Nuveen Floating Rate Income Fund
Nuveen Investment Trust III · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Nuveen Floating Rate Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2025 Q4
The principal investment objective of the Fund is to seek a high level of current income
The fund invests at least 80% of assets in floating rate securities, including floating rate loans and debt securities rated below investment grade, with portfolio managers conducting bottom-up credit analysis to assess downside risk and recovery potential in default scenarios. The sub-adviser manages day-to-day investment decisions and may use derivatives to manage duration, convert fixed-rate to floating-rate securities, or enhance yield. Because security selection depends on the sub-adviser's credit assessments, fund performance will diverge from any benchmark. The fund maintains an average effective duration of no longer than one year and may hold up to 20% in fixed-rate debt, convertible securities, and equities from debt restructurings.
| Share class | Expense ratio |
|---|---|
| NFRAX | 1.00% |
| NFFCX | 1.75% |
| NFRIX | 0.75% |
| NFRFX | 0.68% |
Portfolio turnover 49.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Loans | 86.42% |
| Bonds | 12.16% |
| Stocks | 6.05% |
| Cash & short-term | 0.19% |
| 2 smaller | 0.13% |
Look-through blends 2 underlying funds; 5.837% of NAV was not looked through and stays direct-classified.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 75.3% |
| International | 8.1% |
| Communication Services | 4.5% |
| Industrials | 4.4% |
| 10 smaller | 7.7% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Surgery Center Holdings Inc, Discovery Global Holdings Inc, Talen Energy Supply LLC, Allied Universal Holdco LLC, Ryan Specialty LLC, Level 3 Financing Inc, Wand NewCo 3 Inc, Kaman Corp
Largest exited: X Corp ×2, Surgery Center Holdings Inc, Genesys Cloud Services Inc, Kaman Corp, Delta Topco Inc, Talen Energy Supply LLC, Dayforce Bidco LLC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.64% | +25.95% | +32.15% | 1.86% | -0.53% | |
| +5.90% | +23.22% | +27.37% | 1.86% | -0.65% | |
| +6.92% | +26.92% | +33.85% | 1.85% | -0.54% | |
| +7.00% | +27.24% | +34.32% | 1.87% | -0.52% |
These classes hold the same portfolio, so the 6.95pp spread over 5 years is the cost difference between them — roughly 1.39pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 89.7% |
| Fixed rate | 10.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 18.1% |
| 3-5y | 32.2% |
| 5-10y | 48.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 4.0%. Duration alone would have told you none of that.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 87% |
| Interest rates | 13% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +3.77 yr |
| Investment grade | +0.18 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.05 yr | 8% |
| 5 yr | 0.14 yr | 23% |
| 10 yr | 0.31 yr | 54% |
| 30 yr | 0.08 yr | 15% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.39 yr | 10% |
| 5 yr | 2.73 yr | 69% |
| 10 yr | 0.74 yr | 19% |
| 30 yr | 0.08 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $399 |
| 1 yr | +0.05 | +0.01 | +0.37 | $2.8k | $75.2k |
| 5 yr | +0.14 | +0.13 | +2.61 | $25.3k | $527.4k |
| 10 yr | +0.31 | +0.04 | +0.70 | $8.7k | $141.7k |
| 30 yr | +0.08 | +0.00 | +0.08 | $0 | $17.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| TSTXX | BlackRock Liquidity Funds T-FundTSTXX | 5.84% | $1.0000 | $118.09M | 118.1M |
| — | State Street SPDR Bloomberg Short Term High Yield Bond ETF | 2.26% | $25.14 | $45.64M | 1.8M |
| — | HOPPER MERGER SUB INC0.00% floating · due 2033-04-07 | 1.58% | — | $31.92M | — |
| — | Broadstreet Partners Group LLC6.15% floating · due 2031-06-16 | 1.34% | — | $27.05M | — |
| — | Surgery Center Holdings Inc6.17% floating · due 2030-12-19 | 1.27% | — | $25.70M | — |
| — | Zayo Group Holdings Inc6.77% floating · due 2030-03-11 | 1.20% | — | $24.36M | — |
| — | WIN WASTE INNOVATIONS HO6.51% floating · due 2028-03-27 | 1.13% | — | $22.84M | — |
| — | PAREXEL International Corp6.40% floating · due 2031-12-12 | 1.09% | — | $22.14M | — |
| — | EchoStar Corp10.75% · due 2029-11-30 | 1.08% | — | $21.78M | — |
| — | TK Elevator US Newco Inc0.00% floating · due 2030-04-30 | 1.07% | — | $21.72M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
Top 10 positions are 17.86% of net assets, top 25 29.73%, across 356 issuers.
See more of this fund's book
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