JRS | Nuveen Real Estate Income Fund
Portfolio of Investments March 31, 2021 | |
(Unaudited) |
Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS 136.0% (96.0% of Total Investments) |
||||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS 92.2% (65.1% of Total Investments) |
|
|||||||||||||||
Health Care 7.9% (5.6% of Total Investments) | ||||||||||||||||
82,405 | Healthcare Realty Trust Inc |
$ | 2,498,520 | |||||||||||||
375,295 | Healthpeak Properties Inc |
11,911,863 | ||||||||||||||
128,940 | Welltower Inc |
9,235,972 | ||||||||||||||
Total Health Care |
23,646,355 | |||||||||||||||
Hotels 4.0% (2.8% of Total Investments) | ||||||||||||||||
175,480 | DiamondRock Hospitality Co, (2) |
1,807,444 | ||||||||||||||
662,060 | Sunstone Hotel Investors Inc, (2) |
8,249,268 | ||||||||||||||
90,565 | Xenia Hotels & Resorts Inc, (2) |
1,766,017 | ||||||||||||||
Total Hotels |
11,822,729 | |||||||||||||||
Industrial 11.8% (8.3% of Total Investments) | ||||||||||||||||
180,185 | First Industrial Realty Trust Inc |
8,250,671 | ||||||||||||||
255,433 | Prologis Inc |
27,075,898 | ||||||||||||||
Total Industrial |
35,326,569 | |||||||||||||||
Office 11.2% (7.9% of Total Investments) | ||||||||||||||||
81,035 | Alexandria Real Estate Equities Inc |
13,314,051 | ||||||||||||||
77,790 | Boston Properties Inc |
7,877,015 | ||||||||||||||
183,780 | Douglas Emmett Inc |
5,770,692 | ||||||||||||||
42,350 | Highwoods Properties Inc |
1,818,509 | ||||||||||||||
76,040 | Hudson Pacific Properties Inc |
2,062,965 | ||||||||||||||
38,235 | SL Green Realty Corp |
2,676,068 | ||||||||||||||
Total Office |
33,519,300 | |||||||||||||||
Residential 25.6% (18.1% of Total Investments) | ||||||||||||||||
529,835 | American Homes 4 Rent, Class A |
17,664,699 | ||||||||||||||
217,072 | Apartment Income REIT Corp |
9,281,999 | ||||||||||||||
75,013 | AvalonBay Communities Inc, (3) |
13,840,648 | ||||||||||||||
73,095 | Camden Property Trust |
8,033,871 | ||||||||||||||
99,750 | Equity LifeStyle Properties Inc |
6,348,090 | ||||||||||||||
123,990 | Equity Residential |
8,881,404 | ||||||||||||||
397,625 | Invitation Homes Inc |
12,720,024 | ||||||||||||||
Total Residential |
76,770,735 | |||||||||||||||
Retail 8.7% (6.1% of Total Investments) | ||||||||||||||||
22,530 | Federal Realty Investment Trust |
2,285,669 | ||||||||||||||
193,090 | Kimco Realty Corp |
3,620,437 | ||||||||||||||
218,730 | Macerich Co |
2,559,141 | ||||||||||||||
112,740 | Regency Centers Corp |
6,393,485 | ||||||||||||||
76,180 | Simon Property Group Inc |
8,666,999 | ||||||||||||||
92,755 | Weingarten Realty Investors |
2,496,037 | ||||||||||||||
Total Retail |
26,021,768 | |||||||||||||||
Specialized 23.0% (16.3% of Total Investments) | ||||||||||||||||
56,565 | CoreSite Realty Corp, (3) |
6,779,315 | ||||||||||||||
241,425 | CubeSmart |
9,133,108 | ||||||||||||||
68,390 | Digital Realty Trust Inc |
9,632,048 | ||||||||||||||
28,505 | Equinix Inc |
19,371,713 | ||||||||||||||
82,950 | Life Storage Inc |
7,129,552 | ||||||||||||||
59,755 | Public Storage |
14,745,144 | ||||||||||||||
72,840 | VICI Properties Inc |
2,057,002 | ||||||||||||||
Total Specialized |
68,847,882 | |||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $208,798,295) |
275,955,338 |
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JRS | Nuveen Real Estate Income Fund (continued) | |
Portfolio of Investments March 31, 2021 | ||
(Unaudited) |
Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||
REAL ESTATE INVESTMENT TRUST PREFERRED STOCKS 43.8% (30.9% of Total Investments) |
|
|||||||||||||||
Diversified 6.5% (4.6% of Total Investments) | ||||||||||||||||
35,010 | Armada Hoffler Properties Inc |
6.750% | N/R | $ | 927,765 | |||||||||||
16,250 | Colony Capital Inc, (2) |
7.125% | N/R | 411,450 | ||||||||||||
13,700 | Colony Capital Inc, (2) |
7.150% | N/R | 345,240 | ||||||||||||
7,350 | PS Business Parks Inc |
4.875% | BBB | 194,922 | ||||||||||||
120,575 | PS Business Parks Inc |
5.200% | BBB | 3,171,123 | ||||||||||||
96,220 | PS Business Parks Inc |
5.200% | BBB | 2,499,796 | ||||||||||||
57,260 | PS Business Parks Inc |
5.250% | BBB | 1,493,913 | ||||||||||||
174,578 | VEREIT Inc |
6.700% | BB+ | 4,401,111 | ||||||||||||
232,045 | Vornado Realty Trust |
5.250% | Baa3 | 5,949,634 | ||||||||||||
Total Diversified |
19,394,954 | |||||||||||||||
Health Care 0.1% (0.1% of Total Investments) | ||||||||||||||||
17,450 | Diversified Healthcare Trust |
6.250% | BB- | 425,082 | ||||||||||||
Hotels 4.7% (3.3% of Total Investments) | ||||||||||||||||
132,110 | DiamondRock Hospitality Co |
8.250% | N/R | 3,709,649 | ||||||||||||
6,460 | Hersha Hospitality Trust |
6.500% | N/R | 156,913 | ||||||||||||
9,075 | Hersha Hospitality Trust |
6.500% | N/R | 220,432 | ||||||||||||
57,425 | Hersha Hospitality Trust |
6.875% | N/R | 1,393,705 | ||||||||||||
22,025 | Pebblebrook Hotel Trust |
6.300% | N/R | 534,106 | ||||||||||||
52,335 | Pebblebrook Hotel Trust |
6.375% | N/R | 1,290,058 | ||||||||||||
87,125 | Pebblebrook Hotel Trust |
6.500% | N/R | 2,187,708 | ||||||||||||
175,710 | Sunstone Hotel Investors Inc |
6.950% | N/R | 4,445,463 | ||||||||||||
Total Hotels |
13,938,034 | |||||||||||||||
Industrial 3.7% (2.6% of Total Investments) | ||||||||||||||||
139,585 | Monmouth Real Estate Investment Corp |
6.125% | N/R | 3,548,251 | ||||||||||||
59,877 | Prologis Inc, (5) |
8.540% | BBB | 4,161,451 | ||||||||||||
25,615 | Rexford Industrial Realty Inc |
5.625% | BB+ | 674,187 | ||||||||||||
47,565 | Rexford Industrial Realty Inc |
5.875% | BB+ | 1,201,963 | ||||||||||||
57,851 | Rexford Industrial Realty Inc |
5.875% | BB+ | 1,488,506 | ||||||||||||
Total Industrial |
11,074,358 | |||||||||||||||
Office 9.4% (6.6% of Total Investments) | ||||||||||||||||
12,713 | Highwoods Properties Inc, (5) |
8.625% | Baa3 | 15,891,250 | ||||||||||||
152,510 | SL Green Realty Corp |
6.500% | Ba1 | 3,937,808 | ||||||||||||
120,109 | Vornado Realty Trust |
5.250% | Baa3 | 3,047,166 | ||||||||||||
49,189 | Vornado Realty Trust |
5.400% | Baa3 | 1,246,941 | ||||||||||||
162,188 | Vornado Realty Trust |
5.700% | Baa3 | 4,093,625 | ||||||||||||
Total Office |
28,216,790 | |||||||||||||||
Residential 3.3% (2.3% of Total Investments) | ||||||||||||||||
3,700 | American Homes 4 Rent |
5.875% | BB | 95,608 | ||||||||||||
65,105 | American Homes 4 Rent |
5.875% | BB | 1,691,428 | ||||||||||||
117,810 | American Homes 4 Rent |
6.250% | Ba1 | 3,169,089 | ||||||||||||
83,657 | American Homes 4 Rent |
6.350% | BB | 2,121,542 | ||||||||||||
34,373 | Mid-America Apartment Communities Inc |
8.500% | BBB- | 2,182,685 | ||||||||||||
4,625 | UMH Properties Inc |
6.375% | N/R | 115,625 | ||||||||||||
14,963 | UMH Properties Inc |
6.750% | N/R | 383,352 | ||||||||||||
Total Residential |
9,759,329 | |||||||||||||||
Retail 7.0% (5.0% of Total Investments) | ||||||||||||||||
147,810 | Federal Realty Investment Trust |
5.000% | Baa1 | 3,900,706 | ||||||||||||
136,537 | Kimco Realty Corp |
5.125% | Baa2 | 3,589,558 | ||||||||||||
82,978 | Kimco Realty Corp |
5.250% | Baa2 | 2,184,811 | ||||||||||||
52,395 | National Retail Properties Inc |
5.200% | Baa2 | 1,341,312 | ||||||||||||
129,000 | Saul Centers Inc |
6.000% | N/R | 3,341,100 | ||||||||||||
1,630 | Saul Centers Inc |
6.125% | N/R | 41,874 | ||||||||||||
5,494 | Simon Property Group Inc |
8.375% | BBB+ | 380,954 | ||||||||||||
116,200 | SITE Centers Corp |
6.375% | BB+ | 2,997,960 | ||||||||||||
17,340 | Spirit Realty Capital Inc |
6.000% | BB+ | 456,909 |
2
Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||
Retail (continued) | ||||||||||||||||
53,645 | Urstadt Biddle Properties Inc |
5.875% | N/R | $ | 1,328,250 | |||||||||||
60,825 | Urstadt Biddle Properties Inc |
6.250% | N/R | 1,532,790 | ||||||||||||
Total Retail |
21,096,224 | |||||||||||||||
Specialized 9.1% (6.4% of Total Investments) | ||||||||||||||||
22,100 | Digital Realty Trust Inc |
5.200% | Baa3 | 588,965 | ||||||||||||
7,475 | Digital Realty Trust Inc |
5.250% | Baa3 | 198,237 | ||||||||||||
21,150 | EPR Properties |
5.750% | Ba1 | 532,980 | ||||||||||||
48,376 | National Storage Affiliates Trust |
6.000% | N/R | 1,278,094 | ||||||||||||
33,800 | Public Storage |
3.875% | A3 | 845,338 | ||||||||||||
9,735 | Public Storage |
3.900% | A3 | 253,402 | ||||||||||||
33,005 | Public Storage |
4.125% | A3 | 851,859 | ||||||||||||
54,000 | Public Storage |
4.625% | A3 | 1,450,440 | ||||||||||||
11,630 | Public Storage |
4.700% | A3 | 311,800 | ||||||||||||
15,129 | Public Storage |
4.750% | A3 | 415,140 | ||||||||||||
69,850 | Public Storage |
4.875% | A3 | 1,870,583 | ||||||||||||
44,825 | Public Storage |
4.900% | A3 | 1,158,278 | ||||||||||||
119,850 | Public Storage |
4.950% | A3 | 3,025,014 | ||||||||||||
147,424 | Public Storage |
5.050% | A3 | 3,874,303 | ||||||||||||
57,260 | Public Storage |
5.125% | A3 | 1,466,429 | ||||||||||||
270,390 | Public Storage |
5.600% | A3 | 7,514,138 | ||||||||||||
58,210 | QTS Realty Trust Inc |
7.125% | B- | 1,627,551 | ||||||||||||
Total Specialized |
27,262,551 | |||||||||||||||
Total Real Estate Investment Trust Preferred Stocks (cost $125,616,434) |
131,167,322 | |||||||||||||||
Total Long-Term Investments (cost $334,414,729) |
407,122,660 | |||||||||||||||
Principal Amount (000) |
Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS 5.6% (4.0% of Total Investments) |
||||||||||||||||
REPURCHASE AGREEMENTS 5.6% (4.0% of Total Investments) | ||||||||||||||||
$ | 16,758 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/21, repurchase price $16,758,034, collateralized by $2,225,400, U.S. Treasury Notes, 2.750%, due 2/28/25, value $2,415,889; by $14,755,700, U.S. Treasury Notes, 0.500%, due 3/31/25, value $14,677,318 |
0.000% | 4/01/21 | $ | 16,758,034 | ||||||||||
Total Short-Term Investments (cost $16,758,034) |
16,758,034 | |||||||||||||||
Total Investments (cost $351,172,763) 141.6% |
423,880,694 | |||||||||||||||
Borrowings (38.6)% (6), (7) |
(115,500,000 | ) | ||||||||||||||
Other Assets Less Liabilities (3.0)% (8) |
(9,040,433 | ) | ||||||||||||||
Net Assets 100% |
$ | 299,340,261 |
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 | $ | (4,721,328 | ) | $ | (4,721,328 | ) |
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 Funds notes to financial statements, please refer to the Funds most recently filed annual or semi-annual report.
3
JRS | Nuveen Real Estate Income Fund (continued) | |
Portfolio of Investments March 31, 2021 | ||
(Unaudited) |
Fair Value Measurements
The Funds investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. 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 managements 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 managements assumptions in determining the fair value of investments). |
The following table summarizes the market value of the Funds 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 |
$ | 275,955,338 | $ | | $ | | $ | 275,955,338 | ||||||||
Real Estate Investment Trust Preferred Stocks |
111,114,621 | 20,052,701 | | 131,167,322 | ||||||||||||
Short-Term Investments: |
||||||||||||||||
Repurchase Agreements |
| 16,758,034 | | 16,758,034 | ||||||||||||
Investments in Derivatives: |
||||||||||||||||
Interest Rate Swaps* |
| (4,721,328 | ) | | (4,721,328 | ) | ||||||||||
Total |
$ | 387,069,959 | $ | 32,089,407 | $ | | $ | 419,159,366 |
* | Represents net unrealized appreciation (depreciation). |
For Fund portfolio compliance purposes, the Funds 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) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(3) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
(4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys) 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 & Poors, Baa by Moodys 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 27.2%. |
(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 $215,558,621 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 |
REIT | Real Estate Investment Trust |
4