Nuveen Floating Rate Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Nuveen Floating Rate Income Fund held 437 positions with $2.02B in net assets. Its ten largest holdings made up 17.9% of the fund. The NFRAX share class costs 1% a year. Over the 12 months to May 2026, NFRAX returned 5.6%, with dividends reinvested. In 2026 Q2 it added 152 new positions and exited 129.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TSTXXBlackRock Liquidity Funds T-Fund | 5.84% | $118.09M | 118.1M | $1.0000 |
State Street SPDR Bloomberg Short Term High Yield Bond ETF | 2.26% | $45.64M | 1.8M | $25.14 |
HOPPER MERGER SUB INC 0.00% floating · due 2033-04-07 | 1.58% | $31.92M | — | — |
Broadstreet Partners Group LLC 6.15% floating · due 2031-06-16 | 1.34% | $27.05M | — | — |
Surgery Center Holdings Inc 6.17% floating · due 2030-12-19 | 1.27% | $25.70M | — | — |
Zayo Group Holdings Inc 6.77% floating · due 2030-03-11 | 1.20% | $24.36M | — | — |
WIN WASTE INNOVATIONS HO 6.51% floating · due 2028-03-27 | 1.13% | $22.84M | — | — |
PAREXEL International Corp 6.40% floating · due 2031-12-12 | 1.09% | $22.14M | — | — |
EchoStar Corp 10.75% · due 2029-11-30 | 1.08% | $21.78M | — | — |
TK Elevator US Newco Inc 0.00% 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.
The 200 largest of 437 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
By sector
- Other
- 75.3%
- International
- 8.1%
- Communication Services
- 4.5%
- Industrials
- 4.4%
- 10 other sectors
- 7.7%
- Other
- 75.3%
- International
- 8.1%
- Communication Services
- 4.5%
- Industrials
- 4.4%
- Utilities
- 2.5%
- Information Technology
- 1.8%
- Health Care
- 1.6%
- Consumer Staples
- 0.6%
- Consumer Discretionary
- 0.5%
- Energy
- 0.3%
- Materials
- 0.3%
- Real Estate
- 0.1%
- Cash
- 0.1%
- Financials
- 0.0%
How it has done
NFRAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.47%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.00% | +5.64% | +27.11% | +32.04% | -0.53% | |
| 1.75% | +4.91% | +24.36% | +27.27% | -0.65% | |
| 0.75% | +5.91% | +28.09% | +33.75% | -0.54% | |
| 0.68% | +5.99% | +28.41% | +34.22% | -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.
Fees & fund details
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
- Expense ratio, by class
- 0.68% – 1.75%· NFRAX 1.00%
- Portfolio turnover
- 49.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
152 new· the largest 8
129 exited· the largest 7
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.
Understand how this fund fits with the rest.
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