Edgar Filing: Nuveen Credit Strategies Income Fund

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 811-21333

Nuveen Credit Strategies Income 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:	7/31
Date of reporting period:		10/31/2014

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 Credit Strategies Income Fund (JQC)
			October 31, 2014 (Unaudited)

Principal
Amount (000)		Description (1)		Coupon (4)	Maturity (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS - 138.5% (97.1% of Total Investments)
		VARIABLE RATE SENIOR LOAN INTERESTS - 104.9% (73.5% of Total Investments) (4)
		Airlines - 2.9% (2.1% of Total Investments)
$ 7,406		American Airlines, Inc., Term Loan		3.750%	6/27/19	Ba2	$	7,313,672
16,703		Delta Air Lines, Inc., Term Loan B1		3.250%	10/18/18	BBB-	16,392,802
17,182		Delta Air Lines, Inc., Term Loan B		3.250%	4/20/17	BBB-	17,088,228
41,291		Total Airlines					40,794,702
		Automobiles - 1.0% (0.7% of Total Investments)
3,581		Chrysler Group LLC, Term Loan B		3.500%	5/24/17	BB+	3,566,125
7,795		Formula One Group, Term Loan, First Lien		4.750%	7/30/21	B	7,734,556
2,000		Formula One Group, Term Loan, Second Lien		7.750%	7/29/22	CCC+	1,998,750
13,376		Total Automobiles					13,299,431
		Chemicals - 4.0% (2.8% of Total Investments)
13,526		Ineos US Finance LLC, Cash Dollar, Term Loan		3.750%	5/04/18	BB-	13,352,998
35,060		Univar, Inc., Term Loan		5.000%	6/30/17	B+	34,884,752
7,540		US Coatings Acquisition, Term Loan B		3.750%	2/01/20	B+	7,431,952
56,126		Total Chemicals					55,669,702
		Commercial Services & Supplies - 3.3% (2.3% of Total Investments)
9,825		ADS Waste Holdings, Inc., Initial Term Loan, Tranche B2		3.750%	10/09/19	B+	9,626,044
584		CCS Income Trust, Term Loan, First Lien		6.250%	5/12/18	B-	568,443
35,910		Millennium Laboratories, Inc., Tranche B, Term Loan		5.250%	4/16/21	B+	35,977,331
46,319		Total Commercial Services & Supplies					46,171,818
		Communications Equipment - 1.1% (0.8% of Total Investments)
14,933		Telesat Canada Inc., Term Loan B		3.500%	3/28/19	BB-	14,743,687
		Computers & Peripherals - 1.9% (1.3% of Total Investments)
25,740		Dell, Inc., Term Loan B		4.500%	4/29/20	BB+	25,811,660
		Consumer Finance - 1.3% (0.9% of Total Investments)
15,000		First Data Corporation, Second New Dollar, Term Loan		3.653%	3/24/17	BB-	14,906,250
3,500		First Data Corporation, Term Loan		3.653%	3/23/18	BB-	3,472,438
18,500		Total Consumer Finance					18,378,688
		Containers & Packaging - 1.3% (0.9% of Total Investments)
18,145		Reynolds Group Holdings, Inc., Incremental US Term Loan, First Lien		4.000%	12/01/18	B+	18,070,884
		Diversified Consumer Services - 4.7% (3.3% of Total Investments)
10,296		Cengage Learning Acquisitions, Inc., Exit Term Loan		7.000%	3/31/20	B+	10,325,494
31,851		Hilton Hotels Corporation, Term Loan B2		3.500%	10/25/20	BB+	31,582,451
8,060		Laureate Education, Inc., Term Loan B		5.000%	6/15/18	B	7,797,790
15,875		ServiceMaster Company, Term Loan		4.250%	7/01/21	B+	15,752,493
66,082		Total Diversified Consumer Services					65,458,228
		Diversified Financial Services - 0.1% (0.1% of Total Investments)
1,253		Ocwen Financial Corporation, Term Loan B		5.000%	2/15/18	B1	1,210,253
		Diversified Telecommunication Services - 5.4% (3.8% of Total Investments)
10,440		Intelsat Jackson Holdings, S.A., Tranche B2, Term Loan		3.750%	6/30/19	BB-	10,374,742
9,000		Level 3 Financing, Inc., Term Loan B, First Lien, WI/DD		TBD	TBD	BB+	9,042,192
20,685		WideOpenWest Finance LLC, Term Loan B		4.750%	4/01/19	Ba3	20,695,777
12,943		Ziggo N.V., Term Loan B1, DD1		3.250%	1/15/22	BB-	12,624,762
8,340		Ziggo N.V., Term Loan B2, DD1		3.210%	1/15/22	BB-	8,135,635
13,717		Ziggo N.V., Term Loan B3, Delayed Draw, DD1, (5)		2.750%	1/15/22	BB-	13,380,214
75,125		Total Diversified Telecommunication Services					74,253,322
		Energy Equipment & Services - 0.9% (0.7% of Total Investments)
7,406		Drill Rigs Holdings, Inc., Tranche B1, Term Loan		6.000%	3/31/21	B+	7,113,095
6,404		Vantage Drilling Company, Term Loan B		5.750%	3/28/19	B-	5,763,430
13,810		Total Energy Equipment & Services					12,876,525
		Food & Staples Retailing - 4.7% (3.3% of Total Investments)
13,365		Albertson’s LLC, Term Loan B2		4.750%	3/21/19	BB-	13,348,613
29,000		Albertson’s LLC, Term Loan B4		4.500%	8/25/21	BB-	29,038,251
12,903		BJ’s Wholesale Club, Inc., Replacement Loan, First Lien		4.500%	9/26/19	B-	12,778,081
7,500		BJ’s Wholesale Club, Inc., Replacement Loan, Second Lien		8.500%	3/26/20	CCC	7,522,500
1,961		Supervalu, Inc., New Term Loan		4.500%	3/21/19	B+	1,937,511
64,729		Total Food & Staples Retailing					64,624,956
		Food Products - 6.4% (4.5% of Total Investments)
32,884		H.J Heinz Company, Term Loan B2		3.500%	6/05/20	BB	32,719,331
12,000		Jacobs Douwe Egberts, Term Loan B		3.500%	7/23/21	BB	11,850,000
1,365		NPC International, Inc., Term Loan B		4.000%	12/28/18	B1	1,306,987
42,623		US Foods, Inc., Incremental Term Loan		4.500%	3/31/19	B2	42,560,925
88,872		Total Food Products					88,437,243
		Health Care Equipment & Supplies - 5.0% (3.5% of Total Investments)
15,710		Kinetic Concepts, Inc., Term Loan D1		4.000%	5/04/18	BB-	15,621,460
10,197		Onex Carestream Finance LP, Term Loan, First Lien		5.000%	6/07/19	B+	10,222,289
11,672		Onex Carestream Finance LP, Term Loan, Second Lien		9.500%	12/07/19	B-	11,589,046
32,425		United Surgical Partners International, Inc., Incremental Term Loan		4.750%	4/03/19	B1	32,490,216
70,004		Total Health Care Equipment & Supplies					69,923,011
		Health Care Providers & Services - 3.7% (2.6% of Total Investments)
21,652		Community Health Systems, Inc., Term Loan D		4.250%	1/27/21	BB	21,699,495
441		Community Health Systems, Inc., Term Loan E		3.485%	1/25/17	BB	440,094
21,592		Drumm Investors LLC, Term Loan		6.750%	5/04/18	B	21,798,903
367		HCA, Inc., Tranche B5, Term Loan		2.904%	3/31/17	BB	366,405
7,573		National Mentor Holdings, Inc., Term Loan B		4.750%	1/31/21	B1	7,525,464
51,625		Total Health Care Providers & Services					51,830,361
		Hotels, Restaurants & Leisure - 4.4% (3.1% of Total Investments)
15,722		Burger King Corporation, Term Loan B, First Lien		4.500%	10/27/21	B+	15,734,234
1,843		CCM Merger, Inc., Term Loan B		4.500%	8/08/21	B+	1,838,601
7,102		Landry’s Restaraunts, Inc., Term Loan B		4.000%	4/24/18	BB-	7,091,007
3,424		MGM Resorts International, Term Loan B		3.500%	12/20/19	BB	3,388,093
7,500		Scientific Games Corporation, Term Loan B2		6.000%	10/01/21	BB-	7,355,858
8,933		Scientific Games Corporation, Term Loan		4.250%	10/18/20	BB-	8,770,598
17,169		Station Casino LLC, Term Loan B		4.250%	3/02/20	B1	16,954,104
61,693		Total Hotels, Restaurants & Leisure					61,132,495
		Household Durables - 0.9% (0.6% of Total Investments)
12,574		Serta Simmons Holdings LLC, Term Loan		4.250%	10/01/19	B+	12,478,054
		Insurance - 1.3% (0.9% of Total Investments)
10,890		Hub International Holdings, Inc., Initial Term Loan		4.250%	10/02/20	B1	10,751,424
7,861		USI Holdings Corporation, Initial Term Loan		4.250%	12/27/19	B1	7,781,994
18,751		Total Insurance					18,533,418
		Internet & Catalog Retail - 1.6% (1.1% of Total Investments)
22,000		Travelport LLC, Term Loan B, First Lien		6.000%	9/02/21	B2	21,964,250
		Internet Software & Services - 2.6% (1.8% of Total Investments)
36,954		Sabre Inc., Term Loan		4.000%	2/18/19	Ba3	36,459,971
		IT Services - 0.4% (0.3% of Total Investments)
5,791		Zayo Group LLC, Term Loan B		4.000%	7/02/19	B1	5,747,882
		Leisure Equipment & Products - 0.5% (0.4% of Total Investments)
7,543		Bombardier Recreational Products, Inc., Term Loan		4.000%	1/30/19	B+	7,425,943
		Machinery - 0.4% (0.3% of Total Investments)
5,940		Rexnord LLC, Term Loan B		4.000%	8/21/20	BB-	5,862,038
		Media - 10.4% (7.3% of Total Investments)
7,527		Acquisitions Cogeco Cable II L.P., Term Loan B		3.250%	11/30/19	BB	7,439,155
118		Advantage Sales & Marketing, Inc., Delayed Draw, Term Loan, (5)		3.750%	7/23/21	B1	116,771
3,532		Advantage Sales & Marketing, Inc., Term Loan, First Lien		4.250%	7/25/21	B1	3,503,117
2,950		Advantage Sales & Marketing, Inc., Term Loan, Second Lien		7.500%	7/25/22	CCC+	2,941,395
563		Charter Communications Operating Holdings LLC, Term Loan F		3.000%	1/03/21	Baa3	554,883
729		Clear Channel Communications, Inc., Tranche B, Term Loan		3.804%	1/29/16	CCC+	723,856
3,535		Clear Channel Communications, Inc., Tranche D, Term Loan		6.904%	1/30/19	CCC+	3,348,890
1,358		Clear Channel Communications, Inc. Term Loan E		7.654%	7/30/19	CCC+	1,315,695
34,736		Cumulus Media, Inc., Term Loan B		4.250%	12/23/20	B+	34,288,335
31,183		EMI Music Publishing LLC, Term Loan B		3.750%	6/29/18	BB-	30,854,379
17,207		Interactive Data Corporation, Term Loan B		4.750%	5/02/21	B+	17,228,384
4,858		Springer Science & Business Media, Inc., Term Loan B3		4.750%	8/14/20	B	4,829,846
32,143		Tribune Company, Term Loan B		4.000%	12/27/20	BB+	31,961,776
4,313		Univision Communications, Inc., Replacement Term Loan, First Lien		4.000%	3/01/20	B+	4,275,642
144,752		Total Media					143,382,124
		Multiline Retail - 1.2% (0.8% of Total Investments)
16,650		Hudson’s Bay Company, Term Loan B, First Lien		4.750%	11/04/20	BB	16,699,434
		Oil, Gas & Consumable Fuels - 1.2% (0.8% of Total Investments)
4,351		Crestwood Holdings LLC, Term Loan B		7.000%	6/19/19	B	4,353,080
3,249		Fieldwood Energy LLC, Term Loan, First Lien		3.875%	9/28/18	Ba2	3,185,048
8,778		Fieldwood Energy LLC, Term Loan, Second Lien		8.375%	9/30/20	B2	8,483,673
472		Samson Investment Company, Tranche 1, Term Loan, Second Lien		5.000%	9/25/18	B1	439,167
16,850		Total Oil, Gas & Consumable Fuels					16,460,968
		Pharmaceuticals - 6.3% (4.4% of Total Investments)
34,533		Pharmaceutical Product Development, Inc., Term Loan B, First Lien		4.000%	12/01/18	Ba3	34,331,357
27,741		Quintiles Transnational Corp., Term Loan B3		3.750%	6/08/18	BB	27,532,894
15,512		Valeant Pharmaceuticals International, Inc., Term Loan E		3.500%	8/05/20	Ba1	15,414,882
8,528		Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan C2		3.500%	12/11/19	Ba1	8,462,448
1,279		Valeant Pharmaceuticals International, Inc., Tranche B, Term Loan D2		3.500%	2/13/19	Ba1	1,270,307
87,593		Total Pharmaceuticals					87,011,888
		Professional Services - 0.4% (0.3% of Total Investments)
4,731		Ceridian Corporation, Term Loan B1		4.121%	5/01/17	B1	4,732,665
935		Ceridian Corporation, Term Loan B2		4.500%	9/15/20	B1	928,116
5,666		Total Professional Services					5,660,781
		Real Estate Investment Trust - 3.6% (2.5% of Total Investments)
28,224		iStar Financial, Inc., Term Loan, Tranche A2, First Lien		7.000%	3/19/17	BB-	28,947,618
17,268		Realogy Corporation, Initial Term Loan B		3.750%	3/05/20	BB	17,108,528
4,351		Walter Investment Management Corporation, Tranche B, Term Loan, First Lien		4.750%	12/18/20	B+	4,122,178
49,843		Total Real Estate Investment Trust					50,178,324
		Real Estate Management & Development - 1.6% (1.1% of Total Investments)
21,714		Capital Automotive LP, Term Loan, Tranche B1		4.000%	4/10/19	Ba2	21,632,128
		Semiconductors & Semiconductor Equipment - 4.6% (3.2% of Total Investments)
37,905		Avago Technologies, Term Loan B		3.750%	5/06/21	BBB-	37,837,301
25,649		Freescale Semiconductor, Inc., Term Loan, Tranche B4		4.250%	2/28/20	B1	25,340,102
63,554		Total Semiconductors & Semiconductor Equipment					63,177,403
		Software - 13.3% (9.3% of Total Investments)
5,812		Blackboard, Inc., Term Loan B3		4.750%	10/04/18	B+	5,825,466
38,310		BMC Software, Inc., Initial Term Loan		5.000%	9/10/20	B1	37,888,807
28,609		Datatel Parent Corp, Term Loan B1		4.000%	7/19/18	B+	28,406,535
17,067		Emdeon Business Services LLC, Term Loan B2		3.750%	11/02/18	BB-	16,942,127
24,769		Infor Global Solutions Intermediate Holdings, Ltd., Term Loan B5		3.750%	6/03/20	Ba3	24,428,340
18,169		Kronos Incorporated, Initial Term Loan, Second Lien		9.750%	4/30/20	CCC	18,684,124
10,350		Micro Focus International PLC, Term Loan B, WI/DD		TBD	TBD	BB-	10,029,150
1,650		Micro Focus International PLC, Term Loan C, WI/DD		TBD	TBD	BB-	1,600,500
15,000		Misys PLC, Term Loan, Second Lien		12.000%	6/12/19	CCC+	16,565,625
4,794		SunGard Data Systems, Inc., Term Loan E		4.000%	3/08/20	BB	4,779,317
10,000		Vertafore, Inc., Term Loan, Second Lien		9.750%	10/27/17	CCC+	10,081,250
8,976		Zebra Technologies Corporation, Term Loan B, First Lien, WI/DD		TBD	TBD	BB+	9,054,146
183,506		Total Software					184,285,387
		Specialty Retail - 1.0% (0.7% of Total Investments)
7,980		Burlington Coat Factory Warehouse Corporation, Term Loan B3		4.250%	8/13/21	B1	7,935,111
842		Gardner Denver, Inc., Term Loan		4.250%	7/30/20	B1	830,163
1,732		Jo-Ann Stores, Inc., Term Loan, First Lien		4.000%	3/16/18	B+	1,667,651
2,877		Michaels Stores, Inc. Term Loan, First Lien		3.750%	1/28/20	Ba3	2,833,066
13,431		Total Specialty Retail					13,265,991
		Trading Companies & Distributors - 1.5% (1.0% of Total Investments)
20,528		HD Supply, Inc., Term Loan		4.000%	6/28/18	B+	20,394,933
$	1,461,263	Total Variable Rate Senior Loan Interests (cost $1,453,408,371)					1,453,307,883

Shares		Description (1)					Value
		COMMON STOCKS - 0.9% (0.7% of Total Investments)
		Diversified Consumer Services - 0.8% (0.6% of Total Investments)
403,318		Cengage Learning Holdings II LP					$	11,292,904
		Media - 0.1% (0.1% of Total Investments)
2,174		Cumulus Media, Inc., (6)					8,392
22,352		Tribune Company					1,497,584
17,987		Tribune Company, (7)					–
5,588		Tribune Publishing Company					106,507
		Total Media					1,612,483
		Total Common Stocks (cost $14,291,428)					12,905,387

Shares			Description (1), (8)				Value
			EXCHANGE-TRADED FUNDS - 2.2% (1.5% of Total Investments)
149,300			SPDR® S&P 500® ETF				$	30,107,838
			Total Exchange-Traded Funds (cost $28,950,566)				30,107,838

Principal
Amount (000)			Description (1)	Coupon	Maturity	Ratings (3)	Value
			CORPORATE BONDS - 29.4% (20.6% of Total Investments)
			Chemicals - 0.5% (0.4% of Total Investments)
$ 7,500			Hexion US Finance	6.625%	4/15/20	B1	$	7,500,000
			Commercial Services & Supplies - 0.3% (0.2% of Total Investments)
3,900			NES Rental Holdings Inc., 144A	7.875%	5/01/18	CCC+	4,046,250
			Communications Equipment - 2.0% (1.4% of Total Investments)
19,000			Avaya Inc., 144A	7.000%	4/01/19	B1	18,667,500
10,000			Avaya Inc., 144A	10.500%	3/01/21	CCC+	8,762,500
29,000			Total Communications Equipment				27,430,000
			Diversified Telecommunication Services - 3.6% (2.5% of Total Investments)
23,355			IntelSat Limited	8.125%	6/01/23	B-	24,814,688
22,750			WideOpenWest Finance Capital Corporation	10.250%	7/15/19	CCC+	24,968,125
46,105			Total Diversified Telecommunication Services				49,782,813
			Electronic Equipment, Instruments & Components - 1.1% (0.8% of Total Investments)
14,500			Zebra Technologies Corporation	7.250%	10/15/22	B	15,261,250
			Health Care Equipment & Supplies - 3.7% (2.6% of Total Investments)
1,000			Convatec Finance International SA, 144A	8.250%	1/15/19	B-	1,021,375
19,000			Kinetic Concepts	12.500%	11/01/19	CCC+	20,947,500
25,460			Tenet Healthcare Corporation	8.125%	4/01/22	B3	29,183,525
45,460			Total Health Care Equipment & Supplies				51,152,400
			Health Care Providers & Services - 1.0% (0.7% of Total Investments)
10,000			Community Health Systems, Inc.	6.875%	2/01/22	B	10,775,000
2,800			Wellcare Health Plans Inc.	5.750%	11/15/20	BB	2,883,440
12,800			Total Health Care Providers & Services				13,658,440
			Hotels, Restaurants & Leisure - 0.2% (0.1% of Total Investments)
2,000			MGM Resorts International Inc.	7.750%	3/15/22	BB	2,305,000
			Media - 4.4% (3.1% of Total Investments)
2,500			Affinion Investments LLC, 144A	13.500%	8/15/18	CCC-	2,100,000
4,700			CCOH Safari LLC, WI/DD	TBD	TBD	B+	4,726,438
10,609			Clear Channel Communications, Inc.	9.000%	12/15/19	CCC+	10,721,721
36,415			Clear Channel Communications, Inc.	14.000%	2/01/21	CCC-	31,681,014
300			Clear Channel Communications, Inc.	9.000%	3/01/21	CCC+	300,000
10,000			McGraw-Hill Global Education Holdings	9.750%	4/01/21	BB	11,300,000
64,524			Total Media				60,829,173
			Oil, Gas, & Consumable Fuels - 0.5% (0.4% of Total Investments)
5,000			Oasis Petroleum Inc.	6.875%	3/15/22	B+	5,200,000
2,000			Oasis Petroleum Inc.	6.875%	1/15/23	B+	2,080,000
7,000			Total Oil, Gas, & Consumable Fuels				7,280,000
			Pharmaceuticals - 2.1% (1.5% of Total Investments)
14,000			Jaguar Holding Company I, 144A	9.375%	10/15/17	CCC+	14,332,500
13,887			Salix Pharmaceuticals Limited, 144A	6.000%	1/15/21	B	15,032,678
27,887			Total Pharmaceuticals				29,365,178
			Professional Services - 0.3% (0.2% of Total Investments)
4,000			Ceridian Corporation, 144A	8.125%	11/15/17	CCC	4,000,000
			Semiconductors & Semiconductor Equipment - 0.9% (0.6% of Total Investments)
14,000			Advanced Micro Devices, Inc.	7.000%	7/01/24	B	12,285,000
			Software - 1.0% (0.7% of Total Investments)
5,000			BMC Software Finance Inc., 144A	8.125%	7/15/21	CCC+	4,787,500
2,000			Emdeon Inc.	11.000%	12/31/19	CCC+	2,217,500
3,000			Infor Us Inc.	11.500%	7/15/18	B-	3,315,000
3,375			Infor Us Inc.	9.375%	4/01/19	B-	3,670,313
13,375			Total Software				13,990,313
			Specialty Retail - 1.3% (0.9% of Total Investments)
7,000			99 Cents Only Stores	11.000%	12/15/19	CCC+	7,577,500
9,500			Claires Stores, Inc., 144A	9.000%	3/15/19	B2	9,690,000
1,200			Claires Stores, Inc.	10.500%	6/01/17	CCC	1,140,000
17,700			Total Specialty Retail				18,407,500
			Trading Companies & Distributors - 1.2% (0.8% of Total Investments)
14,650			HD Supply Inc.	11.500%	7/15/20	CCC+	17,067,250
			Wireless Telecommunication Services - 5.3% (3.7% of Total Investments)
10,000			Frontier Communications Corporation	6.250%	9/15/21	BB	10,331,251
2,500			Sprint Corporation, 144A	7.250%	9/15/21	BB-	2,643,750
40,000			Sprint Corporation, 144A	7.875%	9/15/23	BB-	43,299,997
5,000			T-Mobile USA Inc.	6.250%	4/01/21	BB	5,218,750
12,000			T-Mobile USA Inc.	6.375%	3/01/25	BB	12,330,000
69,500			Total Wireless Telecommunication Services				73,823,748
$		393,901	Total Corporate Bonds (cost $395,935,685)				408,184,315

Shares			Description (1)	Coupon	Maturity		Value
			STRUCTURED NOTES - 1.1% (0.8% of Total Investments)
234,000			Barclays Bank PLC, 144A	8.200%	9/04/15		$	5,021,640
132,000			Barclays Bank PLC	6.300%	3/25/15		10,001,640
			Total Structured Notes (cost $15,024,660)				15,023,280
			Total Long-Term Investments (cost $1,907,610,710)				1,919,528,703

Principal
Amount (000)			Description (1)	Coupon	Maturity		Value
			SHORT-TERM INVESTMENTS - 4.2% (2.9% of Total Investments)
$	57,793		Repurchase Agreement with Fixed Income Clearing Corporation, dated 10/31/14, repurchase price $57,792,605, collateralized by $58,510,000 U.S. Treasury Notes, 2.125%, due 9/30/21, value $58,948,825	0.000%	11/03/14		$	57,792,605
			Total Short-Term Investments (cost $57,792,605)				57,792,605
			Total Investments (cost $1,965,403,315) - 142.7%				1,977,321,308
			Borrowings - (43.7)% (9), (10)				(606,000,000)
			Other Assets Less Liabilities - 1.0% (11)				14,051,224
			Net Assets Applicable to Common Shares - 100%				$	1,385,372,532

Investments in Derivatives as of October 31, 2014

Interest Rate Swaps outstanding:

Fund

Fixed Rate

Unrealized

Notional

Pay/Receive

Fixed Rate

Payment

Termination

Appreciation

Counterparty

Amount

Floating Rate

Floating Rate Index

(Annualized)

Frequency

Date

(Depreciation) (11)

Morgan Stanley

$103,075,000

Receive

1-Month USD-LIBOR-BBA

2.064%

Monthly

3/21/16

(2,480,718)

Fair Value Measurements

Fair value is defined as the price that would be received 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).

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 the Fund’s fair value measurements as of the end of the reporting period:


		Level 1		Level 2			Level 3			Total
	Long-Term Investments:
	Variable Rate Senior Loan Interests	$	–	$	1,453,307,883		$	–		$		1,453,307,883
	Common Stocks	12,905,387		–			–		*	12,905,387
	Exchange-Traded Funds	30,107,838		–			–			30,107,838
	Corporate Bonds	–		408,184,315			–			408,184,315
	Structured Notes	–		15,023,280			–			15,023,280
	Short-Term Investments:
	Repurchase Agreements	–		57,792,605			–			57,792,605
	Investments in Derivatives:
	Interest Rate Swaps**	–		(2,480,718		)	–			(2,480,718			)
	Total	$	43,013,225	$	1,931,827,365		$	–	*	$		1,974,840,590
	*Value equals zero as of the end of the reporting period.
	**Represents net unrealized appreciation (depreciation).

	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 and recognition of premium amortization. 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.
As of October 31, 2014, the cost of investments (excluding investments in derivatives) was $1,967,069,164. Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of October 31, 2014, were as follows:


	Gross unrealized:
	Appreciation										$ 24,837,409
	Depreciation										(14,585,265)

	Net unrealized appreciation (depreciation) of investments										$ 10,252,144

		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: 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. The rate shown is the coupon as of the end of the reporting period.

(5)		Investment, or portion of investment, represents an unfunded senior loan commitment outstanding. As of the end of the reporting period the Fund had unfunded senior loan commitments outstanding of $7,505,254.

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

(7)		Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.

(8)		A copy of the most recent financial statements for the exchanged-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.

(9)		Borrowings as a percentage of Total Investments is 30.6%.

(10)		The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for Borrowings.

(11)		Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

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 coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

USD-LIBOR-BBA		United States Dollar — London Inter-Bank Offered Rate British Bankers’ Association.

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 Credit Strategies Income Fund

By (Signature and Title)	/s/ Kevin J. McCarthy
	Kevin J. McCarthy
	Vice President and Secretary

Date: December 30, 2014

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: December 30, 2014

By (Signature and Title)	/s/ Stephen D. Foy
	Stephen D. Foy
	Vice President and Controller (principal financial officer)

Date: December 30, 2014