Nuveen Floating Rate Income Fund Class C
NFFCX
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ROIC.AI
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- Nuveen Floating Rate Income Fund Class C (NFFCX) is an open-end mutual fund that seeks a high level of current income, with capital appreciation as a secondary objective, by investing primarily in below investment grade floating-rate loans and other floating-rate securities; at least 80% of the sum of its net assets plus any borrowings for investment purposes is allocated to floating-rate securities, including senior loans, corporate debt securities, U.S. government securities, money market securities, and shares of money market or short-term bond funds. The fund's portfolio emphasizes bank loans (82.61%), corporate bonds (12.25%), and cash equivalents, with diversification across U.S. bonds (85.14%) and non-U.S. bonds (10.67%), targeting primarily institutional and individual income-seeking investors in the bank loan segment of the fixed-income market. Launched on May 2, 2011, and domiciled in the United States, NFFCX operates under Nuveen, a Chicago-based asset manager founded in 1898 and headquartered at 333 West Wacker Drive, Chicago, Illinois, with availability limited to U.S. investors. In a recent major development, the related Nuveen Floating Rate Income Fund (NYSE: JFR), sharing the same investment strategy, completed a successful transferable rights offering in February 2025, raising approximately $220.7 million through the oversubscribed issuance of 26,911,238 additional common shares at $8.20 per share (90% of NAV), enhancing its asset base to pursue senior loan opportunities and lower the expense ratio. The fund maintains a net expense ratio of 1.74%, a 1% deferred load, and minimum initial investment of $2,500, managed by a team including Scott Caraher (since inception), Kevin Lorenz (since 2020), and Coale Mechlin (since 2024).