UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number       811-21705      
Nuveen Tax-Advantaged Floating Rate Fund
(Exact name of registrant as specified in charter)
      333 West Wacker Drive, Chicago, Illinois 60606      
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy—Vice President and Secretary
      333 West Wacker Drive, Chicago, Illinois 60606      
(Name and address of agent for service)
Registrant’s telephone number, including area code:      312-917-7700     
Date of fiscal year end:      6/30     
Date of reporting period:    9/30/2010   
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

Item 1. Schedule of Investments
Portfolio of Investments
Nuveen Tax-Advantaged Floating Rate Fund (JFP)
September 30, 2010(Unaudited)
                                         
Shares     Description (1)   Coupon               Ratings (2)     Value  
 
       
 
                               
       
Preferred Securities – 92.1%
                               
       
 
                               
       
Capital Markets – 4.6%
                               
       
 
                               
  44,500    
Goldman Sachs Group Inc., Series D
    4.000 %(5)             BBB     $ 952,745  
  33,500    
Morgan Stanley, Series 2006A
    4.000 %(5)             BBB       671,005  
 
       
Total Capital Markets
                            1,623,750  
         
       
 
                               
       
Commercial Banks – 84.2%
                               
       
 
                               
  9,000    
ABN AMRO North America Capital Funding, 144A
    6.968 %(5)             BB       5,779,688  
  7,000    
City National Bancshares Corporation, Series F, 144A, (MMB), (4)
    8.533 %(5)             N/R       174,785  
  10,000    
Elmira Savings Bank, 144A, (MMB), (4)
    8.998 %(5)             N/R       8,868,884  
  10,000    
First Bank of Oak Park Corporation, Series 2005A, 144A, (MMB), (3), (4)
    3.043 %(5)             N/R       42,200  
  41,300    
HSBC USA Inc.
    4.500 %(5)             A3       994,091  
  5,000    
MidCarolina Financial Corporation, Series 144A, (MMB), (4)
    8.342 %(5)             N/R       3,929,004  
  10,000    
Pedcor Bancorp., (MMB), 144A (3), (4)
    4.248 %(5)             N/R       175,929  
  5,000    
Pedcor Financial Bancorp., 144A (MMB), (3), (4)
    4.201 %(5)             N/R       116,566  
  5,000    
Regent Bancorp Inc., Series A, 144A (MMB), (4)
    8.481 %(5)             N/R       3,747,128  
  10,000    
Rogers Bancshares Inc., 144A Series A, (MMB), (3), (4)
    4.242 %(5)             N/R       111,000  
  10,000    
Shorebank Corporation, Series 144A, (MMB), (4)
    4.334 %(5)             N/R       35,000  
  1,000    
Southern Bancorp Inc., 144A, (MMB), (4)
    4.443 %(5)             N/R       4,479,975  
  2,000    
U.S. Bancorp.
    7.189 %(5)             A3       1,544,000  
 
  10,000    
Vineyard National Bancorp, 144A Series C, 144A, (MMB), (3), (4)
    4.325 %(5)             N/R       1,720  
 
       
Total Commercial Banks
                            29,999,970  
         
       
 
                               
       
Diversified Financial Services – 0.2%
                               
       
 
                               
  10,000    
Blossman Bancshares, Inc., 144A, (MMB), (3), (4)
    8.730 %(5)             N/R       86,625  
 
       
 
                               
       
Insurance – 2.7%
                               
       
 
                               
  1,000    
Zurich RegCaPS Funding Trust VI, Series 144A
    1.114 %(5)             Baa1       960,000  
 
       
 
                               
       
Thrifts & Mortgage Finance – 0.4%
                               
       
 
                               
  5,000    
RMG Capital Corporation, 144A, (MMB), (3), (4)
    4.239 %(5)             N/R       157,149  
 
       
Total Preferred Securities (cost $124,403,986)
                            32,827,494  
         
 
Principal                              
Amount (000)/                              
Shares     Description (1)   Coupon       Maturity     Ratings (2)     Value  
 
       
 
                               
       
Capital Preferred Securities – 0.1%
                               
       
 
                               
       
 
                               
       
 
                               
       
Thrifts & Mortgage Finance – 0.1%
                               
       
 
                               
  5,294    
MM Community Funding Trust XVIII Limited, Class D, (3), (4)
    2.089 %(5)     12/26/39       N/R     $ 26,469  
 
       
Total Capital Preferred Securities (cost $5,002,937)
                            26,469  
         
 
Principal                                
Amount (000)     Description (1)   Coupon       Maturity             Value  
 
       
 
                               
       
Short-Term Investments – 7.5%
                               
       
 
                               
$ 2,678    
Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/10, repurchase price $2,678,296, collateralized by $2,570,000 U.S. Treasury Notes, 4.625%, due 2/29/12, value $2,734,737
    0.080 %     10/01/10             $ 2,678,290  
     
       
Total Short-Term Investments (cost $2,678,290)
                            2,678,290  
         
       
Total Investments (cost $132,085,213) – 99.7%
                          35,532,253  
         
       
Other Assets Less Liabilities – 0.3%
                            120,241  
         
       
Net Assets – 100%
                          $ 35,652,494  
         
Fair Value Measurements
In determining the fair value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
  Level 1 -   Quoted prices in active markets for identical securities.
  Level 2 -   Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
  Level 3 -   Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the Fund’s fair value measurements as of September 30, 2010:
                                 
    Level 1     Level 2     Level 3     Total  
 
Investments:
                               
Preferred Securities*
  $ 4,161,841     $ 6,739,688     $ 21,952,434     $ 32,853,963  
Short-Term Investments
    2,678,290       —       —       2,678,290  
 
 
                               
Total
  $ 6,840,131     $ 6,739,688     $ 21,952,434     $ 35,532,253  
 
                               
 
*   Preferred Securities includes Convertible Preferred Securities, $25 Par (or similar) Preferred Securities and Capital Preferred Securities held by the Fund at the end of the reporting period, if any.
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
                 
        Level 3  
        Preferred
Securities 		 
 
 
               
Balance at the beginning of period
          $ 21,847,554  
Gains (losses):
               
Net realized gains (losses)
            (8,800,000 )
Net change in unrealized appreciation (depreciation)
            10,404,569  
Net purchases at cost (sales at proceeds)
            (1,499,689 )
Net discounts (premiums)
            —  
Net transfers in to (out of) at end of period fair value
            —  
 
 
Balance at the end of period
          $ 21,952,434  
 
               
 
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 timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At September 30, 2010, the cost of investments was $132,085,213.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2010, were as follows:
         
 
 
Gross unrealized:
       
Appreciation
  $ 255,768  
Depreciation
    (96,808,728 )
 
 
       
Net unrealized appreciation (depreciation) of investments
  $ (96,552,960 )
 
       
 
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.
 
(2)   Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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.
 
(3)   Non-income producing; issuer has not declared a dividend within the past twelve months.
 
(4)   For fair value measurement disclosure purposes, investment categorized as Level 3.
 
(5)   Security has a floating rate coupon, which is periodically reset based on a fixed percentage rate above a predetermined index or benchmark. The coupon rate disclosed is that in effect at the end of the reporting period.
 
N/R   Not rated.
 
(MMB)   Middle Market Bank.
 
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.

 

Item 2. Controls and Procedures.
  a.   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
  b.   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Tax-Advantaged Floating Rate Fund
         
     
By (Signature and Title)  /s/ Kevin J. McCarthy    
  Kevin J. McCarthy  
  Vice President and Secretary   
 
Date November 29, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
     
By (Signature and Title)  /s/ Gifford R. Zimmerman    
  Gifford R. Zimmerman   
  Chief Administrative Officer (principal executive officer)   
 
Date November 29, 2010
         
     
By (Signature and Title)  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date November 29, 2010

 

Nuveen Tax-Advantaged Floating Rate Fund Nuveen Tax-Advantaged Floating Rate Fund Shares of Beneficial Interest (AMEX:JFP)
Historical Stock Chart
Von Mai 2024 bis Jun 2024 Click Here for more Nuveen Tax-Advantaged Floating Rate Fund Nuveen Tax-Advantaged Floating Rate Fund Shares of Beneficial Interest Charts.
Nuveen Tax-Advantaged Floating Rate Fund Nuveen Tax-Advantaged Floating Rate Fund Shares of Beneficial Interest (AMEX:JFP)
Historical Stock Chart
Von Jun 2023 bis Jun 2024 Click Here for more Nuveen Tax-Advantaged Floating Rate Fund Nuveen Tax-Advantaged Floating Rate Fund Shares of Beneficial Interest Charts.