N-Q 1 a12-23064_21nq.htm N-Q

 

 

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 811-22658

 

 

Nuveen Real Asset Income and Growth 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:

12/31

 

Date of reporting period:

9/30/2012

 

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 (Unaudited)

 

 

 

 

 

Nuveen Real Asset Income and Growth Fund (JRI)

 

 

 

 

 

September 30, 2012

 

 

 

 

Shares

 

Description (1)

 

Value

 

 

 

Common Stocks – 59.4% (42.8% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Air Freight & Logistics – 0.7%

 

 

 

 

 

 

 

 

 

1,650,637

 

Singapore Post Limited

 

$    1,472,822

 

 

 

Construction & Engineering – 1.1%

 

 

 

225,802

 

Balfour Beatty PLC

 

1,107,366

 

26,541

 

Vinci S.A.

 

1,130,460

 

 

 

Total Construction & Engineering

 

2,237,826

 

 

 

Electric Utilities – 7.5%

 

 

 

20,546

 

Companhia de Transmissao de Energia Eletrica Paulista

 

381,883

 

45,127

 

EDP Energias do Brasil S.A

 

286,489

 

240

 

Hafslund ASA, Class B Shares

 

1,977

 

100,182

 

Pepco Holdings, Inc.

 

1,893,440

 

178,707

 

Scottish and Southern Energy PLC

 

4,016,977

 

1,412,797

 

SP Ausnet

 

1,531,442

 

1,492,122

 

Spark Infrastructure Group

 

2,522,879

 

66,186

 

Transmissora Alianca de Energia Eletrica SA

 

2,399,640

 

69,594

 

Unitil Corp.

 

1,894,349

 

 

 

Total Electric Utilities

 

14,929,076

 

 

 

Gas Utilities – 1.1%

 

 

 

129,308

 

APA Group

 

635,782

 

4,104,535

 

Cityspring Infrastructure Trust

 

1,454,916

 

 

 

Total Gas Utilities

 

2,090,698

 

 

 

Industrial Conglomerates – 0.3%

 

 

 

421,000

 

NWS Holdings Limited

 

678,678

 

 

 

Multi-Utilities – 9.9%

 

 

 

325,032

 

Centrica PLC

 

1,720,496

 

2,104,111

 

Duet Group

 

4,452,494

 

118,382

 

GDF Suez

 

2,647,006

 

213,996

 

Just Energy Group Inc.

 

2,335,650

 

117,168

 

National Grid PLC, Sponsored ADR

 

6,486,420

 

892,076

 

Vector Limited

 

2,107,154

 

 

 

Total Multi-Utilities

 

19,749,220

 

 

 

Oil, Gas & Consumable Fuels – 4.9%

 

 

 

101,193

 

Boardwalk Pipline Partners, LP

 

2,823,285

 

81,630

 

Enbridge Energy Partners LP

 

2,403,187

 

2,645

 

Enterprise Products Partnership LP

 

141,772

 

4,050

 

Holly Energy Partneres L.P

 

269,123

 

28,932

 

Pembina Pipeline Corporation

 

812,250

 

9,837

 

Spectra Energy Partners, LP

 

313,112

 

219,805

 

Veresen Inc.

 

2,881,992

 

 

 

Total Oil, Gas & Consumable Fuels

 

9,644,721

 

 

 

Real Estate Investment Trust – 27.6%

 

 

 

59,750

 

AmREIT Inc., Class B Shares

 

885,495

 

106,068

 

Campus Crest Communities Inc.

 

1,145,534

 

52,430

 

Colony Financial Inc.

 

1,021,336

 

91,473

 

CommonWealth REIT

 

1,331,847

 

9,214

 

Franklin Street Properties Corporation

 

101,999

 

45,720

 

Health Care REIT, Inc.

 

2,640,330

 

39,138

 

Healthcare Realty Trust, Inc.

 

902,131

 

20,739

 

Highwoods Properties, Inc.

 

676,506

 

34,943

 

Inland Real Estate Corporation

 

288,280

 

99,680

 

Kite Realty Group Trust

 

2,585,699

 

130,688

 

Liberty Property Trust

 

4,736,133

 

37,512

 

LTC Properties Inc.

 

1,194,757

 

1,601,093

 

Mapletree Logistics Trust

 

1,467,756

 

43,225

 

Medical Properties Trust Inc.

 

451,701

 

47,722

 

Mission West Properties Inc.

 

415,181

 

134,588

 

National Retail Properties, Inc.

 

4,104,934

 

213,575

 

Omega Healthcare Investors Inc.

 

4,854,560

 

1,316,345

 

Parkway Life REIT

 

2,129,192

 

79,619

 

Pebblebrook Hotel Trust

 

2,089,999

 

207,746

 

Ramco-Gershenson Properties Trust

 

2,603,057

 

2,378

 

Sabra Health Care REIT Inc.

 

47,584

 

69,966

 

Select Income REIT

 

1,722,563

 

137,747

 

Senior Housing Properties Trust

 

3,000,130

 

55,094

 

STAG Industrial Inc.

 

895,828

 

146,167

 

Starwood Property Trust Inc.

 

3,401,306

 

344,330

 

Summit Hotel Properties Inc.

 

2,940,578

 

83,520

 

Summit Hotel Properties Inc.

 

2,236,666

 

45,790

 

Sunstone Hotel Investors Inc.

 

1,180,008

 

10,880

 

Universal Health Realty Income Trust

 

500,262

 

139,543

 

Urstadt Biddle Properties Inc.

 

2,822,955

 

151,351

 

Westfield Realty Trust, WI/DD

 

453,720

 

 

 

Total Real Estate Investment Trust

 

54,828,027

 

 

 

Real Estate Management & Development – 1.3%

 

 

 

3,999,056

 

Ascendas India Trust, WI/DD

 

2,492,893

 

 

 

Transportation Infrastructure – 5.0%

 

 

 

1,618

 

Abertis Infraestructuras S.A.

 

23,807

 

314,737

 

Auckland International Airport Limited

 

683,437

 

1,996,104

 

Hutchison Port Holdings Trust

 

1,447,175

 

1,484,841

 

Jiangsu Expressway Company Limited

 

1,244,700

 

463,119

 

Singapore Airport Terminal Services Limited

 

1,011,375

 

1,023,411

 

Sydney Airport

 

3,354,607

 

298,400

 

Transuburban Group

 

1,857,183

 

371,540

 

Zhejiang Expressway Company Limited

 

258,745

 

 

 

Total Transportation Infrastructure

 

9,881,029

 

 

 

Total Common Stocks (cost $113,368,254)

 

118,004,990

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1)

 

Coupon

 

 

 

Ratings (2)

 

Value

 

 

 

Convertible Preferred Securities – 2.5% (1.8% of Total Investments)

 

 

 

 

 

 

 

 

 

Electric Utilities – 0.9%

 

 

 

 

 

 

 

 

 

32,528

 

PPL Corporation

 

8.750%

 

 

 

N/A 

 

$    1,779,282

 

 

 

Real Estate Investment Trust – 1.6%

 

 

 

 

 

 

 

 

 

61,188

 

Alexandria Real Estate Equities Inc., Series D, (3)

 

7.000%

 

 

 

N/A 

 

1,663,548

 

29,983

 

Ramco-Gershenson Properties Trust

 

7.250%

 

 

 

N/A 

 

1,533,031

 

 

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

3,196,579

 

 

 

Total Convertible Preferred Securities (cost $4,791,208)

 

 

 

 

 

 

 

4,975,861

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Description (1)

 

Coupon

 

 

 

Ratings (2)

 

Value

 

 

 

$25 Par (or similar) Preferred Securities – 35.6% (25.8% of Total Investments)

 

 

 

 

 

 

 

Energy Equipment & Services — 1.6%

 

 

 

 

 

 

 

 

 

62,492

 

NextEra Energy Inc.

 

5.889%

 

 

 

BBB

 

$    3,237,711

 

 

 

Multi-Utilities – 0.9%

 

 

 

 

 

 

 

 

 

71,072

 

DTE Energy Company, WI/DD

 

5.250%

 

 

 

BBB- 

 

1,799,010

 

 

 

Real Estate Investment Trust – 30.5%

 

 

 

 

 

 

 

 

 

33,476

 

Alexandria Real Estate Equities Inc., Series B

 

6.450%

 

 

 

Baa3 

 

892,470

 

43,650

 

Apollo Commercial Real Estate Finance

 

8.625%

 

 

 

N/A 

 

1,117,440

 

60,007

 

Brandywine Realty Trust, Series D

 

6.900%

 

 

 

Ba1 

 

1,576,984

 

43,650

 

CBL & Associates Properties Inc., Series D

 

7.375%

 

 

 

N/A 

 

1,105,218

 

71,065

 

CBL & Associates Properties Inc., WI/DD

 

6.625%

 

 

 

N/A 

 

1,776,625

 

573

 

Cedar Shopping Centers Inc., Series A

 

8.875%

 

 

 

N/R 

 

14,554

 

87,876

 

Cedar Shopping Centers Inc., Series B,  (4)

 

7.250%

 

 

 

N/A 

 

2,130,993

 

106,347

 

Chesapeake Lodging Trust

 

7.750%

 

 

 

N/A 

 

2,755,451

 

80,012

 

Corporate Office Properties Trust,  (4)

 

7.375%

 

 

 

N/A 

 

2,061,909

 

30,947

 

Cousins Property Inc.

 

7.750%

 

 

 

N/A 

 

786,054

 

48,127

 

Cousins Property Inc.

 

7.500%

 

 

 

N/A 

 

1,212,800

 

50,334

 

CubeSmart

 

7.750%

 

 

 

Ba1 

 

1,357,005

 

159,399

 

DDR Corporation

 

6.500%

 

 

 

Ba1 

 

3,965,847

 

5,923

 

Dupont Fabros Technology

 

7.875%

 

 

 

Ba2 

 

159,151

 

30,049

 

Excel Trust Inc.

 

8.125%

 

 

 

N/A 

 

781,274

 

148,305

 

First Industrial Realty Trust, Inc., Series J

 

7.250%

 

 

 

B+ 

 

3,811,439

 

30,533

 

First Industrial Realty Trust, Inc., Series K

 

7.250%

 

 

 

B+ 

 

769,432

 

26,815

 

First Potomac Realty Trust

 

7.750%

 

 

 

N/R 

 

692,631

 

24,933

 

Glimcher Realty Trust, Series G

 

8.125%

 

 

 

B2 

 

626,816

 

137,623

 

Glimcher Realty Trust, Series H

 

7.500%

 

 

 

B2 

 

3,513,515

 

77,734

 

Hersha Hospitality Trust

 

8.000%

 

 

 

N/A 

 

2,012,533

 

27,964

 

Inland Real Estate Corporation

 

8.250%

 

 

 

N/R 

 

740,207

 

127,069

 

Investors Real Estate Trust

 

7.950%

 

 

 

N/A 

 

3,289,816

 

59,285

 

Kilroy Realty Corporation

 

6.875%

 

 

 

Ba1 

 

1,541,410

 

65,050

 

Kilroy Realty Corporation

 

6.375%

 

 

 

Ba1 

 

1,613,891

 

19,014

 

Lexington Realty Trust

 

7.550%

 

 

 

N/R 

 

479,153

 

48,955

 

Monmouth Real Estate Investment Corp

 

7.875%

 

 

 

N/A 

 

1,297,308

 

16,368

 

Pebblebrook Hotel Trust

 

7.875%

 

 

 

N/A 

 

432,770

 

46,651

 

Penn Real Estate Investment Trust

 

8.250%

 

 

 

N/A 

 

1,230,187

 

13,258

 

Post Properties, Inc., Series A

 

8.500%

 

 

 

BB+ 

 

821,996

 

2,073

 

Prologis Inc., Series M

 

6.750%

 

 

 

Baa3 

 

51,846

 

29,217

 

Prologis Inc., Series S

 

6.750%

 

 

 

BB 

 

731,886

 

158,429

 

SL Green Realty Corporation

 

6.500%

 

 

 

Ba2 

 

3,963,894

 

41,840

 

Sunstone Hotel Investors Inc.

 

8.000%

 

 

 

N/R 

 

1,050,184

 

199,198

 

Taubman Centers Incorporated., Series J

 

6.500%

 

 

 

N/R 

 

5,099,469

 

112,978

 

Terreno Realty Corporation

 

7.750%

 

 

 

N/A 

 

2,949,854

 

84,752

 

Weingarten Realty Trust, Preferred Securities

 

6.750%

 

 

 

Baa3 

 

2,144,224

 

 

 

Total Real Estate Investment Trust

 

 

 

 

 

 

 

60,558,236

 

 

 

Real Estate Management & Development – 2.6%

 

 

 

 

 

 

 

 

 

213,890

 

Forest City Enterprises Inc.

 

7.375%

 

 

 

B- 

 

5,186,833

 

 

 

Total $25 Par (or similar) Preferred Securities (cost $69,118,360)

 

 

 

 

 

70,781,790

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (2)

 

Value

 

 

 

Corporate Bonds – 38.1% (27.4% of Total Investments)

 

 

 

 

 

 

 

 

 

 

 

Building Products – 0.5%

 

 

 

 

 

 

 

 

 

$  1,000

 

Corporativo Javer S.A. de C.V, 144A

 

9.875%

 

4/06/21

 

B1 

 

$    987,500

 

 

 

Commercial Services & Supplies – 2.8%

 

 

 

 

 

 

 

 

 

1,720

 

ADS Waste Holdings Inc., 144A, WI/DD

 

8.250%

 

10/01/20

 

Caa1 

 

1,754,400

 

2,025

 

Casella Waste Systems Inc.

 

7.750%

 

2/15/19

 

CCC+ 

 

1,984,500

 

784

 

EnergySolutions Inc.

 

10.750%

 

8/15/18

 

 

715,400

 

1,000

 

Geo Group Inc.

 

6.625%

 

2/15/21

 

B+ 

 

1,070,000

 

5,529

 

Total Commercial Services & Supplies

 

 

 

 

 

 

 

5,524,300

 

 

 

Communications Equipment – 1.1%

 

 

 

 

 

 

 

 

 

500

 

Goodman Networks Inc., 144A

 

12.375%

 

7/01/18

 

B+ 

 

535,000

 

1,530

 

IntelSat Jackson Holdings

 

7.250%

 

4/01/19

 

 

1,652,400

 

2,030

 

Total Communications Equipment

 

 

 

 

 

 

 

2,187,400

 

 

 

Diversified Financial Services – 11.1%

 

 

 

 

 

 

 

 

 

4,160

 

Origin Energy Finance Limited

 

7.875%

 

6/16/71

 

Baa3 

 

5,452,723

 

8,234

 

PHBS Limited

 

6.625%

 

 

 

N/A 

 

8,198,841

 

5,675

 

Royal Capital BV

 

8.375%

 

11/05/61

 

N/A 

 

6,084,565

 

988

 

SinOceanic II ASA, 144A

 

10.000%

 

2/17/15

 

N/R 

 

972,792

 

1,000

 

Tennet Holding BV

 

6.655%

 

6/01/61

 

BBB 

 

1,352,528

 

20,057

 

Total Diversified Financial Services

 

 

 

 

 

 

 

22,061,449

 

 

 

Energy Equipment & Services – 0.5%

 

 

 

 

 

 

 

 

 

375

 

Energy Transfer Equity LP

 

7.500%

 

10/15/20

 

BB 

 

425,625

 

500

 

NGPL PipeCo LLC

 

7.119%

 

12/15/17

 

Ba3 

 

531,250

 

875

 

Total Energy Equipment & Services

 

 

 

 

 

 

 

956,875

 

 

 

Gas Utilities – 1.4%

 

 

 

 

 

 

 

 

 

1,750

 

AmeriGas Finance LLC

 

6.750%

 

5/20/20

 

Ba2 

 

1,868,125

 

886

 

Suburban Propane Partners LP

 

7.500%

 

10/01/18

 

BB- 

 

948,020

 

2,636

 

Total Gas Utilities

 

 

 

 

 

 

 

2,816,145

 

 

 

Health Care Providers & Services – 3.7%

 

 

 

 

 

 

 

 

 

950

 

Acadia Healthcare

 

12.875%

 

11/01/18

 

B- 

 

1,113,875

 

1,700

 

Health Management Associates, 144A

 

7.375%

 

1/15/20

 

BB- 

 

1,844,500

 

900

 

HealthSouth Corporation

 

7.750%

 

9/15/22

 

BB- 

 

983,250

 

2,125

 

Kindred Healthcare Inc.

 

8.250%

 

6/01/19

 

B- 

 

2,066,563

 

1,325

 

National Mentor Holdings, 144A

 

12.500%

 

2/15/18

 

CCC+ 

 

1,351,500

 

7,000

 

Total Health Care Providers & Services

 

 

 

 

 

 

 

7,359,688

 

 

 

Household Durables – 0.8%

 

 

 

 

 

 

 

 

 

1,675

 

Desarrolla Homex S.A.B. de CV, 144A

 

9.750%

 

3/25/20

 

Ba3 

 

1,708,500

 

 

 

Independent Power Producers & Energy Traders – 2.8%

 

 

 

 

 

 

 

 

1,575

 

Calpine Corporation, 144A

 

7.875%

 

1/15/23

 

BB 

 

1,740,375

 

1,345

 

Mirant Americas Generation LLC

 

8.500%

 

10/01/21

 

BB 

 

1,462,688

 

2,110

 

NRG Energy Inc.

 

7.875%

 

5/15/21

 

BB 

 

2,294,625

 

5,030

 

Total Independent Power Producers & Energy Traders

 

 

 

 

 

 

 

5,497,688

 

 

 

IT Services – 1.2%

 

 

 

 

 

 

 

 

 

2,125

 

Zayo Escrow Corporation

 

8.125%

 

1/01/20

 

B1 

 

2,321,563

 

 

 

Marine – 0.9%

 

 

 

 

 

 

 

 

 

1,850

 

Navios Maritime Acquisition Corporation

 

8.625%

 

11/01/17

 

 

1,762,125

 

 

 

Metals & Mining – 0.7%

 

 

 

 

 

 

 

 

 

1,600

 

WPE International Cooperatief U.A, 144A

 

10.375%

 

9/30/20

 

B+ 

 

1,360,000

 

 

 

Multi-Utilities – 1.1%

 

 

 

 

 

 

 

 

 

880

 

RWE AG

 

7.000%

 

10/12/72

 

Baa2 

 

915,200

 

800

 

RWE AG

 

7.000%

 

3/20/49

 

Baa2 

 

1,356,431

 

1,680

 

Total Multi-Utilities

 

 

 

 

 

 

 

2,271,631

 

 

 

Oil, Gas & Consumable Fuels – 5.9%

 

 

 

 

 

 

 

 

 

2,670

 

Crosstex Energy Finance

 

8.875%

 

2/15/18

 

B+ 

 

2,856,900

 

1,730

 

Holly Energy Partners LP, 144A

 

6.500%

 

3/01/20

 

BB- 

 

1,816,500

 

1,750

 

Niska Gas Storage

 

8.875%

 

3/15/18

 

B+ 

 

1,806,875

 

1,560

 

PBF Holding Company LLC, 144A

 

8.250%

 

2/15/20

 

BB+ 

 

1,638,000

 

1,250

 

Sabine Pass LNG LP

 

7.500%

 

11/30/16

 

BB+ 

 

1,350,000

 

800

 

Tesoro Logistics LP Finance Corporation, 144A

 

5.875%

 

10/01/20

 

BB- 

 

820,000

 

1,300

 

United Refining Inc., 144A

 

10.500%

 

2/28/18

 

 

1,426,750

 

11,060

 

Total Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

11,715,025

 

 

 

Road & Rail – 1.3%

 

 

 

 

 

 

 

 

 

2,526

 

Inversiones Alsacia SA, 144A

 

8.000%

 

8/18/18

 

Ba2 

 

2,592,119

 

 

 

Transportation Infrastructure – 1.9%

 

 

 

 

 

 

 

 

 

3,550

 

Eurogate GmbH

 

6.750%

 

5/28/67

 

N/A 

 

3,900,446

 

 

 

Wireless Telecommunication Services – 0.4%

 

 

 

 

 

 

 

 

 

750

 

SBA Communications Corporation, 144A

 

5.625%

 

10/01/19

 

B2 

 

763,124

 

$  70,973

 

Total Corporate Bonds (cost $73,735,902)

 

 

 

 

 

 

 

75,785,578

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

Ratings (2)

 

Value

 

 

 

Capital Preferred Securities – 1.6% (1.1% of Total Investments)

 

 

 

 

 

 

 

 

 

Electric Utilities – 1.6%

 

 

 

 

 

 

 

 

 

$  1,260

 

First Philipine Holdings Corporation

 

8.723%

 

7/31/58

 

N/R 

 

$    3,096,009

 

 

 

Total Capital Preferred Securities (cost $3,163,552)

 

 

 

 

 

 

 

3,096,009

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

 

Amount (000)

 

Description (1)

 

Coupon

 

Maturity

 

 

 

Value

 

 

 

Short-Term Investments – 1.5% (1.1% of Total Investments)

 

 

 

 

 

 

 

 

 

Repurchase Agreements – 1.5%

 

 

 

 

 

 

 

 

 

$  2,953

 

Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/28/12, repurchase price $2,952,764, collateralized by $2,220,000 U.S. Treasury Bonds, 4.500%, due 8/15/39, value $3,018,310

 

0.010%

 

10/01/12

 

 

 

$    2,952,762

 

 

 

Total Short-Term Investments (cost $2,952,762)

 

 

 

 

 

 

 

2,952,762

 

 

 

Total Investments (cost $267,130,038) – 138.7%

 

 

 

 

 

 

 

275,596,990

 

 

 

Borrowings –  (39.2)% (5), (6)

 

 

 

 

 

 

 

(78,000,000

)

 

 

Other Assets Less Liabilities – 0.5%

 

 

 

 

 

 

 

1,140,256

 

 

 

Net Assets – 100%

 

 

 

 

 

 

 

$198,737,246

 

 

 

 

 

 

Fair Value Measurements

 

 

 

 

 

Fair value is defined as the price that the Fund would receive 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*:

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

$118,004,990

 

$                –

 

$–

 

$118,004,990

 

 

 

Convertible Preferred Securities

 

3,312,313

 

1,663,548

 

 

4,975,861

 

 

 

$25 Par (or similar) Preferred Securities

 

70,781,790

 

 

 

70,781,790

 

 

 

Corporate Bonds

 

 

75,785,578

 

 

75,785,578

 

 

 

Capital Preferred Securities

 

3,096,009

 

 

 

3,096,009

 

 

 

Short-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

Repurchase Agreements

 

 

2,952,762

 

 

2,952,762

 

 

 

Total

 

$195,195,102

 

$80,401,888

 

$–

 

$275,596,990

 

 

 

 

 

 

* Refer to the Fund’s Portfolio of Investments for industry classifications and a breakdown of Convertible Preferred Securities classified as Level 2.

 

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees.  The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee.  When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

 

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

 

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

 

Income Tax Information

 

The following information is determined in accordance with income tax regulations, which may differ from accounting principles

generally accepted in the United States.

 

 

 

At September 30, 2012, the cost of investments was $267,175,528.

 

 

 

 

 

 

 

 

 

 

 

Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2012, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross unrealized:

 

 

 

 

 

Appreciation

 

$  9,931,723

 

 

 

Depreciation

 

(1,510,261

)

 

 

 

 

 

 

 

 

Net unrealized appreciation (depreciation) of investments

 

$  8,421,462

 

 

 

 

 

 

 

 

 

 

 

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)

 

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.

 

 

(3)

 

For fair value measurement disclosure purposes, Convertible Preferred Security categorized as Level 2.

 

 

(4)

 

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

 

 

(5)

 

Borrowings as a percentage of Total Investments is 28.3%.

 

 

(6)

 

The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of September 30, 2012, investments with a value of $132,091,427 have been pledged as collateral for Borrowings.

 

 

N/A

 

Not applicable.

 

 

N/R

 

Not rated.

 

 

WI/DD

 

Investment, or portion of investment, 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.

 

 

ADR

 

American Depositary Receipt.

 

 

REIT

 

Real Estate Investment Trust.

 



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 Real Asset Income and Growth Fund

 

 

By (Signature and Title)

/s/ Kevin J. McCarthy

 

 

Kevin J. McCarthy

 

 

Vice President and Secretary

 

 

 

Date: November 29, 2012

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: November 29, 2012

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

 

Vice President and Controller (principal financial officer)

 

 

 

Date: November 29, 2012