NPORT-EX 2 JRS.htm FOR VALIDATION PURPOSES ONLY - [245533.TX]
JRS   

Nuveen Real Estate Income Fund

 

Portfolio of Investments    September 30, 2021

     (Unaudited)

 

Shares     Description (1)                           Value  
 

LONG-TERM INVESTMENTS – 138.4% (96.2% of Total Investments)

          
 

REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 91.6% (63.7% of Total Investments)

 

     
      Health Care – 5.4% (3.8% of Total Investments)                           
  345,470    

Healthpeak Properties Inc

           $ 11,566,335  
  80,895    

Welltower Inc

                               6,665,748  
 

Total Health Care

                               18,232,083  
      Hotels – 3.8% (2.6% of Total Investments)  
  499,030    

Host Hotels & Resorts Inc, (2)

             8,149,160  
  248,500    

Xenia Hotels & Resorts Inc, (2)

                               4,408,390  
 

Total Hotels

                               12,557,550  
      Industrial – 12.3% (8.5% of Total Investments)  
  137,790    

First Industrial Realty Trust Inc

             7,176,103  
  123,740    

Lexington Realty Trust

             1,577,685  
  260,628    

Prologis Inc

                               32,690,571  
 

Total Industrial

                               41,444,359  
      Office – 13.9% (9.7% of Total Investments)  
  73,370    

Alexandria Real Estate Equities Inc

             14,018,806  
  67,970    

Boston Properties Inc

             7,364,550  
  238,105    

Douglas Emmett Inc

             7,526,499  
  200,010    

Hudson Pacific Properties Inc

             5,254,263  
  105,635    

Kilroy Realty Corp

             6,994,093  
  88,235    

Mack-Cali Realty Corp, (2)

             1,510,583  
  58,300    

SL Green Realty Corp

                               4,129,972  
 

Total Office

                               46,798,766  
      Residential – 22.7% (15.8% of Total Investments)  
  333,820    

American Homes 4 Rent, Class A

             12,725,218  
  199,737    

Apartment Income REIT Corp

             9,749,163  
  69,078    

AvalonBay Communities Inc, (3)

             15,310,448  
  56,415    

Camden Property Trust

             8,319,520  
  52,260    

Equity LifeStyle Properties Inc

             4,081,506  
  188,130    

Equity Residential

             15,223,480  
  286,360    

Invitation Homes Inc

                               10,976,179  
 

Total Residential

                               76,385,514  
      Retail – 11.1% (7.7% of Total Investments)  
  78,490    

Federal Realty Investment Trust

             9,261,035  
  302,935    

Macerich Co

             5,062,044  
  139,920    

Regency Centers Corp

             9,420,813  
  226,050    

Retail Properties of America Inc

             2,911,524  
  82,275    

Simon Property Group Inc

                               10,693,282  
 

Total Retail

                               37,348,698  
      Specialized – 22.4% (15.6% of Total Investments)  
  158,910    

CubeSmart

             7,699,190  
  46,105    

CyrusOne Inc

             3,568,988  
  109,480    

Digital Realty Trust Inc

             15,814,386  
  26,785    

Equinix Inc

             21,163,632  
  23,075    

Life Storage Inc

             2,647,626  
  67,215    

Public Storage

             19,969,576  
  157,345    

VICI Properties Inc

                               4,470,171  
 

Total Specialized

                               75,333,569  
 

Total Real Estate Investment Trust Common Stocks (cost $222,154,741)

                               308,100,539  

 

1

JRS    Nuveen Real Estate Income Fund (continued)
   Portfolio of Investments    September 30, 2021
   (Unaudited)

 

Shares     Description (1)   Coupon              Ratings (4)      Value  
 

REAL ESTATE INVESTMENT TRUST PREFERRED STOCKS – 42.6% (29.6% of Total Investments)

 

      Diversified – 3.4% (2.3% of Total Investments)                           
  35,010    

Armada Hoffler Properties Inc

    6.750%           N/R      $ 942,819  
  10,130    

CTO Realty Growth Inc

    6.375%           N/R        260,037  
  43,965    

DigitalBridge Group Inc

    7.125%           N/R        1,150,124  
  35,015    

DigitalBridge Group Inc

    7.150%           N/R        901,986  
  7,350    

PS Business Parks Inc

    4.875%           BBB        202,860  
  120,575    

PS Business Parks Inc

    5.200%           BBB        3,167,505  
  105,835    

PS Business Parks Inc

    5.200%           BBB        2,669,159  
  74,625    

PS Business Parks Inc

    5.250%                 BBB        1,974,578  
 

Total Diversified

                               11,269,068  
      Health Care – 0.3% (0.2% of Total Investments)                           
  5,765    

Diversified Healthcare Trust

    5.625%           BB-        138,994  
  28,875    

Diversified Healthcare Trust

    6.250%                 BB-        722,741  
 

Total Health Care

                               861,735  
      Hotels – 4.0% (2.8% of Total Investments)                           
  95,245    

Chatham Lodging Trust

    6.625%           N/R        2,424,938  
  132,110    

DiamondRock Hospitality Co

    8.250%           N/R        3,577,539  
  6,460    

Hersha Hospitality Trust

    6.500%           N/R        157,624  
  9,075    

Hersha Hospitality Trust

    6.500%           N/R        224,516  
  57,425    

Hersha Hospitality Trust

    6.875%           N/R        1,416,100  
  52,750    

Pebblebrook Hotel Trust

    5.700%           N/R        1,318,750  
  22,025    

Pebblebrook Hotel Trust

    6.300%           N/R        546,661  
  88,755    

Pebblebrook Hotel Trust

    6.375%           N/R        2,267,690  
  30,100    

Sunstone Hotel Investors Inc

    5.700%           N/R        762,132  
  28,325    

Sunstone Hotel Investors Inc

    6.125%                 N/R        732,484  
 

Total Hotels

                               13,428,434  
      Industrial – 3.3% (2.3% of Total Investments)                           
  32,985    

Monmouth Real Estate Investment Corp

    6.125%           N/R        831,882  
  10,115    

Plymouth Industrial REIT Inc

    7.500%           N/R        269,160  
  59,877    

Prologis Inc, (5)

    8.540%           BBB        4,191,390  
  160,295    

Rexford Industrial Realty Inc

    5.625%           BB+        4,223,773  
  57,851    

Rexford Industrial Realty Inc

    5.875%                 BB+        1,515,118  
 

Total Industrial

                               11,031,323  
      Office – 11.2% (7.8% of Total Investments)                           
  12,713    

Highwoods Properties Inc, (5)

    8.625%           Baa3        15,891,250  
  152,510    

SL Green Realty Corp

    6.500%           Ba1        3,957,635  
  102,200    

Vornado Realty Trust, (2)

    4.450%           Baa3        2,501,856  
  177,244    

Vornado Realty Trust

    5.250%           Baa3        4,622,524  
  232,045    

Vornado Realty Trust

    5.250%           Baa3        6,242,010  
  83,219    

Vornado Realty Trust

    5.400%           Baa3        2,143,721  
  94,093    

Vornado Realty Trust

    5.700%                 Baa3        2,354,207  
 

Total Office

                               37,713,203  
      Residential – 2.7% (1.9% of Total Investments)                           
  40,730    

American Homes 4 Rent

    5.875%           BB        1,038,208  
  65,105    

American Homes 4 Rent

    5.875%           BB        1,688,173  
  117,810    

American Homes 4 Rent

    6.250%           Ba1        3,167,911  
  34,373    

Mid-America Apartment Communities Inc

    8.500%           BBB-        2,233,901  
  12,330    

UMH Properties Inc

    6.375%           N/R        325,265  
  23,603    

UMH Properties Inc

    6.750%                 N/R        613,206  
 

Total Residential

                               9,066,664  
      Retail – 7.7% (5.3% of Total Investments)                           
  99,995    

Agree Realty Corp

    4.250%           Baa3        2,513,874  
  147,810    

Federal Realty Investment Trust

    5.000%           BBB        3,764,721  
  162,207    

Kimco Realty Corp

    5.125%           Baa2        4,228,737  
  187,728    

Kimco Realty Corp

    5.250%           Baa2        4,920,351  
  129,000    

Saul Centers Inc

    6.000%           N/R        3,414,630  

 

2

  
  

 

Shares     Description (1)   Coupon              Ratings (4)      Value  
      Retail (continued)                           
  4,870    

Saul Centers Inc

    6.125%           N/R      $ 127,789  
  5,494    

Simon Property Group Inc

    8.375%           BBB        384,580  
  116,200    

SITE Centers Corp

    6.375%           BB+        3,009,580  
  22,845    

Spirit Realty Capital Inc

    6.000%           BB+        594,655  
  53,645    

Urstadt Biddle Properties Inc

    5.875%           N/R        1,408,181  
  60,825    

Urstadt Biddle Properties Inc

    6.250%                 N/R        1,588,749  
 

Total Retail

                               25,955,847  
      Specialized – 10.0% (7.0% of Total Investments)                           
  86,400    

Digital Realty Trust Inc

    5.200%           Baa3        2,350,080  
  94,925    

Digital Realty Trust Inc

    5.250%           Baa3        2,456,659  
  45,875    

Digital Realty Trust Inc

    5.850%           Baa3        1,261,563  
  21,150    

EPR Properties

    5.750%           Ba1        548,208  
  51,191    

National Storage Affiliates Trust

    6.000%           N/R        1,341,716  
  33,800    

Public Storage

    3.875%           A3        867,308  
  9,735    

Public Storage

    3.900%           A3        253,305  
  100,000    

Public Storage

    4.000%           A3        2,554,000  
  75,615    

Public Storage

    4.125%           A3        1,973,551  
  79,525    

Public Storage

    4.625%           A3        2,169,442  
  21,030    

Public Storage

    4.700%           A3        570,334  
  25,629    

Public Storage

    4.750%           A3        701,466  
  80,955    

Public Storage

    4.875%           A3        2,219,786  
  44,825    

Public Storage

    4.900%           A3        1,124,659  
  147,424    

Public Storage

    5.050%           A3        3,768,157  
  344,335    

Public Storage

    5.600%                 A3        9,610,390  
 

Total Specialized

                               33,770,624  
 

Total Real Estate Investment Trust Preferred Stocks (cost $137,397,633)

 

              143,096,898  
Principal
Amount (000)
    Description (1)   Coupon      Maturity      Ratings (4)      Value  
      CORPORATE BONDS – 4.2% (2.9% of Total Investments)                           
      Equity Real Estate Investment Trust – 4.2% (2.9% of Total Investments)                
$ 1,824    

Ventas Realty LP

    3.250%        10/15/26        BBB+      $ 1,950,396  
  7,500    

VEREIT Operating Partnership LP

    2.200%        6/15/28        BBB        7,589,268  
  1,466    

Vornado Realty LP

    2.150%        6/01/26        Baa2        1,488,987  
  2,911    

Welltower Inc

    4.000%        6/01/25        BBB+        3,184,037  
$ 13,701    

Total Corporate Bonds (cost $14,236,255)

                               14,212,688  
 

Total Long-Term Investments (cost $373,788,629)

                               465,410,125  
Principal
Amount (000)
    Description (1)   Coupon      Maturity              Value  
      SHORT-TERM INVESTMENTS – 5.5% (3.8% of Total Investments)                           
      REPURCHASE AGREEMENTS – 5.5% (3.8% of Total Investments)                           
$ 18,397    

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 9/30/21, repurchase price $18,396,747,
collateralized by $17,911,200, U.S. Treasury Bonds,
2.250%, due 5/15/41, value $18,764,785

    0.000%        10/01/21               $ 18,396,747  
 

Total Short-Term Investments (cost $18,396,747)

                               18,396,747  
 

Total Investments (cost $392,185,376) – 143.9%

                               483,806,872  
 

Borrowings – (41.2)% (6), (7)

                               (138,500,000
 

Other Assets Less Liabilities – (2.7)% (8)

                               (9,182,310
 

Net Assets – 100%

                               336,124,562  

 

3

JRS    Nuveen Real Estate Income Fund (continued)
   Portfolio of Investments    September 30, 2021
   (Unaudited)

 

Investments in Derivatives

Interest Rate Swaps – OTC Uncleared

 

Counterparty   Notional
Amount
    Fund
Pay/Receive
Floating Rate
    Floating Rate Index    

Floating 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     $ (4,585,836   $ (4,585,836

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

     $ 308,100,539      $      $         —      $ 308,100,539  

Real Estate Investment Trust Preferred Stocks

       123,014,258        20,082,640               143,096,898  

Corporate Bonds

              14,212,688               14,212,688  

Short-Term Investments:

                     

Repurchase Agreements

              18,396,747               18,396,747  

Investments in Derivatives:

                 

Interest Rate Swaps*

              (4,585,836             (4,585,836

Total

     $ 431,114,797      $ 48,106,239      $      $ 479,221,036  

* Represents net unrealized appreciation (depreciation).

 

4

  
  

 

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)

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 & 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 28.6%.

 

(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 $282,178,811 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

 

5