NPORT-EX 2 JRS.htm
JRS
Nuveen Real Estate Income Fund
Portfolio of Investments    September 30, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 142.6% (96.9% of Total Investments)        
    REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 91.1% (61.9% of Total Investments)        
    Health Care – 8.4% (5.7% of Total Investments)        
396,825   Healthpeak Properties Inc, (2)       $10,773,799
191,295   Welltower Inc, (2)       10,538,441
    Total Health Care       21,312,240
    Hotels – 2.9% (2.0% of Total Investments)        
198,730   Host Hotels & Resorts Inc, (2)       2,144,297
671,430   Sunstone Hotel Investors Inc, (2)       5,331,154
    Total Hotels       7,475,451
    Industrial – 11.9% (8.1% of Total Investments)        
39,110   Duke Realty Corp, (2)       1,443,159
243,920   First Industrial Realty Trust Inc       9,708,016
190,518   Prologis Inc, (2)       19,169,921
    Total Industrial       30,321,096
    Office – 15.1% (10.2% of Total Investments)        
46,400   Alexandria Real Estate Equities Inc       7,424,000
118,345   Boston Properties Inc       9,503,104
253,960   Columbia Property Trust Inc, (2)       2,770,704
233,009   Cousins Properties Inc       6,661,727
199,380   Douglas Emmett Inc       5,004,438
316,200   Hudson Pacific Properties Inc, (2)       6,934,266
    Total Office       38,298,239
    Residential – 23.0% (15.7% of Total Investments)        
426,970   American Homes 4 Rent, (2)       12,160,106
194,874   Apartment Investment and Management Co, (2)       6,571,151
78,783   AvalonBay Communities Inc, (3)       11,765,453
123,335   Camden Property Trust       10,974,348
439,955   Invitation Homes Inc, (2)       12,314,341
144,900   UDR Inc       4,725,189
    Total Residential       58,510,588
    Retail – 5.5% (3.7% of Total Investments)        
248,000   Kimco Realty Corp       2,792,480
143,445   Regency Centers Corp, (2)       5,453,779
241,620   SITE Centers Corp       1,739,664
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JRS Nuveen Real Estate Income Fund (continued)
  Portfolio of Investments September 30, 2020
  (Unaudited)
Shares   Description (1)       Value
    Retail (continued)        
235,580   Weingarten Realty Investors       $3,995,437
    Total Retail       13,981,360
    Specialized – 24.3% (16.5% of Total Investments)        
83,030   CoreSite Realty Corp, (3)       9,870,606
296,005   CubeSmart       9,563,922
54,435   Digital Realty Trust Inc, (2)       7,988,881
22,680   Equinix Inc, (2)       17,239,748
53,925   Extra Space Storage Inc, (2)       5,769,436
50,720   Public Storage, (2)       11,296,358
    Total Specialized       61,728,951
    Total Real Estate Investment Trust Common Stocks (cost $197,019,010)       231,627,925
    
Shares   Description (1)     Coupon   Ratings (4) Value
    REAL ESTATE INVESTMENT TRUST PREFERRED STOCKS – 51.5% (35.0% of Total Investments)            
    Diversified – 4.8% (3.3% of Total Investments)            
35,010   Armada Hoffler Properties Inc     6.750%   N/R 857,745
82,830   PS Business Parks Inc     4.875%   BBB 2,214,874
56,075   PS Business Parks Inc     5.200%   Baa2 1,485,988
11,855   PS Business Parks Inc     5.200%   BBB 306,807
50,880   PS Business Parks Inc     5.250%   BBB 1,360,531
238,361   VEREIT Inc     6.700%   BB+ 6,037,684
    Total Diversified           12,263,629
    Health Care – 0.1% (0.1% of Total Investments)            
17,450   Diversified Healthcare Trust     6.250%   BB 332,597
    Hotels – 4.2% (2.8% of Total Investments)            
59,760   DiamondRock Hospitality Co     8.250%   N/R 1,553,760
6,460   Hersha Hospitality Trust     6.500%   N/R 92,830
9,075   Hersha Hospitality Trust     6.500%   N/R 130,499
57,425   Hersha Hospitality Trust     6.875%   N/R 844,147
4,955   Pebblebrook Hotel Trust     6.300%   N/R 112,528
52,335   Pebblebrook Hotel Trust     6.375%   N/R 1,177,014
58,300   Pebblebrook Hotel Trust     6.500%   N/R 1,339,151
214,425   Sunstone Hotel Investors Inc     6.950%   N/R 5,341,327
    Total Hotels           10,591,256
    Industrial – 4.1% (2.8% of Total Investments)            
120,230   Monmouth Real Estate Investment Corp, (2)     6.125%   N/R 2,979,300
59,877   Prologis Inc, (5)     8.540%   BBB 4,709,326
2,715   Rexford Industrial Realty Inc     5.625%   BB+ 72,762
32,615   Rexford Industrial Realty Inc     5.875%   BB+ 840,162
57,851   Rexford Industrial Realty Inc     5.875%   BB+ 1,555,035
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Shares   Description (1)     Coupon   Ratings (4) Value
    Industrial(continued)            
12,570   STAG Industrial Inc     6.875%   BB+ 324,180
    Total Industrial           10,480,765
    Office – 11.7% (8.0% of Total Investments)            
9,057   Boston Properties Inc     5.250%   Baa2 228,055
12,713   Highwoods Properties Inc, (5)     8.625%   Baa3 15,891,250
217,510   SL Green Realty Corp     6.500%   Ba1 5,463,851
117,374   Vornado Realty Trust     5.250%   Baa3 2,976,605
72,189   Vornado Realty Trust     5.400%   Baa3 1,811,222
136,188   Vornado Realty Trust     5.700%   Baa3 3,455,090
    Total Office           29,826,073
    Residential – 3.6% (2.4% of Total Investments)            
3,700   American Homes 4 Rent     5.875%   BB 97,162
65,105   American Homes 4 Rent     5.875%   BB 1,740,257
97,810   American Homes 4 Rent     6.250%   Ba1 2,689,775
57,077   American Homes 4 Rent     6.350%   BB 1,445,190
25,600   American Homes 4 Rent     6.500%   BB 648,192
34,373   Mid-America Apartment Communities Inc, (3)     8.500%   BBB- 2,217,058
11,578   UMH Properties Inc     6.750%   N/R 291,418
    Total Residential           9,129,052
    Retail – 14.2% (9.6% of Total Investments)            
110,975   Federal Realty Investment Trust     5.000%   Baa1 2,981,898
134,567   Kimco Realty Corp     5.125%   Baa2 3,517,581
82,978   Kimco Realty Corp     5.250%   Baa2 2,185,641
45,850   National Retail Properties Inc     5.200%   Baa2 1,177,428
129,000   Saul Centers Inc     6.000%   N/R 3,212,100
1,630   Saul Centers Inc     6.125%   N/R 40,603
5,494   Simon Property Group Inc     8.375%   BBB+ 370,845
101,850   SITE Centers Corp     6.250%   Ba1 2,480,048
201,200   SITE Centers Corp     6.375%   BB+ 5,013,904
375,717   Taubman Centers Inc, (2)     6.250%   N/R 8,055,372
199,475   Taubman Centers Inc     6.500%   N/R 4,328,608
45,575   Urstadt Biddle Properties Inc     5.875%   N/R 1,084,685
60,825   Urstadt Biddle Properties Inc     6.250%   N/R 1,493,254
    Total Retail           35,941,967
    Specialized – 8.8% (6.0% of Total Investments)            
41,955   Digital Realty Trust Inc     5.200%   Baa3 1,140,337
5,285   Digital Realty Trust Inc     5.250%   Baa3 140,053
3,250   EPR Properties     5.750%   Ba1 61,783
81,111   National Storage Affiliates Trust     6.000%   N/R 2,148,630
23,000   Public Storage     4.125%   A3 596,390
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JRS Nuveen Real Estate Income Fund (continued)
  Portfolio of Investments September 30, 2020
  (Unaudited)
Shares   Description (1)     Coupon   Ratings (4) Value
    Specialized(continued)            
54,000   Public Storage     4.625%   A3 1,453,680
4,169   Public Storage     4.750%   A3 113,855
8,465   Public Storage     4.875%   A3 228,894
44,825   Public Storage     4.900%   A3 1,160,967
82,850   Public Storage, (3)     4.950%   A3 2,129,245
147,424   Public Storage     5.050%   A3 3,874,303
57,260   Public Storage     5.125%   A3 1,464,138
47,297   Public Storage     5.400%   A3 1,207,492
202,320   Public Storage     5.600%   A3 5,705,424
33,910   QTS Realty Trust Inc     7.125%   B- 918,961
    Total Specialized           22,344,152
    Total Real Estate Investment Trust Preferred Stocks (cost $128,303,965)           130,909,491
    Total Long-Term Investments (cost $325,322,975)           362,537,416
    
Principal Amount (000)   Description (1)     Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 4.5% (3.1% of Total Investments)            
    REPURCHASE AGREEMENTS – 4.5% (3.1% of Total Investments)            
$11,466   Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/20, repurchase price $11,465,671, collateralized $11,748,300 U.S. Treasury Notes, 0.375%, due 9/30/27, value $11,695,068     0.000% 10/01/20   $11,465,671
    Total Short-Term Investments (cost $11,465,671)           11,465,671
    Total Investments (cost $336,788,646) – 147.1%           374,003,087
    Borrowings – (41.1)% (6), (7)           (104,500,000)
    Other Assets Less Liabilities – (6.0)% (8)           (15,289,158)
    Net Assets – 100%           $254,213,929
Investments in Derivatives
Interest Rate Swaps - OTC Uncleared            
Counterparty Notional
Amount 		Fund
Pay/Receive
Floating Rate 		Floating Rate Index Fixed Rate
(Annualized) 		Fixed Rate
Payment
Frequency 		Effective
Date (9) 		Optional
Termination
Date 		Maturity
Date 		Value Unrealized
Appreciation
(Depreciation)
Morgan Stanley Capital Services LLC $72,400,000 Receive 1-Month LIBOR 1.994% Monthly 6/01/18 7/01/25 7/01/27 $(8,186,310) $(8,186,310)
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Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/Trustees. 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. U.S. GAAP establishes the three-tier hierarchy which 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 management’s 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, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value them:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Real Estate Investment Trust Common Stocks $231,627,925 $ — $ — $231,627,925
Real Estate Investment Trust Preferred Stocks 110,308,915 20,600,576  — 130,909,491
Short-Term Investments:        
Repurchase Agreements  — 11,465,671  — 11,465,671
Investments in Derivatives:        
Interest Rate Swaps*  — (8,186,310)  — (8,186,310)
Total $341,936,840 $23,879,937 $ — $365,816,777
    
* Represents net unrealized appreciation (depreciation).
    
  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) Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $98,824,224.  
(3) Investment, or portion of investment, has been pledged to collateralized the net payment obligations for investments in derivatives.  
(4) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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.  
(5) For fair value measurement disclosure purposes, investment classified as Level 2.  
(6) Borrowings as a percentage of Total Investments is 27.9%.  
(7) The Fund may pledge up to 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. As of the end of the reporting period investments with a value of $218,655,550 have been pledged as collateral for borrowings.  
(8) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable.  
(9) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.  
LIBOR London Inter-Bank Offered Rate  
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