		7/25/14				B+					2,279,656
	1,495			Shingle Springs Tribal Gaming Authority, Term Loan					10.500	%		12/17/13				N/R					1,413,162
	14,771			Total Hotels, Restaurants & Leisure																	14,239,942
				Household Products – 1.1% (0.8% of Total Investments)
	3,986			Spectrum Brands, Term Loan					5.000	%		6/17/16				B1					4,007,056
				Independent Power Producers & Energy Traders – 0.4% (0.3% of Total Investments)
	1,500			EquiPower Resources Holdings LLC, Term Loan, Second Lien					10.000	%		6/19/19				BB					1,514,062
				Industrial Conglomerates – 0.6% (0.4% of Total Investments)
	420			Evertec Inc., Term Loan B					5.250	%		9/30/16				BB-					419,234
	1,970			US Foodservice, Term Loan B					5.750	%		3/31/17				B-					1,892,070
	2,390			Total Industrial Conglomerates																	2,311,304
				Internet Software & Services – 5.0% (3.5% of Total Investments)
	6,749			Go Daddy Group Inc, First Lien, Term Loan					5.500	%		12/17/18				Ba3					6,681,515
	747			Open Solutions Inc., Term Loan					2.575	%		1/23/14				B+					714,324
	2,392			Sabre, Inc., Term Loan					5.996	%		9/30/17				B1					2,342,035
	2,000			San Juan Cable LLC, Second Lien, Term Loan					10.000	%		6/09/18				CCC+					1,990,000

 

Nuveen Investments
37

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JRO

Nuveen Floating Rate Income Opportunity Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Internet Software & Services (continued)
$	2,933			SkillSoft PLC, Term Loan					6.500	%		5/26/17				BB-				$	2,960,063
	3,873			WebCom Group Inc., First Lien					7.000	%		10/27/17				Ba3					3,851,546
	18,694			Total Internet Software & Services																	18,539,483
				IT Services – 4.2% (2.9% of Total Investments)
	6,593			First Data Corporation, Term Loan B-1					5.247	%		3/24/17				B+					6,397,296
	4,178			Frac Tech INternational LLC, Term Loan B, DD1					6.250	%		5/06/16				B+					3,624,577
	1,431			Sabre, Inc., Term Loan					5.996	%		12/29/17				B1					1,400,894
	1,216			SRA International Inc., Term Loan B					6.500	%		7/20/18				B1					1,167,509
	1,672			Virtu Financial LLC, First Lien, Term Loan					7.500	%		7/08/16				Ba1					1,687,088
	1,385			Webcom Inc., Term Loan, Second Lien					11.000	%		10/27/18				B3					1,426,119
	16,475			Total IT Services																	15,703,483
				Leisure Equipment & Products – 1.9% (1.3% of Total Investments)
	4,461			Academy Limited, Term Loan					6.000	%		8/03/18				B					4,491,603
	953			Eastman Kodak, DIP Term Loan					8.500	%		7/20/13				B1					952,833
	1,685			Wembley PLC, Term Loan B					8.500	%		11/05/15				BB					1,695,891
	7,099			Total Leisure Equipment & Products																	7,140,327
				Machinery – 0.5% (0.3% of Total Investments)
	1,791			Rexnord Corporation, Replacement Term Loan					5.000	%		4/01/18				BB					1,805,283
				Media – 11.6% (8.0% of Total Investments)
	1,700			Atlantic Broadband Finance LLC, Second Lien, Term Loan					9.750	%		10/04/19				B-					1,785,000
	2,010			Atlantic Broadband Finance LLC, Term Loan B					5.250	%		4/04/19				Ba3					2,022,562
	3,894			Cengage Learning Inc., Term Loan B					5.750	%		7/04/17				B+					3,370,242
	2,993			Cequel Communications LLC., Term Loan B					4.000	%		2/14/19				Ba2					2,966,549
	2,537			Cumulus Media, Inc., Term Loan B					5.750	%		9/17/18				Ba2					2,553,663
	3,000			Cumulus Media, Inc., Term Loan B					7.500	%		3/18/19				B2					3,030,000
	1,162			Gray Television, Inc., Term Loan B					3.750	%		12/31/14				B+					1,154,093
	1,436			Idearc, Inc., Term Loan					11.000	%		12/31/15				Caa3					842,542
	3,464			Radio One Inc., First Lien, Term Loan B					7.500	%		2/14/17				B+					3,429,501
	2,513			Tribune Company, Term Loan B, (6)					0.000	%		6/04/14				Ca					1,839,429
	10,758			Univision Communications, Inc., Term Loan					4.496	%		3/31/17				B+					10,336,433
	2,143			UPC Financing Partnership, Term Loan AB					4.750	%		12/31/17				Ba3					2,148,214
	6,600			WideOpenWest Finance LLC, Term Loan B, DD1					6.250	%		7/12/18				B1					6,567,000
	3,050			Yell Group PLC, Term Loan					3.996	%		7/31/14				N/R					849,515
	47,260			Total Media																	42,894,743
				Multiline Retail – 0.6% (0.4% of Total Investments)
	1,131			99 Cents Only Stores, Term Loan B1					5.250	%		1/11/19				B+					1,135,755
	933			Bass Pro Group, Term Loan B					5.250	%		6/13/17				BB-					940,459
	2,064			Total Multiline Retail																	2,076,214
				Oil, Gas & Consumable Fuels – 5.1% (3.6% of Total Investments)
	5,250			Alon USA Energy Inc., First Lien, Term Loan					2.496	%		8/05/13				B+					5,145,202
	656			Alon USA Energy Inc., First Lien, Term Loan					2.496	%		8/05/13				B+					643,168
	2,879			CCS Corporation, Term Loan B					3.246	%		11/14/14				B					2,827,208
	995			CCS Corproation, Delayed Draw, Term Loan					3.246	%		11/14/14				B					976,853
	1,500			Crestwood Holdings LLC, Term Loan B					9.750	%		3/26/18				CCC+					1,520,000
	4,100			Energy Transfer Equity LP, Term Loan B					3.750	%		3/23/17				BB					4,048,750
	1,650			EP Energy LLC, Term Loan B					6.500	%		5/24/18				BB-					1,674,235
	2,200			Gibson Energy Inc., First Lien, Term Loan					4.750	%		5/18/18				BB-					2,213,792
	19,230			Total Oil, Gas & Consumable Fuels																	19,049,208
				Paper & Forest Products – 2.2% (1.5% of Total Investments)
	3,642			Newark Group, DIP Term Loan					12.500	%		3/31/14				Caa1					3,459,818
	4,979			Wilton Products, Term Loan					3.500	%		8/01/14				N/R					4,680,275
	8,621			Total Paper & Forest Products																	8,140,093

 

Nuveen Investments
38

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Personal Products – 0.4% (0.3% of Total Investments)
$	1,428			Prestige Brands, Inc., Term Loan					5.267	%		1/27/19				BB-				$	1,441,270
				Pharmaceuticals – 7.2% (4.9% of Total Investments)
	1,000			Bausch & Lomb, Delayed Term Loan, (5)					2.594	%		11/10/15				B+					1,002,500
	6,000			Bausch & Lomb, Term Loan					5.250	%		5/17/19				B+					6,012,750
	2,168			Convatec Healthcare, Term Loan B					5.750	%		12/30/16				Ba3					2,170,361
	180			Graceway Pharmaceuticals, Term Loan, Second Lien, (6)					0.000	%		5/03/12				N/R					198,291
	3,125			Graceway Pharmaceuticals, Term Loan, Second Lien, (6)					0.000	%		5/03/13				N/R					93,750
	3,980			Pharmaceutical Product Development Inc., Term Loan					6.250	%		12/05/18				BB-					4,033,897
	3,960			Quintiles Transnational Corporation, Term Loan B					5.000	%		6/08/18				BB-					3,968,637
	3,150			Valeant Pharmaceuticals International, Term Loan B					4.750	%		2/13/19				BBB-					3,163,388
	2,662			Warner Chilcott PLC, Term Loan B1					4.250	%		3/17/18				BBB-					2,665,791
	1,331			Warner Chilcott PLC, Term Loan B2					4.250	%		3/17/18				BBB-					1,332,895
	1,830			Warner Chilcott PLC, Term Loan B3					4.250	%		3/17/18				BBB-					1,832,731
	29,386			Total Pharmaceuticals																	26,474,991
				Real Estate Investment Trust – 1.8% (1.2% of Total Investments)
	3,323			Istar Financial Inc., Term Loan A2					5.000	%		6/28/13				BB-					3,325,901
	1,997			Walter Investment Management Corporation, Second Lien, Term Loan					12.500	%		12/30/16				B-					2,019,965
	1,143			Walter Investment Management, First Lien, Term Loan					7.750	%		6/30/16				B+					1,180,583
	6,463			Total Real Estate Investment Trust																	6,526,449
				Real Estate Management & Development – 3.4% (2.4% of Total Investments)
	8,175			Capital Automotive LP, Term Loan B					5.250	%		3/11/17				Ba3					8,185,124
	1,304			LNR Property Corporation, Term Loan B					4.750	%		4/29/16				BB+					1,308,736
	3,457			Realogy Corporation, Delayed Term Loan					4.499	%		10/10/16				B1					3,280,505
	12,936			Total Real Estate Management & Development																	12,774,365
				Road & Rail – 1.4% (1.0% of Total Investments)
	5,279			Swift Transportation Company, Inc., Term Loan B2					5.000	%		12/21/17				BB					5,322,103
				Semiconductors & Equipment – 1.1% (0.7% of Total Investments)
	2,958			NXP BV, Term Loan					4.500	%		3/03/17				B-					2,927,975
	1,042			Spansion Inc., Term Loan					4.750	%		2/09/15				BB+					1,048,228
	4,000			Total Semiconductors & Equipment																	3,976,203
				Software – 11.6% (8.0% of Total Investments)
	6,000			Attachmate Corporation, First Lien, Term Loan					7.250	%		11/22/17				BB-					6,000,936
	5,022			Blackboard Inc., First Lien, Term Loan					7.500	%		9/23/18				B+					4,933,425
	2,701			DataTel Inc., Term Loan B					6.250	%		7/19/18				B+					2,728,887
	4,000			IPC Acquisition Corporation, Second Lien, Term Loan					5.496	%		6/01/15				CCC					3,377,452
	3,380			IPC Systems, Inc., Term Loan, First Lien					5.496	%		7/31/17				B1					3,278,174
	11,097			Lawson Software Inc., Term Loan B					6.250	%		4/05/18				Ba3					11,216,826
	5,000			Misys PLC, Term Loan, First Lien					7.250	%		12/12/18				B1					4,942,190
	5,891			SS&C Technologies Inc., Term Loan B1					5.000	%		6/07/19				BB-					5,883,297
	609			SS&C Technologies Inc., Term Loan B2					5.000	%		6/07/19				BB-					608,232
	43,700			Total Software																	42,969,419
				Specialty Retail – 3.3% (2.3% of Total Investments)
	2,313			Amscan Holdings Inc., Term Loan B					5.750	%		7/23/19				B1					2,319,528
	475			Claires Stores, Term Loan B					3.056	%		5/29/14				B					454,589
	2,820			Jo-Ann Stores Inc., Term Loan B					4.750	%		3/16/18				B+					2,801,604
	1,493			Lord & Taylor Holdings, Term Loan					5.750	%		12/21/18				BB					1,502,761
	2,000			Savers, Inc., Term Loan B					7.250	%		6/28/19				Ba3					2,020,000
	1,715			Toys "R" Us, Term Loan					6.000	%		9/01/16				B+					1,633,262
	1,440			Toys "R" Us, Term Loan					5.250	%		5/17/18				B+					1,350,641
	12,256			Total Specialty Retail																	12,082,385

 

Nuveen Investments
39

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JRO

Nuveen Floating Rate Income Opportunity Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Textiles, Apparel & Luxury Goods – 0.5% (0.4% of Total Investments)
$	2,000			Wolverine World Wide Inc., Term Loan B, WI/DD					TBD			TBD				BB				$	2,011,250
				Wireless Telecommunication Services – 3.0% (2.1% of Total Investments)
	4,569			Asurion Corporation, Term Loan B					5.500	%		5/24/18				BB-					4,564,323
	8,675			Clear Channel Communications Inc., Term Loan B					3.896	%		1/29/16				CCC+					6,571,498
	13,244			Total Wireless Telecommunication Services																	11,135,821
$	466,196			Total Variable Rate Senior Loan Interests (cost $451,691,753)																	450,008,473
Shares				Description (1)																Value
				Common Stocks – 2.5% (1.7% of Total Investments)
				Building Products – 0.9% (0.6% of Total Investments)
	124,402			Masonite Worldwide Holdings, (7), (12)																$	3,472,893
				Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments)
	42,041			BLB Worldwide Holdings Inc., (7), (12)																	483,472
				Media – 1.5% (1.0% of Total Investments)
	182,499			Metro-Goldwyn-Mayer, (7), (12)																	5,474,970
				Total Common Stocks (cost $16,996,423)																	9,431,335
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Convertible Bonds – 0.4% (0.3% of Total Investments)
				Communications Equipment – 0.4% (0.3% of Total Investments)
$	550			Nortel Networks Corp., (6)					1.750	%		4/15/14				N/R				$	543,125
	1,000			Nortel Networks Corp., (6)					2.125	%		4/15/14				D					990,000
$	1,550			Total Convertible Bonds (cost $1,307,500)																	1,533,125
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Corporate Bonds – 13.4% (9.3% of Total Investments)
				Commercial Services & Supplies – 0.1% (0.1% of Total Investments)
$	500			Ceridian Corporation					11.250	%		11/15/15				CCC				$	490,000
				Communications Equipment – 1.0% (0.7% of Total Investments)
	1,000			Avaya Inc.					10.125	%		11/01/15				CCC+					787,500
	1,750			Avaya Inc.					9.750	%		11/01/15				CCC+					1,365,000
	1,000			Nortel Networks Limited, (6)					0.000	%		7/15/13				N/R					1,027,500
	450			Nortel Networks Limited, (6)					10.750	%		7/15/16				N/R					497,250
	4,200			Total Communications Equipment																	3,677,250
				Distributors – 0.3% (0.2% of Total Investments)
	1,000			HD Supply Inc., 144A					8.125	%		4/15/19				B+					1,090,000
				Diversified Telecommunication Services – 0.9% (0.6% of Total Investments)
	750			IntelSat Bermuda Limited, 144A					11.500	%		2/04/17				CCC+					780,000
	750			IntelSat Bermuda Limited					11.500	%		2/04/17				CCC+					780,000
	1,500			IntelSat Bermuda Limited					11.250	%		2/04/17				CCC+					1,560,000
	3,000			Total Diversified Telecommunication Services																	3,120,000
				Health Care Equipment & Supplies – 1.4% (1.0% of Total Investments)
	2,450			Chiron Merger Sub Inc., 144A					10.500	%		11/01/18				B					2,590,875
	2,500			Merge Healthcare Inc.					11.750	%		5/01/15				B+					2,637,500
	4,950			Total Health Care Equipment & Supplies																	5,228,375

 

Nuveen Investments
40

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Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Health Care Providers & Services – 2.7% (1.9% of Total Investments)
$	2,000			Aurora Diagnostics Holdings LLC					10.750	%		1/15/18				B3				$	2,005,000
	2,750			HCA Inc., (8)					8.500	%		4/15/19				BB+					3,098,906
	1,000			LifeCare Holdings Inc.					9.250	%		8/15/13				C					535,000
	396			Select Medical Corporation					7.625	%		2/01/15				B-					399,960
	3,000			Select Medical Corporation					6.494	%		9/15/15				B-					2,947,500
	1,000			Wolverine Healthcare Analytics, 144A					10.625	%		6/01/20				CCC+					1,062,500
	10,146			Total Health Care Providers & Services																	10,048,866
				Household Products – 0.9% (0.6% of Total Investments)
	2,750			Spectrum Brands Inc.					9.500	%		6/15/18				BB-					3,141,875
				IT Services – 0.9% (0.6% of Total Investments)
	2,000			First Data Corporation, 144A					7.375	%		6/15/19				BB-					2,087,500
	1,228			First Data Corporation					10.550	%		9/24/15				B-					1,258,995
	3,228			Total IT Services																	3,346,495
				Machinery – 0.5% (0.4% of Total Investments)
	2,000			NES Rental Holdings Inc., 144A					12.250	%		4/15/15				CCC+					1,975,000
				Media – 2.4% (1.6% of Total Investments)
	5,500			Clear Channel Communications, Inc.					5.500	%		9/15/14				CCC-					4,551,250
	3,750			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-					2,175,000
	3,600			Clear Channel Communications, Inc.					6.875	%		6/15/18				CCC-					1,638,000
	400			WMG Acquisition Group					11.500	%		10/01/18				B-					443,000
	13,250			Total Media																	8,807,250
				Multiline Retail – 0.2% (0.1% of Total Investments)
	500			Number Merger Sub Inc., 144A					11.000	%		12/15/19				Caa1					546,875
				Pharmaceuticals – 0.8% (0.6% of Total Investments)
	2,000			Valeant Pharmaceuticals International, 144A					7.000	%		10/01/20				BB-					2,065,000
	1,000			Valeant Pharmaceuticals International, 144A					7.250	%		7/15/22				BB-					1,032,500
	3,000			Total Pharmaceuticals																	3,097,500
				Road & Rail – 0.5% (0.4% of Total Investments)
	2,000			Avis Budget Car Rental					3.003	%		5/15/14				B+					1,977,500
				Software – 0.8% (0.5% of Total Investments)
	850			Lawson Software Inc., 144A					11.500	%		7/15/18				B-					962,625
	1,875			Lawson Software Inc., 144A					9.375	%		4/01/19				B-					2,006,250
	2,725			Total Software																	2,968,875
$	53,249			Total Corporate Bonds (cost $48,197,567)																	49,515,861
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Asset-Backed Securities – 4.5% (3.0% of Total Investments)
$	2,500			BlueMountain Collateralized Loan Obligations Limited 2012-1A, 144A					6.314	%		7/20/23				BB				$	2,061,615
	1,500			Flatiron Collateralized Loan Obligation Limited, Series 2011-1A					5.236	%		1/15/23				BB					1,276,887
	1,500			Fraser Sullivan Collateralized Loan Obligations Limited, Series 2011-6A, 144A					5.988	%		11/22/22				BB					1,268,454
	2,000			LCM Limited Partnership, Collateralized Loan Obligations, 144A					6.427	%		4/15/22				BB					1,697,022
	1,200			LCM Limited Partnership, Collateralized Loan Obligations, 144A					5.277	%		4/15/22				BBB					1,099,072
	1,500			LCM Limited Partnership, Collateralized Loan Obligations					5.600	%		4/19/22				BB					1,235,937
	1,500			Madoson Park Funding Limited, Collateralized Loan Obligations, Series 2012-8A, 144A					5.350	%		4/22/22				BB					1,252,344
	1,000			Madoson Park Funding Limited, Collateralized Loan Obligations, Series 2012-8A, 144A					3.993	%		4/22/22				BBB					876,836
	2,000			Oak Hill Credit Partners IV Limited, Collatrealized Loan Obligation Series 2012-6A					5.966	%		5/15/23				BB					1,663,856
	2,500			Race Point Collateralized Loan Obligations, Series 2011-5A, 144A					6.935	%		12/15/22				BB					2,196,553

 

Nuveen Investments
41

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JRO

Nuveen Floating Rate Income Opportunity Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Asset-Backed Securities (continued)
$	2,000			Race Point Collateralized Loan Obligations, Series 2012-6A, 144A					5.966	%		5/24/23				BB				$	1,634,311
$	19,200			Total Asset-Backed Securities (cost $16,133,553)																	16,262,887
Principal Amount (000)				Description (1)				Coupon				Maturity								Value
				Short-Term Investments – 2.5% (1.7% of Total Investments)
$	9,226			Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/31/12, repurchase price $9,226,241, collateralized by $9,400,000 U.S. Treasury Notes, 0.250%, due 3/31/14, value $9,411,750					0.010	%		8/01/12								$	9,226,238
				Total Short-Term Investments (cost $9,226,238)																	9,226,238
				Total Investments (cost $543,553,034) – 144.9%																	535,977,919
				Borrowings – (43.2)% (9), (10)																	(159,900,000	)
				Other Assets Less Liabilities – (1.7)% (11)																	(6,139,316	)
				Net Assets Applicable to Common Shares – 100%																$	369,938,603

 

Investments in Derivatives at July 31, 2012

Interest Rate Swaps outstanding:

Counterparty				Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate*				Fixed Rate Payment Frequency				Termination Date				Unrealized Appreciation (Depreciation)
Goldman Sachs				$	29,317,500			Receive				1-Month USD-LIBOR					1.300	%		Monthly				4/20/14				$	(534,862	)
Morgan Stanley					29,317,500			Receive				1-Month USD-LIBOR					2.201			Monthly				4/20/16					(1,896,672	)
																												$	(2,431,534	)

 

*  Annualized.

 

Nuveen Investments
42

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    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 (not covered by the report of independent registered public accounting firm): 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)  Investment, or portion of investment, represents an unfunded Senior Loan commitment outstanding at July 31, 2012.

  (6)  At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, 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.

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

  (8)  Investment, or portion of investment, has been pledged as collateral for investments in derivatives.

  (9)  Borrowings as a percentage of total investments is 29.8%.

  (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 net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in   Derivatives at July 31, 2012.

  (12)  For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1—General Information and Significant Accounting Policies, Investment Valuation for more information.

  N/R  Not rated.

  N/A  Not applicable.

  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 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.

  USD-LIBOR  United States Dollar—London Inter-Bank Offered Rate

    See accompanying notes to financial statements.

Nuveen Investments
43

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JSD

Nuveen Short Duration Credit Opportunities Fund

Portfolio of INVESTMENTS

  July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Variable Rate Senior Loan Interests – 120.7% (83.7% of Total Investments) (4)
				Airlines – 1.0% (0.7% of Total Investments)
$	1,980			Delta Air Lines Inc., Term Loan B					5.500	%		4/20/17				Ba2				$	1,986,188
				Auto Components – 0.5% (0.3% of Total Investments)
	1,000			Goodyear Tire & Rubber Company, Term Loan					4.750	%		4/30/19				Ba1					990,500
				Biotechnology – 4.1% (2.8% of Total Investments)
	2,073			Alkermes, Inc., Term Loan B					6.750	%		9/16/17				BB					2,101,419
	2,000			Alkermes, Inc., Term Loan, Second Lien					9.500	%		9/16/18				B					2,057,500
	2,961			Carestream Health Inc., Term Loan B					5.000	%		2/25/17				BB-					2,870,780
	1,000			Explorer Holdings, Inc., Term Loan, First Lien					8.000	%		6/29/18				B+					972,500
	8,034			Total Biotechnology																	8,002,199
				Building Products – 0.3% (0.2% of Total Investments)
	636			Goodman Global Inc., Second Lien, Term Loan					9.000	%		10/28/17				B-					647,500
				Capital Markets – 1.3% (0.9% of Total Investments)
	2,475			Citco Group, Term Loan					5.500	%		6/29/18				N/A					2,453,376
				Chemicals – 2.7% (1.9% of Total Investments)
	986			Ashland Inc., Term Loan B					3.750	%		8/23/18				Baa3					991,570
	1,197			Ineos US Finance LLC, Term Loan B					6.500	%		5/04/18				B+					1,175,411
	2,000			PQ Corporation, Second Lien, Term Loan					6.746	%		7/30/15				B-					1,907,500
	1,247			Styron Corporation, Term Loan B, DD1					6.000	%		8/02/17				B+					1,164,064
	5,430			Total Chemicals																	5,238,545
				Commercial Banks – 1.2% (0.8% of Total Investments)
	2,337			Ocwen Financial Corporation, Term Loan					7.000	%		9/01/16				B1					2,351,382
				Commercial Services & Supplies – 4.0% (2.8% of Total Investments)
	2,000			Booz Allen & Hamilton Inc., Term Loan B, WI/DD					TBD			TBD				BB					2,005,000
	2,402			Brickman Group Holdings Inc., Term Loan B					5.500	%		10/14/16				B+					2,411,354
	499			Houghton Mifflin Company, DIP Term Loan B					7.250	%		11/22/13				N/R					499,373
	1,793			ServiceMaster Company, Delayed Draw, Term Loan					2.798	%		7/24/14				B+					1,785,213
	179			ServiceMaster Company, Term Loan B					2.750	%		7/24/14				B+					177,774
	993			SkillSoft PLC, Term Loan					6.500	%		10/21/17				BB-					1,001,805
	7,866			Total Commercial Services & Supplies																	7,880,519
				Communications Equipment – 3.6% (2.5% of Total Investments)
	794			Aspect Software, Inc., Term Loan, Tranche B					6.250	%		5/07/16				Ba3					788,019
	2,412			Avaya Inc., Term Loan B1					3.217	%		10/27/14				B1					2,241,632
	998			Genesys Telecommunications Laboratories Inc., Term Loan B					6.750	%		1/31/19				BB-					1,004,981
	1,752			Presidio, Inc., Term Loan					7.250	%		3/31/17				Ba3					1,767,201
	1,172			Telesat Holdings Inc., Term Loan B					4.250	%		3/28/19				BB-					1,169,364
	7,128			Total Communications Equipment																	6,971,197
				Construction Materials – 0.1% (0.1% of Total Investments)
	170			Schaeffler AG, First Lien, Term Loan C2					6.000	%		1/27/17				B1					170,798

 

Nuveen Investments
44

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Consumer Finance – 3.7% (2.5% of Total Investments)
$	2,000			National Equipment Services, Inc., Term Loan					13.250	%		5/23/14				Ba3				$	1,980,000
	1,000			Residential Capital LLC, DIP Term Loan A1					5.000	%		11/18/13				BB					1,010,000
	500			Residential Capital LLC, DIP Term Loan A2, WI/DD					TBD			TBD				BB					507,500
	1,746			Royalty Pharma Finance Trust, Term Loan					4.000	%		11/09/18				Baa2					1,747,082
	2,000			Springleaf Finance Corporation, Term Loan					5.500	%		5/10/17				B3					1,910,834
	7,246			Total Consumer Finance																	7,155,416
				Containers & Packaging – 3.0% (2.1% of Total Investments)
	2,553			Reynolds Group Escrow, Term Loan					6.500	%		8/09/18				BB-					2,585,382
	3,185			Sealed Air Corporation, Term Loan B					4.750	%		10/03/18				Ba1					3,230,402
	5,738			Total Containers & Packaging																	5,815,784
				Distributors – 1.6% (1.1% of Total Investments)
	3,000			HD Supply Inc., Term Loan B					7.250	%		10/12/17				B+					3,071,250
				Diversified Consumer Services – 1.0% (0.7% of Total Investments)
	1,963			Laureate Education, Inc., Delayed Term Loan					5.250	%		6/15/18				B1					1,888,906
				Diversified Financial Services – 0.5% (0.3% of Total Investments
	1,000			Harland Clarke Holdings Corporation, Tranche B, Term Loan, WI/DD				TBD				TBD				B+					905,417
				Diversified Telecommunication Services – 2.8% (2.0% of Total Investments)
	2,000			Level 3 Financing, Inc., Term Loan					5.750	%		9/01/18				Ba3					2,013,334
	3,500			Zayo Group, LLC Term Loan, DD1					7.125	%		7/02/19				B1					3,552,500
	5,500			Total Diversified Telecommunication Services																	5,565,834
				Electrical Equipment – 0.5% (0.4% of Total Investments)
	1,000			Sensus Metering Systems Inc., Second Lien, Term Loan					8.500	%		5/09/18				B-					1,001,875
				Electronic Equipment & Instruments – 0.6% (0.4% of Total Investments)
	1,489			Smart Modular Technologies, Term Loan B					8.250	%		8/26/17				B+					1,205,888
				Food & Staples Retailing – 0.5% (0.3% of Total Investments)
	900			Wendy's/Arby's Restaraunts LLC, Term Loan B					4.750	%		5/15/19				Ba2					901,781
				Food Products – 1.0% (0.7% of Total Investments)
	959			Del Monte Corporation, Term Loan B					4.500	%		3/08/18				Ba3					944,372
	1,000			Ferrara Candy Company, Term Loan B					7.500	%		6/18/18				B					1,003,125
	1,959			Total Food Products																	1,947,497
				Health Care Equipment & Supplies – 2.5% (1.8% of Total Investments)
	1,313			Hologic Incorporated, Senior Loan, WI/DD					TBD			TBD				BBB-					1,322,071
	3,582			Kinetic Concepts, Inc., Term Loan B					7.000	%		5/04/18				Ba2					3,639,312
	4,895			Total Health Care Equipment & Supplies																	4,961,383
				Health Care Providers & Services – 18.1% (12.5% of Total Investments)
	981			Ardent Medical Services Inc., First Lien, Term Loan					6.500	%		9/15/15				B1					983,927
	2,308			Community Health Systems, Inc., Term Loan B					2.577	%		7/25/14				BB					2,303,455
	983			CRC Health Group Inc., Term Loan B3					8.500	%		11/16/15				B1					973,046
	3,016			Emdeon Business Services Loan					5.000	%		11/02/18				BB-					3,027,944
	1,360			Gentiva, Term Loan B					6.500	%		8/17/16				B1					1,268,034
	3,171			Golden Gate National Senior Care LLC, Term Loan					5.000	%		5/04/18				B+					3,062,060
	2,000			HCA, Term Loan B					3.711	%		3/31/17				BB					1,974,376
	1,194			Health Management Associates, Inc., Term Loan					4.500	%		11/16/18				BB-					1,196,030
	1,237			IASIS Healthcare LLC, Term Loan B					5.000	%		5/03/18				Ba3					1,236,703
	361			Kindred Healthcare Inc., Term Loan					5.250	%		6/01/18				Ba3					348,354
	933			LHP Operations Company LLC, Term Loan B					9.000	%		6/29/18				B					938,000
	163			LifeCare Holdings Inc, Term Loan B					8.206	%		2/01/16				N/R					143,422

 

Nuveen Investments
45

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JSD

Nuveen Short Duration Credit Opportunities Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Health Care Providers & Services (continued)
$	1,879			LifeCare Holdings, New Term Loan					8.206	%		2/01/16				N/R				$	1,653,478
	907			MultiPlan, Inc., Term Loan					4.750	%		8/26/17				Ba3					905,371
	2,024			National Mentor Inc., Term Loan B					7.000	%		2/09/17				B+					2,004,131
	2,978			RegionalCare Hospital Partners , Term Loan B					8.000	%		11/03/18				B					2,976,258
	1,980			Select Medical Holdings Corporation, Term Loan B					5.500	%		6/01/18				BB					1,949,682
	2,500			Sheridan Holdings, Inc., Term Loan, First Lien					6.000	%		7/01/18				B+					2,500,783
	1,000			Sheridan Holdings, Inc., Term Loan, Second Lien					9.000	%		7/01/19				B-					1,008,750
	994			Skilled Healthcare Group, Term Loan B					6.750	%		4/09/16				B1					991,266
	739			Sun Healthcare Group, Inc., Term Loan					8.750	%		10/18/16				Ba1					736,328
	2,300			Truven Health Analytics, Term Loan					6.750	%		6/06/19				Ba3					2,310,062
	750			U.S. Renal Care, Inc., Term Loan, Second Lien					10.250	%		12/02/19				CCC+					757,500
	35,758			Total Health Care Providers & Services																	35,248,960
				Health Care Technology – 0.5% (0.4% of Total Investments)
	999			Fenwal Inc., Second Lien, Term Loan					5.717	%		8/28/14				B					997,863
				Hotels, Restaurants & Leisure – 3.7% (2.6% of Total Investments)
	2,367			24 Hour Fitness Worldwide Inc., Term Loan B					7.500	%		4/22/16				Ba3					2,382,307
	347			Caesars Octavius, Term Loan B					9.250	%		4/25/17				B					339,515
	2,534			CCM Merger Inc.					6.000	%		3/01/17				B+					2,521,279
	1,995			Landry's Restaurants Inc., Term Loan B					6.500	%		4/24/18				B+					2,004,135
	7,243			Total Hotels, Restaurants & Leisure																	7,247,236
				Household Products – 1.6% (1.1% of Total Investments)
	3,147			Spectrum Brands, Term Loan					5.000	%		6/17/16				B1					3,163,696
				Industrial Conglomerates – 3.4% (2.3% of Total Investments)
	990			Eagle Parent Inc., First Lien, Term Loan					5.000	%		5/16/18				Ba3					985,545
	772			Property Data US I Inc., Term Loan B					7.000	%		1/04/17				Ba3					728,161
	2,000			SRAM LLC, Second Lien, Term Loan					8.500	%		12/07/18				B-					2,015,000
	2,963			US Foodservice, Term Loan B					5.750	%		3/31/17				B-					2,845,235
	6,725			Total Industrial Conglomerates																	6,573,941
				Internet Software & Services – 5.5% (3.8% of Total Investments)
	2,407			Go Daddy Group Inc, First Lien, Term Loan					5.500	%		12/17/18				Ba3					2,382,744
	1,492			Sabre, Inc., Term Loan					5.996	%		9/30/17				B1					1,460,729
	2,000			San Juan Cable LLC, Second Lien, Term Loan					10.000	%		6/09/18				CCC+					1,990,000
	1,998			SkillSoft PLC Term Loan					6.500	%		5/26/17				BB-					2,016,969
	3,002			WebCom Group Inc., First Lien					7.000	%		10/27/17				Ba3					2,984,948
	10,899			Total Internet Software & Services																	10,835,390
				IT Services – 5.0% (3.5% of Total Investments)
	1,426			First Data Corporation, Term Loan B-1					5.247	%		3/24/17				B+					1,383,377
	2,666			Frac Tech International LLC, Term Loan B, DD1					6.250	%		5/06/16				B+					2,312,931
	716			NeuStar Inc., Term Loan B					5.000	%		11/08/18				BB+					718,299
	298			Sabre, Inc., Term Loan					5.996	%		12/29/17				B1					291,246
	1,276			SRA International Inc., Term Loan B					6.500	%		7/20/18				B1					1,224,578
	2,641			Virtu Financial LLC, First Lien, Term Loan					7.500	%		7/08/16				Ba1					2,663,823
	1,154			Webcom Inc., Term Loan, Second Lien					11.000	%		10/27/18				B3					1,188,432
	10,177			Total IT Services																	9,782,686
				Leisure Equipment & Products – 2.2% (1.5% of Total Investments)
	1,990			Academy Limited, Term Loan					6.000	%		8/03/18				B					2,003,689
	715			Eastman Kodak, DIP Term Loan					8.500	%		7/20/13				B1					714,625
	1,650			Wembley PLC, Term Loan B					8.500	%		11/05/15				BB					1,661,001
	4,355			Total Leisure Equipment & Products																	4,379,315

 

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Machinery – 0.4% (0.3% of Total Investments)
$	796			Rexnord Corporation, Replacement Term Loan					5.000	%		4/01/18				BB				$	802,348
				Media – 7.8% (5.4% of Total Investments)
	567			Atlantic Broadband Finance LLC, Second Lien, Term Loan					9.750	%		10/04/19				B-					595,000
	1,005			Atlantic Broadband Finance LLC, Term Loan B					5.250	%		4/04/19				Ba3					1,011,281
	1,387			Cengage Learning Inc., Term Loan B					5.750	%		7/04/17				B+					1,200,562
	998			Cequel Communications LLC., Term Loan B					4.000	%		2/14/19				Ba2					988,850
	998			Charter Communications Operating, LLC, Term Loan B					4.000	%		5/15/19				BB+					997,818
	995			Cumulus Media, Inc., Term Loan B					5.750	%		9/17/18				Ba2					1,001,436
	1,000			Cumulus Media, Inc., Term Loan B					7.500	%		3/18/19				B2					1,010,000
	794			Entercom Communications Corporation, Term Loan					6.250	%		11/23/18				BB-					797,821
	517			Newport Television LLC, Term Loan B					9.000	%		9/14/16				B-					520,958
	1,870			Newport Television LLC, Term Loan B					9.000	%		9/14/16				B2					1,886,535
	990			Radio One Inc., First Lien, Term Loan B					7.500	%		2/14/17				B+					979,857
	2,571			UPC Financing Partnership, Term Loan AB					4.750	%		12/31/17				Ba3					2,577,858
	1,760			WideOpenWest Finance LLC, Term Loan B					6.250	%		7/12/18				B1					1,751,200
	15,452			Total Media																	15,319,176
				Multiline Retail – 1.3% (0.9% of Total Investments)
	565			99 Cents Only Stores, Term Loan B1					5.250	%		1/11/19				B+					567,875
	1,866			Bass Pro Group, Term Loan B					5.250	%		6/13/17				BB-					1,880,917
	2,431			Total Multiline Retail																	2,448,792
				Oil, Gas & Consumable Fuels – 4.6% (3.2% of Total Investments)
	440			Alon USA Energy Inc., First Lien, Term Loan					2.496	%		8/05/13				B+					430,971
	55			Alon USA Energy Inc., First Lien, Term Loan					2.496	%		8/05/13				B+					53,871
	1,241			Buffalo Gulf Coast Terminals, Term Loan					7.500	%		10/31/17				BB+					1,248,379
	992			CCS Corporation, Term Loan B					3.246	%		11/14/14				B					974,224
	746			CCS Corproation, Delayed Draw, Term Loan					3.246	%		11/14/14				B					732,640
	750			Crestwood Holdings LLC, Term Loan B					9.750	%		3/26/18				CCC+					760,000
	1,720			Energy Transfer Equity LP, Term Loan B					3.750	%		3/23/17				BB					1,698,498
	1,000			EP Energy LLC, Term Loan B					6.500	%		5/24/18				BB-					1,014,685
	2,127			Gibson Energy Inc., First Lien, Term Loan					4.750	%		5/18/18				BB-					2,140,300
	9,071			Total Oil, Gas & Consumable Fuels																	9,053,568
				Pharmaceuticals – 6.8% (4.7% of Total Investments)
	3,000			Bausch & Lomb, Term Loan					5.250	%		5/17/19				B+					3,006,375
	1,941			Convatec Healthcare, Term Loan B					5.750	%		12/30/16				Ba3					1,942,679
	2,985			Pharmaceutical Product Development Inc., Term Loan					6.250	%		12/05/18				BB-					3,025,423
	1,980			Quintiles Transnational Corporation, Term Loan B					5.000	%		6/08/18				BB-					1,984,318
	2,250			Valeant Pharmaceuticals International, Term Loan B					4.750	%		2/13/19				BBB-					2,259,562
	453			Warner Chilcott PLC, Term Loan B1					4.250	%		3/17/18				BBB-					453,165
	226			Warner Chilcott PLC, Term Loan B2					4.250	%		3/17/18				BBB-					226,582
	311			Warner Chilcott PLC, Term Loan B3					4.250	%		3/17/18				BBB-					311,551
	13,146			Total Pharmaceuticals																	13,209,655
				Real Estate Investment Trust – 2.8% (1.9% of Total Investments)
	1,591			Istar Financial Inc., Term Loan A2					5.000	%		6/28/13				BB-					1,591,972
	242			Istar Financial Inc., Term Loan A2					5.250	%		3/19/16				BB-					242,958
	143			Realogy Corporation, Synthetic Term Loan					4.507	%		10/10/16				B1					135,775
	1,997			Walter Investment Management Corporation, Second Lien, Term Loan					12.500	%		12/30/16				B-					2,019,965
	1,350			Walter Investment Management, First Lien Term Loan					7.750	%		6/30/16				B+					1,395,000
	5,323			Total Real Estate Investment Trust																	5,385,670
				Real Estate Management & Development – 2.6% (1.8% of Total Investments)
	3,252			Capital Automotive LP, Term Loan B					5.250	%		3/11/17				Ba3					3,256,251
	1,829			Realogy Corporation, Delayed Term Loan					4.499	%		10/10/16				B1					1,735,187
	5,081			Total Real Estate Management & Development																	4,991,438

 

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Principal Amount (000)				Description (1)				Weighted Average Coupon				Maturity (2)				Ratings (3)				Value
				Road & Rail – 1.1% (0.8% of Total Investments)
$	564			Avis Budget Car Rental, Term Loan					6.250	%		9/22/18				Ba1				$	567,453
	1,566			Swift Transportation Company, Inc., Term Loan B2					5.000	%		12/21/17				BB					1,578,872
	2,130			Total Road & Rail																	2,146,325
				Semiconductors & Equipment – 1.1% (0.8% of Total Investments)
	956			Microsemi Corporation, Term Loan B					TBD			TBD									952,018
	1,191			NXP BV, Term Loan					5.500	%		3/03/17				B+					1,194,474
	2,147			Total Semiconductors & Equipment																	2,146,492
				Software – 11.5% (8.0% of Total Investments)
	4,000			Attachmate Corporation, First Lien, Term Loan					7.250	%		11/22/17				BB-					4,000,624
	1,990			Blackboard Inc., First Lien, Term Loan					7.500	%		9/23/18				B+					1,954,753
	900			DataTel Inc., Term Loan B					6.250	%		7/19/18				B+					909,636
	3,800			IPC Acquisition Corporation, Second Lien, Term Loan					5.496	%		6/01/15				CCC					3,208,579
	908			IPC Systems, Inc., Term Loan, First Lien					5.496	%		7/31/17				B1					881,114
	3,491			Lawson Software Inc., Term Loan B					6.250	%		4/05/18				Ba3					3,528,889
	2,750			Misys PLC, Term Loan, First Lien					7.250	%		12/12/18				Ba3					2,718,205
	2,719			SS&C Technologies Inc., Term Loan B1					5.000	%		6/07/19				BB-					2,715,368
	281			SS&C Technologies Inc., Term Loan B2					5.000	%		6/07/19				BB-					280,723
	1,237			Vertafore Inc., Term Loan					5.250	%		7/29/16				B+					1,237,702
	1,000			Vertafore Inc., Term Loan					9.750	%		10/29/17				CCC+					996,250
	23,076			Total Software																	22,431,843
				Specialty Retail – 3.2% (2.2% of Total Investments)
	1,388			Amscan Holdings Inc., Term Loan B					5.750	%		7/23/19				B1					1,391,717
	1,679			J Crew Operating Corporation, Term Loan					4.750	%		3/07/18				B1					1,663,269
	1,063			Jo-Ann Stores Inc., Term Loan B					4.750	%		3/16/18				B+					1,055,672
	746			Lord & Taylor Holdings, Term Loan					5.750	%		12/21/18				BB					751,380
	1,000			Savers, Inc., Term Loan B					7.250	%		6/28/19				Ba3					1,010,000
	477			Toys "R" Us, Term Loan					6.000	%		9/01/16				B+					454,667
	6,353			Total Specialty Retail																	6,326,705
				Textiles, Apparel & Luxury Goods – 0.4% (0.3% of Total Investments)
	750			Wolverine World Wide Inc., Term Loan B, WI/DD					TBD			TBD				BB					754,219
				Wireless Telecommunication Services – 0.6% (0.4% of Total Investments)
	1,477			Clear Channel Communications Inc., Term Loan B					3.896	%		1/29/16				CCC+					1,118,449
$	238,282			Total Variable Rate Senior Loan Interests (cost $232,892,174)																	235,477,002
Principal Amount (000)				Description (1)				Coupon				Maturity				Ratings (3)				Value
				Corporate Bonds – 18.1% (12.5% of Total Investments)
				Building Products – 1.1% (0.8% of Total Investments)
$	2,000			McJunkin Red Man Corporation					9.500	%		12/15/16				B				$	2,165,000
				Commercial Services & Supplies – 0.2% (0.2% of Total Investments)
	500			Ceridian Corporation					11.250	%		11/15/15				CCC					490,000
				Communications Equipment – 0.6% (0.4% of Total Investments)
	1,500			Avaya Inc.					9.750	%		11/01/15				CCC+					1,170,000
				Diversified Telecommunication Services – 1.1% (0.7% of Total Investments)
	1,500			IntelSat Bermuda Limited, 144A					11.500	%		2/04/17				CCC+					1,560,000
	500			IntelSat Bermuda Limited					11.500	%		2/04/17				CCC+					520,000
	2,000			Total Diversified Telecommunication Services																	2,080,000

 

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Principal Amount (000)				Description (1)				Coupon				Maturity (2)				Ratings (3)				Value
				Health Care Equipment & Supplies – 1.5% (1.0% of Total Investments)
$	2,700			Chiron Merger Sub Inc., 144A					10.500	%		11/01/18				B				$	2,855,250
				Health Care Providers & Services – 2.7% (1.9% of Total Investments)
	2,000			HCA Inc.					8.500	%		4/15/19				BB+					2,253,750
	500			Select Medical Corporation					7.625	%		2/01/15				B-					505,000
	500			Select Medical Corporation					6.494	%		9/15/15				B-					491,250
	1,000			Vanguard Health Holding LLC/Inc.					8.000	%		2/01/18				B-					1,045,000
	1,000			Wolverine Healthcare Analytics, 144A					10.625	%		6/01/20				CCC+					1,062,500
	5,000			Total Health Care Providers & Services																	5,357,500
				Hotels, Restaurants & Leisure – 1.6% (1.1% of Total Investments)
	1,000			Harrah's Operating Company, Inc.					11.250	%		6/01/17				B					1,082,500
	2,000			Seven Seas Cruises S de RL LLC, 144A					9.125	%		5/15/19				B2					2,085,000
	3,000			Total Hotels, Restaurants & Leisure																	3,167,500
				Household Products – 1.5% (1.0% of Total Investments)
	2,500			Spectrum Brands Inc.					9.500	%		6/15/18				BB-					2,856,250
				Leisure Equipment & Products – 1.0% (0.7% of Total Investments)
	1,700			The Academy Limited Finance, 144A					9.250	%		8/01/19				CCC+					1,870,000
				Media – 1.3% (0.9% of Total Investments)
	500			AMC Networks Inc.					7.750	%		7/15/21				BB-					566,250
	1,000			Clear Channel Communications, Inc.					5.500	%		9/15/14				CCC-					827,500
	2,000			Clear Channel Communications, Inc.					10.750	%		8/01/16				CCC-					1,160,000
	3,500			Total Media																	2,553,750
				Multiline Retail – 0.3% (0.2% of Total Investments)
	500			Number Merger Sub Inc., 144A					11.000	%		12/15/19				Caa1					546,875
				Oil, Gas & Consumable Fuels – 1.2% (0.8% of Total Investments)
	2,000			Chaparral Energy Inc.					9.875	%		10/01/20				B-					2,265,000
				Pharmaceuticals – 2.1% (1.5% of Total Investments)
	2,000			Valeant Pharmaceuticals International, 144A					7.000	%		10/01/20				BB-					2,065,000
	500			Valeant Pharmaceuticals International, 144A					7.250	%		7/15/22				BB-					516,250
	1,500			Warner Chilcott Company LLC					7.750	%		9/15/18				BB-					1,621,875
	4,000			Total Pharmaceuticals																	4,203,125
				Software – 1.9% (1.3% of Total Investments)
	2,550			Lawson Software Inc., 144A					11.500	%		7/15/18				B-					2,887,875
	750			Lawson Software Inc., 144A					9.375	%		4/01/19				B-					802,500
	3,300			Total Software																	3,690,375
$	34,200			Total Corporate Bonds (cost $33,082,196)																	35,270,625
Principal Amount (000)				Description (1)				Coupon				Maturity								Value
				Short-Term Investments – 5.4% (3.8% of Total Investments)
$	10,605			Repurchase Agreement with State Street Bank, dated 7/31/12, repurchase price $10,604,704, collateralized by $7,130,000 U.S. Treasury Bonds, 5.375%, due 2/15/31, value $10,824,039					0.010	%		8/01/12								$	10,604,701
				Total Short-Term Investments (cost $10,604,701)																	10,604,701
				Total Investments (cost $276,579,071) – 144.2%																	281,352,328
				Borrowings – (43.6)% (5), (6)																	(85,000,000	)
				Other Assets Less Liabilities – (0.6)% (7)																	(1,187,528	)
				Net Assets Applicable to Common Shares – 100%																$	195,164,800

 

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JSD

Nuveen Short Duration Credit Opportunities Fund (continued)

Portfolio of INVESTMENTS July 31, 2012

Investments in Derivatives at July 31, 2012

Interest Rate Swaps outstanding:

Counterparty				Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate*				Fixed Rate Payment Frequency				Termination Date				Unrealized Appreciation (Depreciation)
Barclays PLC				$	17,500,000			Receive				1-Month USD-LIBOR					1.143	%		Monthly				9/15/16				$	(438,330	)
Morgan Stanley					17,500,000			Receive				1-Month USD-LIBOR					0.588			Monthly				9/15/14					(114,649	)
Morgan Stanley					17,500,000			Receive				1-Month USD-LIBOR					1.659			Monthly				9/15/18					(771,254	)
																												$	(1,324,233	)

 

*  Annualized.

Credit Default Swaps outstanding:

Counterparty				Referenced Entity				Buy/Sell Protection (9)				Current Credit Spread (8)				Notional Amount				Fixed Rate*				Termination Date				Value				Unrealized Appreciation (Depreciation)
Bank of America				Best Buy Co, Inc.				Buy					14.93	%		$	2,000,000				1.000	%		6/20/17				$	570,502			$	253,926
Citibank N.A.				Hasbro, Inc.				Buy					1.43				2,000,000				1.000			9/20/17					39,420				(17,120	)
Citibank N.A.				Kohl's Corporation				Buy					1.86				1,000,000				1.000			9/20/17					39,561				7,008
Citibank N.A.				The Kroger Co.				Buy					1.68				2,000,000				1.000			9/20/17					62,856				33,235
Citibank N.A.				Safeway, Inc.				Buy					4.77				2,250,000				1.000			9/20/17					354,167				71,787
Citibank N.A.				Dean Foods Company				Buy					5.92				1,000,000				5.000			9/20/17					31,210				(8,988	)
Citibank N.A.				J.C. Penney Company, Inc.				Buy					13.98				2,000,000				1.000			6/20/17					532,601				264,347
Deutsche Bank				Delhaize America, LLC				Buy					3.97				1,000,000				1.000			9/20/17					126,885				37,617
Morgan Stanley				Radioshack Corporation				Buy					8.33				1,000,000				5.000			9/20/13					116,095				(8,905	)
Morgan Stanley				Kohl's Corporation				Buy					1.86				2,000,000				1.000			9/20/17					79,123				14,016
																																$	646,923

 

*  Annualized.

    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 (not covered by the report of independent registered public accounting firm): 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)  Borrowings as a percentage of total investments is 30.2%.

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

  (7)  Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at July 31, 2012.

  (8)  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.

  (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.

  N/R  Not rated.

  N/A  Not applicable.

  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 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.

  USD-LIBOR  United States Dollar—London Inter-Bank Offered Rate

    See accompanying notes to financial statements.

Nuveen Investments
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Statement of

ASSETS & LIABILITIES

July 31, 2012

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Assets
Investments, at value (cost $346,572,909, $839,713,383, $543,553,034 and $276,579,071, respectively)				$	337,093,200			$	825,147,713			$	535,977,919			$	281,352,328
Cash					1,221,351				2,846,915				1,450,000				1,514,406
Credit default swaps premiums paid					—				—				—				1,305,497
Unrealized appreciation on credit default swaps, net					—				—				—				646,923
Receivables:
Interest					1,856,207				4,282,548				3,236,971				1,548,009
Investments sold					3,143,550				6,191,113				5,312,382				5,605,250
Matured senior loans					503,970				1,475,072				983,381				—
Shares sold through shelf offering					—				208,490				191,034				—
Other assets					144,902				252,992				158,559				11,217
Total assets					343,963,180				840,404,843				547,310,246				291,983,630
Liabilities
Borrowings					100,000,000				249,200,000				159,900,000				85,000,000
Unrealized depreciation on interest rate swaps					1,533,315				4,100,038				2,431,534				1,324,233
Payables:
Investments purchased					6,452,188				6,953,676				10,075,594				8,956,170
Common share dividends					1,464,509				3,487,625				2,388,136				1,155,574
Unfunded senior loans					2,075,000				3,400,000				1,825,000				—
Accrued expenses:
Interest on borrowings					39,977				87,456				63,923				18,118
Management fees					230,248				562,734				334,800				194,660
Shelf offering costs					12,000				18,291				15,075				—
Other					289,987				477,131				337,581				170,075
Total liabilities					112,097,224				268,286,951				177,371,643				96,818,830
Net assets applicable to Common shares				$	231,865,956			$	572,117,892			$	369,938,603			$	195,164,800
Common shares outstanding					32,788,814				48,199,247				31,243,658				10,011,702
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)				$	7.07			$	11.87			$	11.84			$	19.49
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share				$	327,888			$	481,992			$	312,437			$	100,117
Paid-in surplus					280,594,059				678,681,000				434,751,632				190,726,379
Undistributed (Over-distribution of) net investment income					448,863				3,281,455				2,596,681				376,038
Accumulated net realized gain (loss)					(38,491,830	)			(91,660,847	)			(57,715,498	)			(133,681	)
Net unrealized appreciation (depreciation)					(11,013,024	)			(18,665,708	)			(10,006,649	)			4,095,947
Net assets applicable to Common shares				$	231,865,956			$	572,117,892			$	369,938,603			$	195,164,800
Authorized shares:
Common					Unlimited				Unlimited				Unlimited				Unlimited
Preferred					Unlimited				Unlimited				Unlimited				Unlimited

 

See accompanying notes to financial statements.

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Statement of

OPERATIONS

Year Ended July 31, 2012

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Investment Income
Interest and dividends				$	21,867,536			$	57,081,431			$	39,588,581			$	17,860,231
Fees					655,767				1,358,252				927,069				1,086,360
Other					—				73,216				48,811				—
Total investment income					22,523,303				58,512,899				40,564,461				18,946,591
Expenses
Management fees					2,495,260				6,299,145				3,970,045				2,136,445
Shareholders' servicing agent fees and expenses					3,463				1,524				1,005				37
Interest expense on borrowings					1,047,236				2,816,160				1,666,348				883,684
Custodian's fees and expenses					127,837				261,721				173,170				68,717
Trustees' fees and expenses					9,300				23,496				14,699				7,964
Professional fees					111,384				117,566				80,676				164,796
Shareholders' reports — printing and mailing expenses					118,544				174,641				133,552				11,718
Stock exchange listing fees					14,396				16,898				9,615				4,919
Investor relations expense					34,462				76,173				47,884				25,718
Other expenses					74,155				163,944				58,509				7,038
Total expenses before custodian fee credit and expense reimbursement					4,036,037				9,951,268				6,155,503				3,311,036
Custodian fee credit					(53	)			(138	)			(32	)			(10,287	)
Expense reimbursement					—				(402,566	)			(336,919	)			—
Net expenses					4,035,984				9,548,564				5,818,552				3,300,749
Net investment income (loss)					18,487,319				48,964,335				34,745,909				15,645,842
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments					304,709				(1,234,209	)			(2,142,143	)			(450,347	)
Swaps					(569,750	)			(1,523,493	)			(903,510	)			(312,485	)
Change in net unrealized appreciation (depreciation) of: Investments					(1,863,555	)			(7,489,327	)			(3,638,774	)			3,994,309
Swaps					(584,340	)			(1,567,786	)			(926,647	)			(677,310	)
Net realized and unrealized gain (loss)					(2,712,936	)			(11,814,815	)			(7,611,074	)			2,554,167
Net increase (decrease) in net assets applicable to Common shares from operations				$	15,774,383			$	37,149,520			$	27,134,835			$	18,200,009

 

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS

				Senior Income (NSL)								Floating Rate Income (JFR)
				Year Ended 7/31/12				Year Ended 7/31/11				Year Ended 7/31/12				Year Ended 7/31/11
Operations
Net investment income (loss)				$	18,487,319			$	19,717,933			$	48,964,335			$	50,914,801
Net realized gain (loss) from: Investments					304,709				3,010,063				(1,234,209	)			4,206,927
Swaps					(569,750	)			(149,932	)			(1,523,493	)			(400,915	)
Change in net unrealized appreciation (depreciation) of: Investments					(1,863,555	)			2,599,252				(7,489,327	)			8,058,794
Swaps					(584,340	)			(948,975	)			(1,567,786	)			(2,532,252	)
Net increase (decrease) in net assets applicable to Common shares from operations					15,774,383				24,228,341				37,149,520				60,247,355
Distributions to Common Shareholders
From net investment income					(17,332,787	)			(15,179,179	)			(46,152,786	)			(32,674,675	)
Decrease in net assets applicable to Common shares from distributions to Common shareholders					(17,332,787	)			(15,179,179	)			(46,152,786	)			(32,674,675	)
Capital Share Transactions
Common shares:
Proceeds from sales, net of offering costs					—				—				—				—
Proceeds from shelf offering, net of offering costs					5,291,150				15,529,453				648,718				9,821,151
Net proceeds from shares issued to shareholders due to reinvestment of distributions					147,415				146,622				53,039				569,176
Net increase (decrease) in net assets applicable to Common shares from capital share transactions					5,438,565				15,676,075				701,757				10,390,327
Net increase (decrease) in net assets applicable to Common shares					3,880,161				24,725,237				(8,301,509	)			37,963,007
Net assets applicable to Common shares at the beginning of period					227,985,795				203,260,558				580,419,401				542,456,394
Net assets applicable to Common shares at the end of period				$	231,865,956			$	227,985,795			$	572,117,892			$	580,419,401
Undistributed (Over-distribution of) net investment income at the end of period				$	448,863			$	401,253			$	3,281,455			$	6,043,312

 

See accompanying notes to financial statements.

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Statement of

CHANGES in NET ASSETS (continued)

				Floating Rate Income Opportunity (JRO)								Short Duration Credit Opportunities (JSD)
				Year Ended 7/31/12				Year Ended 7/31/11				Year Ended 7/31/12				For the period 5/25/11 (Commencement of Operations) through 7/31/11
Operations
Net investment income (loss)				$	34,745,909			$	32,744,605			$	15,645,842			$	501,219
Net realized gain (loss) from: Investments					(2,142,143	)			4,037,396				(450,347	)			23,462
Swaps					(903,510	)			(237,763	)			(312,485	)			—
Change in net unrealized appreciation (depreciation) of: Investments					(3,638,774	)			5,449,298				3,994,309				778,948
Swaps					(926,647	)			(1,504,887	)			(677,310	)			—
Net increase (decrease) in net assets applicable to Common shares from operations					27,134,835				40,488,649				18,200,009				1,303,629
Distributions to Common Shareholders
From net investment income					(30,865,165	)			(23,158,918	)			(14,029,738	)			(1,135,596	)
Decrease in net assets applicable to Common shares from distributions to Common shareholders					(30,865,165	)			(23,158,918	)			(14,029,738	)			(1,135,596	)
Capital Share Transactions
Common shares:
Proceeds from sales, net of offering costs					—				—				—				190,600,000
Proceeds from shelf offering, net of offering costs					8,615,279				25,205,303				—				—
Net proceeds from shares issued to shareholders due to reinvestment of distributions					171,001				211,900				126,221				—
Net increase (decrease) in net assets applicable to Common shares from capital share transactions					8,786,280				25,417,203				126,221				190,600,000
Net increase (decrease) in net assets applicable to Common shares					5,055,950				42,746,934				4,296,492				190,768,033
Net assets applicable to Common shares at the beginning of period					364,882,653				322,135,719				190,868,308				100,275
Net assets applicable to Common shares at the end of period				$	369,938,603			$	364,882,653			$	195,164,800			$	190,868,308
Undistributed (Over-distribution of) net investment income at the end of period				$	2,596,681			$	3,540,023			$	376,038			$	(634,319	)

 

See accompanying notes to financial statements.

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Statement of

CASH FLOWS

Year Ended July 31, 2012

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations				$	15,774,383			$	37,149,520			$	27,134,835			$	18,200,009
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					(220,804,418	)			(470,180,374	)			(438,407,764	)			(219,724,560	)
Proceeds from sales and maturities of investments					181,697,601				421,998,639				388,887,590				142,201,400
Payment-in-kind distributions					(121,975	)			(197,077	)			(63,603	)			(109,195	)
Proceeds from (Purchases of) short-term investments, net					10,506,564				16,003,630				9,908,503				(10,604,701	)
Proceeds from (Payments for) swap contracts, net					(569,750	)			(1,523,493	)			(903,510	)			(312,485	)
Amortization (Accretion) of premiums and discounts, net					(4,246,790	)			(10,717,551	)			(7,939,644	)			(2,284,504	)
(Increase) Decrease in:
Receivable for interest					(242,568	)			(561,428	)			(434,949	)			(665,105	)
Receivable for investments sold					8,984,440				27,501,272				14,168,391				499,319
Receivable for matured senior loans					24,711				(73,216	)			(48,810	)			—
Receivable for shares sold through shelf offering					3,424				(208,490	)			(191,034	)			—
Other assets					36,802				113,550				56,093				(11,217	)
Increase (Decrease) in:
Payable for investments purchased					(8,687,732	)			(35,022,310	)			(17,612,924	)			(58,072,161	)
Payable for unfunded senior loans					2,075,000				3,400,000				1,825,000				—
Accrued interest on borrowings					26,317				47,216				42,262				18,118
Accrued management fees					18,061				73,768				53,174				60,537
Accrued other expenses					(66,882	)			(43,902	)			(44,234	)			61,216
Net realized (gain) loss from:
Investments					(304,709	)			1,234,209				2,142,143				450,347
Swaps					569,750				1,523,493				903,510				312,485
Paydowns					(543,497	)			(4,083,382	)			(3,953,867	)			(236,427	)
Change in net unrealized (appreciation) depreciation of:
Investments					1,863,555				7,489,327				3,638,774				(3,994,309	)
Swaps					584,340				1,567,786				926,647				677,310
Taxes paid on undistributed capital gains					(9,026	)			(33,571	)			(24,634	)			—
Proceeds from litigation settlement					3,543				—				—				—
Net cash provided by (used in) operating activities					(13,428,856	)			(4,542,384	)			(19,938,051	)			(133,533,923	)
Cash Flows from Financing Activities:
(Increase) Decrease in deferred shelf offering costs					36,585				138,135				40,899				—
Increase (Decrease) in:
Accrued shelf offering costs					12,000				12,000				12,000				—
Borrowings					26,050,000				51,460,000				42,630,000				85,000,000
Cash distributions paid to Common shareholders					(17,009,529	)			(45,469,554	)			(30,310,127	)			(13,865,096	)
Proceeds from shelf offering, net of offering costs					5,291,150				648,718				8,615,279				—
Net cash provided by (used in) financing activities					14,380,206				6,789,299				20,988,051				71,134,904
Net Increase (Decrease) in Cash					951,350				2,246,915				1,050,000				(62,399,019	)
Cash at the beginning of period					270,001				600,000				400,000				63,913,425
Cash at the End of Period				$	1,221,351			$	2,846,915			$	1,450,000			$	1,514,406

 

Supplemental Disclosure of Cash Flow Information

Cash paid by Senior Income (NSL), Floating Rate Income (JFR), Floating Rate Income Opportunity (JRO) and Short Duration Credit Opportunities (JSD) for interest on borrowings during the fiscal year ended July 31, 2012, was $912,882, $2,473,225, $1,452,402 and $789,291, respectively.

Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $147,415, $53,039, $171,001 and $126,221 for Senior Income (NSL), Floating Rate Income (JFR), Floating Rate Income Opportunity (JRO) and Short Duration Credit Opportunities (JSD), respectively.

 

See accompanying notes to financial statements.

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Financial

HIGHLIGHTS

Selected data for a Common share outstanding throughout each period:

								Investment Operations																				Less Distributions
				Beginning Common Share Net Asset Value				Net Investment Income (Loss)(a)				Net Realized/ Unrealized Gain (Loss)				Distributions from Net Investment Income to Preferred Share- holders(b)				Distributions from Capital Gains to Preferred Share- holders(b)				Total				Net Investment Income to Common Share- holders				Capital Gains to Common Share- holders				Total				Offering Costs and Preferred Share Underwriting Discounts				Discount from Shares Repurchased and Retired				Premium from Common Shares Sold through Shelf Offering				Ending Common Share Net Asset Value				Ending Market Value
Senior Income (NSL)
Year Ended 7/31:
	2012			$	7.12			$	.57			$	(.10	)		$	—			$	—			$	0.47			$	(.54	)		$	—			$	(.54	)		$	—			$	—			$	.02			$	7.07			$	7.29
	2011				6.81				.64				.09				—				—				0.73				(.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
	2008				8.00				.72				(.83	)			(.07	)			—				(.18	)			(.64	)			—				(.64	)			—				—				—				7.18				6.18
Floating Rate Income (JFR)
Year Ended 7/31:
	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
	2008				13.08				1.40				(1.20	)			(.37	)			—				(.17	)			(1.08	)			—				(1.08	)			—				—				—				11.83				10.19

(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.

(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 Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, 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 net asset value. 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 net asset value), 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 Preferred shareholders, where applicable.

  • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Preferred shares and/or borrowings, where applicable.

  • Ratios do not reflect the effect of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

  • Each ratio includes the effect of all interest expense and other costs related to borrowings, where applicable, as follows:

Ratios of Borrowings Interest Expense to Average Net Assets Applicable to Common Shares								Ratios of Borrowings Interest Expense to Average Net Assets Applicable to Common Shares
Senior Income (NSL)								Floating Rate Income (JFR)
Year Ended 7/31:								Year Ended 7/31:
2012					.47	%		2012					.51	%
2011					.49			2011					.52
2010					.86			2010					.78
2009					1.83			2009					1.64
2008					2.26			2008					.35

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												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)												Preferred Shares at the End of Period												Borrowings at the End of Period
				Based on Market Value(c)				Based on Common Share Net Asset 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				Aggregate Amount Outstanding (000)				Liquidation and Market Value Per Share				Asset Coverage Per Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $1,000
Senior Income (NSL)
Year Ended 7/31:
	2012				12.78	%			7.34	%		$	231,866				1.82	%			8.34	%			N/A				N/A				64	%		$	—			$	—			$	—			$	100,000			$	3,319
	2011				7.72				12.01				227,986				1.78				8.99				N/A				N/A				100				—				—				—				73,950				4,083
	2010				44.83				28.15				203,261				2.18				5.61				2.17	%			5.62	%			68				—				—				—				73,950				3,749
	2009				(6.83	)			(12.25	)			169,917				3.50				9.39				3.39				9.50				48				26,000				25,000				188,381				32,900				6,955
	2008				(16.31	)			(2.32	)			214,311				3.88				9.38				3.69				9.57				50				46,000				25,000				141,473				90,000				3,892
Floating Rate Income (JFR)
Year Ended 7/31:
	2012				12.43				6.91				572,118				1.79				8.72				1.72				8.80				57				—				—				—				249,200				3,296
	2011				7.96				11.31				580,419				1.72				8.74				1.54				8.92				99				—				—				—				197,740				3,935
	2010				41.48				23.85				542,456				2.03				7.14				1.74				7.42				51				—				—				—				197,740				3,743
	2009				(9.82	)			(10.37	)			463,026				3.25				8.27				2.79				8.74				38				105,000				25,000				135,244				38,500				15,754
	2008				(13.07	)			(1.43	)			560,473				2.04				10.71				1.50				11.25				30				165,000				25,000				109,920				235,000				4,087

 

(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 Footnote 1—General Information and Significant Accounting Policies, 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)								Increase (Decrease) to Ratios of Net Investment Income (Loss) to Average Net Assets Applicable to Common Shares(g)
Senior Income (NSL)								Floating Rate Income (JFR)
Year Ended 7/31:								Year Ended 7/31:
2012					(.01	)%		2012					.01	%
2011					.02			2011					.02
2010					.09			2010					.08
2009					—			2009					—
2008					—			2008					—

 

(g)  The Fund had no matured senior loans prior to the fiscal year ended July 31, 2010.

*  Rounds to less than $.01 per share.

N/A  Fund no longer has a contractual expense reimbursement with the Adviser.

 

See accompanying notes to financial statements.

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Financial

HIGHLIGHTS (continued)

Selected data for a Common share outstanding throughout each period:

								Investment Operations																				Less Distributions
				Beginning Common Share Net Asset Value				Net Investment Income (Loss)(a)				Net Realized/ Unrealized Gain (Loss)				Distributions from Net Investment Income to Preferred Share- holders(b)				Distributions from Capital Gains to Preferred Share- holders(b)				Total				Net Investment Income to Common Share- holders				Capital Gains to Common Share- holders				Total				Offering Costs and Preferred Share Underwriting Discounts				Discount from Shares Repurchased and Retired				Premium from Common Shares Sold through Shelf Offering				Ending Common Share Net Asset Value				Ending Market Value
Floating Rate Income Opportunity (JRO)
Year Ended 7/31:
	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
	2008				13.14				1.41				(1.29	)			(.37	)			—				(.25	)			(1.14	)			—				(1.14	)			—				—				—				11.75				10.06
Short Duration Credit Opportunities (JSD)
Year Ended 7/31:
	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.

(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 Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, 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 net asset value. 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 net asset value), 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 Preferred shareholders, where applicable.

  • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Preferred shares and/or borrowings, where applicable.

  • Ratios do not reflect the effect of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

  • Each ratio includes the effect of all interest expense and other costs related to borrowings, where applicable, as follows:

Ratios of Borrowings Interest Expense to Average Net Assets Applicable to Common Shares								Ratios of Borrowings Interest Expense to Average Net Assets Applicable to Common Shares
Floating Rate Income Opportunity (JRO)								Short Duration Credit Opportunities (JSD)
Year Ended 7/31:								Year Ended 7/31:
2012					.47	%		2012					.47	%
2011					.49			2011(g)					—
2010					.86
2009					1.65
2008					.35

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												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)												Preferred Shares at the End of Period												Borrowings at the End of Period
				Based on Market Value(c)				Based on Common Share Net Asset 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				Aggregate Amount Outstanding (000)				Liquidation and Market Value Per Share				Asset Coverage Per Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $1,000
Floating Rate Income Opportunity (JRO)
Year Ended 7/31:
	2012				15.20	%			8.03	%		$	369,939				1.74	%			9.75	%			1.65	%			9.85	%			85	%		$	—			$	—			$	—			$	159,900			$	3,314
	2011				5.20				12.77				364,883				1.75				9.19				1.56				9.38				101				—				—				—				117,270				4,111
	2010				49.00				26.66				322,136				2.14				8.95				1.84				9.25				58				—				—				—				117,270				3,747
	2009				(7.35	)			(10.57	)			271,125				3.35				8.74				2.86				9.23				41				60,000				25,000				137,969				37,350				9,865
	2008				(14.88	)			(1.99	)			334,040				2.06				10.88				1.55				11.38				33				100,000				25,000				108,510				140,000				4,100
Short Duration Credit Opportunities (JSD)
Year Ended 7/31:
	2012				14.77				9.96				195,165				1.75				8.25				N/A				N/A				62				—				—				—				85,000				3,296
	2011	(g)			(7.58	)			.49				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 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 Footnote 1—General Information and Significant Accounting Policies, 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)								Increase (Decrease) to Ratios of Net Investment Income (Loss) to Average Net Assets Applicable to Common Shares(h)
Floating Rate Income Opportunity (JRO)								Short Duration Credit Opportunities (JSD)
Year Ended 7/31:								Year Ended 7/31:
2012					.01	%		2012					—
2011					.02			2011(g)					—
2010					.09
2009					—
2008					—

 

(g)  For the period May 25, 2011 (commencement of operations) through July 31, 2011.

(h)  Floating Rate Income Opportunity (JRO) had no matured senior loans prior to the fiscal year ended July 31, 2010. Short Duration Credit Opportunities (JSD) has not had any matured senior loans since its commencement of operations on May 25, 2011.

N/A  Fund does not have a contractual expense reimbursement with the Adviser.

*  Rounds to less than $.01 per share.

**  Annualized.

 

See accompanying notes to financial statements.

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Notes to

FINANCIAL STATEMENTS

1. General Information and Significant Accounting Policies

General Information

The funds covered in this report and their corresponding Common share New York Stock Exchange ("NYSE") symbols are Nuveen Senior Income Fund (NSL), Nuveen Floating Rate Income Fund (JFR), Nuveen Floating Rate Income Opportunity Fund (JRO) and Nuveen Short Duration Credit Opportunities Fund (JSD) (each a "Fund" and collectively, the "Funds"). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies.

Prior to commencement of operations, Short Duration Credit Opportunities (JSD) had no operations other than those related to organizational matters, the initial capital contribution of $100,275 to the Fund by Nuveen Fund Advisors, Inc. (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), and the recording of the Fund's organizational expenses ($11,000) and its reimbursement by the Adviser.

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 total assets in adjustable rate senior secured loans. The Fund may invest up to 20% of its total 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 (as defined in Footnote 7—Management Fees and Other Transactions with Affiliates) 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 the Fund's sub-adviser Symphony Asset Management, LLC ("Symphony"), an affiliate of Nuveen.

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. The Fund seeks to achieve its objective by primarily investing 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. 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 20% 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 the Fund's sub-adviser, 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. Initially, these short positions will not increase the Fund's leverage ratio or overall investment exposure because the Fund will not use any proceeds or cash from short sales to invest in additional securities. 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.

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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 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 NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.

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 instruments, 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.

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 net asset value (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.

Refer to Footnote 2—Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

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. At July 31, 2012, Senior Income (NSL), Floating Rate Income (JFR), Floating Rate Income Opportunity (JRO) and Short Duration Credit Opportunities (JSD) had

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outstanding when-issued/delayed delivery purchase commitments of $6,452,188, $6,951,844, $10,075,594 and $6,391,773, respectively.

Investment Income

Dividend income is recorded on the ex-dividend date. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydown gains and losses and fee income, if any. 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.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies ("RICs"). 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.

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. As of July 31, 2010, Senior Income (NSL), Floating Rate Income (JFR) and Floating Rate Income Opportunity (JRO) redeemed all of their outstanding Preferred shares, at liquidation values of $46,000,000, $400,000,000 and $240,000,000, respectively. Short Duration Credit Opportunities (JSD) has not issued Preferred shares since its commencement of operations on May 25, 2011.

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 a component of "Receivable for matured senior loans." 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.

Swap Contracts

Each Fund is authorized to enter into swap contracts consistent with their 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

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and policies in an attempt to obtain a desired return at a lower cost than if the Fund had invested directly in the asset that yielded the desired return. In connection with these contracts, securities in the Funds' portfolios of investments may be identified as collateral in accordance with the terms of the respective swap contract. Interest rate swap contracts involve the exchange by a Fund with another party of their

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respective commitments to pay or receive interest (i.e., an exchange of floating rate payments for fixed rate payments with respect to a specified notional amount of principal). Interest rate swap contracts are valued daily. The Funds accrue daily the periodic payments expected to be paid and received on each interest rate swap contract and recognize the daily change in the market value of the Funds' 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 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. The amount of the payment obligation is based on the notional amount of the interest rate swap contract. 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 fiscal year ended July 31, 2012, Senior Income (NSL), Floating Rate Income (JFR), Floating Rate Income Opportunities (JRO) and Short Duration Credit Opportunities (JSD) were invested in interest rate swap contracts to partially fix the interest cost of leverage, which each Fund uses through the use of bank borrowings.

The average notional amount of interest rate swap contracts outstanding during the fiscal year ended July 31, 2012, was as follows:

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Average notional amount of interest rate swap contracts outstanding*				$	48,067,500			$	128,531,000			$	76,225,500			$	42,000,000

 

*  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

Each Fund is subject to credit risk in the normal course of pursuing its investment objectives. 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 fiscal year ended July 31, 2012, 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.

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The average notional amount of credit default swap contracts outstanding during the fiscal year ended July 31, 2012, was as follows:

				Short Duration Credit Opportunites (JSD)
Average notional amount of credit default swap contracts outstanding*				$	7,850,000

 

*  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.

Refer to Footnote 3—Derivative Instruments and Hedging Activities for further details on swap contract activity.

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. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

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.

Common Shares Shelf Offering and Shelf Offering Costs

Senior Income (NSL), Floating Rate Income (JFR) and Floating Rate Income Opportunity (JRO) have filed registration statements with the Securities and Exchange Commission ("SEC") through their ongoing shelf offerings, which became effective with the SEC during the fiscal year ended July 31, 2011, authorizing the Funds to issue an additional Common shares through an equity shelf offering. Under these equity shelf programs, the Funds, 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 each Fund's net asset value (NAV) per Common share.

				Senior Income (NSL)								Floating Rate Income (JFR)								Floating Rate Income Opportunity (JRO)
				Year Ended 7/31/12				Year Ended 7/31/11				Year Ended 7/31/12				Year Ended 7/31/11				Year Ended 7/31/12				Year Ended 7/31/11
Authorized shares					2,900,000				2,900,000				4,700,000				4,700,000				2,800,000				2,800,000
Common shares issued					759,751				2,140,249				54,809				796,632				731,647				2,068,353
Offering proceeds, net of offering costs				$	5,291,150			$	15,529,453			$	648,718			$	9,821,151			$	8,615,279			$	25,205,303

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Costs incurred by the Funds in connection with their initial shelf offerings are recorded as a deferred charge which are amortized over the period such additional Common shares are sold not to exceed the one-year life of the shelf offering period. Shelf offering costs, and any additional costs the Funds may incur in connection with these shelf offerings, are expensed as incurred.

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.

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.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

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.

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. 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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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				$	—			$	294,700,343			$	—			$	294,700,343
Common Stocks					—				4,410,408				—				4,410,408
Convertible Bonds					—				839,375				—				839,375
Corporate Bonds					—				29,659,648				—				29,659,648
Short-Term Investments:
Repurchase Agreements					—				7,483,426				—				7,483,426
Derivatives:
Interest Rate Swaps**					—				(1,533,315	)			—				(1,533,315	)
Total				$	—			$	335,559,885			$	—			$	335,559,885
Floating Rate Income (JFR)				Level 1				Level 2				Level 3				Total
Long-Term Investments*:
Variable Rate Senior Loan Interests				$	—			$	702,819,240			$	—			$	702,819,240
Common Stocks					—				15,015,133				—				15,015,133
Convertible Bonds					—				1,829,375				—				1,829,375
Corporate Bonds					—				59,435,972				—				59,435,972
Asset-Backed Securities					—				19,310,018				—				19,310,018
Investment Companies					12,567,954				—				—				12,567,954
Short-Term Investments:
Repurchase Agreements					—				14,170,021				—				14,170,021
Derivatives:
Interest Rate Swaps**					—				(4,100,038	)			—				(4,100,038	)
Total				$	12,567,954			$	808,479,721			$	—			$	821,047,675
Floating Rate Income Opportunity (JRO)				Level 1				Level 2				Level 3				Total
Long-Term Investments*:
Variable Rate Senior Loan Interests				$	—			$	450,008,473			$	—			$	450,008,473
Common Stocks					—				9,431,335				—				9,431,335
Convertible Bonds					—				1,533,125				—				1,533,125
Corporate Bonds					—				49,515,861				—				49,515,861
Asset-Backed Securities					—				16,262,887				—				16,262,887
Short-Term Investments:
Repurchase Agreements					—				9,226,238				—				9,226,238
Derivatives:
Interest Rate Swaps**					—				(2,431,534	)			—				(2,431,534	)
Total				$	—			$	533,546,385			$	—			$	533,546,385

 

*  Refer to the Fund's Portfolio of Investments for industry classifications and breakdown of Common Stocks classified as Level 2.

**  Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.

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Short Duration Credit Opportunities (JSD)				Level 1				Level 2				Level 3				Total
Long-Term Investments*:
Variable Rate Senior Loan Interests				$	—			$	235,477,002			$	—			$	235,477,002
Corporate Bonds					—				35,270,625				—				35,270,625
Short-Term Investments:
Repurchase Agreements					—				10,604,701				—				10,604,701
Derivatives:
Interest Rate Swaps**					—				(1,324,233	)			—				(1,324,233	)
Credit Default Swaps**					—				646,923				—				646,923
Total				$	—			$	280,675,018			$	—			$	280,675,018

 

*  Refer to the Fund's Portfolio of Investments for industry classifications.

**  Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.

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 fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market 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 Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

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. Derivative Instruments and Hedging Activities

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. For additional information on the derivative instruments in which the Funds were invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1—General Information and Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Funds as of July 31, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Senior Income (NSL)

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Interest Rate

Swaps

—

$

—

Unrealized depreciation on interest rate swaps

$

(1,533,315

)

 

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Floating Rate Income (JFR)

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Interest Rate

Swaps

—

$

—

Unrealized depreciation on interest rate swaps

$

(4,100,038

)

 

Floating Rate Income Opportunity (JRO)

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Interest Rate

Swaps

—

$

—

Unrealized depreciation on interest rate swaps

$

(2,431,534

)

 

Short Duration Credit Opportunities (JSD)

								Location on the Statement of Assets and Liabilities
Underlying				Derivative				Asset Derivatives								Liability Derivatives
Risk Exposure				Instrument				Location				Value				Location				Value
Interest Rate				Swaps					—			$	—			Unrealized depreciation on interest rate swaps*				$	(1,324,233	)
Credit				Swaps				Unrealized appreciation on credit default swaps*					681,936				—				—
Credit				Swaps				Unrealized appreciation on credit default swaps*					(35,013	)			—				—
Total												$	646,923							$	(1,324,233	)

 

*  Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities but is not reflected in the cumulative gross appreciation (depreciation) presented above.

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended July 31, 2012, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Swaps				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Risk Exposure
Interest Rate				$	(569,750	)		$	(1,523,493	)		$	(903,510	)		$	(342,817	)
Credit					—				—				—				30,332
Total				$	(569,750	)		$	(1,523,493	)		$	(903,510	)		$	(312,485	)
Change in Net Unrealized Appreciation (Depreciation) of Swaps				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Risk Exposure
Interest Rate				$	(584,340	)		$	(1,567,786	)		$	(926,647	)		$	(1,324,233	)
Credit					—				—				—				646,923
				$	(584,340	)		$	(1,567,786	)		$	(926,647	)		$	(677,310	)

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4. Fund Shares

Common Shares

During the fiscal year ended July 31, 2012, Short Duration Credit Opportunities' (JSD) Board of Trustees approved the Fund's participation in a share repurchase program, under which the Fund may repurchase up to 10% of its outstanding common shares.

Transactions in Common shares were as follows:

				Senior Income (NSL)								Floating Rate Income (JFR)								Floating Rate Income Opportunity (JRO)								Short Duration Credit Opportunities (JSD)
				Year Ended 7/31/12				Year Ended 7/31/11				Year Ended 7/31/12				Year Ended 7/31/11				Year Ended 7/31/12				Year Ended 7/31/11				Year Ended 7/31/12				For the period 5/25/11 (commencement of operations) through 7/31/11
Common shares:
Sold					—				—				—				—				—				—				—				10,000,000
Sold through shelf offering					759,751				2,140,249				54,809				796,632				731,647				2,068,353				—				—
Issued to shareholders due to reinvestment of distributions					21,335				20,595				4,423				46,347				14,800				17,824				6,452				—
Repurchased and retired					—				—				—				—				—				—				—				N/A
Total					781,086				2,160,844				59,232				842,979				746,447				2,086,177				6,452				10,000,000
Weighted average Common share:
Premium to NAV per shelf offering share sold					1.69	%			4.12	%			1.14	%			1.50	%			1.53	%			2.97	%			—				—
Price per share repurchased and retired				$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Discount per share repurchased and retired					—				—				—				—				—				—				—				—

 

N/A – Short Duration Credit Opportunities (JSD) was not authorized to repurchase its outstanding common shares during the period May 25, 2011 (commencement of operations) through July 31, 2011.

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the fiscal year ended July 31, 2012, were as follows:

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Purchases				$	220,804,418			$	470,180,374			$	438,407,764			$	219,724,560
Sales and maturities					181,697,601				421,998,639				388,887,590				142,201,400

 

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, timing differences in recognizing certain gains and losses on investment transactions and, for Floating Rate Income (JFR), Floating Rate Income Opportunity (JRO) and Short Duration Credit Opportunities (JSD), 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 net asset values of the Funds.

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At July 31, 2012, 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)
Cost of investments				$	346,684,129			$	840,183,554			$	543,809,659			$	276,692,807
Gross unrealized:
Appreciation				$	8,037,998			$	19,405,488			$	13,919,180			$	7,365,922
Depreciation					(17,628,927	)			(34,441,329	)			(21,750,920	)			(2,706,401	)
Net unrealized appreciation (depreciation) of investments				$	(9,590,929	)		$	(15,035,841	)		$	(7,831,740	)		$	4,659,521

 

Permanent differences, primarily due to federal taxes paid, paydowns, bond premium adjustments and treatment of notional principal contracts, resulted in reclassifications among the Funds' components of Common share net assets at July 31, 2012, the Funds' tax year end, as follows:

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Paid-in-surplus				$	(9,026	)		$	(33,571	)		$	(24,634	)		$	—
Undistributed (Over-distribution of) net investment income					(1,106,923	)			(5,573,406	)			(4,824,086	)			(605,747	)
Accumulated net realized gain (loss)					1,115,949				5,606,977				4,848,720				605,747

 

The tax components of undistributed net ordinary income and net long-term capital gains at July 31, 2012, the Funds' tax year end, were as follows:

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Undistributed net ordinary income *				$	2,063,354			$	7,250,492			$	5,279,429			$	1,689,034
Undistributed net long-term capital gains					—				—				—				—

 

*  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, 2012, paid on August 1, 2012.

The tax character of distributions paid during the Funds' tax years ended July 31, 2012 and July 31, 2011, was designated for purposes of the dividends paid deduction as follows:

2012				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)
Distributions from net ordinary income *				$	17,152,683			$	45,574,781			$	30,481,222			$	13,918,877
Distributions from net long-term capital gains					—				—				—				—

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2011				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)				Short Duration Credit Opportunities (JSD)**
Distributions from net ordinary income *				$	15,063,956			$	32,126,213			$	22,894,559			$	—
Distributions from net long-term capital gains					—				—				—				—

 

*  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

**  For the period May 25, 2011 (commencement of operations) through July 31, 2011.

At July 31, 2012, the Funds' 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 follows:

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)
Expiration:
July 31, 2015				$	215,819			$	2,471,002			$	—
July 31, 2016					—				183,234				—
July 31, 2017					8,900,332				21,620,554				11,204,604
July 31, 2018					29,264,459				67,020,214				46,332,843
Total				$	38,380,610			$	91,295,004			$	57,537,447

 

During the tax year ended July 31, 2012, the Funds utilized capital loss carryforwards as follows:

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)
Utilized capital loss carryforwards				$	786,251			$	2,592,900			$	1,664,573

 

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

During the Funds' tax year ended July 31, 2012, there were no post-enactment capital losses generated by any of the Funds.

The Funds have elected to defer losses incurred from November 1, 2011 through July 31, 2012, the Funds' tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Fund has elected to defer losses as follows:

				Short Duration Credit Opportunities (JSD)
Post-October capital losses				$	133,681
Late-year ordinary losses					—

 

7. Management Fees and Other Transactions with Affiliates

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.

 

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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
For the first $500 million					.6500	%			.6500	%
For the next $500 million					.6250				.6375
For the next $500 million					.6000				.6250
For the next $500 million					.5750				.6125
For Managed Assets over $2 billion					.5500				.6000

 

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 financial leverage. For these purposes, financial 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 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 and 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 July 31, 2012, the complex-level fee rate for these Funds was .1709%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. 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 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. Symphony is compensated for its services to the Funds from the management fees paid to the Adviser.

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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.

For the first eight years of Floating Rate Income's (JFR) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending March 31,								Year Ending March 31,
	2004	*			.32	%			2009				.32	%
	2005				.32				2010				.24
	2006				.32				2011				.16
	2007				.32				2012				.08
	2008				.32

 

*  From the commencement of operations.

The Adviser has not agreed to reimburse Floating Rate Income (JFR) for any portion of its fees and expenses beyond March 31, 2012.

For the first eight years of Floating Rate Income Opportunity's (JRO) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending July 31,								Year Ending July 31,
	2004	*			.30	%			2009				.30	%
	2005				.30				2010				.22
	2006				.30				2011				.14
	2007				.30				2012				.07
	2008				.30

 

*  From the commencement of operations.

The Adviser has not agreed to reimburse Floating Rate Income Opportunity (JRO) for any portion of its fees and expenses beyond July 31, 2012.

During the fiscal year ended July 31, 2012, Nuveen Securities, LLC, the Funds' distributor and a wholly-owned subsidiary of Nuveen, received commissions of $10,690, 1,311 and $17,405, related to the sale of Common shares from the shelf offerings of Senior Income (NSL), Floating Rate Income (JFR) and Floating Rate Income Opportunity (JRO), respectively.

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 the custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. At July 31, 2012, Senior Income (NSL), Floating Rate Income (JFR) and Floating Rate Income Opportunity (JRO) had unfunded senior loan commitments of $2,075,000, $3,400,000 and $1,825,000, respectively. Short Duration Credit Opportunities (JSD) had no unfunded senior loan commitments as of July 31, 2012.

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. At July 31, 2012, there were no such outstanding participation commitments in any of the Funds.

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9. Borrowing Arrangements

The following Funds have entered into a credit agreement ("Borrowings") with an affiliate of Citibank N.A. as a means of financial leverage. 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				$	109,000,000			$	270,000,000			$	173,000,000

 

As of July 31, 2012, 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				$	100,000,000			$	249,200,000			$	159,900,000

 

On May 8, 2012, each Fund amended its Borrowings with Citibank N.A. For the period August 1, 2011 through May 7, 2012, each Fund's maximum commitment amount was as follows:

				Senior Income (NSL)				Floating Rate Income (JFR)				Floating Rate Income Opportunity (JRO)
Maximum commitment amount				$	75,500,000			$	209,500,000			$	120,000,000

 

During the fiscal year ended July 31, 2012, 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				$	80,869,672			$	215,257,760			$	128,720,164
Average annual interest rate					1.16	%			1.17	%			1.16	%

 

During the period August 1, 2011 through May 7, 2012, interest incurred on these Borrowings was based on a commercial paper rate on the amount borrowed. In addition to the interest expense, each Fund paid a .60% per annum program fee, based on the average daily outstanding balance and a .25% per annum liquidity fee, based on the maximum commitment amount of the Borrowings through the renewal date.

Effective May 8, 2012, 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. Each Fund also incurred a one-time .15% amendment fee on the increase to its maximum commitment amount, which will be fully expensed during the fiscal year ended July 31, 2013.

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On August 12, 2011, Short Duration Credit Opportunities (JSD) entered into a credit agreement ("Borrowings") with Bank of America, N.A. ("Bank of America") as a means of financial leverage. The Fund's maximum commitment amount under its Borrowings is as follows:

				Short Duration Credit Opportunities (JSD)
Maximum commitment amount				$	85,000,000

 

As of July 31, 2012, the Fund's outstanding balance on its Borrowings was as follows:

				Short Duration Credit Opportunities (JSD)
Outstanding balance on Borrowings				$	85,000,000

 

On August 17, 2011, the Fund amended its Borrowings with Bank of America. For the period August 1, 2011 through August 16, 2011, the Fund's maximum commitment amount was as follows:

				Short Duration Credit Opportunities (JSD)
Maximum commitment amount				$	75,000,000

 

During the fiscal year ended July 31, 2012, the average daily balance outstanding and average annual interest rate on the Fund's Borrowings were as follows:

				Short Duration Credit Opportunities (JSD)
Average daily balance outstanding				$	69,781,421
Average annual interest rate					1.16	%

 

Interest is charged on these Borrowings at the 3-Month LIBOR (London Inter-bank Offered Rate) plus .85% per annum on the amount borrowed and .25% per annum on the undrawn balance. The Fund also accrues a commitment fee of .10% per annum on the maximum commitment amount and incurred a one-time .10% ammendment fee on the increased maximum commitment amount, which was fully expensed during the fiscal year ended July 31, 2012.

In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by securities held in each Fund's portfolio of investments.

Borrowings outstanding are recognized as "Borrowings" on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amounts and undrawn balances and the one-time amendment fees are recognized as a component of "Interest expense on borrowings" on the Statement of Operations.

10. New Accounting Pronouncements

Financial Accounting Standards Board ("FASB") Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-11 ("ASU No. 2011-11") to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting ("netting") on the Statement of Assets and Liabilities. This information will enable users of the entity's financial statements to evaluate the effect or potential effect of netting arrangements on the entity's financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

11. Subsequent Events

On August 17, 2012, Senior Income (NSL) and Floating Rate Income Opportunity (JRO) filed registration statements with the SEC authorizing the Funds to issue an additional 3.2 million and 3.1 million shares, respectively, through their shelf offerings.

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Board Members & Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the board members of the Funds. The number of board members of the Funds is currently set at ten. None of the board members who are not "interested" persons of the Funds (referred to herein as "independent board members") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

Name, Birthdate & Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

Independent Board Members:

nROBERT P. BREMNER

8/22/40 333 W. Wacker Drive Chicago, IL 60606

Chairman of the Board and Board Member

1996 Class III

Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.

219

nJACK B. EVANS

10/22/48 333 W. Wacker Drive Chicago, IL 60606

Board Member

1999 Class III

President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.

219

nWILLIAM C. HUNTER

3/6/48 333 W. Wacker Drive Chicago, IL 60606

Board Member

2004 Class I

Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.

219

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Name, Birthdate & Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

Independent Board Members (continued):

nDAVID J. KUNDERT

10/28/42 333 W. Wacker Drive Chicago, IL 60606

Board Member

2005 Class II

Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.

219

nWILLIAM J. SCHNEIDER

9/24/44 333 W. Wacker Drive Chicago, IL 60606

Board Member

1996 Class III

Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council;member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.

219

nJUDITH M. STOCKDALE

12/29/47 333 W. Wacker Drive Chicago, IL 60606

Board Member

1997 Class I

Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).

219

nCAROLE E. STONE

6/28/47 333 W. Wacker Drive Chicago, IL 60606

Board Member

2007 Class I

Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).

219

nVIRGINIA L. STRINGER

8/16/44 333 W. Wacker Drive Chicago, IL 60606

Board Member

2011

Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute's Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).

219

 

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Board Members & Officers (Unaudited) (continued)

Name, Birthdate & Address

Position(s) Held with the Funds

Year First Elected or Appointed and Term(1)

Principal Occupation(s) Including other Directorships During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Board Member

Independent Board Members (continued):

nTERENCE J. TOTH

9/29/59 333 W. Wacker Drive Chicago, IL 60606

Board Member

2008 Class II

Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004), Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly,Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).

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Interested Board Member:

nJOHN P. AMBOIAN(2)

6/14/61 333 W. Wacker Drive Chicago, IL 60606

Board Member

2008 Class II

Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.

219

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds:

nGIFFORD R. ZIMMERMAN

9/9/56 333 W. Wacker Drive Chicago, IL 60606

Chief Administrative Officer

1988

Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 222 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management LLC (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.

219

 

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Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds (continued):

nWILLIAM ADAMS IV

6/9/55 333 W. Wacker Drive Chicago, IL 60606

Vice President

2007

Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); President 122 (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.

117

nCEDRIC H. ANTOSIEWICZ

1/11/62 333 W. Wacker Drive Chicago, IL 60606

Vice President

2007

Managing Director of Nuveen Securities, LLC.

117

nMARGO L. COOK

4/11/64 333 W. Wacker Drive Chicago, IL 60606

Vice President

2009

Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.

219

nLORNA C. FERGUSON

10/24/45 333 W. Wacker Drive Chicago, IL 60606

Vice President

1998

Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).

219

nSTEPHEN D. FOY

5/31/54 333 W. Wacker Drive Chicago, IL 60606

Vice President and Controller

1998

Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.

219

nSCOTT S. GRACE

8/20/70 333 W. Wacker Drive Chicago, IL 60606

Vice President and Treasurer

2009

Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley's Global Financial Services Group (2000-2003); Chartered Accountant Designation.

219

 

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Board Members & Officers (Unaudited) (continued)

Name, Birthdate and Address

Position(s) Held with the Funds

Year First Elected or Appointed(3)

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Officer

Officers of the Funds (continued):

nWALTER M. KELLY

2/24/70 333 W. Wacker Drive Chicago, IL 60606

Chief Compliance Officer and Vice President

2003

Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.; Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.

219

nTINA M. LAZAR

8/27/61 333 W. Wacker Drive Chicago, IL 60606

Vice President

2002

Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.

219

nKEVIN J. MCCARTHY

3/26/66 333 W. Wacker Drive Chicago, IL 60606

Vice President and Secretary

2007

Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).

219

nKATHLEEN L. PRUDHOMME

3/30/53 901 Marquette Avenue Minneapolis, MN 55402

Vice President and Assistant Secretary

2011

Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).

219

 

(1) Board Members serve three year terms. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.

(2) Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.

(3) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

 

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Annual Investment Management
Agreement Approval Process (Unaudited)

The Board of Trustees (each, a "Board" and each Trustee, a "Board Member") of the Funds, including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for approving the advisory agreements (each, an "Investment Management Agreement") between each Fund and Nuveen Fund Advisors, Inc. (the "Advisor") and the sub-advisory agreements (each, a "Sub-Advisory Agreement") between the Advisor and Symphony Asset Management LLC (the "Sub-Advisor") (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the "Advisory Agreements") and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the "Fund Advisers" and each, a "Fund Adviser"). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor's profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds' investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor's investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

personnel. In this regard, the Independent Board Members attended a presentation by the Sub-Advisor in February 2011. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members' conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund's Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser's services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor's integrity and the Advisor's responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser's organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor's investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team's philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser's ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor's execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen's compliance program, including the report of the chief compliance officer regarding the Funds' compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

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In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance, legal support, managing leverage and promoting an orderly secondary market for common shares. The Board further recognized Nuveen's additional investments in personnel, including in compliance and risk management.

In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the closed-end fund product line. These initiatives included completion of the refinancing of auction rate preferred securities; efforts to eliminate product overlap with fund mergers; elimination of the insurance mandate on several funds; ongoing services to manage leverage that has become increasingly complex; continued secondary market offerings, share repurchases and other support initiatives for certain funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen's support services included, among other things: continuing communications concerning the refinancing efforts related to auction rate preferred securities; supporting and promoting munifund term preferred shares (MTP) including by launching a microsite dedicated to MTP shares; sponsoring and participating in conferences; communicating with closed-end fund analysts covering the Nuveen funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing a closed-end fund website.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund's historic investment performance as well as information comparing the Fund's performance information with that of other funds (the "Performance Peer Group") based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds' performance and the applicable investment team. In this regard, the Board reviewed each Fund's total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012 (or for the periods available for the Nuveen Short Duration Credit Opportunities Fund (the "Short Duration Fund"), which did not exist for part of the foregoing time frame).

The Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. In this regard, the Independent Board Members noted that the

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

Performance Peer Group of the Short Duration Fund was classified as having significant differences from such Fund based on various considerations such as special fund objectives, potential investable universe and the composition of the peer set (e.g., the number and size of competing funds and number of competing managers). The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder's investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund's peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund's investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

In considering the results of the comparisons, the Independent Board Members observed, among other things, that the Nuveen Senior Income Fund had demonstrated generally favorable performance in comparison to its peers, performing in the top two quartiles, while the Nuveen Floating Rate Income Fund and the Nuveen Floating Rate Income Opportunity Fund lagged their peers somewhat in the short term, but demonstrated more favorable performance in the longer three- and five-year periods, performing in the first quartile. As noted above, the Short Duration Fund had significant differences from its Performance Peer Group. Therefore, the Independent Board Members considered such Fund's performance compared to its benchmark, but recognized that such Fund was relatively new with a shorter performance history available, thereby limiting the ability to make a meaningful assessment of performance.

Based on their review, the Independent Board Members determined that each Fund's investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund's gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the "Peer Universe") and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). In reviewing fees and expenses (excluding leverage costs and leveraged assets), the Board considered the expenses and fees to be

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higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.

The Independent Board Members observed that each Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements, if any) below its respective peer averages.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees were reasonable in light of the nature, extent and quality of services provided to it.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including separately managed accounts (both retail and institutional accounts), collective trusts, foreign investment funds offered by Nuveen, and funds that are not offered by Nuveen but are sub-advised by one of Nuveen's investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts). The Independent Board Members also reviewed the fees the Sub-Advisor assesses for equity and taxable fixed-income hedge funds it manages, which include a performance fee.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Advisor's continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser's particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen's methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen's investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor's level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser's revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor's level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds' assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in

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order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Advisor for serving as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that the Advisor has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Advisor may also benefit a Fund and shareholders to the extent the research enhances the ability of the Advisor to manage the Fund. The Independent Board Members noted that the Advisor's profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly. The Board considered that the Sub-Advisor currently does not enter into soft dollar arrangements; however, it has adopted a soft dollar policy in the event it does so in the future.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser's fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

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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 tax-free 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 month 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 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.

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Glossary of Terms
Used in this Report

•  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.

•  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.

•  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.

•  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.

•  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.

•  Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.

•  Market Yield (also known as Dividend Yield or Current Yield): Market yield 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 calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a tax return of capital.

•  Net Asset Value (NAV): The net market value of all securities held in a portfolio.

•  Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund's total assets (securities, cash, and accrued earnings), subtracting the Fund's liabilities, and dividing by the number of shares outstanding.

•  Regulatory Leverage: Regulatory leverage consists of preferred shares or debt issued by of the Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is sometimes referred to as "'40 Act Leverage" and is subject to asset coverage limits set forth in the Investment Company Act of 1940.

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Notes

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Additional Fund Information

Board of Trustees

John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth

Fund Manager

Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606

Custodian

State Street Bank & Trust Company
Boston, MA

Transfer Agent and
Shareholder Services

State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

Legal Counsel

Chapman and Cutler LLP
Chicago, IL

Independent Registered
Public Accounting Firm

Ernst & Young LLP
Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds 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 or on Nuveen's website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

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 Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Distribution Information

The following federal income tax information is provided with respect to the Funds' distributions paid during the taxable year ended July 31, 2012. NSL, JFR, JRO and JSD hereby designate 97.02%, 96.05%, 97.47% and 94.26%, respectively, (or the maximum amount eligible) of ordinary income distributions as Interest-Related Dividends as defined in Internal Revenue Code Section 871(k) for the taxable year ended July 31, 2012.

Common Share Information

Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

Fund				Common Shares Repurchased
NSL					—
JFR					—
JRO					—
JSD					—

 

Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

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Nuveen Investments:
Serving Investors for Generations

Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com/cef

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 $212 billion as of June 30, 2012.

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

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